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Cyberport Venture Capital Forum 2024: Gathering Visionaries Worldwide to Explore New Frontiers in Venture Capital


Taking Place on 24 – 25 October the Forum Brings Together Leading Venture Capitalists and Entrepreneurs to Discuss Global Venture Capital Trends and Challenges, and Explore the Future Path of Hong Kong as the International Innovation and Technology Hub with Fresh Perspectives

HONG KONG SAR – Media OutReach Newswire – 19 October 2024 – In the face of the lingering global economic and geopolitical uncertainties, the annual Cyberport Venture Capital Forum (CVCF) returns this year with an inspiring theme – “Innovation Challenger: Building New Venture Visions“, scheduled to take place on October 24th and October 25th in an “online + offline” hybrid format. The forum aims to convene influential venture capitalists and entrepreneurs from across the globe to explore how venture capital trends and emerging technologies such as Web3.0 and artificial intelligence can empower startups and investors to break new grounds and capitalise on investment opportunities.

The Cyberport Venture Capital Forum 2024, with the theme of
The Cyberport Venture Capital Forum 2024, with the theme of “Innovation Challengers: Building a New Vision for Venture Capital”, will be held from 24 October to 25 October in an “online + offline” format. The forum will bring together more than one venture capital expert, industry leader and start-up entrepreneur to discuss global venture capital trends, how emerging technologies such as Web3.0 and artificial intelligence can help start-ups and investors push boundaries, and venture capital opportunities in China, Asia, ASEAN and the Middle East. Above photo from left to right: Rocky Cheng, CEO of Cyberport; Decem Yuen, Co-founder of FansWave Limited (FansWiFi); Hendrick Sin, Chairman of Cyberport Investors Network (CIN) Steering Group; Co-Founder & Vice Chairman, CMGE Technology Group Limited; Founding Partner, China Prosperity Capital; Sheldon Li, Co-founder and CEO of Buy&Ship; Eric Chan, Chief Public Mission Officer of Cyberport.

As Hong Kong’s flagship for digital technology, Cyberport is dedicated to supporting local startups in showcasing the city’s innovation and technology capabilities in the international market. In alignment with this mission, Cyberport is actively fostering the development of the international venture capital landscape, coinciding with various initiatives from the Hong Kong SAR Government. These initiatives include setting up a $10 billion I&T Industry-Oriented Fund, launching the Artificial Intelligence Subsidy Scheme, and strengthening collaborations with the Middle East in innovation and technology to promote the diverse development of the innovation ecosystem. The CVCF serves as a key annual event in the venture capital market, plays a crucial role by gathering venture capital elites, focusing on successful local and global venture capital cases, and the development trends in the digital technology venture capital market. It provides a platform to connect startup entrepreneurs with investors, facilitates exchanges and cooperation among government, industry, academia, and research, and promotes collaboration between local and international partners to advance the development of the technology industry.

Professor Sun Dong, the Secretary for Innovation, Technology and Industry of the HKSAR Government, will deliver the opening remarks. Industry leaders from organisations such as KPMG, Beyond Ventures, Jungle Ventures, 1955 Capital, Draper Dragon , HALA Ventures, SparkLabs Group, Orbit Startups, Intudo Ventures, Global Ventures and more will share in-depth insights and perspectives on the venturing ecosystem. They will delve into three key discussion areas:

  1. Global venture capital market trends and challenges;
  2. Investment and development prospects for innovation and technology sectors, including Web3.0 and artificial intelligence;
  3. Technology venture capital markets and trends in China, Asia, ASEAN, the Middle East, and beyond, with a focus on industry development and future prospects of the venture capital ecosystem.


Eric Chan, Chief Public Mission Officer of Cyberport,
said, “As Hong Kong’s digital technology flagship and incubation hub, Cyberport is dedicated to enhancing the financing capacity of startups and accelerating the growth of incubated enterprises. This year’s CVCF will bring together venture capitalists and entrepreneurs from around the world to explore the global capital markets, focusing on the promising markets in the Middle East, ASEAN, Asia and China, as well as emerging technologies such as Web3.0 and AI. The Forum will also provide a platform for startups to showcase their innovative capabilities and facilitate investments, leading the industry in in-depth discussions and exploration of innovative technologies. This will empower the innovation and technology community to address various challenges, seize development opportunities, and achieve breakthroughs.”

Hendrick Sin, Chairman of Cyberport Investors Network (CIN) Steering Group; Co-Founder & Vice Chairman, CMGE Technology Group Limited; Founding Partner, China Prosperity Capital, said, “Despite the uncertainties in the global economy and geopolitics, with the backing of the National 14th Five-Year Plan from the Central Government, and Hong Kong SAR government’s Hong Kong Innovation and Technology Development Blueprint, along with this year’s budget initiatives such as the AI Subsidy Scheme, Frontier Technology Research Infrastructure Support Scheme and New Industrialisation Acceleration Scheme (NIAS), Cyberport will remain committed to fostering the growth of both the city’s and the global startup and venture ecosystem. Through programs and initiatives such as Cyberport Investors Network (CIN) and Cyberport Macro Fund (CMF), we will expand our unique connections with Asia and the ASEAN region, leverage our strengths in the international market, and drive the development of Hong Kong’s innovation and technology and venture capital sectors, further promoting Hong Kong as an international innovation and technology hub.”

