Fintech PR
CGTN: China showcases commitment of opening up via massive trade fair
BEIJING, Nov. 6, 2024 /PRNewswire/ — International companies looking to enter the Chinese market are flocking to Shanghai to take advantage of the seventh China International Import Expo (CIIE), the country’s biggest import trade fair slated to run from November 5 to 10 this year.
A global economic and trade event, the expo generated deals cumulatively valued at $78.4 billion last year, an increase of 6.7 percent year on year, hitting an all-time high. This year’s CIIE will host 3,496 exhibitors from 129 countries and regions in an exhibition center space that covers over 360,000 square meters – equivalent to 50 standard soccer fields.
According to Chinese officials, the number of participating countries and exhibitors has surpassed previous records. And the most notable thing is that 297 exhibitors are from Fortune Global 500 companies, marking a historic high. Among all participants, 186 enterprises and institutions have participated in the expo for seven consecutive years.
Hosting the CIIE is an important aspect of China’s opening up and cooperation, representing China’s solemn commitment to the world, Chinese Premier Li Qiang said during his keynote speech at the opening ceremony of this year’s CIIE on Monday.
The Piraeus Port Authority, the operator of Greece’s largest port, is participating in the expo for the seventh consecutive year. Following its debut at the inaugural CIIE in 2018, Piraeus Port saw its container throughput hit a record high in 2019, with 40 percent of the total volume coming from China.
“Piraeus Port takes part in the CIIE every year to explore new cooperation opportunities, aiming for a win-win partnership with China,” exhibitor Evdoxia Kastrinelli told CMG, adding the port operator will keep participating in the event in the future.
Apitv, an automotive technology supplier headquartered in Dublin, is participating in the expo for the first time. A part of a global industrial machinery manufacturer with over 100 years of history, the company is showcasing more than 45 cutting-edge technological innovations, including hydrogen energy solutions, liquid hydrogen booster pumps, and other advanced products, all making their debut in China.
“We’ve seen the impact the CIIE has had on global trade over the years, and with China’s automotive industry rapidly advancing, this is an excellent opportunity for us to leverage the platform to engage in deeper cooperation with enterprises both in China and around the world,” said Jiang Weihao, a representative of the exhibitor.
In addition to tech products and consumer goods from developed countries, this year’s expo also welcomed a large number of developing nations, including 37 of the world’s least developed countries. Over 120 exhibition booths were provided free of charge to these countries. Some booths highlight African agricultural specialties such as peanut, coffee, honey and beer.
During the 2024 Summit of the Forum on China-Africa Cooperation, China announced plans to grant zero-tariff treatment on all tariff items for the least developed countries with diplomatic ties to China, including 33 African nations. Following that, 22 tonnes of avocados imported from South Africa cleared customs and arrived at Shanghai Yangshan Port in early October.
Addressing the opening ceremony, Li stressed the need to strengthen consensus on opening up, adding that all parties should jointly adhere to international economic and trade orders and rules and earnestly fulfill multilateral and bilateral economic and trade agreements.
This year, China has rolled out a series of measures to underscore its commitment to deeper reforms and greater openness.
Starting November 8, China will grant visa-free entry to citizens from nine more countries, bringing the total to nearly 30. On November 1, China implemented an updated negative list for foreign investment, removing all restrictions in the manufacturing sector.
The country has also revised policies for foreign investment in listed companies and will now allow foreign-invested hospitals in nine cities. A nationwide negative list for cross-border services trade will also be introduced.
As China continues to open its economy and stimulate growth, the International Monetary Fund (IMF) has raised its growth forecast for China to five percent, matching the country’s original growth target.
Based on IMF projections, Bloomberg has reported that China is expected to remain the largest contributor to global economic growth over the next five years, surpassing the combined contributions of all G7 countries.
China will further expand institutional opening up and actively align with high-standard international economic and trade rules, Li said, pledging efforts to implement the strategy for upgrading pilot free trade zones.
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-china-showcases-commitment-of-opening-up-via-massive-trade-fair-302297127.html
Fintech PR
Record Breaking Participation at Largest Taiwan Creative Content Festival Yet Drives Investment Potential
TAIPEI, Nov. 6, 2024 /PRNewswire/ — The 2024 Taiwan Creative Content Fest (TCCF), a major event for Asia’s content industry, kicked off on Nov. 5 with record breaking numbers in international participation, cash prizes and awards, and project submissions.
