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Category: Asia Pacific

  • MIL-Evening Report: LNP wins Queensland election, likely with a clear majority

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    With 45% of enrolled voters counted in today’s Queensland state election, The Poll Bludger’s results have the Liberal National Party (LNP) winning 38 of the 93 seats, Labor 26, Katter’s Australian Party (KAP) three and independents one.

    Including undecided seats where one party is ahead, it’s 49 LNP, 39 Labor, three KAP, one Green and one independent. A majority is achieved with 47 seats, so the LNP are on track for a majority.

    The statewide two-party estimate is a 53.1–46.9 win to the LNP, a 6.3% swing to the LNP since the 2020 election. Current primary votes are 40.9% LNP (up 5.7%), 33.4% Labor (down 6.6%), 10.3% Greens (up 0.7%), 7.8% One Nation (up 1.0%) and 2.3% KAP (down 0.3%).

    As pre-poll and postal votes have come in, the swing to the LNP has increased as these votes have had stronger swings to the LNP than election day votes. There are many more pre-poll and postals still to be counted, so it’s more likely that the LNP will exceed its current projections than fall below them.

    I believe the Resolve poll that gave the LNP a 53–47 lead will be the most accurate. While Labor recovered from landslide defeat margins in polls taken about the middle of this year, it wasn’t enough. The uComms poll that gave the LNP just a 51–49 lead two days before the election was poor.

    The Greens lost South Brisbane to Labor, after the LNP recommended preferences to Labor on their how-to-vote material after recommending preferences to the Greens in 2020. Analyst Kevin Bonham said this is the first time the Greens have lost a single-member seat that they won at the previous general election.

    The key reasons for Labor’s defeat were an “it’s time” factor, as Labor has governed since winning the January 2015 election, the federal Labor government tending to hurt state Labor parties, and Queensland easily being the most pro-Coalition state at the 2022 federal election.

    At that election, Queensland was the only state where the Coalition won the two-party vote (by 54.1–45.9). The second best state for the Coalition was New South Wales, where Labor won the two-party vote by 51.4–48.6.

    Labor’s defeat in Queensland will give some assistance to federal Labor. An unpopular and old Queensland Labor government would have hindered federal Labor’s prospects in Queensland at the federal election that is due by May 2025.

    Late polls

    The Newspoll and uComms poll were both released after Wednesday’s preview article on the Queensland election.

    A Newspoll, conducted October 18–24 from a sample of 1,151, had given the LNP a 52.5–57.5 lead, a 2.5-point gain for Labor since a mid-September Newspoll. Primary votes were 42% LNP (steady), 33% Labor (up three), 11% Greens (down one), 8% One Nation (steady) and 6% for all Others (down two).

    Labor premier Steven Miles gained seven points for a -3 net approval, with 48% dissatisfied and 45% satisfied. LNP leader David Crisafulli’s net approval plunged 15 points to -3. Miles led Crisafulli by 45–42 as better premier, a reversal from a 46–39 Crisafulli lead in September.

    A uComms poll that was conducted Thursday from a sample of 3,651 using robopolling, gave the LNP a 51–49 lead. Bonham had primary votes from this poll, which was not commissioned by anyone. The primary votes were 39.3% LNP, 33.6% Labor, 12.9% Greens, 7.8% One Nation, 2.9% KAP and 3.5% others.

    Federal Essential poll: Labor slumps and Dutton’s ratings jump

    A national Essential poll, conducted October 16–20 from a sample of 1,140, gave the Coalition a 48–46 lead including undecided (49–47 to Labor in early October). Primary votes were 35% Coalition (up one), 28% Labor (down four), 12% Greens (steady), 7% One Nation (down one), 2% UAP (up one), 9% for all Others (steady) and 6% undecided (up one).

    Anthony Albanese’s net approval improved one point from September to -4, with 48% disapproving and 44% approving. He has improved six points since August. Peter Dutton’s net approval jumped six points to +6, his best in any poll this term.

    King Charles had a 50–26 approval rating. By 45–39, voters supported Australia becoming a republic (42–35 in January). On Australia’s colonial history, 26% thought it something we should be proud of, 12% something we should be ashamed of and 62% said it had both positive and negative elements.

    On the National Anti-Corruption Commission, 46% thought it is largely operating as intended but could be improved, 14% wanted it abolished and 10% said it’s successful.

    Freshwater poll: Coalition holds narrow lead

    A national Freshwater poll for The Financial Review, conducted October 18–20 from a sample of 1,034, gave the Coalition a 51–49 lead, a one-point gain for Labor since the September Freshwater poll. Primary votes were 41% Coalition (down one), 30% Labor (steady), 13% Greens (steady) and 16% for all Others.

    Albanese’s net approval was up one point to -14, with 49% unfavourable and 35% favourable. Dutton’s net approval improved two points to -2. Albanese was just ahead as preferred PM by 44–43 (45–41 in September).

    Asked about Albanese buying a $4.3 million house, 52% said it had no impact on their view of him, 36% said it had worsened their view and 4% improved their view.

    Cost of living remained the top issue with 72% saying it was important. The Coalition retained a 14-point lead over Labor on this issue and a 16-point lead on managing the economy.

    Morgan poll: Labor jumps ahead

    A national Morgan poll, conducted October 14–20 from a sample of 1,687, gave Labor a 52–48 lead, a two-point gain for Labor since the October 7–13 Morgan poll.

    Primary votes were 36.5% Coalition (down one), 32% Labor (up two), 13.5% Greens (down 0.5), 5.5% One Nation (down 0.5), 9% independents (steady) and 3.5% others (steady).

    The headline figure uses respondent preferences. By 2022 election preference flows, Labor led by 53–47, a two-point gain for Labor.

    Adrian Beaumont does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. LNP wins Queensland election, likely with a clear majority – https://theconversation.com/lnp-wins-queensland-election-likely-with-a-clear-majority-241918

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Background Press Call on Israel’s Targeted Strikes Against Military Targets in  Iran

    US Senate News:

    Source: The White House
    Via Teleconference
    11:15 P.M. EDT
    MODERATOR:  Good evening, everyone.  Thanks so much for joining the call, especially one on short notice and late on a Friday. 
    As a reminder, this call is on background, attributable to a senior administration official.  For your awareness, not for your reporting, on the call today we have [senior administration official]. 
    This call is embargoed until the conclusion of the call. 
    [Senior administration official] is going to have a few words at the top, and then we’ll take your questions. 
    Over to you.
    SENIOR ADMINISTRATION OFFICIAL:  Thank you, everybody, for joining here late on a Friday. 
    So, I’m here to provide some brief comment and background on Israel’s response earlier this evening against Iran.  And just as you will recall, on October 1st, so a few weeks ago, Iran launched an unprecedented attack of nearly 200 ballistic missiles at Israel, which was a significant escalation.  Many of these missiles targeted Israel’s most populated city of Tel Aviv.  Those missiles had the potential to kill hundreds of civilians. 
    Fortunately, that attack was defeated and ineffective thanks in no small part to U.S. assistance.  President Biden directed the U.S. military to help defend Israel during the attack.  And in the hours after that attack, we promised serious consequences for Iran. 
    The next morning, on October 2nd, the President spoke with his G7 counterparts to coordinate a diplomatic response.  And over the course of the following week, we and our partners implemented a coordinated series of sanctions against Iran.
    And just to review:
    The United States, we issued new sanctions against Iran’s oil sector, including its so-called Ghost Fleet that carries illicit oil products around the world. 
    The European Union for the first time sanctioned Iran’s civilian airliners, including Iran Air, rendering those airlines no longer able to access European destinations. 
    The United Kingdom and Australia issued new and sweeping sanctions against Iran’s missile program. 
    This is a coordinated effort across multiple jurisdictions that President Biden led, and those efforts are ongoing with allies and partners. 
    Tonight, Israel carried out a direct military response against Iran.  Specifically, Israel conducted precision airstrikes against multiple military targets across Iran and outside populated areas. 
    The United States was not a participant in this military operation. 
    The President and his national security team, of course, worked with the Israelis over recent weeks to encourage Israel to conduct a response that was targeted and proportional with low risk of civilian harm, and that appears to have been precisely what transpired this evening. 
    The President discussed the overall situation with Prime Minister Netanyahu last week.  He encouraged the Prime Minister to design a response that served to deter further attacks against Israel while reducing risk of further escalation.  And that is our objective; it’s Israel’s objective, as well, as they have stated this evening.
    Should Iran choose to respond, we are fully prepared to once again defend against any attack.  We recently deployed a THAAD battery, which is a ballistic missile defense system, to Israel.  And we have worked to strengthen Israel’s air defense systems in the run-up to tonight’s response.
    President Biden and Vice President Harris have demonstrated clearly that we will always help defend Israel and secure its people and territory from Iran and its proxy terrorist groups.
    If Iran chooses to respond once again, we will be ready, and there will be consequences for Iran once again.  However, we do not want to see that happen.  This should be the end of this direct exchange of fire between Israel and Iran.  Israel has made clear to the world that its response is now complete. 
    Accordingly, we would call on all countries of influence to press Iran to stop these attacks against Israel so that we can move beyond this direct cycle of attacks.
    Over the coming days, we are prepared to lead an effort to secure an end to the war in Lebanon through an agreement that allows civilians on both sides of the Blue Line to safely return to their homes.  We are also prepared to lead an effort to finally achieve a ceasefire in Gaza together, with the return of hostages, which must happen without delay. 
    The overall contours of those arrangements are in place.  Tony Blinken was in the region last week.  This week, there will be further engagements, including a meeting of hostage negotiators over the coming days.  And it’s time to bring these deals to a resolution once and for all.  
    I would just note for some color on the recent hours here over the course of this evening: Of course, the President was briefed throughout the evening by Jake Sullivan, his National Security Advisor, as we are here at the White House.  Secretary Austin spoke with his Israeli counterpart, Minister Yoav Gallant, a couple of hours ago.  And we just issued a — the Defense Department just issued a readout of that call, again, affirming Israel’s full right to self-defense against Iran and our support for its actions tonight, and our commitment to help defend Israel should Iran make the mistake to respond to this attack. 
    And with that, I’m happy to take a few questions. 
    MODERATOR:  Thank you.  We’ve got time for just a couple of questions. 
    First up, we’ll go to Aamer Madhani.  You should be able to unmute yourself. 
    Q    Hey.  Thank you both.  Did the U.S. assist in any manner at all?  Target selection, intel, jamming?  And do you assess this action to have had significant-enough impact on Iran’s ability to continue to strike Israel directly or its ability to arm Hezbollah?
    SENIOR ADMINISTRATION OFFICIAL:  So, as I said in my statement, we did not participate in this military operation, and I think that’s very clear. 
    I would just say: I’ll leave it to the Israelis to describe the scope and breadth of their response this evening.  It was extensive.  It was targeted.  It was precise.  It was against military targets across Iran.  It was in multiple waves.  It was very carefully prepared.  And again, I think it was designed to be effective. 
    And I think — again, I will leave it, though, to the Israelis to characterize and to provide more details, given that this was their military operation. 
    MODERATOR:  Next up, we’ll go to Trevor Hunnicutt.
    Q    Hey.  Thanks for doing this.  Could you talk a little bit about what, if any, communications or indications you had from Iran heading into this about what level of response they’re willing to engage in?  And could you talk a little bit about the President’s — any plans for the President to follow up with Netanyahu after this?
    SENIOR ADMINISTRATION OFFICIAL:  We do have multiple channels with Iran, direct and indirect.  We try to avoid any sense of miscommunication.  And they know exactly what our position is on multiple issues, including the dangers and risks of their course of conduct, particularly the launching of 200 ballistic missiles focusing primarily on densely populated areas in Israel’s most populated city, which also includes tens of thousands of Americans. 
    That is totally unacceptable.  We will not accept it.  We will support Israel defending itself.  And, obviously, we’ll support Israel fully in its right to self-defense.  Iran knows our position on that is unequivocal.  And we are quite clear that there’s no misunderstanding or miscommunication between us and Iran.
    In terms of communication with the Israelis, we are in constant communication with the Israelis up and down their system — military to military, intel to intel, and at the political level.  That is something that is ongoing and continuous. 
    Again, Jake briefed the President multiple times throughout the evening as this was unfolding and, of course, throughout the day today as it was developing.  And I think that will obviously continue through the weekend.  But I don’t have any calls to preview or read out.
    MODERATOR:  We have time for one last question.  We’ll go to the line of Kayla Tausche.
    Q    Thank you, guys, so much for doing this.  We appreciate it. 
    I have two questions.  The first is: You’ve described these strikes as “designed to be effective.”  Can you elaborate on what effect they were intended to have and whether they, in fact, did?
    And then, you’ve suggested that this should be the end to the conflict, but does the administration believe it will be the end of the conflict?
    SENIOR ADMINISTRATION OFFICIAL:  So, first of all, the effect, it’s a proportionate self-defense response to an unbelievably brazen and reckless ballistic missile attack, almost unprecedented in history, that has launched almost three weeks ago.  So, the effect is to deter future attacks and also to degrade the capabilities of Iran being able to conduct those types of activities.
    As to specific targets, I will say we know them, but I would leave it to the Israelis to discuss them in any further detail. 
    What was your second question?  I’m sorry.
    Q    The second question was: You have suggested that this should be the end of the conflict, but does the administration actually believe that it will be?
    SENIOR ADMINISTRATION OFFICIAL:  Well, this should be the end of the direct military exchange between Israel and Iran.  And so, we had a direct exchange in April, and that was closed off, and we’ve now had this direct exchange.  Again, a direct — 200 ballistic missiles fired from Iran at Israel.  Israel did not attack Iran.  Iran attacked Israel, 200 ballistic missiles.  And Israel, tonight, has responded to that attack as an exercise of self-defense.  As far as we’re concerned, that should close out that direct exchange between Israel and Iran.
    As to the broader conflicts in the region, obviously much more complex.  I mentioned and alluded to them in my statement.  We do have a number of initiatives ongoing with respect to those. 
    But as to the direct military exchange between Israel and Iran, we do think this should complete that direct exchange.  And, again, should Iran choose to respond, we are fully prepared to defend Israel and support Israel, and there will be consequences should Iran make that unfortunate decision. 
    But as far as we’re concerned, this direct exchange, this should be the end of it.  I will say we’ve heard the same thing from many across the region, including many with close ties to Iran.  So we’ll see how that unfolds. 
    But that is our very strong view.  That’s been communicated to our partners throughout the region, and obviously it’s been communicated through multiple channels, indirectly and directly, to Iran. 
    MODERATOR:  Thanks, everyone.  That’s all the time we have for tonight.  As a reminder, this call was on background to a senior administration official, and the embargo is now lifted.  Thanks so much, and have a good night.
    11:27 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: InnoCarnival 2024 opens

