Tony Su, Managing Director, National Head of Industrial & Logistics Property Services, China, Cushman & Wakefield, said: “Overall logistics market leasing demand remained stable in H1 2023. In terms of logistics leasing demand by sector, the manufacturing and consumer sectors contributed much to take up. E-commerce and third-party logistics enterprises remain the main tenants within the premium warehouse leasing market.”

Jiangsu, Guangdong and Zhejiang were the top three locations for total stock in H1, with each market also slated for a large volume of scheduled future supply in the next two years, which will bring some leasing pressure. But due to the well-developed regional industry and strong demand for premium logistics warehouses, new projects will be effectively leased. With the tight supply of warehousing land, the premium logistics warehouse market is expected to exhibit a positive development trend during the long term.

Mainland China Logistics Market

• The total stock of premium logistics warehouse space in mainland China reached 114 million sq m in H1 2023.
• Approximately 5.02 million sq m of new supply entered the mainland China logistics market in H1.
• The overall vacancy rate increased 1.4 percentage points from Q4 2022 to 16.5%.
• Overall average rents rose 0.8% from Q4 2022 to RMB33.8 per sq m per month.
• Ahead, an additional 37.98 million sq m of new supply is scheduled for completion by the end of 2025.

North China Logistics Overview
The premium warehouse market in North China recorded several new projects completing in H1, totaling approximately 1.56 million sq m of new space. Average monthly rent increased 0.5% from Q4 2022 to reach RMB30.5 per sq m. The vacancy rate for premium warehouses rose 0.6 percentage points to 19.3%.

East China Logistics Overview
The East China premium warehouse market performance was stable in H1. Compared with Q4 2022, overall average monthly rent rose 0.8% to reach RMB38.5 per sq m. The overall warehouse vacancy rate rose 3.5 percentage points to 15.3%. The e-commerce, 3PL and express delivery sectors remained the main tenants in the East China premium warehouse market.

South China & Central China Logistics Overview
The South China premium warehouse market experienced strong demand in H1. South China recorded 0.8 million sq m of new supply in H1. Compared with Q4 2022, the overall vacancy rate dropped 1.1 percentage points to 9.4% while the average monthly rent rose 1.6% to reach RMB40.4 per sq m. The Central China premium warehouse market remained relatively stable. Compared with Q4 2022, the overall vacancy rate dropped 0.3 percentage points to record 18.9%. Average monthly rent decreased slightly by 0.7% to RMB26.4 per sq m.

Southwest China Logistics Overview
Demand for premium warehouse space in Chongqing was stable, with the e-commerce, 3PL and manufacturing sectors being the key drivers. The average monthly rent rose slightly to reach RMB24.4 per sq m. Southwest China recorded 0.12 million sq m of new supply in H1. Compared with Q4 2022, the overall vacancy rate increased 1.8 percentage points to reach 20.4%. The average monthly rent rose 0.2% to reach RMB26.5 per sq m.

Hong Kong, China Logistics Overview
Hong Kong’s total stock of premium logistics space remained at 31.2 million sq ft (2.90 million sq m) in H1, with no new supply recorded in the period. A mega-project totaling 4.1 million sq ft (0.38 million sq m) near the Hong Kong International Airport is expected to enter the market in H2 2023. Ahead, a new warehouse project is expected to be completed in Kwai Chung (New Territories) by 2027. Jointly developed by ESR and Chinachem, the project is expected to span 1.5 million sq ft (0.14 million sq m). The overall vacancy rate remained stable at 3.4%, while monthly rents increased mildly by 0.5% in H1 2023 to HK$14.4 per sq ft.

Taiwan, China Logistics Overview
Total premium logistics stock increased to approximately 989,000 pings (3.27 million sq m).
Incoming supply is expected to add 186,000 pings (615,000 sq m) of stock by the close of 2025, an increase of approximately 18.8%. Around 78% of stock is concentrated in Taoyuan City, close to Taoyuan International Airport. The average monthly rental level remained at approximately NT$650–750 per ping.

Shaun Brodie, Head of Business Development Services, East China & Greater China Research Content, Head of Greater China Occupier Research, Cushman & Wakefield, added: “Ahead, we expect the government and landlords to favor tenants with higher business efficiency and production volume. With the change in consumers’ consumption preferences and, subsequently, the demand structure, the development of the semi-prepared food market will further promote expansion in the cold chain logistics and storage market. The development of comprehensive cold chain parks, integrating production, storage, display, and sales functions, will become an emerging market trend.”

