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MIL-OSI: Range Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, Oct. 22, 2024 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its third quarter 2024 financial results.

Third Quarter 2024 Highlights –

Cash flow from operating activities of $246 million
Cash flow from operations, before working capital changes, of $250 million
Capital spending of $156 million, approximately 24% of the 2024 budget
Pre-hedge NGL realizations of $25.96 per barrel – premium of $4.10 over Mont Belvieu equivalent
Natural gas differentials, including basis hedging, averaged ($0.50) per mcf to NYMEX
Production averaged 2.20 Bcfe per day, approximately 68% natural gas
Repurchased 800,000 shares at an average of $30.10 per share

Dennis Degner, the Company’s CEO, commented, “This month marks the 20th anniversary of Range drilling the first commercial Marcellus shale well. The Marcellus and Utica now produce nearly one-third of U.S. natural gas, and the U.S. has become the leading global supplier of safe, clean, affordable natural gas. We are tremendously proud of the role Range has played in this hugely impactful achievement and we are even more excited about what the future holds as global energy demand increases, improving the quality of life for billions of people living in energy poverty. We expect the lowest cost, lowest emissions intensity natural gas producers, like Range, will play an increasingly important role in meeting that growing demand.

Range has successfully demonstrated the economic durability and sustainability of its high-quality inventory through recent years’ commodity cycles. Despite cyclically low natural gas prices in the third quarter, Range once again returned capital to shareholders, invested in the business and further strengthened our financial position. With an advantaged full-cycle cost structure and an inventory measured in decades, we believe Range is well-positioned to grow its presence as a reliable energy provider while consistently delivering value to shareholders.”

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

Third Quarter 2024 Results

GAAP revenues and other income for third quarter 2024 totaled $615 million, GAAP net cash provided from operating activities (including changes in working capital) was $246 million, and GAAP net income was $51 million ($0.21 per diluted share). Third quarter earnings results include a $47 million mark-to-market derivative gain due to decreases in commodity prices.

Non-GAAP revenues for third quarter 2024 totaled $680 million, and cash flow from operations before changes in working capital, a non-GAAP measure, was $250 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $117 million ($0.48 per diluted share) in third quarter 2024.

The following table details Range’s third quarter 2024 unit costs per mcfe^(a):

Expenses	3Q 2024 (per mcfe)	3Q 2023 (per mcfe)	Increase (Decrease)

Direct operating^(a)	$ 0.12	$ 0.11	9%
Transportation, gathering, processing and compression^(a)	1.51	1.42	6%
Taxes other than income	0.03	0.02	50%
General and administrative^(a)	0.16	0.15	7%
Interest expense^(a)	0.14	0.15	(7%)
Total cash unit costs^(b)	1.96	1.86	5%
Depletion, depreciation and amortization (DD&A)	0.45	0.45	0%
Total unit costs plus DD&A^(b)	$ 2.41	$ 2.31	4%

(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.
(b) Totals may not be exact due to rounding.

The following table details Range’s average production and realized pricing for third quarter 2024^(a):

	3Q24 Production & Realized Pricing
		Natural Gas (Mcf)		Oil (Bbl)		NGLs (Bbl)		Natural Gas Equivalent (Mcfe)
		Natural Gas (Mcf)		Oil (Bbl)		NGLs (Bbl)		Natural Gas Equivalent (Mcfe)

Net production per day			1,502,106		5,594		111,465		2,204,460

Average NYMEX price		$ 2.16		$ 75.58		$ 21.86
Differential, including basis hedging			(0.50)		(11.55)		4.10
Realized prices before NYMEX hedges			1.66		64.03		25.96		2.61
Settled NYMEX hedges			0.82		5.70		0.14		0.58
Average realized prices after hedges			$ 2.48		$ 69.73		$ 26.09		$ 3.18

(a) Totals may not be exact due to rounding

Third quarter 2024 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $3.18 per mcfe.

The average natural gas price, including the impact of basis hedging, was $1.66 per mcf, or a ($0.50) per mcf differential to NYMEX. The Company is improving its full-year 2024 natural gas differentials versus NYMEX to a range of ($0.39) to ($0.40) per mcf.
Range’s pre-hedge NGL price during the quarter was $25.96 per barrel, approximately $4.10 above the Mont Belvieu weighted equivalent. The Company is improving it full year NGL differentials to a premium of +$2.10 – +$2.35 for the year, implying fourth quarter 2024 differentials in the +$1.00 to +$2.00 range.
Crude oil and condensate price realizations, before realized hedges, averaged $64.03 per barrel, or $11.55 below WTI (West Texas Intermediate). Range continues to expect condensate differentials to average $10.00-$13.00 below WTI.

Capital Expenditures and Operational Activity

Third quarter 2024 drilling and completion expenditures were $146 million. In addition, during the quarter, approximately $10 million was invested in acreage leasehold, gathering systems and other. Total capital spending through third quarter was $501 million, representing approximately 76% of Range’s capital budget for 2024.

The table below summarizes expected 2024 activity. Two wells in northeast Pennsylvania originally scheduled to turn-in-line (TIL) in mid-2024 have been completed but are now scheduled to TIL in early 2025 to maximize water recycling savings and take advantage of expected natural gas price improvements.

	YTD Wells TIL 3Q 2024	Remaining 2024	2024 Planned TIL
SW PA Super-Rich	9	–	9
SW PA Wet	18	9	27
SW PA Dry	3	8	11
NE PA Dry	–	–	–
Total Wells	30	17	47

Financial Position and Repurchase Activity

As of September 30, 2024, Range had net debt outstanding of approximately $1.44 billion, consisting of $1.72 billion of senior notes and $277 million in cash. During the third quarter, Range repurchased in the open market $3.0 million principal amount of 4.875% senior notes due 2025 at a discount.

During the third quarter, Range repurchased 800,000 shares at an average price of approximately $30.10. The Company has approximately $1.0 billion of availability under the share repurchase program.

Guidance – 2024

Updated Capital & Production Guidance

Range’s 2024 all-in capital budget is $645 million – $670 million. Annual production is now expected to be ~2.17 Bcfe per day for 2024, an increase of approximately 2% over the last three years of maintenance as a result of well performance and optimized gathering and compression. Liquids are expected to be over 30% of production.

Updated Full Year 2024 Expense Guidance

Direct operating expense:	$0.11 – $0.12 per mcfe
Transportation, gathering, processing and compression expense:	$1.48 – $1.50 per mcfe
Taxes other than income:	$0.03 – $0.04 per mcfe
Exploration expense:	$22 – $28 million
G&A expense:	$0.17 – $0.18 per mcfe
Net Interest expense:	$0.13 – $0.14 per mcfe
DD&A expense:	$0.45 – $0.46 per mcfe
Net brokered gas marketing expense:	$8 – $12 million

Updated 2024 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production.

FY 2024 Natural Gas:⁽¹⁾	NYMEX minus $0.39 to $0.40
FY 2024 Natural Gas Liquids:⁽²⁾	MB plus $2.10 to $2.35 per barrel
FY 2024 Oil/Condensate:	WTI minus $10.00 to $13.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of September 30, 2024, was a net loss of $16.9 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, October 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at http://www.rangeresources.com. The webcast will be archived for replay on the Company’s website until November 23^rd.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods along with non-GAAP revenue disclosures.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at http://www.rangeresources.com.

Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at http://www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at http://www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contact:

Laith Sando, Vice President – Investor Relations
817-869-4267
lsando@rangeresources.com

Range Media Contact:

Mark Windle, Director of Corporate Communications
724-873-3223
mwindle@rangeresources.com


RANGE RESOURCES CORPORATION

STATEMENTS OF INCOME
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-Q
(Unaudited, In thousands, except per share data)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2024			2023			%			2024			2023			%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	533,277		$	526,718					$	1,578,728		$	1,731,382
Derivative fair value income		47,124			38,394						110,530			530,095
Brokered natural gas, marketing and other (b)		31,289			43,325						91,513			162,092
ARO settlement loss (b)		–			(1	)					(26	)		(1	)
Interest income (b)		3,188			1,279						9,507			4,016
Other (b)		155			9						193			5,477
Total revenues and other income		615,033			609,724			1	%		1,790,445			2,433,061			-26	%

Costs and expenses:
Direct operating		24,799			22,123						68,744			72,162
Direct operating – stock-based compensation (c)		486			439						1,454			1,280
Transportation, gathering, processing and compression		306,154			277,207						878,524			830,880
Taxes other than income		5,117			4,756						15,459			19,643
Brokered natural gas and marketing		32,017			45,723						96,425			156,470
Brokered natural gas and marketing – stock-based compensation (c)		571			483						1,862			1,604
Exploration		6,988			6,658						17,506			18,087
Exploration – stock-based compensation (c)		346			312						1,005			935
Abandonment and impairment of unproved properties		4,723			11,012						8,618			44,308
General and administrative		32,674			29,581						97,818			93,366
General and administrative – stock-based compensation (c)		8,639			8,446						27,099			26,461
General and administrative – lawsuit settlements		213			66						691			938
Exit costs		7,649			10,684						28,058			71,661
Deferred compensation plan (d)		(1,930	)		8,997						5,715			29,546
Interest expense		27,958			29,260						85,430			89,886
Interest expense – amortization of deferred financing costs (e)		1,343			1,339						4,060			4,032
Gain on early extinguishment of debt		(11	)		–						(254	)		(439	)
Depletion, depreciation and amortization		91,137			87,619						265,872			259,197
Gain on sale of assets		(69	)		(109	)					(222	)		(353	)
Total costs and expenses		548,804			544,596			1	%		1,603,864			1,719,664			-7	%

Income before income taxes		66,229			65,128			2	%		186,581			713,397			-74	%

Income tax expense
Current		1,282			601						5,263			3,000
Deferred		14,291			15,097						9,820			149,289
		15,573			15,698						15,083			152,289

Net income	$	50,656		$	49,430			2	%	$	171,498		$	561,108			-69	%


Net Income Per Common Share
Basic	$	0.21		$	0.20					$	0.71		$	2.30
Diluted	$	0.21		$	0.20					$	0.70		$	2.27

Weighted average common shares outstanding, as reported
Basic		240,865			241,338			0	%		240,832			239,455			1	%
Diluted		242,623			243,937			-1	%		242,802			242,144			0	%


(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Brokered natural gas, marketing and other revenues in the 10-Q.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION

BALANCE SHEET
(In thousands)	September 30,			December 31,
	2024			2023
	(Unaudited)			(Audited)
Assets
Current assets	$	495,220		$	528,794
Derivative assets		197,810			442,971
Natural gas and oil properties, successful efforts method		6,348,836			6,117,681
Other property and equipment		2,084			1,696
Operating lease right-of-use assets		118,988			23,821
Other		78,365			88,922
Total assets	$	7,241,303		$	7,203,885

Liabilities and Stockholders’ Equity
Current liabilities	$	1,214,860		$	580,469
Asset retirement obligations		2,395			2,395
Derivative liabilities		6,649			222
Senior notes		1,089,131			1,774,229
Deferred tax liabilities		571,095			561,288
Derivative liabilities		684			107
Deferred compensation liabilities		62,883			72,976
Operating lease liabilities		30,811			16,064
Asset retirement obligations and other liabilities		123,406			119,896
Divestiture contract obligation		271,302			310,688
Total liabilities	3,373,216			3,438,334

Common stock and retained deficit		4,360,303			4,213,585
Other comprehensive income		600			647
Common stock held in treasury		(492,816	)		(448,681	)
Total stockholders’ equity		3,868,087			3,765,551
	$	7,241,303		$	7,203,885


RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	September 30,			December 31,
	2024			2023			%

Total debt, net of deferred financing costs, as reported	$	1,706,514		$	1,774,229			-4	%
Unamortized debt issuance costs, as reported		11,626			14,159
Less cash and cash equivalents, as reported		(277,450	)		(211,974	)
Net debt, a non-GAAP measure	$	1,440,690		$	1,576,414			-9	%


RECONCILIATION OF TOTAL REVENUES AND
OTHER INCOME TO TOTAL REVENUES AS
ADJUSTED, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended September 30,							Nine Months Ended September 30,
	2024		2023		%			2024		2023			%

Total revenues and other income, as reported	$	615,033	$	609,724		1	%	$	1,790,445	$	2,433,061			-26	%
Adjustment for certain special items:
Total change in fair value related to derivatives
prior to settlement loss (gain)		65,141		39,048					252,165		(341,599	)
ARO settlement loss		–		1					26		1
Total revenues, as adjusted, non-GAAP	$	680,174	$	648,773		5	%	$	2,042,636	$	2,091,463			-2	%

RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Net income		50,656			49,430			171,498			561,108
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax expense		14,291			15,097			9,820			149,289
Depletion, depreciation and amortization		91,137			87,619			265,872			259,197
Abandonment and impairment of unproved properties		4,723			11,012			8,618			44,308
Derivative fair value income		(47,124	)		(38,394	)		(110,530	)		(530,095	)
Cash settlements on derivative financial instruments		112,265			77,442			362,695			188,496
Divestiture contract obligation, including accretion		7,604			10,606			27,933			71,380
Allowance for bad debts		–			–			–			–
Amortization of deferred financing costs and other		927			997			3,352			3,591
Deferred and stock-based compensation		8,260			18,763			37,597			60,166
Gain on sale of assets		(69	)		(109	)		(222	)		(353	)
Gain on early extinguishment of debt		(11	)		–			(254	)		(439	)

Changes in working capital:
Accounts receivable		24,617			(29,566	)		101,530			288,415
Other current assets		20,596			(6,522	)		(1,809	)		(9,520	)
Accounts payable		(21,334	)		(8,147	)		(27,052	)		(84,291	)
Accrued liabilities and other		(20,619	)		(37,976	)		(122,424	)		(249,455	)
Net changes in working capital		3,260			(82,211	)		(49,755	)		(54,851	)
Net cash provided from operating activities		245,919			150,252			726,624			751,797



RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net cash provided from operating activities, as reported	$	245,919		$	150,252		$	726,624		$	751,797
Net changes in working capital		(3,260	)		82,211			49,755			54,851
Exploration expense		6,988			6,658			17,506			18,087
Lawsuit settlements		213			66			691			938
Non-cash compensation adjustment and other		313			335			397			383
Cash flow from operations before changes in working capital – non-GAAP measure	$	250,173		$	239,522		$	794,973		$	826,056



ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Basic:
Weighted average shares outstanding		241,676			244,446			242,133			244,179
Stock held by deferred compensation plan		(811	)		(3,108	)		(1,301	)		(4,724	)
Adjusted basic		240,865			241,338			240,832			239,455

Dilutive:
Weighted average shares outstanding		241,676			244,446			242,133			244,179
Dilutive stock options under treasury method		947			(509	)		669			(2,035	)
Adjusted dilutive		242,623			243,937			242,802			242,144

RANGE RESOURCES CORPORATION

RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2024			2023			%			2024			2023			%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$	234,139		$	246,976					$	715,266		$	913,915
NGLs sales		266,186			238,211						750,547			695,368
Oil sales		32,952			41,531						112,915			122,099
Total Natural Gas, NGLs and Oil Sales, as reported	$	533,277		$	526,718			1	%	$	1,578,728		$	1,731,382			-9	%

Derivative Fair Value Income, as reported	$	47,124		$	38,394					$	110,530		$	530,095
Cash settlements on derivative financial instruments – (gain) loss:
Natural gas		(107,923	)		(82,472	)					(355,030	)		(196,847	)
NGLs		(1,409	)		–						(3,310	)		–
Oil		(2,933	)		5,030						(4,355	)		8,351
Total change in fair value related to commodity derivatives prior to settlement, a non GAAP measure	$	(65,141	)	$	(39,048	)				$	(252,165	)	$	341,599

Transportation, gathering, processing and compression components:
Natural Gas	$	153,063		$	142,202					$	456,215		$	436,912
NGLs		152,624			134,754						420,975			393,281
Oil		467			251						1,334			687
Total transportation, gathering, processing and compression, as reported	$	306,154		$	277,207					$	878,524		$	830,880

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$	342,062		$	329,448					$	1,070,296		$	1,110,762
NGLs sales		267,595			238,211						753,857			695,368
Oil Sales		35,885			36,501						117,270			113,748
Total	$	645,542		$	604,160			7	%	$	1,941,423		$	1,919,878			1	%

Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)		138,193,783			133,305,469			4	%		406,943,086			396,367,927			3	%
NGLs (bbls)		10,254,759			9,748,012			5	%		29,392,292			28,368,181			4	%
Oil (bbls)		514,659			587,488			-12	%		1,717,958			1,818,773			-6	%
Gas equivalent (mcfe) (b)		202,810,291			195,318,469			4	%		593,604,586			577,489,651			3	%

Production of natural gas, NGLs and oil – average per day (a):
Natural Gas (mcf)		1,502,106			1,448,972			4	%		1,485,194			1,451,897			2	%
NGLs (bbls)		111,465			105,957			5	%		107,271			103,913			3	%
Oil (bbls)		5,594			6,386			-12	%		6,270			6,662			-6	%
Gas equivalent (mcfe) (b)		2,204,460			2,123,027			4	%		2,166,440			2,115,347			2	%

Average prices, excluding derivative settlements and before third-party
transportation costs:
Natural Gas (per mcf)	$	1.69		$	1.85			-9	%	$	1.76		$	2.31			-24	%
NGLs (per bbl)	$	25.96		$	24.44			6	%	$	25.54		$	24.51			4	%
Oil (per bbl)	$	64.03		$	70.69			-9	%	$	65.73		$	67.13			-2	%
Gas equivalent (per mcfe) (b)	$	2.63		$	2.70			-3	%	$	2.66		$	3.00			-11	%

Average prices, including derivative settlements before third-party
transportation costs: (c)
Natural Gas (per mcf)	$	2.48		$	2.47			0	%	$	2.63		$	2.80			-6	%
NGLs (per bbl)	$	26.09		$	24.44			7	%	$	25.65		$	24.51			5	%
Oil (per bbl)	$	69.73		$	62.13			12	%	$	68.26		$	62.54			9	%
Gas equivalent (per mcfe) (b)	$	3.18		$	3.09			3	%	$	3.27		$	3.32			-2	%

Average prices, including derivative settlements and after third-party
transportation costs: (d)
Natural Gas (per mcf)	$	1.37		$	1.40			-2	%	$	1.51		$	1.70			-11	%
NGLs (per bbl)	$	11.21		$	10.61			6	%	$	11.33		$	10.65			6	%
Oil (per bbl)	$	68.82		$	61.70			12	%	$	67.49		$	62.16			9	%
Gas equivalent (per mcfe) (b)	$	1.67		$	1.67			0	%	$	1.79		$	1.89			-5	%

Transportation, gathering and compression expense per mcfe	$	1.51		$	1.42			6	%	$	1.48		$	1.44			3	%

(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which may not be indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.

RANGE RESOURCES CORPORATION

RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2024			2023			%			2024			2023			%

Income from operations before income taxes, as reported		66,229			65,128			2	%		186,581			713,397			-74	%
Adjustment for certain special items:
Gain on the sale of assets		(69	)		(109	)					(222	)		(353	)
ARO settlement loss		–			1						26			1
Change in fair value related to derivatives prior to settlement		65,141			39,048						252,165			(341,599	)
Abandonment and impairment of unproved properties		4,723			11,012						8,618			44,308
Gain on early extinguishment of debt		(11	)		–						(254	)		(439	)
Lawsuit settlements		213			66						691			938
Exit costs		7,649			10,684						28,058			71,661
Brokered natural gas and marketing – stock-based compensation		571			483						1,862			1,604
Direct operating – stock-based compensation		486			439						1,454			1,280
Exploration expenses – stock-based compensation		346			312						1,005			935
General & administrative – stock-based compensation		8,639			8,446						27,099			26,461
Deferred compensation plan – non-cash adjustment		(1,930	)		8,997						5,715			29,546

Income before income taxes, as adjusted		151,987			144,507			5	%		512,798			547,740			-6	%

Income tax expense, as adjusted
Current (a)		1,282			601						5,263			3,000
Deferred (a)		33,675			32,636						112,681			122,981

Net income, excluding certain items, a non-GAAP measure	$	117,030		$	111,270			5	%	$	394,854		$	421,759			-6	%

Non-GAAP income per common share
Basic	$	0.49		$	0.46			7	%	$	1.64		$	1.76			-7	%
Diluted	$	0.48		$	0.46			4	%	$	1.63		$	1.74			-6	%

Non-GAAP diluted shares outstanding, if dilutive		242,623			243,937						242,802			242,144

(a) Taxes are estimated to be approximately 23% for 2023 and 2024.