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today officiated at the opening ceremony of the InnoCarnival 2024, which is being held from now until November 3 at the Hong Kong Science Park.

     

    Organised by the Innovation & Technology Commission (ITC), the event features exhibits showcasing local innovation and technology (I&T) achievements under the theme “Let’s Sail with I&T”.

     

    In a speech, Mr Chan said that I&T is relevant to daily life and can produce substantial benefits. He added that the Government has strived to enhance Hong Kong’s I&T ecosystem over the past few years, and that the Chief Executive announced multiple measures to promote the sector in last week’s Policy Address.

     

    Mr Chan asserted that it is necessary to elevate “popularising science” in the public imagination in order to nurture I&T development locally, and that the InnoCarnival offers an opportunity to achieve this.

     

    He added that besides being an event for the public to enjoy, the carnival is a platform for programme partners, especially start-ups, to realise their dreams. He said that it will inspire people’s interest in I&T, encouraging more talent to join the sector and contribute to Hong Kong and the country.

     

    The carnival is supported by over 75 programme partners, including local universities, research and development centres and platforms, government departments, and other organisations. The partners’ booths showcase various I&T achievements, in addition to interactive games.

     

    A diverse line-up of about 150 workshops and webinars, ranging across various subjects and demonstrating the importance of I&T in people’s daily lives, will be staged during the carnival.

     

    To celebrate the 75th anniversary of the founding of the People’s Republic of China, a number of significant scientific research projects carried out in co-operation with Mainland institutions will be on display.

     

    These include the “Hong Kong Youth Scientific Innovation”, the world’s first large-scale artificial intelligence model scientific satellite, which was jointly developed by the Chinese University of Hong Kong and the Mainland’s ADA Space, with funding support from the ITC.

     

    In addition, 23 winning solutions from the second City I&T Grand Challenge, including some prototypes, will be displayed.

     

    All activities at the carnival are free to join, although some require pre-registration.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)

    Source: Hong Kong Government special administrative region

    HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)
    HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)
    ***************************************************************************************

         The Hong Kong Economic and Trade Office in Jakarta (HKETO Jakarta) and the Asian Film Awards Academy are jointly presenting the “Made in Hong Kong” film series at Jakarta Film Week in Jakarta, Indonesia, to promote the Hong Kong film industry.      Speaking at the “Hong Kong Night” this evening (October 26), the Director-General of HKETO Jakarta, Miss Libera Cheng, said that the Government of the Hong Kong Special Administrative Region is committed to bolstering its cultural and creative industries, with a view to facilitating Hong Kong’s development as an East-meets-West centre for international cultural exchange.      She highlighted the initiatives in promoting the development of the arts and culture and creative industries as announced in “The Chief Executive’s 2024 Policy Address” delivered by the Chief Executive last week, including subsidising around 50 projects under the CreateSmart Initiative per year, rolling out the Hong Kong‑Europe‑Asian Film Collaboration Funding Scheme, and continuing to implement the 10‑year development blueprint for arts and cultural facilities for their improvement and development.        With support from the Film Development Fund and the Cultural and Creative Industries Development Agency, the “Made in Hong Kong” film series features four Hong Kong movies and four Hong Kong short films, including “Time Still Turns the Pages”, “Twilight of the Warriors: Walled In”, “Love Lies” and “The Remnant”.      Hong Kong film directors including Nick Cheuk of “Time Still Turns the Pages”, winner of the Best New Director Award at the 17th Asian Film Awards, Ho Miu-ki of “Love Lies”, along with several short-film directors, also attended the post-screening sharing session.

     
    Ends/Saturday, October 26, 2024Issued at HKT 22:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Alice Mak meets youths

    Source: Hong Kong Information Services

    Secretary for Home & Youth Affairs Alice Mak today attended a dialogue event for Youth Link members, at which she outlined to more than 80 young people the key initiatives on youth development that were included in the latest Policy Address.

     

    Miss Mak also shared that the second edition of the Youth Development Summit will take place in the second half of 2025. She encouraged young people to participate in the summit and seize the opportunity to interact with youths from the Mainland and overseas.

     

    Highlighting that Youth Link currently has over 10,000 members, Miss Mak said the Home & Youth Affairs Bureau will continue to engage young people on a regular basis through dialogue sessions and other activities.

     

    She also invited the youths at the event to provide suggestions for the use of, and facilities to be provided at, a new interactive space that will be established at Youth Square in Chai Wan.

     

    Launched by the bureau in September 2023, Youth Link aims to connect participants in various government youth programmes and offer them opportunities to develop their talents, while building their levels of interaction and trust with the Government.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning: Shri Shivraj Singh Chouhan

    We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management: Union Minister

    The department has approved the National Geo-Spatial Knowledge Based Land Survey of Urban Habitations pilot project for creation of land records in urban areas: Shri Chouhan

    Posted On: 21 OCT 2024 5:19PM by PIB Delhi

    Union Minister for Rural Development Shri Shivraj Singh Chouhan inaugurated the International Workshop on the use of “Modern Technologies in Survey-Resurvey for Urban Land Records” at Dr. Ambedkar International Centre in New Delhi today through video conferencing. Shri Shivraj Singh Chouhan, in his keynote address as the Chief Guest reaffirmed the commitment of Govt. of India in boosting digitization and maintenance of land records under the Digital India Land Records Modernization Programme (DILRMP). Highlighting the importance of the quality land records, Minister stated that digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning. He elaborated that for a robust property record and tax administration, seamless access to land records is crucial to enhance the effectiveness and efficiency of public service delivery through various schemes of the Centre and States. Minister emphasized the need for close coordination in the Central and State Governments and requested the Department of Land Resources and State Governments to work in close coordination.  

    He also discussed the steps taken by the Government of Madhya Pradesh in creating urban land records and informed that drone flying has been completed in 34 towns and Orthorectified Imagery (ORI) production is complete in 12 towns. He expressed his happiness on the pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” of the Department of Land Resources with a view to create Land Records in Urban Areas. The Pilot project will be started in more than 100 cities/towns in all the States / UTs and it is expected to be completed in one year’s time. This will be followed by full-fledged survey which would cover the entire urban area in the country within a period of 5 years.   Shri Chouhan added that he is happy to report that aerial photography with 3D imagery is a powerful tool for urban planning. Considering the rainfall and flood situation at the local level, it is very important to develop better drainage and flood management. Aerial photography with accurate GPS coordinates will help in accelerating the speed of land survey, which will ultimately be useful in property tax assessment, better transport system, planning of drainage and flood management and preparation of master plans for our urban areas. 

    Shri Shivraj Singh Chouhan said that he is happy to inform that his department is making tireless efforts in this direction.  He wanted to consult with experts from other countries on creation and reconciliation of land records and this two-day conference is an effort to discuss and understand global best practices in the use of new and emerging technologies in this regard. He is sure that the distinguished participants will put forth their views which will be discussed in detail during the sessions. He requests the representatives of the State Governments present here to actively participate in the discussions, because only with the cooperation of the States will we be able to integrate modern technologies in urban land administration and improve efficiency and transparency in land management systems. We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management.

    Union minister extended his best wishes for successful organization of this event and he hope that the information gained from the workshop will help the government in formulating policies to further strengthen the urban local bodies.

    Secretary, Department of Land Resources, Ministry of Rural Development, Shri Manoj Joshi said that this international workshop has been organized and along with this we have started a pilot program to conduct surveys in urban areas. For this, Survey of India is our technical partner so that drone flying can be done in all the cities. From the images obtained from drone flying, the revenue and urban departments of the states will prepare urban land records, master plans and drainage records of cities. The objective of this workshop is that foreign experts in land records can take advantage of the experts in software. States which have done the land record survey work. They will be able to share information with each other. We will be able to complete this work of land records in one year.

    In the inaugural session, Shri Kunal Satyarthi, Joint Secretary, Department of Land Resources, Govt. of India welcomed the participants and set the agenda of the workshop. Shri Abedelrazq Khalil, World Bank’s Practice Manager for Urban and Land, South Asia Infrastructure Department highlighted the importance of land records in Urban area. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Govt. of India shared experience of SVAMITVA Scheme and stressed the urgent need for digital land records for urban area too.

    The first session of the Workshop on International Best Practices in Establishing and Maintaining Urban Digital Land Record was chaired by Shri Manoj Joshi, Secretary, Department of Land Resources and moderated by Mr. Klaus Deininger, Lead Economist, World Bank. This session had global participation from the land registration/survey departments of South Korea, Spain, Netherlands, France, United Kingdom, Australia, Japan, USA, Germany.  The importance of registration laws, land surveying, aerial mapping and the integration and implementation of GIS was discussed extensively, during this session.

    The workshop is a unique gathering of the stakeholders from the Ministries/Departments of the Government of India, Revenue and Urban Development Secretaries of 34 States/UTs, the Municipal Commissioners, international experts, Municipal officers /CEOs of around 120 Urban Local Bodies which are taking part in the Pilot programme National Geospatial Knowledge based Survey of habitations (NAKSHA) for Modernization of Urban Land records and industry &technology partners from India and abroad.

    Further, a Technology Exhibition on survey and resurvey featuring more than 30 Technology Companies from India as well as abroad was inaugurated by Shri Manoj Joshi, Secretary, Department of Land Resources, Govt. of India.

    *****

     

    SS

    (Release ID: 2066731) Visitor Counter : 53

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI: FinTech360’s Unified Communication Hub Redefines Forex Broker Efficiency

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, Oct. 21, 2024 (GLOBE NEWSWIRE) — With over a decade of expertise in the forex industry, FinTech360.com continues to set new benchmarks in B2B fintech solutions. Known for its innovation, FinTech360 has launched its cutting-edge Communication Hub, a revolutionary platform that transforms communication for forex brokers by providing a streamlined, centralized solution. This cloud-based CRM system improves interaction efficiency across various channels, including email, live chat, SMS, and messaging apps like WhatsApp and Telegram, making it an essential tool for brokers seeking to enhance their operational performance.

    FinTech360.com is positioning itself as the ultimate work management platform for the forex market, integrating essential tools for collaboration, communication, and productivity—all while ensuring the highest level of security and regulatory compliance.

    A Secure and Trusted Partner for Forex Brokers

    FinTech360’s Communication Hub offers forex brokers seamless control over multiple communication channels, from messaging apps to push notifications, all managed within a centralized dashboard. The platform enables easy tracking of client data, inquiries, and interactions, allowing brokers to provide better customer service in one secure location.

    “The launch of the Communication Hub aligns with the digital transformation in the forex industry. FinTech360 is at the forefront of this shift, helping businesses consolidate their operations for smoother, more secure communications,” said Aaron Bitter, CEO of FinTech360. “As we continue to innovate, we’re proud to serve as a trusted partner to forex brokers worldwide.”

    Security remains at the core of FinTech360’s offering. The Communication Hub safeguards client privacy by implementing an encrypted “click-to-email” feature, ensuring brokers can interact with customers without risking data breaches.

