Introducing a reimagined complimentary loyalty programme and digital experience

LONDON, UK – Media OutReach Newswire – 9 October 2024 – Small Luxury Hotels of the World (SLH), renowned for its characterful portfolio of luxury boutique hotels, today announced a revamped, newly named loyalty programme, SLH Club, and an eagerly anticipated mobile app featuring new customer magazine, Swoon by SLH. The new offerings are designed to provide loyal fans with an upscaled experience and showcase SLH’s commitment to personalised luxury.

The SLH Club Revamp – Launches TODAY

Previously known as INVITED, new users can join the revamped SLH Club from today, while existing INVITED members will automatically be transferred. SLH Club is complimentary and immediately unlocks rewards for independently minded members from their very first hotel stays. The redesign is a direct result of listening to valued members. Their feedback has led to a simplified three-tier structure, carefully curated to enrich guest stays. This allows members to confidently prioritise a selection of luxury boutique properties, knowing that their experience will be elevated.

*The new SLH Club tier system now comprises the following:

• Club 01: An entry-level tier accessible for 0-3 night stays. Members can enjoy flexible check-in/check-out, and access to the preferential Club Rate. Plus for every night you book, SLH will plant two trees in partnership with TreeNation.
  
• Club 02: accessible from 4–12 night stays. Members will enjoy all the benefits of Club 01, plus even more, including complimentary continental breakfast, room upgrades, priority access to the SLH flash sale bonus rate (available in the new app only), and special partner offers.
  
• Club 03: accessible from 13+ night stays. Members will enjoy all the benefits of Club 01 and Club 02, plus reward night vouchers, exclusive events and the chance to win complimentary nights at any SLH hotel.

The New App – launching 24 October

Following swiftly on 24 October is a sleek new mobile app. The new digital tool offers SLH guests a seamless and faster reservation process, as well as innovative features such as integrated route guidance. SLH Club members can also enjoy hassle-free access to their loyalty information and a downloadable membership card and view all their previous bookings.

Swoon by SLH – launching 24 October

With so many incredible properties and experiences, SLH guests are invited to immerse themselves in the SLH world of soulful hotels by delving into its new digital magazine, Swoon by SLH. Alluring hotel reviews and face time with some of SLH’s maverick hotel owners are just a taste of what’s on offer in this digital and annual print version of the magazine. The limited-edition print version can also be found in select SLH hotels worldwide from November, but loyal Club 03 members will also be sent a copy.

Richard Hyde, Chief Operating Officer, Small Luxury Hotels of the World said: “This is just the beginning of the SLH Club journey – our small yet powerful benefits-driven programme will only get better in 2025, supported by our cutting-edge app and inspiring magazine, igniting the wanderlust with our loyal fanbase.”

For more information, visit www.SLH.com

Images can be downloaded here.

Hashtag: #SLH

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

About Small Luxury Hotels of the World™

Small Luxury Hotels of the World™ (SLH) is the most desirable community of independently minded travellers and independently spirited hotels in the world. We turned the luxury boutique hotel into a phenomenon and selected the distinctive, the diverse and the downright delightful. People, places and experiences with individual character, intimate charm and inherent class. We’ve personally visited, vetted, and verified over 570 hotels in more than 90 countries. We are envisioning a future where people experience the world with intention, experience its intensity and protect its integrity. Be part of the community – join us at SLH Club, visit us at www.slh.com, contact travel agent or call the Small Luxury Hotels of the World VIP Desk. Click here to view a full contact listing by country.

SINGAPORE – Media OutReach Newswire – 9 October 2024 – The highly anticipated Western fantasy adventure idle RPG, Ever Chest, is set for a grand launch in Southeast Asia on October 9, 2024, across Android, iOS, and H5 web platforms. With its innovative chest-opening mechanics and rich adventure content, this mobile game offers players an unparalleled gaming experience.

In Ever Chest, players will take on the role of a mysterious young adventurer, embarking on a journey to uncover their origin story and unravel the secrets of the “Dragon Curse.”

15,000 Free Chests

As one of Ever Chest’s biggest highlights, the game promises players the thrill of opening 15,000 free chests after launch. Each chest contains exciting rewards, ranging from powerful gear to rare resources, helping players grow stronger throughout their endless adventure.