RANGE RESOURCES CORPORATION

RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Net income, as reported	$	50,656		$	49,430		$	171,498		$	561,108
Adjustments for certain special items:
Gain on sale of assets		(69	)		(109	)		(222	)		(353	)
ARO settlement loss		–			1			26			1
Gain on early extinguishment of debt		(11	)		–			(254	)		(439	)
Change in fair value related to derivatives prior to settlement		65,141			39,048			252,165			(341,599	)
Abandonment and impairment of unproved properties		4,723			11,012			8,618			44,308
Lawsuit settlements		213			66			691			938
Exit costs		7,649			10,684			28,058			71,661
Stock-based compensation		10,042			9,680			31,420			30,280
Deferred compensation plan		(1,930	)		8,997			5,715			29,546
Tax impact		(19,384	)		(17,539	)		(102,861	)		26,308

Net income, excluding certain items, a non-GAAP measure	$	117,030		$	111,270		$	394,854		$	421,759

Net income per diluted share, as reported	$	0.21		$	0.20		$	0.70		$	2.27
Adjustments for certain special items per diluted share:
Gain on sale of assets		–			–			–			–
ARO settlement loss		–			–			–			–
Gain on early extinguishment of debt		–			–			–			–
Change in fair value related to derivatives prior to settlement		0.27			0.16			1.04			(1.41	)
Abandonment and impairment of unproved properties		0.02			0.05			0.04			0.18
Lawsuit settlements		–			–			–			–
Exit costs		0.03			0.04			0.12			0.30
Stock-based compensation		0.04			0.04			0.13			0.13
Deferred compensation plan		(0.01	)		0.04			0.02			0.12
Adjustment for rounding differences		–			–			–			–
Tax impact		(0.08	)		(0.07	)		(0.42	)		0.11
Dilutive share impact (rabbi trust and other)		–			–			–			0.04

Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.48		$	0.46		$	1.63		$	1.74

Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.49		$	0.46		$	1.64		$	1.76
Diluted	$	0.48		$	0.46		$	1.63		$	1.74

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Revenues
Natural gas, NGLs and oil sales, as reported	$	533,277		$	526,718		$	1,578,728		$	1,731,382
Derivative fair value income, as reported		47,124			38,394			110,530			530,095
Less non-cash fair value loss (gain)		65,141			39,048			252,165			(341,599	)
Brokered natural gas and marketing and other, as reported		34,632			44,612			101,187			171,584
Less ARO settlement		–			1			26			1
Cash revenues		680,174			648,773			2,042,636			2,091,463

Expenses
Direct operating, as reported		25,285			22,562			70,198			73,442
Less direct operating stock-based compensation		(486	)		(439	)		(1,454	)		(1,280	)
Transportation, gathering and compression, as reported		306,154			277,207			878,524			830,880
Taxes other than income, as reported		5,117			4,756			15,459			19,643
Brokered natural gas and marketing, as reported		32,588			46,206			98,287			158,074
Less brokered natural gas and marketing stock-based compensation		(571	)		(483	)		(1,862	)		(1,604	)
General and administrative, as reported		41,526			38,093			125,608			120,765
Less G&A stock-based compensation		(8,639	)		(8,446	)		(27,099	)		(26,461	)
Less lawsuit settlements		(213	)		(66	)		(691	)		(938	)
Interest expense, as reported		29,301			30,599			89,490			93,918
Less amortization of deferred financing costs		(1,343	)		(1,339	)		(4,060	)		(4,032	)
Cash expenses		428,719			408,650			1,242,400			1,262,407

Cash margin, a non-GAAP measure	$	251,455		$	240,123		$	800,236		$	829,056

Mmcfe produced during period		202,810			195,319			593,605			577,490

Cash margin per mcfe	$	1.24		$	1.23		$	1.35		$	1.44


RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Income before income taxes, as reported	$	66,229		$	65,128		$	186,581		$	713,397
Adjustments to reconcile income before income taxes
to cash margin:
ARO settlements		–			1			26			1
Derivative fair value income		(47,124	)		(38,394	)		(110,530	)		(530,095	)
Net cash receipts on derivative settlements		112,265			77,442			362,695			188,496
Exploration expense		6,988			6,658			17,506			18,087
Lawsuit settlements		213			66			691			938
Exit costs		7,649			10,684			28,058			71,661
Deferred compensation plan		(1,930	)		8,997			5,715			29,546
Stock-based compensation (direct operating, brokered natural gas and marketing and general and administrative)		10,042			9,680			31,420			30,280
Interest – amortization of deferred financing costs		1,343			1,339			4,060			4,032
Depletion, depreciation and amortization		91,137			87,619			265,872			259,197
Gain on sale of assets		(69	)		(109	)		(222	)		(353	)
Gain on early extinguishment of debt		(11	)		–			(254	)		(439	)
Abandonment and impairment of unproved properties		4,723			11,012			8,618			44,308
Cash margin, a non-GAAP measure	$	251,455		$	240,123		$	800,236		$	829,056

The MIL Network –

January 24, 2025

MIL-OSI: Orrstown Financial Services, Inc. Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Orrstown Financial Services, Inc. (“Orrstown” or the “Company”) closed the merger of equals transaction with Codorus Valley Bancorp, Inc. (“Codorus”) on July 1, 2024, creating a premier Pennsylvania and Maryland community bank; as a result, the Company’s results for the three months ended September 30, 2024 reflect the combined operating results of the combined companies;
Codorus contributed, after fair value purchase accounting adjustments, approximately $2.2 billion in total assets, $1.6 billion in loans, and $1.9 billion in deposits at July 1, 2024;
Net loss of $7.9 million, or $0.41 per diluted share, for the three months ended September 30, 2024 compared to net income of $7.7 million, or $0.73 per diluted share, for the three months ended June 30, 2024, reflecting the impact of $17.0 million in expenses related to the merger, $15.5 million of provision for credit losses on non-purchase credit deteriorated (“PCD”) loans and $4.8 million for the previously announced executive retirement, net of taxes, collectively the “non-recurring charges”;
Excluding the impact of the non-recurring charges, net income and diluted earnings per share, respectively, were $21.4 million⁽¹⁾ and $1.11⁽¹⁾ for the third quarter of 2024 compared to net income and diluted earnings per share of $8.7 million⁽¹⁾ and $0.83⁽¹⁾, respectively, as adjusted for the impact of $1.1 million in merger-related expenses, net of taxes, recorded for the second quarter of 2024;
Net interest margin, on a tax equivalent basis, was 4.14% in the third quarter of 2024 compared to 3.54% in the second quarter of 2024; the net accretion impact of purchase accounting marks on loans, deposits and borrowings was $5.8 million of net interest income, which represents 52 basis points of net interest margin;
Noninterest income increased by $5.1 million to $12.4 million in the three months ended September 30, 2024 compared to $7.2 million in the three months ended June 30, 2024; continued strength in wealth management and swap fee generation by commercial teams are driving fee income growth;
Return on average assets for the three months ended September 30, 2024 was (0.57)% compared to 0.97% for the three months ended June 30, 2024; excluding the non-recurring charges, return on average assets was 1.55%⁽¹⁾ for the three months ended September 30, 2024 compared to 1.09%⁽¹⁾ for the three months ended June 30, 2024, excluding merger-related expenses;
Return on average equity for the three months ended September 30, 2024 was (5.85)% compared to 11.41% for the three months ended June 30, 2024; excluding the non-recurring charges, return on average equity was 15.85%⁽¹⁾ for the three months ended September 30, 2024 compared to 12.88%⁽¹⁾ for the three months ended June 30, 2024, excluding merger related expenses;
The provision for credit losses was $13.7 million for the three months ended September 30, 2024 compared to $812 thousand for the three months ended June 30, 2024; the provision for credit losses on non-PCD loans for the three months ended September 30, 2024 was $15.5 million; excluding the impact of the merger, the provision for credit losses for the three months ended September 30, 2024 was a reversal of $1.8 million;
At September 30, 2024, nonaccrual loans totaled $26.9 million, an increase of $18.5 million from $8.4 million at June 30, 2024; non-accrual loans acquired from Codorus totaled $12.8 million;
Tangible book value per common share⁽¹⁾ decreased to $21.12 per share at September 30, 2024 compared to $24.08 per share at June 30, 2024; this decrease was primarily due to the impact of loan marks associated with the merger and the net loss incurred for the third quarter of 2024;
The Board of Directors declared a cash dividend of $0.23 per common share, payable November 12, 2024, to shareholders of record as of November 5, 2024.

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

HARRISBURG, Pa., Oct. 22, 2024 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the three months ended September 30, 2024. Net loss totaled $7.9 million for the three months ended September 30, 2024, compared to net income of $7.7 million for the three months ended June 30, 2024 and $9.0 million for the three months ended September 30, 2023. Diluted loss per share was $0.41 for the three months ended September 30, 2024, compared to diluted earnings per share of $0.73 for the three months ended June 30, 2024 and $0.87 for the three months ended September 30, 2023. For the third quarter of 2024, excluding the impact from the non-recurring charges, net of taxes, net income and diluted earnings per share were $21.4 million⁽¹⁾ and $1.11⁽¹⁾, respectively. For the second quarter of 2024, excluding the impact of the merger-related expenses, net of taxes, net income and diluted earnings per share were $8.7 million⁽¹⁾ and $0.83⁽¹⁾, respectively.

“While the results for the quarter reflected the impact of certain non-recurring charges, the core income generated by the business demonstrates the significant opportunities afforded by the additional scale and synergies created by the merger. Our core earnings were strong. We already have taken significant steps to achieve the cost savings announced in December, which we are on target to achieve in full in the defined timeline. Our system conversion in scheduled for completion in November 2024, at which time we expect further expense savings to be realized. We believe we are well on our way to improving our client experience, expanding and deepening our community presence, and enhancing shareholder value,” commented Thomas R. Quinn, Jr., President and Chief Executive Officer.

DISCUSSION OF RESULTS

Merger Update

The Company acquired Codorus and its wholly-owned bank subsidiary PeoplesBank, A Codorus Valley Company on July 1, 2024. The merger and acquisition method of accounting was used to account for the transaction with the Company as the acquirer. The Company recorded the assets and liabilities of Codorus at their respective fair values as of July 1, 2024. The transaction was valued at approximately $234 million and expanded the Bank’s footprint into the York, Pennsylvania market while increasing its market penetration in its existing markets.

At the time of the merger, Codorus contributed, after fair value purchase accounting adjustments, approximately $2.2 billion in assets, $1.6 billion in loans, $326.7 million in investment securities and $1.9 billion in deposits. The excess of the merger consideration over the fair value of net Codorus assets resulted in goodwill of $51.9 million. The merger led to a 12% dilution in our tangible book value per share which was $21.12 at September 30, 2024 compared to $24.08 at June 30, 2024. The principal cause of the dilution was the impact of the associated purchase accounting marks on loans. The Company’s tangible common equity ratio at September 30, 2024 was 7.5%. The loan fair value adjustments are expected to accrete back through income and capital as the loans mature and should lead to earnings per share and capital accretion moving forward. The fair value of assets and liabilities are subject to refinement for up to one year after the acquisition date as allowable under U.S. Generally Accepted Accounting Principles.

The Company incurred expenses of $32.5 million and $34.3 million for the three and nine months ended September 30, 2023, respectively, related to merger costs and an increased allowance for credit losses on non-PCD portion of the loans assumed from Codorus.

The Company’s financial results for any periods ended prior to July 1, 2024 reflect Orrstown’s results only on a standalone basis. As a result of this factor and the below listed adjustments related to the merger, the Company’s financial results for the third quarter of 2024 may not be directly comparable to prior reported periods.

Balance Sheet

Loans

Loans held for investment increased by $1.7 billion from June 30, 2024 to September 30, 2024 as $1.6 billion of loans, net of purchase accounting marks, were assumed in the merger with Codorus.

Investment Securities

Investment securities, all of which are classified as available-for-sale, increased by $297.7 million to $826.8 million at September 30, 2024 from $529.1 million at June 30, 2024. Investments with a fair value of $326.7 million were assumed in the merger with Codorus. During the third quarter of 2024, investment securities totaling $162.7 million were sold from the portfolio acquired from Codorus. The portfolio was restructured to align the interest rate risk and credit profile for the combined balance sheet. Most of these proceeds were reinvested in investment securities as purchases of $140.4 million were made in the three months ended September 30, 2024. These purchases were partially offset by paydowns of investment securities of $20.6 million and two calls totaling $5.0 million. The overall duration of the Company’s investment securities portfolio was 4.6 years at September 30, 2024 compared to 4.2 years at June 30, 2024. See Appendix B for a summary of the Bank’s investment securities at September 30, 2024, highlighting their concentrations, credit ratings and credit enhancement levels.

Deposits

During the third quarter of 2024, deposits increased by $2.0 billion to approximately $4.7 billion at September 30, 2024 compared to $2.7 billion at June 30, 2024. Deposits of $1.9 billion were assumed in the merger. At September 30, 2024, deposits that are uninsured and not collateralized totaled $692.6 million, or 15% of total deposits compared to $422.3 million, or 16% of total deposits at June 30, 2024. The Bank’s loan-to-deposit ratio decreased slightly to 86% at September 30, 2024 from 87% at June 30, 2024.

Borrowings

The Bank actively manages its liquidity position through its various sources of funding to meet the needs of its clients. FHLB advances and other borrowings were $115.4 million at September 30, 2024 and $115.0 million at June 30, 2024. The Bank seeks to maintain sufficient liquidity to ensure client needs can be addressed on a timely basis. The Bank had available alternative funding sources, such as FHLB advances and other wholesale options, of approximately $1.0 billion at September 30, 2024. The Bank’s FHLB borrowing capacity at September 30, 2024 was not inclusive of Codorus, which will be reflected in the fourth quarter.

The Company assumed $31.0 million aggregate principal amount of subordinated debentures and $10.3 million aggregate amount of trust preferred securities from Codorus in the merger. Fair value adjustments of $5.1 million were recorded on July 1, 2024 which reduced the amounts recorded on the balance sheet.

Income Statement

Net Interest Income and Margin

Net interest income was $51.7 million for the three months ended September 30, 2024 compared to $26.1 million for the three months ended June 30, 2024. The net interest margin, on a tax equivalent basis, increased to 4.14% in the third quarter of 2024 from 3.54% in the second quarter of 2024. The net interest margin was positively impacted by the net accretion impact of purchase accounting marks on loans, deposits and borrowings of $5.8 million, which represents 52 basis points of net interest margin. Funding costs show signs of stabilizing.

Several components of the net interest margin increased primarily as the result of the assets and liabilities assumed in the merger with Codorus.

Interest income on loans, on a tax equivalent basis, increased by $35.2 million to $70.8 million for the three months ended September 30, 2024 compared to $35.7 million for the three months ended June 30, 2024.

Interest income on investment securities, on a tax equivalent basis, was $10.1 million for the third quarter of 2024 compared to $6.1 million in the second quarter of 2024.

Interest expense, on a tax equivalent basis, increased by $14.1 million to $31.3 million for the three months ended September 30, 2024 compared to $17.2 million for the three months ended June 30, 2024. Average interest-bearing deposits increased by $1.6 billion during the three months ended September 30, 2024 compared to the three months ended June 30, 2024. Average borrowings increased by $35.8 million during the three months ended September 30, 2024 compared to the three months ended June 30, 2024. Interest expense includes $0.4 million and $0 of amortization of purchase accounting marks for the three months ended September 30, 2024 and June 30, 2024, respectively.

Provision for Credit Losses

The Company recorded a provision for credit losses of $13.7 million for the three months ended September 30, 2024 compared to $0.8 million for the three months ended June 30, 2024. The allowance for credit losses (“ACL”) on loans increased to $49.6 million at September 30, 2024 from $29.9 million at June 30, 2024. The increase in the ACL was primarily due to the addition of $21.4 million of reserves as a result of the merger. This increase was made up of $15.5 million for non-PCD loans, which was recognized through the provision for credit losses, and $5.9 million for PCD loans which was recognized through retained earnings. The provision for credit losses for the three months ended September 30, 2024 included a provision reversal of $1.8 million due to changes in qualitative factors, a change in the peer group utilized for the calculation and a reduction in the required reserve for unfunded commitments. The ACL to total loans was 1.25% at September 30, 2024 compared to 1.27% at June 30, 2024. Net charge-offs were $0.3 million for the three months ended September 30, 2024 compared to net charge-offs of $0.1 million for the three months ended June 30, 2024.

As a result of the merger, classified loans increased by $56.8 million to $105.5 million at September 30, 2024 from $48.7 million at June 30, 2024. Non-accrual loans increased by $18.5 million to $26.9 million at September 30, 2024 from $8.4 million at June 30, 2024 due primarily to the assumption of $12.8 million of non-accrual loans from Codorus. Nonaccrual loans to total loans increased to 0.68% at September 30, 2024 compared to 0.36% at June 30, 2024 and decreased from 1.11% at December 31, 2023. Management believes the ACL to be adequate based on current asset quality metrics and economic conditions.

Noninterest Income

Noninterest income increased by $5.1 million to $12.4 million in the three months ended September 30, 2024 compared to $7.2 million in the three months ended June 30, 2024 primarily due to the merger.

Wealth management income increased to $5.0 million in the three months ended September 30, 2024 compared to $3.3 million for the three months ended June 30, 2024. The strong sales efforts, organic growth and stock market performance have collectively driven exceptional wealth results throughout the year. As a result of the merger, assets under management increased to approximately $3.2 billion at September 30, 2024 from $2.1 billion at June 30, 2024.

During the third quarter of 2024, the Company recorded swap fee income of $0.5 million compared to $0.4 million in the three months ended June 30, 2024. Swap fee generation has been strong, but fluctuates based on market conditions and client demand.

Noninterest Expenses

Noninterest expenses increased by $37.7 million to $60.3 million in the three months ended September 30, 2024 from $22.6 million in the three months ended June 30, 2024 primarily due to the merger.

For the three months ended September 30, 2024, merger-related expenses totaled $17.0 million, an increase of $15.9 million, compared to $1.1 million for the three months ended June 30, 2024. The increase is due to primarily to employee separation costs, vendor contract terminations, and professional fees incurred during the third quarter of 2024. The Company will incur additional merger-related expenses from the operational and technology processes to combine systems and services of both companies, which is expected to be completed in November 2024.

Salaries and benefits expense increased by $14.0 million to $27.2 million for the three months ended September 30, 2024 compared to $13.2 million for the three months ended June 30, 2024. The three months ended September 30, 2024 includes $4.8 million of expenses associated with the retirement of an executive.

Intangible asset amortization increased to $2.5 million for the three months ended September 30, 2024 compared to $0.2 million for the three months ended June 30, 2024. This increase is due to the amortization expense recognized on the core deposit intangible of $35.9 million and wealth customer relationship intangible of $10.4 million established on July 1, 2024 from the merger.

Taxes other than income increased to $0.5 million in the three months ended September 30, 2024 compared to less than $0.1 million in the three months ended June 30, 2024. This increase reflects the tax credits recognized on the contributions during the second quarter of 2024.

There was $257 thousand of restructuring expenses recognized in the three months ended September 30, 2024 associated with previously announced branch closures.

Income Taxes

The Company’s effective tax rate for the third quarter of 2024 was 20.1% compared to 21.2% for the second quarter of 2024. The Company’s effective tax rate for the three months ended September 30, 2024 is less than the 21% federal statutory rate primarily due to tax-exempt income, including interest earned on tax-exempt loans and securities and income from life insurance policies and tax credits partially offset by the disallowed portion of interest expense against earnings in association with the Bank’s tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) and the impact of nondeductible merger-related costs. The Company regularly analyzes its projected taxable income and makes adjustments to the provision for income taxes accordingly.

Capital

Shareholders’ equity totaled $516.2 million at September 30, 2024, an increase of $237.8 million from $278.4 million at June 30, 2024. The increase was primarily attributable to the equity assumed in the merger, net of purchase accounting adjustments, partially offset by a net loss of $7.9 million and dividends paid of $4.4 million.

Tangible book value per share⁽¹⁾ decreased to $21.12 per share at September 30, 2024 from $24.08 per share at June 30, 2024 due to the purchase accounting adjustments associated with the merger.

The Company’s tangible common equity ratio decreased to 7.5% at September 30, 2024 from 8.1% at June 30, 2024 due to purchase accounting marks and a net loss recorded during the third quarter of 2024. The Company’s total risk-based capital ratio was 12.5% at September 30, 2024 compared to 13.3% at June 30, 2024. The Company’s Tier 1 leverage ratio was 8.0% at September 30, 2024 compared to 8.9% at June 30, 2024. The loan fair value adjustments are expected to accrete back through income and capital as the loans mature and should lead to earnings per share and capital accretion moving forward.

At September 30, 2024, all four capital ratios applicable to the Company were above regulatory minimum levels to be deemed “well capitalized” under current bank regulatory guidelines. The Company continues to believe that capital is adequate to support the risks inherent in the balance sheet, as well as growth requirements.

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

Investor Relations Contact:

Neelesh Kalani

Executive Vice President, Chief Financial Officer

Phone (717) 510-7097

FINANCIAL HIGHLIGHTS (Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
(In thousands)		2024			2023			2024			2023

Profitability for the period:
Net interest income	$	51,697		$	26,219		$	104,681		$	78,888
Provision for credit losses		13,681			136			14,791			1,264
Noninterest income		12,386			5,925			26,188			19,161
Noninterest expenses		60,299			20,447			105,407			61,451
(Loss) income before income tax (benefit) expense		(9,897	)		11,561			10,671			35,334
Income tax (benefit) expense		(1,994	)		2,535			2,305			7,314
Net (loss) income available to common shareholders	$	(7,903	)	$	9,026		$	8,366		$	28,020

Financial ratios:
Return on average assets ⁽¹⁾	(0.57)%				1.18	%		0.28	%		1.25	%
Return on average assets, adjusted ^{(1) (2) (3)}		1.55	%		1.18	%		1.33	%		1.25	%
Return on average equity ⁽¹⁾	(5.85)%				14.42	%		3.10	%		15.51	%
Return on average equity, adjusted ^{(1) (2) (3)}		15.85	%		14.42	%		14.59	%		15.51	%
Net interest margin ⁽¹⁾		4.14	%		3.73	%		3.88	%		3.83	%
Efficiency ratio		94.1	%		63.6	%		80.5	%		62.7	%
Efficiency ratio, adjusted ^{(2) (3)}		60.2	%		63.6	%		62.6	%		62.7	%
(Loss) income per common share:
Basic	$	(0.41	)	$	0.87		$	0.63		$	2.71
Basic, adjusted ^{(2) (3)}	$	1.12		$	0.87		$	2.96		$	2.71
Diluted	$	(0.41	)	$	0.87		$	0.62		$	2.68
Diluted, adjusted ^{(2) (3)}	$	1.11		$	0.87		$	2.93		$	2.68

Average equity to average assets		9.75	%		8.18	%		9.13	%		8.09	%

⁽¹⁾ Annualized for the three and nine months ended September 30, 2024 and 2023.
⁽²⁾ Ratio for the three and nine months ended September 30, 2024 has been adjusted for the non-recurring charges.
⁽³⁾ Non-GAAP based financial measure. Please refer to Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

FINANCIAL HIGHLIGHTS (Unaudited)
(continued)
	September 30,			December 31,
(Dollars in thousands, except per share amounts)		2024			2023
At period-end:
Total assets	$	5,470,589		$	3,064,240
Loans, net of allowance for credit losses		3,931,807			2,269,611
Loans held-for-sale, at fair value		3,561			5,816
Securities available for sale, at fair value		826,828			513,519
Total deposits		4,650,853			2,558,814
FHLB advances and other borrowings and Securities sold under agreements to repurchase		137,310			147,285
Subordinated notes and trust preferred debt		68,510			32,093
Shareholders’ equity		516,206			265,056

Credit quality and capital ratios ⁽¹⁾:
Allowance for credit losses to total loans		1.25	%		1.25	%
Total nonaccrual loans to total loans		0.68	%		1.11	%
Nonperforming assets to total assets		0.49	%		0.83	%
Allowance for credit losses to nonaccrual loans		184	%		112	%
Total risk-based capital:
Orrstown Financial Services, Inc.		12.5	%		13.0	%
Orrstown Bank		12.3	%		12.8	%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.		10.0	%		10.8	%
Orrstown Bank		11.1	%		11.6	%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.		9.8	%		10.8	%
Orrstown Bank		11.1	%		11.6	%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.		8.0	%		8.9	%
Orrstown Bank		8.8	%		9.5	%