TCCF aims to connect global industry professionals with key resources while helping Taiwanese companies reach international markets. This year’s TCCF experienced record participation, with 600 project proposals from 50 countries, 101 exhibition booths, and over 300 international professionals, media, and buyers from 30 countries joining for negotiations. Additionally, 30 prominent international speakers will lead 15 engaging discussions throughout the event.
The opening ceremony featured Deputy Minister of Culture Sue WANG, Taiwan Creative Content Agency Chairperson Homme TSAI, CEO Jiunwei LU, Legislator Chiaohui SU, Through an official activation ceremony featuring floating cubes, representatives from various participating countries including Franck PARIS, Director of the French Office in Taipei; Fernando SCHMIDT, General Directorate of Export Promotion at the Chilean Trade Office Taiwan; Naimatul Farah Haji ISA, Deputy Director of Tourism at the Malaysian Friendship and Trade Centre, Taipei; Philippe TZOU, Trade & Investment Commissioner for the Regions of Wallonia and Brussels-Capital at the Belgian Office Taipei; Chiaki MURAMOTO, Secretary General of the Cultural Affairs and Public Relations Department from the Japan-Taiwan Exchange Association, Taipei Office; and Anthony RIVERA, Director for Commercial Affairs Section at the Manila Economic and Cultural Office, were present on stage to symbolically infuse the cubes with creative energy and resources, culminating in a spectacular digital display.
Also present were representatives from New Zealand, Chile, France, Thailand, Indonesia, and other countries, along with key industry partners from TV networks, tech firms, and film associations.
Chairperson Homme TSAI noted that the new venue at Nangang Exhibition Center marked a new chapter in TCCF history, indicating a shift to industry focused and commercial viability, as opposed to previous years which were held at Songshan Creative and Cultural Park. He added, “We hope that the investments of TAICCA, informed by the private sector and industry participation, will be more impactful to meet the needs of Taiwanese creative content.”
Deputy Minister Sue WANG stated, “Taiwan needs more commercially viable content that attracts international audiences, we need talented storytellers to create these stories to build our international recognition.”
Homme TSAI also expressed that the event will showcase the quality and diversity of Taiwanese cultural content, facilitating more international partnerships and business opportunities through pitches, negotiations, and forums.
This year, TCCF is being held for the first time at Nangang Exhibition Center Hall 2, organized into three major sections. The PITCHING competition offers substantial prizes and resources, with 62 proposals from 21 countries competing for a record NT$7.65 million (approximately $250,000 USD) in total awards, 35 prizes, and invitations to international exhibitions. The winners will be announced at the closing event on November 8.
The MARKET exhibition features a record 93 organizations and companies from around the world, showcasing IPs across film, TV, gaming, animation, and publishing. Notable participants include KOCCA and Gyeonggi Content Agency from Korea, Tokyo and Fuji TV, Lotte Group from Japan, as well as Vietnam National Television and Singapore Film Society.
This year’s FORUM centers on the theme “Together for Impact,” with 15 forums led by 30 industry experts from 13 countries, covering topics like variety shows, film, animation, children’s content, and IP.
2024 TCCF Dates: November 5-8, 2024
Location: 7th Floor, Nangang Exhibition Center Hall 2
2024 TCCF Official Website: https://www.tccf.tw/zh
TAICCA Official Website: https://taicca.tw
About TAICCA (https://en.taicca.tw/)
The Taiwan Creative Content Agency (TAICCA), established in June 2019 and supported by the Ministry of Culture, is a professional intermediary organization working to promote the development of Taiwan’s content industries including film and TV, publishing, pop music, ACG, and more.
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FORNEBU, Norway, Nov. 6, 2024 /PRNewswire/ — Akastor ASA (OSE: AKAST) and Mitsui & Co., Ltd, (“Mitsui”) have today signed an agreement for the transfer of all of Mitsui’s interests in AKOFS Offshore AS (“AKOFS Offshore”) to Akastor. Agreed purchase price, after certain adjustments, is USD 22.5 million, of which USD 15 million is payable at closing and remaining USD 7.5 million is payable in two equal tranches in June and December 2025. The agreement is entered into on an “as is” basis and includes all of Mitsui’s interests in AKOFS Offshore, which includes both equity and shareholder loans. As part of the transaction, Akastor also assumes Mitsui’s exposure under the guarantee structure related to the financing of “AKOFS Santos”.