    Key Features of the Communication Hub for Forex Brokers

    • Multichannel Communication: Manage emails, live chats, WhatsApp, Telegram, SMS, and push notifications from a single user interface.
    • Unified Dashboard: All communication is streamlined in one place, helping brokers optimize customer interactions.
    • Advanced Security: Protects customer contact information through encryption and secure communication triggers.
    • Cost-Efficient Operations: By consolidating all communication efforts, the hub improves efficiency and reduces costs.
    • Centralized CRM: Brokers can manage client communication from one central platform, improving back-office operations.

    Expanding FinTech360’s CRM Capabilities

    Beyond communication, FinTech360 offers an omnichannel CRM solution, giving forex brokers comprehensive control over all back-office operations. From KYC and AML compliance to handling payments through its payment gateway, FinTech360 allows brokers to accept payments globally via its network of over 250 providers.

    FinTech360’s Verification Center also plays a crucial role in assisting brokers with regulatory compliance, enabling seamless adherence to KYC, AML, and forex market regulations such as CySEC, ASIC, and the FSCA.

    FinTech360 CRM Features for Forex Brokers:

    • Website CMS and Client Area: Create a custom website reflecting your brand, enhancing the user experience.
    • Verification Center: Keep up with KYC and AML regulations while monitoring and optimizing sales calls.
    • Sales-Focused CRM: Simplify your workflow with automated lead splitting and detailed sales tracking, improving client management.
    • Communication Hub: Use multiple channels to engage with clients and track interactions in real-time.
    • Affiliate Manager: Optimize your affiliate marketing efforts through real-time traffic monitoring and management tools.
    • Full Suite Cashier: Process payments with over 300 integrated PSPs and APMs, supported by advanced risk management features.
    • Web Trading Platform and Apps: Deliver seamless trading experiences with FinTech360’s web and mobile apps, integrated with MT4/MT5 for top-tier security.
    • Business Intelligence (BI) Reports: Track every aspect of your business, from traffic to customer interactions, ensuring data-driven decisions.

    For more information about FinTech360 and its latest cross-device trading solutions, visit FinTech360.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Powell Max Limited Announces Change of Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Oct. 21, 2024 (GLOBE NEWSWIRE) — Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced the resignation of Mr. Chun Ho Lam   (“Mr. Lam”) as the Chief Financial Officer of the Company due to personal reasons.  The Company thanks Mr. Lam for his contributions during his tenure of office.

    The Company has appointed Ms. Kam Lai Kwok (“Ms. Kwok”) as the new Chief Financial Officer. 

    Ms. Kwok is an associate of the Hong Kong Institute of Certified Public Accountants (formerly known as the Hong Kong Society of Accountants) since January 1997 and has over 30 years of experience in public accounting and financial management. She also has extensive managerial experience in financial communications and financial printing industry for over 20 years. Prior to her joining of the Company, Ms. Kwok served as an executive director of a Hong Kong listed company  principally engaged in financial communications and financial printing services and as a financial controller of its operating subsidiary for over 8 years.

    About Powell Max Limited

    Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

    Forward-Looking Statements

    This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    For investor and media inquiries, please contact:

    Company Info:

    Powell Max Limited

    Investor Relations

    ir@janfp.com 

    (852) 2158 2888

    The MIL Network –

  • MIL-OSI: RBB Bancorp Reports Third Quarter 2024 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net income totaled $7.0 million, or $ 0.39 diluted earnings per share
    • Return on average assets of 0.72%, compared to 0.76% for the quarter ended June 30, 2024
    • Net interest margin of 2.68% compared to 2.67% for the quarter ended June 30, 2024
    • Repurchased 508,275 shares of common stock for $11.0 million during the quarter ended September 30, 2024, and completed the authorized program
    • Book value and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024

    The Company reported net income of $7.0 million, or $ 0.39 diluted earnings per share, for the quarter ended September 30, 2024, compared to net income of $7.2 million, or $ 0.39 diluted earnings per share, for the quarter ended June 30, 2024. 

    “Loans increased at a 6% annualized rate in the third quarter as our work to expand lending and deposit relationships began to deliver results,” said David Morris, Chief Executive Officer of RBB Bancorp. “Net interest margin increased slightly, and we are optimistic that it will continue to expand from here.  We continue to work through our non-performing loans and believe we will be able to resolve the majority of them by mid-2025.”

    “The team has done an excellent job building on the Bank’s reputation as one of the premier Asian-centric financial institutions,” said Christina Kao, Chair of the Board of Directors. “Returning the Bank to growth has been a priority for the Board of Directors as we believe it will enhance long-term shareholder value.”

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

    Net Interest Income and Net Interest Margin

    Net interest income was $24.5 million for the third quarter of 2024, compared to $24.0 million for the second quarter of 2024. The $580,000 increase was due to an increase in interest income of $1.5 million offset by an increase in interest expense of $959,000. The increase in interest income was due mostly to higher interest income on loans held for investment (“HFI”) of $2.0 million, partially offset by lower interest income on investment securities of $504,000. The increase in loan interest income was mostly due to higher average loans HFI of $54.4 million combined with a 9 basis point increase in the HFI loan yield. The decrease in investment income was attributed to lower average balances and a lower portfolio yield as proceeds from maturing short-term commercial paper were invested into loans and interest-earning cash. The increase in interest expense was due to higher average interest-bearing deposits of $42.3 million in the third quarter of 2024.

    Net interest margin (“NIM”) was 2.68% for the third quarter of 2024, an increase of 1 basis point from 2.67% for the second quarter of 2024. The increase was due to a 5 basis point increase in the yield on average interest-earning assets, partially offset by a 3 basis point increase in the overall cost of funds. The yield on average interest-earning assets increased to 5.94% for the third quarter of 2024 from 5.89% for the second quarter of 2024 due mainly to a 9 basis point increase in the yield on average loans HFI to 6.13% for the third quarter of 2024. The increase in the loan yield was largely attributed to nonaccrual loan activity in the current and prior quarter, including both the recapture of interest income for fully paid off nonaccrual loans and reversals of interest income for loans migrating to nonaccrual status. Such activity increased the third quarter loan yield by 1 basis point and decreased the second quarter loan yield by 7 basis points. Average loans represented 84% of average interest-earning assets in the third quarter of 2024, unchanged from the second quarter of 2024.

    The overall cost of funds increased to 3.57% in the third quarter of 2024 from 3.54% in the second quarter of 2024 due to a higher average cost of interest-bearing deposits in the third quarter of 2024 as compared to the second quarter of 2024. The overall funding mix remained relatively unchanged from the second quarter of 2024 as the ratio of average noninterest-bearing deposits to average total funding sources remained relatively unchanged at 16% for the third and second quarters of 2024. The all-in spot rate for total deposits was 3.53% at September 30, 2024.

    Provision for Credit Losses

    The Company recorded a provision for credit losses of $3.3 million for the third quarter of 2024 compared to $557,000 for the second quarter of 2024. The third quarter provision took into consideration factors including changes in the loan portfolio mix, higher specific reserves, the outlook for economic conditions and market interest rates, and credit quality metrics, including higher nonperforming, special mention and substandard loans at the end of the third quarter of 2024 as compared to the end of the second quarter of 2024.

    Noninterest Income

    Noninterest income for the third quarter of 2024 was $5.7 million, an increase of $2.3 million from $3.5 million for the second quarter of 2024. This increase was mostly due to a $2.8 million recovery of a fully charged off loan, which had been acquired in a bank acquisition (included in other income), partially offset by lower net gain on other real estate owned (“OREO”) of $292,000. 

    Noninterest Expense

    Noninterest expense for the third quarter of 2024 was $17.4 million, an increase of $297,000 from $17.1 million for the second quarter of 2024. This increase was due to higher salaries and employee benefits expense of $475,000 due in part to higher loan production and higher other expenses of $304,000 due to higher loan related expense. These increases were partially offset by lower insurance and regulatory assessments of $323,000 and lower legal and professional expenses of $302,000, the latter being due to reimbursed legal costs from nonaccrual loan payoffs. The annualized noninterest expenses to average assets ratio was 1.78% for the third quarter of 2024, down from 1.79% for the second quarter of 2024. The efficiency ratio was 57.51% for the third quarter of 2024, down from 62.38% for the second quarter of 2024 due mostly to higher noninterest income.

    Income Taxes

    The effective tax rate was 26.9% for the third quarter of 2024 and 25.9% for the second quarter of 2024. The effective tax rate for 2024 is estimated to range between 26.0% and 28.0%.

    Balance Sheet

    At September 30, 2024, total assets were $4.0 billion, a $122.3 million increase compared to June 30, 2024, and a $78.9 million decrease compared to September 30, 2023.

    Loan and Securities Portfolio

    Loans HFI totaled $3.1 billion as of September 30, 2024, an increase of $44.2 million compared to June 30, 2024 and a $29.1 million decrease compared to September 30, 2023. The increase from June 30, 2024 was primarily due to a $62.5 million increase in commercial real estate (“CRE”) loans, a $5.6 million increase in single-family residential (“SFR”) mortgages and a $2.2 million increase in commercial and industrial (“C&I”) loans, partially offset by a $22.3 million decrease in construction and land development (“C&D”) loans and a $2.2 million decrease in Small Business Administration (“SBA”) loans. The loan to deposit ratio was 98.6% at September 30, 2024, compared to 99.4% at June 30, 2024 and 97.6% at September 30, 2023. 

    As of September 30, 2024, available-for-sale securities totaled $305.7 million, a decrease of $19.9 million from June 30, 2024. As of September 30, 2024, net unrealized losses totaled $23.2 million, a $6.9 million decrease due to decreases in market interest rates, when compared to net unrealized losses as of June 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of September 30, 2024, a $68.6 million increase compared to June 30, 2024 and a $61.9 million decrease compared to September 30, 2023. The increase during the third quarter of 2024 was due to an increase in interest-bearing deposits, while noninterest-bearing deposits remained relatively stable at $543.6 million as of September 30, 2024 compared to $543.0 million as of June 30, 2024. The increase in interest-bearing deposits included an increase in time deposits of $49.6 million and an increase in non-maturity deposits of $18.3 million. The increase in time deposits included a $26.6 million increase in wholesale deposits (brokered deposits, collateralized State of California certificates of deposit and deposits acquired through internet listing services). Wholesale deposits totaled $147.3 million at September 30, 2024, and $120.7 million at June 30, 2024. Noninterest-bearing deposits represented 17.6% of total deposits at September 30, 2024 compared to 18.0% at June 30, 2024.

    Credit Quality

    Nonperforming assets totaled $60.7 million, or 1.52% of total assets, at September 30, 2024, compared to $54.6 million, or 1.41% of total assets, at June 30, 2024. The $6.1 million increase in nonperforming assets was mostly due to two loans that migrated to nonaccrual totaling $13.3 million and consisted of a C&D loan and a CRE loan, offset by $6.1 million in payoffs with no losses and $1.2 million in partial charge-offs of nonaccrual loans.

    Special mention loans totaled $77.5 million, or 2.51% of total loans, at September 30, 2024, compared to $19.5 million, or 0.64% of total loans, at June 30, 2024. The $58.0 million increase was primarily due to one $43.6 million C&D loan for a completed hotel construction project, CRE loans totaling $25.2 million and C&I loans totaling $1.2 million. The increase was partially offset by one $11.7 million C&D loan, which migrated from special mention to substandard during the third quarter of 2024. All special mention loans, including the $11.7 million C&D loan which migrated to substandard rating, are all paying current.

    Substandard loans totaled $79.8 million, or 2.58% of total loans, at September 30, 2024, compared to $63.1 million, or 2.07% of total loans, at June 30, 2024. The $16.8 million increase was primarily due to downgrades of two C&D loans totaling $21.7 million and one $3.3 million CRE loan, offset by loan payoffs of $6.7 million and charge-offs of $1.2 million. Of the substandard loans at September 30, 2024, there are  $19.2 million which are paying current.

    30-89 day delinquent loans, excluding nonperforming loans, decreased $645,000 to $10.6 million as of September 30, 2024, compared to $11.3 million as of June 30, 2024. The decrease in past due loans was mostly due to 12 loans totaling $4.7 million that returned to current status and other decreases totaling $784,000, partially offset by new delinquent loans totaling $4.9 million, of which $4.1 million were 30 days past due.

    As of September 30, 2024, the allowance for credit losses totaled $44.5 million and was comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $42.4 million comprised of an allowance for loan losses of $41.7 million and a reserve for unfunded commitments of $624,000 at June 30, 2024. The $2.1 million increase in the allowance for credit losses for the third quarter of 2024 was due to a $3.3 million provision for credit losses, including higher specific reserves of $2.5 million, offset by net charge-offs of $1.2 million. The increase in specific reserves and charge-offs in the third quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans, including estimated selling costs. Charge-offs in the third quarter of 2024 were related to one C&D loan and one CRE loan, which were written-down to their estimated fair value. The allowance for loan losses as a percentage of loans HFI was 1.41% at September 30, 2024, compared to 1.37% at June 30, 2024. The allowance for loan losses as a percentage of nonperforming loans was 72% at September 30, 2024, a decrease from 76% at June 30, 2024. The decrease in the allowance for loan losses as a percentage of nonperforming loans was due in part to an increase in individually evaluated loans, which required no allowance for loan losses.