Robust Fundraising Success Amid Challenging Global Markets

In the face of volatile venture capital market, Cyberport community startups have demonstrated strong fundraising performance over the past year. From October 2023 to September 2024, Cyberport Startups successfully raised over HK$3.7 billion in funding, an increase of 23% year-on-year, with recent notable contributions from companies such as KLOOK, Leapstack, Buy&Ship, MediConCen, DeBox. In total, Cyberport enterprises have

raised over HK$41.2 billion. Within the year, HashKey Group, the second licensed virtual asset trading platform in Hong Kong, has become the eighth unicorn company in Cyberport, reflecting the application potential of Web3.0 technology attracting investor support, as well as the continued effectiveness of Cyberport’s efforts to promote the development of the Web3.0 industry.

This year marks the 7th anniversary of the Cyberport Investors Network (CIN). The CIN has experienced robust growth by expanding its network of local and overseas investors, connecting startup projects with investors, and continuously enhancing the financing capacity of startups. Since its establishment in 2017, the total investment of CIN has reached over HKD 2.597 billion, an increase of HKD 560 million compared to last year, representing a year-on-year increase of 64%. The CIN has also facilitated a total of 96 project matches, which is 21 more than last year, an increase of 1.5 times compared to last year. Additionally, the number of investment units has increased by over 30 compared to last year, totalling more than 200 investment units. Among them, 15% come from the Mainland (including the Greater Bay Area), and 14% come from the Asia-Pacific region, highlighting the international background of network members and the gathering of global venture capital funds. Leveraging the solid foundation of the CIN, Cyberport recently launched the “Web3.0 Investment Circle” to match high-potential, high-growth Web3.0 startups with investors, increasing their chances of successful funding and further promoting the development of the Web3.0 ecosystem.

Cyberport has also been continuously investing in high-potential start-ups through the Cyberport Macro Fund (CMF) to strengthen fund attraction of the startups. As of September 2024, CMF has invested in 28 startup projects, with a total investment including co-investments exceeding HK$1.94 billion, achieving a funding ratio of 1:9, demonstrating Cyberport’s significant fundraising capability.

Empower Enterprises through Propelling Venture Opportunities

The Cyberport Venture Capital Forum 2024 will feature multiple investment experts discussing the latest trends in venture capital and technology financing. Startup leaders, including Buy&Ship, Cyberbay, HashKey Capital, and Votee A.I. will share insights on exploring opportunities in the Web3.0 and AI sectors, as well as tips for successful financing during the Elite Innovator Exchange session and the Investor-Investee Dialogue session.

Representatives from the cross-border e-commerce platform Buy&Ship and social WiFi marketing solution provider FansWave has also participated the panel session during today’s media briefing to share their insights. “Cyberport has played a vital role in expanding the business matching network, fundraising, and knowledge sharing within the entrepreneurial ecosystem. The oversubscription of Buy&Ship’s recent Series B funding round not only validates our vision but also reinforces the strength of our growth strategy,” said Sheldon Li, Co-founder and CEO of Buy&Ship. “We remain dedicated to providing consumers with the most streamlined cross-border e-commerce experience, enabling them to shop globally at highly competitive prices. Through these efforts, we are set to become Hong Kong’s next success story.”

Decem Yuen, Co-founder of FansWave Limited (FansWiFi), said “Cyberport creates a diverse and innovative environment to support startups in establishing a solid foundation, facilitating financing matches with investors, and building partnerships with local and overseas enterprises. Recently, FansWave has partnered with a renowned business firm in the Middle East to enter that market with our social Wi-Fi marketing solution. By combining social media and CRM (Customer Relationship Management) Wi-Fi access solutions, we provide businesses with data analysis to formulate customized marketing campaigns, enhance customer engagement with brands, and drive profit growth. We will continue to explore more overseas collaboration opportunities and look forward to bringing our brand, FansWiFi, and its social Wi-Fi marketing solutions to more markets.”

Investors and Startups Showcase Cutting-edge Technological Achievements.

In responses to the overwhelming demand from previous years, CVCF 2024 will continue its highly acclaimed “Investor Matching Session”, offering a unique platform for deal sourcing. Thes session connects startups and investors through both in-person and online interactions. The connections will be tailored to align with the technology scope and investment preferences of both parties, effectively bridging the needs. This approach aims to enhance communication and collaboration efficiency, making it easier for startups and investors to identify mutual interests and potential opportunities.