Idle Leveling, Effortless Gameplay

Ever Chest features an idle system designed to offer players a relaxed and enjoyable leveling experience. Even while offline, your team of heroes will automatically gain experience and grow stronger. Daily logins not only provide double resource rewards but also allow you to easily recruit powerful companions, ensuring generous returns.

Daily Rewards and Rich Collection of Characters

The game features an extensive sign-in system, where players can unlock 168 heroes for free just by logging in daily. In addition, players can acquire adorable pets through various means. Beyond sign-ins, heroes and pets can also be collected through activation codes and community events, allowing players to build the ultimate team.

Customizable Gear, Create Unique Style

Ever Chest not only offers powerful equipment but also allows players to freely customize both the appearance and attributes of their gear. Players can adjust their equipment to match their personal preferences, showcasing a unique style. The permanent gear unlock system lets players save favorite looks, enhancing variety and personalization in gameplay.

Become a Lord and Manage Your Territory

Players can establish and manage their own territory, rising as a legendary lord. Through strategic management, players can gather abundant resources and expand their influence, enjoying the deep and engaging combination of adventure and simulation gameplay.

Ever Chest offers not only an exciting adventure but also a thrilling new experience of chest exploration. Southeast Asian players can look forward to the official launch on October 9, 2024, and embark on this magical journey filled.

Official store, Discord, Facebook, X, YouTube

Media Contact:

Hashtag: #EverChest

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

• Frequency and value of large cyber insurance claims up 14% and 17% year-on-year in the first half of 2024, with data and privacy breach-related elements present in two thirds of these losses
• Growing trend in the US for class action litigation against large US and international corporations related to privacy violations leads to surging costs
• Number of cyber claims overall expected to stabilize in 2024 after 30% increase in 2023

SINGAPORE – Media OutReach Newswire – 9 October 2024 – Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents, Allianz Commercial warns in its annual cyber risk outlook. The frequency of large cyber claims (>€1mn) in the first six months of 2024 was up 14% while severity increased by 17%, according to the insurer’s claims analysis, following just a 1% increase in severity during 2023. Data and privacy breach-related elements are present in two thirds of these large losses. Overall, the total number of cyber claims in 2024 is expected to stabilize, following a 30% increase in frequency during 2023, which resulted in 700+ claims.

“The growing significance of data breach losses among cyber insurance claims is driven by a number of notable trends,” explains Michael Daum, Global Head of Cyber Claims, Allianz Commercial. “A rise in ransomware attacks including data exfiltration is a consequence of changing attacker tactics and the growing interdependencies between organizations sharing ever more volumes of personal records. At the same time, the evolving regulatory and legal environment has brought an uptick in so-called ‘non-attack’ data privacy-related class action litigation, resulting from incidents such as wrongful collection and processing of personal data – the share of these claims has tripled in value in two years alone.”

‘Non-attack’ claims increase as privacy litigation ramps up

The rise in ‘non-attack’ data privacy claims is the consequence of developments in technology, the growing commercial value of personal data, and a developing regulatory and legal landscape. For example, unlike the EU’s General Data Protection Regulation (GDPR), privacy regulations in the US are less prescriptive and open to interpretation, while plaintiff lawyers are hungry for potential sources of revenue. This is creating a grey area that is ripe for class action litigation, the report notes.

“We are seeing more data privacy breach claims in the US where there is a growing trend for class action litigation against large US and international corporations related to privacy violations, such as around consent and data usage,” says Daum. “The cost of some of these claims can be even larger than a ransomware incident, in the hundreds of millions of dollars.”

Over the last year in particular, data breaches have emerged as one of the fastest growing areas of US class action litigation. Over 1,300 were filed across a wide range of data privacy regulations in 2023, more than double the number filed in 2022 and four times that filed in 2021, according to law firm Duane Morris.

Multiple class action lawsuits have been launched against organizations across a wide range of industries, including healthcare, social media and gaming, for using tracking tools such as Meta Pixel to monitor consumer behavior, while entertainment streaming platforms have also been targeted, alleging that they may have violated privacy protection rights. Large data breach events can also evolve into hyper litigation, with one event triggering a slew of class actions. More than 240 lawsuits related to the 2023 MOVEit data breach were consolidated into a single Multidistrict Litigation in October 2023. And with large numbers of claimants, there are incentives for parties on both sides to settle. The top 10 data breach class action settlements last year totaled $516mn, a significant increase over the $350mn recorded in 2022.

