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Category: Asia

  • MIL-OSI Asia-Pac: India to become one among the top 10 performing countries in sports : Union Minister Dr. Mansukh Mandaviya

    Source: Government of India

    India to become one among the top 10 performing countries in sports : Union Minister Dr. Mansukh Mandaviya

    Union Minister inaugurates upgraded SAI Trivandrum Golf Course

    Posted On: 20 OCT 2024 12:50PM by PIB Thiruvananthpuram

    Union Minister for Youth Affairs and Sports Dr. Mansukh Mandaviya today said that India is set to become one among the top ten performing countries in the world in the field of sports. The minister was inaugurating the upgraded SAI Golf Course at Kowdiar, Thiruvananthapuram. Union Minister also emphasized the significance of the Trivandrum Golf Club as a cherished community and a symbol of sporting excellence.

    Dr. Mansukh Mandaviya also said that Olympics 2036 in India will nurture the talent in the country. Minister stressed that healthy people will make healthy society, healthy society will be wealthy society. Sports will make people physically, mentaly and culturally fit. Keeping this in mind, we work out from district level through Khelo India programme.

    Union Minister expressed immense pride in the establishment of SAI National Golf Academy, first of its kind in Kerala. The National Golf Academy is equipped with world-class facilities such as a nine-hole international-standard golf course, state-of-the-art fitness centre and modern recreational amenities. 

    The minister visited and examined the upgraded Golf Course after inauguration, and further explored the course by playing golf. The upgraded Golf Course has been established by the approval of the Ministry of Tourism in line with the Government of India’s commitment to enhancing sporting infrastructure, on March 31, 2017. An allocation of Rs. 9.27 crore was made to SAI’s Lakshmibai National College of Physical Education (LNCPE), and the Central Public Works Department (CPWD) has successfully completed this ambitious project, further elevating the club’s standards to meet international benchmarks.

    Dr. Mansukh Mandaviya felicitated international athletes of SAI, Thiruvananthapuram, as part of the event. Shri Suresh Gopi, Minister of state for Tourism & Minister of state for Petroleum and Natural Gas, presided over the function. While addressing the audience, thr minister of state said that the Golf club and Tennis club of Trivandrum has brought real talents from the lowest strata of society.

    Smt. Sarada Muraleedharan, Chief secretary, Government of Kerala, Shri. Suman Billa IAS, Additional Secretary, Ministry of Tourism, Government of India and Shri S.N. Raghuchandran Nair, Secretary, SAI TGC attended the event.

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    SK

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India Chem 2024 concludes today in Mumbai

    Source: Government of India (2)

    India Chem 2024 concludes today in Mumbai

    India’s chemical and petrochemical industry is projected to surpass $300 billion by 2028 and is on track to reach $1 trillion by 2040: Shri Jagat Prakash Nadda, Union Minister for Health & Family Welfare and Chemicals & Fertilizers

    Posted On: 20 OCT 2024 2:06PM by PIB Delhi

    The three-day event ‘India Chem-2024’ which was inaugurated on 17th concludes in Mumbai today.

    Shri Jagat Prakash Nadda, Union Minister for Health & Family Welfare, and Chemicals & Fertilizers, Government of India, while addressing the keynote session in the august presence of the Chief Ministers of Gujarat, Madhya Pradesh and Odisha, highlighted the key role of the chemical and petrochemical sector in the economy, contributing over 9% to manufacturing gross value added and 7% to total exports. Shri Nadda stipulated that India’s chemical and petrochemical industry is projected to surpass $300 billion by 2028 and is on track to reach $1 trillion by 2040. He added that the sector will play a key role towards Prime Minister Shri Narendra Modi’s goal of ‘ViksitBharat@2047”. He emphasized the importance of reducing reliance on imported feedstocks and focusing on alternative feed stocks, while also ensuring that India leads the global shift toward greener technologies. He noted that sustainability is the future of the industry and that India must take the lead in the adoption of circular economy principles. Referring to the need for more emphasis on R&D, safety and skilling, he elaborated upon the various steps being taken by the Government to boost innovation and investment. He assured the industry that the Government shall leave no stone unturned in realizing the full potential of the Indian Chemical and Petrochemical industry.

    Shri Bhupendra Rajnikant Patel, Chief Minister of Gujarat, remarked on Gujarat’s leadership in exports of chemicals and petrochemicals, and referred to the Government’s efforts to establish India as a leading destination for the chemical industry, fostering collaboration and excellence for a prosperous future. Shri Mohan CharanMajhi, Chief Minister of Odisha, highlighted Odisha’s strategic position as a rising hub for the chemical industry. Alluding to the strong infrastructure and highly skilled workforce available in Odisha, he invited industry leaders to explore the vast opportunities offered by the State. Shri Mohan Yadav, Chief Minister of Madhya Pradesh, while speaking about his State’s leadership in the sector, highlighted the efforts being made by the State Government to further boost the development of the sector and create more employment opportunities.

    Ms. Anupriya Patel, Minister of State for Health & Family Welfare, and Chemicals & Fertilizers, Government of India, formally inaugurated the exhibition, which brought together over 150 exhibitors, from different industry segments. In her address at the keynote session, she mentioned that India’s manufacturing sector has shown remarkable growth, fueled by progressive policy reforms and rising domestic demand and that FDI has played a pivotal role in enhancing the growth and competitiveness of India’s chemical sector, which includes petrochemicals and specialty chemicals. The country has become an attractive destination for Foreign Direct Investment (FDI), allowing 100% FDI in manufacturing through the automatic route. Over the past decade, she mentioned that the sector has attracted US $12.48 billion in investments in this sector alone.

    Ms. Nivedita Shukla Verma, Secretary, Department of Chemicals & Petrochemicals, Government of India elaborated on the event theme of ‘Advantage Bharat’ and how the Indian Chemical and Petrochemical sector has been paving the future of the Indian economy towards the goal of Viksit Bharat@2047. She drew attention to the various measures undertaken by the Government towards boosting infrastructure, including railways, roads and ports, logistics infrastructure as well as digital infrastructure as also initiatives to promote green economy and circularity.  All these measures would enhance productivity and boost exports. In this context, she referred to various policy initiatives undertaken by the Department such as the Scheme for Centers of Excellence, PCPIRs, Quality Control Orders etc.,

    Shri Deepak Mehta, Chairman, FICCI National Chemical Committee, stated that India is at a pivotal point of growth, with the chemical industry set to expand significantly. Shri Nikhil Meswani, Executive Director, Reliance Limited, highlighted the importance of chemicals to modern life, stating that it is the backbone of future development in agriculture, electronics, and beyond.

    This was followed by a Global CEOs’ Conclave, presided over by the Union Minister for Chemicals & Fertilizers, wherein industry leaders from across the globe discussed the opportunities and challenges of the Indian chemical industry. The session witnessed insightful discussions and knowledge sharing, addressing key challenges and opportunities within the sector, with discussion on the meaningful discussion on the strengths of the Indian economy and possible interventions which may help propel the sector forward in the coming years.

    The Petrochemicals Forum was presided over by Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas, Government of India. The session was participated in by leading Indian and global industry leaders including Exxon Mobil, Reliance Limited, IOCL and SABIC, amongst others. The Minister said India’s per capita petrochemical consumption is far below developed nations, offering significant opportunities for higher investment in the sector. Stating that Indian companies have committed investments of more than $ 50 billion in the near future, he opined that India’s petrochemicals production is projected to increase from 29.62 million tons to 46 million tons by 2030.

    This event, organized jointly by the Department of Chemicals & Petrochemicals and FICCI, provided a platform for brainstorming discussions amongst industry leaders and Government representatives on specific topics of relevance to the sector, facilitating dialogue on investment prospects, regulatory frameworks, and strategic challenges.

    One of the largest exhibition cum conferences for chemical and petrochemical industries not just in India, but in Asia, this edition of India-Chem was held with the theme of “Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future”.

    The exhibition consisted of pavilions from leading Indian and global companies in the sector, several Indian States including Madhya Pradesh, Odisha, Gujarat and Andhra Pradesh, and also saw international participation from about 22 countries, including Belarus, Saudi Arabia, Germany and the Netherlands, with a footfall over more than 7,500 people across 3 days. Netherlands, with whom India shares a robust trade relationship, particularly in the chemical and petrochemical sector, was a partner country for the event.

    There were several sessions on issues ranging from dyes, and agrochemicals, to petrochemicals, which saw discussions on the latest developments in the field, as well as on the importance of innovation and adoption of sustainable practices. Besides, there were dedicated sessions focusing on geography-specific issues including the India-EU, India-East Asia, and India-US Chemicals & Petrochemicals Forums, bringing together key stakeholders from each of these regions. These sessions enabled in-depth discussions on market insights, regulatory landscapes, and investment trends shaping the future of the sector, while also providing an opportunity to the participants to forge possible strategic partnerships which transcend geographical boundaries, thereby exploring new avenues to accelerate growth in the chemical and petrochemical sector.

    On its third and final day, the event hosted an engaging job fair featuring 14 leading chemical companies from different sectors  such as  ABB Instruments Pvt Ltd., Aarti Industries, Dhanuka Agrotech, Atul Limited, Crystal Crop Care, etc. and students from CIPET – Central Institute of Plastic Engineering and Technology, which functions under the ambit of the Department of chemicals and petrochemicals, Ministry of Chemicals and Fertilisers. Institute is responsible for providing skilling through various undergraduate and postgraduate courses to almost 65,000 students per year.  During the job fair, the students of CIPET got an opportunity to interact with the industry to explore possible career prospects. This served as an exciting platform bringing together students and potential employers in the chemical industry, helping the students gain insights into the future of the sector.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Submissions: Health – WHO welcomes health ministers to Manila to consider a new vision and actions to improve health in the Region

    Source: World Health Organization (WHO)

    The World Health Organization (WHO) Regional Office for the Western Pacific today welcomed ministers, other senior health officials and key partners from across the Western Pacific to the seventy-fifth session of its Regional Committee. WHO’s governing body for the Region convenes every year to formulate policies, adopt resolutions and make decisions to improve the health of more than 1.9 billion people living in the Western Pacific.

    WHO’s Regional Director for the Western Pacific, Dr Saia Ma’u Piukala – the first Pacific islander to be elected to the position – welcomed health leaders to the first Regional Committee under his tenure.

    “As the first Regional Director from the Pacific, the challenges we’re discussing – such as rising sea levels and increasingly frequent disasters – are realities that my loved ones and fellow Pacific islanders live with every day,” said Dr Piukala. “I’m keenly aware of the enormity of the work ahead of us, but with mutual trust and support we can meet these challenges.”

    Dr Piukala’s address covered key updates on WHO’s work with countries and partners across the Region from July 2023 to June 2024. He also introduced a draft vision for improving health in the Region, to guide WHO’s work with Member States over the coming five-year period.

    “This vision, jointly developed by WHO and Member States, is a testament to the beauty, strength and diversity of this Region,” said Dr Piukala. “Guided by this vision, we will work together and with our partners to build a sustainable, resilient and healthy future for all people in the Western Pacific.”

    Cook Islands Minister of Health, the Honourable Vainetutai Rose Toki Brown, was elected Chairperson of this year’s session of the Regional Committee. Viet Nam Vice Minister of Health, Associate Professor Nguyen Thi Lien Huong, was elected Vice-Chairperson.

    Hon. Toki Brown thanked the delegates for their trust and confidence in electing her as Chairperson, and she added: “This is a special year. It is the first Regional Committee meeting with the new Regional Director, Dr Saia Ma’u Piukala, at the helm, and we have a lot of important ground to cover.”

    She went on to say, “I know that you are all committed to the health of this Region, and I know you agree on the value of us convening here as members of the World Health Organization. The success of our new regional vision relies upon the mutual accountability of Member States and WHO. Thank you again for your confidence in electing me as Chair of this important meeting. I am very much looking forward to our discussions.”

    A new vision for health in the Region

    The new vision, Weaving Health for Families, Communities and Societies in the Western Pacific Region (2025−2029): Working together to improve health, well-being and save lives, is being presented to Member States for their endorsement. The vision centres on the analogy of the weaving of a mat − a traditional activity across Asia and the Pacific – symbolizing the collaborative efforts required by WHO, governments and partners to improve the health and well-being of the people of the Region. The vision comprises five vertical strands of action led by governments, interwoven with three horizontal strands of action by WHO over the coming five years.

    The five vertical strands of action led by governments, working with WHO and other stakeholders, include:

    1. Transformative primary health care for universal health coverage

    2. Climate-resilient health systems

    3. Resilient communities, societies and systems for health security

    4. Healthier people throughout the life course

    5. Technology and innovation for future health equity.

    The three horizontal strands of action by WHO are:

    1. Country offices equipped with skills for scaling up and innovation

    2. Nimble support teams in the Regional Office

    3. Effective communication for public health.

    Action frameworks and panel discussions on priority issues

    The Regional Committee will also consider new regional action frameworks on digital health and on health financing to achieve universal health coverage and sustainable development. There will be panel discussions on climate resilient health-care facilities, transformative primary health care and oral health. In addition, there will be side events on topics including One Health, tobacco control and the Investment Round to resource WHO’s work over the next four years.

    Building climate-resilient health-care facilities

    Countries in the WHO Western Pacific Region are at risk from climate change and climate-related disasters. The health impacts of these vary depending on the resilience of communities and the health facilities that serve them.

    During a panel discussion at the Regional Committee today, delegates from Fiji, the Lao People’s Democratic Republic, the Commonwealth of the Northern Mariana Islands and Viet Nam emphasized the need to protect health by ensuring hospitals and clinics are climate resilient. The benefits of joining the Alliance for Transformative Action on Climate and Health (ATACH) were highlighted as it provides a platform for countries to accelerate transformative action in building climate-resilient and low-carbon health systems by leveraging the collective expertise and resources of WHO Member States and other stakeholders.