Book value per common share	$	26.65		$	24.98

⁽¹⁾ Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses (“CECL”) to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the CECL standard.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands, except per share amounts)	September 30, 2024			December 31, 2023
Assets
Cash and due from banks	$	65,064		$	32,586
Interest-bearing deposits with banks		171,716			32,575
Cash and cash equivalents		236,780			65,161
Restricted investments in bank stocks		20,247			11,992
Securities available for sale (amortized cost of $845,869 and $549,089 at September 30, 2024 and December 31, 2023, respectively)		826,828			513,519
Loans held for sale, at fair value		3,561			5,816
Loans		3,981,437			2,298,313
Less: Allowance for credit losses		(49,630	)		(28,702	)
Net loans		3,931,807			2,269,611
Premises and equipment, net		49,839			29,393
Cash surrender value of life insurance		142,895			73,204
Goodwill		70,655			18,724
Other intangible assets, net		46,144			2,414
Accrued interest receivable		20,562			13,630
Deferred tax assets, net		38,517			22,017
Other assets		82,754			38,759
Total assets	$	5,470,589		$	3,064,240

Liabilities
Deposits:
Noninterest-bearing	$	815,404		$	430,959
Interest-bearing		3,835,449			2,127,855
Total deposits		4,650,853			2,558,814
Securities sold under agreements to repurchase and federal funds purchased		21,932			9,785
FHLB advances and other borrowings		115,378			137,500
Subordinated notes and trust preferred debt		68,510			32,093
Other liabilities		97,710			60,992
Total liabilities		4,954,383			2,799,184

Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding		—			—
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,723,217 shares issued and 19,373,354 outstanding at September 30, 2024; 11,204,599 shares issued and 10,612,390 outstanding at December 31, 2023		1,027			583
Additional paid—in capital		422,177			189,027
Retained earnings		117,311			117,667
Accumulated other comprehensive loss		(15,888	)		(28,476	)
Treasury stock— 349,863 and 592,209 shares, at cost at September 30, 2024 and December 31, 2023, respectively		(8,421	)		(13,745	)
Total shareholders’ equity		516,206			265,056
Total liabilities and shareholders’ equity	$	5,470,589		$	3,064,240

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,		September 30,
(Dollars in thousands, except per share amounts)		2024			2023			2024		2023
Interest income
Loans	$	70,647		$	32,738		$	142,417	$	92,685
Investment securities – taxable		9,005			4,459			18,588		13,244
Investment securities – tax-exempt		883			861			2,641		2,591
Short-term investments		2,452			633			5,272		1,349
Total interest income		82,987			38,691			168,918		109,869
Interest expense
Deposits		28,603			10,582			57,384		25,392
Securities sold under agreements to repurchase and federal funds purchased		96			31			148		84
FHLB advances and other borrowings		1,154			1,354			3,780		3,992
Subordinated notes and trust preferred debt		1,437			505			2,925		1,513
Total interest expense		31,290			12,472			64,237		30,981
Net interest income		51,697			26,219			104,681		78,888
Provision for credit losses		13,681			136			14,791		1,264
Net interest income after provision for credit losses		38,016			26,083			89,890		77,624
Noninterest income
Service charges		2,360			1,260			4,843		3,668
Interchange income		1,779			963			3,651		2,921
Swap fee income		505			255			1,079		451
Wealth management income		5,037			2,826			11,451		8,395
Mortgage banking activities		491			(142	)		1,318		448
Investment securities gains (losses)		271			2			254		(8	)
Other income		1,943			761			3,592		3,286
Total noninterest income		12,386			5,925			26,188		19,161
Noninterest expenses
Salaries and employee benefits		27,190			12,885			54,137		38,135
Occupancy, furniture and equipment		4,333			2,460			9,677		7,059
Data processing		2,046			1,248			4,548		3,666
Advertising and bank promotions		537			332			1,709		1,656
FDIC insurance		862			477			1,722		1,500
Professional services		1,119			965			2,551		2,203
Taxes other than income		503			387			1,046		847
Intangible asset amortization		2,464			228			2,904		717
Merger-related expenses		16,977			—			18,784		—
Restructuring expenses		257			—			257		—
Other operating expenses		4,011			1,465			8,072		5,668
Total noninterest expenses		60,299			20,447			105,407		61,451
(Loss) income before income tax (benefit) expense		(9,897	)		11,561			10,671		35,334
Income tax (benefit) expense		(1,994	)		2,535			2,305		7,314
Net (loss) income	$	(7,903	)	$	9,026		$	8,366	$	28,020
continued

	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,		September 30,
		2024			2023			2024		2023
Share information:
Basic (loss) earnings per share	$	(0.41	)	$	0.87		$	0.63	$	2.71
Diluted (loss) earnings per share	$	(0.41	)	$	0.87		$	0.62	$	2.68
Dividends paid per share	$	0.23		$	0.20		$	0.63	$	0.60
Weighted average shares – basic		19,088			10,319			13,298		10,346
Weighted average shares – diluted		19,226			10,405			13,441		10,440

ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
	Three Months Ended
	9/30/2024							6/30/2024							3/31/2024							12/31/2023							9/30/2023
			Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-
(In	Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent
thousands)	Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate
Assets
Federal funds sold & interest-bearing bank balances	$	184,465	$	2,452		5.29	%	$	142,868	$	1,864		5.25	%	$	74,523	$	956		5.16	%	$	37,873	$	460		4.82	%	$	57,778	$	633		4.35	%
Investment securities ⁽¹⁾⁽²⁾		849,700		10,123		4.77			538,451		6,114		4.54			519,851		5,694		4.39			508,891		5,890		4.63			521,234		5,548		4.26
Loans ^(1)(3)(4)(5)		3,989,259		70,849		7.07			2,324,942		35,690		6.17			2,308,103		36,382		6.34			2,286,678		34,055		5.91			2,256,727		32,878		5.78
Total interest-earning assets		5,023,424		83,424		6.61			3,006,261		43,668		5.84			2,902,477		43,032		5.96			2,833,442		40,405		5.67			2,835,739		39,059		5.47
Other assets		491,719							204,863							196,295							204,382							200,447
Total assets	$	5,515,143						$	3,211,124						$	3,098,772						$	3,037,824						$	3,036,186
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	2,554,743		16,165		2.52		$	1,649,753		10,118		2.47		$	1,570,622		9,192		2.35		$	1,543,575		8,333		2.14		$	1,541,728		7,476		1.92
Savings deposits		283,337		148		0.21			165,467		140		0.34			170,005		144		0.34			178,351		153		0.34			190,817		164		0.34
Time deposits		1,014,628		12,290		4.82			481,721		5,007		4.18			428,443		4,180		3.92			392,085		3,632		3.67			357,194		2,942		3.27
Total interest-bearing deposits		3,852,708		28,603		2.95			2,296,941		15,265		2.67			2,169,070		13,516		2.51			2,114,011		12,118		2.27			2,089,739		10,582		2.01
Securities sold under agreements to repurchase and federal funds purchased		23,075		96		1.66			13,412		27		0.81			12,010		25		0.85			13,874		30		0.85			15,006		31		0.83
FHLB advances and other borrowings		115,388		1,154		3.98			115,000		1,152		4.03			137,505		1,474		4.31			127,843		1,358		4.21			128,131		1,354		4.19
Subordinated notes and trust preferred debt		68,399		1,437		8.36			32,118		734		9.19			32,100		754		9.45			32,083		504		6.29			32,066		505		6.29
Total interest-bearing liabilities		4,059,570		31,290		3.07			2,457,471		17,178		2.81			2,350,685		15,769		2.70			2,287,811		14,010		2.43			2,264,942		12,472		2.19
Noninterest-bearing demand deposits		807,886							423,037							417,469							441,695							468,628
Other liabilities		110,017							57,828							62,329							59,876							54,353
Total liabilities		4,977,473							2,938,336							2,830,483							2,789,382							2,787,923
Shareholders’ equity		537,670							272,788							268,289							248,442							248,263
Total	$	5,515,143						$	3,211,124						$	3,098,772						$	3,037,824						$	3,036,186
Taxable-equivalent net interest income / net interest spread				52,134		3.55	%				26,490		3.02	%				27,263		3.26	%				26,395		3.24	%				26,587		3.29	%
Taxable-equivalent net interest margin						4.14	%						3.54	%						3.77	%						3.71	%						3.73	%
Taxable-equivalent adjustment				(437	)						(387	)						(382	)						(377	)						(368	)
Net interest income			$	51,697						$	26,103						$	26,881						$	26,018						$	26,219
Ratio of average interest-earning assets to average interest-bearing liabilities						124	%						122	%						123	%						124	%						125	%

NOTES:
⁽¹⁾ Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
⁽²⁾ Average balance of investment securities is computed at fair value.
⁽³⁾ Average balances include nonaccrual loans.
⁽⁴⁾ Interest income on loans includes prepayment and late fees, where applicable.
⁽⁵⁾ Interest income on loans includes interest recovered of $1.6 million from the payoff of a commercial real estate loan on nonaccrual status in the three months ended March 31, 2024.

ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
(continued)
	Nine Months Ended
	September 30, 2024							September 30, 2023
			Taxable-			Taxable-				Taxable-			Taxable-
	Average		Equivalent			Equivalent		Average		Equivalent			Equivalent
(In thousands)	Balance		Interest			Rate		Balance		Interest			Rate
Assets
Federal funds sold & interest-bearing bank balances	$	134,136	$	5,272		5.25	%	$	41,861	$	1,349		4.31	%
Investment securities ⁽¹⁾⁽²⁾		636,781		21,931		4.60			524,365		16,523		4.21
Loans ^(1)(3)(4)(5)		2,878,171		142,921		6.63			2,223,701		93,051		5.59
Total interest-earning assets		3,649,088		170,124		6.23			2,789,927		110,923		5.31
Other assets		298,334							196,694
Total assets	$	3,947,422						$	2,986,621
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	1,927,337		35,475		2.46		$	1,519,013		18,611		1.64
Savings deposits		206,552		432		0.28			204,832		431		0.28
Time deposits		642,959		21,477		4.46			320,000		6,350		2.65
Total interest-bearing deposits		2,776,848		57,384		2.76			2,043,845		25,392		1.66
Securities sold under agreements to repurchase and federal funds purchased		16,191		148		1.22			14,190		84		0.79
FHLB advances and other borrowings		122,604		3,780		4.12			122,300		3,992		4.36
Subordinated notes and trust preferred debt		44,294		2,925		8.82			32,049		1,513		6.29
Total interest-bearing liabilities		2,959,937		64,237		2.90			2,212,384		30,981		1.87
Noninterest-bearing demand deposits		550,407							480,006
Other liabilities		76,846							52,618
Total liabilities		3,587,190							2,745,008
Shareholders’ equity		360,232							241,613
Total liabilities and shareholders’ equity	$	3,947,422						$	2,986,621
Taxable-equivalent net interest income / net interest spread				105,887		3.33	%				79,942		3.44	%
Taxable-equivalent net interest margin						3.88	%						3.83	%
Taxable-equivalent adjustment				(1,206	)						(1,054	)
Net interest income			$	104,681						$	78,888
Ratio of average interest-earning assets to average interest-bearing liabilities						123	%						126	%

NOTES TO ANALYSIS OF NET INTEREST INCOME:
⁽¹⁾ Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
⁽²⁾ Average balance of investment securities is computed at fair value.
⁽³⁾ Average balances include nonaccrual loans.
⁽⁴⁾ Interest income on loans includes prepayment and late fees, where applicable.
⁽⁵⁾ Interest income on loans includes interest recovered of $1.6 million from the payoff of a commercial real estate loan on nonaccrual status for the nine months ended September 30, 2024.

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)

(In thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Profitability for the quarter:
Net interest income	$	51,697		$	26,103		$	26,881		$	26,018		$	26,219
Provision for credit losses		13,681			812			298			418			136
Noninterest income		12,386			7,172			6,630			6,491			5,925
Noninterest expenses		60,299			22,639			22,469			22,392			20,447
(Loss) income before income taxes		(9,897	)		9,824			10,744			9,699			11,561
Income tax (benefit) expense		(1,994	)		2,086			2,213			2,056			2,535
Net (loss) income	$	(7,903	)	$	7,738		$	8,531		$	7,643		$	9,026

Financial ratios:
Return on average assets ⁽¹⁾	(0.57)%				0.97	%		1.11	%		1.00	%		1.18	%
Return on average assets, adjusted ^(1)(2)(3)		1.55	%		1.09	%		1.19	%		1.13	%		1.18	%
Return on average equity ⁽¹⁾	(5.85)%				11.41	%		12.79	%		12.21	%		14.42	%
Return on average equity, adjusted ^(1)(2)(3)		15.85	%		12.88	%		13.79	%		13.77	%		14.42	%
Net interest margin ⁽¹⁾		4.14	%		3.54	%		3.77	%		3.71	%		3.73	%
Efficiency ratio		94.1	%		68.0	%		67.0	%		68.9	%		63.6	%
Efficiency ratio, adjusted ⁽²⁾⁽³⁾		60.2	%		64.6	%		65.0	%		65.6	%		63.6	%

Per share information:
(Loss) income per common share:
Basic	$	(0.41	)	$	0.74		$	0.82		$	0.74		$	0.87
Basic, adjusted ⁽²⁾⁽³⁾		1.12			0.84			0.89			0.84			0.87
Diluted		(0.41	)		0.73			0.81			0.73			0.87
Diluted, adjusted ⁽²⁾⁽³⁾		1.11			0.83			0.88			0.83			0.87
Book value		26.65			25.97			25.38			24.98			22.90
Tangible book value⁽³⁾		21.12			24.08			23.47			23.03			20.94
Cash dividends paid		0.23			0.20			0.20			0.20			0.20

Average basic shares		19,088			10,393			10,349			10,321			10,319
Average diluted shares		19,226			10,553			10,482			10,419			10,405
⁽¹⁾ Annualized.
⁽²⁾ Ratio has been adjusted for non-recurring expenses for the three months ended September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023.
⁽³⁾ Non-GAAP based financial measure. Please refer to Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Noninterest income:
Service charges	$	2,360	$	1,283		$	1,200		$	1,198		$	1,260
Interchange income		1,779		961			911			952			963
Swap fee income		505		375			199			588			255
Wealth management income		5,037		3,312			3,102			2,945			2,826
Mortgage banking activities		491		369			458			143			(142	)
Other income		1,943		884			765			704			761
Investment securities gains (losses)		271		(12	)		(5	)		(39	)		2
Total noninterest income	$	12,386	$	7,172		$	6,630		$	6,491		$	5,925

Noninterest expenses:
Salaries and employee benefits	$	27,190	$	13,195		$	13,752		$	12,848		$	12,885
Occupancy, furniture and equipment		4,333		2,705			2,639			2,534			2,460
Data processing		2,046		1,237			1,265			1,247			1,248
Advertising and bank promotions		537		774			398			501			332
FDIC insurance		862		419			441			460			477
Professional services		1,119		801			631			702			965
Taxes other than income		503		49			494			203			387
Intangible asset amortization		2,464		215			225			236			228
Merger-related expenses		16,977		1,135			672			1,059			—
Restructuring expenses		257		—			—			—			—
Other operating expenses		4,011		2,109			1,952			2,602			1,465
Total noninterest expenses	$	60,299	$	22,639		$	22,469		$	22,392		$	20,447

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Balance Sheet at quarter end:
Cash and cash equivalents	$	236,780		$	132,509		$	182,722		$	65,161		$	94,939
Restricted investments in bank stocks		20,247			11,147			11,453			11,992			12,987
Securities available for sale		826,828			529,082			514,909			513,519			495,162
Loans held for sale, at fair value		3,561			1,562			535			5,816			6,448
Loans:
Commercial real estate:
Owner occupied		622,726			371,301			364,280			373,757			376,350
Non-owner occupied		1,164,501			710,477			707,871			694,638			630,514
Multi-family		276,296			151,542			147,773			150,675			143,437
Non-owner occupied residential		190,786			89,156			91,858			95,040			100,391
Commercial and industrial		601,469			374,976			365,524			367,085			374,190
Acquisition and development:
1-4 family residential construction		56,383			32,439			22,277			24,516			25,642
Commercial and land development		262,317			129,883			118,010			115,249			153,279
Municipal		27,960			10,594			10,925			9,812			10,334
Total commercial loans		3,202,438			1,870,368			1,828,518			1,830,772			1,814,137
Residential mortgage:
First lien		451,195			271,153			270,748			266,239			248,335
Home equity – term		6,508			4,633			4,966			5,078			5,223
Home equity – lines of credit		303,165			192,736			189,966			186,450			188,736
Installment and other loans		18,131			8,713			8,875			9,774			10,405
Total loans		3,981,437			2,347,603			2,303,073			2,298,313			2,266,836
Allowance for credit losses		(49,630	)		(29,864	)		(29,165	)		(28,702	)		(28,278	)
Net loans held for investment		3,931,807			2,317,739			2,273,908			2,269,611			2,238,558
Goodwill		70,655			18,724			18,724			18,724			18,724
Other intangible assets, net		46,144			1,974			2,189			2,414			2,650
Total assets		5,470,589			3,198,782			3,183,331			3,064,240			3,054,435
Total deposits		4,650,853			2,702,884			2,695,951			2,558,814			2,546,435
FHLB advances and other borrowings and and Securities sold under agreements to repurchase		137,310			129,625			127,099			147,285			175,241
Subordinated notes and trust preferred debt		68,510			32,128			32,111			32,093			32,076
Total shareholders’ equity		516,206			278,376			271,682			265,056			243,080

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Capital and credit quality measures⁽¹⁾:
Total risk-based capital:
Orrstown Financial Services, Inc.		12.5	%		13.3	%		13.4	%		13.0	%		13.0	%
Orrstown Bank		12.3	%		13.1	%		13.1	%		12.8	%		12.5	%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.		10.0	%		11.1	%		11.2	%		10.8	%		10.6	%
Orrstown Bank		11.1	%		12.0	%		11.9	%		11.6	%		11.4	%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.		9.8	%		11.1	%		11.2	%		10.8	%		10.6	%
Orrstown Bank		11.1	%		12.0	%		11.9	%		11.6	%		11.4	%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.		8.0	%		8.9	%		9.0	%		8.9	%		8.7	%
Orrstown Bank		8.8	%		9.5	%		9.6	%		9.5	%		9.3	%

Average equity to average assets		9.75	%		8.50	%		8.66	%		8.18	%		8.18	%
Allowance for credit losses to total loans		1.25	%		1.27	%		1.27	%		1.25	%		1.25	%
Total nonaccrual loans to total loans		0.68	%		0.36	%		0.56	%		1.11	%		0.98	%
Nonperforming assets to total assets		0.49	%		0.26	%		0.40	%		0.83	%		0.73	%
Allowance for credit losses to nonaccrual loans		184	%		357	%		226	%		112	%		127	%

Other information:
Net charge-offs (recoveries)	$	269		$	113		$	(42	)	$	(6	)	$	241
Classified loans		105,465			48,722			48,997			55,030			33,593
Nonperforming and other risk assets:
Nonaccrual loans		26,927			8,363			12,886			25,527			22,324
Other real estate owned		138			—			—			—			—
Total nonperforming assets		27,065			8,363			12,886			25,527			22,324
Financial difficulty modifications still accruing		9,497			—			—			9			—
Loans past due 90 days or more and still accruing		337			187			99			66			277
Total nonperforming and other risk assets	$	36,899		$	8,550		$	12,985		$	25,602		$	22,601
(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses (“CECL”) to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the new CECL standard.

Appendix A- Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations

Management believes providing certain other “non-GAAP” financial information will assist investors in their understanding of the effect on recent financial results from non-recurring charges.

As a result of acquisitions, the Company has intangible assets consisting of goodwill, core deposit and other intangible assets, which totaled $116.8 million and $21.1 million at September 30, 2024 and December 31, 2023, respectively. In addition, during the three months ended September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, the Company incurred $17.0 million, $1.1 million, $0.7 million and $1.1 million in merger-related expenses, respectively. During the three months ended September 30, 2024, the Company incurred other non-recurring charges totaling $20.2 million.

Tangible book value per common share and the impact of the non-recurring expenses on net income and associated ratios, as used by the Company in this earnings release, are determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). While we believe this information is a useful supplement to GAAP based measures presented in this earnings release, readers are cautioned that this non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results and financial condition as reported under GAAP, nor are such measures necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that our future results will be unaffected by similar adjustments to be determined in accordance with GAAP.