The risk of data breach litigation is also growing in Europe. Heightened awareness of data protection rights, a rise in the availability of third-party litigation funding, and a more consumer friendly litigation environment could make mass data privacy claims a reality, albeit not on the same scale as the US, the report notes.

Asian companies must not rest on their laurels

Worldwide, the average cost of a data breach reached an all-time high in 2024 of $4.9mn. In comparison, the average data breach costs in Japan, South Korea, ASEAN, and India are $4.19mn, $3.62mn, $3.23mn, and $2.35mn respectively, according to IBM’s Cost of a Data Breach Report 2024.

“Despite the relatively lower loss severity in Asia compared to other regions, companies need to stay vigilant as there is a noticeable uptick of cyber incidents in the region. One of the contributing factors is the gradually evolving cyber security maturity. Furthermore, a considerable number of outsourced technology service providers are located in Asia, which constantly attracts threat actor interest. The aim of the supply chain attack vector is to gain access to multiple victims,” says Karlis Trops, Head of Cyber and Tech Professional Indemnity, Allianz Commercial Asia.

“Companies in Asia can further strengthen cyber resilience and preparedness. Notwithstanding the implementation of new privacy regulation and cyber security acts, as well as mandatory cyber security incident reporting by some countries in the region in recent years, investment in cyber security controls by companies in Asia in general lags compared to their peers in other regions such as USA and Europe.”

AI to power and prevent future data privacy breaches

The fact that almost every industry is now using artificial intelligence (AI) will have a significant impact on the cyber and privacy risk landscape in future. AI relies on the collection and processing of vast amounts of data, including personal, health and biometric information, for training AI models and making predictions or recommendations. But AI tools such as chatbots can create potential privacy, misinformation, and security risks if not properly managed. With so much data being collected and processed, there is a risk that it could fall into the wrong hands, either through hacking or other security breaches. There are also concerns around potential breaches of privacy laws, such as whether organizations have proper consent to process data through AI.

From data exfiltration to data protection

Despite a general trend for increased investment in cyber security in recent years, many data breaches, including some of the largest mass data exfiltration cyber-attacks over the past 18 months, are the result of weak cyber security within organizations and/or their supply chains.

Such incidents can lead to a large claim involving regulatory fines, notification costs and third-party litigation, in addition to extortion demands, first party costs and business interruption.

“The insurance industry must also step up its focus on the data privacy side of cyber risk and has a key role to play in offering loss prevention and mitigation advice to businesses about this increasingly important area of exposure,” says Vanessa Maxwell, Global Head of Cyber and Financial Lines, Allianz Commercial. “The value of cyber insurance goes well beyond the payment of claims. Insurance helps companies make the business case for cyber security investment and to direct their resources towards the most effective measures.”

Data breach risks are best mitigated through good cyber hygiene, including strong access controls, database segregation, backups, patching and training. Having better oversight of any cyber weaknesses in their supply chains is an area where many companies need to improve.

“Early detection and response capabilities are also key. Around two thirds of breaches are typically reported by a third party or by the attackers themselves,” says Rishi Baviskar, Global Head of Cyber Risk Consulting, Allianz Commercial. “Cyber breaches that are not detected and contained early can end up being 1,000 times more expensive than those that are, the difference between a €20,000 loss turning into a €20mn one.

“AI is also becoming an essential tool in the fight against cyber-attacks, as it can quickly identify a security breach and automatically isolate systems and databases, as well as having the potential to significantly reduce the cost and life cycle of a data breach claim by automating tasks, such as forensics and notifications, potentially saving companies millions of dollars.”

Hashtag: #AllianzCommercial #Cyber

https://commercial.allianz.com/
https://www.linkedin.com/company/allianz-commercial/

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

About Allianz Commercial

Allianz Commercial is the center of expertise and global line of Allianz Group for insuring mid-sized businesses, large enterprises and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry as well as family-owned and medium enterprises which are the backbone of the economy. We also cover unique risks such as offshore wind parks, infrastructure projects or film productions. Powered by the employees, financial strength, and network of the world’s #1 insurance brand, as ranked by Interbrand, we work together to help our customers prepare for what’s ahead: They trust us to provide a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services, as well as seamless claims handling. The trade name Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2023, the integrated business of Allianz Commercial generated more than €18 billion gross premium globally.