Please click here to download the full report.

Hashtag: #Cushman&Wakefield

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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 approximately 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2022, the firm reported global revenue of US$10.1 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), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.

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Key Highlights & Insights from UNCITRAL Academy

2. As with previous editions, the UNCITRAL Academy, co-organised by MinLaw and the United Nations Commission on International Trade Law (UNCITRAL), was the highlight of SC Week 2023. Themed Tomorrow’s World Today: Leading the Future of Dispute Resolution, this year’s UNCITRAL Academy Conference and Capacity-Building Workshops were held from 29 to 31 August, and focused on navigating the future of dispute resolution, especially in a digital-first world against the backdrop of multiculturalism, sustainability and rapid changes.

3. In his welcome address at the opening of the UNCITRAL Academy Conference and Industry Capacity-Building Workshop, Singapore’s Minister for Culture, Community and Youth, and Second Minister for Law, Mr Edwin Tong SC said, “Building the world today for tomorrow has always been Singapore’s philosophy since independence. We applied the same philosophy to developing Singapore into the leading international dispute resolution hub it is today. We also developed a comprehensive suite of international commercial dispute resolution services. The Singapore Convention on Mediation is one contributing instrument, that provides parties with another viable option to resolve cross-border disputes. To date, we have 56 signatories, and 11 Parties to the Convention. I am confident more will sign and ratify soon.”

4. Ms Anna Joubin-Bret, Secretary of UNCITRAL, said in her opening remarks, “Every year, the SC Week provides the forum for thought leaders, practitioners and users to discuss around shared values and practices, and to explore what lies ahead of us. The discussions in Singapore have helped us spark ideas, acquire new perspectives and develop our thoughts further. This event has greatly contributed to our work over the past years and we trust that it will continue to do so.”

5. There were many insightful and engaging discussions over the course of the UNCITRAL Academy:

a. In the ‘Dispute Resolution in the Digital Economy’ panel, panellists shared their insights on electronic awards and digital evidence. They also discussed the challenges of using AI in dispute resolution, and how its core principles could be safeguarded even as the society continues to innovate.

i. “We have to stay aware of the latest developments, and also stay abreast with the potential challenges that might arise, and this will have an effect on legal education and legal training as well. There needs to be a discussion on what the parameters are for the use of legal technology, and to figure out what we as a dispute resolution community find important. To what extent do we want to sacrifice the normative values that we now place at the centre for the greater good of efficiency, is the question we should really be asking, especially now, when due process concerns sometimes have to make way for arguments for user-friendliness and efficiency,” Professor Maud Piers, Associate Professor, Ghent University; Vice- President, Belgian Centre of Arbitration and Mediation (Cepani) said.

b. Mr Lionel Yee SC, Deputy Attorney-General, Singapore Attorney-General’s Chambers moderated a fireside chat with Dr Hab Marcin Czepelak, Secretary-General, Permanent Court of Arbitration (PCA), the oldest permanent intergovernmental institution dedicated to the settlement of international disputes. The PCA Secretary-General outlined, from the PCA’s perspective, the emerging trends in international dispute settlement involving States, including that there would be more new types of dispute settlement methods besides arbitration being used by States. He reaffirmed the importance of the PCA’s office in Singapore, and highlighted the PCA’s desire to partner with Singapore to promote mediation.

i. “The PCA tries to offer an institutional dimension to a mediation process, which should mitigate some of the risks associated with mediation by giving it legitimacy. So if we continue partnering with states that promote mediation such as Singapore, I think finally we will get to the point where we will have cases confirming the role of mediation and all the benefits that mediation brings to the table. But it is important to really put some trust in it and that is part of my role as Secretary-General to promote and create sufficient trust for mediation,” Dr Hab Marcin Czepelak noted.

c. In the ‘Investor-State Mediation’ panel, panellists drew from their own professional experiences in investor-state disputes to share why and how, in light of the problems facing investor-state dispute settlement today, mediation was an effective option for addressing such disputes. They identified the roadblocks preventing more widespread use of investor-state mediation, as well as what could be done to promote its use. The recently adopted UNCITRAL model treaty provisions and guidelines on investment mediation were highlighted as a useful tool. Other solutions discussed were making mediation available during the operation of an investment and not only after a notice of dispute, including express reference to the availability of mediation in arbitration procedural orders, as well as the possible role of the advisory centre for investor-state disputes being discussed in UNCITRAL Working Group III.