The following tables present the computation of each non-GAAP based measure:

(In thousands)

Tangible Book Value per Common Share	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Shareholders’ equity (most directly comparable GAAP-based measure)	$	516,206		$	278,376		$	271,682		$	265,056		$	243,080
Less: Goodwill		70,655			18,724			18,724			18,724			18,724
Other intangible assets		46,144			1,974			2,189			2,414			2,650
Related tax effect		(9,690	)		(415	)		(460	)		(507	)		(557	)
Tangible common equity (non-GAAP)	$	409,097		$	258,093		$	251,229		$	244,425		$	222,263

Common shares outstanding		19,373			10,720			10,705			10,612			10,613

Book value per share (most directly comparable GAAP-based measure)	$	26.65		$	25.97		$	25.38		$	24.98		$	22.90
Intangible assets per share		5.53			1.89			1.91			1.95			1.96
Tangible book value per share (non-GAAP)	$	21.12		$	24.08		$	23.47		$	23.03		$	20.94

(In thousands)	Three Months Ended															Nine Months Ended
Adjusted Ratios for Non-recurring Charges	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Net (loss) income (A) – most directly comparable GAAP-based measure	$	(7,903	)	$	7,738		$	8,531		$	8,531		$	9,026		$	8,366		$	28,020
Plus: Merger-related expenses (B)		16,977			1,135			672			672			—			18,784			—
Plus: Executive retirement expenses (B)		4,758			—			—			—			—			4,758			—
Plus: Provision for credit losses on non-PCD loans (B)		15,504			—			—			—			—			15,504			—
Less: Related tax effect (C)		(7,915	)		(139	)		(1	)		(1	)		—			(8,056	)		—
Adjusted net (loss) income (D=A+B-C) – Non-GAAP	$	21,421		$	8,734		$	9,202		$	9,202		$	9,026		$	39,356		$	28,020

Average assets (E)	$	5,515,143		$	3,211,124		$	3,098,772		$	3,098,772		$	3,036,186		$	3,947,422		$	2,986,621
Return on average assets (= A / E) – most directly comparable GAAP-based measure ⁽¹⁾	(0.57)%				0.97	%		1.11	%		1.11	%		1.18	%		0.28	%		1.25	%
Return on average assets, adjusted (= D / E) – Non-GAAP ⁽¹⁾		1.55	%		1.09	%		1.19	%		1.19	%		1.18	%		1.33	%		1.25	%

Average equity (F)	$	537,670		$	272,788		$	268,289		$	268,289		$	248,263		$	360,232		$	241,613
Return on average equity (= A / F) – most directly comparable GAAP-based measure ⁽¹⁾	(5.85)%				11.41	%		12.79	%		12.79	%		14.42	%		3.10	%		15.51	%
Return on average equity, adjusted (= D / F) – Non-GAAP ⁽¹⁾		15.85	%		12.88	%		13.79	%		13.79	%		14.42	%		14.59	%		15.51	%

Weighted average shares – basic (G) – most directly comparable GAAP-based measure		19,088			10,393			10,349			10,349			10,319			13,298			10,346
Basic (loss) earnings per share (= A / G) – most directly comparable GAAP-based measure	$	(0.41	)	$	0.74		$	0.82		$	0.82		$	0.87		$	0.63		$	2.71
Basic earnings per share, adjusted (= D / G) – Non-GAAP	$	1.12		$	0.84		$	0.89		$	0.89		$	0.87		$	2.96		$	2.71

Weighted average shares – diluted (H) – most directly comparable GAAP-based measure		19,226			10,553			10,482			10,482			10,405			13,441			10,440
Diluted (loss) earnings per share (= A / H) – most directly comparable GAAP-based measure	$	(0.41	)	$	0.73		$	0.81		$	0.81		$	0.87		$	0.62		$	2.68
Diluted earnings per share, adjusted (= D / H) – Non-GAAP	$	1.11		$	0.83		$	0.88		$	0.88		$	0.87		$	2.93		$	2.68

continued
(1) Annualized

	Three Months Ended															Nine Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Noninterest expense (I) – most directly comparable GAAP-based measure	$	60,299		$	22,639		$	22,469		$	22,469		$	20,447		$	105,407		$	61,451
Less: Merger-related expenses (B)		(16,977	)		(1,135	)		(672	)		(672	)		—			(18,784	)		—
Less: Executive retirement expenses (B)		(4,758	)		—			—			—			—			(4,758	)		—
Adjusted noninterest expense (J = I – B) – Non-GAAP	$	38,564		$	21,504		$	21,797		$	21,797		$	20,447		$	81,865		$	61,451

Net interest income (K)	$	51,697		$	26,103		$	26,881		$	26,881		$	26,219		$	104,681		$	78,888
Noninterest income (L)		12,386			7,172			6,630			6,630			5,925			26,188			19,161
Total operating income (M = K + L)	$	64,083		$	33,275		$	33,511		$	33,511		$	32,144		$	130,869		$	98,049

Efficiency ratio (= I / M) – most directly comparable GAAP-based measure		94.1	%		68.0	%		67.0	%		67.0	%		63.6	%		80.5	%		62.7	%
Efficiency ratio, adjusted (= J / M) – Non-GAAP		60.2	%		64.6	%		65.0	%		65.0	%		63.6	%		62.6	%		62.7	%



(1) Annualized

Appendix B- Investment Portfolio Concentrations

The following table summarizes the credit ratings and collateral associated with the Company’s investment security portfolio, excluding equity securities, at September 30, 2024:

(In thousands)

Sector	Portfolio Mix		Amortized Book		Fair Value		Credit Enhancement		AAA		AA		A		BBB		NR		Collateral / Guarantee Type
Unsecured ABS	—	%	$	3,199	$	2,975	27	%	—	%	—	%	—	%	—	%	100	%	Unsecured Consumer Debt
Student Loan ABS	1			4,348		4,283	27		—		—		—		—		100		Seasoned Student Loans
Federal Family Education Loan ABS	10			83,199		82,962	11		7		80		—		13		—		Federal Family Education Loan ⁽¹⁾
PACE Loan ABS	—			2,034		1,813	7		100		—		—		—		—		PACE Loans ⁽²⁾
Non-Agency CMBS	2			13,750		14,045	26		—		—		—		—		100
Non-Agency RMBS	2			16,749		14,212	16		100		—		—		—		—		Reverse Mortgages ⁽³⁾
Municipal – General Obligation	12			99,779		93,395			11		82		7		—		—
Municipal – Revenue	14			121,130		112,705			—		82		12		—		6
SBA ReRemic ⁽⁵⁾	—			2,427		2,409			—		100		—		—		—		SBA Guarantee ⁽⁴⁾
Small Business Administration	1			6,632		7,042			—		100		—		—		—		SBA Guarantee ⁽⁴⁾
Agency MBS	18			154,058		154,762			—		100		—		—		—		Residential Mortgages ⁽⁴⁾
Agency CMO	38			316,385		315,677			—		100		—		—		—
U.S. Treasury securities	2			20,047		18,373			—		100		—		—		—		U.S. Government Guarantee ⁽⁴⁾
Corporate bonds	—			1,932		1,975			—		—		52		48		—
	100	%	$	845,669	$	826,628			4	%	89	%	3	%	1	%	3	%

⁽¹⁾ 97% guaranteed by U.S. government
⁽²⁾ PACE acronym represents Property Assessed Clean Energy loans
⁽³⁾ Non-agency reverse mortgages with current structural credit enhancements
⁽⁴⁾ Guaranteed by U.S. government or U.S. government agencies
⁽⁵⁾ SBA ReRemic acronym represents Re-Securitization of Real Estate Mortgage Investment Conduits

Note: Ratings in table are the lowest of the six rating agencies (Standard & Poor’s, Moody’s, Fitch, Morningstar, DBRS and Kroll Bond Rating Agency). Standard & Poor’s rates U.S. government obligations at AA+.

About the Company

With $5.5 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit http://www.orrstown.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements and there can be no assurances that the Company will achieve the desired level of new business development and new loans, growth in the balance sheet and fee-based revenue lines of business, cost savings initiatives and continued reductions in risk assets or mitigation of losses in the future. Factors which could cause the actual results of the Company’s operations to differ materially from expectations include, but are not limited to: general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ineffectiveness of the Company’s strategic growth plan due to changes in current or future market conditions; changes in interest rates; the diversion of management’s attention from ongoing business operations and opportunities; the effects of competition and how it may impact our community banking model, including industry consolidation and development of competing financial products and services; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in laws and regulations; changes in credit quality; inability to raise capital, if necessary, under favorable conditions; volatility in the securities markets; the demand for our products and services; deteriorating economic conditions; geopolitical tensions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; expenses associated with litigation and legal proceedings; the possibility that the anticipated benefits of the merger with Codorus (the “Merger”) are not realized when expected or at all; the possibility that the Merger may be more expensive to complete than anticipated; the possibility that revenues following the Merger may be lower than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the ability to complete the integration of the two companies successfully; the dilution caused by the Company’s issuance of additional shares of its capital stock in connection with the Merger; and other risks and uncertainties, including those detailed in our Annual Report on Form 10-K for the year ended December 31, 2023 under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in subsequent filings made with the Securities and Exchange Commission.

The foregoing list of factors is not exhaustive. If one or more events related to these or other risks or uncertainties materializes, or if the Company’s underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for the Company to predict those events or how they may affect it. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

The review period for subsequent events extends up to and includes the filing date of a public company’s financial statements, when filed with the Securities and Exchange Commission. Accordingly, the consolidated financial information presented in this announcement is subject to change. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only and are not forecasts and may not reflect actual results.

The MIL Network –

January 24, 2025

MIL-OSI Economics: Gartner Survey Reveals That Only 48% of Digital Initiatives Meet or Exceed Their Business Outcome Targets

Source: Gartner – IT Research

Headline: Gartner Survey Reveals That Only 48% of Digital Initiatives Meet or Exceed Their Business Outcome Targets

On average, only 48% of digital initiatives enterprise-wide meet or exceed their business outcome targets according to Gartner, Inc.’s annual global survey of more than 3,100 CIOs and technology executives, and more than 1,100 executive leaders outside of IT (CxOs).

MIL OSI Economics –

January 24, 2025

MIL-OSI Economics: Kuwait formally accepts Agreement on Fisheries Subsidies

Source: WTO

Headline: Kuwait formally accepts Agreement on Fisheries Subsidies

Director-General Okonjo-Iweala said: “I warmly welcome Kuwait’s instrument of acceptance of the Agreement on Fisheries Subsidies – the seventh received from the Arab region. As a significant importer of marine fish products, Kuwait is making a key contribution towards the sustainability of marine fisheries by committing to implement the agreement. Eliminating illegal, unreported and unregulated (IUU) fishing activities is essential to advancing global food security.”
Reaffirming Kuwait’s support for the multilateral trading system and for sustainable fishing practices, H.E. Al-Hayen emphasized that Kuwait’s actions reflect a commitment to promote fair and sustainable international trade, while also contributing to the preservation of global fishery resources. “Kuwait recognizes the importance of this agreement in combating illegal fishing practices and protecting marine ecosystems, aligning with its obligations under the United Nations Sustainable Development Goal 14,” he stressed.
Commending the WTO’s ongoing efforts in addressing global challenges, Ambassador Al-Hayen also said: “A shared commitment to environmental sustainability and multilateral cooperation is crucial to secure the future of the next generations. Kuwait stands ready to collaborate closely with all WTO members to ensure the successful implementation of this vital agreement.”
Kuwait is the fourth Gulf Cooperation Council member to have formally accepted the Agreement. A total of 25 more formal acceptances are needed to reach two-thirds of the WTO membership required for its entry into force.Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12) held in Geneva in June 2022, the Agreement on Fisheries Subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks. In addition, the Agreement recognizes the needs of developing economies and least-developed countries and establishes a fund to provide technical assistance and capacity-building to help them implement the obligations.The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.
The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment can be found here.

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MIL OSI Economics –

January 24, 2025

MIL-OSI Economics: Verizon updates broadband strategy to bring more choice, flexibility and value to millions

Source: Verizon

Headline: Verizon updates broadband strategy to bring more choice, flexibility and value to millions

Key Takeaways:

Verizon reaches fixed wireless access subscriber target 15 months ahead of schedule
Customer demand for broadband solutions accelerates fixed wireless and fiber rollout
Fixed wireless subscribers on path to double to 8-9 million by 2028
Fiber network expected to expand to 35-40 million passings over time

NEW YORK, N.Y. – Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced an update to its broadband strategy, with new fixed wireless subscriber goals, household targets and broadband offerings to accelerate its premium broadband and mobility services to millions more customers nationwide. Verizon has more than 11.9 million total broadband connections as of the end of third-quarter 2024, up nearly 16 percent year over year. The update was given today at a sell side analyst event following the release of the company’s third-quarter 2024 results.

“This is a game changing moment for Verizon and for connectivity across the country,” said Hans Vestberg, Verizon Chairman and CEO. “Our ambitious targets for fixed wireless access, combined with our fiber expansion including the planned Frontier acquisition, will bring unmatched broadband coverage to millions more homes and businesses nationwide. We are creating an integrated connectivity experience that gives customers freedom in how they connect and use our services. This is about delivering the network of the future, and setting a new bar for the entire industry.”

Fixed Wireless subscribers on path to double by 2028

At the end of third-quarter 2024, the company had nearly 4.2 million fixed wireless subscribers, representing an increase of nearly 57 percent year over year. The company hit its previous goal of 4-5 million subscribers 15 months earlier than expected due to the demand from consumer and business customers as they continue to trust the reliability of the product and speed and ease of deployment.
Verizon is expecting 8-9 million fixed wireless subscribers, doubling its current base, by 2028 and accelerating coverage to 90 million households in the same time period.
Verizon will commercially launch its advanced mmWave solution for apartment and office buildings to address high population areas. The technology leverages existing infrastructure making it less expensive to build and faster to deploy. Continued deployment of C-band and mmWave will provide the performance and capacity needed to meet these goals and deliver the best-in-class experience that customers expect from Verizon.

Fiber network expected to grow to 35-40 million passings

Verizon will continue to look for opportunities to accelerate its ongoing Fios builds within the current footprint in nine states and Washington, D.C., giving more customers access to the industry-leading product. Verizon’s recent agreement to acquire Frontier, the largest pure-play fiber internet provider in the U.S., is expected to expand Verizon’s share of the nationwide broadband market, building upon Verizon’s two decades of leadership at the forefront of fiber.
Upon closing, Frontier is expected to bring in approximately 9-10 million fiber passings.
In 2025 Verizon is targeting an expansion of Fios builds to up to 650,000 passings annually. Following the closing of the Frontier acquisition, Verizon expects the combined build to be up to 1 million or more passings annually.
Verizon is expecting more than 30 million fiber passings in the combined Verizon/Frontier footprint by 2028. Over time, Verizon is expecting 35-40 million fiber passings. This will significantly expand Verizon’s fiber footprint, accelerating the company’s delivery of premium mobility and broadband services to current and new customers.
Frontier’s consumer fiber network can be immediately and seamlessly integrated upon closing directly into Verizon’s award-winning Fios network, meeting existing Fios standards.

Outlook and Guidance: Priorities remain unchanged

The company will maintain its capital allocation priorities, characterized by prudent investment in the business, a commitment to maintaining an industry-leading dividend, continued debt reduction, and efficient return of cash to shareholders, with buybacks to be considered when net unsecured debt to adjusted EBITDA ratio* is at 2.25x.
For 2025, the company expects capital expenditures of $17.5-$18.5 billion, consistent with historical levels of capital intensity.
Revised net unsecured debt to adjusted EBITDA ratio* target of 2.0 to 2.25x.

*Non-GAAP financial measure. See http://www.verizon.com/about/investors for additional information about non-GAAP financial measures.

Forward-Looking Statements

In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyber attacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our operations, our employees and the ways in which our customers use our networks and other products and services; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

MIL OSI Economics –

January 24, 2025

MIL-OSI Economics: WTO regional trade policy course underway in Saudi Arabia

Source: World Trade Organization

Throughout the course, experts from the WTO Secretariat, regional institutions and King Saud University will share their expertise on tariff schedules, agriculture, trade remedies, services, intellectual property rights, e-commerce and fisheries subsidies, among other topics. The course will provide an opportunity for increased collaboration and knowledge-sharing.

Commending Saudi Arabia’s active participation in the WTO, WTO Director-General Ngozi Okonjo-Iweala told participants in a video message: “These regional trade policy courses were set up over 20 years ago to address the realities and interests of member economies across various regions. … We hope that it will also serve as a platform for you to discuss ways to strengthen, reform, and modernize the multilateral trading system – a crucial conversation that your respective representatives are actively pursuing in Geneva, as they work to ensure the organization is fit for purpose in the face of emerging challenges.”

DG Okonjo-Iweala also encouraged all WTO members to ratify the Agreement on Fisheries Subsidies promptly, highlighting its significance for the sustainability of ocean resources.

In his opening address, the President of King Saud University Dr Abdullah Alsalman emphasized how the WTO – as a forum for international cooperation – aligns with “Saudi Vision 2030“, under which the government is implementing initiatives to diversify the country’s economy: “Our effort to host this WTO initiative is part of our university’s contribution to achieving the goals of “Saudi Vision 2030”. More than ever, this vision seeks to strengthen the nation’s cooperation with the WTO and boost international trade. Saudi Arabia is both a benefactor and a beneficiary of a prosperous and regulated global economy.”

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MIL OSI Economics –

January 24, 2025

MIL-OSI Economics: Dot plots for the Eurosystem? | Speech at Harvard University

Source: Bundesbank

Check against delivery.

1 Introduction

Ladies and gentlemen,

it is a great pleasure to be at Harvard again, to meet long time companions like Hans-Helmut Kotz and to exchange ideas with top scientists such as Benjamin Friedman. When I was in this round two years ago, we were dealing with an unprecedented global inflation spike.[1] Fortunately, the worst is behind us, and inflation in the euro area is heading back to the Eurosystem’s target. We have not brought the inflation ship safely back into the 2% harbour, but the port is in sight. Thus, I can focus on another question today.

Before I do that, let me share an analogy to set the stage for my discussion. Back in the 1970s and 1980s, the field of economics was split into two seemingly incompatible schools of thought: New Keynesian and New Classical. Their proponents were not too polite in their language, calling assumptions “foolishly restrictive” or comparing an opponent to someone attempting to pass himself off as Napoleon Bonaparte.[2] But, over time, ideas from both camps ultimately merged to form a consensus called the New Neoclassical Synthesis, the very foundation of modern macroeconomics.[3] Gregory Mankiw neatly described this story in his essay “The Macroeconomist as Scientist and Engineer”.[4]

The takeaway from this analogy is that complex issues are rarely black or white. With this in mind, I want to explore whether the conduct of monetary policy in the euro area could be enhanced by offering more detailed and nuanced information regarding its future outlook. More specifically, today I will address the following question: Should the Eurosystem introduce dot plots?

To explore this, I will first examine current experience with dot plots and other forms of forward guidance in both the United States and the euro area. I will then evaluate the advantages and disadvantages of incorporating dot plots into the Eurosystem’s communication strategy. In this analysis, I will concentrate on the implications for policymakers’ independence, the effectiveness of monetary policy and the management of uncertainty.

2 The dot plot and other forms of forward guidance

Let me begin with some basics. Most central banks in advanced economies have a clear mandate to keep prices stable. They do this mainly by setting the policy rate and communicating their decisions in order to manage the expectations of economic agents, including market participants, households and firms. When central banks provide explicit signals about the future path of the policy rate, we call it forward guidance.

We can classify forward guidance into two ideal types: “Odyssean” and “Delphic”.[5] Odyssean forward guidance means the central bank makes a firm commitment to a future course of action, like promising to keep interest rates at a certain level for a certain time. Like Odysseus, who famously tied himself to the mast of his ship to resist the call of the sirens, central banks are committing to staying on course – whatever the future brings.

In contrast, Delphic forward guidance is conditional and involves sharing information about the central bank’s economic outlook and policy intentions without making firm commitments. This term comes from the Oracle of Delphi, famous for its prophecies and predictions, which were so ambiguous and open to interpretation that they always seemed to be borne out in hindsight. A prime example of Delphic forward guidance is the policy rate forecasts published by central banks such as Norges Bank and Sweden’s Riksbank.

A more subtle way of monetary policy communication is through the central bank’s reaction function. A reaction function indicates how the central bank adjusts its policy rate in response to key macroeconomic variables like the inflation rate or economic growth. When economic agents have a clear understanding of this reaction function, communication about the expected development of these macroeconomic variables can also help shape their expectations regarding the future trajectory of the policy rate.

2.1 The Fed’s dot plot

To consider if the Eurosystem should introduce dot plots, let me briefly recall what the Fed dot plots are and how market observers view them. Twelve years ago, the Fed began publishing the federal funds rate projections of the Federal Open Market Committee (FOMC) participants. Its intention was to boost transparency and communication with financial markets and the general public. On the other side of the Atlantic, the Eurosystem has, from its inception, held public press conferences and published monetary policy statements, the minutes of its meetings, and the results of its quarterly macroeconomic projections.

As you are well aware, before the FOMC meeting, FOMC participants share their individual assessment of the appropriate level of the fed funds rate for the end of the current year, the end of the coming two to three years and over the longer run. The longer run projection refers to “each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy.”[6]

Due to its visual representation in the Summary of Economic Projections (SEP), the combined projections of all FOMC members are known as the dot plot. These dots complement the FOMC participants’ projections for GDP growth, unemployment and inflation. While each FOMC participant submits their funds rate projection together with corresponding projections for macroeconomic variables, these correspondences are not revealed by the SEP. Accordingly, market observers cannot directly link the interest rate projections to the projections of the other macro variables.

The dot plot was meant to complement the Fed’s communication, not to replace the forward guidance it provided in the monetary policy statement at that time during the press conference. For example, in January 2012, the FOMC statement provided explicit forward guidance on rates, saying that the Committee “[…] anticipates that economic conditions […] are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.”[7] During the accompanying press conference, Chairman Ben Bernanke introduced the dot plot, observing that “[…] eleven participants expect that the appropriate federal funds rate at the end of 2014 will be at or below 1 percent, while six participants anticipate higher rates at that time.”[8]

Although the Federal Reserve did not introduce the dot plots as an explicit tool for forward guidance, many market analysts began to interpret them as such. When the forward guidance in the statement and the dot plot sent mixed signals, FOMC chairs often downplayed the dot plot’s importance.

In 2014, Janet Yellen famously stated: “[…] one should not look to the dot plot, so to speak, as the primary way in which the Committee wants to or is speaking about policy […].”[9] Similarly, in 2019, Jerome Powell noted that “[…] the dot plot has, on occasion, been a source of confusion. Until now, forward guidance in the statement has been a main tool for communicating committee intentions and minimizing that confusion.”[10]

And this is also how Fed watchers now see the dot plot, ranking it as the Fed’s fifth most important communication tool.[11] The top communication tools are the press conference, the Summary of Economic Projections (excluding the dots), the FOMC statement, and speeches by the chair.

Numerous studies show that the Fed has successfully used monetary policy communication to influence long-term interest rates and other asset prices.[12] And some research suggests that the dot plots significantly and independently influence market interest rates. [13] But there is a fundamental issue about these results: it is very challenging to determine how much each communication channel contributes to the overall effect.

To identify the causal effect of monetary policy, scholars often define a so-called event window around central banks’ monetary policy meetings. Changes in market interest rates during this event window are then attributed to monetary policy.

But there is a problem: when the dot plot is released, it is published together with the monetary policy statement. That makes it hard to determine which one caused the interest rate changes observed during the event. And because of this, it is unclear whether those channels actually provide complementary information or are just substitutes.

2.2 Monetary policy communication at the Eurosystem

So, what does the Eurosystem’s monetary policy communication look like? The Eurosystem began using explicit forward guidance in the introductory statement to its July 2013 meeting. At that time, inflation in the euro area was low, and the Eurosystem expected underlying price pressures to stay subdued in the medium term. Interest rates were already at the effective zero lower bound.

To provide further accommodation, the ECB’s Governing Council, which is the counterpart of the FOMC, announced in its July 2013 meeting that it “expects the key ECB interest rates to remain at present or lower levels for an extended period of time.”[14] The Governing Council continued to use variations of this statement for almost a decade. And there is now also ample evidence that the Eurosystem has been successful in implementing its forward guidance.[15]

With the resurgence of inflation in 2021 and high uncertainty caused by major shocks and structural changes, the Eurosystem shifted to a data-dependent, meeting-by-meeting approach, largely stepping away from explicit forward guidance.

More specifically, we now base our interest rate decisions on three elements: first, our assessment of the inflation outlook in light of the incoming economic and financial data, second, the dynamics of underlying inflation, and third, the strength of monetary policy transmission. These three elements can be seen as a further specification of our reaction function. However, the Governing Council does not pre-commit to any specific rate path.

Taken together, apart from the publication of the dot plot, the approaches to monetary policy communication taken by the Federal Reserve System and the Eurosystem are largely comparable. Both institutions regard the monetary policy statement and the press conference as their primary communication tools. And both central banks have recently shifted from explicit forward guidance towards a data-dependent meeting-by-meeting approach.