TAIPEI, TAIWAN- Media OutReach Newswire – 9 October 2024 – The globally renowned financial event, World Investor Week (WIW), organized annually each October by the International Organization of Securities Commissions (IOSCO), continues to spotlight cutting-edge financial topics. By leveraging global expertise and momentum, WIW aims to enhance financial literacy and promote investor education and protection. This year, Taiwan participated by hosting a three-day World Investor Week event from October 7 to 9, in collaboration with nine leading financial institutions.

With the rapid advancement of technology, digital finance and crypto assets are leading a global investment revolution. This year’s forum focused on three pivotal themes: Technology and Digital Finance, Crypto Assets, and Sustainable Finance. Prominent financial experts from Taiwan and abroad, including those from Japan, Singapore, and Hong Kong, discussed the latest trends, offering participants insights into these emerging fields. The forum aimed to strengthen attendees’ financial acumen to tackle the dual challenges of digital and sustainable finance.

As global interest in crypto assets surges and countries race to establish leadership in this space, Taiwan is positioning itself as a key player in the Asian asset management landscape. Taiwan’s active participation in WIW is crucial to realizing this vision. Topics such as the evolution of decentralized finance (DeFi), AI applications in finance, sustainable investing, retirement investments, and carbon credit markets were covered. These discussions aimed to help investors navigate the challenges posed by the digital and sustainable finance era while facilitating capital flows into green industries. The forum provided the latest investment knowledge and strategies, empowering participants with the tools to embrace these emerging financial trends.

The 2024 World Investor Week in Taiwan was jointly organized by nine of Taiwan’s most prominent financial organizations, including the Financial Planning Association of Taiwan, the Pension Fund Association, R.O.C., the Securities Investment Trust & Consulting Association of the R.O.C., the CFA Society Taiwan, the CCIM Taiwan Chapter, the Taiwan Stock Exchange, the Taipei Exchange, the Taiwan Futures Exchange, and the Taiwan Depository & Clearing Corporation.
Hashtag: #WIW #WorldInvestorWeekForum

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

BANGKOK, THAILAND – Media OutReach Newswire – 9 October 2024 – PTT Oil and Retail Business Public Company Limited (OR) is setting a bold new standard for sustainability in Thailand’s oil and retail sector, with ambitious goals to achieve carbon neutrality by 2030 and net-zero greenhouse gas emissions by 2050. Committed to continuously developing and enhancing all of its businesses, OR not only prioritizes quality and reliability but also places great importance on fostering a cleaner, more sustainable society in every dimension. By driving business, the environment, and the community forward together—both within Thailand and on a global scale—OR aims to demonstrate its potential to grow sustainably on the world stage.

Driven by a clear and comprehensive sustainability strategy known as OR SDG, the company’s mission is anchored on three foundational pillars:

• S (Small): Creating opportunities for communities
• D (Diversified): Creating opportunities for diversified growth
• G (Green): Creating sustainable opportunities

Bringing Sustainability to Life

PTT Oil and Retail Business Public Company Limited (OR) is committed to sustainability through a series of innovative initiatives that set a new benchmark for corporate responsibility, both in Thailand and internationally, ensuring alignment in the same direction

PTT Station

OR is dedicated to continuously enhancing product and service quality to provide the best consumer experience. Leading in the development of premium fuels, including high-performance, engine-protecting fuels and Euro 5 diesel with less than 10 ppm sulfur to reduce environmental impact, OR also plans to expand the PTT Station network nationwide, as well as in the Philippines, Cambodia, and Laos. This expansion will support both conventional and electric vehicles, using geo-analytics to identify optimal locations. In 2023, the PTT Station Flagship Vibhavadhi 62 was first launched in Thailand, showcasing OR’s commitment to sustainable development for people, communities, and the environment. With over 2,200 stations serving more than 3.4 million patrons daily, PTT Stations aim to be platforms for mobility, lifestyle, and business partnerships to foster mutual growth.