        For the Three Months Ended
    September 30, 2024    		     For the Nine Months Ended
    September 30, 2024    		  
    (dollars in thousands)   Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses     Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses  
    Beginning balance   $ 41,741     $ 624     $ 42,365     $ 41,903     $ 640     $ 42,543  
    Provision for credit losses     3,145       155       3,300       3,718       139       3,857  
    Less loans charged-off     (1,210 )     —       (1,210 )     (1,991 )     —       (1,991 )
    Recoveries on loans charged-off     9       —       9       55       —       55  
    Ending balance   $ 43,685     $ 779     $ 44,464     $ 43,685     $ 779     $ 44,464  


    Shareholders’ Equity

    At September 30, 2024, total shareholders’ equity was $509.7 million, a $1.6 million decrease compared to June 30, 2024, and a $7.2 million increase compared to September 30, 2023. The decrease in shareholders’ equity for the third quarter of 2024 was due to common stock repurchases of $11.0 million and common stock cash dividends paid of $2.9 million, offset by net income of $7.0 million, lower net unrealized loss on available-for-sale securities of $4.8 million and equity compensation activity of $528,000. Book value per share and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024.

    On February 29, 2024, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. The repurchase program permitted shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rules 10b5-1 and 10b-8. The Company repurchased 508,275 shares at a weighted average share price of $21.53 during the third quarter of 2024 and completed the authorized program.

    Dividend Announcement

    The Board of Directors has declared a common stock cash dividend of $0.16 per common share, payable on November 12, 2024 to shareholders of record on October 31, 2024.

      Contact:
    Lynn Hopkins, Chief Financial Officer
      (213) 716-8066
      lhopkins@rbbusa.com

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.


    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of September 30, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, October 22, 2024, to discuss the Company’s third quarter 2024 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 392446, conference ID RBBQ324. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51366, approximately one hour after the conclusion of the call and will remain available through November 5, 2024.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at http://www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants;  fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)

    		  
        September 30,     June 30,     March 31,     December 31,     September 30,  
        2024     2024     2024     2023     2023  
    Assets                                        
    Cash and due from banks   $ 26,388     $ 23,313     $ 21,887     $ 22,671     $ 23,809  
    Interest-earning deposits with financial institutions     323,002       229,456       247,356       408,702       306,982  
    Cash and Cash Equivalents     349,390       252,769       269,243       431,373       330,791  
    Interest-earning time deposits with financial institutions     600       600       600       600       600  
    Investment securities available for sale     305,666       325,582       335,194       318,961       354,378  
    Investment securities held to maturity     5,195       5,200       5,204       5,209       5,214  
    Mortgage loans held for sale     812       3,146       3,903       1,911       62  
    Loans held for investment     3,091,896       3,047,712       3,027,361       3,031,861       3,120,952  
    Allowance for loan losses     (43,685 )     (41,741 )     (41,688 )     (41,903 )     (42,430 )
    Net loans held for investment     3,048,211       3,005,971       2,985,673       2,989,958       3,078,522  
    Premises and equipment, net     24,839       25,049       25,363       25,684       26,134  
    Federal Home Loan Bank (FHLB) stock     15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance     59,889       59,486       59,101       58,719       58,346  
    Goodwill     71,498       71,498       71,498       71,498       71,498  
    Servicing assets     7,256       7,545       7,794       8,110       8,439  
    Core deposit intangibles     2,194       2,394       2,594       2,795       3,010  
    Right-of-use assets     29,283       30,530       31,231       29,803       29,949  
    Accrued interest and other assets     70,644       63,416       65,608       66,404       87,411  
    Total assets   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    Liabilities and shareholders’ equity                                        
    Deposits:                                        
    Noninterest-bearing demand   $ 543,623     $ 542,971     $ 539,517     $ 539,621     $ 572,393  
    Savings, NOW and money market accounts     666,089       647,770       642,840       632,729       608,020  
    Time deposits, $250,000 and under     1,052,462       1,014,189       1,083,898       1,190,821       1,237,831  
    Time deposits, greater than $250,000     830,010       818,675       762,074       811,589       735,828  
    Total deposits     3,092,184       3,023,605       3,028,329       3,174,760       3,154,072  
    FHLB advances     200,000       150,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs     119,433       119,338       119,243       119,147       174,019  
    Subordinated debentures     15,102       15,047       14,993       14,938       14,884  
    Lease liabilities – operating leases     30,880       32,087       32,690       31,191       31,265  
    Accrued interest and other liabilities     23,150       16,818       18,765       24,729       42,603  
    Total liabilities     3,480,749       3,356,895       3,364,020       3,514,765       3,566,843  
    Shareholders’ equity:                                        
    Common Stock     259,280       266,160       271,645       271,925       277,462  
    Additional paid-in capital     3,520       3,456       3,348       3,623       3,579  
    Retained Earnings     262,946       262,518       259,903       255,152       247,159  
    Non-controlling interest     72       72       72       72       72  
    Accumulated other comprehensive loss, net     (16,090 )     (20,915 )     (20,982 )     (19,512 )     (25,761 )
    Total shareholders’ equity     509,728       511,291       513,986       511,260       502,511  
    Total liabilities and shareholders’ equity   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 

    		  
        For the Three Months Ended     For the Nine Months Ended  
        September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     September 30,
    2024    		     September 30,
    2023    		  
    Interest and dividend income:                                        
    Interest and fees on loans   $ 47,326     $ 45,320     $ 47,617     $ 138,193     $ 148,369  
    Interest on interest-earning deposits     3,388       3,353       3,193       11,781       6,096  
    Interest on investment securities     3,127       3,631       4,211       10,369       10,321  
    Dividend income on FHLB stock     326       327       290       984       814  
    Interest on federal funds sold and other     258       255       252       779       716  
    Total interest and dividend income     54,425       52,886       55,563       162,106       166,316  
    Interest expense:                                        
    Interest on savings deposits, NOW and money market accounts     5,193       4,953       3,106       14,624       8,180  
    Interest on time deposits     22,553       21,850       21,849       67,725       54,424  
    Interest on long-term debt and subordinated debentures     1,681       1,679       2,579       5,039       7,668  
    Interest on other borrowed funds     453       439       440       1,331       2,428  
    Total interest expense     29,880       28,921       27,974       88,719       72,700  
    Net interest income before provision for credit losses     24,545       23,965       27,589       73,387       93,616  
    Provision for credit losses     3,300       557       1,399       3,857       3,793  
    Net interest income after provision for credit losses     21,245       23,408       26,190       69,530       89,823  
    Noninterest income:                                        
    Service charges and fees     1,071       1,064       1,057       3,127       3,200  
    Gain on sale of loans     447       451       212       1,210       258  
    Loan servicing fees, net of amortization     605       579       623       1,773       1,959  
    Increase in cash surrender value of life insurance     402       385       356       1,169       1,036  
    Gain on OREO     —       292       190       1,016       190  
    Other income     3,221       717       332       4,311       982  
    Total noninterest income     5,746       3,488       2,770       12,606       7,625  
    Noninterest expense:                                        
    Salaries and employee benefits     10,008       9,533       9,744       29,468       28,935  
    Occupancy and equipment expenses     2,518       2,439       2,414       7,400       7,242  
    Data processing     1,472       1,466       1,315       4,358       3,969  
    Legal and professional     958       1,260       1,022       3,098       6,907  
    Office expenses     348       352       437       1,056       1,163  
    Marketing and business promotion     252       189       340       613       892  
    Insurance and regulatory assessments     658       981       730       2,621       2,043  
    Core deposit premium     200       201       236       602       708  
    Other expenses     1,007       703       638       2,298       2,445  
    Total noninterest expense     17,421       17,124       16,876       51,514       54,304  
    Income before income taxes     9,570       9,772       12,084       30,622       43,144  
    Income tax expense     2,571       2,527       3,611       8,342       12,752  
    Net income   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
                                             
    Net income per share                                        
    Basic   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Diluted   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Cash Dividends declared per common share   $ 0.16     $ 0.16     $ 0.16     $ 0.48     $ 0.48  
    Weighted-average common shares outstanding                                        
    Basic     17,812,791       18,375,970       18,995,303       18,261,702       18,991,579  
    Diluted     17,885,359       18,406,897       18,997,304       18,313,086       19,013,838  
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)    		  
        For the Three Months Ended  
        September 30, 2024     June 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance    		     Interest
     & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		  
    Interest-earning assets                                                                        
    Cash and cash equivalents(1)   $ 260,205     $ 3,646       5.57 %   $ 255,973     $ 3,608       5.67 %   $ 270,484     $ 3,445       5.05 %
    FHLB Stock     15,000       326       8.65 %     15,000       327       8.77 %     15,000       290       7.67 %
    Securities                                                                        
    Available for sale(2)     298,948       3,105       4.13 %     318,240       3,608       4.56 %     369,459       4,187       4.50 %
    Held to maturity(2)     5,198       46       3.52 %     5,203       46       3.56 %     5,385       48       3.54 %
    Mortgage loans held for sale     1,165       23       7.85 %     3,032       57       7.56 %     739       13       6.98 %
    Loans held for investment:(3)                                                                        
    Real estate     2,888,528       43,495       5.99 %     2,828,339       41,590       5.91 %     2,968,246       43,583       5.83 %
    Commercial     179,885       3,808       8.42 %     185,679       3,673       7.96 %     187,140       4,021       8.52 %
    Total loans held for investment     3,068,413       47,303       6.13 %     3,014,018       45,263       6.04 %     3,155,386       47,604       5.99 %
    Total interest-earning assets     3,648,929     $ 54,449       5.94 %     3,611,466     $ 52,909       5.89 %     3,816,453     $ 55,587       5.78 %
    Total noninterest-earning assets     242,059                       240,016                       250,083                  
    Total average assets   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
                                                                             
    Interest-bearing liabilities                                                                        
    NOW     55,757       277       1.98 %   $ 56,081     $ 276       1.98 %   $ 55,325     $ 201       1.44 %
    Money Market     439,936       4,093       3.70 %     431,559       3,877       3.61 %     403,300       2,656       2.61 %
    Saving deposits     164,515       823       1.99 %     164,913       800       1.95 %     123,709       249       0.80 %
    Time deposits, $250,000 and under     1,037,365       12,312       4.72 %     1,049,666       12,360       4.74 %     1,285,320       14,090       4.35 %
    Time deposits, greater than $250,000     819,207       10,241       4.97 %     772,255       9,490       4.94 %     717,026       7,759       4.29 %
    Total interest-bearing deposits     2,516,780       27,746       4.39 %     2,474,474       26,803       4.36 %     2,584,680       24,955       3.83 %
    FHLB advances     150,543       453       1.20 %     150,000       439       1.18 %     150,000       440       1.16 %
    Long-term debt     119,370       1,295       4.32 %     119,275       1,296       4.37 %     173,923       2,194       5.00 %
    Subordinated debentures     15,066       386       10.19 %     15,011       383       10.26 %     14,848       385       10.29 %
    Total interest-bearing liabilities     2,801,759       29,880       4.24 %     2,758,760       28,921       4.22 %     2,923,451       27,974       3.80 %
    Noninterest-bearing liabilities                                                                        
    Noninterest-bearing deposits     528,081                       529,450                       571,371                  
    Other noninterest-bearing liabilities     52,428                       51,087                       67,282                  
    Total noninterest-bearing liabilities     580,509                       580,537                       638,653                  
    Shareholders’ equity     508,720                       512,185                       504,432                  
    Total liabilities and shareholders’ equity   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
    Net interest income / interest rate spreads           $ 24,569       1.70 %           $ 23,988       1.67 %           $ 27,613       1.98 %
    Net interest margin                     2.68 %                     2.67 %                     2.87 %
                                                                             
    Total cost of deposits   $ 3,044,861     $ 27,746       3.63 %   $ 3,003,924     $ 26,803       3.59 %   $ 3,156,051     $ 24,955       3.14 %
    Total cost of funds   $ 3,329,840     $ 29,880       3.57 %   $ 3,288,210     $ 28,921       3.54 %   $ 3,494,822     $ 27,974       3.18 %