d. In the ‘Navigating Inter-Cultural Needs in Mediation and Arbitration’ panel, panellists discussed how cultures and inherent biases can be naturally and subconsciously incorporated into the way people conduct themselves or perform tasks, and how cultural differences can impact the approach taken in the resolution of disputes, which in turn, can influence the outcome of proceedings.

e. In the ‘Dispute Resolution for Carbon Markets’ panel, a panel of experts explained the workings of the carbon markets and shared the challenges and legal complications in the carbon markets as well as their insights on navigating carbon market disputes.

f. During the Industry Capacity-Building Workshop, supported by the Singapore International Mediation Centre and titled ‘Mediation Advocacy: From Breakdown to Breakthrough’, the panellists discussed the importance of mediation advocacy for clients, counsel and mediators, and shared practical tips such as how to prepare for mediation and how to identify the ideal modality (whether in-person, virtual or hybrid) for mediation.

i. During his sharing on what it means to be a lawyer who is also a mediation advocate, Mr Francis Goh, Partner; Head, International Arbitration and Mediation, Harry Elias Partnership LLP shared “Mediation advocacy – it is not weakness. The trained mediation advocate is able to advance his clients’ interest. It is the wearing of steel gloves covered in velvet. It is about advancing the case towards finding a solution. Mediation advocacy is a critical element for all lawyers to embrace. You take it out, you switch hats as necessary. Mediation is just one toolkit within the dispute resolution spectrum that a trained dispute resolver will use effectively to advance his clients’ interest.”

g. The UNCITRAL Academy Conference ended with a lively debate on the motion ‘Robots are Better Arbitrators and Mediators than Humans’, during which the two teams gave their perspectives on whether AI can replace humans in this realm. Based on the audience’s votes, the debate concluded with the team representing humans winning the debate.

h. Apart from the Conference and Industry Capacity-Building Workshop, two other capacity-building workshops were held under the auspices of the UNCITRAL Academy, which were attended by government representatives from around the world.

i. The Government Capacity-Building Workshop, supported by the Singapore International Dispute Resolution Academy (SIDRA), featured speakers from countries that have made recent progress on the Singapore Convention on Mediation, who shared their experience in signing and ratifying the Convention. Participants also heard from experts and exchanged views on topics relating to regulatory incentives for lawyers, the attitude of the courts, and the establishment of legal frameworks, with regard to mediation.

ii. The Investor-State Dispute Settlement Capacity-Building Workshop, supported by SIDRA and the International Centre for Settlement of Investment Disputes (ICSID), explored the latest developments in the field of investment mediation. The workshop also looked at “myths” and practical challenges surrounding the use of investment mediation from the perspectives of different stakeholders, including issues such as the optimal time to mediate, and how to navigate the mediation process.

6. Leading local and international organisations such as the Singapore International Arbitration Centre (SIAC), the Singapore International Mediation Centre (SIMC), the Singapore International Commercial Court (SICC), the International Chamber of Commerce (ICC), and the International Bar Association (IBA) also held panels and other events in conjunction with SC Week 2023.

Key Takeaways from SC Week 2023 Attendees

7. Attendees of SC Week 2023 shared their key takeaways:

a. “I find the program lineup very interesting. There are all sorts of people from different areas and all have a different take on dispute resolution. I like the panel discussions, especially the idea of the fireside chat. Instead of doing presentations, the panel discussions are a more comfortable setting,” Justice Mata Tuatagaloa, Judge at the Supreme Court of Samoa said.

b. “The programme is actually pretty eclectic. There is something for everyone, and most people look forward to the networking sessions. Everybody wants to meet old friends from faraway countries because they all converge in Singapore. The entire legal world, the entire global commons is descending upon Singapore, so what it tells me is that Singapore has developed rapidly and cemented its position as one of the world’s most important dispute resolution jurisdictions. I think that we are in that handful of jurisdictions that are important and front of mind,” Mr Thio Shen Yi SC, Joint Managing Partner at TSMP Law Corporation said.

c. “This was a reminder once again – Singapore has already become the world’s leading hub in dispute resolution. Not just for arbitration, not just for mediation, it is really the entire infrastructure with SICC, SIMC, SIAC, and I will not be surprised to see Singapore become the leading hub as the favourite place in the next Queen Mary study on international arbitration,” Dr Harald Sippel, Head of European and Northeast Asian Desk at Skrine said.