Meanwhile, as a marketplace for innovative solutions, startups will also showcase their products and services to the public through project proposal demonstrations. The event will feature an innovation and technology exhibition area, a startup clinic, and a startup workshop, offering practical insights and strategic advice through one-on-one consultation from top companies. This setup will Enable participants, whether online or in-person, to interact with local individuals and those from other regions.

Exploring New Area in Venture Capital by Focusing on Web 3.0 Technology

Multiple Web3.0 events will be held during the Cyberport Venture Capital Forum 2024, including:

  1. The Web3.0 Innovation Expo: This event will showcase the practical application of Web3.0 technology across real-world scenarios globally through keynote speeches, panel discussions and physical displays. Industry experts will share real-life cases and valuable experiences in applying blockchain, providing attendees with the opportunity to interact with corporate representatives, investors, members of the Cyberport Web3.0 community, as well as representatives from major blockchain ecosystems. Participants will gain an in-depth understanding of how Web3.0 is reshaping the industry landscape, driving innovation and creating new opportunities.
  2. Digital Visionaries Symposium 2024: The Tech Stage poweredby EmergentX: As a sub-stage of the Web3.0 Innovation Expo, this segment will feature interactive sessions and panel discussions led by leading technology experts. It will delve into enterprise integration and transformative use cases of disruptive technologies such as AI and blockchain, exploring how these technologies can drive business development.
  3. The Web3.0 Demo Day – Inno Ignite powered by BlockBooster: This event will allow startups at the forefront of the Web3.0 revolution to showcase their innovative projects. Attendees will witness the unlimited potential of Web3.0 technology in attracting investment, and can seize the opportunity to interact with entrepreneurs, and explore promising collaboration opportunities.

CVCF is a highly anticipated flagship tech venture event for investors and entrepreneurs in the global digital technology arena. The hybrid format attracted more than 2,500 participants in 2023, with a total of more than 120,000 views. Over 260 investors participated with more than 300 deal flows facilitated. For detailed information on this year’s CVCF, please visit the website: http://cvcf.cyberport.hk/
Hashtag: #Cyberport #CVCF

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

About Cyberport

Cyberport is an innovative digital community with over 2,100 members including over 900 on-site and close to 1,200 off-site start-ups and technology companies. It is managed by Hong Kong Cyberport Management Company Limited, wholly owned by the Hong Kong SAR Government. With a vision to be the hub for digital technology, thereby creating a new economic driver for Hong Kong, Cyberport is committed to nurturing a vibrant tech ecosystem by cultivating talent, promoting entrepreneurship among youth, supporting start-ups, fostering industry development by promoting strategic collaboration with local and international partners, and integrating new and traditional economic by accelerating digital transformation in the public and private sectors.

For more information, please visit

Policy Address by Hong Kong SAR’s Chief Executive John Lee: Improving People’s Livelihood in Pursuit of Happiness


HONG KONG SAR – Media OutReach Newswire – 19 October 2024 – John Lee, Chief Executive of the Hong Kong Special Administrative Region, announced his annual Policy Address (October 16), with the overarching priority of improving people’s livelihood and promoting a caring community.

“Over the past two years, my team and I have focused on economic growth and on improving people’s livelihood through development, with the well‑being of the people of Hong Kong close to our hearts,” Mr Lee said.

Hong Kong SAR's Chief Executive John Lee (second right) listened to local residents' views before formulating his Policy Address.
Hong Kong SAR’s Chief Executive John Lee (second right) listened to local residents’ views before formulating his Policy Address.

Noting that housing is an issue of great public concern, the Chief Executive announced various measures, including those to support home ownership, provide more public rental housing units and improve the quality of residential spaces.

To assist homebuyers, the Hong Kong Monetary Authority will relax the maximum loan-to-value ratio of property mortgage loans to 70%. The Government will also give young family applicants and one‑person applicants aged below 40 greater chance in applying for subsidised Home Ownership Scheme (HOS) flats. Mr Lee also announced detailed plans for the Government to legislate for a regulatory regime on the renting of subdivided units.

Meanwhile, the total supply of public housing units in the next five years will reach 189,000 units, and the waiting time for Public Rental Housing units will be reduced from the current 5.5 years to 4.5 years in 2026‑27.

“I attach great importance to building a harmonious and stable community, one that is caring and inclusive, providing targeted assistance to the underprivileged and families in need,” Mr Lee said.

The Chief Executive announced that the total number of vouchers under the Residential Care Service Voucher Scheme for the Elderly will be increased by 20% to 6,000. This will allow more frail elderly persons to be admitted to Residential Care Homes for the Elderly (RCHEs) of their choice and receive subsidised care services without waiting.

For people choosing to retire in Mainland China, the Government will enhance the Residential Care Services Scheme in Guangdong Province to provide more choices and support for elderly persons who opt to stay in care homes in the province, including sharing part of the medical expenses of the participants. A three-year pilot scheme will be launched next year to subsidise elderly recipients of Comprehensive Social Security Assistance to reside in designated residential care homes in Guangdong. Under the scheme, each eligible elderly person will receive a monthly subsidy of HK$5,000, subject to a quota of 1,000.