    WHO is working with countries and areas across the Western Pacific to track progress in protecting health from climate change, helping with vulnerability assessments, developing and updating adaptation plans, and implementing climate-resilient and environmentally sustainable health facility initiatives.

    Exhibitions to highlight health issues and WHO’s work

    Outside of the main agenda, a series of seven exhibitions was unveiled today on themes relevant to health and WHO’s work in the Region.

    An exhibit on health equity profiles allows delegates to view information on a particular country’s health indicators and explore their intricate association with social and geospatial factors. This should give users a better understanding of how to prioritize and implement strategies to achieve health for all.

    A special exhibit features collaborative art pieces made by staff at the WHO Western Pacific Regional Office to mark World Sight Day 2024 and World Mental Health Day 2024. The paintings, representing an eye and a heart, symbolize what people most love to see in their lives and the importance of promoting mental health at work. WHO’s ongoing efforts to improve both eye health and mental health for all rely on an integrated approach, a theme central to the draft regional vision.

    The future of health museum exhibit showcases 15 “future artefacts” such as the “morning mat”, where communities would be encouraged to gather each morning to talk about their health and well-being, and the climate-controlled tuk-tuk, a futuristic three-seater electric vehicle that emits clean air rather than toxic exhaust. These were co-created through foresight activities involving WHO staff and partners. There are also 15 historical artefacts that celebrate public health milestones from the past 75 years.

    A series of models of climate-resilient and environmentally sustainable health-care facilities will inform a panel discussion enabling delegates to explore innovative solutions to make health facilities more climate resilient and environmentally sustainable.

    An exhibit about strengthening health emergency response capacities shows WHO’s support for health emergency responses in the Region. It depicts operations support and logistics, emergency medical teams that can be deployed with field hospitals, the Global Outbreak Alert and Response Network of experts, and public health emergency operations centres.

    The reaching the unreached map explorer in the Western Pacific Region features an interactive web-based map app that helps users find geographically underserved populations across the Region, shedding light on the health inequities they face. This exhibit emphasizes the critical role of data-driven health interventions to reach unreached populations.

    Finally, an exhibit about the dangers of new and emerging tobacco and nicotine products showcases examples of these products, describing the tactics used by the tobacco and related industries to entice children and young people to take up smoking and undermine tobacco control efforts. The exhibition also offers information on how countries and partners can prevent uptake of these products.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee will run from Monday, 21 October, through Friday, 25 October, at the WHO Regional Office for the Western Pacific in Manila, Philippines. The agenda and timetable are available online. A livestream of proceedings and all other official documents, as well as fact sheets and videos on the issues to be addressed, can be accessed here. For real-time updates, follow @WHOWPRO on Facebook, X, Instagram and YouTube and the hashtag #RCM75.

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has a regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Island (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    Related links:

    Report of the Regional Director The work of WHO in the Western Pacific Region, 1 July 2023 – 30 June 2024
    Draft vision Weaving health for families, communities and societies in the Western Pacific Region (2025−2029): Working together to improve health and well-being and save lives
    Building climate resilience in health-care facilities (fact sheet, video)
    https://www.who.int/westernpacific/publications/m/item/building-climate-resilience-in-health-care-facilities

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Africa – Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

    SOURCE: African Development Bank Group (AfDB)

    Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024

    TOKYO, Japan, October 21, 2024/

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Health – Viet Nam eliminates trachoma as a public health problem – WHO

    Source: World Health Organization

    In a significant health milestone, Viet Nam has successfully eliminated trachoma. This remarkable achievement was validated by the World Health Organization (WHO) and a plaque was presented to the Vice Minister of Health of Viet Nam, Associate Professor Nguyen Thi Lien Huong, during the seventy-fifth session of the WHO Regional Committee for the Western Pacific, which opened today in Manila.

    Trachoma is the leading infectious cause of blindness globally. It is a preventable disease of the eye caused by Chlamydia trachomatis bacteria. Trachoma is spread by flies and people can also become infected through direct contact with discharge from the eyes or nose of an infected person. With repeated infections, the eyelashes may be drawn in so that they rub on the surface of the eye, causing pain and damaging the cornea. Some affected individuals must undergo surgery to prevent blindness from the disease.

    Decades of concerted efforts

    Over the past 70 years, Viet Nam has worked tirelessly to combat trachoma, treating hundreds of thousands of people and implementing rigorous control measures. These efforts were significantly strengthened with the implementation of WHO’s SAFE strategy, which stands for surgery, antibiotics, facial cleanliness and environmental improvement.

    Past surveys indicated that trachoma was a public health problem in four provinces in Viet Nam. Thirty years ago, 1.7% of people living in these high-risk provinces required surgery to prevent blindness from trachoma. However, by 2023 the proportion of adults with the blinding form of the disease had fallen below 0.2%, which is the threshold required for WHO validation of elimination of trachoma as a public health problem. Continuous monitoring and the focused implementation of the SAFE strategy in the country, starting in 1999, have been instrumental in this decline.

    Trachoma elimination in Viet Nam was made possible through collaboration among several government agencies including the Ministry of Health, the Ministry of Education and Training and the Ministry of Agriculture and Rural Development, with the support of WHO and international health partners including the Australian Department of Foreign Affairs and Trade (DFAT),   the Fred Hollows Foundation, the International Trachoma Initiative (ITI), RTI International, UNICEF and the United States Agency for International Development (USAID). Viet Nam was one of the first group of countries to receive Pfizer-donated azithromycin   for trachoma elimination purposes through ITI, a donation that has been critical to global progress against trachoma.

    “Elimination of trachoma as a public health problem in Viet Nam is a monumental achievement for the country and for the global fight against the disease,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “This milestone is a testament to the unwavering dedication of Viet Nam’s health workers, including many working at community level. It underscores the power of collective action, innovative thinking and a shared commitment to a healthier future for all. I commend Viet Nam for its dedication and success in safeguarding the vision of millions.”

    “The elimination of trachoma in Viet Nam demonstrates the commitment of the Government, health workers and communities across the country,” said Dr Saia Ma’u Piukala, WHO Regional Director for the Western Pacific, praising the achievement. “It is a shining example of how targeted interventions, strong partnerships and sustained effort can bring about real change in the health of populations.”

    A trachoma-free future

    WHO Representative to Viet Nam, Dr Angela Pratt, described trachoma as a disease of poverty. “Communities in remote areas without good access to safe water and sanitation were the worst affected. But Viet Nam has demonstrated that it is possible to reach the hardest-to-reach populations, make the right investments to protect people’s health and ensure a trachoma-free future.”

    Reflecting on this historic achievement, Associate Professor Nguyen Thi Lien Huong said that the elimination of trachoma was a proud moment for Viet Nam. “The combined efforts of many agencies and communities, with the support of WHO and partner organizations, have saved thousands of people from lifelong blindness and economic disadvantage. Our children can now grow up safe from this painful and potentially blinding disease. This is a wonderful achievement for our people, which will pay dividends for decades to come. In this happy moment, on behalf of the Vietnamese people, I want to express our sincere thanks to all international partners who contributed great support to trachoma elimination in Viet Nam.”

    In 2018, Viet Nam eliminated lymphatic filariasis. The country has also made tremendous progress on combating malaria, which is now only found in pockets of areas and is close to being eliminated.

    Viet Nam’s success is part of broader progress in disease prevention in the WHO Western Pacific Region. Since the launch of WHO’s first road map for the prevention and control of neglected tropical diseases (NTDs) in 2012, the Region has made significant strides in eliminating trachoma. Between 2016 and 2022, four out of the Region’s 11 trachoma-endemic countries were validated for trachoma elimination. Viet Nam becomes the fifth, joining Cambodia, China, the Lao People’s Democratic Republic and Vanuatu in recording this achievement, highlighting the importance of sustained efforts in tackling NTDs.

    WHO continues to support countries in the Region to eliminate trachoma and other NTDs as part of the global effort to improve health and well-being for all.

    Notes

    A certificate and plaque were presented to Viet Nam in recognition of this achievement during the seventy-fifth session of the Western Pacific Regional Committee taking place from Monday, 21 October, through Friday, 25 October, at the WHO Regional Office for the Western Pacific in Manila, Philippines. The agenda and timetable of the Regional Committee meeting are available online. A livestream of proceedings, all other official documents, as well as fact sheets and videos on the issues to be addressed can be accessed here. For real-time updates, follow @WHOWPRO on Facebook, X, Instagram and YouTube and the hashtag #RCM75.

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has its regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Island (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    Related links:

    Fact sheet on trachoma: https://www.who.int/news-room/fact-sheets/detail/trachoma
    Global road map for neglected tropical diseases 2021–2030: https://www.who.int/publications/i/item/9789240010352

    MIL OSI – Submitted News –

  • MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya to Launch ‘eShram-One Stop Solution’ for Unorganized Workers on October 21, 2024

    Source: Government of India

    Posted On: 20 OCT 2024 1:29PM by PIB Delhi

    In keeping with the vision of the recent Budget Announcement on developing eShram as a One-Stop-Solution for unorganized labour to have access to various social sector schemes, Union Minister of labour & Employment and Youth Affairs & Sports will launch the ‘eShram-One Stop Solution’ on 21.10.2024.

    eShram-One Stop Solution will act as a mediator to ensure that unorganized workers have easy access to a variety of Government schemes/programs. This initiative will help unorganized workers become aware of the schemes designed for them.

    eShram-One Stop Solution aims to integrate information of beneficiaries of all social security and welfare schemes meant for unorganised workers in an effective manner through a single platform. eShram as a One-Stop-Solution will help to facilitate in identification and implementation of the Social Security & Welfare Schemes for the unorganised worker and to help saturation of the schemes in the fast and effective manner. Consequently, 12 schemes of different Central Ministries / Departments have already been integrated/ mapped with the eShram.

    Since the launch of e-Shram on August 26, 2021, it has achieved significant milestones with over 30 crore unorganized workers enrolled and it has demonstrated its widespread appeal among unorganized labour. This achievement underscores the social impact of the initiative and the Government’s commitment to supporting the nation’s unorganized workers.

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    Himanshu Pathak

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: INDIAN NAVY – ROYAL NAVY OF OMAN MARITIME EXERCISE (NASEEM AL BAHR)

    Source: Government of India (2)

    Posted On: 20 OCT 2024 12:03PM by PIB Delhi

    INS Trikand and Dornier Maritime Patrol Aircraft, participated in the Indo-Oman bilateral naval exercise Naseem-Al-Bahr with the Royal Navy of Oman Vessel Al Seeb off Goa from 13 to 18 October 24. 

    The exercise was conducted in two phases: with harbour phase from 13 to 15 October 24, followed by the sea phase. As part of harbour activities, personnel from both Navies engaged in professional interactions, including Subject Matter Expert Exchanges and planning conferences. In addition, sports fixtures and social engagements were also held.

    During the sea phase of the exercise conducted from 16 to 18 Oct 24, both ships carried out various evolutions, including gun firings at surface inflatable targets, close-range anti-aircraft firings, manoeuvres, and Replenishment at Sea Approaches (RASAPS). The integral helicopter operated from INS Trikand and undertook cross-deck landings and vertical replenishment (VERTREP) with RNOV Al Seeb. Additionally, the Indian Navy’s Dornier aircraft provided Over-the-Horizon Targeting (OTHT) data with the participating ships. To further enhance interoperability, Indian Navy Sea Riders embarked on RNOV Al Seeb for a day. The exercise helped strengthen interoperability and enhanced understanding of each other’s best practices.

    The exercise was a resounding success, achieving its aims of enhancing interoperability, fostering mutual understanding, and strengthening cohesion between the Indian Navy and the Royal Navy of Oman.

    This exercise further reaffirms India’s commitment to constructive collaboration and mutual growth with like-minded nations in the Indian Ocean Region.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The Journey of UDAN: Soaring Towards Inclusivity in Indian Aviation

    Source: Government of India

    Posted On: 20 OCT 2024 11:35AM by PIB Delhi

    “A common man who travels in slippers, should also be seen in the aircraft. This is my dream.”

    – Prime Minister Narendra Modi

    In a country where the sky often symbolizes hope and aspiration, the dream of flying has remained an elusive luxury for many. This dream began to take shape with the launch of the Regional Connectivity Scheme (RCS) – UDAN, or “Ude Desh ka Aam Nagrik,” on October 21, 2016. Spearheaded by the Ministry of Civil Aviation (MoCA), UDAN aims to enhance regional air connectivity from unserved and underserved airports across India, making air travel affordable for the masses. As it celebrates its seventh anniversary, UDAN stands as a testament to the commitment of the Indian government to improve infrastructure and connectivity, especially in remote regions.

    The Dream Takes Flight

    The story of UDAN is deeply rooted in the vision of Prime Minister Shri Narendra Modi, who in a pivotal meeting before the National Civil Aviation Policy was announced, emphasised the need to democratize air travel. He famously remarked that he wanted to see people wearing slippers boarding planes, a sentiment that ignited the vision for a more inclusive aviation sector. This commitment to the common man’s dreams led to the birth of UDAN.

    The first UDAN flight took off on April 27, 2017, connecting the serene hills of Shimla to the bustling metropolis of Delhi. This inaugural flight marked the beginning of a transformative journey in Indian aviation, one that would open up the skies to countless citizens.

    UDAN operates on a market-driven model, where airlines assess demand on specific routes and submit proposals during bidding rounds. The scheme incentivizes airlines to connect underserved regions by offering them support through Viability Gap Funding (VGF) and various concessions provided by airport operators, the Central Government, and State Governments.

    The government has implemented several supportive measures to attract airlines to operate flights in less lucrative markets:

    • Airport Operators: They waive landing and parking charges for RCS flights, and the

    Airports Authority of India (AAI) does not levy Terminal Navigation Landing Charges (TNLC) on these flights. Moreover, a discounted Route Navigation and Facilitation Charge (RNFC) is applied.