    _________________
    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)    		  
        For the Nine Months Ended  
        September 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		  
    Interest-earning assets                                                
    Cash and cash equivalents(1)   $ 293,597     $ 12,560       5.71 %   $ 177,393     $ 6,812       5.13 %
    FHLB Stock     15,000       984       8.76 %     15,000       814       7.26 %
    Securities                                                
    Available for sale(2)     312,352       10,302       4.41 %     332,007       10,245       4.13 %
    Held to maturity(2)     5,203       140       3.59 %     5,610       151       3.60 %
    Mortgage loans held for sale     1,802       105       7.78 %     295       16       7.25 %
    Loans held for investment:(3)                                                
    Real estate     2,851,625       126,852       5.94 %     3,041,393       134,791       5.93 %
    Commercial     181,716       11,236       8.26 %     214,618       13,562       8.45 %
    Total loans held for investment     3,033,341       138,088       6.08 %     3,256,011       148,353       6.09 %
    Total interest-earning assets     3,661,295     $ 162,179       5.92 %     3,786,316     $ 166,391       5.88 %
    Total noninterest-earning assets     242,802                       244,822                  
    Total average assets   $ 3,904,097                     $ 4,031,138                  
                                                     
    Interest-bearing liabilities                                                
    NOW   $ 56,924       851       2.00 %   $ 59,476     $ 511       1.15 %
    Money Market     427,884       11,496       3.59 %     431,299       7,315       2.27 %
    Saving deposits     162,207       2,277       1.88 %     118,550       354       0.40 %
    Time deposits, $250,000 and under     1,087,501       38,476       4.73 %     1,141,290       33,905       3.97 %
    Time deposits, greater than $250,000     792,310       29,249       4.93 %     729,699       20,519       3.76 %
    Total interest-bearing deposits     2,526,826       82,349       4.35 %     2,480,314       62,604       3.37 %
    FHLB advances     150,182       1,331       1.18 %     179,707       2,428       1.81 %
    Long-term debt     119,276       3,886       4.35 %     173,780       6,584       5.07 %
    Subordinated debentures     15,012       1,153       10.26 %     14,794       1,084       9.80 %
    Total interest-bearing liabilities     2,811,296       88,719       4.22 %     2,848,595       72,700       3.41 %
    Noninterest-bearing liabilities                                                
    Noninterest-bearing deposits     528,624                       624,781                  
    Other noninterest-bearing liabilities     52,955                       58,786                  
    Total noninterest-bearing liabilities     581,579                       683,567                  
    Shareholders’ equity     511,222                       498,976                  
    Total liabilities and shareholders’ equity   $ 3,904,097                     $ 4,031,138                  
    Net interest income / interest rate spreads           $ 73,460       1.70 %           $ 93,691       2.47 %
    Net interest margin                     2.68 %                     3.31 %
                                                     
    Total cost of deposits   $ 3,055,450     $ 82,349       3.60 %   $ 3,105,095     $ 62,604       2.70 %
    Total cost of funds   $ 3,339,920     $ 88,719       3.55 %   $ 3,473,376     $ 72,700       2.80 %

    _______________
    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    		  
      At or for the Three Months Ended     At or for the Nine Months
    Ended September 30,    		  
      September 30,   June 30,     September 30,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.81     $ 28.12     $ 26.45     $ 28.81     $ 26.45  
    Tangible book value(1) $ 24.64     $ 24.06     $ 22.53     $ 24.64     $ 22.53  
    Performance ratios                                  
    Return on average assets, annualized   0.72 %     0.76 %     0.83 %     0.76 %     1.01 %
    Return on average shareholders’ equity, annualized   5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity, annualized(1)   6.40 %     6.65 %     7.82 %     6.81 %     9.58 %
    Noninterest income to average assets, annualized   0.59 %     0.36 %     0.27 %     0.43 %     0.25 %
    Noninterest expense to average assets, annualized   1.78 %     1.79 %     1.65 %     1.76 %     1.80 %
    Yield on average earning assets   5.94 %     5.89 %     5.78 %     5.92 %     5.88 %
    Yield on average loans   6.13 %     6.04 %     5.99 %     6.08 %     6.09 %
    Cost of average total deposits(2)   3.63 %     3.59 %     3.14 %     3.60 %     2.70 %
    Cost of average interest-bearing deposits   4.39 %     4.36 %     3.83 %     4.35 %     3.37 %
    Cost of average interest-bearing liabilities   4.24 %     4.22 %     3.80 %     4.22 %     3.41 %
    Net interest spread   1.70 %     1.67 %     1.98 %     1.70 %     2.47 %
    Net interest margin   2.68 %     2.67 %     2.87 %     2.68 %     3.31 %
    Efficiency ratio(3)   57.51 %     62.38 %     55.59 %     59.90 %     53.64 %
    Common stock dividend payout ratio   41.03 %     41.03 %     35.56 %     39.34 %     30.00 %

    ____________________

    (1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)    		  
        At or for the quarter ended  
        September 30,     June 30,     September 30,  
        2024     2024     2023  
    Credit Quality Data:                        
    Special mention loans   $ 77,501     $ 19,520     $ 31,212  
    Special mention loans to total loans     2.51 %     0.64 %     1.00 %
    Substandard loans   $ 79,831     $ 63,076     $ 71,401  
    Substandard loans to total loans     2.58 %     2.07 %     2.29 %
    Loans 30-89 days past due, excluding nonperforming loans   $ 10,625     $ 11,270     $ 19,662  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans     0.34 %     0.37 %     0.63 %
    Nonperforming loans   $ 60,662     $ 54,589     $ 40,146  
    OREO     —       —       284  
    Nonperforming assets   $ 60,662     $ 54,589     $ 40,430  
    Nonperforming loans to total loans     1.96 %     1.79 %     1.29 %
    Nonperforming assets to total assets     1.52 %     1.41 %     0.99 %
                             
    Allowance for loan losses   $ 43,685     $ 41,741     $ 42,430  
    Allowance for loan losses to total loans     1.41 %     1.37 %     1.36 %
    Allowance for loan losses to nonperforming loans     72.01 %     76.46 %     105.69 %
    Net charge-offs   $ 1,201     $ 551     $ 2,206  
    Net charge-offs to average loans     0.16 %     0.07 %     0.28 %
                             
    Capital ratios(1)                        
    Tangible common equity to tangible assets(2)     11.13 %     11.53 %     10.71 %
    Tier 1 leverage ratio     12.19 %     12.48 %     11.68 %
    Tier 1 common capital to risk-weighted assets     18.16 %     18.89 %     17.65 %
    Tier 1 capital to risk-weighted assets     18.74 %     19.50 %     18.22 %
    Total capital to risk-weighted assets     24.79 %     25.67 %     26.24 %

    ______________
    (1) September 30, 2024 capital ratios are preliminary.
    (2) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)

    		  
    Loan Portfolio Detail   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Loans:                                          
    Commercial and industrial   $ 128,861   4.2 %   $ 126,649       4.2 %   $ 127,655       4.1 %
    SBA     48,089   1.6 %     50,323       1.7 %     50,420       1.6 %
    Construction and land development     180,196   5.8 %     202,459       6.6 %     259,778       8.3 %
    Commercial real estate (1)     1,252,682   40.5 %     1,190,207       39.1 %     1,164,210       37.3 %
    Single-family residential mortgages     1,473,396   47.7 %     1,467,802       48.2 %     1,505,307       48.2 %
    Other loans     8,672   0.2 %     10,272       0.2 %     13,582       0.5 %
    Total loans (2)   $ 3,091,896   100.0 %   $ 3,047,712       100.0 %   $ 3,120,952       100.0 %
    Allowance for loan losses     (43,685 )       (41,741 )             (42,430 )        
    Total loans, net   $ 3,048,211       $ 3,005,971             $ 3,078,522          

    _______________
    (1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2) Net of discounts and deferred fees and costs of $467, $645, and $383 as of September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

    Deposits   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Deposits:                                          
    Noninterest-bearing demand   $ 543,623   17.6 %   $ 542,971       18.0 %   $ 572,393       18.1 %
    Savings, NOW and money market accounts     666,089   21.5 %     647,770       21.4 %     608,020       19.3 %
    Time deposits, $250,000 and under     926,877   30.0 %     921,712       30.5 %     848,868       26.9 %
    Time deposits, greater than $250,000     808,304   26.1 %     790,478       26.1 %     687,365       21.8 %
    Wholesale deposits(1)     147,291   4.8 %     120,674       4.0 %     437,426       13.9 %
    Total deposits   $ 3,092,184   100.0 %   $ 3,023,605       100.0 %   $ 3,154,072       100.0 %

    ___________________
    (1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of September 30, 2024, June 30, 2024, and September 30, 2023.

                           
    (dollars in thousands, except share and per share data)   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		  
    Tangible common equity:                        
    Total shareholders’ equity   $ 509,728     $ 511,291     $ 502,511  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible common equity   $ 436,036     $ 437,399     $ 428,003  
    Tangible assets:                        
    Total assets-GAAP   $ 3,990,477     $ 3,868,186     $ 4,069,354  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible assets   $ 3,916,785     $ 3,794,294     $ 3,994,846  
    Common shares outstanding     17,693,416       18,182,154       18,995,303  
    Common equity to assets ratio     12.77 %     13.22 %     12.35 %
    Tangible common equity to tangible assets ratio     11.13 %     11.53 %     10.71 %
    Book value per share   $ 28.81     $ 28.12     $ 26.45  
    Tangible book value per share   $ 24.64     $ 24.06     $ 22.53  


    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights), and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

        Three Months Ended     Nine Months Ended September 30,  
    (dollars in thousands)   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     2024     2023  
    Net income available to common shareholders   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
    Average shareholders’ equity     508,720       512,185       504,432       511,222       498,976  
    Adjustments:                                        
    Average goodwill     (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible     (2,326 )     (2,525 )     (3,165 )     (2,525 )     (3,398 )
    Adjusted average tangible common equity   $ 434,896     $ 438,162     $ 429,769     $ 437,199     $ 424,080  
    Return on average common equity     5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity     6.40 %     6.65 %     7.82 %     6.81 %     9.58 %

    The MIL Network –

  • MIL-OSI: Monroe Capital Corporation Schedules Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that it will report its third quarter ended September 30, 2024 financial results on Tuesday, November 12, 2024, after the close of the financial markets.

    The Company will host a webcast and conference call to discuss these operating and financial results on Wednesday, November 13, 2024 at 11:00 a.m. Eastern Time. The webcast will be hosted on a webcast link located in the Investor Relations section of our website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (800) 715-9871 approximately 10 minutes prior to the call. Please reference conference ID # 5769748. For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.

    About Monroe Capital Corporation

    Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit http://www.monroebdc.com.

    About Monroe Capital LLC

    Monroe Capital LLC (including its subsidiaries and affiliates, together “Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 10 offices throughout the United States and Asia.

    Monroe has been recognized by both its peers and investors with various awards including Private Debt Investor as the 2023 Lower Mid-Market Lender of the Decade, 2023 Lower Mid-Market Lender of the Year, 2023 CLO Manager of the Year, Americas; Inc.’s 2023 Founder-Friendly Investors List; Global M&A Network as the 2023 Lower Mid-Markets Lender of the Year, U.S.A.; DealCatalyst as the 2022 Best CLO Manager of the Year; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit http://www.monroecap.com.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

    SOURCE:          Monroe Capital Corporation

    The MIL Network –

  • MIL-OSI: Element Welcomes New Chief Data and Analytics Officer, Evelyne Roy

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, is excited to announce the appointment of Evelyne Roy as its new Chief Data and Analytics Officer. In this role, Ms. Roy will be accountable for designing and building scalable data and analytics systems that enable insights and responsible AI to optimize business operations, drive growth, improve safety, and ensure an exceptional client experience. 

    “We are delighted to welcome Evelyne to the Element team,” said Laura Dottori-Attanasio, CEO, Element. “She is an adept data technology leader, whose extensive experience and passion for leveraging data to drive business success make her the ideal candidate for this role and delivering our Purpose to Move the world through intelligent mobility.”

    Ms. Roy, whose appointment is effective immediately, brings with her over 25 years of experience leading the data strategy, architecture, and distribution for data and analytics platforms, having previously held leadership roles at Thompson Reuters Corporation, as well as increasingly senior roles in the financial industry in both Australia and Canada. With a proven track record of utilizing data to drive business strategies and improve client experiences, Ms. Roy is a valuable addition to the Element team. This appointment reflects Element’s continued commitment to investing in the modernization of its digital capabilities to deliver increased value to its clients.

    “As a leader in fleet management, we recognize the importance of data and analytics in delivering efficient and effective solutions for our clients,” said Kobi Eisenberg, President Element Mobility and Autofleet. “We are confident that Evelyne will play a pivotal role in our ongoing commitment to providing best-in-class mobility solutions and ensuring we stay ahead of the evolving needs of our industry.”

    “I’m thrilled to join the Element team, and be a part of this Purpose-driven, client-centric organization,” said Ms. Roy. “Together, we are going to deliver data and digital-first solutions that meet and exceed our clients’ expectations.”