Café Amazon: A New Standard in Sustainability

Café Amazon, goes beyond serving coffee by embodying the principles of the circular economy. Waste materials from Café Amazon, such as coffee husks, are upcycled into functional furniture, Additionally, the OR Ecosystem is utilized throughout Café Amazon value chain. In other countries, similar practices are implemented, including the use of BIO Cup R-PET and staff uniforms produced through upcycling processes. This exemplifies how sustainability can be effectively integrated into business operations.

EV Station PluZ: Driving the Future of Mobility

As Thailand transitions towards electric vehicles (EVs), the promotion of clean energy, such as the adoption of EVs, is continuously growing day by day. Currently, Over 800 EV charging stations have been installed in Thailand, with nearby countries such as Laos having 6 charging stations and Cambodia having 11 charging stations. OR is leading this shift with its EV Station PluZ initiative, aiming to install 7,000 EV charging stations across all 77 provinces in Thailand by 2030. This expansion underscores OR’s commitment to reducing carbon emissions and making clean energy solutions accessible nationwide, supporting the growing demand for electric vehicles.

Sustainable Aviation Fuel (SAF) Refueling: Leading Clean Aviation

OR’s collaboration with Thai VietJet marks a significant step toward cleaner aviation. By pioneering the use of Sustainable Aviation Fuel (SAF) produced from used cooking oil, OR helps reduce the aviation industry’s carbon footprint without compromising performance. This innovative fuel can be blended with traditional Jet A-1 fuel and used in aircraft without requiring engine modifications.

Furthermore, OR has initiated and is consistently executing a range of commendable projects in Thailand that are receiving increasing recognition in the Thai market, including:

Thaidet Project: Supporting Local Communities

Thaidet selects and promotes excellent local products from community enterprises and SMEs to be sold at PTT Station. This initiative aims to assist people in communities and showcase the stories and pride of the local people, while also increasing opportunities to distribute products to consumers nationwide. The Thaidet project has been at the forefront of creating jobs and livelihoods for villagers, farmers, and community members for some time now. It has also helped raise the standard of community products to international levels. Over the past 5 years, the project has contributed to income generation and growth for 376 community enterprises, with over 325 branches nationwide. In 2023 the project generated a total income of over 102 million baht.

The Thaidet Project highlights OR’s dedication to supporting local communities by promoting the best local products from community enterprises. providing these products with a platform in PTT Station in Thailand. The project not only elevates local craftsmanship but also promotes eco-friendly goods, reinforcing OR’s belief that sustainable practices should benefit everyone.

Yak Lak Yim Project: Community-Driven Waste Management

Yak Lak Yim Project encourages responsible waste disposal by inviting consumers to separate their waste and dispose of it in designated bins. Proceeds from selling recyclable materials are reinvested into local communities, creating a positive feedback loop that benefits both the environment and the people. This project reflects OR’s commitment to community-driven sustainability.

PTT Lubricants: Save the World, Save Your Car Campaign

In partnership with PTT Lubricants, OR launched the Save the World, Save Your Car campaign, inviting consumers to recycle used oil containers. These containers are transformed into Wood Plastic Composite materials, used to produce school desks and chairs for underprivileged schools. This initiative promotes recycling while supporting education and sustainability simultaneously.

A Vision for a Sustainable Future

As OR continues to drive progress in business, environmental stewardship, and community development, it remains steadfast in its mission to create a cleaner, more sustainable future for Thailand. With ambitious goals and innovative initiatives, OR is not just leading the journey toward carbon neutrality—it’s redefining corporate responsibility for the 21st century.

Hashtag: #OR #PTTStation #CaféAmazon #EVStationPluZ #PTTLubricants

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

About PTT Oil and Retail Business Public Company Limited (OR)

PTT Oil and Retail Business Public Company Limited (OR), a subsidiary of PTT Public Company Limited (BKK:PTT), focused on integrating energy and retail business operations in Thailand to achieve inclusive growth opportunities for all stakeholders. Committed to excellence and innovation, OR is responsible for the distribution of products and services in both the energy and retail sectors, directly serving consumers and underscoring its leadership in the energy market. Additionally, OR is consistently striving to expand its business opportunities in the global market by leveraging successful business models from Thailand, including PTT Station, Café Amazon, EV Station PluZ, and PTT Lubricants. These models integrate energy management with retail operations, serve as a blueprint for growth in international markets.