    • Central Government: For the first three years, excise duty on Aviation Turbine Fuel

    (ATF) purchased at RCS airports capped at 2%. Airlines are also encouraged to enter code-sharing agreements to expand their reach.

    • State Governments: States have committed to reducing VAT on ATF to 1% or less for ten years and providing essential services such as security, fire services, and utility services at reduced rates.

    This collaborative framework has fostered an environment where airlines can thrive while serving regions that have long been overlooked.

    The RCS-UDAN scheme has played a pivotal role in revitalising the civil aviation industry in India. Over the past seven years, it has catalysed the emergence of many new and successful airlines. Regional carriers such as Flybig, Star Air, IndiaOne Air, and Fly91 have benefited from the scheme, developing sustainable business models and contributing to a burgeoning ecosystem for regional air travel.

    The incremental expansion of the scheme has also generated a rising demand for new aircraft of all sizes, broadening the spectrum of planes deployed on RCS routes. This includes a diverse fleet, featuring the Airbus 320/321, Boeing 737, ATR 42 and 72, DHC Q400, Twin Otter, Embraer 145 and 175, Tecnam P2006T, Cessna 208B Grand Caravan EX, Dornier 228, Airbus H130, and Bell 407. Notably, Indian carriers have placed orders for over 1,000 aircraft slated for delivery in the next 10-15 years, significantly augmenting the existing fleet of approximately 800 planes.

    RCS-UDAN is not solely dedicated to offering last-mile connectivity to tier-2 and tier-3 cities; it also stands as a prominent contributor to the burgeoning tourism sector. Initiatives like UDAN 3.0 have introduced tourism routes connecting several destinations in the Northeast region, while UDAN 5.1 is focused on expanding helicopter services in hilly areas to stimulate tourism, hospitality, and local economic growth.

    Significant destinations like Khajuraho, Deoghar, Amritsar, and Kishangarh (Ajmer) are now more accessible, catering to the religious tourism segment. Furthermore, the introduction of airports in Pasighat, Ziro, Hollongi, and Tezu has spurred growth in the Northeast’s tourism industry. Notably, Agatti Island has also been included in the Indian aviation map, enhancing tourism in Lakshadweep.

    From Mundra in Gujarat to Tezu in Arunachal Pradesh, and Kullu in Himachal Pradesh to Salem in Tamil Nadu, RCS-UDAN has connected 34 states and Union Territories across the country. A total of 86 aerodromes have been operationalized under UDAN, including ten in the Northeast region and two heliports. Airports like Darbhanga, Prayagraj, Hubli, Belgaum, and Kannur are becoming increasingly sustainable, with many non-RCS commercial flights operating from these locations.

    • Darbhanga Airport (Civil Enclave): Once off the aviation map, Darbhanga celebrated the arrival of its first flight from Delhi on November 9, 2020. This airport now serves as a gateway for 14 districts in North Bihar, connecting to major cities like Delhi, Mumbai, Hyderabad, and Kolkata, and handling over 5 lakh passengers in FY 2023-24.
    • Jharsuguda Airport (AAI Airport): Previously a dilapidated WWII airstrip,

    Jharsuguda became operational in March 2019, serving as the second airport in Odisha. It now connects the region to Delhi, Kolkata, Bengaluru, and Bhubaneswar, with over 2 lakh passengers in FY 2023-24.

    • Pithoragarh Airport: Nestled in the Himalayas, this airport was identified for RCS

    operations in 2018 and began service in January 2019. Currently, it connects to Dehradun and Pantnagar, showcasing its strategic importance.

    • Tezu Airport: Known for its scenic beauty and religious significance, Tezu airport

    commenced RCS operations in August 2021. It connects Guwahati, Jorhat, and Dibrugarh, accommodating approximately 12,000 passengers in FY 2023-24.

    The Indian aviation landscape has undergone a significant transformation under the UDAN scheme. 601 routes, including helicopter routes, have been operationalized, effectively connecting states and Union Territories. Notably, around 28% of these routes serve the remotest locations, enhancing accessibility across challenging terrains.

    The number of operational airports in the country has doubled from 74 in 2014 to 157 in 2024 and the aim is to increase this number to 350-400 by 2047. The domestic air passengers have more than doubled in the past decade, with Indian airlines significantly expanding their fleets.

    A total of 86 aerodromes—comprising 71 airports, 13 heliports, and 2 water aerodromes— have been operationalized, facilitating the travel of over 1.44 crore passengers across more than 2.8 lakh flights. Since its inception, fixed-wing operations have cumulatively covered approximately 112 crore kilometres, roughly equivalent to circumnavigating the globe around 28,000 times.

    UDAN is not just a scheme; it is a movement aimed at empowering every Indian with the gift of flight. Enhancing regional connectivity and ensuring affordability has fulfilled countless citizens’ aspirations while stimulating economic growth and job creation. As UDAN continues to evolve, it holds the promise of transforming India’s aviation landscape, ensuring that the sky truly is everyone’s limit. With its ongoing commitment to connecting underserved regions and promoting tourism, the UDAN scheme remains a game changer for Indian aviation, contributing significantly to India’s vision of a connected and prosperous nation.

    Reference:

    h t t p s : / / p i b . g o v . i n / P r e s s R e l e a s e I f r a m e P a g e . a s p x ? PRID=2004057#:~:text=Ministry%20of%20Civil%20Aviation%20(MoCA,is%20a%20market%20dri ven%20scheme.

    https://http://www.civilaviation.gov.in/sites/default/files/migration/Udaan_Eng.pdf https://pib.gov.in/PressNoteDetails.aspx?NoteId=152143&ModuleId=3&reg=3&lang=1 Press Release: Press Information Bureau (pib.gov.in)

    Click here to download PDF

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  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan to inaugurate International Workshop on Modern Technologies in Survey-Resurvey for Urban Land Records on 21st October 2024 in New Delhi

    Source: Government of India

    Posted On: 20 OCT 2024 11:26AM by PIB Delhi

    Union Minister of Rural Development Shri Shivraj Singh Chouhan will inaugurate International Workshop on Modern Technologies in Survey-Resurvey for Urban Land Records on 21st October 2024 at Dr. Ambedkar International Centre (DAIC), New Delhi. The Department of Land Resources is organising this workshop. The inaugural session will include addresses from Union Minister of Rural Development Shri Shivraj Singh Chouhan,  Secretary, Department of Land Resources Shri Manoj Joshi will deliver the keynote address during inaugural session.

    The workshop will unfold over two days. The first day will feature an inaugural session led by the Union Minister Shri Shivraj Singh Chouhan  followed by presentations from experts from countries like Singapore, Korea, the UK, Spain, and the Netherlands, highlighting best practices in digital land records. There will also be a technology showcase and exhibition by leading Indian and international firms. On the second day, the agenda includes two plenary sessions: the first focusing on case studies of state urban land records and management from Karnataka, Madhya Pradesh, Tamil Nadu, and Maharashtra, and the second examining case studies from various schemes and departments in survey techniques and spatial data, including AMRUT, SMART CITIES, SVAMITVA, Haryana Space Applications Centre, IT & Communication (Jaipur), and Directorate General Defence Estates.

    Expected outcomes from the workshop include the formulation of a national program for urban land record modernization, design plans for pilot projects in selected cities, and strategies for capacity building among urban local bodies (ULBs) and state officials. Furthermore, the workshop aims to generate policy recommendations for integrating modern technologies into urban land governance, ensuring improved efficiency and transparency in land management systems. This concept note sets the stage for collaboration and innovation in improving urban land records through the application of cutting-edge technology.

    Urban land records in India face significant challenges due to fragmentation, outdated information, and maintenance across multiple agencies. These issues hinder effective urban planning, land management, and service delivery. In response, the Government of India is exploring innovative technological solutions to modernize urban land records, building on progress achieved in rural areas. Key technologies such as geospatial tools, satellite imagery, drone surveys, and GIS integration are essential for creating comprehensive, spatially enabled land ownership records. The modernization of urban land records is expected to enhance transparency and efficiency, supporting sustainable development and reducing land-related disputes.

    The workshop aims to bring together relevant stakeholders, including Ministries and Departments of the Government of India, Revenue and Urban Development Secretaries from States/UTs, International experts, and Technology Providers. The primary objectives of the workshop are to showcase global best practices in urban land record modernization, present applicable technological solutions, and facilitate pilot project planning for selected urban areas. Additionally, the workshop will address challenges such as lack of standardization, data security, and capacity building for stakeholders, while promoting collaboration among government officials, experts, and technology providers to develop actionable policy recommendations.

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  • MIL-OSI Asia-Pac: Hon’ble President of India to confer the 5th National Water Awards 2023

    Source: Government of India

    Posted On: 20 OCT 2024 11:19AM by PIB Delhi

    The Hon’ble President of India Smt. Droupadi Murmu will confer the 5th National Water Awards 2023 on October 22nd2024 at Vigyan Bhawan, New Delhi. The Department of Water Resources, River Development, and Ganga Rejuvenation (DoWR, RD &GR), under the Ministry of Jal Shakti announced the 38 winners, including joint winners, for the 5th National Water Awards, 2023, in 09 categories viz Best State, Best District, Best Village Panchayat, Best Urban Local Body, Best School or College, Best Industry, Best Water User Association, Best Institution (other than school or college), and Best Civil Society on 14th October 2024.

    In the category of Best State, the first prize has been conferred upon Odisha, with Uttar Pradesh securing the second position, and Gujarat and Puducherry jointly securing the third position. Each award winner will be conferred with a citation and a trophy as well as cash prizes in certain categories.

    Under the guidance of Hon’ble Prime Minister, the Ministry of Jal Shakti has been undertaking a comprehensive campaign to spread awareness about water management and water conservation on a national level. From this standpoint and to create awareness among the people about the importance of water and to help motivate people to adopt the best water usage practices, the 1st National Water Awards were launched in 2018 by the DoWR, RD & GR. The 2nd, 3rd, and 4th National Water Awards were given for the years 2019, 2020 and 2022. The awards were not given in the year 2021 due to CoVID pandemic.

    The National Water Awards (NWAs) focus on the good work and efforts made by individuals and the organizations across the country in attaining the government’s vision of a ‘Jal Samridh Bharat’. The awards are for creating awareness among the people about the importance of water and motivating them to adopt best water usage practices.

    Details of winners under various categories for 5th National Water Awards

    5TH NATIONAL WATER AWARDS, 2023

     

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  • MIL-OSI Asia-Pac: “Panchayat Sammelan”: A Step Towards Better ‘Ease of Living’ for Rural India to be organized in Hyderabad on 22nd October 2024

    Source: Government of India

    “Panchayat Sammelan”: A Step Towards Better ‘Ease of Living’ for Rural India to be organized in Hyderabad on 22nd October 2024

    Workshop Aims at Capacity Building for Enhancing Service Delivery at the Grassroots

    Posted On: 20 OCT 2024 9:47AM by PIB Delhi

    The Ministry of Panchayati Raj is organizing a Panchayat Sammelan on “Ease of Living: Enhancing Service Delivery at the Grassroots” on 22nd October 2024 at National Institute of Rural Development and Panchayati Raj (NIRD&PR), Hyderabad. The Panchayat Sammelan will be inaugurated in the august presence of Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj; Dr. G. Narendra Kumar, Director General, NIRD≺ Shri Alok Prem Nagar, Joint Secretary, Ministry of Panchayati Raj; and Shri Lokesh Kumar D. S., Secretary, Panchayat Raj and Rural Development Department, Government of Telangana.

    The Ministry of Panchayati Raj is organizing four regional workshops as part of the Panchayat Sammelan on ‘Ease of Living: Enhancing Service Delivery at the Grassroots’. The first workshop in this series of four is scheduled for 22nd October 2024 in Hyderabad. Representatives from seven States viz. Andhra Pradesh, Gujarat, Jharkhand, Madhya Pradesh, Mizoram, Odisha and Telangana will participate in the event. This workshop will provide a platform to Panchayat functionaries and elected representatives directly associated with service delivery at the grassroots to discuss their experiences, challenges and opportunities in service delivery. Sessions will cover topics like using digital public tools such as Bhashini for language translation, UNICEF’s RapidPro platform for communication, and configuring ServicePlus for online service delivery.

    The Panchayat Sammelan is a significant step towards achieving better ease of living through improved grassroots service delivery. The workshop aims to share State-specific strategies, best practices and ideas to improve last-mile service accessibility and accelerate efficient governance with key focus being on benchmarking and improving the quality-of-service delivery in rural areas. The National Institute of Rural Development and Panchayati Raj (NIRD&PR) will present insights on benchmarking rural services while the Wadhwani Foundation will showcase case studies on leveraging emerging technologies for enhanced service delivery.

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  • MIL-OSI Asia-Pac: Union Minister Dr. Virendra Kumar inaugurates the 21st Divya Kala Mela in Jabalpur, Madhya Pradesh

    Source: Government of India (2)

    Union Minister Dr. Virendra Kumar inaugurates the 21st Divya Kala Mela in Jabalpur, Madhya Pradesh

    The Event – based on Prime Minister’s Vocal for Local vision – is a unique initiative towards Empowering Divyang Entrepreneurs

    Last 20 editions of the Mela generated a combined income exceeding ₹15 crore and facilitated loans worth over ₹12 crore for participating Divyangjans till date

    Posted On: 19 OCT 2024 8:47PM by PIB Delhi

    The 21st Divya Kala Mela, a monumental fair dedicated to the economic empowerment of persons with disabilities (PwDs), is being held at Jabalpur, Madhya Pradesh, from 17th to 27th October 2024. The fair was officially inaugurated today by Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, alongside Minister of Social Justice and Empowerment, Madhya Pradesh, Shri Narayan Das Kushwaha and Shri Ashok Rohani, MLA of Jabalpur.