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of loyal, world-class clients – corporations, governments, and not-for-profits – across North America, Australia, and New Zealand. Element’s services address every aspect of clients’ fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce fleet operating costs and improve productivity and performance. For more information, visit elementfleet.com/investor-relations.

    The MIL Network –

  • MIL-OSI: North American Construction Group Ltd. Third Quarter Results Conference Call and Webcast Notification

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, Oct. 21, 2024 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) announced today that it will release its financial results for the third quarter ended September 30, 2024 on Wednesday, October 30, 2024 after markets close. Following the release of its financial results, NACG will hold a conference call and webcast on Thursday, October 31, 2024, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time).

    The call can be accessed by dialing:
    Toll free: 1-800-717-1738
    Conference ID: 86919

    A replay will be available through November 29, 2024, by dialing:
    Toll Free: 1-888-660-6264
    Conference ID: 86919
    Playback Passcode: 86919

    A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at http://www.nacg.ca/presentations/

    The live presentation and webcast can be accessed at: North American Construction Group Ltd. Third Quarter Results Conference Call Registration (onlinexperiences.com)

    A replay will be available until November 29, 2024, using the link provided.

    About the Company

    North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Canada, the U.S. and Australia. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

    For further information, please contact:

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    Phone: (780) 960-7171
    Email: ir@nacg.ca

    The MIL Network –

  • MIL-OSI New Zealand: Government’s Three Strikes reboot fails victims, again – Sensible Sentencing Trust

    Source: Sensible Sentencing Trust

    The Sensible Sentencing Trust is slamming the Government’s tweaks to it’s Three Strikes 2.0 law labelling them a ‘weak compromise that lets victims down’.

    Lawyer, and Sensible Sentencing Trust spokesman, Stephen Franks, said:

    “The Three Strikes changes are a triumph of public service bureaucrats over evidence-based policy.  Changing the threshold so a strike only counts if a crim get12 months imprisonment at the first strike stage and two year threshold for second and third strikes makes no sense at all.”

    “The Government just doesn’t get it. The whole idea of Three Strikes is that the strike occurs upon conviction not based on the sentencing judge’s discretion.”

    “We’ve modelled the Government’s changes using the 25 ‘third strikers’ under the original regime. Under the Bill as it was, just seven would qualify for a third strike. And with these changes, it’s still just eight – less than a third who would face the deterrent of a third strike under the original law.”

    “It doesn’t even carry over the existing strikes of of the old regime. It restores strike status only to those who meet these new thresholds. It’s literally letting previous strikers off.”

    “National and ACT talk tough on crime, but are failing to deliver. This watered down version of Three Strikes won’t work.”

    “What was the point of ACT campaigning on reinstating what the judges and Labour’s luvvies canned, if they bottle it when in power?

    NOTES:

    Analysis by the Sensible Sentencing Trust shows that only one additional third striker would qualify under the changes announced today compared to the proposal introduced in April.

    This new threshold also applies to the “carry over” aspect – which means that most of the 14,687 former strikers will not qualify at all (so will be ‘let off’ from their existing strikes, despite convictions for serious offences).’

    We’ve also modelled applying the 12 month sentence threshold to just the third strike stage.  If that proposal had been adopted, just two cases that would not qualify as third strikers. These two cases are those opponents of Three Strikes regularly refer to: Both Daniel Fitzgerald and Raven Campbell would not qualify as Third Strikers.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Health – New data shows surgery mortality outcomes improving

    Source: Te Tāhū Hauora Health Quality & Safety Commission

    Surgery mortality outcomes are improving in Aotearoa New Zealand despite an aging population and more complex surgeries being performed.
    Data updated to December 2023 by the National Mortality Review Management Group, Te Tāhū Hauora Health Quality & Safety Commission Health Quality Intelligence team, and the Perioperative Mortality (POM) subject matter experts’ group, shows overall surgical mortality rates in New Zealand are not increasing.
    This is despite an aging population, surgeries now performed on those who might not have previously been operated on, and increasingly complex surgeries undertaken on patients with more illnesses.
    Despite pressures on the health system the data shows outcomes have not deteriorated, with surgery here continuing to be as safe as countries like Australia, the United Kingdom and the United States.
    “Māori and Pacific peoples’ mortality after planned surgery has also improved when compared to Pākehā and other ethnicity groups,” Elizabeth Dennett, University of Otago Wellington, Associate Professor of Surgery and POM member, said
    However, Associate Professor Dennett noted that for acute or emergency surgeries this improvement had not happened for Pacific peoples.
    The data is summarised in an updated ‘Surgery and risk in Aotearoa New Zealand’ infographic, released today and available on Te Tāhū Hauora website.
    Covering a range of information including risk factors, the infographic can be used by health care professionals when discussing upcoming surgery with patients.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Animal Exploitation Govt Needs to Act Now – Another dog dead – SAFE demands immediate ban on greyhound racing

    Source: SAFE For Animals

    SAFE is demanding the Government urgently ban greyhound racing following the tragic death of yet another dog. On Friday, 18 October, What’s On sustained a catastrophic spinal fracture during a race at Addington Raceway in Christchurch. The injury was so severe the dog had to be euthanised.
    What’s On is the fourth dog to die this racing season which only began on 1 August, and the 30th fatality since the industry was formally put on notice by the previous Labour Government.
    SAFE Campaign Manager Emma Brodie says the time for talking is over, and urgent intervention is gravely needed.
    “It is both deeply upsetting and infuriating to witness injury after injury and death after death. This cycle of suffering must come to an end.”
    “This industry has shown time and again that it is incapable of change. The evidence of cruelty is undeniable, and the Government can no longer ignore it.”
    The Government has stated it will decide the future of greyhound racing in Aotearoa before the end of 2024, with the Minister considering three options: maintaining the status quo, implementing regulatory changes, or banning the industry outright.
    But SAFE believes the choice is obvious.
    “We don’t need more reports, more inquiries, or more excuses,” says Brodie.
    “With every passing day, more dogs suffer and die while this industry remains unchanged. After years of failing to address its cruelty, it’s clear that greyhound racing cannot be reformed. The only compassionate solution is to end it once and for all.”
    SAFE is urging the Government to act now and introduce an immediate and comprehensive ban on greyhound racing.
    “The Minister has all the evidence he needs to make the right decision and ban greyhound racing in Aotearoa,” says Brodie.
    “What’s On’s tragic death must be the last.” 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: First Responders – Waikato swampland fire Update #3

    Source: Fire and Emergency New Zealand

    Six helicopters supported by ground crews filling monsoon buckets are this morning fighting a large vegetation fire in scrub and wetlands near Meremere, North Waikato.
    Incident Commander Shane Bromley says the fire front is now five kilometres wide and has burned through around 80 hectares.
    The fire is not yet controlled and is spreading through Whangamarino Wetland a Department of Conservation area of environmental significance.
    Shane Bromley says fire investigators are on the fire ground today but an origin and cause of the fire has not yet been confirmed.
    Fire and Emergency New Zealand was alerted to the fire off Island Block Road around 1.15pm on Monday.
    There will be another update this afternoon.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Union Minister of Housing and Urban Affairs (MoHUA), Shri Manohar Lal, rides Namo Bharat Trains marking the one-year successful operations of India’s first RRTS

    Source: Government of India (2)

    Union  Minister of Housing and Urban Affairs (MoHUA), Shri Manohar Lal, rides Namo Bharat Trains marking the one-year successful operations of India’s first RRTS

    Namo Bharat Trains successfully completes one year of operations, serving over 4 million passengers.

    Posted On: 21 OCT 2024 5:19PM by PIB Delhi

    In a significant event marking the completion of one year of Namo Bharat operations, Hon’ble Minister of Housing and Urban Affairs and Minister of Power, Shri Manohar Lal, took a ride on the Namo Bharat train and visited key stations along the Delhi-Ghaziabad-Meerut RRTS corridor.  Union Minister said that work of Rapid rail transit system is going on in full speed, equipped with newer technologies, that will make intercity travel very convenient for the travellers. He said that while average speed of metro rail is 30 km/hr, the RRTS has an average speed of 80 km/hr, with a maximum operational speed of 160 km/ hr

    The Minister boarded the Namo Bharat train from Sahibabad station in a driving cab, where he interacted with the women train operators, acknowledging their vital contributions to the operations of India’s first RRTS corridor. He also engaged with passengers, gathering firsthand feedback on their experiences with the Namo Bharat service. 

     

    Shri Manohar Lal expressed satisfaction with the overwhelmingly positive response from passengers, who praised the convenience, speed, and comfort of Namo Bharat trains. Many highlighted how this new mode of transportation has significantly improved their daily commute, offering a hassle-free and reliable alternative to traditional modes of transport.

    Additionally, NCRTC celebrated the one-year anniversary of Namo Bharat train operations with a special visit from school students in the morning. The children enjoyed speedy and joyful rides, fulfilled with chocolates. Commuters were welcomed with festive dhol beats, chocolates, and mementos as tokens of appreciation for their continued support. The stations were adorned with entry gates for Namo Bharat Diwas, creating a festive atmosphere.

     Shri Manohar Lal started his visit from Anand Vihar RRTS Station, where he was received by NCRTC MD, Shri Shalabh Goel. The Minister received a detailed briefing on the station’s unique design and its significance within the overall RRTS network.

    He was informed about the strategically designed Anand Vihar RRTS Station, constructed just one level below ground to ensure ease of access and seamless integration with multiple modes of transport, positioning it as a vital commuter hub. With its proximity to two Metro lines, a railway station, and one bus terminals (ISBTs) in Kaushambi, Uttar Pradesh, and another inter-state bus terminal in Anand Vihar, Delhi is set to become one of the region’s busiest transit hubs. The station’s multimodal connectivity facilitates smooth transitions between various modes of transportation, enhancing convenience and accessibility for daily commuters and creating a comprehensive network of networks.

    The trial run of the Namo Bharat trains have recently been commenced to connect New Ashok Nagar and Anand Vihar RRTS station with already operational Sahibabad station. Hon’ble Minister then proceeded to Sahibabad RRTS Station, where he saw the various passenger-centric amenities developed for the commuters. He was presented with live models, as well as augmented reality (AR) and virtual reality (VR) demonstrations, which offered an immersive understanding of the innovative infrastructure, advanced technologies, and services being employed in the development of the RRTS.

    From the very first day of Namo Bharat’s operations, passengers have benefited from the convenience of the National Common Mobility Card (NCMC), enabling seamless travel across multiple modes of transport under the Government of India’s “One Nation, One Card” initiative.

    The  Minister was apprised that since their launch on October 21, 2023, Namo Bharat trains have significantly transformed commuting across Ghaziabad, Sahibabad, and the surrounding regions, successfully serving over 40 lakhs passengers in their first year of operations. Ghaziabad RRTS Station registered the highest footfall over the past year, followed closely by Sahibabad and Meerut South RRTS Stations. The Minister was also apprised of several groundbreaking technologies, many being used for the first time globally, are part of the implementation of the Namo Bharat project under the ‘Make in India’ and ‘Aatmanirbhar Bharat’ initiatives. These cutting-edge developments, aligned with the Hon’ble Prime Minister’s vision, are driving the transformation of public transport infrastructure in India.

     

    The Honourable Prime Minister of India inaugurated the first 17-kilometer Priority Section between Sahibabad and Duhai Depot on October 20, 2023, marking the historic launch of India’s first RRTS. On March 7, 2024, another 17-kilometer stretch between Duhai and Modinagar North was inaugurated, followed by the operationalization of Meerut South RRTS Station on August 18, 2024.

    Currently, Namo Bharat services operate on a 42-kilometer stretch covering nine stations, including Sahibabad, Ghaziabad, Guldhar, Duhai, Duhai Depot, Muradnagar, Modi Nagar South, Modi Nagar North, and Meerut South. The corridor will soon extend to 54 kilometers with the addition of the Sahibabad to New Ashok Nagar section, which includes key stations such as Anand Vihar and New Ashok Nagar.

    RRTS distinguishes itself from other modes of transport by providing high-speed connectivity between suburban areas, significantly reducing commuting times for longer distances. This system is especially effective in addressing the challenges posed by urban expansion into new regions, such as the National Capital Region (NCR). By enabling travellers to cover greater distances in a shorter time frame, RRTS enhances accessibility and convenience, making it an ideal solution for commuters navigating the growing urban landscape.

    Once the entire 82-kilometer corridor is completed by June 2025, passengers will be able to travel from Delhi to Meerut in under an hour, revolutionizing regional connectivity and enhancing the overall commuter experience.

    ***

    JN/SK/NS/AA

    (Release ID: 2066736) Visitor Counter : 40

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Raksha Mantri & his Singaporean counterpart to hold 6th India-Singapore Defence Ministers’ Dialogue in New Delhi to further bolster defence ties

    Source: Government of India (2)

    Posted On: 21 OCT 2024 5:15PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh and Minister of Defence, Singapore Dr Ng Eng Hen will co-chair the sixth India-Singapore Defence Ministers’ Dialogue in New Delhi on October 22, 2024. The meeting aims to carry forward defence cooperation between the two countries. Both sides will also exchange views on regional and global issues of shared interest.