London, United Kingdom – Newsfile Corp. – October 8, 2024 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”) has announced a strategic partnership with NC Digy Smart Cities, a renowned Miami-based smart cities integrator, alongside AECOM (NYSE: ACM) one of the world’s most trusted infrastructure consulting firms, also headquartered in Miami. This collaboration is set to transform the landscape of urban development across Latin America and the United States, harnessing advanced technologies to build and deploy next-generation smart cities.

The partnership marks a monumental step in the evolution of smart city infrastructure, targeting one of the most significant growth opportunities in the Western Hemisphere. With the smart cities market in Latin America rapidly expanding and the United States poised to embrace a new era of urban development, this initiative is expected to drive unprecedented growth over the next 30 to 50 years.

Unleashing the Potential of Latin America

Latin America is witnessing an unparalleled surge in urbanisation, with cities striving to become more efficient, sustainable and secure. The region’s smart city market is expected to grow exponentially, driven by government initiatives, increasing urban population, and the demand for sustainable solutions. Through the partnerships with NC Digy Smart Cities & AECOM (together with Gorilla’s local partner Protactics), Gorilla will build scale and capitalise on this momentum by introducing cutting-edge security options tailored to the unique needs of Latin American cities.

By leveraging NC Digy Smart Cities and Gorilla’s robust AI and cybersecurity solutions, the partnership will offer a comprehensive range of services to local governments and companies. This includes the integration of advanced surveillance, AI-driven analytics and secure data management systems designed to enhance public safety and operational efficiency. AECOM’s extensive experience in infrastructure consulting will further ensure that the deployment of these technologies is seamless and aligned with the highest standards of urban planning.

“This partnership is not just about deploying technology; it is about reimagining the future of our cities, in Latin America. As this initiative progresses, we expect it to unlock vast opportunities for growth, create new markets and set new standards for smart city development. The smart cities of tomorrow are on the horizon and Gorilla Technology, NC Digy Smart Cities and AECOM are leading the charge,” said Jaime Niño, General Manager of AECOM LATAM.

Pioneering Smart Cities in the United States

In the United States, the concept of smart cities is becoming increasingly central to urban development strategies. As cities across the nation seek to modernise infrastructure and enhance the quality of life for their residents, the demand for innovative technologies is growing at an unprecedented rate. NC Digy Smart Cities is at the forefront of this movement, bringing together their expertise to create secure, resilient and sustainable urban environments.

The partnership’s primary initiative will focus on marketing Gorilla Technology’s advanced AI and cybersecurity products and services, specifically designed for smart city applications. This includes comprehensive solutions for surveillance, access control and emergency response, all of which are crucial for the safety and security of modern urban environments. By addressing the security challenges that accompany smart city initiatives, this collaboration is poised to play a pivotal role in the transformation of cities across the US.

“The strategic alliance between Gorilla Technology, NC Digy Smart Cities, and AECOM represents a visionary approach to urban development. We recognise the critical role that smart cities will play in shaping the future of our societies, both in the United States and Latin America. By combining our strengths, we are not only setting the stage for technological innovation but also paving the way for sustainable, secure, and prosperous urban environments,” said Robert J. Rodriguez, Chairman & Co-Founder of NC Digy Smart Cities.

About NC Digy Smart Cities LLC

NC Digy Smart Cities LLC, based in Miami, is a premier smart cities integrator, offering holistic services to local governments and companies. Since 2000, NC Digy has developed many Smart Cities initiatives, including a visionary blueprint developed for the Department of Housing & Urban Development (HUD) to implement micro economic studies for communities throughout the U.S. thereby, highlighting the need for each participating community to invest in technology innovations for workforce and industry expansion purposes. In addition, NC Digy has developed significant communications initiatives for AT&T which were implemented throughout Latin America and the Caribbean.

About AECOM

AECOM is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, AECOM’s public- and private-sector clients trust them to solve their most complex challenges. AECOM’s teams are driven by a common purpose to deliver a better world through unrivaled technical and digital expertise, a culture of equity, diversity, and inclusion, and a commitment to environmental, social, and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $14.4 billion in fiscal year 2023. See how AECOM is delivering sustainable legacies for generations to come at aecom.com and @AECOM.

About Gorilla Technology.

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.