8. The SC Week continues to provide a critical platform for thought leaders in dispute resolution and international policymakers to share insights, learnings, and best practices in an evolving global landscape. The key highlights of SC Week 2023 are available at www.singaporeconventionweek.sg.

Hashtag: #MinistryofLawSingapore

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About Singapore Convention Week (SC Week)

The Singapore Convention Week (SC Week), a flagship week-long event organised by the Ministry of Law, in collaboration with various partner organisations, where the greatest legal minds and global partners converge, discuss, network and exchange ideas on the latest trends and developments in different forms of international dispute resolution. For more information about SC Week 2023, please visit www.singaporeconventionweek.sg

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

SINGAPORE – Media OutReach – 14 September 2023 – A delegation of the Securities and Futures Bureau of Taiwan’s Financial Supervisory Commission and the Taiwan Stock Exchange (the “TWSE”) began its nine-day visit to the US on September 11. The delegation visited two US exchanges, the New York Stock Exchange (the “NYSE”) and Nasdaq, and will visit The Depository Trust & Clearing Company (the “DTCC”) to engage in discussions with their US counterparts on ESG initiatives, carbon exchanges, and listing regulations, as well as the U.S. move to T+1 with the aim to deepen cooperation between the two capital markets.

The visit marks the first high-level meeting between the TWSE and both the Nasdaq and the NYSE in five years. The delegation met with senior representatives from Nasdaq and the NYSE, and watched Nasdaq’s opening bell ringing ceremony at the invitation of Nasdaq.

As competition among international exchanges intensifies, the TWSE has prioritized the development of new strategies to meet evolving challenges and stay competitive globally. Marking the TWSE’s first visit to the US since the outbreak of the Covid-19 pandemic, the delegation, led by Chen-Shan Chang, Director-General of the Securities and Futures Bureau of the Financial Supervisory Commission, and Sherman Lin, Chairman and CEO of the TWSE, visited both the NYSE and Nasdaq, with James K.J. Lee, Director-General, Taipei Economic and Cultural Office in New York, joining the Nasdaq visit.

Lin said, “We have embarked on a fruitful US visit to share our views and ideas face-to-face with the two major exchanges in the US. We have also been invited to watch the Nasdaq opening bell ceremony, a testament that the visit is highly valued by both Taiwan and the US. We look forward to strengthening the solid foundation for networking and partnership between the TWSE and the leading exchanges in the US.”

Global IPO activity has seen a slowdown this year. To continue to attract quality companies to apply for listing in Taiwan, the TWSE also exchanged views with the two major US exchanges on listing conditions that strike a balance between revitalizing the market and practicing supervision, as well as ways to explore listing sources overseas.

The TWSE and Nasdaq discussed the important role carbon exchanges can play channeling capital to sustainability projects. The TWSE shared insights on the Taiwan Carbon Solution Exchange inaugurated in August, conducting in-depth discussions on issues like emission reduction, green energy development, climate change, and carbon credit related investment products. TWSE also shared its vision on establishing a carbon trading platform that is efficient and meets the user demand, so as to support the development of the carbon market and green investment.

TWSE to gain insights on US move to T+1 from DTCC

As the U.S. financial services industry continues to make significant progress towards implementing a shortened T+1 settlement cycle for transactions in U.S. cash equities, corporate debt, and unit investment trusts on May 28, 2024, the TWSE is scheduled to meet with Frank La Salla, President, CEO and Director of DTCC, a leading provider of US market infrastructure, to seek insights on the U.S. shift to T+1.

Frank La Salla said, “DTCC remains committed to safeguarding financial markets around the world while continuing to deliver new and innovative solutions that deliver maximum value to our clients. We look forward to meeting with the TWSE to share more information on key initiatives, such as accelerating settlement to T+1 in the U.S., as well as opportunities to further mitigate risk and increase market efficiencies.”

Hashtag: #TWSE

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About TWSE

The Taiwan Stock Exchange (the “TWSE”) started operations on February 9, 1962. The TWSE is responsible for operating and advancing Taiwan securities market. The TWSE’s primary business operations include listing, trading, settlement and surveillance. These comprise listing promotion and review, post-listing supervision and corporate governance, maintaining market trading and order, securities firms’ services, investor protection, clearing and settlement operations, safeguarding against market defaults and the monitoring of illegal transactions. The Exchange provides comprehensive services to the stock market.