Following completion of the transaction, Akastor will hold 75% of the shares in AKOFS Offshore while the remaining 25% will remain owned by Mitsui O.S.K. Lines, Ltd. (“MOL”). As part of the transaction, Akastor and MOL as remaining shareholders will negotiate and enter into a new shareholders agreement, on substantially similar terms but suitably adjusted to reflect the changed ownership.
Karl Erik Kjelstad, CEO of Akastor, comments; “We sincerely thank Mitsui for their valuable and good collaboration since 2018. We believe the timing for increasing our investment in AKOFS Offshore is right, as market dynamics within the subsea well intervention and installation sector are increasingly compelling. We are excited to deepen our commitment as well as to continue the journey together with MOL as partner. Together, we remain confident that AKOFS Offshore is well-positioned for continued growth in the years to come and are well aligned regarding our ownership strategy.”
Completion of the transaction is subject to customary regulatory approvals and is expected to take place in early Q1 2025. AKOFS Offshore will remain classified as a joint venture and accounted for using the equity method in the consolidated financial statements.
Arctic Securities is acting as financial advisor in connection with the transaction and BA-HR law firm as legal advisor.
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
[email protected]
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
About AKOFS Offshore:
AKOFS Offshore is a provider of vessel-based subsea well installation and intervention services to the oil and gas industry. The company operates three specialized offshore vessels, AKOFS Santos, Aker Wayfarer and AKOFS Seafarer, with the first two vessels contracted to Petrobras for work in Brazil and the last one contracted to Equinor for work on the Norwegian Continental Shelf. The company employed 352 people as per the end of 2023. AKOFS Offshore is owned by Akastor AS (50%), Mitsui & Co., Ltd (25%) and Mitsui O.S.K. Lines, Ltd. (25%).
For further information, please visit homepage: https://www.akofsoffshore.com
Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.
This information was brought to you by Cision http://news.cision.com.
View original content:https://www.prnewswire.co.uk/news-releases/akastor-asa-akastor-purchases-ownership-interests-in-akofs-offshore-from-mitsui-302297288.html
RIYADH, Saudi Arabia, Nov. 6, 2024 /PRNewswire/ — On the 5th of November, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, Monsha’at, signed more than 17 agreement and MoU on the opening day of Biban24 — the Kingdom’s flagship startup and SME forum — Marking another significant milestone on the Kingdom’s journey to transforming its rapidly evolving small and medium-sized enterprises (SME) sector.
The first day of this year’s edition of Biban24 the annual forum has brought leading startups, fintechs and enterprises from around the world together to strike a diverse range of innovative agreements that will enhance the regional and global SME spaces, with the event — the largest of its kind in the Kingdom — being held from 5 November to 9 November 2024 at the Riyadh Front Exhibition & Conference Center.
Monsha’at has established several local and international agreements, including an MoU with the Korean Ministry of Small and Medium Enterprises and Startups. This partnership aims to enhance the technical classification of SMEs, with a particular focus on the fintech sector.
At the event, Monsha’at has signed cooperation agreements with several local banks, including an agreement with Riyadh Bank for a financing portfolio worth 3 billion SAR, an agreement with Al-Rajhi Bank for 2.9 billion SAR, Bank Al-bilad for 2.85 billion SAR, Bank Al-Jazira for 1 billion SAR. These financing portfolios aim to enhance the ability of small and medium enterprises and entrepreneurs to secure the necessary financial support for their projects, thereby stimulating growth in this vital sector of the national economy.
Additionally, more than 10,000 investment opportunities were also unveiled through collaboration with the Invest Saudi platform, the Furas platform, and other partners.
In line with Vision 2030 and an ongoing commitment to advancing entrepreneurship in the Kingdom and beyond, the Premium Residency Center granted 38 premium residencies to international entrepreneurs. These announcements underlined the theme of this year’s event: “Global Destination for Opportunities“.
In keeping with this theme, London Business School announced the MENA Startup Competition in the Kingdom for the first time.
The gathering focused on driving the growth and development of the Saudi entrepreneurial ecosystem for local and international entrepreneurs, providing a platform for participants to pioneer solutions to press challenges, create new opportunities and advance transformation.
The event shone a spotlight on the major strides made by Saudi and international startups, entrepreneurs and innovators in recent years to bolster the global SME ecosystem which underlined the country’s growing status on the global stage as a leading investment destination, with an increasing number of investors from around the world attracted to the Kingdom’s enabling regulatory environment, strategic location and diverse talent pool.
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