    Other dignitaries present at the event included senior officials from the Government of India and Madhya Pradesh, graced the occasion, with active participation from Shri Rajeev Sharma, Joint Secretary, DEPwD, Shri Naveen Shah, Managing Director of National Divyangjan Finance and Development Corporation (NDFDC), and Shri Deepak Kumar Saxena, District Collector of Jabalpur.

     

     

    The grand event is a shining example of India’s commitment to fostering inclusive growth, as it offers an exceptional platform for differently abled entrepreneurs to showcase their products, talents, and skills. With around 100 stalls, the fair has been meticulously organized to promote self-reliance, encourage business ventures, and amplify the impact of PwDs in line with Prime Minister Shri Narendra Modi’s ‘Vocal for Local’ vision.

     

     

     

    Addressing the event, Dr. Virendra Kumar informed about the tremendous success of the Divya Kala Mela since its inception in 2022, with over 20 fairs organized across the Nation, generating a combined income exceeding ₹15 crore for participating Divyangjans. He further announced a special job fair for PwDs, to be held on 25th October 2024, providing new employment avenues and reinforcing the government’s commitment to ensuring equal opportunities for all.

     

     

    It was further informed that a special highlight of the event is the distribution of loans worth ₹1.21 crore by Madhya Pradesh Gramin Bank, Union Bank, and IDBI Bank to disabled entrepreneurs, a crucial step in bolstering their businesses. To date, the Divya Kala Mela initiative has facilitated loans worth over ₹12 crore, promoting business expansion and fostering a culture of entrepreneurship among PwDs. Moreover, the distribution of essential aids and assistive devices like hearing aids, motors, and lifts has further empowered the differently abled community, he added.

     

     

    In his keynote address, Shri Narayan Das Kushwaha praised the Divya Kala Mela as a transformative initiative by the Government of India, which has paved the way for economic empowerment, recognition, and self-reliance for Divyangjan artisans and entrepreneurs. He highlighted that this platform serves not only as an economic catalyst but also as a beacon of awareness and skill recognition for PwDs across India.

    Adding a festive touch, a vibrant cultural programme titled ‘Divya Kala Shakti’, showcasing the talents of Divyang artists from across India, will be held alongside the fair. With performances already having taken place in 15 cities, ‘Divya Kala Shakti’ has become a national platform for the creative expression of PwDs, bringing their talents to the forefront.

     

    In his address, Shri Sandeep Rajak, State Commissioner for Persons with Disabilities, urged the Government to host a World Art Fair in Jabalpur, envisioning a grand collaboration between the public sector, private companies, and NGOs, united by the common goal of empowering the Divyangjans.

    CMD of NDFDC, Shri Naveen Shah, also extended a warm invitation to the citizens of Jabalpur, encouraging them to visit the fair, support the talented Divyang artisans, indulge in delectable local food, and enjoy the colorful cultural programmes. He emphasized that the fair is free and open to the public, making it a not-to-miss event for everyone.

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  • MIL-OSI Asia-Pac: 20 students from India to participate in Sakura Programme 2024

    Source: Government of India (2)

    Posted On: 19 OCT 2024 7:08PM by PIB Delhi

    The Department of School Education & Literacy, Ministry of Education (DoSEL), is sending 20 school students and 2 supervisors to Japan to participate in the Sakura Programme 2024 along with 5 other countries from 20-26 October 2024. The enthusiastic and excited children were flagged off by Shri Charanjt Taneja, Deputy Secretary, DoSEL; Dr. Amarendra Prasad Behera, Joint Director, CIET-NCERT; and Ms. Kirti Panwar, Deputy Commissioner, Navodaya Vidyalaya in a ceremony at CIET-NCERT organised by DoSEL. The event was also attended by Mr. Kemmochi Yukio, Manager of the Japan Science and Technology Agency, and officials from DoSEL-MoE. These 20 students (10 boys and 10 girls) are from Navodaya Vidyalayas and alumni of the PRERANA program from across the country.

     

     

    To develop the intellectual horizon and scientific exploration among young learners, the Japan Science and Technology Agency (JST) has been implementing the “Japan-Asia Youth Exchange Program in Science” also known as the “Sakura Science Programme” since 2014. India was added to the Sakura Program in 2015. The students are invited under the programme for short-term visits to Japan, giving them the opportunity to experience Japan’s cutting-edge science and technology as well as its culture.

    The National Education Policy (NEP) 2020, while emphasizing the importance of curriculum and pedagogy in schools, endorses that “Learning should be Holistic, Integrated, Enjoyable and Engaging in itself. Also, NEP-2020 states that in all stages, experiential learning will be adopted as standard pedagogy within each subject, and with explorations of relations among different subjects. It is in this context that educational trips and excursions to various places of importance in terms of historical, cultural, social and technological development are of paramount importance. Japan as a developed nation, a friendly country, along with technological advancements, is also a favourite destination for educational exposure. Therefore, visiting a country like Japan is always enriching and provides an opportunity for the exploration of innovative practices.

    India participated in the program for the first time in April 2016. So far, 553 students and 85 supervisors have visited Japan under this programme. The last batch visited Japan in June 2024.

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  • MIL-OSI Asia-Pac: MOIL signed a draft JV agreement with MP State Mining Corporation

    Source: Government of India (2)

    Posted On: 19 OCT 2024 7:07PM by PIB Delhi

    MOIL has entered into a draft joint venture agreement with Madhya Pradesh State Mining Corporation Limited (MPSMCL), at MP Mining Conclave’24 in Bhopal. This collaboration aims to advance manganese ore mining and undertake value-addition projects in the state of Madhya Pradesh.

    The formal signing ceremony took place in the esteemed presence of the  Chief Minister of Madhya Pradesh, Dr. Mohan Yadav, Mr. Sanjay Shukla, Principal Secretary, Government of Madhya Pradesh, Shri Ajit Kumar Saxena, CMD MOIL, and Shri M. M. Abdulla, Director (Production and Planning) MOIL, alongside other distinguished dignitaries.

    As per the agreement, a JV Company will be formed between MOIL and MPSMCL with a shareholding of 51% of MOIL and 49% of MPSMCL. This strategic partnership between MOIL and MPSMCL is expected to harness the rich manganese ore reserves in Madhya Pradesh, driving economic growth and creating numerous employment opportunities in the region, aligning with the vision of Atma Nirbhar Bharat.

     

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  • MIL-OSI Asia-Pac: Department of Agriculture and Farmers Welfare organized National Conference on Agriculture – Rabi Campaign 2024

    Source: Government of India (2)

    Department of Agriculture and Farmers Welfare organized National Conference on Agriculture – Rabi Campaign 2024

    Government of India will work collaboratively on every suggestion given by the Ministers and State representatives : Shri Shivraj Singh Chouhan

    Posted On: 19 OCT 2024 7:02PM by PIB Delhi

    With an objective to review and assess the crop performance during the preceding crop seasons and fix crop-wise targets for rabi season, the Union Minister of Agriculture, Shri Shivraj Singh Chouhan inaugurated National Conference on Agriculture for Rabi Campaign 2024 to at NASC Complex, New Delhi. The conference aimed to promote discussions among all stakeholders about innovative agricultural practices and digital initiatives to ensure smooth supply of essential Agri-inputs and support adoption of state-of-the-art technologies, thereby enhancing crop production and productivity.

     

    Addressing the Conference, Shri Shivraj Singh Chouhan said, “We need to move towards organic and natural farming to increase productivity and reduce dependency on chemicals and fertilizers. The aim is to increase per hectare yield while reducing the cost of production and offering genuine prices to the farmers.” A committee has been constituted to reduce the cost of transportation to reduce the gap between the procurement price and sale price. The States in collaboration with Centre need to work on increasing production based on Agro-climatic conditions to make India the largest food basket for the world. The national target of food grain production in 2024-25 will be 341.55 million tonnes. He assured that the Government of India will work collaboratively on every suggestion given by the Ministers and State representatives.

     

    At the conference, Shri Ramnath Thakur, Minister of State (Agriculture) requested the States to take immediate action to help farmers affected by crop damage due to floods and cyclone. The Senior Officers and Researchers need to assess the quality of Agri-inputs circulated in the market.

    The Minister of State (Agriculture), Shri Bhagirath Choudhary expressed his gratitude to research organizations for continuously working towards making the country self-reliant in production of pulses and oilseeds.

     

    The conference welcomed esteemed panelists from State Governments for interactive sessions on crucial topics covering enhancing productivity of oilseeds and pulses, clean plant programme, digital platforms like National Pest Surveillance System (NPSS) and Integrated Pesticide Management System (IPMS), DPIs under Digital Agriculture Mission and Seed Authentication, Traceability & Holistic Inventory (SATHI) portal.

    During the discussions, it was highlighted that to meet the increasing demand of edible oil in the country and to become self-reliant, the Government aims at increasing the production of oilseeds from 39.2 MMT in 2022-23 to 69.7 MMT in 2030-31, increase area under cultivation from existing 29 mha to 33 mha and improve yield from 1353 kg/ha to 2112 kg/ha by 2030-31. The panelists emphasized on the importance of conducting research on short-duration, high-yielding seed varieties and implementing comprehensive mechanization for the cultivation of pulses and oilseeds.

    The conference showcased the recent Agri-Tech initiatives of the Ministry for ensuring quality of agri-inputs and proactive pest management strategies. NPSS provides a nationwide view for predicting, planning, and managing pest and disease infestations and plays a pivotal role in protecting agricultural yields and promoting sustainable farming practices. Further, the role of IPMS to tackle the complaints / issues related to shortage of supply and misbranding of pesticides, real time monitoring of issuance of licenses, faceless and traceless quality assurance system using unique QR codes was highlighted. Likewise, the SATHI portal is a complete and integrated solution to encompass all the activities involved in production, inspection, processing, packing, tagging and disposal of all kinds of seeds ranging from Breeder, Foundation, Certified, TL seed.

    In the session on Digital Agriculture, the panelists deliberated on recently approved Digital Agriculture Mission, an umbrella scheme to support various Digital Public Infrastructure (DPI) initiatives for Agriculture and Special Centre Assistance to States for Capital Investment. The Mission focuses on enabling a convergent DPI ecosystem that enables farmer-centric solutions using integrated registries through AgriStack and providing various advisories through Krishi Decision Support System.

    The panelists also discussed on the need for regulations to ensure import of disease-free planting materials in case of fruits and orchids. The Clean Plant Programme will work to resolve such issues and produce, maintain and distribute pathogen-tested propagative material using therapeutic processes to clean plants.

    While responding on various sessions in Conference, the state representatives have responded the following (a)for Agriculture, holistic approach needs to be adopted, (b) Mechanization  is needed for  Oilseeds and Pulses, Good Quality seeds are required, (c) Private sector be encouraged to Research (d) Specialized project from ICAR (e) For CPP, attention on soil is required and support to private sector is welcome (f) For IPMS, AI Chatbot/advisory would be more efficient if it is in audio form.

    Addressing the Conference, Dr. Devesh Chaturvedi, Secretary Agriculture instructed the States to ensure completion of farmer registry for all farmers in the State by 31st March 2025 in camp mode to enable farmers to avail benefit of PM-KISAN. He also highlighted on the need for increasing the productivity of oilseeds and pulses. A check needs to be placed on overdosing of pesticides, circulation of spurious pesticides and seeds in the market. He urged States to ensure use of applications like NPSS, IPMS and SATHI and spread awareness in their respective States.

    Sh. Rajat Kumar Mishra, Secretary Fertilizer emphasized on use of drones for nano urea and crop monitoring. Dr. Himanshu Pathak, Secretary (DARE) and DG (ICAR) requested States to increase use of bio-fortified seeds, use of new variety and climate resilient seeds and seed replacement for increasing the productivity.

    This was followed by an interaction session with Hon’ble Ministers and Senior Officers of the States to raise issues concerning their states for increasing area coverage, yield, production and productivity in their States. The Agriculture Ministers from States raised their issues in relation to farmers and requested the Government of India to work on resolution. They also made some suggestions for betterment of agriculture and farmers.

    The Conference had participation from various Ministries, representatives from State Governments / Union Territories and other organizations. Through interactive sessions, the conference facilitated a comprehensive dialogue that would lead to actionable strategies for the upcoming rabi season.

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  • MIL-OSI Asia-Pac: PM launches ‘Karmayogi Saptah’ – National Learning Week

    Source: Government of India (2)

    PM launches ‘Karmayogi Saptah’ – National Learning Week

    New learnings during the National Learning Week will help in achieving our goal of Viksit Bharat by 2047: PM

    PM stresses on the need for innovative thinking and following a citizen-centric approach

    PM urges Civil services training institutions to communicate, learn from each other and adopt global best practices

    Successfully utilising Artificial Intelligence to drive progress for Aspirational India could lead to transformative change: PM

    Posted On: 19 OCT 2024 6:57PM by PIB Delhi

    Prime Minister Shri Narendra Modi launched the ‘Karmayogi Saptah’ – National Learning Week at Dr Ambedkar International Centre in New Delhi today. 

    Addressing the gathering, the Prime Minister said that through Mission Karmayogi our goal is to create human resources that would become the driving force of our country’s development. Expressing his satisfaction at the progress made, the Prime Minister added that if we keep working with this passion, no one can stop the country from progressing.  He underlined that the new learnings and experiences during the National Learning Week will provide strength and help in improving working systems which will help us achieve our goal of Viksit Bharat by 2047.

    Prime Minister discussed the steps taken to change the mindset of the government over the last ten years, whose impact is being felt by people today. He said this has become possible due to the efforts of the people working in the government and through the impact of steps like Mission Karmayogi.