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

• Environmental permit for Storgrundet Offshore wind farm
• Generation of 3–3.5 TWh annually
• Contribution to clean energy transition in Sweden

STOCKHOLM, SWEDEN – EQS Newswire – 14 September 2023 – Skyborn Renewables (Skyborn) has received the environmental permit from the Swedish Land and Environment Court to build the Storgrundet Offshore wind farm, marking an important milestone in realizing the project. The permit allows for a maximum of 51 wind turbines, which, when fully operational, will have a capacity of roughly 1 GW and generate 3–3.5 TWh of electricity annually. The operationalization of the Storgrundet offshore wind farm depends on the granting of further permits, including the grid connection permit. The project is planned to be operational before the end of the decade.

“We welcome the Court’s decision, which constitutes a central milestone for Storgrundet Offshore and brings us closer to realizing this long-planned project. We will now focus on securing the remaining permits,” commented Hanna Magnusson, Interim Managing Director of Skyborn Sweden. “At a time when the demand for fossil-free electricity is at its peak, Storgrundet will contribute significantly to Sweden’s clean energy transition.”

The project area is in Gävleborg county, situated about 15 kilometers from the mainland in Gävle and Söderhamn municipalities. It is recognized as a site of national importance for energy production and extraction in Sweden’s marine spatial plans. The electricity production from Storgrundet Offshore will equal roughly 70% of the current electricity demand in Gävleborg county.

Earlier this year, Skyborn submitted two separate permit applications to the Swedish government for offshore wind in the Bothnian Sea, one for Eystrasalt Offshore and one for Fyrskeppet Offshore. In total, Skyborn’s development portfolio in Sweden has a potential power production of 40 TWh annually.

About Storgrundet Offshore:

• Number of WTG: Maximum 51 units
• Capacity: Approx. 1 GW (1,020 MW)
• Production Approx. 3–3.5 TWh
• Location: Approx. 15 km from the mainland in Gävle and Söderhamn municipalities, Gävleborg County, Sweden
• Status: In development

This press release and press photos are available at
skybornrenewables.com/articles/newsroom/storgrundet_enviromental_permit

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

About Skyborn Renewables

Skyborn Renewables is driving global decarbonization by accelerating offshore wind energy across the world. We believe offshore wind is a cornerstone of the clean energy transition and an enabler for achieving net-zero targets, ensuring energy security and developing a sustainable energy supply for future generations. Skyborn is an accomplished offshore wind developer and operator with more than 20 years’ experience. Our capabilities cover the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management.

For more information, visit www.skybornrenewables.com

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

Unlock a world of savings with Cellini’s exclusive Anniversary Sale. Get ready to double the joy as you enjoy up to S$700 in savings on top of the home-grown designer furniture brand’s regular discounts. Delight in tiered cashback discounts and exclusive bundle offers on everything from Home Packages to Nightingale Premium Mattresses. Don’t let this opportunity slip by; it’s your chance to elevate your living spaces with quality furniture at unmatched prices.

SINGAPORE – Media OutReach – 14 September 2023 – From now till 29 October 2023, embark on a shopping extravaganza like no other during Cellini’s exclusive 37th Anniversary Sale. To celebrate this significant milestone, the most expansive promotion ever is being rolled out for homeowners to immerse themselves in. Revel in exclusive discounts and enticing offers, featuring up to S$700 in instant cashback and purchase-with-purchase deals.

Discover Exclusive Deals and Indulge in Cellini’s Architectural Aesthetic

Prepare for an exceptional shopping adventure at Cellini, where exclusive deals on a wide furniture collection come with an impressive range of tiered cashback discounts, purchase-with-purchase deals and more. Get set to dive head first in the ultimate season of home transformation and fulfil your interior dreams, whether you’re a discerning furniture enthusiast or looking for exquisite additions to elevate your living spaces.

For everything from the Homer Motorised Fabric Recliner Sofa to the Carrara Quartz Top Dining Table with Marble Accents, unlock double the joy as you shop with the added bonus of earning instant cashback on top of regular discounts based on your spending. Redefine your space with these limited-time promotions

*Product exclusions and T&Cs apply (Tiered cashback discounts are not applicable for Nightingale Premium Mattress products).