About Protactics

Protactics is a Colombian company headquartered in Bogota, with deep domain expertise & relationships in Latin America. We bring to market holistic security & public safety solutions whether it be cyber security, biometrics, advanced scanning capabilities to critical infrastructure projects, such as Ports, Airports & Borders & more.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about future revenues, our ability to attract the attention of customers and investors alike, Gorilla’s largest projects and ability to win additional projects and execute definitive contracts related thereto, along with those other risks described under the heading “Risk Factors” in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024 and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

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

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

Office availability rate drops while high street retail rents continue to recover

• The Hong Kong Grade A office market witnessed positive net absorption for the fourth consecutive quarter in Q3 2024 to reach 324,100 sq ft, bringing the overall availability rate down to 19.3%.
• Core retail district high street rents recorded low single-digit growth q-o-q as leasing momentum gained pace, with banking and financial institutions taking opportunities to expand at prime locations
• The residential market finally saw the hoped-for interest rate cut, yet buyers need more time to digest the news. Housing prices remained under pressure in the still-high rate environment, declining by 6.2% in the first eight months, while total transactions recorded 10,200 units in Q3.

HONG KONG SAR – Media OutReach Newswire – 8 October 2024 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets Review and Outlook Q3 2024 press conference. The start of the U.S. Federal Reserve rate cut cycle in September, coupled with the recent rebound in the stock market, sent positive signals to the Hong Kong residential market, with market sentiment and transaction numbers expected to further improve in Q4. The Grade A office market has now recorded positive absorption for four consecutive quarters, and several new lettings of more than 10,000 sq ft were concluded in the quarter, pulling the overall availability rate down to 19.3%. In the retail market, despite falling high street store vacancy and growing rental levels, the change in tourist spending patterns and the northbound travelling of local residents continued to pose challenges to F&B operators, leading to F&B rents adjusting downwards in Q3.

Grade A office leasing market: Net absorption remained positive in Q3 2024, while the availability rate fell for the first time in two years

Overall Grade A office net absorption recorded 324,100 sq ft in Q3, bringing total net absorption for the first three quarters to around 980,000 sq ft. The total new leasing area in Q3 reached 833,600 sq ft, with Greater Tsimshatsui taking the greatest share at 23%, followed by Greater Central and Kowloon East both at 19%. The banking & finance sector took a 38% share of total leased area, followed by consumer products / manufacturing at 18%, and professional services & real estate at 16%.

With no new supply entering the market in Q3 2024, the overall availability rate fell for the first time since Q1 2022, registering 19.3% in Q3 2024. However, Grade A office rents remained under pressure, retreating by 2.4% q-o-q or 4.3% year-to-date (Chart 1). As cost-saving or flight-to-quality moves have become popular occupier strategies, landlords are being more flexible and offering incentives to compete for tenants. Consequently, we expect the rental correction to continue through the remainder of the year, and we forecast overall Grade A office rents to drop in a range of 6% to 8% for the full-year 2024.

John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “The Hong Kong Grade A office market registered positive net absorption for the fourth consecutive quarter in Q3 2024. We saw numerous new lettings of more than 10,000 sq ft in the quarter, while the overall availability rate fell for the first time since Q1 2022. This suggest that market momentum has gained pace when compared to 2023. Looking ahead, we expect demand from the banking & finance and professional services sectors to gradually recover, if the recent stock market recovery and IPO performance, which are underpinned by the interest rate cut and the macroeconomic policy stimulus from the Chinese mainland government, can sustain through the coming months.”

Retail leasing market: New leasing activity gained momentum, supporting the overall high street vacancy rate to drop further

Hong Kong total retail sales for the January to August 2024 period dropped by 7.7% y-o-y to record HK$249.8 billion, impacted by inbound tourists’ and local residents’ changing consumption patterns, combined with the strong Hong Kong dollar eroding shoppers’ purchasing power when compared to alternative tourist destinations. Among the key retail sales categories, Jewellery & Watches and Fashion & Accessories, formerly popular with tourists, declined 15.8% and 11.0% y-o-y, respectively. The only key retail category to witness positive growth was Medicines & Cosmetics, which climbed 6.8% y-o-y.