    Prime Minister emphasized that while the world views Artificial Intelligence (AI) as an opportunity, for India, it presents both a challenge and an opportunity. He spoke about two AIs, one being the Artificial Intelligence and the other, Aspirational India. Prime Minister stressed the importance of balancing both and said that if we successfully utilise Artificial Intelligence to drive progress for Aspirational India, it could lead to transformative change.

    Prime Minister also said that information equality has become a norm due to the impact of the digital revolution and social media. With AI, information processing is also becoming equally easy making citizenry informed and empowering them to keep a tab on all of the activities of the government. So, the civil servants need to keep themselves abreast with latest technological developments so as to meet the rising standards, wherein Mission Karmayogi can prove to be of help.

    He stressed on the need for innovative thinking and following a citizen-centric approach. He mentioned seeking help from startups, research agencies and youngsters for getting new ideas. He urged the departments to have a system of feedback mechanisms.

    Prime Minister lauded the iGOT platform and said that more than 40 lakh government employees have registered on the platform. Over 1400 courses are available and more than 1.5 crore certificates of completion in various courses have been received by the officers.

    Prime Minister noted that the Civil Services training Institutions have been  a victim of working in silos. He said that we have tried to increase partnerships and collaborations among them. He urged the training institutions to establish proper channels of communication, to learn from each other, discuss and adopt global best practices and inculcate a whole-of-government approach.

    Mission Karmayogi was launched in September 2020 envisioning a future-ready civil service rooted in Indian ethos, with a global perspective. National Learning Week (NLW) will provide fresh impetus towards individual and organisational capacity development for Civil Servants creating a “One Government” message and aligning everyone with national goals and promoting lifelong learning.

     

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  • MIL-OSI Asia-Pac: India leading the standards development process at global level: India’s candidates elected in leadership positions in all 10 Study Groups (SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T)

    Source: Government of India

    Ministry of Communications

    India leading the standards development process at global level: India’s candidates elected in leadership positions in all 10 Study Groups (SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T)

    India increases its leadership positions in ITU-T to 11 positions in WTSA-2024 from 7 positions in WTSA-2022

    Study Groups are technical grouping of experts responsible for developing international standards for telecommunications technologies

    Posted On: 19 OCT 2024 6:38PM by PIB Delhi

    Keeping in view India’s vision of being a technology leader and leading the standards development process at global level, India’s candidates were elected in leadership positions in all 10 Study Groups(SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T).

    While India retained Chair position in one group, it secured Vice-Chair positions in all other 9 Study Groups and the SCV Committee, thereby increasing its leadership positions in ITU-T from 7 in WTSA-2022 to 11 positions in WTSA-2024.

    India is currently hosting the International Telecommunication Unions’ (ITU) World Telecommunication Standardization Assembly (WTSA) 2024 at Bharat Mandapam, New Delhi. It was inaugurated by the Prime Minister on 15th October and will continue till 24th October 2024. It is for the first time that WTSA is being conducted in the Asia-Pacific region and it would set the direction of standardization activities ITU-T and its work for the next four years (2024-2028). This year’s WTSA-24 witnesses more than 3700 delegates from over 160 countries, the highest ever for any WTSA assembly.

    The ongoing discussions at WTSA focus on promoting standardization activities on emerging technologies and developing new ITU-T Resolutions on topics such as Digital Public Infrastructure, Artificial Intelligence, post-quantum cryptography, Metaverse, Over-the-top (OTT) services, Sustainable Digital transformation, etc., which would be pivotal in shaping the future of technology and ensuring a connected, secure, and inclusive digital world. The existing ITU-T Resolutions are also being updated. Once the roadmap is set during the WTSA-24, the standardization activities would be taken up by the various ITU-T Study Groups in the form of development of Standards and Technical reports. The work of ITU-T will be carried out through its 10 Study Groups.

    Leadership positions: During the WTSA-24, participating countries elected leadership positions of the various Study Groups. India has significantly strengthened its position in the global telecommunication landscape, securing key leadership roles in all the ITU-T Study Groups. In the ongoing WTSA-24, India has garnered 11 leadership positions, including 1 Chair position for ITU-T SG 11 and 10 vice chair-positions as detailed below:

    S. N.

    Study Group

    Leadership Position

    Chair/Vice-Chair

    1

    SG2: Operational aspects

    Vice-Chair

    Premjit Lal, DDG(IR), DoT

    2

    SG3: Economic & policy issues

    Vice-Chair

    Sathish Kumar MC, Deputy Administrator, USOF

    3

    SG5: Environment, EMF & circular economy

    Vice-Chair

    Neha Upadhyay, Director, TEC

    4

    SGC [Merger of SG9: Broadband cable & TV and SG16: Multimedia & digital technologies]

    Vice-Chair

    Avinash Agarwal, DDG, TEC

    5

    SG11: Protocols, testing & combating counterfeiting

    Chair

    Tejpal Singh, Advisor, TRAI

    6

    SG12: Performance, QoS & QoE

    Vice-Chair

    Abdul Kayum, Advisor, TRAI

    7

    SG13: Future networks

    Vice-Chair

    Abhijan Bhattacharyya, TCS

    8

    SG15: Transport, access & home

    Vice-Chair

    Sudipta Bhaumik, STL

    9

    SG17: Security

    Vice-Chair

    Preetika Singh, Director, TEC

    10

    SG20: IoT, smart cities & communities

    Vice-Chair

    Ravi A Robert Jerard, CMD, BSNL

    11

    SCV [Standardization Committee for Vocabulary]

    Vice-Chair

    Hemendra K Sharma, DDG(Media), DoT

     

    This is a recognition of the contributions of these experts in development of global standards and a major milestone in India’s Standardisation Journey.

    About Study Groups

    Study Groups are technical grouping of experts who work for developing international standards for telecommunications technologies based on the technical inputs received from members of ITU. Chairs and Vice Chairs of these Study Groups are elected from the ITU members during the WTSA. Area of work for the Study Groups (SGs) are as below :

    SG2: Operational aspects

    • Deployment of numbering, naming, addressing and identification (NNAI) requirements and resource assignment,
    • operational and management aspects of networks

    SG3: Economic & policy issues

    Studying international telecommunication/ICT policy and economic issues and tariff and accounting matters (including costing principles and methodologies), with a view to informing the development of enabling regulatory models and frameworks.

    SG5: Environment, EMF & circular economy

    Electromagnetic fields (EMF), environment, climate action, sustainable digitalization, and the circular economy.

    SGC [Merger of SG9: Broadband cable & TV and SG16: Multimedia & digital technologies]

    • Use of telecommunication systems in the distribution of television and sound programs supporting advanced capabilities such as ultra-high definition and high-dynamic range, 3D, virtual reality, augmented reality and multiview.

     

    • Ubiquitous multimedia applications, multimedia capabilities, multimedia services and multimedia applications for existing and future networks.

    SG11: Protocols, testing & combating counterfeiting

    • signalling and protocols
    • establishing test specifications, conformance and interoperability testing for all types of networks, technologies and services that are the subject of study and standardization by all ITU-T study groups​
    • combating counterfeiting of ICT devices
    • combating the use of stolen ICT devices

    SG12: Performance, QoS & QoE

    Development of international standards (ITU-T Recommendations) on performance, quality of service (QoS) and quality of experience (QoE). This work spans the full spectrum of terminals, networks and services, ranging from speech over fixed circuit-switched networks to multimedia applications over mobile and packet-based networks.

    SG13: Future networks

    Future computing, including cloud computing and data handling in ICT networks. This work covers network capabilities and technologies to support data utilization, exchange, sharing, and data quality assessment. It also covers computing-aware networking as well as end-to-end awareness, control and management of future computing, including cloud, cloud security and data handling.

    SG15: Transport, access & home

    Development of standards for the optical transport network, access network and home network infrastructures, systems, equipment, optical fibres and cables and the related installation, maintenance, management, test, instrumentation and measurement techniques, and control plane technologies to enable the evolution toward intelligent transport networks.

    SG17: Security

    Cybersecurity, security management, security architectures and frameworks, countering spam, identity management, the protection of personally identifiable information, operational aspects of data protection, open identity trust framework; and quantum-based security; and Child Online Protection.

    SG20: IoT, smart cities & communities

    Coordinated deployment of IoT and address IoT implementation challenges related to interoperability, big data, and architectural frameworks and requirements for supporting various IoT systems. SG20 standards that set the requirements for IoT deployment also help smart cities and communities to improve the efficiency of IoT systems and smart city platforms, break down data silos, facilitate seamless data sharing among various verticals, and enhance data processing and management capacity.

    ​​​​​​​​​​​​​​​​​​​​​ SCV [Standardization Committee for Vocabulary]

    To address the need for a harmonized understanding of all terms and definitions used in standardization.

     

    About TSAG [Telecommunication Standardization Advisory Group]: TSAG acts as an advisory body and plays a crucial role in providing strategic guidance and oversight to the ITU’s standardization activities. It is called on to resolve coordination issues among the study groups, to expand electronic working methods for the ITU-T and to provide advice and procedures on relationships with other standards bodies.

    <><><>

     

    ******

    SB/DP/ARJ

                    

    (Release ID: 2066369)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CMPDI Conducts National Seminar on ‘Mineral Exploration & Water Resource Management: Recent Trends’

    Source: Government of India

    Posted On: 19 OCT 2024 6:26PM by PIB Delhi

    Central Mine Planning and Design Institute (CMPDI) in association with Society of Geo-Scientists Jharkhand (SGSJ) organised a National Seminar today on ‘Mineral Exploration & Water Resource Management: Recent Trends’ with special focus on the state of Jharkhand. CMD, CMPDI, Shri Manoj Kumar inaugurated the One-day National Seminar. This seminar aims to address pressing issues related to Strategic & Critical Mineral Resources and Water Resource Management, encompassing both surface and groundwater. The seminar featured a series of technical sessions, including oral presentations based on submitted abstracts and keynote addresses from experts in the field, both from within and outside the organization.

     

    Additional Secretary, Ministry of Coal, Smt. Rupinder Brar, the Chief guest of the seminar addressed the audience through Video conference (VC). At the outset, Smt.  Brar congratulated CMPDI and said that seminar topic is more contemporary as we need a lot research, ideas on how to do sustainable mining and Water Resource Management during mineral exploration. Smt. Brar also appreciated the seminar subjects and said that this seminar will add value to the ecosystem of mining and the outcome and best practices emerge out of this seminar will be incorporated and implemented in the field of mining. 

    CMD, CMPDI and Patron of the seminar Shri Manoj Kumar, said that, “It is a matter of pride for CMPDI for hosting the National Seminar on a theme “Mineral Exploration & Water Resource Management: Recent trends” which shows the efforts of CMPDI towards achieving its vision of ‘To be a market leader in an expanding earth resource sector and allied professional activities.’ Today’s seminar will be a great opportunity for discussion on mineral wealth of Jharkhand as well as innovative approach for adoption of advanced technique for exploration of mineral wealth situated in the country and Groundwater management through recent trends and techniques’, he added.

     

     

    Total 22 papers (including 6 key-notes) were presented in this seminar and about 300 delegates from GSI, NTPC, SAIL, MECL, Ranchi University, Central University of Jharkhand, IIT-ISM Dhanabad etc. attended the seminar. ADG operations, Jharkhand Police, Shri Sanjay A. Lathkar; Director (Technical/P&D), CMPDI, Shri Ajay Kumar; Director (Technical/ES), CMPDI, Shri Satish Jha, other senior officials and employees of CMPDI were present on the occasion.

     

    ****

    ST

    (Release ID: 2066359) Visitor Counter : 74

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PM to visit Varanasi on 20th October

    Source: Government of India

    PM to visit Varanasi on 20th October

    PM to inaugurate and lay foundation stone of multiple airport projects worth over Rs 6,100 crore

    PM to inaugurate RJ Sankara Eye Hospital

    PM to also inaugurate multiple development initiatives in Varanasi

    Posted On: 19 OCT 2024 5:40PM by PIB Delhi

    Prime Minister Shri Narendra Modi will visit Varanasi on 20th October. At around 2 PM he will inaugurate RJ Sankara Eye Hospital. Thereafter, at around 4:15 PM, he will inaugurate and lay the foundation stone of multiple development  projects in Varanasi.

    Prime Minister will inaugurate the RJ Sankara Eye Hospital. The hospital will offer comprehensive consultations and treatments for various eye conditions. Prime Minister will also address the gathering on the occasion.

    In line with his commitment to boost connectivity, Prime Minister will lay the foundation stone for expansion of airport runway and construction of a new terminal building and allied works of Lal Bahadur Shastri International Airport, Varanasi worth around Rs 2870 crore. He will also lay the foundation stone of New Civil Enclave at Agra airport worth more than Rs 570 crore, at Darbhanga airport worth around Rs 910 crore and at Bagdogra airport worth around Rs 1550 crore.

    Prime Minister will inaugurate new terminal buildings of Rewa Airport, Maa Mahamaya Airport, Ambikapur and Sarsawa Airport worth over Rs 220 crore. The combined passenger handling capacity of these airports will increase to more than 2.3 crore passengers annually. The designs of these airports are influenced and derived from the common elements of heritage structures of the region.

    In line with his vision to provide top-quality infrastructure for sports, Prime Minister will inaugurate Phases 2 and 3 of redevelopment of Varanasi Sports Complex worth over Rs 210 crore under Khelo India scheme and the Smart City Mission. The project aims to create a state-of-the-art sports complex featuring a National Centre of Excellence, players’ hostels, sports science centre, practice fields for various sports, indoor shooting ranges, combat sports arenas among others. He will also inaugurate 100-bed girls’ and boys’ hostels and a public pavilion at Dr. Bhimrao Ambedkar Sports Stadium, Lalpur.

    Prime Minister will inaugurate tourism development works of Buddhism related areas in Sarnath.These enhancements include the construction of pedestrian-friendly streets, new sewer lines and upgraded drainage system, organised vending zone with modern designer vending carts to promote local handicraft vendors, among others.