The 2024 Policy Address overarches the priority of improving people’s livelihood and promoting a caring community.
The 2024 Policy Address overarches the priority of improving people’s livelihood and promoting a caring community.

On poverty alleviation, Mr Lee announced that the Strive and Rise Programme would be expanded with the launch of the third cohort of the programme this year to recruit 4,000 mentees. The Government will also extend the Pilot Programme on Community Living Room by setting up three additional ones next year, making it a total of seven. To support families in need, the School‑based After‑School Care Service Scheme will be enhanced by increasing the number of primary schools covered by the Scheme from 50 to over 110.

In addition, services for persons with disabilities will be further enhanced through the establishment of 14 Integrated Community Rehabilitation Centres across the city, providing some 1,280 additional service places. Also, about 1,040 additional places will be provided for day, residential and pre‑school rehabilitation services.

To support and encourage women to excel at work, the Chief Executive announced that the Government would launch a mentorship programme, “She Inspires”, and establish a network run by women leaders from all occupations, which would enable female university students to be paired with mentors from the senior management of different sectors.

The Government will also establish one more support service centre for ethnic minorities to provide interpretation and translation services, and strengthen support for non-Chinese speaking students in learning Chinese.

“We must seize every opportunity to make progress and renew ourselves. I am confident that Hong Kong will continue to go from strength to strength and attain new heights, and our people will lead a better life,” Mr Lee said.

More information about the Policy Address is available from www.policyaddress.gov.hk.
Hashtag: #hongkong #brandhongkong #policyaddress





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

China Stock Market Rallies as the Economy Shows Signs of Life. Global Broker Octa Looks at the Data


Chinese markets are rallying as the country’s economy demonstrates signs of improvement. While the latest data offers some optimism, significant hurdles persist. Octa Broker analyses the situation and discusses the potential implications for the People’s Bank of China’s upcoming interest rate decision.

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 19 October 2024 – China has just released a slew of macroeconomic statistics. Although it generally looks better than previously, the major risks and challenges remain in place. However, the market’s reaction has generally been positive so far. Overall, it is good news for the Asian economies, but the trend is not guaranteed to continue.

Octa

The importance
China is the world’s economic powerhouse. Depending on the calculation methodology used, it is either the world’s first or second-largest economy. In 2023, its Gross Domestic Product (GDP) almost reached the $25 trillion mark, underscoring its importance as a major export and import market for the world in general and the Asian nations in particular. Indeed, according to the Wilson Center, a U.S. think-tank, China is a top trading partner to over 120 countries. For example, in 2022, almost a quarter (22.6%) of all Indonesian exports went to China, while Malaysia directed some 14% of its goods and services to the country. The dependence is even more pronounced when it comes to imports, with Indonesia and Malaysia relying on China for 28.5% and 21.3% of their imports, respectively. These figures highlight the strong economic influence China has on the regional economies.

Equally, because China is also a major importer of pretty much every commodity in the world, its economic health and the growth rate of its aggregate demand can have a substantial impact on prices, especially that of crude oil.

Key insights
China’s economy accelerated in the third quarter (Q3), data showed on Friday, with GDP expanding by 0.9% quarter-on-quarter (q-o-q) from 0.7% in Q2, but the year-on-year (y-o-y) growth rate slowed to 4.6% from 4.7% in Q2. On a year-to-date (y-t-d) basis, GDP expanded by 4.8%, still below the government’s official target of 5%. Generally, the data slightly missed the 1.0% q-o-q growth rate expected by the market, but there were still positive indicators within the data set. Retail sales increased by 3.1.% y-o-y in September, up from 2.1% in August, the unemployment rate fell to 5.1% (from 5.3%), while industrial output grew 5.4%, beating expectations for a 4.5% rise.

‘Among all the monthly figures released today, the highlight is a surge in industrial output, much better-than-expected retail sales and a drop in unemployment. The data clearly indicates that perhaps the government’s stimulus measures are beginning to work,’ said Kar Yong Ang, a financial market analyst at Octa Broker. Indeed, weak domestic demand induced by rising unemployment and a property crisis was the main reason why the People’s Bank of China (PBoC) cut its benchmark lending rates last July. The latest positive developments might offer some hope to policymakers as they work to revitalise the faltering economy in the closing months of the year.

Still, the economy needs to accelerate further if it is to reach the government’s official growth target of 5% in 2024. ‘Today’s reports were slightly better than the previous set of data released in July, but they do not indicate a significant turnaround in the economy. The risks are still present, the major one being deflation and the uncertainty surrounding the U.S. elections,’ said Kar Yong Ang. Indeed, China’s exports and imports both slowed significantly in September, indicating that Chinese manufacturers may be reducing prices to clear inventory in anticipation of new tariffs imposed by various trading partners, not least by the United States (especially if Donald Trump becomes president). Furthermore, deflation is further fueled by an unbalanced economy, with domestic consumption falling behind industrial output. This might prompt the PBoC to implement additional interest rate cuts on Monday.