    India and Singapore share a Comprehensive Strategic Partnership. The bilateral defence relations form a significant pillar to this collaboration. The engagements have diversified to include wide-ranging contacts between the Services, military-to-military exchanges, high-level visits, capacity building and training programmes, cooperation in UN Peacekeeping, ship visits and bilateral exercises.

    Singapore is a key pillar of India’s Act East Policy, and an important partner of the Indo-Pacific vision. Defence and security partnership between the two countries is an important factor of stability in the Indo-Pacific region.

    The Singaporean Defence Minister will be on a visit to India from October 21-23, 2024. The fifth edition of the Defence Ministers’ Dialogue took place in January 2021 through virtual teleconference.

    *****

    SR/Savvy

    (Release ID: 2066727) Visitor Counter : 77

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Jitendra Singh addresses Karmayogi Saptah ‘Samuhik Charcha’ during the Karmayogi Saptah for the Ministry of Personnel, Public Grievances and Pensions

    Source: Government of India (2)

    Union Minister Jitendra Singh addresses Karmayogi Saptah ‘Samuhik Charcha’ during the Karmayogi Saptah for the Ministry of Personnel, Public Grievances and Pensions

    Dr Jitendra Singh lauds PM Shri Narendra Modi for his vision of Citizen-Centric Governance and Administrative Reforms

    Mission Karmayogi Marks a Paradigm shift from Rule to Role: Union Minister Dr Jitendra Singh

    Cycle of regular learning will help in creating a vast, agile and responsive workforce in the run up to Vikasit Bharat

    Posted On: 21 OCT 2024 4:58PM by PIB Delhi

    Setting the context for Karmayogi Saptah, ‘Samuhik Charcha’ for officers of the Ministry of Personnel, Public Grievances, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (I/C) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr Jitendra Singh, briefed about Mission Karmayogi, National Learning Week and Karmayogi Competency Model.

    The Minister emphasised that Mission Karmayogi underlines a paradigm shift from “Rule” to “Role” and focuses that Civil Servants should not be bound by rules but by responsibilities.
    The Union Minister outlined how the Ministry of Personnel, Public Grievances and Pensions has been the first among the ministries to start this cycle of regular learning. During the occasion, Minister also recounted the journey of setting up Mission Karmayogi, which was after taking inspiration from Prime Minister Shri Narendra Modi. He also applauded the Capacity Building Commission (CBC) for taking up this task.

    Union Minister stressed that Mission Karmayogi has led to the development of a new culture in governance which is responsive, dynamic and allied with contemporary India. He further outlined that Mission Karmayogi will help bureaucrats in performing the diverse range of works in government in different ministries.

    Union Minister highlighted that how Mission Karmayogi creates a layer of sustainable ecosystem with the ‘One Government’ approach to realise the dream of Viksit Bharat. He also stated that given the needs of changing times, one should be continuously engaging in the learning processes. This will carry much significance for the bureaucrats who will be at the forefront of Vikasit Bharat 2047.

     

    He remarked that this brainstorming cycle of Samuhik Charcha will aid in the creation of an allied, vast framework, a vast ecosystem, aligned across industries, across the department, and whole of the Government.

    Furthermore, the aim of the ‘Samuhik Charcha’ for the officers of the Ministry of Personnel, Public Grievances and Pensions is to facilitate and entrench learning on a chosen theme by bringing officers across departments within the Ministry together. The ‘Samuhik Charcha’ is designed to enable officers to contemplate and exchange ideas on a chosen theme derived from a webinar that comprises part of the ‘National Learning Week’ programme.

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  • MIL-OSI Asia-Pac: Pradhan Mantri Bhartiya Janaushadhi Pariyojana achieves sales worth Rs.1000 Crores in October 2024

    Source: Government of India

    Pradhan Mantri Bhartiya Janaushadhi Pariyojana achieves sales worth Rs.1000 Crores in October 2024

    Jan Aushadhi Kendras grew more than 170 times in number in last 10 years; more than 14,000 kendras now cover almost all the districts of the country

    Posted On: 21 OCT 2024 4:46PM by PIB Delhi

    Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) has reached a remarkable milestone by achieving sales worth Rs. 1000 Crores in October 2024, a significant advancement from previous year when this target was met in December, 2023. This achievement highlights the growing trust and reliance of the people on affordable and quality medicines. This was possible only with the unwavering support of the citizens, who have embraced the initiative by purchasing medicines from over 14,000 Jan Aushadhi Kendras across the country. This substantial growth is a testament to PMBI’s commitment to making healthcare accessible and affordable for all by reducing out of pocket expenditure.  Notably few days ago, PMBI had sold medicines worth Rs. 200 crores in one single month of September 2024.

    In the last 10 years, there has been a growth of more than 170 times in number of Kendras which were only 80 in 2014 and have now grown to more than 14,000 Kendras covering almost all the districts of the country.

    In next 2 years, there will be 25000 Jan Aushadhi Kendras in the country. The product basket of PMBJP comprises 2047 medicines and 300 surgical devices covering all major therapeutic groups such as Cardiovascular, Anti-cancers, Anit-diabetics, Anti-infectives, Anti-allergic, Gastro-intestinal medicines, Nutraceuticals, etc. Almost 1 million people are visiting these popular people-friendly Kendras daily.

    The PMBJP initiative continues to empower communities, ensuring that quality healthcare is within reach for every citizen. The record-breaking sales not only highlight the success of the program but also it plays a vital role in promoting health equity in the country.

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  • MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya Launches ‘eShram – One Stop Solution’ for Welfare of Unorganised Workers

    Source: Government of India

    Dr. Mansukh Mandaviya Launches ‘eShram – One Stop Solution’ for Welfare of Unorganised Workers

    eShram – One Stop Solution will provide seamless access of different Social Security Schemes to the unorganised workers registered on eShram: Union Minister

    Posted On: 21 OCT 2024 4:44PM by PIB Delhi

    Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya launched “eShram – One Stop Solution” in New Delhi today. Union Minister of State for Labour & Employment, Sushri Shobha Karandlaje, Secretary and other senior officials of Ministry of Labour & Employment were also present on the occasion.

    Speaking at the launch event, Dr. Mandaviya emphasized the growing trust in the eShram portal, noting, “Every day, around 60,000 to 90,000 workers are joining the eShram platform, which demonstrates their confidence in this initiative.” He said that eShram – One Stop Solution will provide seamless access of different Social Security Schemes to the unorganised workers registered on eShram,

    Dr. Mandaviya also highlighted that the primary purpose of the eShram One Stop Solution is to simplify the registration process for unorganised workers and facilitate their access to government welfare schemes. “This platform will act as a bridge, connecting the workers to the numerous benefits offered by the government and making the registration process easier and more transparent,” he said.

    Dr. Mandaviya urged all unorganised workers to register on the eShram portal and take advantage of the various welfare schemes designed for their benefit. He emphasized that onboarding to the platform will enable workers to access a wide range of social security and welfare initiatives launched by the government, aimed at improving their livelihoods and ensuring their well-being.

    Sushri Shobha Karandlaje emphasised on the integration of State Governments portal with eShram in order to ensure last mile connectivity. This initiative will also help in ensuring saturation of the schemes through identification of left-out potential beneficiaries, State/ District-wise, she added.

    One Stop Solution entails consolidating and integrating data from various Central Ministries/ Departments into a single repository as per the recent Budget Announcement and 100 days agenda of Ministry of Labour and Employment. Key welfare schemes such as One Nation One Ration Card, Mahatma Gandhi National Rural Employment Guarantee Act, National Social Assistance Programme, National Career Service, Pradhan Mantri Shram Yogi Maandhan etc. have been integrated with eShram, and onboarding of other welfare schemes is also in progress.

    Ms. Sumita Dawra, Secretary, Ministry of Labour and Employment, pointed out that eShram One Stop Solution will serve as a facilitator to enable seamless access to various Government schemes to the unorganised workers. She informed that the ongoing exercise of ‘One Stop Solution’ will continue to integrate all Social Security/ Welfare Schemes on eShram Portal.

    During the first 100 hundred days of new Government, several meetings were held with concerned Ministries/ Departments to integrate their Social Security / Welfare Schemes with eShram demonstrating a good example of whole of Government approach for welfare of unorganised workers.  

    eShram portal was launched by Ministry of Labour & Employment on 26th August 2021, and more than 30 crore workers have already registered themselves on eShram in a span of 3 years.

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  • MIL-OSI Asia-Pac: JOINT MILITARY TRAINING BETWEEN INDIAN AIR FORCE AND REPUBLIC OF SINGAPORE AIR FORCE BEGINS AT AIR FORCE BASE IN WEST BENGAL

    Source: Government of India (2)

    Posted On: 21 OCT 2024 4:20PM by PIB Delhi

    On 21st October 2024, the Indian Air Force (IAF) and Republic of Singapore Air Force (RSAF) commenced the 12th edition of the Joint Military Training (JMT) exercise at Air Force Station Kalaikunda, West Bengal.

    The bilateral phase of the exercise will be conducted from 13 to 21 November 2024 and is expected to generate intense collaboration between the two forces, as they engage in advanced air combat simulations, joint mission planning and debriefing sessions. The bilateral phase aims to enhance interoperability, sharpen combat readiness and promote the exchange of knowledge between the two Air Forces.

    The RSAF is participating with its largest contingent till date, comprising of aircrew and support personnel from F-16, F-15 squadrons alongwith G-550 Airborne Early Warning and Control (AEW&C) and C-130 aircraft. The IAF will be participating with Rafale, Mirage 2000 ITI, Su-30 MKI, Tejas, MiG-29 and Jaguar aircraft.

    Since its inception, JMT has been conducted under the ambit of a bilateral agreement signed between the two nations. JMT exercise comes right after RSAF’s participation in one of the largest multinational aerial exercises, Ex-Tarang Shakti hosted by the IAF, which is reflective of a growing professional association between the two Air Forces. In addition to air operations, the personnel of the two air forces will exchange best practices, as they interact during a multitude of sports and cultural activities over the next seven weeks.

    JMT-2024 highlights the strong bilateral defence relationship built over years of collaboration and joint exercises, as well as the mutual respect between India and Singapore.

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  • MIL-OSI New Zealand: Stats NZ information release: Overseas merchandise trade: September 2024

    Source: Statistics New Zealand

    Overseas merchandise trade: September 2024 – information release – 22 October 2024 – Overseas merchandise trade statistics provide information on imports and exports of merchandise goods between New Zealand and other countries.

    Key facts
    This release refers to trade in goods only.

    In September 2024, compared with September 2023:

    • goods exports rose by $246 million (5.2 percent), to $5.0 billion
    • goods imports fell by $67 million (0.9 percent), to $7.1 billion
    • the monthly trade balance was a deficit of $2.1 billion.

    Visit our website to read this information release:

     

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  • MIL-OSI New Zealand: Total greenhouse gas emissions rise 1.1 percent in the June 2024 quarter – Stats NZ media and information release: Greenhouse gas emissions (industry and household): June 2024 quarter

    Source: Statistics New Zealand

    Total greenhouse gas emissions rise 1.1 percent in the June 2024 quarter – 22 October 2024 – Seasonally adjusted industry and household greenhouse gas (GHG) emissions increased 1.1 percent in the June 2024 quarter, according to figures released by Stats NZ today.

    “This increase of 224 kilotonnes during the quarter was due to more emissions from industry, particularly from the electricity, gas, water, and waste services industry,” environment statistics unit manager Tehseen Islam said.

    Over this quarter, industry emissions (excluding households) increased by 1.7 percent (292 kilotonnes). By comparison, gross domestic product (GDP), which accounts for industry production, decreased 0.2 percent in the same period.

    Emissions from households fell 1.2 percent (26 kilotonnes) in the June 2024 quarter.

    Visit our website to read this news story and information release and to download CSV files:

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  • MIL-OSI New Zealand: New Zealanders want publicly-owned rail ferries!

    Source: Maritime Union of New Zealand

    New polling released on 15 October by the Maritime Union of New Zealand (MUNZ) shows the public wants publicly owned, rail enabled ferries.

    The poll was conducted by Talbot Mills over the period of 2-14 October and asked:

    New ferry options

    As you may be aware, in relation to the Cook Strait ferries, “rail-enabled” means freight carriages can roll onto and off of the ferry directly rather than requiring unloading and reloading onto trucks as additional handling steps on each side of Cook Strait. The efficiency gains of being “rail enabled” is thought to add 10-20% to the overall cost to the ferries/infrastructure. The government is now considering three possible options for new ferries. Which of the following options is closest to the one you would support? 