    Prime Minister will also inaugurate multiple other initiatives like tourism development works at Banasur Temple and Gurudham Temple,  beautification and redevelopment of parks etc.

     

    ***

    MJPS

    (Release ID: 2066345) Visitor Counter : 103

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: OSCE conference commemorates 25th anniversary of Turkmenistan’s accession to the Aarhus Convention

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE conference commemorates 25th anniversary of Turkmenistan’s accession to the Aarhus Convention

    Participants discuss the role of the Aarhus Centre in promoting the Aarhus Convention during an OSCE-organized conference dedicated to the 25th anniversary of Turkmenistan’s accession to the Aarhus Convention, Ashgabat, 21 October 2024, OSCE (OSCE) Photo details

    On 21 October 2024, the OSCE Centre in Ashgabat hosted a conference dedicated to the 25th anniversary since Turkmenistan acceded to the Aarhus Convention, a key UN document on access to environmental information, public participation in decision-making and access to justice in environmental matters.
    The conference brought together representatives of the Aarhus Centre in Turkmenistan and public organizations, national environmental experts and governmental officials from relevant ministries and agencies.
    “As we celebrate this significant anniversary, I am pleased to highlight that Turkmenistan was the first Central Asian state to ratify the Aarhus Convention and commit to implementing provisions of this unprecedented environmental agreement,” said Olivera Zurovac-Kuzman
    , Economic and Environmental Officer at the OSCE Centre in Ashgabat.
    The event presented the draft National Report on the Implementation of the Aarhus Convention in Turkmenistan and its provisions and discussed the main areas of Aarhus Centre’s activities.
    A representative from the Aarhus Convention Secretariat, UNECE, focused on the role of the Aarhus Convention in promoting the principles of good environmental governance and sustainable development.
    Representatives of the Aarhus Centre in Turkmenistan reflected on the role of the Aarhus Centre in promoting the Aarhus Convention and the main areas of their activities emphasizing the importance of their work aimed at promoting sustainable water management. Experiences of organizing environmental campaigns were also shared.
    “We highly value our long-standing co-operation with the Aarhus Centre, hosted by the public organization ”Tebigy Kuwwat”,  in supporting Turkmenistan in the implementation of the Aarhus Convention and promoting access to information, public participation and access to justice in environmental matters,” added Zurovac-Kuzman.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: CIC calls on Dr. Jitendra Singh, Minister of State for Personnel, Public Grievances & Pensions

    Source: Government of India

    CIC calls on Dr. Jitendra Singh, Minister of State for Personnel, Public Grievances & Pensions

    100% RTI disposal rate in first 6 months of current financial year

    Posted On: 19 OCT 2024 5:25PM by PIB Delhi

    Chief Information Commissioner of India Shri Heeralal Samariya called on Dr. Jitendra Singh, Minister of State for Personnel, Public Grievances & Pensions today.

    During the meeting, Shri Samariya informed the Minister that Central Information Commission has achieved 100% disposal rate of RTIs during the first six months of the current financial year. Dr Jitendra Singh lauded the Central Information Commission on this achievement.

     

    The Minister applauded the office of Chief Information Commission for consistently using Artificial Intelligence for study, analysis and pattern of RTIs and also checking credentials of RTI applicants.

    Chief Information Commissioner also apprised the Minister of the consistent use of hybrid mode, – physical cum video conferencing, introduced in the office of CIC for hearing and disposal of RTI appeals. The Commissioner informed the Minister that the disposal of RTI applications during the Covid 19 pandemic period was more due to the use of online mode and modern technologies.

    He further informed that now the RTI applications can also be filed with the help of mobile App. “New technologies have been introduced, leading to the speedy disposal of pending applications. Awareness camps are also being organised to spread awareness about the RTI Act” the Commissioner submitted.

    The Union Minister said that it was during the Modi Government that a 24-hour portal service was introduced for e-filing of the RTI applications at any time of the day or night and from any part of the country or abroad. Similarly during Prime Minister Shri Narendra Modi’s tenure, the office of Central Information Commissioner was shifted to its own exclusive office complex, he added.

    Dr Jitendra Singh reiterated that the role of the Central Information Commission is important to live up to PM Modi’s vision of transparency and citizen participation in the functioning of the government.

    *****

    NKK/AG/GS

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

    Source: Government of India

    Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

    Education Minister to meet Singapore’s Prime Minister, Deputy Prime Minister and senior leaders

    Education Minister to meet his Australian Counterpart to foster collaboration and synergy in critical areas of mutual interest in education

    Shri Dharmendra Pradhan will address Australian International Education Conference

    Posted On: 19 OCT 2024 4:45PM by PIB Delhi

    In a significant move to enhance bilateral cooperation in the education sector, Union Minister for Education Shri Dharmendra Pradhan will visit Singapore and Australia from 20 to 26 October 2024. The visit is expected to foster collaboration, participation, and synergy in critical areas of mutual interest in education.

    During the two day visit in Singapore, Shri Dharmendra Pradhan will address the members of Indian diaspora on 20th October 2024. The next day, Shri Dharmendra Pradhan will meet the Prime Minister of Singapore, H.E. Lawrence Wong; Deputy Prime Minister, H.E. Gan Kim Yong; Education Minister, H.E. – Chan Chun Sing; and Foreign Minister H.E. Vivian Balakrishnan. Shri Pradhan will visit the National University of Singapore ranked No.1 in Asia. He will also visit a local secondary school to discuss the scope of syllabus integration, keeping AI in focus. He will meet academicians, eminent representatives from alumni of IITs and IIMs and engage in discussions related to the education ecosystem of both countries.

    During the 3-day visit to Australia, on 23rd October 2024, the Minister, in Melbourne, will meet Hon. Jason Clare MP, Minister for Education. Shri Pradhan will also deliver the Plenary address at the Australian International Education Conference. The Minister will be visiting the South Melbourne Primary School which is known for integrated approaches to learning.

    He will visit ‘Discovery to Device’ at RMIT University which is a unique centre for MedTech prototyping and manufacturing. The visit will explore collaborative approaches to the commercialisation of medical technologies and role of industry-academia linkages in driving innovation..

    Shri Pradhan will meet Hon. Jacinta Allan MP, Premiere of Victoria along with Australian Education Minister Hon Jason Clare MP. He will also visit Monash University to observe their Innovation Lab and Centre for Nano-fabrication.During his stay in Melbourne, Shri Pradhan will also interact with senior academics of Indian origin.

    To explore opportunities for partnerships in educating early childhood education workforces, Shri Pradhan will visit Auburn Long Day Child Care Centre in Sydney on 24th October 2024. The Minister will interact with the representatives of the Innovative Research Universities (IRU) and will attend the 2nd Australia India Education and Skills Council.

    On 25th October 2024, he will visit the Granville South Creative and Performing Arts High School.Shri Pradhan will visit the site of the Macquarie Park Innovation District (MPID). As home to over 180 multinational companies, MPID facilitates the practical application of research across telecommunications, digital industries, medical technology and pharmaceuticals for economic benefit.

    Later in the day, Shri Pradhan will interact with Indian research students hosted by the Group of Eight, Australia’s most research intensive universities.

    Shri Pradhan will visit the UNSW Energy Institute and the Trailblazer for Recycling and Clean Energy (TraCE) at the Tyree Energy Technologies Building, Kensington. Here, he will observe real-world examples of practical research applications with commercial impact through the UNSW Energy Institute, which brings together world-leading researchers and the energy industry.

    He will also visit UTS Moore Park Sports and Exercise Precinct to explore cooperation in sports education and sports research. UTS’s Moore Park Precinct is a state-of-the-art teaching, research and sporting facility.

    *****

    MV/AK

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    MIL OSI Asia Pacific News –

  • MIL-OSI: Onity Group Announces Proposed Offering of $475 Million of Senior Notes Due 2029

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Oct. 21, 2024 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity”), a leading non-bank mortgage servicer and originator, today announced that PHH Escrow Issuer LLC (“Escrow Issuer”), a wholly-owned special purpose subsidiary of PHH Corporation (“PHH”), plans to offer $475 million aggregate principal amount of Senior Notes due 2029 (the “Notes”), subject to market and other conditions.

    The Notes will initially be issued by Escrow Issuer. The net proceeds from the sale of the Notes, together with additional cash from Onity, are expected to be placed into escrow pending the satisfaction of certain conditions, including, but not limited to, the consummation of the recently announced sale by Onity of its 15% ownership interest in MSR Asset Vehicle LLC to certain funds affiliated with Oaktree Capital Management, L.P. (the “MAV Sale”). Upon satisfaction of the escrow conditions, the escrowed proceeds will be released to PHH Corporation, and at that time PHH Corporation, along with Onity and certain subsidiaries of PHH, will enter into a supplement to the indenture governing the Notes pursuant to which PHH will become a co-issuer of the Notes and Onity and such subsidiaries will become guarantors of the Notes.

    Upon their release from escrow, the net proceeds from the offering will be used, together with the net proceeds from the MAV Sale and cash on hand, to redeem all of PHH Mortgage Corporation’s outstanding 7.875% Senior Notes due 2026 and all of Onity’s outstanding 12.00%/13.25% Senior Second Lien Notes due 2027.

    The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction.

    The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A of the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of, any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the offering of the senior notes by PHH and the use of proceeds therefrom. We cannot provide any assurance that these events will occur. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, the fact that the size of the offering could change or that the offering could be terminated; or if the Notes are issued and sold, that the conditions to the release of the escrowed funds from escrow, including the consummation of the MAV Sale, will not occur. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

    For Further Information Contact:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI: Karolinska Development’s portfolio company SVF Vaccines announces positive data from a phase 1 study of its universal Covid-19 vaccine

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN, October 21, 2024. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company SVF Vaccines, has presented positive clinical safety and immunogenicity data from a clinical phase 1 study of the universal Covid-19 vaccine candidate, SVF-002.

    SVF Vaccines develops SVF-002, a DNA vaccine designed to engage a broad neutralizing response directed against the spike protein of SARS-CoV-2, the virus that causes Covid-19, but has also been designed to induce a T-cell response that is capable of eliminating cells in which the virus is present. SVF-002 has now been evaluated in a double-blind, first-in-human clinical study. The results were presented today at the annual meeting of the International Society for Vaccines in Seoul, South Korea, by the principal investigator of the study, Professor Soo Aleman, Senior Physician and Section Manager at the Medical Unit for Infectious Diseases, Karolinska University Hospital.

    The results showed that the vaccine candidate was safe and well-tolerated and that the higher dose boosted neutralizing antibodies to the spike protein and provided unique T-cell responses against highly conserved components of the virus, the membrane protein and the nucleoprotein, which may entail better protection even if the virus changes. The study was run by the OpenCorona consortium in collaboration with the Karolinska University Hospital in Stockholm, Sweden. The study enrolled healthy individuals who had previously received three doses of an mRNA-based Covid-19 vaccine.

    “SVF Vaccine is developing a portfolio of therapeutic and prophylactic vaccines that potentially can both prevent disease and cure infected patients. The positive results in the clinical phase 1 study are an important achievement that validates SVF Vaccines development platform,” says Viktor Drvota, CEO of Karolinska Development.

    Karolinska Development’s ownership in SVF Vaccines amounts to 34%.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patient’s lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit http://www.karolinskadevelopment.com.

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: The 2nd National Lighthouse Festival began with ‘Lighthouse Tourism Conclave 2024’

    Source: Government of India

    The 2nd National Lighthouse Festival began with ‘Lighthouse Tourism Conclave 2024’

    Lighthouse Tourism Conclave 2024 highlighted opportunities for Heritage and Preservation

    Odisha’s five heritage lighthouses among Key attractions, drawing Over 10 Lakh Visitors in 2024-25

    In line with vision to unlock the immense potential of India’s maritime heritage, MoPSW has embarked on a transformative journey to revitalize our historic lighthouses Shri Shantanu Thakur, MoS, MoPSW

    These majestic structures, which have long guided mariners, are now evolving into centres of tourism, culture, and learning: Shri Shantanu Thakur, MoS, MoPSW

    Posted On: 19 OCT 2024 4:39PM by PIB Delhi

    On the day one of 2nd National Lighthouse Festival , Ministry of Ports, Shipping, and Waterways (MoPSW) hosted the Lighthouse Tourism Conclave 2024 today in Puri, with over 100 participants, including government officials, tourism experts, and conservationists, in attendance. The event aimed to explore the vast potential of lighthouse tourism and strategies for preserving these maritime structures, blending tourism development with heritage conservation.

    The conclave was graced by dignitaries, including Shri Sambit Patra, Hon’ble MP from Puri; Shri Suresh Gopi, Hon’ble Minister of State for Petroleum, Natural Gas & Tourism; and Smt. Pravati Parida, Hon’ble Deputy Chief Minister of Odisha. Following the traditional lighting of the ceremonial lamp, the Hon’ble Minister of State for Ports, Shipping & Waterways, Shri Shantanu Thakur, delivered the keynote address, where he emphasized the importance of developing lighthouse tourism as a means to boost local economies and preserve India’s rich maritime heritage.

    ”In line with our vision to unlock the immense potential of India’s maritime heritage, the Ministry of Ports, Shipping, and Waterways has embarked on a transformative journey to revitalize our historic lighthouses. These majestic structures, which have long guided mariners, are now evolving into centres of tourism, culture, and learning. With the development of 75 iconic lighthouses across the nation, we are not only preserving history but also creating vibrant spaces for recreation and community engagement”.

    He warmly invited all visitors to explore these landmarks and experience the unique blend of heritage and modernity they offer.