But the Eurosystem also continues to provide signals about future policy rates. It simply does it more implicitly. For example, the wording of the monetary policy statement and the answers of the ECB President during press conferences provide insights into future policy rates. As do speeches and interviews given by Governing Council members. Additionally, the Eurosystem influences market expectations through its quarterly staff projections.[16]

Unlike some other central banks, the Eurosystem uses the interest rate implied by financial market prices on a specific cut-off day as a conditioning assumption for its macroeconomic projections. Specifically, this means that our medium-term inflation forecast aligns with market expectations for a particular policy rate path. Market participants can subsequently compare the exogenous path for the policy rate, as embedded in our macroeconomic projections, with our actual monetary policy decisions, in order to gain insights into our reaction function.

You could say that the Eurosystem provides Athenian communication. Athena was known as the Goddess of wisdom and as a protector and guide to many Greek heroes. Rather than communicating directly with those she protected, Athena often used indirect guidance. And through her subtle guidance, Athena empowered the heroes she protected to take decisive action and make wise choices.

3 A dot plot for the Eurosystem?

Now, let us get to the heart of the matter. Should the Eurosystem introduce dot plots? Although this question can only be answered “yes” or “no”, complex issues are rarely black and white, as mentioned earlier.

In the following, rather than simply listing the pros and cons of introducing dot plots in the Eurosystem, I will structure my discussion around three themes: First, the impact dot plots could have on the independence of the Eurosystem. Second, the potential for dot plots to improve the effectiveness of our monetary policy communication. And third, the role dot plots could play in capturing projection uncertainty around our baseline forecasts.

Throughout, I will only consider adding projections for the policy rates to the existing macroeconomic projections by Eurosystem staff. For simplicity, I will not consider whether to also complement our current consensus projections for macroeconomic variables with individual macroeconomic projections.

3.1 Independence

Let me begin with the theme of independence. The ECB’s Governing Council consists of the six ECB Executive Board members and the 20 governors of the euro area’s national central banks. Although this setting may resemble that of the Federal Open Market Committee, which includes Federal Reserve Bank Presidents, there is a significant difference.

The euro area is not composed of regions within a single country but of individual countries within a larger union, each with its own fiscal authority and national laws, as well as considerable differences in economic size and performance. Therefore, within the Governing Council we have a strong interest in finding and communicating a consensus perspective. This is, for example, enshrined in our statute, which states that the proceedings of the meetings of the Governing Council are confidential.

When we discussed introducing ECB accounts from our Governing Council meetings – comparable to the published minutes of FOMC meetings – about a decade ago, we aimed to balance two things: On the one hand, to clearly articulate the consensus perspective. Yet on the other hand to represent the full spectrum of views in order to help market participants better understand the ECB Governing Council’s decision-making process.[17]

In the end, the Eurosystem decided to represent the full spectrum of the discussion without naming individuals. Nevertheless, despite the anonymity of the arguments presented, markets and the media alike continue to attempt to discern the identities of the individuals behind them. Given that numerous members of the Governing Council express their views on monetary policy through speeches and interviews, identifying their positions is not a particular challenge.

If there were anonymous dot plots of Governing Council members, media and the markets alike would probably attempt to match individual members to each dot as well. The primary distinction between speeches and dot plots is that Governing Council members deliver speeches voluntarily. In contrast, dot plots would force all Governing Council members to regularly articulate their perspectives on the future trajectory of interest rates. And this could potentially influence the Governing Council’s independence.

Once national stakeholders become aware of “their” representative’s views on future interest rates, they may exert pressure on the representative to align with national interests. I am confident that, even if we were to publish dot plots, every member of the Governing Council would continue to act independently and in the best interests of the entire euro area. However, I believe we are well advised not to put ourselves in a situation that might increase pressure on us to act in ways others want us to.

3.2 Effectiveness of monetary policy communication

My second theme is whether a dot plot could significantly enhance the Eurosystem’s effectiveness of monetary policy communication. And here I am sceptical. To begin with, there is the previously discussed issue: the dot plot may conflict with the consensus message conveyed in the monetary policy statement. But the main reason for my scepticism is that comparative studies on different methods of monetary policy communication are inconclusive.

A BIS working paper shows that interest rate projections provide additional information to macroeconomic projections, meaning that they are not redundant.[18] That could be seen as an argument for introducing dot plots. However, while market participants in countries that publish both interest rate projections and macroeconomic projections prefer the former, they might still be able to obtain sufficient information from macroeconomic projections alone.

Furthermore, research on central bank communication in Norway and Sweden shows that publishing interest rate projections has not improved market understanding of what new macroeconomic information implies for future interest rate.[19] In other words, the publication of interest rate paths did not help market participants better understand the central banks’ reaction functions.

This finding aligns with research published by the Reserve Bank of New Zealand that shows that announcements with interest rate forecasts and those with only written statements lead to similar market reactions across the yield curve.[20] The authors pointedly conclude that, while central bank communication is important, the exact form it takes is less relevant.

This result echoes a seminal study by Blinder and co-authors, who concluded back in 2008 that there was no consensus on what constitutes an optimal communication strategy.[21]

All things considered, I see no compelling evidence that the Eurosystem’s monetary policy communication would be significantly enhanced by the introduction of a dot plot.

3.3 Projection uncertainty

Now to the third and final theme – uncertainty. I am quite sure that the Eurosystem has room to improve how we handle projection uncertainty. Currently, the ECB’s Governing Council summarises its view on the uncertainty surrounding economic growth and inflation in the risk assessment section of its monetary policy statement. More specifically, the Eurosystem addresses the uncertainty around its baseline inflation forecast in two ways.[22]

First, it produces fan charts with symmetric ranges around the point forecast, based on past projection errors. In this setup, past projection errors act as a catch-all proxy for uncertainty. Second, it occasionally publishes risk scenarios, conditional on assumptions different from those in the baseline projection. For instance, during the pandemic, the Eurosystem began using alternative assumptions about the future path of infections and contact restrictions to illustrate macroeconomic uncertainty.

Could the use of dot plots enhance the communication of inflation forecast uncertainty within the Eurosystem? Given that dot plots offer only an indirect method for conveying uncertainty about the inflation outlook, there may be more effective alternatives.

One might be to enhance the communication of our existing measures of uncertainty. Another might be to develop new measures, such as scenario and sensitivity analyses, as well as improved fan charts. We must carefully evaluate the pros and cons of each approach.

Hence, it is quite fitting that the Eurosystem is currently performing an interim strategic review, which includes an analysis of how risk and uncertainty should inform both policy decisions and policy communication. I’m already looking forward to the results.

4 Conclusion

Ladies and gentlemen, let me conclude. I began my talk by discussing different schools of thought – New Keynesian and New Classical – and argued that complex issues are rarely black or white. When it comes to central bank communication about the future, there are certainly many promising approaches. And, undoubtedly, dot plots are an intriguing instrument for central bank communication.

However, given the prevailing evidence, I do not see a compelling case for introducing dot plots for the Eurosystem.

On the other hand, I firmly believe that we can and should enhance how we account for uncertainty in our macroeconomic projections. I have outlined a few options which the Eurosystem will address in the ongoing strategy review.

Footnotes:

Nagel, J. (2022), The ECB’s mandate: maintaining price stability in the euro area, speech at the Minda de Gunzburg Center for European Studies, Harvard University.
Mankiw, G. (2006), The Macroeconomist as Scientist and Engineer, Journal of Economic Perspectives, Vol. 20(4), pp. 29-46.
Goodfriend, M. and R. King (1997), The New Neoclassical Synthesis and the Role of Monetary Policy, in: NBER Macroeconomics Annual, Bernanke, B. and J. Rotemberg (eds.), MIT Press, pp. 231-283.
Mankiw, G. (2006), op. cit.
Campbell, J. et al. (2012), Macroeconomic Effects of Federal Reserve Forward Guidance, Brookings Papers on Economic Activity, Vol. 43(1), pp. 1-80. Another distinction is between time-dependent (or calendar-dependent) and state-dependent forward guidance. The former ties monetary policy to a specific time frame, whereas the latter ties future policy actions to specific economic conditions or thresholds. The concepts can overlap and be used in combination.
SEP: Compilation and Summary of Individual Economic Projections, 24-25 January 2012.
FOMC Statement, 25 January 2012.
Bernanke, B. (2012), Transcript of Chairman Bernanke’s Press Conference, 25 January 2012,
Yellen, J. (2014), Transcript of Chair Yellen’s Press Conference, 19 March 2014.
Powell, J. (2019), Monetary Policy: Normalization and the Road Ahead, speech at the SIEPR Economic Summit, Stanford Institute of Economic Policy Research, Stanford, California.
Wessel, D. and S. Boocker (2024), Federal Reserve communication – survey results, Hutchins Center on Fiscal and Monetary Policy at Brookings.
See, for example, Gürkaynak, R. et al. (2005), Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements, International Journal of Central Banking, International Journal of Central Banking, Vol. 1(1), pp. 55-93; Wright, J. (2012), What Does Monetary Policy Do to Long‐term Interest Rates at the Zero Lower Bound?, Economic Journal, Vol. 122(564), pp. 447-466; and Swanson, E. (2021), Measuring the effects of federal reserve forward guidance and asset purchases on financial markets, Journal of Monetary Economics, Vol. 118(C), pp. 32-53.
See, for example, Couture, C. (2021), Financial market effects of FOMC projections, Journal of Macroeconomics, Vol. 67 and Hillenbrand, S. (2023), The Fed and the Secular Decline in Interest Rates, Accepted, Review of Financial Studies.
Draghi, M. and V. Constâncio (2013), Introductory statement to the press conference (with Q&A), Frankfurt am Main, 4 July 2013.
See, for example, Altavilla, C. et al. (2021), Assessing the efficacy, efficiency and potential side effects of the ECB’s monetary policy instruments since 2014, ECB Occasional Paper, No. 278; Andrade, P. and F. Ferroni (2021), Delphic and Odyssean monetary policy shocks: Evidence from the euro area, Journal of Monetary Economics, Vol. (117), pp. 816-832; Kerssenfischer, M. (2022), Information effects of euro area monetary policy, Economics Letters, Vol. 216(C); and Monetary Policy Committee, Taskforce on Rate Forward Guidance and Reinvestment (2022), Rate forward guidance in an environment of large central bank balance sheets: A Eurosystem stock-taking assessment, ECB Occasional Paper No. 290.
The Eurosystem produces macroeconomic projections four times a year. ECB staff produces them in March and September. In June and December, they are co-produced by ECB and national central bank staff.
See Morris, S. and H. Shin (2005): Central Bank Transparency and the Signal Value of Prices, Brookings Papers on Economic Activity, Vol.36(2), pp. 1-66 for a general treatment of the role of transparency.
Hofmann, B. and D. Xia (2022), Quantitative forward guidance through interest rate projections, BIS Working Paper No. 1009.
Natvik, G. et al. (2020), Does publication of interest rate paths provide guidance?, Journal of International Money and Finance, Vol. 103.
Detmers, G.-A (2021), Quantitative or Qualitative Forward Guidance: Does it Matter?, Economic Record, Vol. 97(319), pp. 491-503.
Blinder, A. et al. (2008), Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence, Journal of Economic Literature, Vol. 46(4), pp. 910-945.
See ECB (2024), ECB staff macroeconomic projections for the euro area, March 2023, box 6 for a rundown.

MIL OSI Economics –

January 24, 2025

MIL-OSI Economics: Breaking the vicious circle between banks and sovereigns for good | Joint guest contribution by Joachim Nagel and Nicolas Véron, op-ed for Politicoby Politico

Source: Bundesbank

Twelve years after its initiation, it is time to complete the banking union

In the early hours of 29 June 2012, boldness and clarity came together. After a long night of negotiations, European leaders laid the foundations for the banking union project. They found strong and clear words on its purpose, stating it is imperative to break the vicious circle between banks and sovereigns.

The decision was taken in the aftermath of a twin crisis that had shaken the euro area – a sovereign debt crisis coupled with a banking crisis. The close links between sovereigns and banks had created a “doom loop”: sovereigns bailed out teetering banks, straining public finances, and rising sovereign yields put pressure on banks’ home-biased sovereign exposures. Such loops emerged as a particular vulnerability of the euro area, with its unique institutional setup as a monetary union of otherwise sovereign states, increasing the pressure on the Eurosystem to save the day. The banking union was conceived as the sword that would sever the doom loop.

Today’s banking union is primarily the result of intensive legislative efforts between 2012 and 2014. They established a complete framework for supervising European banks, and an incomplete one for dealing with banking crises. This helped to mitigate the vicious circle, in particular by creating the Single Supervisory Mechanism under the European Central Bank and the national supervisory authorities. That has proven its effectiveness, but the vicious circle has not yet been broken.

Before the lessons of 2012 are forgotten, the new EU term offers an opportunity to finish the task and break the vicious circle between banks and sovereigns for good. Action must go both ways. First, block the direct contagion channel from banks to sovereigns. Taxpayers should not have to suffer when banks run into problems. Second, close the contagion channel from sovereigns to banks. A sovereign credit event cannot and should not be ruled out in a monetary union with sovereign fiscal policies at the national level. At the same time, it must not be permitted to drag down banks with it and thus further jeopardise financial stability.

The first aim calls for strengthening the crisis intervention framework. Valuable progress has been made with the establishment of the Single Resolution Board and the Single Resolution Fund. The latter reached its target level, currently at €78 billion, after a decade of build-up. However, a more streamlined and predictable framework is needed. Specifically, resolution should be a credible and feasible option to manage more, if not all, failing banks under EU law, instead of the current confusing mix of European and national procedures that leaves too much scope for national state aid and moral hazard.

The reform of the framework for crisis management is closely linked to deposit insurance. A common European deposit insurance mechanism would strengthen confidence in depositor protection and thus reduce the risk of bank runs. It is intended to weaken the link between banks and their national sovereigns and thus to contribute to making the euro area as a whole more resilient. The two of us have different views on how it should be structured, whether fully centralised or a hybrid involving national authorities. However, we share the firm conviction that deposit protection needs a European level. All banks in the euro area should participate in it. Its funding can and should be risk-based, taking into account arrangements such as the institutional protection schemes that play a significant role in Austria and Germany.

Under that mechanism, certain risks would be shouldered jointly within the EU. Conversely, risks that are within the remit of the individual Member States must be appropriately limited. To reduce negative spillovers from sovereigns to banks – the second aim – it is crucial to avoid large and undiversified exposures of bank balance sheets to a single sovereign. Concentration limits and capital charges can serve as effective tools here. With adequate calibration and a transition phase, these tools could incentivise banks to diversify their sovereign exposures, thereby gradually overcoming home bias.

As it turns out, the issues of crisis management, deposit insurance and banks’ sovereign exposures are intertwined. Attempts to make progress have so far failed, not least because they were not comprehensive enough. Part of why the European Commission’s 2015 legislative proposal on deposit insurance was shelved is because banks’ concentrated sovereign exposures were not tackled at the same time. It seems that Member States are unwilling to make concessions if the outcome is merely a halfway house. A comprehensive approach that addresses the interlinked issues holistically is worth considering. It could complete the work that began with a promise twelve years ago – to break the vicious circle between banks and sovereigns.

Nicolas Véron is a French economist. He is a senior fellow at Bruegel in Brussels, which he co-founded in 2002–05, and at the Peterson Institute for International Economics in Washington DC.

MIL OSI Economics –

January 24, 2025

MIL-OSI Economics: Small business group advances work programme, focuses on business support organizations

Source: World Trade Organization

Thematic discussions: Business support organizations

The meeting shed light on the work of business support organizations, such as the Enterprise Europe Network (EEN) and the International Trade Centre, in connecting small businesses with partners to help them export to international markets and utilise opportunities provided by free trade agreements.

It was noted that business support organizations play an important role in facilitating the information flow between the public and private sectors, particularly small business, in addition to gathering feedback and providing advisory services to MSMEs to help them access financing opportunities.

The session was in response to a proposal by the United States (INF/MSME/W/51), which suggested exploring how small businesses are linked to the mechanisms that shape trade policy through local chambers of commerce, trade associations, and/or other local business support organizations.

Success stories

As part of its efforts to strengthen engagement with the private sector, the Group invited Mr Aziz Ndiaye, Founder and Owner of ANEP Company, a small business headquartered in Switzerland, to present his enterprise. ANEP Company specializes in the import and export of exotic fruits and vegetables from Senegal, Côte d’Ivoire, Burkina Faso, Togo and Benin and seeks to deliver positive social impact for the communities benefiting from these trade opportunities.

The two winners of the Small Business Champions initiative (CLAC – Coordinadora Latino americana de Comercio Justo and O’KANATA) presented their winning projects to the Group. Their projects are aimed at helping indigenous people trade internationally through needs assessment surveys, technical assistance and online platforms.

Dr Ayman El Tarabishy, President and CEO of the International Council for Small Business (ICSB), spoke to the Group about the ICSB’s efforts to advance small business research and good practice.

Future work

The Group’s next meeting on 10 December will focus on good regulatory practices for MSMEs and trade digitalization in response to a proposal put forward by the United Kingdom (INF/MSME/W/52).

The UK will explain how MSMEs’ interests are considered in regulatory development, referencing Annex 4 of the December 2020 MSME package. The UK will also discuss various processes and tools used in domestic regulatory procedures that may benefit MSMEs. Various speakers will be invited to talk about the importance of trade digitalization for small businesses and how trade digitalization efforts can be accelerated.

Work is underway to build on the compendium of special provisions on the integration of MSMEs into Authorised Economic Operators programmes published earlier this year. A joint study by the World Customs Organization and the International Chamber of Commerce is being prepared on this issue, using a recent survey as a basis for the report.

New proposal

The Russian Federation presented a proposal (INF/MSME/W/58 – INF/TGE/COM/10) to have a compendium of educational programmes aimed at empowering women entrepreneurs in finance and marketing. The compendium’s objective is to help women-owned businesses participate in international trade and assist governments in drafting supporting policies.

Updates

Members shared updates on their implementation of the December 2020 MSME package of recommendations aimed at helping small businesses trade globally. China reported on its ninth Trade Policy Review (TPR), where measures taken to integrate small and medium-sized enterprises (SMEs) in its policies were included in its report. Such measures include the provision of policy support documents, tax extensions and the establishment of funds.

China also highlighted its efforts to create a business-friendly environment, such as addressing financing challenges and supporting research and development.

The ITC provided updates on the Global Trade Helpdesk, an online platform intended to bring together trade and business information for companies, especially MSMEs. The ITC noted an increase in the usage of the platform in the United States, India, China and Indonesia, and highlighted recent events including the launch of Bahasa and Chinese versions of the HelpDesk.

MSME-related discussions in the Technical Barriers to Trade Committee and Government Procurement Committee were also shared with the Group. This included a new good practice guide on how to comment on members’ notifications, focusing on the ability of the private sector to provide feedback and track such notifications and on the adoption of a best practice report on measures facilitating the participation of SMEs in government procurement.

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MIL OSI Economics –

January 24, 2025

MIL-OSI Asia-Pac: TRAI releases a consultation paper on ‘the Terms and Conditions of Network Authorisations to be Granted Under the Telecommunications Act, 2023’.

Source: Government of India

Posted On: 22 OCT 2024 9:35PM by PIB Delhi

The Telecom Regulatory Authority of India (TRAI) has today released a consultation paper on ‘the Terms and Conditions of Network Authorisations to be Granted Under the Telecommunications Act, 2023’.

The Department of Telecommunications (DoT), through a letter dated 26.07.2024, informed TRAI that the Telecommunications Act, 2023 has been published in the Official Gazette of India; Section 3(1)(b) of the Act provides for obtaining an authorisation by any person intending to establish, operate, maintain or expand telecommunication network, subject to such terms and conditions, including fees or charges, as may be prescribed. Through the said letter dated 26.07.2024, DoT, under Section 11(1)(a) of the TRAI Act 1997, requested TRAI to provide its recommendations on terms and conditions, including fees or charges, for authorisation to establish, operate, maintain or expand telecommunication network as per the provisions of the Telecommunications Act, 2023.

Subsequently, through another letter dated 17.10.2024, DoT requested TRAI to consider an authorisation for satellite communication network under section 3(1)(b) of the Telecommunications Act, 2023.

In this regard, a consultation paper on ‘the Terms and Conditions of Network Authorisations to be Granted Under the Telecommunications Act, 2023’ has been placed on the TRAI’s website (www.trai.gov.in) for seeking comments/ counter comments from stakeholders. Written comments and counter comments on the issues raised in the consultation paper are invited from stakeholders by 12.11.2024 and 19.11.2024, respectively.

The Comments/ counter-comments may be sent, preferably in electronic form, at advmn@trai.gov.in. For any clarification/ information, Shri Akhilesh Kumar Trivedi, Advisor (Networks, Spectrum & Licensing), TRAI may be contacted at telephone number +91-11-20907758.

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SB/DP/ARJ

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MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Department of Posts starts a proof of concept for transmission of mail through drone

Source: Government of India

Posted On: 22 OCT 2024 8:30PM by PIB Delhi

Keeping pace with the latest developments in the Courier Express & Parcel (CEP) market, Department of Posts has started a proof of concept (POC) on 21^stOctober, 2024 for transmission of mail through drone between Chowkham Post Office (PO) and Wakro Branch Post Office (BO) located in Namsai and Lohit district, respectively of Arunachal Pradesh, when a drone from Chowkham PO airlifted at 10.40 AM and landed at Wakro BO at 11.02 AM, carrying the mail for the BO. In the return journey, drone airlifted from Wakro BO at 11.44 AM and landed at Chowkham PO at 12.08 PM. Department of Posts has entered into a tie up with SKYE AIR Mobility Private Limited for carrying out the POC. Wakro BO is located at a distance of 45 km from Chowkham PO. However, due to mountainous terrain, existing transmission time for mail between Chowkham PO to Wakro BO is around 2 hrs to 2 ½ hrs. as mail is being carried through the buses of Arunachal Pradesh State Transport services. Transmission of mail through environment friendly drones has reduced the transmission time of mail between Chowkham PO and Wakro BO to 22 mts. – 24 mts. Transmission of mail through drone will not only reduce the transmission time in conveyance of mail, but will also bring reliability in transmission of mail as well as real-time tracking of mail in difficult mountainous areas for the Department. This POC will help the Department in improving the delivery services in areas under Wakro BO. Department of Posts will expand the usage of drones for transmission of mail in other difficult and mountainous areas upon the successful conduct of POC.