Market reactions to the latest data
Chinese markets have reacted quite favourably to the latest economic data, with the CSI 3000 Index up more than 5.5% and the Shanghai Composite Index rising by more than 4%. Meanwhile, Chinese offshore yuan strengthened to 7.12, although the short-term trend in USDCNH remains bullish. As for the Asian currencies, the Malaysian ringgit (MYR) was relatively flat, while the Indonesian Rupiah (IDR) continued to appreciate, with USDIDR falling below 15,500. ‘In case, PBoC treats the latest economic data as not good enough to pause its monetary easing campaign, ringgit and rupiah may continue to appreciate but only slightly as the main driving force for them still is the U.S. monetary policy and the upcoming U.S. elections,’ said Kar Yong Ang, a financial market analyst at Octa Broker.Hashtag: #Octa

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

Octa

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 used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

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.

In the APAC region, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.

Join Gorilla Technology’s Exclusive Live Investor Webinar and Q&A Session on October 24


London, United Kingdom – Newsfile Corp. – October 18, 2024 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”) is pleased to invite investors to a webinar on October 24, 2024, at 4:15 p.m. ET.

The exclusive event, hosted by RedChip Companies, will feature Gorilla Technology’s Chairman and CEO, Jay Chandan, recently appointed interim-CFO Bruce Bower, who brings extensive experience in finance and strategy for tech startups, and John Roy, PhD, Managing Director of Water Tower Research, a former lead analyst at UBS and Merrill Lynch with over 20 years of experience covering technology stocks.

Attendees will gain insight into the Company’s position as a leader in delivering transformative, AI-powered solutions that drive large-scale digital transformation for smart and safe cities.

Gorilla Technology’s recent accomplishments have significantly bolstered its financial position, with cash reserves exceeding $40 million and total assets surpassing $60 million. This financial strength, combined with a strategic focus on expanding into high-growth markets across Europe, APAC, and MENA, positions the company for sustained revenue growth and profitability. Backed by award-winning solutions and a leadership team with deep global expertise, Gorilla Technology continues to enhance its competitive advantage in the industry. A live question and answer session will follow the presentation by Jay Chandan, Bruce Bower, and John Roy.

To register for the free webinar, please visit:
https://redchip.zoom.us/webinar/register/WN_kAkNs4RKTmiLn-acjbIVcw#/registration

Questions can be pre-submitted to GRRR@redchip.com or online during the live event.

About Gorilla Technology Group Inc.
Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

For more information, please visit our website: Gorilla-Technology.com.

Forward-Looking Statements
This press release contains forward-looking statements, which are based on estimates, assumptions, and expectations. Actual results and performance could differ materially and adversely from those expressed or implied in forward-looking statements. Gorilla does not undertake any obligation to update any forward-looking statements, except as required by law.

Contact:
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com

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

About Gorilla Technology Group Inc.

Election integrity at stake: Report highlights governance issues in the US


LOS ANGELES/DNA, UNITED STATES – Newsaktuell – 18 October 2024 – With less than three weeks to go until the November 5 presidential election, a new analysis warns that declining democratic accountability in the US means the power of American people’s voice will be diminished.

Two candidates for the US presidency. A person stops to watch a screen displaying the US Presidential debate between Vice President and Democratic presidential candidate Kamala Harris and former US president and Republican presidential candidate Donald Trump in Washington, DC, on September 10, 2024. (Photo by Allison Bailey / AFP)
Two candidates for the US presidency. A person stops to watch a screen displaying the US Presidential debate between Vice President and Democratic presidential candidate Kamala Harris and former US president and Republican presidential candidate Donald Trump in Washington, DC, on September 10, 2024. (Photo by Allison Bailey / AFP)

The report, titled “Democratic Distortions and a Struggling State: The United States on the Eve of the 2024 Presidential Election“, highlights critical governance challenges that threaten the efficacy of the US political system.

According to the researchers from the Luskin School of Public Affairs at the University of California Los Angeles (UCLA), the Los Angeles-based Berggruen Institute and the Hertie School, a university in Berlin, Germany, both democratic accountability and state capacity have sharply declined in the US since 2015, particularly in key swing states.

Democratic accountability, which encompasses electoral, social, and institutional accountability, has decreased significantly, the report concludes. For example, electoral accountability scores dropped from 92 points (out of 100) in 2015 to 82 points in 2021.

“Declining democratic accountability means that the power of the American people’s voice will be diminished – both in terms of electoral voice and the power of social institutions to check elected officials once in office”, the authors behind the new Berggruen Governance Index (BGI) report conclude, adding that a second Trump presidency would pose major challenges for the already flagging electoral system.