    A detailed presentation by the Directorate General of Lighthouses and Lightships (DGL) showcased the current status and future prospects of lighthouse tourism in India, highlighting various initiatives underway. With an investment of ₹60 crore, 75 iconic lighthouses across 9 coastal states and 1 union territory have been developed under the visionary leadership of the Hon’ble Prime Minister. Each lighthouse has become a beacon of both heritage and recreation, with modern amenities such as museums, amphitheaters, children’s parks, and more. In Odisha, five lighthouses—Gopalpur, Puri, Chandrabhaga, Paradip, and False Point—have been developed as part of this initiative to promote lighthouse tourism.

    In the fiscal year 2023-24 alone, the 75 dedicated lighthouses attracted an impressive 16 lakh visitors. As of September 2024, the current fiscal year 2024-25 has already welcomed more than 10 lakh visitors. These developments have also resulted in job creation, with 150 direct and 500 indirect employment opportunities emerging in nearby hotels, restaurants, tour operators, transportation services, and local shops and artisans.

    The presentation was followed by two engaging panel sessions. The first session, moderated by Gaurav Nagar, focused on “Lighthouse Tourism and Heritage.” Speakers, including Kapil Mohan (AIS Retd.), Debasis Mishra, and renowned photographer Dinesh Khanna, discussed the cultural and economic significance of lighthouses and the untapped potential in leveraging them as tourist destinations. The second session, also moderated by Gaurav Nagar, concentrated on “Preservation and Conservation of Lighthouses.” Experts such as Raja Parija, Capt. Devabrat Mishra, and Sangeeta Thakur deliberated on sustainable preservation techniques, balancing heritage conservation with the growing demand for tourism.

    This interactive dialogue encouraged collaboration among key industry players to strengthen lighthouse tourism in India.

    Through this conclave, the Ministry of Ports, Shipping, and Waterways aims to raise awareness about the unique blend of history and tourism that lighthouses represent, and how their preservation is essential for future generations. The event sets the stage for upcoming initiatives and collaboration in the lighthouse tourism sector.

    Note: Later in the evening, the Lighthouse Tourism Festival at Talabania Ground, Puri, will witness a grand cultural celebration. The festivities will begin with the invocation dance, Ganesh Vandana, followed by a captivating medley of traditional Assamese performances, showcasing the rich cultural heritage of Assam. To conclude the evening, renowned singer Papon will enthrall the audience with a special celebrity performance, adding a melodious touch to the celebration of India’s maritime heritage and lighthouse tourism. The event promises to be a blend of tradition, art, and entertainment, bringing people together in a vibrant cultural showcase.

    ********

    NKK/AK

    (Release ID: 2066322) Visitor Counter : 62

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Sh. Nitin Gadkari inaugurates two-day conference “Latest Emerging Trends and Technologies in Road and Bridge Construction” in Bhopal

    Source: Government of India

    Union Minister Sh. Nitin Gadkari inaugurates two-day conference “Latest Emerging Trends and Technologies in Road and Bridge Construction” in Bhopal

    Sh. Gadkari says Infrastructure as Key to National Development

    Posted On: 19 OCT 2024 4:32PM by PIB Delhi

    Union Minister for Road Transport and Highways, Shri Nitin Gadkari, highlighted the pivotal role of infrastructure in national development, emphasizing that an improved transport system opens new doors for economic growth and creates employment opportunities. The Minister was addressing the inaugural session of a two-day conference on “Latest Emerging Trends and Technologies in Road and Bridge Construction,” organized by the Madhya Pradesh Public Works Department and the Indian Road Congress, held in Bhopal.

    Shri Gadkari reiterated that infrastructure development remains a top priority for Prime Minister Shri Narendra Modi, as this sector not only drives progress but also lays the blueprint for India’s future. He emphasized key objectives such as ensuring uncompromising quality, reducing road accidents, protecting the environment, and resolving on-ground challenges, which he believes can only be achieved through collective efforts across all levels.

    Addressing the importance of rural road development, Shri Gadkari advocated for the adoption of a “waste to wealth” policy, which promotes the use of waste materials in road construction, yielding both financial and environmental benefits.

    Madhya Pradesh Chief Minister, Dr. Mohan Yadav, in his address, noted that the conference will bring new momentum to the state’s infrastructure development, significantly contributing to the success of various construction projects.

    The two-day conference features multiple technical sessions where experts from across the country will deliberate on innovative technologies, construction materials, and the challenges in the Engineering, Procurement, and Construction (EPC) agreement process. An exhibition showcasing the latest machinery and technologies used in road and bridge construction has also been organized as part of the event.


    ***

    NKK/GS

    (Release ID: 2066315) Visitor Counter : 17

    MIL OSI Asia Pacific News –

  • MIL-OSI: Preferred Bank Reports Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2024. Preferred Bank (“the Bank”) reported net income of $33.4 million or $2.46 per diluted share for the third quarter of 2024. This represents a slight decrease in net income of $209,000 from the prior quarter and down by $4.8 million from the same quarter last year. The decrease in net income from the prior year was due to a decrease in net interest income of $4.1 million due to higher deposit costs as well as an increase in noninterest expense of $3.1 million. These were partially offset by lower provision for credit losses and an increase in noninterest income. The decrease from the prior quarter was due to an increase in noninterest expense of $2.4 million, an increase in the provision for credit losses of $700,000 partially offset by an increase in net interest income of $2.7 million. Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.95%
    • Return on beginning equity of 18.37%
    • Net interest margin (NIM) expanded to 4.10%
    • Total loans increased by $143 million or 2.6% for the quarter
    • Efficiency ratio was 30.6%

    Li Yu, Chairman and CEO, commented, “I am pleased to report our third quarter 2024 net income was $33.4 million or $2.46 a share. Highlights of the quarter include the successful reduction of $21.2 million in non-performing loans, with no charge-offs. Interest recovery related to this was $800,000. Criticized loans, however, have increased but we believe it may be temporary in nature. Separately, the OREO property is currently in escrow, scheduled to close later this month. The valuation allowance we recorded of $1.7 million is included in the quarter’s non-interest expense.

    Loan demand was strong this quarter. We had a net increase of $143 million, or 2.6% on a linked quarter basis. The September’s rate cut seems to have spurred borrower interest in general. Deposits for the quarter had a very small decrease, as we have been careful in monitoring our deposit costs.

    At September 30, 2024, Preferred Bank’s loan portfolio was 26% fixed rate loans and 74% floating rate loans with floor rates for most of them. We believe it is well-balanced with the sensitivity of our deposits. However, the time certificates of deposits do have a cost adjustment pattern of slower reduction in the beginning but increasing gradually.”

    Results of Operations

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $68.8 million for the third quarter of 2024. This was a decrease from the $73.0 million recorded in the same quarter last year and an increase over the $66.1 million posted in the second quarter of 2024. A higher cost of deposits was to blame for the decrease in net interest income versus the prior year and a curing of a nonaccrual loan in the third quarter of 2024 was the reason for the increase in net interest income over the second quarter of 2024. A loan that was placed into nonaccrual status in the second quarter of 2024 was paid down significantly and the interest was brought current in the third quarter of 2024. This interest recovery of $800,000 helped to increase the Bank’s net interest margin to 4.10% for the quarter from 3.96% in the prior quarter. This compares to a margin of 4.39% one year ago. Also very importantly, the Bank’s total interest expense decreased for the first time since the first quarter of 2022. This was the result of the Bank’s efforts to replace higher cost brokered MMDA accounts with traditional brokered CD’s which carry a lower coupon. This is why, during this quarter, there is a fairly sizeable decrease in money market accounts and a corresponding increase in certificates of deposit.

    Noninterest Income. For the third quarter of 2024, noninterest income was $3.5 million compared with $3.0 million for the same quarter last year and compared to $3.4 million for the second quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fees which increased by $210,000 and other income partially offset by a decrease in gains on sales of SBA loans of $263,000. In comparing to the same quarter last year; LC fee income was up by $547,000 partially offset by a decrease in service charges of $192,000.

    Noninterest Expense. Total noninterest expense was $22.1 million for the third quarter of 2024 compared to $19.7 million for the second quarter of 2024 and compared to the $19.0 million recorded in the same period last year. The primary reason for the increase from the prior year and over the prior quarter was the $1.7 million valuation allowance recorded this quarter on the Bank’s other real estate owned (OREO) property. In comparing to the prior quarter; personnel expense increased by $581,000 and occupancy expense increased by $167,000. This was partially offset by a decrease in promotion expense of $162,000. In comparing to same quarter last year; personnel expense was up by $517,000, occupancy expense was up by $320,000 and professional services was up by $393,000. The increase in professional services expense was due to increased legal costs which were associated with a number of nonperforming loans. For the quarter ended September 30, 2024, the Bank’s efficiency ratio was 30.6%, higher than the 28.3% posted last quarter and higher than the 25.04% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $13.6 million for the third quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at September 30, 2024 were $5.57 billion, an increase of $298.1 million from the total of $5.27 billion as of December 31, 2023. Total deposits decreased during the quarter by $11 million but still increased year-to-date to $5.87 billion, up $158.4 million from the $5.71 billion as of December 31, 2023. Total assets were $6.87 billion, an increase of $213.3 million over the total of $6.66 billion as of December 31, 2023.

    Asset Quality

    Non-accrual loans as of September 30, 2024, was $19.4 million, a decrease of $21.2 million from $40.6 million on June 30, 2024. There were no charge-offs related to the reduction. Interest recoveries were $800,000 for this quarter

    The increase in total criticized loans of $161.2 for the quarter was largely due to the downgrade of a relationship with seven real estate related loans. These seven loans totaling $182.1 were secured by retail or multifamily properties that have late payment irregularities. At September 30, 2024, four of the seven loans totaling $86.5 million have been brought current and are expected to be out of criticized status in the fourth quarter. The three loans that have not been brought to current have a combined weighted average LTV of 64% and DCR of 0.98. All these loans have adequate guarantor support. Combined amount outstanding for these three loans is $95.6 million.

    Allowance for Credit Losses

    The provision for credit losses for the third quarter of 2024 was $3.2 million compared to $2.5 million last quarter and compared to $3.5 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.36% of loans as compared to 1.34% in the prior quarter.

    Capitalization

    As of September 30, 2024, the Bank’s leverage ratio was 11.28%, the common equity tier 1 capital ratio was 11.66% and the total capital ratio stood at 15.06%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s third quarter 2024 financial results will be held this afternoon, October 21, 2024 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at http://www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through November 4, 2024; the passcode is 7955778.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
    shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at http://www.preferredbank.com.

    AT THE COMPANY:
    Edward J. Czajka
    Executive Vice President
    Chief Financial Officer
    (213) 891-1188    		 AT FINANCIAL PROFILES:
    Jeffrey Haas
    General Information
    (310) 622-8240
    PFBC@finprofiles.com
       

    Financial Tables to Follow

    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
                         
                         
              For the Quarter Ended
              September 30,   June 30,   September 30,  
                2024     2024     2023  
    Interest income:              
      Loans, including fees   $ 114,112   $ 109,451   $ 106,695  
      Investment securities     15,032     17,552     18,556  
      Fed funds sold     280     291     278  
        Total interest income     129,424     127,294     125,529  
                         
    Interest expense:              
      Interest-bearing demand     23,211     24,205     20,257  
      Savings     84     79     67  
      Time certificates     35,956     35,578     29,369  
      FHLB borrowings     –     –     1,557  
      Subordinated debt     1,325     1,325     1,325  
        Total interest expense     60,576     61,187     52,575  
        Net interest income     68,848     66,107     72,954  
    Provision for credit losses     3,200     2,500     3,500  
        Net interest income after provision for              
          credit losses     65,648     63,607     69,454  
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     747     819     939  
      Letters of credit fee income     1,959     1,749     1,412  
      BOLI income     108     105     103  
      Net gain on sale of loans     91     353     21  
      Other income     554     378     497  
        Total noninterest income     3,459     3,404     2,972  
                         
    Noninterest expense:              
      Salary and employee benefits     13,525     12,944     13,008  
      Net occupancy expense     1,883     1,716     1,563  
      Business development and promotion expense     241     403     193  
      Professional services     1,816     1,832     1,423  
      Office supplies and equipment expense     435     477     395  
      Loss on sale of OREO, valuation allowance and related expense     1,915     29     140  
      Other       2,274     2,296     2,287  
        Total noninterest expense     22,089     19,697     19,009  
        Income before provision for income taxes     47,018     47,314     53,417  
    Income tax expense     13,635     13,722     15,225  
        Net income   $ 33,383   $ 33,592   $ 38,192  
                         
    Income per share available to common shareholders              
        Basic   $ 2.50   $ 2.51   $ 2.74  
        Diluted   $ 2.46   $ 2.48   $ 2.71  
                         
    Weighted-average common shares outstanding              
        Basic     13,327,848     13,362,522     13,925,994  
        Diluted     13,544,273     13,548,400     14,105,915  
                         
    Cash dividends per common share   $ 0.70   $ 0.70   $ 0.55  
                         
    PREFERRED BANK  
    Condensed Consolidated Statements of Operations  
    (unaudited)  
    (in thousands, except for net income per share and shares)  
                         
                         
              For the Nine Months Ended      
              September 30,   September 30,   Change  
                2024     2023     %  
    Interest income:              
      Loans, including fees   $ 333,543   $ 304,796     9.4  
      Investment securities     48,841     47,454     2.9  
      Fed funds sold     854     774     10.4  
        Total interest income     383,238     353,024     8.6  
                         