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SB/DP/ARJ

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MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: The Union Minister Shri Nitin Gadkari Reviews Progress of Key National Highway Projects in Assam, Sikkim, and Mizoram

Source: Government of India

Posted On: 22 OCT 2024 8:21PM by PIB Delhi

The Union Minister of Road Transport & Highways, Shri Nitin Gadkari, conducted a comprehensive review meeting in Delhi to assess the progress of key National Highway projects in Assam, Sikkim, and Mizoram. The meetings were attended by Union Minister of Ports, Shipping, and Waterways Shri Sarbananda Sonowal, Union MoS (RTH) Shri Ajay Tamta, Shri Harsh Malhotra, Assam Chief Minister Shri Himanta Biswa Sarma, Sikkim R&B Minister Shri Nar Bahadur Dahal, Mizoram Chief Minister Shri Lal Duhoma, and other senior officials.

Shri Gadkari reviewed the progress of 57 National Highway projects spanning 1001 km in Assam. The discussion centred on accelerating the pace of mobility infrastructure while ensuring sustainability and cost-efficiency. These efforts are aimed at significantly boosting regional connectivity, raising economic growth, and transforming the state’s infrastructure landscape for long-term benefits.

This initiative aligns with the vision of Hon’ble Prime Minister Shri Narendra Modi, who envisions a connected and progressive future for Assam. The infrastructure projects in the state are paving the way for growth and prosperity.

Shri Gadkari also assessed the progress of 21 National Highway projects covering 309 km in Sikkim. The meeting highlighted the urgency of expediting infrastructure development with a focus on sustainability and cost-efficiency. This approach aims to enhance connectivity, drive economic growth, and support long-term progress in Sikkim.

📍𝑵𝒆𝒘 𝑫𝒆𝒍𝒉𝒊

Reviewed the progress of 21 National Highway projects covering 309 km in Sikkim, along with Union MoS Shri @AjayTamtaBJP Ji, Shri @hdmalhotra Ji, Sikkim R&B Minister Shri Nar Bahadur Dahal Ji, and senior officials in Delhi.

We stressed the need to expedite… pic.twitter.com/U6mcKXKDt1

— Nitin Gadkari (@nitin_gadkari) October 22, 2024

Under the visionary leadership of PM Shri Narendra Modi, Sikkim’s highways are playing a vital role in unlocking new avenues for connectivity and development, reshaping the state’s future.

Shri Gadkari also reviewed 24 National Highway projects spanning 572 km in Mizoram. The focus was on accelerating infrastructure development while ensuring sustainability and maintaining cost-efficiency in the execution of projects. The goal is to improve connectivity across Mizoram, stimulate economic growth, and contribute to the state’s long-term transformation.

These initiatives are set to ensure faster progress and long-term benefits for both states, contributing to regional growth and prosperity.

NKK/AK

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MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Economics: Verizon delivers strong third quarter results with customer growth in mobility, extending industry leadership

Source: Verizon

Headline: Verizon delivers strong third quarter results with customer growth in mobility, extending industry leadership

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3Q 2024 Highlights

Wireless: More than doubled wireless postpaid phone net additions year over year

Total wireless service revenue¹ of $19.8 billion, a 2.7 percent increase year over year.
Retail postpaid phone net additions of 239,000, and retail postpaid net additions of 349,000.
Retail postpaid phone churn of 0.89 percent, and retail postpaid churn of 1.16 percent.

Broadband: Achieved fixed wireless subscriber target 15 months ahead of schedule

Total broadband net additions of 389,000. This was the ninth consecutive quarter with more than 375,000 broadband net additions.
Total fixed wireless net additions of 363,000. At the end of third-quarter 2024, the company had a base of nearly 4.2 million fixed wireless subscribers. The company reached its fixed wireless subscriber target 15 months ahead of schedule, which is a reflection of the product’s popularity and customer demand for high quality broadband services.
Total broadband connections grew to more than 11.9 million as of the end of third-quarter 2024, representing a nearly 16 percent increase year over year.
Fixed wireless revenue for third-quarter 2024 was $562 million, up $215 million year over year.

Consolidated: Sustained focus on profitable growth

Total operating revenue of $33.3 billion, essentially flat compared to third-quarter 2023.
Consolidated net income for the third quarter of $3.4 billion, down from consolidated net income of $4.9 billion in third-quarter 2023. This decrease was primarily driven by severance charges of $1.7 billion related to separations under the company’s voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives. Consolidated adjusted EBITDA² for the third quarter of $12.5 billion, up from $12.2 billion in third-quarter 2023.
Earnings per share of $0.78, compared with earnings per share of $1.13 in third-quarter 2023; adjusted EPS², excluding special items, of $1.19, compared with $1.22 in third-quarter 2023.

NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported third-quarter 2024 results today with customer growth in mobility and broadband. The company also continued its momentum in its three financial priorities of wireless service revenue, consolidated adjusted EBITDA and free cash flow.

“This has been a pivotal quarter for Verizon, with transformative strategic moves and continued operational excellence. We continue to deliver strong results in mobility and broadband, and we are on track to meet our full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range,” said Verizon Chairman and CEO Hans Vestberg. “Our new products — myPlan, myHome and Verizon Business Complete — and our brand refresh are resonating with customers. Through our pending acquisition of Frontier Communications, and our agreement for Vertical Bridge to lease, operate and manage thousands of wireless communications towers, we have set Verizon up for disciplined growth, now and into the future.”

For third-quarter 2024, Verizon reported earnings per share of $0.78, compared with earnings per share of $1.13 in third-quarter 2023. On an adjusted basis², excluding special items, EPS was $1.19 in third-quarter 2024, compared with adjusted EPS² of $1.22 in third-quarter 2023.

Reported third-quarter 2024 financial results reflected $2.3 billion in charges related to special items. This included a severance charge of $1.7 billion related to separations under the company’s voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives; an asset and business rationalization charge of $374 million predominantly related to the decision to cease use of certain real estate assets and exit non-strategic portions of certain businesses; and amortization of intangible assets of $186 million related to Tracfone and other acquisitions.

Consolidated results: Financially disciplined, consistent with overall strategy

Total consolidated operating revenue in third-quarter 2024 was $33.3 billion, essentially flat compared to third-quarter 2023, as service and other revenue growth was offset by declines in wireless equipment revenue.
Total wireless service revenue¹ in third-quarter 2024 was $19.8 billion, a sequential increase of $70 million, and an increase of 2.7 percent year over year. This increase was primarily driven by pricing actions implemented in recent quarters and growth from fixed wireless connections.
Cash flow from operations year-to-date³ totaled $26.5 billion, compared with $28.8 billion in 2023. This result reflects higher cash taxes, as well as higher interest expense primarily driven by the decrease in capitalized interest and higher interest rates.
Capital expenditures year-to-date³ were $12.0 billion.
Free cash flow² year-to-date³ was $14.5 billion, compared with $14.6 billion in 2023.
Consolidated net income for third-quarter 2024 was $3.4 billion, down from consolidated net income of $4.9 billion in third-quarter 2023, and consolidated adjusted EBITDA² was $12.5 billion, up from $12.2 billion in third-quarter 2023.
Verizon’s total unsecured debt as of the end of third-quarter 2024 was $126.4 billion, a $1.1 billion increase compared to second-quarter 2024, and approximately $70 million lower year over year. The company’s net unsecured debt² at the end of third-quarter 2024 was $121.4 billion. At the end of third-quarter 2024, Verizon’s ratio of unsecured debt to net income (LTM) was 12.3 times and net unsecured debt to consolidated adjusted EBITDA ratio² was 2.5 times.

Verizon Consumer: Seventh consecutive quarter of year over year growth in postpaid phone gross additions

Total Verizon Consumer revenue in third-quarter 2024 was $25.4 billion, an increase of 0.4 percent year over year as gains in service revenue were partially offset by declines in wireless equipment revenue.
Wireless service revenue in third-quarter 2024 was $16.4 billion, up 2.6 percent year over year, driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued fixed wireless adoption.
Consumer wireless retail postpaid churn was 1.07 percent in third-quarter 2024, and wireless retail postpaid phone churn was 0.84 percent.
In third-quarter 2024, Consumer reported 81,000 wireless retail postpaid phone net additions, compared with 51,000 net losses in third-quarter 2023. This improvement was driven by a 5.9 percent year over year increase in postpaid phone gross additions. This marks the seventh consecutive quarter of year over year growth in postpaid phone gross additions. Excluding the contribution from the company’s second number offering, Consumer reported 18,000 wireless retail postpaid phone net additions. Verizon expects to have positive Consumer postpaid phone net additions for full-year 2024, with and without the contribution from the second number offering.
In third-quarter 2024, Consumer reported 80,000 wireless retail prepaid net additions, excluding Safelink, Verizon’s brand offering access to government-sponsored connectivity benefits and programs.
Consumer reported 209,000 fixed wireless net additions and 39,000 Fios Internet net additions in third-quarter 2024. Consumer Fios revenue was $2.9 billion in third-quarter 2024.
In third-quarter 2024, Consumer operating income was $7.6 billion, an increase of 0.8 percent year over year, and segment operating income margin was 30.0 percent, an increase from 29.9 percent in third-quarter 2023. Segment EBITDA² in third-quarter 2024 was $11.0 billion, an increase of 1.8 percent year over year. This improvement can be attributed to service and other revenue growth partially offset by lower upgrade volumes. Segment EBITDA margin² in third-quarter 2024 was 43.4 percent, an increase from 42.8 percent in third-quarter 2023.

Verizon Business: Continued mobility and broadband growth

Total Verizon Business revenue was $7.4 billion in third-quarter 2024, a decrease of 2.3 percent year over year, as increases in wireless service revenue were more than offset by decreases in wireline revenue.
Business wireless service revenue in third-quarter 2024 was $3.5 billion, an increase of 2.9 percent year over year. This result was driven by continued strong net additions for both mobility and fixed wireless, as well as benefits from pricing actions implemented in recent quarters.
Business reported 281,000 wireless retail postpaid net additions in third-quarter 2024. This result included 158,000 postpaid phone net additions. The company experienced sustained growth in phone net additions across its small and medium business, enterprise, and public sector customers throughout the quarter.
Business wireless retail postpaid churn was 1.45 percent in third-quarter 2024, and wireless retail postpaid phone churn was 1.12 percent.
Business reported 154,000 fixed wireless net additions in third-quarter 2024.
In third-quarter 2024, Verizon Business operating income was $565 million, an increase of 4.8 percent year over year, and segment operating income margin was 7.7 percent, an increase from 7.2 percent in third-quarter 2023. Segment EBITDA² in third-quarter 2024 was $1.6 billion, a decrease of 3.7 percent year over year, driven by continued declines in wireline revenues. Segment EBITDA margin² in third-quarter 2024 was 21.8 percent, a decrease from 22.1 percent in third-quarter 2023.

Outlook and guidance: Verizon is on track to meet financial guidance

The company does not provide a reconciliation for any of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.

For 2024, Verizon continues to expect the following:
Total wireless service revenue growth1 of 2.0 percent to 3.5 percent.
Adjusted EBITDA growth² of 1.0 percent to 3.0 percent.
Adjusted EPS² of $4.50 to $4.70.
Capital expenditures between $17.0 billion and $17.5 billion.
Adjusted effective income tax rate² in the range of 22.5 percent to 24.0 percent.

¹ Total wireless service revenue represents the sum of Consumer and Business segments.
² Non-GAAP financial measure. See the accompanying schedules and http://www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
³ Nine months ended September 30, 2024.

Forward-looking statements

In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyber attacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our operations, our employees and the ways in which our customers use our networks and other products and services; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

MIL OSI Economics –

January 24, 2025

MIL-OSI Asia-Pac: NESTS launches ‘Amazon Future Engineer Program’ for Eklavya Model Residential Schools

Source: Government of India (2)

Posted On: 22 OCT 2024 7:00PM by PIB Delhi

National Education Society for Tribal Students (NESTS) today launched the Third Phase of the ‘Amazon Future Engineer Program’ in 50 Eklavya Model Residential Schools (EMRS) spread across Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Odisha, Telangana and Tripura. The third phase would include an orientation on blockchain, artificial intelligence, coding, block programming and AI sessions.

The Commissioner, NESTS Shri Ajeet Kumar Srivastava also inaugurated the four-day in-person teachers’ training workshop as well as the EMRS Coders Expo, an exhibition of Top 20 Coding Projects from EMRSs during the previous academic year, in New Delhi.

Speaking at the event, Sh. Ajeet Kumar Srivastava, Commissioner, NESTS highlighted the importance of empowering tribal educators with the skills necessary to teach emerging technologies. Further, during the ceremony, the Commissioner, NESTS felicitated the Top 3 Student Coding Projects for their creativity and innovation, along with the Top 3 IT Teachers for their dedication and guidance throughout the year.

The third phase of the Amazon Future Engineer Program will be rolled out across 410 proposed EMRSs in India. The Amazon Future Engineer Program has been running for two years, has already introduced over 7,000 students in grades 6 to 8 to the fundamentals of computer science and block programming, with over 50 teachers trained in the previous phases. The third phase will expand the curriculum to include blockchain, artificial intelligence, and coding for students in grades 6 to 9. Additionally, project-based virtual sessions will be provided for class 10 students, further aligning with the CBSE AI Skills Curriculum.

NESTS remains committed to fostering technological literacy and modernizing education for tribal students across the nation. Through these capacity-building programs, NESTS aims to ensure that tribal students are well-prepared for future careers in STEM fields, contributing to India’s technological advancement.

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PSF

(Release ID: 2067127) Visitor Counter : 37

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: First regional workshop under the Panchayat Sammelan series on “Ease of Living: Enhancing Service Delivery at the Grassroots” held at NIRD&PR, Hyderabad.

Source: Government of India (2)

First regional workshop under the Panchayat Sammelan series on “Ease of Living: Enhancing Service Delivery at the Grassroots” held at NIRD&PR, Hyderabad.

Government committed to transform every Panchayat into a hub of efficient, transparent, and responsive services: Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj

Posted On: 22 OCT 2024 4:25PM by PIB Hyderabad

The Ministry of Panchayati Raj organized the first regional workshop under the Panchayat Sammelan series on “Ease of Living: Enhancing Service Delivery at the Grassroots” today at the National Institute of Rural Development and Panchayati Raj (NIRD&PR), Hyderabad. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj participated as chief guest and inaugurated this workshop. Addressing the event, he emphasized that government is committed to transform every panchayat into a hub of efficient, transparent, and responsive services. Noting that Sammelan represents a key milestone in this ongoing process , Shri Bharadwaj stressed that effective service delivery with “seva bhaav” (spirit of service) is key to strengthening rural self-reliance and voluntary tax compliance.

He also highlighted the direct correlation between quality service delivery and citizens willingness to pay taxes, enabling Panchayats to achieve self-reliance through self-generated revenue. He added, that successful service delivery models should be documented and shared to inspire other Panchayats. States with exemplary service delivery frameworks should collaborate with others for model replication. Shri Vivek Bharadwaj also said that the Ministry of Panchayati Raj has approved the provision of 22,164 computers to Gram Panchayats across various states where computers were previously unavailable. This step will significantly enhance access to online services in rural areas. Shri Bharadwaj also mentioned that ministry has also sanctioned the construction of 3,301 Gram Panchayat Bhawans, which will include co-located Common Service Centres (CSCs), further strengthening digital infrastructure at the grassroots level.

Addressing the participants, Dr. G. Narendra Kumar, Director General, NIRD&PR, emphasized that Panchayat representatives and functionaries are tasked with driving positive change at the grassroots level. “By equipping the Panchayat representatives and officials with cutting-edge tools and knowledge, we are setting the stage for a governance revolution that begins from the ground up,” he added.

Earlier in his opening remarks, Shri Alok Prem Nagar, Joint Secretary, Ministry of Panchayati Raj, highlighted various digital interventions including ServicePlus of NIC and RapidPro of UNICEF. He further emphasized that the workshop’s innovative use of technology and focus on collaborative learning has set a new benchmark for future Regional Workshops in the series of Panchayat Sammelan. Informing that that the Hyderabad Panchayat Sammelan is being live streamed in eleven languages through the Bhashini platform, including Bengali, English, Gujarati, Hindi, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, and Telugu, he said that this linguistic outreach demonstrates the Ministry’s commitment to inclusive governance and effective knowledge dissemination across diverse linguistic communities.

Shri Lokesh Kumar D. S., Secretary, Panchayat Raj and Rural Development Department, Government of Telangana thanked the Ministry of Panchayati Raj for organising this workshop in Hyderabad. This workshop, was organised as a the first in a series of four regional workshops under Panchayat Sammelan. The primary objective of this programme focused to deliberate on innovative approaches and share experiences for enhancing service delivery at the grassroots level. Representatives from Andhra Pradesh, Telangana, Gujarat, Jharkhand, Madhya Pradesh, Mizoram, and Odisha participated in this workshop and shared their insights on challenges and opportunities in service delivery.

The sessions explored the theme of ease of living through leveraging technology for rural service delivery. The National Informatics Centre (NIC) demonstrated the bespoke Service Plus platform, configurable for online service delivery. Presentations from the Wadhwani Foundation, Bhashini, and UNICEF showcased the potential of Artificial Intelligence and Digital Public Goods (DPGs) in streamlining communication and service delivery at the local level. NIRD&PR also conducted a session on Benchmarking Rural Service Delivery, providing valuable frameworks for evaluating and enhancing service effectiveness. Panchayat Sammelan provided the participants with enhanced knowledge and actionable strategies to enhance the governance and service delivery mechanism at the Panchayat level.

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(Release ID: 2067045) Visitor Counter : 32

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: PRESIDENT OF INDIA GRACES THE COMPLETION OF 75 YEARS OF BHARATIYA ADIM JATI SEVAK SANGH

Source: Government of India

Posted On: 22 OCT 2024 6:33PM by PIB Delhi

The President of India, Smt. Droupadi Murmu graced an event on the completion of 75 years of Bharatiya Adim Jati Sevak Sangh in New Delhi today (October 22, 2024).

Speaking on the occasion, the President said that her visit to Thakkar Bapa Smarak Sadan is like a visit to a sacred place. She paid her respect to Thakkar Bapa.

The President was happy to note that the Bharatiya Adim Jati Sevak Sangh is working with the ideals of Thakkar Bapa. It works on issues like poverty, illiteracy and poor health prevalent in the tribal society. She also noted that this Sangh is working for the welfare and empowerment of girls and women. She expressed confidence that people associated with the Bharatiya Adim Jati Sevak Sangh will continue to maintain their dedication in the future as well by following the ideals of public service established by Thakkar Bapa.

Click here to see the President’s speech

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MJPS/SR/BM/SKS

(Release ID: 2067116) Visitor Counter : 67

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: India to Develop Roadmap Post-20% Ethanol Blending Target, Says Minister Hardeep Singh Puri at G-STIC Conference

Source: Government of India

India to Develop Roadmap Post-20% Ethanol Blending Target, Says Minister Hardeep Singh Puri at G-STIC Conference

Shri Puri Highlights Importance of Addressing Energy Trilemma: Balancing Affordability, Availability, and Sustainability

Outlines Role of Ujjwala Scheme in Providing Affordable LPG to Economically Weaker Sections of Society

Posted On: 22 OCT 2024 6:31PM by PIB Delhi

Addressing the 7th G-STIC Delhi Conference on “Accelerating Technologies Solutions for the SDGs,” Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, articulated India’s evolving journey towards sustainable energy solutions. Highlighting the potential for these technological advancements to be replicated across the Global South, Shri Puri provided insights into the complexities of energy transitions within democratic frameworks, emphasizing that there is no clear answer to whether these transitions are inherently easier or more difficult in democracies.

The 7^th G-STIC (Global Sustainable Technology and Innovation Community) Conference organized by TERI and VITO along with the support of eight other not-for-profit independent technology research institutes, is being hosted in India for the first time. The Conference will deliberate on challenges under the umbrella theme “Harmonizing Technology, Policy and Business Pathways for Sustainable Future and Coexistence”.

Speaking at the inaugural session of the Conference, Shri Hardeep Singh Puri discussed the critical trilemma that democratically elected governments face globally: balancing affordability, availability, and sustainability in energy policy. He pointed out that as global energy demand rises, India’s own energy consumption is projected to increase significantly—from 5.4 million barrels per day today to an anticipated 7 million barrels per day by 2030. This growing demand positions India as a major contributor to global energy consumption, with projections indicating that 25% of the increase in global energy demand over the next two decades will originate from India alone.

Affordability remains a primary concern in addressing this energy transition. The Minister emphasized the government’s commitment to research and development, citing innovative solutions such as hydrogen fuel cell technology being piloted in public transport. Currently, India is operating 15 hydrogen-powered buses, which are still in the demonstration phase. These initiatives reflect a broader vision for sustainable transport solutions that can contribute to reducing the carbon footprint.

A highlight of the address was the substantial progress made in ethanol blending, which has surged from just 1.53% in 2013-14 to 16% today. This achievement has prompted the government to advance its blending target of 20% from 2030 to 2025, showcasing a proactive approach to energy sustainability. Shri Puri noted that discussions have already begun to establish a roadmap for sustainable energy solutions beyond the 20% blending target, indicating a forward-thinking strategy that anticipates future energy needs.

The Minister stressed the need for addressing the energy requirements of developing nations, particularly in the Global South, where many countries rely heavily on energy imports. He expressed confidence that the success of India’s ethanol initiatives could serve as a model for these regions, although he acknowledged that unlike Brazil, India lacks the luxury of abundant arable land for biofuel production. Nevertheless, he emphasized the potential for innovative biofuel strategies to alleviate import dependency while addressing local energy needs.

The Minister also highlighted the transformative impact of the Ujjwala scheme, launched in 2016, which has significantly expanded access to cooking gas. The number of cylinder connections has increased from 140 million to 330 million, providing clean cooking fuels to economically weaker sections of society. This initiative, along with other social schemes of Government, has played a crucial role in lifting approximately 250 million people out of multidimensional poverty under Prime Minister Narendra Modi’s leadership.

In his concluding remarks, Shri Hardeep Singh Puri focused on the potential of green hydrogen as a game-changer for India’s energy landscape. He outlined the importance of local demand, production, and consumption in making green hydrogen a viable energy source. The key challenge remains in reducing the cost of production, and he called for ongoing innovation and scaling of technology in this sector.

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MN

(Release ID: 2067112) Visitor Counter : 24

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Brainstorming Session and First Meeting of Nodal Officers for the Mission on Science & Technology for Sustainable Livelihood System

Source: Government of India

Posted On: 22 OCT 2024 6:29PM by PIB Delhi

The Office of the Principal Scientific Adviser (PSA) convened the Brainstorming Session and First Meeting of Nodal Officers for the Mission on Science & Technology for Sustainable Livelihood System today (October 22^nd, 2024) at Vigyan Bhawan Annexe in New Delhi.