High street leasing activity gained momentum in Q3, with action by local and international brands picking up on the back of attractive rent offerings at prime locations. The overall high street vacancy rate continued to fall to record 8%, a new lowest level since the pandemic. Vacancy rates eased more notably on the Kowloon side, with Mongkok dropping 2.7 percentage points q-o-q to 8.4%, and Tsimshatsui falling to 9.4%. Vacancy in Causeway Bay remained stable at 2.6%, while Central rose slightly to record 8.6%. Stronger leasing sentiment supported high street rents to further recover in Q3. Rents in Causeway Bay, Central, Tsimshatsui and Mongkok picked up in a range of 1.0% to 2.3% q-o-q. However, restaurant operators have faced challenges due to the changed spending patterns of tourists and residents. F&B rents dropped in a range of 1.5% to 2.5% across districts through the quarter.

John Siu further commented, “Looking into the retail leasing transactions in Q3, sentiment and activity was stronger on Hong Kong Island. In addition, we notice that that some banks and financial institutions have been actively expanding their presence in core districts over the past six months. For instance, several banks opened new wealth management centers on prime streets to capture clients from groups of high-net-worth local and mainland individuals. A number of online securities brokerage platforms also expanded by setting up physical stores in core districts, seeking to raise brand awareness and gain public exposure. Looking ahead, the central government has recently announced a series of stimulus measures to boost the economy, while the U.S. Fed’s rate cut is also expected to gradually weaken the Hong Kong dollar, which may in turn strengthen tourists’ spending sentiment. The comeback of Hong Kong and Chinese mainland stock markets will likely provide further boosts to consumption sentiment. These positive factors will continue to support the recovery of the Hong Kong retail market, and we expect high street retail rents across districts to rise in a range of 4% to 9% for the full-year 2024.”

Residential market: Rate cuts will take time to have an impact on markets, transaction numbers expected to grow in Q4

The U.S. Federal Reserve rate cut in September marked the end of the two-year interest rate hike cycle, leading to a clearer market outlook. Despite Hong Kong banks following with an immediate rate cut, the current HIBOR is still at a relatively high level, hence limiting the short-term impact from the cut. Most buyers maintained a wait-and-see stance in July and August, before the Fed’s rate cut decision, with monthly transaction numbers at less than 4,000 cases. We have yet to see a rapid expansion of activity following the Fed’s September action, with just 2,850 transactions recorded in that month. Some potential buyers have remained cautious following the rate cut, waiting to observe the continuity and pace of further rate reductions in the coming months. Within the residential market, first-hand transactions accounted for 32% of overall transaction numbers between January and August, and we expect that the primary home sales market will be most active, with developers now keen to launch further new projects for sale.

Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, mentioned, “Hong Kong housing prices continued to adjust during the quarter. Rating and Valuation Department data shows that the housing price index declined by 1.7% m-o-m in August, bringing the cumulative drop in the first eight months of the year to 6.2%. According to Cushman & Wakefield data, our mid-and-small size units price index dropped by 8.3% for the first nine months. Notably, home prices in City One Shatin, representing the small-sized market, declined by 7.4% q-o-q. Prices at Taikoo Shing, representing the middle-sized market, declined by 3.6% q-o-q, while Residence Bel-Air in the luxury market dropped by 4.9% q-o-q. However, our verbal enquiry index level slightly picked up following the rate reduction, suggesting that market sentiment and transaction numbers could both gradually move upwards in Q4. We currently forecast overall residential transaction numbers to rise in a range of 15% to 20% y-o-y for 2024.

Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “Most Hong Kong banks followed in the footsteps of the U.S. Federal Reserve’s rate cut in September, sending a positive signal to the market. Although the residential market did not immediately rebound, the recent notable stock market rise and historical high transaction record do reflect a strengthening in investors’ confidence. Looking ahead to Q4, the residential sector will still face pressures from the still-high interest rate environment and ample residential inventory. We see the pace of market recovery to be highly dependent on upcoming stock market performance and the pace of further rate reductions. Historically, low interest rates will benefit the housing market, while housing sector performance will lag the stock market for a few months. Against this backdrop, if the rate cut and stock market comeback can persist, the wealth effect will bring renewed confidence to the residential market. We expect housing market prices to enter a consolidation phase in Q4, although our current forecast is for prices to further correct in the range of -5% for the full-year 2024. Meanwhile, the overall residential rental level, which has gained 6.2% in the first eight months of the year in response to the inflow of international talent and Chinese mainland students, is expected to rise in a range of 5% to 10% for the full-year 2024.”
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About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).