Even more dramatic declines in democratic norms were observed at state level, with “critical consequences for electoral integrity”. Many of the important swing states such as North Carolina, Wisconsin, Pennsylvania, or Georgia have seen large drops, the report says.

North Carolina was singled out as one stark example. The state has seen the biggest drop in democratic norms of any swing state, declining from near 100 in the mid-2000s to less than 25 in 2018. “This drop, and those in many other states, occurs in the context of well-documented crackdowns on voting rights that reached an ‘unprecedented’ level in 2023”, the authors write.

Voter turnout, a crucial metric of engagement, lags behind other advanced democracies, raising concerns about public involvement in decision-making. It stood at 66 per cent in 2020, trailing most Western European countries where elections were held between 2018 and 2022.

The report also notes what it calls “another widespread problem in the U.S. electoral system – the outsized role of money in politics”, adding that the trend is exacerbated by landmark US Supreme Court decisions that have removed limits on electoral spending. This dynamic, the researchers conclude, has led to a political landscape in which the voices of average citizens are increasingly being marginalized.

According to the report, the provision of public goods in the US has seen a slight increase; however, it is still below levels found in many peer nations. High public spending on healthcare has not translated into improved outcomes, raising questions about sustainability amid rising public debt. Both presidential candidates are expected to expand the deficit, with potential implications for long-term public goods provision.

Regarding state capacity, the report finds a broad and steady erosion since 2000, occurring across the sectors of fiscal capacity, coordination capacity and delivery capacity. Weakened state capacity negatively affects the US government’s ability to respond to crises or natural disasters. This can lead to popular anger and increasing frustration with government efficacy, the report argues.

If the Democratic presidential candidate Kamala Harris won on November 5, the researchers believe that she would likely continue some of President Joe Biden’s current policies and investments, in turn possibly reversing declines in state capacity. On the other hand, Republican candidate Donald Trump is more likely in the opinion of the researchers to apply drastic cuts to the US administrative state.

Overall, the findings highlight critical governance challenges that have developed over time, impacting democratic accountability, state capacity, and public goods provision in the US. These challenges will persist regardless of the election outcome, the researchers say.

A Democratic Party-led administration may address these issues better than one led by Donald Trump, but “both scenarios face significant obstacles”, the report concludes.

“While the balance across all three dimensions suggests that a Harris administration may be to the long-term benefit of US governance, many of the factors we identified as shaping the preexisting dynamics of US politics could limit the likelihood of this outcome”, the report says.

—————————-


This text and the accompanying material (photos and graphics) is an offer from the Democracy News Alliance, a close co-operation between Agence France-Presse (AFP, France), Agenzia Nazionale Stampa Associata (ANSA, Italy), The Canadian Press (CP, Canada), Deutsche Presse-Agentur (dpa, Germany) and PA Media (PA, UK). All recipients can use this material without the need for a separate subscription agreement with one or more of the participating agencies. This includes the recipient’s right to publish the material in own products.

The DNA content is an independent journalistic service that operates separately from the other services of the participating agencies. It is produced by editorial units that are not involved in the production of the agencies’ main news services. Nevertheless, the editorial standards of the agencies and their assurance of completely independent, impartial and unbiased reporting also apply here.

Further coverage by the Democracy News Alliance can be found in the DNA digital newsroom at https://www.presseportal.de/en/nr/174021

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

Southern Phu Quoc travel guide and tips for the best time of the year


PHU QUOC, VIETNAM – Media OutReach Newswire – 18 October 2024 – Southern Phu Quoc is home to some of the world’s most beautiful beaches and the largest coral conservation area on Pearl Island. The area, known as Sun Paradise Land, has been developed into a 24/7 destination for entertainment and leisure, offering many one-of-a-kind and captivating experiences.

Eschuri Vung Bau – Phu Quoc
Eschuri Vung Bau – Phu Quoc

More than just a destination with rich and stunning nature, southern Phu Quoc is offering luxurious resorts, artistic architectural landmarks and unique attractions. It provides a memorable journey for every visitor, especially in the best season.

The best time to visit

Southern Phu Quoc has two distinct seasons, the dry and the rainy season. The ideal time to visit is from November to April, which is the dry season in the south of Vietnam.

During this time, there is little rain, calm seas, gentle waves and warm sunshine, perfect for outdoor activities. For the remaining months, the eastern coast of the southern island, including Bai Sao and Bai Kem beaches, becomes the ideal choice for a peaceful getaway.

Getting to southern Phu Quoc

Southern Phu Quoc is about a 30-minute drive from Phu Quoc International Airport. Most resorts in the area offer private cars or scheduled buses to pick up guests. Alternatively, taxis are available, costing approximately VND300,000 (US$12).

It’s also about a 45-minute drive from Duong Dong town, with taxis costing around VND400,000 ($16). Recently, Sun Group launched a double-decker bus service with tickets priced at VND100,000 ($4) per trip.