The meeting was chaired by Dr. (Mrs.) Parvinder Maini, Scientific Secretary, O/o PSA and was joined by key government officials, identified as nodal officers from various ministries/departments including Department of Science & Technology, Ministry of Rural Development, Ministry of Social Justice and Empowerment, Indian Council of Agricultural Research, Department of Agriculture & Farmers Welfare, Ministry of Micro, Small and Medium Enterprises, Council of Scientific and Industrial Research, Department of Biotechnology, Ministry of Earth Sciences, Ministry of Electronics and Information Technology, Ministry of Environment, Forest and Climate Change and Ministry of Health and Family Welfare.

This mission aims to leverage scientific advancements and technological innovations to enhance livelihoods and promote sustainable development across communities. The mission, to be implemented by DST, was recommended during the 22nd Prime Minister’s Science, Technology & Innovation Advisory Council (PM-STIAC) meeting held on January 19, 2023, to strengthen the technology delivery mechanism for improving quality of life.

In her opening remarks, Dr. Maini highlighted the need for collaboration across sectors, bringing convergence of existing programs to create scalable and inclusive livelihood models for ensuring last mile connectivity of the STI interventions in the mission. The key objective of today’s meeting included defining the roles and responsibilities of each ministry/department in the different components of the program and formulating a strategy for selecting pilot sites for implementation.

Presentation was made by Dr. Sangeeta Agarwal, Scientist-F, O/o PSA highlighting the objectives of the mission, importance of definite roles of each participating ministry/department for successful implementation of the program and also presented the strategy for the selection of sites for pilot initiation of the mission. This was followed by presentation by Dr. Anita Aggarwal, DST on the SEED Division programs and IIT Delhi on Unnat Bharat Abhiyan.

After the presentations, the Chair invited interventions from the nodal officers of each ministry/department. Each ministry/department clearly brought out the efforts being made by them in implementing their flagship schemes at the district and village levels. They shared insights on how these schemes may converge and contribute to the national mission.

The session concluded with all the nodal officers agreeing to provide inputs regarding ongoing schemes/programs and their geographical spread. These inputs shall aid in identification and selection of sites for pilot scale implementation of the mission.

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MJPS/ST

(Release ID: 2067109) Visitor Counter : 38

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Union Minister Jyotiraditya M. Scindia launches ‘International Incoming Spoofed Calls Prevention System’

Source: Government of India

Union Minister Jyotiraditya M. Scindia launches ‘International Incoming Spoofed Calls Prevention System’

Another step by Department of Telecom (DoT) to protect Citizens from cyber frauds

The system identifies and blocks the incoming international calls posing as Indian phone numbers

System identified and blocked about 1.35 crore calls as spoofed calls in last 24 hrs, which are 90 % of all the incoming international calls

Posted On: 22 OCT 2024 6:28PM by PIB Delhi

Shri Jyotiraditya M. Scindia, Minister of Communications and Development of North Eastern Region today launched ‘International Incoming Spoofed Calls Prevention System’, in the presence of Minister of State for Communications & Rural Development Dr Pemmasani Chandra Sekhar. The launch ceremony was attended by Secretary Telecom and other senior officers. This is another milestone of DoT’s efforts towards building a safe digital space and protecting citizens from cyber-crime.

Of late, cyber criminals have been committing cyber-crimes by making international spoofed calls displaying Indian mobile numbers (+91-xxxxxxxxx). These calls appear to be originating within India but are actually being made from abroad by manipulating the calling line identity (CLI) or commonly known as phone number.

These spoofed calls have been used for financial scams, impersonating government officials, and creating panic. There have also been cases of cyber-crime threatening disconnection of mobile numbers by DoT/TRAI officials, fake digital arrests, drugs/narcotics in courier, impersonation as police officials, arrest in sex racket etc.

Department of Communications (DoT) and Telecom Service (TSPs) have collaborated and devised a system to identify and block such incoming international spoofed calls from reaching the Indian telecom subscribers. The system was made operational and it has been observed that within 24 hours of operation of the system, about 1.35 crore or 90% from all the incoming international calls with Indian phone numbers were identified as spoofed calls and blocked by TSPs from reaching Indian telecom subscribers. Indian telecom subscribers should see a significant reduction in such spoofed calls with +91-xxxxxxx numbers with implementation of this system.

Despite such best efforts, there could be cases where fraudsters succeed through other means. For such calls, you can help by reporting such suspected fraud communications at Chakshu facility on Sanchar Saathi (http://www.sancharsaasthi,gov.in ). The DoT remains committed to proactively combating cybercrime.

For those who have already lost money or been victims of cybercrime, please report the incident at the cybercrime helpline number 1930 or website https://www.cybercrime.gov.in

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SB/DP/ARJ

(Release ID: 2067113) Visitor Counter : 20

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: All-India Consumer Price Index Numbers For Agricultural And Rural Labourers – September, 2024

Source: Government of India

Posted On: 22 OCT 2024 6:24PM by PIB Delhi

The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) (Base: 1986-87=100) registered an increase of 7 points each in September 2024, reaching levels of 1304 and 1316, respectively.

The year-on-year inflation rates based on CPI-AL and CPI-RL for the month of September, 2024 were recorded at 6.36% and 6.39%, compared to 6.70% and 6.55% in September, 2023. The corresponding figures for August, 2024 were 5.96% for CPI-AL and 6.08% for CPI-RL.

All India Consumer Price Index (General and Group-wise):

Group	Agricultural Labourers		Rural Labourers
	August, 2024	September, 2024	August, 2024	September, 2024
General Index	1297	1304	1309	1316
Food	1240	1247	1247	1254
Pan, Supari, etc.	2063	2073	2073	2081
Fuel & Light	1357	1364	1348	1354
Clothing, Bedding & Footwear	1310	1314	1371	1375
Miscellaneous	1359	1365	1359	1365

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Himanshu Pathak

(Release ID: 2067104) Visitor Counter : 53

Read this release in: Hindi

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Get Set Go … for the Film Fiesta in Goa!

Source: Government of India

Get Set Go … for the Film Fiesta in Goa!

This Year, No FOMO! Ticket to 55th IFFI 2024 Awaits you!

Delegate Registration opens for 55th IFFI

Posted On: 22 OCT 2024 6:10PM by PIB Mumbai

#IFFIwood, 22^nd October 2024

As November comes with a festive spirit, we invite you to be part of the annual festival of films – the International Film Festival of India (IFFI) – scheduled to be held from 20^th to 28^th November 2024 in Panaji, Goa. It is here that film lovers from around the globe gather to celebrate the joy of cinema by the magnificent backdrop of the Arabian sea in the State of Goa.

You may hail from different corners of the world and from different cultural backgrounds, but IFFI offers a chance to come together for the love for films. To celebrate this connection, we invite everyone to join in the joy of storytelling and the magic of the big screen. You may register at https://my.iffigoa.org/ and become an IFFI delegate for this year’s festival.

Why attend IFFI?

At the 55^th IFFI, you will discover a diverse line up of films from all over the world in 16 curated segments. Whether you are into heartwarming dramas, thrilling documentaries, or innovative short films, there is something for every film buff to enjoy in this festival. The delegates will even have the exclusive chance to watch many films before anyone else as several films will be making their national and international premieres right here at IFFI.

But it’s not just about watching films; but about learning the art of story-telling too!

IFFI offers workshops and master classes led by legendary filmmakers and industry professionals who are eager to share their insights and experiences. Engage in lively discussions, share your ideas, and build friendships beyond boundaries that could spark your next big project if you are a passionate and budding filmmaker.

You will also have the chance to experience the glitz and glamour of the film industry first-hand. The IFFI Red Carpet features a lineup of renowned filmmakers, actors and industry icons who gather to celebrate their work and share their passion for cinema. IFFI delegates will get to meet and connect with filmmakers, actors, and industry experts. Imagine engaging in lively discussions and exchanging ideas with the people who shape the films you love.

Beyond this, IFFI once more brings back the 2024 editions of ‘Creative Minds of Tomorrow’, ‘Film Bazaar’ and ‘Cine Mela’ making the International Film Festival of India a ‘One Stop Shop’ for budding talent and everything Films.

So, get ready for an experience of a lifetime. Don’t miss your chance to be part of this incredible cinematic journey.

Accessibility at IFFI

In an effort towards inclusivity, the festival venue is designed to be accessible featuring various amenities to ensure a barrier-free experience. The infrastructure of the venue has also been revamped for the special needs of the Divyangjan. The premises of ESG and other venues where the films are being screened have been made barrier-free with provisions of ramps, handrails, divyangjan-friendly tactile walkways, parking spaces, retrofitted toilets, signboards in Braille etc., ensuring that in celebrating films, nobody is left behind.

How to Register?

For registration, log on to https://my.iffigoa.org/

Delegate registration for the 55^th edition of IFFI continues till the festival ends. The categories are as follows:

Film Professionals

Registration fee: ₹1180 (including 18% GST)
Benefits: Online accreditation, extra ticket, and free access to panels and screenings.

Cine Enthusiasts

Registration fee: ₹1180 (including 18% GST)
Benefits: Online accreditation and free access to panels and screenings.

Delegate – Student

Registration fee: ₹0
Benefits: Online accreditation, free access to panels and screenings, with an allowance of 4 tickets per day.

These categories offer different benefits tailored to professionals, cinema lovers, and students of cinema. While Students receive special access with 4 tickets per day, providing them with a broader exposure to films and events, film professionals have access to one extra ticket per day.

Delegates receive online accreditation, ensuring streamlined access to all events and venues during the festival. Create your My-IFFI account https://my.iffigoa.org/ to access your personalized dashboard, where you can book tickets and check festival schedules. If you have any questions or issues, contact registration@iffigoa.org. Register now and let’s celebrate the art of films, together.

May the Force Be with You as you book your tickets to Goa and join us for the film fiesta!

About IFFI

Founded in 1952, the International Film Festival of India (IFFI) stands as one of Asia’s premier film festivals. Since its inception, IFFI has aimed to celebrate films, their captivating stories, and the talented individuals behind them. The festival seeks to promote and spread a deep appreciation and love for films, build bridges of understanding and camaraderie among people, and inspire them to reach new heights of individual and collective excellence.

IFFI is organized annually by the National Film Development Corporation (NFDC), Ministry of Information and Broadcasting, Government of India, in collaboration with the Entertainment Society of Goa, Government of Goa, and the host state.

For the latest updates on the 55th IFFI, visit the festival website at http://www.iffigoa.org .

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PIB IFFI CAST AND CREW | Rajith/ Nikita/ Dhanlakshmi / PM IFFI 55 – 2

Follow us on social media: @PIBMumbai /PIBMumbai /pibmumbai pibmumbai[at]gmail[dot]com /PIBMumbai /pibmumbai

(Release ID: 2067101) Visitor Counter : 99

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: DEFENCE MINISTER OF SINGAPORE CALLS ON THE PRESIDENT

Source: Government of India (2)

Posted On: 22 OCT 2024 5:51PM by PIB Delhi

The Defence Minister of Singapore, Dr Ng Eng Hen called on the President of India, Smt Droupadi Murmu at Rashtrapati Bhavan today (October 22, 2024).

Welcoming Dr Hen to Rashtrapati Bhavan, the President said that India and Singapore have a rich history of bilateral cooperation, which has been further boosted by the recent visit of Prime Minister Modi to Singapore and the conclusion of the 2^nd round of India-Singapore Ministerial Roundtable meeting. She was happy to note that the relationship has been elevated to a Comprehensive Strategic Partnership.

The President congratulated Singapore for successfully co-hosting the maiden ASEAN-India Maritime Exercise, and conveyed best wishes to the armed forces of both sides for the upcoming series of joint exercises.

The President also noted the need for closer collaboration between defence R&D teams of both countries, to benefit from the latest expertise and technological advancements in the defence domain.

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MJPS/SR/BM

(Release ID: 2067081) Visitor Counter : 96

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Indian art offers a model of inclusivity in a divided world: Vice-President Shri Jagdeep Dhankhar

Source: Government of India

Indian art offers a model of inclusivity in a divided world: Vice-President Shri Jagdeep Dhankhar

Bharat is a gold mine of fine arts, says Vice-President at the Concluding Ceremony of International Festival on Indian Dance

Under the leadership of Prime Minister Narendra Modi India achieved global acceptance in the area of Dance, Culture, Yoga, Ayush and Indian Music: Shri Gajendra Singh Shekhawat

Posted On: 21 OCT 2024 9:30PM by PIB Delhi

Indian art, particularly dance, offers a model of inclusivity in a world increasingly divided by conflicts and discord, said Vice-President of India Shri Jagdeep Dhankhar. He emphasized the power of India’s rich cultural heritage to unite people across boundaries, stating, “In a world grappling with conflicts, transgressions, and discord, Indian art offers a ray of light. When the tunnel is filled with challenges and divisiveness, it is culture, dance, and music that unite us across barriers. Howsoever divisive the world may be, the unity brought about by our culture is impregnable, soothing, and lasting.”

Addressing the gathering at the International Festival on Indian Dance, organized by the Sangeet Natak Akademi in collaboration with the Ministry of Culture and the Indian Council for Cultural Relations (ICCR), the Vice-President said, “Performing arts have the power to unite, heal, inspire, and motivate. Dance artists are cultural and peace ambassadors, promoting dialogue and laying the groundwork for soothing diplomatic maneuvers. Dance is a great facet of cultural diplomacy, fostering understanding and connection across boundaries.”

Shri Dhankhar hailed India’s cultural richness, noting, “Bharat is a gold mine of fine arts. Our cultural revival integrates ancient wisdom with contemporary practices, further cementing India’s image as a cultural powerhouse. The world witnessed this during our G20 Presidency, where our culture was showcased as a feast for the senses. Culture, dance, and music are the universal languages of mankind, understood and appreciated globally.”

On this occasion, Union Minister of Culture and Tourism Shri Gajendra Singh Shekhawat expressed gratitude to Vice President Shri Jaideep Dhankhar for his esteemed presence, and also

extended a warm welcome to Lok Sabha, MP, Smt. Hema Malini, Padma Vibhushan recipient Ms. Padma Subrahmanyam, the Chairperson of Sangeet Natak Akademi, Dr. Sandhya Purecha and thanked them for their contribution towards India’s dance traditions.

Speaking on the occasion, Union Minister of Culture and Tourism said that this ‘Maha Kumbh’ of our culture that lasted for 6 days is a symbol of India’s cultural diversity and prosperity. The event has paved the way for not only a beautiful display of art, but also narrations, lectures and discussions on various subjects related to art.

Addressing the gathering, the Minister said, “You all have proposed 14 such topics and points of resolution which will serve as a guide for the Ministry of Culture of India in the coming times and will make a big contribution in re-establishing and showcasing India’s cultural importance on the global stage.”

Further, he evoked Acharya Dhananjay and his great work ‘Dasharupakam’, and said, “He had talked about ‘Bhavaasrayam Nrityam’, meaning ‘dance is all about bhaava’. In this great tradition of ours, ‘bhaava’ was indeed the most prominent element in the history of humanity, which deeply embedded the sentiment of public welfare and global brotherhood.”

He also said that under the leadership of Prime Minister Narendra Modi, not only has India achieved global acceptance in the area of dance and culture, but also in the fields of Indian Yoga, our Ayush tradition and medical system, Indian music and Indian knowledge systems. The Minister added that dance, done with utmost sincerity, can definitely establish unity with the universal conscience and at the same time further enrich India’s role as a beacon for the world.

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BY/SKT

(Release ID: 2067073) Visitor Counter : 30

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: SAIL receives prestigious SHRM HR Excellence Awards

Source: Government of India

Posted On: 22 OCT 2024 5:34PM by PIB Delhi

Steel Authority of India Limited (SAIL) has been awarded with SHRM – HR Excellence Awards for ‘Excellence in Inclusion, Equity & Diversity’ and ‘Excellence in Managing the Distributed Workforce’ categories at the prestigious SHRM India Annual Conference 2024 held in New Delhi, recently.

The awards are a testimony to the pioneering HR practices and initiatives being undertaken across SAIL, at its various Plants and Units spread nationwide, for inclusive growth of workforce in the organization. The company regards its employees as fundamental to its success and at the heart of all its operations. SAIL has been continually undertaking various steps for better employee motivation and engagement.

Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry and Shri Jayant Chaudhary, Hon’ble Minister of State (I/C) for Skill Development and Entrepreneurship, addressed the audience during the above conference. Many industry stalwarts also shared their views and insights on the occasion. During one of the interactive sessions, Shri K.K. Singh, Director (Personnel), SAIL spoke about innovative HR practices at SAIL and also highlighted the importance of HR in building a resilient Workforce in the contemporary ‘Competitive Business Environment’.

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MG

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MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Dr. Jitendra Singh Urges Optimal Use of AI in Government Working

Source: Government of India

Dr. Jitendra Singh Urges Optimal Use of AI in Government Working

AI Session at PMO Unites Officials cross Ranks, Promotes Inclusive Learning Under Mission Karmayogi

Minister Calls for Responsible Use of AI in Governance, Highlights PM’s Mission Karmayogi Vision

Posted On: 22 OCT 2024 5:28PM by PIB Delhi

Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh emphasised the need for the optimal use of Artificial Intelligence (AI) in government working to enhance efficiency and productivity.

Speaking at a special session on AI organised for the staff of the Prime Minister’s Office (PMO) at South Block here, Dr. Jitendra Singh highlighted the critical role AI can play in revolutionizing governance, streamlining operations, and improving decision-making processes across various government departments. The session, which saw participation from officers across all levels—from Section Officers to the Principal Secretary to the Prime Minister to the Union Minister—was a unique demonstration of breaking hierarchical barriers within the PMO, with officials learning the same advanced concepts alongside each other.

Addressing the session, which included senior officials like Principal Secretary to the Prime Minister Mr. P.K. Mishra and Advisors to the PM, Mr. Amit Khare, Mr. Tarun Kapoor and other senior officers, Dr. Jitendra Singh underscored that AI has the power to automate routine tasks, freeing up government officials to focus on more strategic areas of governance. He highlighted how AI could transform key sectors like healthcare, agriculture, and public service delivery, ensuring that government departments become more efficient and public services more responsive to citizen needs.

The session was part of the ongoing “National Learning Week” under Mission Karmayogi, an ambitious capacity-building initiative spearheaded by Prime Minister Narendra Modi, aimed at empowering government employees with the knowledge and skills required to navigate the complexities of modern governance. The initiative focuses on creating a more agile, transparent, and effective bureaucracy, and today’s session on AI was a step in that direction.

Dr. Jitendra Singh praised the Prime Minister’s vision for Mission Karmayogi, stating that it not only enhances the skills of individual officers but also promotes a collaborative and inclusive learning environment, where traditional hierarchies are dissolved in favour of collective learning and growth.

Dr. Jitendra Singh also emphasised the importance of deploying AI responsibly, stressing the need to safeguard data privacy, particularly in sensitive areas of government functioning. “While AI holds immense potential for enhancing productivity, it must be implemented with caution to ensure confidentiality and data security,” the Minister said, adding that strong security measures are necessary to protect AI systems from cyber threats and unauthorised access. He also called attention to the ethical considerations in the use of AI, urging that fairness and transparency be maintained while avoiding biases in decision-making.

Participants at the session discussed AI’s role in advancing India’s national infrastructure, security, and economic growth. The collective learning atmosphere encouraged open dialogue on how AI can be leveraged to strengthen India’s digital backbone, improve public service delivery, and support the country’s long-term vision for sustainable growth. The session also marked the beginning of India’s first practical AI data bank, designed to accelerate technological growth over the next decade.

One of the key discussions at the session was on the role of AI in building smart physical and digital infrastructure, essential for India’s long-term growth. Experts at the session highlighted that AI will reshape national security and public infrastructure, calling for more innovation in front-end technologies—a crucial area where India is seeking to enhance its capabilities.

AI’s potential to drive industrial transformation, improve the quality of education, and generate employment was also explored. Participants underscored the importance of scaling successful AI use cases, particularly in manufacturing and healthcare, to ensure that the benefits of AI reach a broader population.

A significant highlight of the session was the call for the development of India’s first practical AI data bank. This initiative is expected to unlock AI’s potential for accelerated growth over the next decade, positioning India as a leader in practical AI applications. The roadmap for AI’s growth focused on a balanced model of development that ensures human-centricity, environmental sustainability, and resilience.

The session also touched upon AI’s role in addressing geopolitical challenges, noting how AI technologies are influencing global power dynamics. The participants emphasised that India must develop an AI framework that responds to these evolving dynamics, ensuring that the country remains competitive on the global stage.

The event concluded with a vision for India in 2035 and beyond to 2047, emphasising the importance of citizen empowerment through AI. The focus was on creating an inclusive AI ecosystem that supports growth, transforms governance, and ensures equitable development for all sectors of society.

As per the Prime Minister’s call, the National Learning Week will focus on learning through various forms of engagement by individual participants, as well as Ministries, Departments, and Organizations. During this week, each Karmayogi will commit to completing at least 4 hours of competency-based learning.

In concluding his address, Dr. Jitendra Singh reiterated the government’s commitment to harnessing AI for nation-building, assuring that all efforts would be made to integrate AI responsibly into various government functions. He encouraged every government official to take full advantage of the opportunities provided by Mission Karmayogi, as the initiative continues to redefine governance by breaking down barriers, fostering inclusivity, and equipping India’s bureaucracy with the tools of tomorrow.

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NKR/KS/AG

(Release ID: 2067071) Visitor Counter : 42

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: BSNL Unveils New Logo and Launches Seven Groundbreaking Services, Strengthening Its Commitment to Secure, Affordable, and Reliable Connectivity

Source: Government of India

Posted On: 22 OCT 2024 5:26PM by PIB Delhi

Bharat Sanchar Nigam Limited (BSNL), has proudly unveiled its new logo, which represents its renewed focus on delivering secure, affordable, and reliable connectivity to every corner of Bharat. The logo was launched by Hon. Union Minister of Communications & Development of NE Region Sri Jyotiraditya M Scindia in presence of Hon. MOS for Communications & Rural Development Dr Pemmasani Chandra Sekhar. The launch ceremony was held at Bharat Sanchar Bhavan and was attended by Secretary Telecom, CMD BSNL& senior Officers from DoT, BSNL, CDoT, ITI & TCIL.

Alongside the new logo, BSNL has announced seven pioneering initiatives, aimed at revolutionizing how India connects, communicates, and enhances its digital security.

New Logo – Vibrancy, Trust, and Nationwide Reach

BSNL’s new logo symbolizes strength, trust, and accessibility. The green and white arrows surrounding India emphasize the company’s expansive nationwide reach, while the vibrant orange backdrop signifies warmth and inclusivity. The bold tagline ‘Connecting Bharat‘ highlights BSNL’s unwavering mission to bridge the digital divide by offering a modern, reliable telecom network that connects both urban and rural India.