Beyond the appealing instant cashback offers, embrace the world of exquisite craftsmanship and luxury living with sales on a curated selection of the brand’s finest furniture collections and packages.

Transform your living spaces with the versatile Home Package Bundles, specially designed for compact spaces. Crafted for functionality, durability, and affordable luxury, enjoy the freedom to mix and match furniture options in-store. Not only will you save S$400, but you’ll also earn an extra S$300 instant cashback!

For a night of unparalleled rest, consider the Nightingale Premium Mattress. Save up to S$500 in instant cashback when you choose selected mattresses such as Seville Lux, Botania, Natura and Flow from the collection. And for the perfect bedside companion, snatch up the Dansk Bedside Table at just S$37 as a purchase-with-purchase deal (limited to one redemption per bill).

Unlock Incredible Savings at Cellini’s Anniversary Sale

Leading Singapore’s contemporary furniture market since 1986, Cellini is celebrated for its artistic and quality home-grown designer furniture. Its industry excellence is showcased through prestigious accolades, notably the recent “Singapore’s Best Customer Service 2023/2024” Award, which recognises its exceptional service in the premium furniture retail sector. Now, Cellini is thrilled to mark its 37th anniversary with an exclusive sale, delivering what customers truly desire. Whether you’re transforming your living room or upgrading your bedroom, join in the celebration to commemorate decades of quality craftsmanship and design with colossal savings on all your furniture favourites, including the latest furniture collections like the Alba and Fluto Series!

Hashtag: #Cellini

https://www.linkedin.com/company/www.cellini.com.sg/
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https://www.instagram.com/cellinifurniture

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Cellini Singapore

Cellini is a home-grown designer furniture brand in Singapore. Investing in state-of-the-art technology, Cellini’s furniture showrooms boast specially curated pieces that are second-to-none in terms of quality craftsmanship. It has also expanded its services to offer timeless furniture pieces across Asia, in Indonesia, Malaysia, and Taiwan, in addition to making its mark as a successful e-commerce business. For more information, please visit: https://www.cellini.com.sg/.

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• Dubai’s Department of Economy and Tourism (DET) and the Financial Services and the Treasury Bureau of the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong, China) sign Memorandum of Understanding (MoU) at the Belt and Road Summit in Hong Kong

• The MoU will facilitate cross-market connectivity, synergy and opportunities in financial services, and support the development of family office hubs and greater collaboration between the two cities in fintech, virtual assets and green and sustainable finance, etc.

DUBAI, UNITED ARAB EMIRATES – Media OutReach – 14 September 2023 – Dubai’s Department of Economy and Tourism (DET) and the Financial Services and the Treasury Bureau of the Government of Hong Kong, China signed a MoU aimed at fostering financial cooperation between Dubai and Hong Kong. The MoU was signed at the Belt and Road Summit in Hong Kong by Hadi Badri and Mr Joseph Chan, the Under Secretary for Financial Services and the Treasury of the Government of the Hong Kong Special Administrative Region.

The MoU represents a strong commitment towards economic partnership in the financial services sector and highlights the intent of the Governments of Dubai and Hong Kong Special Administrative Region to cultivate their bilateral relationship through knowledge exchange and fostering collaboration between their financial markets, thereby contributing to thriving development of the financial services sectors in both cities.

The MoU paves the way for a dynamic partnership, with the two places poised to transform the family office sector’s landscape, strengthen connections and drive cross-market opportunities.

Hadi Badri, CEO of Dubai Economic Development Corporation, Dubai Department of Economy and Tourism: “This landmark agreement MOU is aligned with the financial services priorities of both cities’ governments, and sets the stage for enhanced economic knowledge exchange and collaboration between a range of stakeholders. We are steadfast in our commitment to fostering family office hubs, cultivating enhanced collaboration across capital markets, fintech and virtual assets between the two cities.”

A spokesperson for the Government of the Hong Kong Special Administrative Region said: “The MOU reaffirms the commitment of the Hong Kong Special Administrative Region and Dubai on strengthening the broader relationship and cooperation between the two places, and facilitates the mutual sustainable development of the financial services industries. Furthermore, the MOU will help facilitate policy communication, knowledge exchange and identification of cooperation opportunities in the key areas of financial services industry between the two places, including but not limited to family offices, fintech, virtual asset, green and sustainable finance, etc.”