    Results showed a clear public preference:

    Maritime Union spokesperson Victor Billot says “This shows that New Zealanders can see the terrible mistake the Minister has made in cancelling the new rail ferries and that is only going to get more obvious as the massive costs of this fiasco, like the cancellation fee of up to a half a billion dollars, come to light.

    “Rail enabled and publicly owned ferries are vital to New Zealand’s domestic freight. No rail ferries would likely mean no viable rail system, and privatising would be like putting a toll booth on the strait and sending the revenue overseas.

    “Unions want rail-enabled ferries, so do logistics companies including Mainfreight, New Zealand First has just said they want them, and now it’s clear the people of New Zealand want them too. The question is why is the Finance Minister so intent on forcing New Zealanders into a bad deal that nobody wants?”

    Road-bridging – the practice of taking containers from trains and transporting them onto non-rail ferries adds up to $200 per container cost and takes up to three hours more per sailing. Industry experts have noted this additional cost would price rail out of the north/south freight market.

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  • MIL-OSI New Zealand: Appointments – GUARDIANS OF NEW ZEALAND SUPERANNUATION APPOINTS CO-CIOS

    Source: Guardians of New Zealand Superannuation

    The Guardians of New Zealand Superannuation, manager of the New Zealand Superannuation Fund, has appointed Brad Dunstan and Will Goodwin as joint Chief Investment Officers, effective 2 December 2024.

    The announcement follows a global search to replace former CIO Stephen Gilmore, who left the Guardians at the end of June.

    Guardians CEO Jo Townsend said Mr Gilmore’s departure had created an opportunity for the Guardians to review the way the investment team was structured.

    “Taking into account the projected future growth of the Fund and the increasingly complex and challenging investment environment in which we are operating, it makes sense to combine the functions of the CIO and the GM Portfolio Completion and create a co-CIO model,” Ms Townsend said.

    Mr Dunstan and Mr Goodwin, currently the Guardians’ Acting GM Portfolio Completion and Head of Direct Investments respectively, have both been with the Guardians for several years.

    Ms Townsend said the two men’s broad experience had been a tremendous asset to the Guardians’ management of the Super Fund, and the new structure would enable the Guardians to get the very best out of their complementary skills and expertise.

    Alex Bacchus will continue as Acting CIO until the new structure is implemented.

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  • MIL-OSI New Zealand: Local News – WELLfed’s home gets upgrade – Porirua

    Source: Porirua City Council

    A building in Cannons Creek that is home to one of Porirua’s well-known charities has received a welcome facelift.
    WELLfed, an adult education programme where people learn valuable cooking skills, has been operating out of a Porirua City Council-owned building on Hampshire St since 2019.
    Recently the building received some much-needed TLC, including a full reclad, new windows and a sparkling paint job. Asbestos was removed as part of the upgrade.
    Aligning with Council’s kaupapa to reduce, reuse and recycle, contracting team James Henry Ltd was able to salvage some of the matai weatherboards removed from the building to make into chopping boards for use in the WELLfed kitchen – you can’t get more circular than that!
    Porirua Mayor Anita Baker says it is fantastic to see a Council facility get an upgrade, especially one that will enable such a popular community organisation to carry on their good work.
    “This is fantastic news, because many of us have seen first-hand the incredible job WELLfed does in Porirua – they’re not about a hand-out, but a hand-up, so having them operate in a building in good condition is important.
    “WELLfed is a shining example of the community spirit that is alive and well in our city and they inspire with their vision and impact, so I’m hugely pleased they have a nice building to get on with what they do.”
    WELLfed is a free adult education programme that teaches valuable cooking skills and more. They focus on teaching how to plan, shop for, and cook affordable healthy meals, emphasising the use of fresh, seasonal fruits and vegetables. You can learn about their mahi at http://www.wellfed.kiwi

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  • MIL-OSI New Zealand: Local News – Cemeteries Week shines a light on our history and heritage

    Source: Porirua City Council

    Porirua’s annual Cemeteries Week begins 26 October, offering insights into our city’s history and heritage.
    You can take guided walks, at Pāuatahanui Burial Ground, St Alban’s Church, St Joseph’s Church (Pāuatahanui), and Porirua Cemetery on Kenepuru Drive, shedding light on some notable stories in our city’s past. There’s also the chance to pull back the curtain a little with a tour of the Crematorium at Whenua Tapu.
    The guided walks and crematorium tour are all free and also form part of the Wellington Heritage Festival, which has events right across the region.
    “There are wonderful and incredibly interesting stories to be told, right here in our back yard,” Porirua Mayor Anita Baker says.
    “I love the talks that our local historians give, because understanding what has gone on in Porirua’s past can give us an understanding of where we are today. Our cemeteries and urupa have key people buried there who make up our rich and varied heritage.
    “It’s fascinating and colourful and I thank all of those for giving their time to make Cemeteries Week happen – you can stroll through these picturesque places, learning and reflecting on our past.”
    Local iwi, war veterans and settlers who helped forge the city are buried in the older cemeteries, giving historians plenty of opportunities to bring Porirua’s history to new audiences.
    Along with QR codes near the graves of war veterans, Porirua Cemetery also recently had new signage put in, with a map, information, history and a guide to finding loved ones buried there.
    In Porirua, the Cemeteries Week and Heritage Festival events are:
    26 October, 2pm – Whenua Tapu crematorium open day, with cemeteries manager Daniel Chrisp
    2 November, 11am – Porirua Cemetery, Fragments of Time guided walk, with historian Allan Dodson
    9 November, 2pm – St Joseph’s Church talk, Robert McClean
    10 November, 10am – Pāuatahanui Burial Grounds guided walk.

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  • MIL-OSI Asia-Pac: Candy leaf has Potential beyond its Natural Sweetening properties

    Source: Government of India (2)

    Posted On: 21 OCT 2024 4:07PM by PIB Delhi

    Candy Leaf (Stevia rebaudiana (Bertoni) Bertoni) a plant recognized for its natural non-caloric sweetening characteristics, also has therapeutic properties for diseases like endocrine, metabolic, immune, and cardiovascular diseases, because of its effect on cellular signalling systems according to a new study.

    Assam exports Stevia worldwide. The North Eastern Council (Government of India) also highlighted stevia cultivation’s potential to help the northeast Indian economy due to high demand and use.

    At the Institute of Advanced Study in Science and Technology (IASST) in Guwahati, an autonomous institute of Department of Science and Technology, a team of researchers Dr. Asis Bala, Associate. Professor, Prof. Ashis K. Mukherjee, Director, and Ms. Piyali Devroy, Research Scholar did pioneering research on Stevia’s medicinal properties, effects on cellular signalling mechanisms to prove the Assam’s Stevia’s therapeutic qualities.

    Their multimodal strategy integrated network pharmacology with in vitro and in vivo techniques, showing that the plant used phosphorylation of Protein Kinase C (PKC) to inhibit a crucial cellular signalling route.

    PKC is connected to inflammatory, autoimmune, endocrine, and cardiovascular illnesses. Stevia suppresses PKC phosphorylation, which alters downstream pathways that cause inflammation, a significant cause of endocrine metabolic and cardiovascular issues.

    The study shows Stevia’s promise in this field for the first time. The study also found that active stevia molecules strongly interact with AMPK, highlighting the need for additional research.

    This work published in the journal “Food Bioscience” revealed Stevia’s potential and identified new targets for immunological endocrine and cardiovascular problems. It could have therapeutic effect on diabetes, type 1, type 2, autoimmune diabetes, pre-diabetes, chronic inflammation related auto immune disease – rheumatoid arthritis; chronic kidney diseases and cardiovascular diseases like hypertension; vasculopathy and so on.

    The study illuminates an undiscovered facet of Stevia, underlining the necessity of creative tactics and scientific data to support traditional therapeutic practices.

    Figure: The scientific method used by the research team: The network pharmacology to identify the target and then performed molecular docking for target validation. After that, conducted in vitro and in vivo studies of HPTLC validated Stevia that suggested the effectiveness of Stevia rebaudiana in inhibiting Protein Kinase C phosphorylation.

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  • MIL-OSI Asia-Pac: Connections established between Volcanic Eruption & Ionospheric Disturbances

    Source: Government of India (2)

    Posted On: 21 OCT 2024 4:05PM by PIB Delhi

    A new study has revealed a previously unexplored ionospheric connection between the massive eruption of the Tonga volcano, a submarine volcano in the South Pacific, on 15 January 2022 and the formation of Equatorial Plasma Bubbles (EPBs) or an ionospheric phenomenon near the Earth’s geomagnetic equator at night time over the Indian subcontinent.

    It highlights how volcanic eruptions can trigger ionospheric disturbances and space weather that affect satellite communication and navigation systems.

    In today’s world, satellite-based communication and navigation systems are critical for numerous sectors. Understanding how natural disasters, like volcanic eruptions, can impact the ionosphere is essential for predicting and mitigating disruptions in these systems. While previous studies have established that EPBs can disrupt satellite signals, the role of terrestrial events in shaping space weather has not been explored.

    On January 15, 2022, the Tonga volcano located 65 km (40 mi) north of Tongatapu, Tonga‘s main island in Polynesia, erupted with extraordinary force sending shock waves through the atmosphere.  Scientists were intrigued by the subsequent formation of EPBs in the evening hours over the Indian region.

    Scientists at Indian Institute of Geomagnetism (IIG) Navi Mumbai, an autonomous institute of Department of Science and Technology explored the connection between the Tonga volcanic eruption and the EPBs.

    They found that the eruption produced strong atmospheric gravity waves that propagated into the upper    atmosphere, triggering ionospheric conditions favorable to trigger EPBs. They used ionosonde observations from Tirunelveli and Prayagraj to detect spread-F traces –a phenomenon in the ionosphere where electron density become irregular causing spread in radio signals and leading to fading or disruptions in communications. Concurrently, satellite data from Swarm B and C confirmed significant electron density depletions, directly linked to the formation of EPBs.

    The scientists analyzed various atmospheric and ionospheric data to understand how disturbances triggered by the eruption led to the generation of EPBs.

    Observations from NASA’s Ionospheric Connection Explorer (ICON) (wind, ion density, and temperature) and Swarm satellites provided a comprehensive view of the ionospheric changes during the event, confirming that the eruption-induced gravity waves played a crucial role in initiating these plasma instabilities.

    Plasma blobs, as well as enhanced Pre- Reversal Enhancement (PRE) –sharp increase in the ionospheric eastward electric field in the dusk sector before it turns to westward in the late-night hours, triggered by atmospheric disturbances were also detected.

    Further analysis of iso-frequency and Total Electron Content (TEC) data from Global Navigation Satellite System (GNSS) measurements across the Indian region revealed gravity wave-like oscillations/Traveling Ionospheric Disturbances (TIDs) moving across Indian longitudes in the equatorial ionosphere.

    This indicated that the volcanic eruption had a widespread impact on the ionosphere and acted as seeding mechanisms for EPB generation.

    This comprehensive utilization of data from multiple sources gave the researchers a multi- dimensional view of the ionospheric disturbances.

    By combining ground-based and satellite data, the study published in “Journal of Geophysical Research: Space Physics” offers new insights into how natural disasters like volcanic eruptions can significantly influence space weather, affecting satellite communication and navigation systems.

    The Tonga Volcano identified as a cause for these ionospheric disturbances is a real-world example showing the need for monitoring space weather conditions in the aftermath of major geological events, adding to existing knowledge of ionospheric dynamics.

    The research by the team consisting of R K Barad, S Sripathi, S Banola, and K Vijaykumar, underscores the role of terrestrial events in shaping space weather, adding to existing knowledge of ionospheric dynamics.

    The connection established between geological events and ionospheric dynamics is important for satellite communication and relevant for sectors like defense, agriculture, aviation, disaster management, and any other areas that rely on Global Positioning Systems (GPS) and satellite-based technologies.

    The study can help improve forecasting of ionospheric disturbances leading to better early warning systems that involve satellite signal interference, benefiting fields like navigation, aviation, and military operations. This will allow governments and industries to better prepare for and mitigate disruptions in essential services like GPS, air traffic control, and satellite communications.

    Figure: (a) Brightness temperature (BT) perturbation at a 4.3-micron wavelength obtained from the AIRS instrument on NASA’s Aqua satellite, with the pink triangle indicating the location of the Tonga volcano. (b) Distance-time plot of Total Electron Content (TEC) perturbations observed over Colombo, Tirunelveli, Bangalore, and Hyderabad, with blue and red dots representing the first (∼452 m/s) and second (∼406 m/s) Traveling Ionospheric Disturbances (TIDs). (c) Temporal variation of the F-layer base height (h’F) over Tirunelveli and Prayagraj for January 2022, illustrating the ionospheric response following the eruption. This figure sequence captures the progression from the atmospheric disturbance caused by the Tonga eruption to its impact on the ionosphere over India.

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