Seven New Initiatives Built on Three Key Pillars

Security:

Spam! Free Network

BSNL’s spam-blocking solution automatically filtering out phishing attempts and malicious SMS and creates a safer communication environment for user swithout the need to issue alerts to customers, ensuring seamless and secure communication for all users.

Affordability:

BSNL National Wi-Fi Roaming

BSNL is launching a first-of-its-kind seamless Wi-Fi roaming service for its FTTH customers, enabling high-speed internet access at BSNL hotspots at no extra charge, thus minimizing data costs for users.

BSNL IFTV

A first for India, BSNL’s fiber-based intranet TV service offers 500+ live channels and Pay TV through its FTTH network. This service will be accessible for all BSNL FTTH subscribers without additional charges. The data used for the TV viewing will not be consuming the FTTH Data pack.

Any Time SIM (ATS) Kiosks

A first of it kind- Automated SIM kiosks allow users to purchase, upgrade, port or replace SIMs on 24/7basis , leveraging UPI/QR-enabled payments with seamless KYC integration and multi-lingual access.

Reliability:

Direct-to-Device Service

India’s first Direct-to-Device (D2D) connectivity solution converges satellite and terrestrial mobile networks to deliver seamless, reliable connectivity. This groundbreaking technology is particularly useful in emergency situations and isolated regions, and can enable UPI payments in such areas.

‘Public Protection & Disaster Relief’ – as a solution

BSNL’s scalable, secure network for disaster response is India’s first guaranteed encrypted communication for government and relief agencies during crises, enhancing national disaster management capabilities. The robust network design guarantees uninterrupted connectivity and also uses innovative drone-based and balloon-based systems to extend coverage during disasters.

First Private 5G in Mines

BSNL introduces reliable, low-latency, 5G connectivity for mining operations in partnership with C-DAC, leveraging Made-in-India equipment and BSNL’s technological expertise. This service enables advanced AI and IoT applications, in underground mines and large opencast mine which require high speed low latency connectivity, such as safety analytics, real-time remote control of AGVs, AR enabled remote maintenance, fleet tracking & optimization, etc.

These launches signal BSNL’s continuing commitment in transforming India’s telecom landscape, ensuring that secure, affordable and reliable connectivity remains accessible to all.

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SB/DP/ARJ

(Release ID: 2067066) Visitor Counter : 80

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: MoS Dr Chandra Sekhar Pemmasani addresses concluding session of two day Workshop on Modern Technologies in Survey-Resurvey for Urban Land Records at New Delhi today

Source: Government of India (2)

MoS Dr Chandra Sekhar Pemmasani addresses concluding session of two day Workshop on Modern Technologies in Survey-Resurvey for Urban Land Records at New Delhi today

More than administrative tools, accurate land records are the back bone of socio economic planning, public service delivery and conflict resolution: Dr Pemmasani

International workshop explored range of innovations including advances in survey-Resurvey techniques, Geo spatial tools, Drone and Aircraft technologies and GIS integrated solutions: MoS Dr Pemmasani

Posted On: 22 OCT 2024 5:16PM by PIB Delhi

Minister of State for Rural development Dr Chandra Sekhar Pemmasani addressed concluding session of two day Workshop on Modern Technologies in Survey-Resurvey for Urban Land Records at Dr. Ambedkar International Centre (DAIC), New Delhi today. Minister of state during his speech emphasized that more than administrative tools, accurate land records are the back bone of socio economic planning, public service delivery and conflict resolution .This international workshop explored range of innovations including advances in survey-Resurvey techniques, geo spatial tools, drone and aircraft technologies and GIS integrated solutions. The collective insights shared in this workshop will act as bedrock for building smarter and more efficient urban management system in India. This event has brought together global experts and leaders united in the mission to explore innovative solution for urban land survey, he added.

Dr. Pemmasani said that as rural land records evolved urban land management must also rise to meet the demand of rapid urbanisation of cities and land administration must keep pace to ensure equitable development. We now stand at a pivotal moment in urban governance where technology meets opportunity. More than tools like Drones, aircraft based survey and satellite imagery offer unparalleled precisions, these technologies provide Ortho rectified images (ORI) , geo referenced maps that are both accurate and truth to the earth surface. By deploying these tools we reduce human errors increase efficiency and collect consistent up-to-date data in the most challenging urban environment with tall buildings, dense vegetation and complex land usage patterns. Integrating these images into GIS platforms will turn data into actionable insights enabling urban planning real estate development infra structure management, and even disaster preparedness with unprecedented precisions.

The union minister of State added over the past decade, India, under the visionary Leadership of Prime Minister Shri Narendra Modi has made significant strides with initiatives such as the Digital India Land Records Modernization Programme (DILRMP). He added that India has digitized Records of Rights (RoR) across over 6.25 lakh villages, launched the Unique Land Parcel Identification Number (ULPIN), also known as Bhu-Aadhaar, and created seamless integration between revenue and registration systems. However, as rural land records evolve, urban land management must also rise to meet the demands of rapid urbanization. Cities are expanding vertically and horizontally, and land administration must keep pace to ensure equitable development. He emphasized that urban land management is not just a technical exercise but is the foundation of economic growth, industrial development, and social harmony.

Dr Pemmasani said that moreover by creating spatially enabled land records we can resolve longstanding issues such as overlapping ownership claims, inconsistent land valuations and boundary disputes. The time has come to move beyond traditional costly and time consuming surveys and adapt these advanced technologies for a new era in urban governance. Union minister of state pleased to learn that this workshop features impactful case studies and representative from several countries across the globe US, South Korea, Spain, Germany, India and other countries shared experiences overcoming the challenges of urban land management . This workshop is not the end but the beginning of a transformative journey. The insights gained here will shape national programme to modernize urban land records. We envision the creation of pilot projects across select cities combined with capacity building initiatives for local bodies and state officials. As we leave this workshop let us Carrie with a shared commitment to apply the knowledge technologies and solutions discussed here. Together we will create a transparent efficient and equitable system of urban land management, he added. Dr Pemmasani emphasised that urban land management is not just a technical exercise and it is the foundation of economic growth, industrial development and social harmony.

Union minister congratulated the entire department of land resources and the all officials for this one of a kind movement and presenting the modern India’s capabilities to the rest of the world.

The Department of Land Resources has sanctioned a pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” with a view to create Land Records in about 130 cities in all the States / UTs within an expected time of one year to be followed by more phases to complete the whole exercise in about 4900 Urban Local Bodies within an expected period of 5 years.

The workshop was organized with a view to consult experts of other countries on creation and collation of land records, discuss and understand the global best practices in usage of new and emerging technologies for the benefit of the stakeholders, especially the representatives of State Governments. The workshop facilitated discussions on Advanced Land Mapping with Accurate and Efficient Ortho Rectified Image Generation using aerial photography for mapping urban land parcels and properties. The speakers from Industry partners and international experts from USA, Spain, South Korea, France, Germany, Netherlands, UK, Japan and Australia presented their views during the workshop. The workshop facilitated presentations on successful case studies innovative approaches, policy frameworks, technological advancements and stakeholder involvement.

The workshop has been an excellent gathering of experts and leaders from across the globe and from within the country and one of its kind on the important topic of Urban land survey. It facilitated discussions on the advancements and innovations in modern technologies in survey-resurvey for urban land records and also showcased cutting-edge technologies by both Indian and international firms that can revolutionize land administration in urban areas of our country.

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SS

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MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah inaugurates several farmer welfare activities worth ₹300 crore during the Diamond Jubilee celebrations of the National Dairy Development Board (NDDB) and the birth anniversary of Shri Tribhuvan Patel in Anand, Gujarat

Source: Government of India (2)

Union Home Minister and Minister of Cooperation Shri Amit Shah inaugurates several farmer welfare activities worth ₹300 crore during the Diamond Jubilee celebrations of the National Dairy Development Board (NDDB) and the birth anniversary of Shri Tribhuvan Patel in Anand, Gujarat

Under the leadership of Prime Minister Shri Narendra Modi, the SoP for White Revolution 2.0 has been issued, now, one lakh new and existing dairies will be empowered, and milk routes will be expanded

Tribhuvan Das ji set aside his personal interests and worked for the empowerment of poor farmers

Tribhuvan Das ji created a small cooperative which is today doing business worth thousands of crores of rupees by connecting 2 crore farmers with the cooperative sector

Over the past 60 years, NDDB has empowered and organized farmers, as well as mothers and sisters, contributing significantly to their upliftment and development

Branding cooperative products and preparing them to compete with corporate products is key to success

NDDB has accelerated rural development while making agriculture self-reliant

Animal husbandry by cooperatives leads to prosperity of farmers along with strengthening fight against malnutrition

NDDB has started vegetable processing, which will allow vegetables produced by farmers to reach markets worldwide, ensuring the profits go directly to the farmers

Prime Minister Modi’s visionary scheme of Gobardhan Yojana is not only enhancing soil conservation and improving crop quality, but also contributing to a cleaner environment

Posted On: 22 OCT 2024 5:03PM by PIB Delhi

Union Home Minister and Minister of Cooperation Shri Amit Shah, today inaugurated several farmer welfare schemes worth ₹300 crore during the National Dairy Development Board’s (NDDB) diamond jubilee celebration along with the commemoration of birth anniversary of Shri Tribhuvandas Patel in Anand, Gujarat. On this occasion, several dignitaries were present, including the Union Minister for Panchayati Raj, Fisheries, Animal Husbandry & Dairying, Shri Rajiv Ranjan Singh.

In his address, Shri Amit Shah said that under the leadership of Prime Minister Shri Narendra Modi, the Standard Operating Procedures (SoP) for the recently launched White Revolution 2.0 have been released, incorporating all the key farmer-friendly points outlined by the Prime Minister. He mentioned that Cooperative Sector will empower one lakh new and existing dairies, and the second white revolution will expand milk routes.

Shri Shah said that Tribhuvandas ji was a personality whose hardworking life is difficult to describe. Setting aside his personal interests, Shri Tribhuwandas Patel worked with a unique vision for the empowerment of the country’s poor farmers. He worked for the empowerment of the poor farmers of the country by renouncing self. Throughout his life, Tribhuvandas ji distanced himself from personal gain and dedicated his efforts to connecting every farmer in the country with the true spirit of cooperation, achieving great success in this endeavor. Shri Shah said that it is because of Tribhuvan Das Ji that 5 crore cattle rearers of the country sleep peacefully and today crores of farmers of the country, especially women, are prospering. Tribhuvan Das Ji created a small cooperative society which today is doing business worth thousands of crores of rupees by connecting 2 crore farmers of the country with the cooperative sector.

Union Home Minister and Minister of Cooperation said that in 1964, former Prime Minister Shri. Lal Bahadur Shastri visited Amul Dairy and decided that not only Gujarat but livestock owners across the entire country should benefit from this successful model. Following this, Shastri ji decided to establish the NDDB. He said that in 60 years, NDDB has not only empowered and organised cooperative sector, farmers and mothers and sisters across the country, but has also worked to raise their awareness about their rights. He said that when animal husbandry is done through cooperatives, it not only brings prosperity to farmers but also addresses the issue of malnourished children in the country. The trust built through Amul has not only empowered women but also laid the foundation for creating strong citizens by providing nutrition to children.

Shri Amit Shah said that NDDB accelerated the development of the rural sector and the country as well as made agriculture self-reliant. He said Tribhuvan ji had laid the foundation of NDDB which has today become a very big institution not only in the country but in the world. He said that in 1987, NDDB became an official institution, and from 1970 to 1996, it developed and implemented the Operation Flood program, which led to the White Revolution. He noted Amul is conducting annual business worth ₹60,000 crore today which was initially built on the very small shared capital from women. Shri Shah said that in 1964, when Lal Bahadur Shastri ji decided to establish NDDB, no one knew that it will grow akin to a small seed growing one day into a massive banyan tree. NDDB’s liquid milk sales have reached 427 lakh liters per day, with procurement at 589 lakh liters per day. Its revenue has increased from ₹344 crore to ₹426 crore, and the net profit stands at ₹50 crore.

Union Home Minister and Minister of Cooperation said that NDDB has started processing vegetables, allowing the vegetables produced by our farmers to reach the entire world, and the profits will be distributed down to the grassroots under the cooperative model. He said that the Gobardhan scheme has led to the conservation and enhancement of our land, increased yields, improved farmer prosperity, and a cleaner environment. Gas and fertilizer are being produced from cow dung, and carbon credit payments are reaching our mothers and sisters. Shri Shah stated that Prime Minister Shri Narendra Modi has implemented the Gobardhan scheme on the ground through visionary decision-making. He also mentioned that NDDB has registered 10,000 Farmer Producer Organizations (FPOs).

Shri Amit Shah mentioned that after NDDB’s initiative, all plants in the dairy sector will now be built in India under the Make in India program. He mentioned that today the foundation stone was laid for a Mother Dairy fruit and vegetable processing unit worth ₹210 crore. Additionally, the Badri Ghee from Uttarakhand and the Gir Ghee brand from Mother Dairy were also launched today. He said that branding the cooperative’s products and preparing them to compete in the market with corporate goods is key to success. Today, our Amul brand holds the top position globally, which is a significant achievement for us. He also mentioned that farmers of apricots from Ladakh, apples from Himachal, and pineapples from Meghalaya will benefit from the initiatives launched today.

Union Home Minister and Minister of Cooperation said that the Ministry of Cooperation has established three new national-level cooperative institutions. Such new initiatives can only be taken when the leadership is genuinely concerned about the farmers. He said that Prime Minister Shri Narendra Modi has implemented several initiatives and schemes in the cooperative sector. Currently, there are approximately 22 state federations and 231 district federations, along with 28 marketing dairies and 21 milk-producing companies operating in the sector.

Shri Amit Shah said that the Modi government is going to establish 2 lakh new Primary Agricultural Credit Societies (PACS), which will significantly strengthen our cooperative framework. He said that this initiative will enhance the strength of all entities in the cooperative sector. He highlighted that India has surpassed the United States of America with a milk production of 231 million tons, securing the top position in the world. Our milk production growth rate is 6%, while the global growth rate is only 2%. Today, eight crore rural families produce milk daily, but only one and a half crore are connected to the cooperative sector. He emphasized that this means the remaining 6.5 crore families are not receiving fair prices and are being exploited. Union Minister of Cooperation asserted that the government’s goal will be to ensure that in the future, all eight crore farming families involved in milk production receive full compensation for their hard work and are able to connect with the cooperative sector.

Union Home Minister and Minister of Cooperation said that as a result of the campaign to empower cooperatives, the availability of milk in the country which was 40 kilograms per person in 1970, increased to 103 kilograms in 2011, and further rose to 167 kilograms per person in 2023. He noted that the average global milk availability per person is 117 kilograms.

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RK/VV/ASH/PS

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Read this release in: Hindi

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: A Historical Milestone, a Step Towards Responsible Coal Mining: Issuing of Mine Closure Certification by Ministry of Coal

Source: Government of India

Posted On: 22 OCT 2024 4:39PM by PIB Delhi

Ministry of coal announces a significant achievement in sustainable mining practices with the issuance of final mine closure certificates for the Pathakhera Area of M/s WCL. It marks a major step forward in environmental rehabilitation efforts within the coal mining sector.

The event was graced by the presence of Shri G. Kishan Reddy, Union Minister of Coal and Mines, Shri Satish Chandra Dubey, the Union Minister of State for Coal and Mines, Shri Vikram Dev Dutt, Secretary, Ministry of Coal, Shri Sajeesh Kumar N, Coal Controller, and senior officials from the Ministry of Coal, Coal Controller Organisation and CMDs of Coal/Lignite PSUs.

This certificate is accorded to the effect that protective, reclamation and rehabilitation works in accordance with final mine closure provisions as per the approved mining plan have been carried out by the mine owner. Coal Controller Organisation, a subordinate office of Ministry of Coal, is the Issuing Authority.

The three mines which received closure certificates are:

Pathakhera Mine No-II UG: Originally opened in January 1970 under NCDC ownership in Betul District. This mine has been closed due to the exhaustion of coal reserves.
Pathakhera Mine No- I UG: Established on May 16, 1963, in Betul District, Madhya Pradesh. This mine has been closed due to the exhaustion of extractable reserves in all three coal seams.
Satpura II UG Mine: Opened in June 1973 in Betul District. This mine has been closed due to depletion of coal resources within approved project limits.

The Final mine closure certificates were received by Shri JP Dwivedi CMD, WCL, Shri Deepak Rewatkar, GM (safety)WCL & Shri LK Mohapatra, Area General Manager, Patharkheda Area WCL.

It highlights the joint dedication and commitment of the Coal sector, towards responsible and environment friendly coal mining by revitalizing landscapes and generating employment opportunities. This marks as a milestone as such certificates have been granted to the Coal Mines for the first time in the Indian coal mining history.

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ST

(Release ID: 2067050) Visitor Counter : 86

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Asia-Pac: Raksha Mantri & his Singaporean counterpart co-chair 6th India-Singapore Defence Ministerial Dialogue in New Delhi

Source: Government of India

Raksha Mantri & his Singaporean counterpart co-chair 6th India-Singapore Defence Ministerial Dialogue in New Delhi

Agreed to further step up defence cooperation including industry collaboration in niche domains

Acknowledge long-standing ties based on shared outlook on regional peace, stability & security

Posted On: 22 OCT 2024 4:29PM by PIB Delhi

Raksha Mantri Shri Rajnath Singh and Minister of Defence of Singapore Dr Ng Eng Hen co-chaired the sixth India-Singapore Defence Ministerial Dialogue in New Delhi on October 22, 2024. Both Ministers acknowledged the deep and long-standing bilateral defence relations based on shared outlook on regional peace, stability and security.

This meeting assumes significance in the backdrop of India marking a decade of its Act East policy, in which Singapore has played a key role in promoting economic cooperation & cultural ties, and developing strategic connectivity with countries in the region.

Both Ministers expressed satisfaction at the growing defence cooperation between the two countries. There have been regular engagements between the Armed Forces of the two countries in recent years.

As 2025 marks 60 years of establishment of diplomatic relations between India and Singapore, both Ministers agreed to further step up defence cooperation and agreed to achieve new feats. They also agreed to extend bilateral agreement on Joint Military Training Army for the next five years.

Recognising that both nations are natural partners for commencing co-development and co-production of defence equipment, both sides agreed to enhance industry cooperation, including exploring collaboration in niche domains such as automation and Artificial Intelligence. The two Ministers also decided to take forward the cooperation in emerging areas like cyber security.

Shri Rajnath Singh thanked Dr Ng Eng Hen for Singapore’s support as country coordinator for India in ASEAN Defence Ministers’ Meeting – Plus from 2021 to 2024. The Defence Minister of Singapore acknowledged that India is a strategic voice for Asia’s peace and stability. The bilateral relationship was recently elevated to Comprehensive Strategic Partnership during the visit of Prime Minister Shri Narendra Modi to Singapore.

Prior to the Dialogue, the visiting dignitary was accorded a ceremonial welcome and a Tri-Service Guard of Honour.

Earlier, the Singaporean Defence Minister laid a wreath and paid homage to the fallen heroes at the National War Memorial, New Delhi.

Dr Ng Eng Hen is on a visit to India from October 21-23, 2024.

VK/SR/Savvy

(Release ID: 2067046) Visitor Counter : 55

MIL OSI Asia Pacific News –

January 24, 2025

Blog

Key Takeaways:

Fixed Wireless subscribers on path to double by 2028

Fiber network expected to grow to 35-40 million passings

Outlook and Guidance: Priorities remain unchanged

Forward-Looking Statements

Share

1 Introduction

2 The dot plot and other forms of forward guidance

2.1 The Fed’s dot plot

2.2 Monetary policy communication at the Eurosystem

3 A dot plot for the Eurosystem?

3.1 Independence

3.2 Effectiveness of monetary policy communication

3.3 Projection uncertainty

4 Conclusion

Twelve years after its initiation, it is time to complete the banking union

Thematic discussions: Business support organizations

Success stories

Future work

New proposal

Updates

Share

3Q 2024 Highlights

Wireless: More than doubled wireless postpaid phone net additions year over year

Broadband: Achieved fixed wireless subscriber target 15 months ahead of schedule

Consolidated: Sustained focus on profitable growth

Consolidated results: Financially disciplined, consistent with overall strategy

Verizon Consumer: Seventh consecutive quarter of year over year growth in postpaid phone gross additions

Verizon Business: Continued mobility and broadband growth

Outlook and guidance: Verizon is on track to meet financial guidance

Forward-looking statements

India to Develop Roadmap Post-20% Ethanol Blending Target, Says Minister Hardeep Singh Puri at G-STIC ConferenceShri Puri Highlights Importance of Addressing Energy Trilemma: Balancing Affordability, Availability, and Sustainability

Union Minister Jyotiraditya M. Scindia launches ‘International Incoming Spoofed Calls Prevention System’Another step by Department of Telecom (DoT) to protect Citizens from cyber frauds

Get Set Go … for the Film Fiesta in Goa!This Year, No FOMO! Ticket to 55th IFFI 2024 Awaits you!

Indian art offers a model of inclusivity in a divided world: Vice-President Shri Jagdeep DhankharBharat is a gold mine of fine arts, says Vice-President at the Concluding Ceremony of International Festival on Indian Dance

Dr. Jitendra Singh Urges Optimal Use of AI in Government WorkingAI Session at PMO Unites Officials cross Ranks, Promotes Inclusive Learning Under Mission Karmayogi

Raksha Mantri & his Singaporean counterpart co-chair 6th India-Singapore Defence Ministerial Dialogue in New DelhiAgreed to further step up defence cooperation including industry collaboration in niche domains

India to Develop Roadmap Post-20% Ethanol Blending Target, Says Minister Hardeep Singh Puri at G-STIC Conference

Shri Puri Highlights Importance of Addressing Energy Trilemma: Balancing Affordability, Availability, and Sustainability

Union Minister Jyotiraditya M. Scindia launches ‘International Incoming Spoofed Calls Prevention System’

Another step by Department of Telecom (DoT) to protect Citizens from cyber frauds

Get Set Go … for the Film Fiesta in Goa!

This Year, No FOMO! Ticket to 55th IFFI 2024 Awaits you!

Indian art offers a model of inclusivity in a divided world: Vice-President Shri Jagdeep Dhankhar

Bharat is a gold mine of fine arts, says Vice-President at the Concluding Ceremony of International Festival on Indian Dance

Dr. Jitendra Singh Urges Optimal Use of AI in Government Working

AI Session at PMO Unites Officials cross Ranks, Promotes Inclusive Learning Under Mission Karmayogi

Raksha Mantri & his Singaporean counterpart co-chair 6th India-Singapore Defence Ministerial Dialogue in New Delhi

Agreed to further step up defence cooperation including industry collaboration in niche domains