Beautiful natural features

Bai Kem and Bai Sao beaches boast fine white sand and crystal-clear waters, perfect for families to swim and engage in water sports, including kayaking, banana boat rides and speed boating.

The An Thoi archipelago is home to vibrant coral reefs spread across various islands, hosting a rich diversity of marine life, making it a perfect spot for diving enthusiasts. Some of the best places to view coral include Hon Thom, May Rut Trong and May Rut Ngoai.

Tours to three islands start at $30 per person, and small-group diving tours begin at $50 per person. Those who can’t dive or swim, can try sea walking at Eco Beach on Hon Thom Island.

Southern Phu Quoc travel guide and tips for the best time of the year

All-day and night entertainment hub

Hon Thom Island is the entertainment hub in southern Phu Quoc, featuring Aquatopia – Asia’s leading water park, and Exotica Village, home to Moc Xa Thinh No – Viet Nam’s first and only wooden roller coaster. Visitors can reach Hon Thom via the world’s longest three-wire cable car ride.

In addition, Sunset Town in the southern Phu Quoc offers romantic European-style streets designed in a terraced format descending toward the sea. In the evening, there will be performances at the A Oi Theater, featuring Vietnamese folk art, and the Kiss of the Sea show staged at the world’s largest sea-based theatre.

Toward the end of the year, the Symphony of the Sea show will be launched, featuring a thrilling combination of Jetski and Flyboard performances. This show will bring together over 120 athletes and performers and incorporate Vietnamese cultural elements, including festival drums, lion dances and vibrant fireworks.

The seaside VUI-Fest bazaar also becomes an unmissable destination. Over 50 stalls open up a food paradise, offering dishes ranging from Vietnamese cuisine to other Asian and European specialities. This year, Phu Quoc Brew House, a brewery and beer restaurant, will open in Sunset Town, promising to be a year-round party hub with beer festivals every day of the year.

Golf lovers should not miss the 18-hole golf course with a beautiful sea view and sunset at Eschuri Vung Bau Golf, about 30 minutes from the Southern Phu Quoc. For beginners, Kem Beach Driving Range at Kem Beach is a reasonable choice to hone your skills.

Places to stay

Southern Phu Quoc offers a wide range of accommodations. Designed by the famous architect Bill Bensley, JW Marriott Phu Quoc Emerald Bay has become a symbol of luxury vacations on the island.

Meanwhile, New World Phu Quoc Resort reflects Vietnamese culture with its coastal village-style villas and traditional three-room house architecture. Premier Residences Phu Quoc Emerald Bay is also an interesting affordable choice.

For those seeking privacy, Premier Village Phu Quoc Resort offers an exclusive getaway in harmony with nature at Ong Doi Cape.

La Festa Phu Quoc – Curio Collection by Hilton’s rooms offering views of fireworks throughout the year. Located in the heart of Sunset Town, it is an ideal choice for guests who prefer convenience and vibrancy.

Sunset Town also offers mini-hotels with modern designs, priced from VND600,000 ($21) per night.

Hashtag: #SunGroup #PhuQuoc

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Trading crypto pairs: global broker Octa’s guide


Many industry experts see crypto as having the potential to shape the future of finance, and this year, Bitcoin’s all-time high reflected this sentiment. For traders looking to explore crypto markets, Octa, a globally recognised financial broker, offers valuable tips and insights to help beginners approach trading digital assets effectively.

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 18 October 2024 – These days, many traders in Southeast Asia look for cryptocurrencies as a high-value opportunity to diversify their portfolio. While some buy and sell crypto directly via dedicated crypto exchanges, others prefer trading contracts for difference (CFDs) on cryptocurrencies with Forex brokers. The latter approach allows traders to bypass all transactional and security difficulties associated with owning digital assets while tapping into crypto’s volatility and profit potential.

Trading crypto pairs: global broker Octa's guide
Trading crypto pairs: global broker Octa’s guide

The difference between brokers and crypto exchanges
Crypto exchanges and brokerages operate differently in the trading landscape. The exchanges act as matchmakers and facilitate transactions between buyers and sellers to and from crypto and fiat currencies.

On the other hand, brokerages directly engage with clients and offer them guaranteed trade fulfilment and higher liquidity. They provide a broader range of financial instruments for trading, including contracts for differences on cryptocurrencies, fiat currency pairs, indices, and more.

When trading via a cryptocurrency exchange, the buyer becomes the owner of the digital asset once the trade is complete and stores it using an e-wallet. Conversely, trading USD/cryptocurrency pairs with a broker doesn’t involve the physical ownership of digital assets. Instead, traders deal with derivatives, such as CFDs, and speculate on the price movement of a cryptocurrency against the USD without owning the cryptocurrency itself.

The choice of a platform
Forex brokers often offer much higher leverage options than crypto exchanges, creating ample opportunity for profits. However, these opportunities come with a higher risk, meaning financial knowledge acquisition and continuous learning become even more critical as the primary source of progress towards financial goals.