The MoU will also facilitate the growth of the cities’ Fintech ecosystems, potentially with joint events hosted with relevant agencies, in addition to developing the virtual asset sector. Another key feature of the MoU is accelerating knowledge exchange within the crucial domain of green and sustainable finance, including best practices, product information and nurturing of talent.

The MoU also adds impetus to Dubai’s Economic Agenda 2033, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, to consolidate Dubai’s status as one of the top three global cities and to double the city’s economy in the next decade.

Hadi Badri said: ” This strategic alliance is another milestone for Dubai and symbolises our commitment towards realising the vision of our leadership’s D33 ambitions to position Dubai as a top 4 global financial capital, as well as building an economic corridor in partnership with Hong Kong, China to generate incremental and sustainable economic growth.

“I am confident that this MoU will provide a platform for greater economic collaboration between stakeholders participating in the family office and financial services industries in both cities. Our focus will remain on harnessing our strengths and capabilities, uncovering novel opportunities within markets, and nurturing the growth of the financial sectors within the emerging economy. We will emphasize on leveraging our unique attributes; exploring innovative markets prospects, and developing out the new economy’s financial sectors.”

This strategic partnership aims to facilitate innovative collaborations between Dubai and Hong Kong, China, encompassing activities such as skill development programs, innovation challenges, research collaboration, and sustainability initiatives. The MoU enables both parties to harness the expertise of financial regulatory bodies, organizations, institutions, and industry representatives, enhancing cooperation and identifying opportunities for joint efforts. This collaboration will streamline the identification and execution of cooperative activities between the two places.

Hashtag: #DepartmentofEconomyandTourisminDubai

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About Dubai’s Department of Economy and Tourism (DET)

With the ultimate vision of making Dubai, the world’s leading commercial centre, investment hub and tourism destination, Dubai’s Department of Economy and Tourism (DET) is mandated to support the Government in positioning the emirate as a major hub for global economy and tourism, and in boosting the city’s economic and tourism competitiveness indicators. Under this remit, DET is driving efforts to further enhance Dubai’s diversified, innovative service-based economy to attract top global talent, deliver a world-class business environment and accelerate productivity growth. Additionally, DET is supporting Dubai’s vision to become the world’s best city to live and work in by promoting its diverse destination proposition, unique lifestyle and outstanding quality of life, overall.

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In this article, OctaFX experts describe three events investors and traders should be aware of. Also, they talk about the impact of Fed decisions on the U.S. dollar exchange rate, the early onset of U.S. presidential election mania, and how India’s wedding season could accelerate the gold price.

KUALA LUMPUR, MALAYSIA – Media OutReach – 14 September 2023 – With the global economy weakening, you may wonder what will impact capital markets in the second half of 2023. Will the U.S. Federal Reserve stop raising rates? What factors will influence dollar and gold prices? What will be the key themes of the year ahead? Several vital stories in the remainder of 2023 are worth considering when investing in global markets.

Fed is expected to slow or pause rate hikes in the remaining 2023

The Fed has raised interest rates 11 times since March 2022 to control runaway inflation, raising its key lending rate in July to the highest level in 22 years. This caused a decline in the U.S. stock market, a rise in Treasury yields, a banking crisis, and a strengthening of the U.S. dollar.

In the first half of September, U.S. Federal Reserve officials said the U.S. central bank can afford to sit tight for now but do not rule out the possibility of another rate hike to fight inflation. According to the CME FedWatch Tool, the probability of a pause at the upcoming FOMC meetings is high, with a 93% probability of holding at the end of the September 2023 meeting and a 58% probability of pause at the end of the December 2023 FOMC meeting.

Investors should keep in mind that business cycles usually outpace economic cycles. Therefore, if a pause is announced at the September FOMC meeting on 19 – 20 September, the U.S. dollar will likely weaken, and stock market prices will rise.

Early onset of U.S. presidential election mania

The next 60th presidential election is scheduled for 5 November 2024. On 15 November 2022, Donald Trump announced the launch of his campaign. On 25 April 2023, incumbent U.S. President Joe Biden announced his candidacy.

Suppose we superficially characterise the two sides of the upcoming election. In that case, it comes out that Donald Trump and the Republicans are committed to traditional values, including being in favour of lowering the tax burden and doing away with non-performing subsidies. At the same time, Joe Biden and the Democrats welcome immigration, equality, and increasing the tax burden on the rich.