Brokers also offer traders a larger pool of order options, including limit orders, stop-loss and take-profit orders, and more. This extensive arsenal helps traders use market fluctuations to their advantage and fine-tune their charts according to their preferences.

For those interested in profiting from the dynamically evolving crypto trading landscape, Octa, a global broker with extensive market experience, offers 34 CFDs on popular cryptocurrencies. This portfolio of digital assets allows traders to tap into crypto’s potential without burdening themselves with e-wallets and other dedicated tools that can compromise the security of their funds and personal data.

While many inexperienced traders start trading crypto on dedicated exchanges, opting for a broker with a more comprehensive range of assets may provide some advantages. In particular, brokers can offer a seamless and more secure experience within a single trading platform, higher leverage, and more portfolio diversification options.
Hashtag: #Octa

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Octa

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 used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
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.
In the APAC region, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.

Policy Address by Hong Kong SAR’s Chief Executive John Lee: New Initiatives to Support High-Quality Development


HONG KONG SAR – Media OutReach Newswire – 18 October 2024 – Promoting high-quality development and expanding Hong Kong’s capacity for economic growth are core elements of the 2024 Policy Address, announced (October 16) by John Lee, Chief Executive of the Hong Kong Special Administrative Region.

“Hong Kong is striving to become an international innovation and technology (I&T) centre by promoting the upgrading and transformation of traditional industries while actively nurturing emerging ones,” Mr Lee said. “We will spare no effort in developing new quality productive forces tailored to local conditions.”

Hong Kong SAR's Chief Executive John Lee attended a radio phone-in programme to answer questions about the 2024 Policy Address.
Hong Kong SAR’s Chief Executive John Lee attended a radio phone-in programme to answer questions about the 2024 Policy Address.

Mr Lee said the Government would establish the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. In particular, the Government will set up a research centre under the InnoHK research cluster to participate in the Chang’E-8 space mission, contributing to national aerospace development. Moreover, a new round of Research Matching Grant Scheme funding totalling HK$1.5 billion will also be launched to attract more organisations to support research endeavours of institutions.

The Chief Executive also revealed a number of measures that the Government would adopt to revamp its approach to boosting capital investment in I&T industries. These include setting up a HK$10 billion I&T Industry‑Oriented Fund, forming a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance; and optimising the Innovation and Technology Venture Fund by redeploying HK$1.5 billion to set up funds jointly with the market to invest in start‑ups of strategic industries.

The Government will also launch an I&T Accelerator Pilot Scheme, with a funding allocation of HK$180 million, to attract professional start-up service providers to set up accelerator bases in Hong Kong, fostering the robust growth of start-ups.

Meanwhile, the Government will establish the Working Group on Developing Low‑altitude Economy, to explore the emerging potential of economic activities in airspace below 1,000 metres.

“We will press ahead with pilot projects and designate venues to explore deploying drones for delivery, surveys, building maintenance, aerial photography, performances, search and rescue, and other possibilities,” Mr Lee said.

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

Developing new quality development productive forces is one of the core elements of the 2024 Policy Address.
Developing new quality development productive forces is one of the core elements of the 2024 Policy Address.

To foster new quality productive forces in biomedical technology, the Government will complement technological innovation with institutional innovation, developing Hong Kong into an international health and medical innovation hub.

Initiatives include expediting reform of the approval mechanism for drugs and medical devices, including extending the “1+” mechanism to all new drugs for use in Hong Kong. Under the new “1+” drugs registration mechanism, applications for registration of new drugs that are supported with local clinical data are only required to submit approval from one reference drug regulatory authority (instead of two originally).

“Education nurtures our future, technology denotes our strength, and talents lead our development,” Mr Lee said, adding that the Government will set up a Committee on Education, Technology and Talents to co-ordinate and drive the integrated development of education, technology and talents.

The Chief Executive also announced reforming various talent admission mechanisms, including expanding to 198 the number of universities under the Top Talent Pass Scheme list, and extending the validity period of the first visa of high-income talents from two to three years. He supplemented that the Government would extend the pilot arrangement, for two years, for graduates from the Greater Bay Area campuses of Hong Kong universities to work in Hong Kong.

To expand capacity and inject impetus into Hong Kong’s high-quality development, Mr Lee said the Government would take forward development of the Northern Metropolis as a new engine for economic development.

He added that a Government-led company would be established to formulate development and operation strategies for building a pilot industrial park.

To expedite development of the Northern Metropolis, the Government will adopt, on a pilot basis, a large‑scale land‑disposal approach, under which sizable land parcels with commercial value and earmarked for provision of community facilities will be selected and granted to successful bidders for collective development.

“I believe that we must maintain our development momentum and self‑renewal, and that we must embrace changes while staying principled, innovative and flexible in meeting challenges and opportunities,” Mr Lee said.

More information about the Policy Address is available from www.policyaddress.gov.hk.
Hashtag: #hongkong #brandhongkong #policyaddress





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