Both candidates have already launched their campaigns, meaning the number of political commentaries will increase even before the primary elections in early 2024. In the current situation, the Republicans’ preponderance of votes is perceived as a positive signal for the markets—stock market growth. At the same time, the preponderance of votes favouring the Democrats is perceived as a negative signal—strengthening of the U.S. dollar. Investors should listen to the early signs coming from the U.S. media regarding the presidential election and adjust their investment strategy depending on the emerging early signals.

India’s wedding season could accelerate the gold price

Seasonality strongly influences gold performance throughout the year, particularly with major consumers in India and China who use it for cultural and religious purposes. The period from November to February is a particularly favourable time for the precious metal, which falls in the middle of the wedding season in India. More than half of all gold demand in India is for weddings, which require a massive amount of jewellery, and gold is often seen as a sign of wealth and status among Indians.

With the U.S. Federal Reserve signalling a pause in key rate hikes, the effect of the wedding season could be synergistic—rising demand for gold against a weak dollar will boost gold prices from November 2023 onwards.

We live in an unstable economic and political environment of challenge and turmoil. However, amidst the challenges, there are opportunities for those investors who keep their finger on the pulse of the action. From September 2023 onwards, there will be many opportunities, starting with the U.S. Federal Reserve’s interest rate decision and the wedding season in India. If you want to know more, read the rest of the article in part two.

Hashtag: #OctaFX

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

About OctaFX

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

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

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

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

MOU signed to facilitate opportunities for sustainable finance

According to the United Nations Environment Programme, the trillion-dollar fashion industry accounts for up to 8% of global carbon emissions[1]. Of this, upstream activities within the supply chain including materials production, preparation and processing, account for an estimated 80% of emissions[2]. While apparel brands have made strides to reduce emissions[3] in their own operations to be in line with their commitments, decarbonising supply chains continues to be a hurdle.

To enable and accelerate sustainable growth in the AFT sector, DBS and RESET aim to work with both buyers and suppliers, including small and medium enterprises, in Asia’s manufacturing supply chain. AFT brands can access RESET’s advisory services and technical support to drive carbon reductions in their supply chains, set science-based carbon targets, as well as strengthen in-house capabilities. DBS will provide financing solutions to suppliers to invest in cost-effective technologies that enable meaningful reductions in their factory emissions, water use and waste.

In addition, companies can participate in the Carbon Leadership Program (CLP) developed by RESET and the Apparel Impact Institute (Aii). The three-year-old program is designed to help apparel brands and their suppliers set science-based carbon reduction targets. Action plans are then developed through benchmarking and assessments, using a set of standardised tools and collaborative processes.

To date, over 20 of some of the world’s largest apparel brands have participated in the program – representing up to three million tonnes of CO₂ avoided per year, if the action plans are fully implemented.

Yulanda Chung, Managing Director, Head of Sustainability, Institutional Banking Group at DBS, said, “Joining forces with an experienced industry practitioner like RESET is a signal that we mean to effect changes in the real economy rather than offering soundbites. The apparel sector is looking for solutions, in both finance and resource efficiency advisory, to mitigate the harmful impacts of fast-changing fashion. This partnership brings together DBS’ extensive Asia network, expertise in sustainable finance with RESET’s successful Carbon Leadership Program.”

Liam Salter, CEO of RESET said, “RESET’s mission is to drive significant carbon reductions in our customers’ value chains. With financing increasingly seen as an integral part of the solution, we are excited to partner with DBS who we view as the most innovative bank in the region to develop new solutions for our collective customers.”

Named World’s Best Bank for Corporate Responsibility[4], DBS offers support to corporate and institutional clients through a range of sustainable finance solutions, from renewable energy financing, green loans, sustainability-linked loans, ESG bonds, green and sustainable trade financing.

Hashtag: #DBS

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

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About RESET Carbon

For over 14 years, RESET Carbon has been working with companies and institutions across Asia to resolve the environmental crisis by making meaningful reductions in their carbon, water and waste footprint.

Headquartered in Hong Kong, with offices in Shanghai, Shenzhen, Taipei, Ho Chi Minh City, Chennai, and Munich, RESET delivers end-to-end carbon management and corporate renewable energy services for customers in the real estate, manufacturing, and retail sectors. Their services include strategy development, target setting, roadmap and carbon inventory development, renewable energy procurement, decarbonization programs and more. For more information please visit: www.resetcarbon.com

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.