    Interest expense:              
      Interest-bearing demand     69,706     53,701     29.8  
      Savings     238     153     55.6  
      Time certificates     105,864     71,399     48.3  
      FHLB borrowings     –     3,819     -100.0 %
      Subordinated debt     3,975     3,975     0.0  
        Total interest expense     179,783     133,046     35.1  
        Net interest income     203,455     219,978     -7.5 %
    Provision for credit losses     10,100     6,500     55.4  
        Net interest income after provision for credit losses     193,355     213,478     -9.4 %
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     2,411     2,477     -2.7 %
      Letters of credit fee income     5,211     4,312     20.8 %
      BOLI income     318     307     3.3 %
      Net loss on called and sale of investment securities     –     (4,117 )   -100.0 %
      Net gain on sale of loans     547     547     -0.1 %
      Other income     1,441     1,481     -2.7 %
        Total noninterest income     9,928     5,007     98.3 %
                         
    Noninterest expense:              
      Salary and employee benefits     40,369     39,256     2.8 %
      Net occupancy expense     5,310     4,513     17.7 %
      Business development and promotion expense     910     498     82.7 %
      Professional services     5,105     3,915     30.4 %
      Office supplies and equipment expense     1,385     1,197     15.7 %
      Loss on sale of OREO, valuation allowance and related expense     2,079     3,050     -31.8 %
      Other       6,656     6,332     5.1 %
        Total noninterest expense     61,814     58,761     5.2 %
        Income before provision for income taxes     141,469     159,724     -11.4 %
    Income tax expense     41,028     45,523     -9.9 %
        Net income   $ 100,441   $ 114,201     -12.0 %
                         
    Income per share available to common shareholders              
        Basic   $ 7.50   $ 8.01     -6.4 %
        Diluted   $ 7.39   $ 7.92     -6.7 %
                         
    Weighted-average common shares outstanding              
        Basic     13,399,487     14,257,005     -6.0 %
        Diluted     13,587,820     14,418,939     -5.8 %
                         
    Dividends per share   $ 2.10   $ 1.65     27.3 %
                         
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
                   
                   
            September 30,   December 31,  
              2024       2023    
            (Unaudited)   (Audited)  
    Assets        
    Cash and due from banks $ 782,394     $ 890,852    
    Fed funds sold   22,600       20,000    
      Cash and cash equivalents   804,994       910,852    
                   
    Securities held-to-maturity, at amortized cost   20,311       21,171    
    Securities available-for-sale, at fair value   337,363       313,842    
                   
    Loans held for sale, at lower of cost or fair value   225       360    
                   
    Loans   5,571,579       5,273,498    
      Less allowance for credit losses   (76,051 )     (78,355 )  
      Less amortized deferred loan fees, net   (10,414 )     (11,079 )  
      Loans, net   5,485,114       5,184,064    
                   
    Other real estate owned and repossessed assets   15,082       16,716    
    Customers’ liability on acceptances   –       315    
    Bank furniture and fixtures, net   9,195       9,694    
    Bank-owned life insurance   10,364       10,632    
    Accrued interest receivable   35,562       33,892    
    Investment in affordable housing partnerships   58,009       65,276    
    Federal Home Loan Bank stock, at cost   15,000       15,000    
    Deferred tax assets   46,209       48,991    
    Income tax receivable   1,013       2,391    
    Operating lease right-of-use assets   30,489       22,050    
    Other assets   3,414       4,030    
      Total assets $ 6,872,344     $ 6,659,276    
                   
    Liabilities and Shareholders’ Equity        
    Deposits:        
      Noninterest bearing demand deposits $ 682,859     $ 786,995    
      Interest bearing deposits:   1,994,288       2,075,156    
        Savings   29,793       29,167    
        Time certificates of $250,000 or more   1,478,500       1,317,862    
        Other time certificates   1,682,324       1,500,162    
        Total deposits   5,867,764       5,709,342    
                   
    Acceptances outstanding   –       315    
    Subordinated debt issuance, net   148,410       148,232    
    Commitments to fund investment in affordable housing partnerships   23,617       30,824    
    Operating lease liabilities   26,730       19,766    
    Accrued interest payable   16,001       16,124    
    Other liabilities   39,705       39,568    
      Total liabilities   6,122,227       5,964,171    
                   
    Shareholders’ equity   750,117       695,105    
      Total liabilities and shareholders’ equity $ 6,872,344     $ 6,659,276    
                   
    Book value per common share $ 56.54     $ 50.54    
    Number of common shares outstanding   13,267,852       13,753,246    
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                     
                     
                     
            For the Quarter Ended
                     
            September 30, June 30, March 31, December 31, September 30,
              2024     2024     2024     2023     2023  
    Unaudited historical quarterly operations data:          
      Interest income $ 129,424   $ 127,294   $ 126,520   $ 124,964   $ 125,529  
      Interest expense   60,576     61,187     58,020     55,568     52,575  
        Interest income before provision for credit losses   68,848     66,107     68,500     69,396     72,954  
      Provision for credit losses   3,200     2,500     4,400     3,500     3,500  
      Noninterest income   3,459     3,404     3,065     2,106     2,972  
      Noninterest expense   22,089     19,697     20,028     17,873     19,009  
      Income tax expense   13,635     13,722     13,671     14,290     15,225  
        Net income $ 33,383   $ 33,592   $ 33,466   $ 35,839   $ 38,192  
                     
      Earnings per share          
        Basic $ 2.50   $ 2.51   $ 2.48   $ 2.63   $ 2.74  
        Diluted $ 2.46   $ 2.48   $ 2.44   $ 2.60   $ 2.71  
                     
    Ratios for the period:          
      Return on average assets   1.95 %   1.97 %   2.00 %   2.15 %   2.25 %
      Return on beginning equity   18.37 %   19.44 %   19.36 %   21.21 %   22.66 %
      Net interest margin (Fully-taxable equivalent)   4.10 %   3.96 %   4.19 %   4.24 %   4.39 %
      Noninterest expense to average assets   1.29 %   1.15 %   1.20 %   1.07 %   1.12 %
      Efficiency ratio   30.55 %   28.34 %   27.99 %   25.00 %   25.04 %
      Net charge-offs (recoveries) to average loans (annualized)   -0.00 %   0.68 %   0.26 %   -0.00 %   0.01 %
                     
    Ratios as of period end:          
      Tangible common equity ratio   10.92 %   10.55 %   10.35 %   10.43 %   10.10 %
      Tier 1 leverage capital ratio   11.28 %   10.89 %   10.80 %   10.85 %   10.46 %
      Common equity tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Total risk-based capital ratio   15.06 %   14.93 %   15.08 %   15.18 %   15.32 %
      Allowances for credit losses to loans at end of period   1.36 %   1.34 %   1.49 %   1.49 %   1.46 %
      Allowance for credit losses to non-performing loans 3.92x 1.79x 4.33x 2.73x 3.86x
                     
    Average balances:          
      Total securities $ 356,590   $ 353,357   $ 348,961   $ 349,863   $ 368,968  
      Total loans   5,458,613     5,320,360     5,263,562     5,126,918     5,086,241  
      Total earning assets   6,684,766     6,728,498     6,585,853     6,499,469     6,597,557  
      Total assets   6,817,979     6,863,829     6,718,018     6,627,349     6,719,859  
      Total time certificate of deposits   2,874,985     2,884,259     2,852,860     2,767,385     2,680,854  
      Total interest bearing deposits   5,124,245     5,203,034     5,004,834     4,906,947     4,800,227  
      Total deposits   5,828,227     5,901,976     5,761,488     5,689,713     5,654,350  
      Total interest bearing liabilities   5,272,617     5,351,347     5,153,089     5,055,143     5,069,014  
      Total equity   747,222     715,190     704,996     683,141     678,020  
                     
    PREFERRED BANK  
    Selected Consolidated Financial Information  
    (unaudited)  
    (in thousands, except for ratios)  
                   
                   
                   
            For the Nine Months Ended  
            September 30,   September 30,  
              2024       2023    
                   
      Interest income $ 383,238     $ 353,024    
      Interest expense   179,783       133,046    
        Interest income before provision for credit losses   203,455       219,978    
      Provision for credit losses   10,100       6,500    
      Noninterest income   9,928       5,007    
      Noninterest expense   61,814       58,761    
      Income tax expense   41,028       45,523    
        Net income $ 100,441     $ 114,201    
                   
      Earnings per share        
        Basic $ 7.50     $ 8.01    
        Diluted $ 7.39     $ 7.92    
                   
    Ratios for the period:        
      Return on average assets   1.97 %     2.33 %  
      Return on beginning equity   19.30 %     24.22 %  
      Net interest margin (Fully-taxable equivalent)   4.08 %     4.58 %  
      Noninterest expense to average assets   1.21 %     1.20 %  
      Efficiency ratio   28.97 %     26.12 %  
      Net charge-off (recoveries) to average loans   0.31 %     0.00 %  
                   
    Average balances:        
      Total securities $ 352,982     $ 402,971    
      Total loans   5,347,918       5,048,452    
      Total earning assets   6,666,439       5,047,971    
      Total assets   6,800,008       6,436,889    
      Total time certificate of deposits   2,870,717       6,560,955    
      Total interest bearing deposits   5,110,755       2,504,426    
      Total deposits   5,830,555       4,602,039    
      Total interest bearing liabilities   5,259,068       5,539,223    
      Total equity   722,560       4,851,214    
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
                             
                             
            As of
                             
            September 30,   June 30,   March 31,   December 31,   September 30,
              2024       2024       2024       2023       2023  
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 804,994     $ 917,677     $ 936,600     $ 910,852     $ 1,021,108  
      Securities held-to-maturity, at amortized cost   20,311       20,605       20,904       21,171       21,474  
      Securities available-for-sale, at fair value   337,363       331,909       333,411       313,842       335,608  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 753,453     $ 732,251     $ 724,101     $ 688,058     $ 663,021  
          Real estate—Commercial   2,882,506       2,833,430       2,777,608       2,760,761       2,688,148  
          Total Real Estate – Mortgage   3,635,959       3,565,681       3,501,709       3,448,819       3,351,169  
        Real estate – Construction:                  
          R/E Construction — Residential   274,214       238,062       236,596       246,201       226,482  
          R/E Construction — Commercial   290,308       247,582       213,727       179,775       164,666  
          Total real estate construction loans   564,522       485,644       450,323       425,976       391,148  
        Commercial and industrial   1,365,550       1,369,617       1,369,529       1,394,871       1,377,675  
        SBA   5,649       5,463       3,914       3,469       2,424  
        Consumer and others   124       118       379       363       285  
          Gross loans   5,571,804       5,428,600       5,325,854       5,273,498       5,128,242  
      Allowance for credit losses on loans   (76,051 )     (72,848 )     (79,311 )     (78,355 )     (74,849 )
      Net deferred loan fees   (10,414 )     (10,502 )     (10,460 )     (11,079 )     (10,240 )
        Net loans, excluding loans held for sale $ 5,485,339     $ 5,345,250     $ 5,236,083     $ 5,184,064     $ 5,043,153  
      Loans held for sale $ 225     $ 955     $ 605     $ 360     $ –  
        Net loans $ 5,485,564     $ 5,346,205     $ 5,236,688     $ 5,184,424     $ 5,043,153  
                             
      Other real estate owned and repossessed assets $ 15,082     $ 16,716     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,009       60,432       62,854       65,276       54,679  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   136,021       138,036       134,040       131,995       124,793  
        Total assets $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 682,859     $ 675,767     $ 709,767     $ 786,995     $ 838,300  
        Interest bearing demand   1,994,288       2,326,214       2,159,948       2,075,156       2,091,384  
        Savings   29,793       28,251       29,261       29,167       30,427  
        Time certificates of $250,000 or more   1,478,500       1,406,149       1,349,927       1,317,862       1,283,461  
        Other time certificates   1,682,324       1,442,381       1,552,805       1,500,162       1,439,699  
        Total deposits $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342     $ 5,683,271  
                             
      Acceptances outstanding $ –     $ –     $ –     $ 315     $ 103  
      Subordinated debt issuance, net   148,410       148,351       148,292       148,232       148,173  
      Commitments to fund investment in affordable housing partnerships       23,617       27,946       29,647       30,824       20,824  
      Other liabilities   82,436       68,394       77,008       75,458       109,651  
        Total liabilities $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171     $ 5,962,022  
                             
    Equity:                    
      Net common stock, no par value $ 109,928     $ 113,509     $ 115,915     $ 134,534     $ 143,584  
      Retained earnings   664,808       640,675       616,417       592,325       566,027  
      Accumulated other comprehensive income   (24,619 )     (31,057 )     (32,774 )     (31,754 )     (39,103 )
        Total shareholders’ equity $ 750,117     $ 723,127     $ 699,558     $ 695,105     $ 670,508  
        Total liabilities and shareholders’ equity $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (Unaudited)
                               
                           
          Three months ended September 30,   Three months ended June 30,   Three months ended September 30,
            2024       2024       2023  
            Interest Average     Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
      Loans (1,2) $ 5,459,842   $ 114,112 8.31 %   $ 5,324,410   $ 109,451 8.27 %   $ 5,086,302   $ 106,695 8.32 %
      Investment securities (3)   356,590     3,610 4.03 %     353,357     3,652 4.16 %     368,968     3,422 3.68 %
      Federal funds sold   20,164     280 5.52 %     20,866     291 5.61 %     20,111     278 5.48 %
      Other earning assets   848,170     11,521 5.40 %     1,029,865     13,999 5.47 %     1,122,176     15,235 5.39 %
        Total interest earning assets   6,684,766     129,523 7.71 %     6,728,498     127,393 7.61 %     6,597,557     125,630 7.55 %
      Deferred loan fees, net   (10,248 )         (10,459 )         (10,071 )    
      Allowance for credit losses on loans   (72,899 )         (79,119 )         (71,503 )    
    Noninterest earning assets:                      
      Cash and due from banks   10,826           10,626           12,101      
      Bank furniture and fixtures   9,419           9,787           8,814      
      Right of use assets   22,496           22,886           21,491      
      Other assets   173,619           181,610           161,470      
        Total assets $ 6,817,979         $ 6,863,829         $ 6,719,859      
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
      Deposits:                      
        Interest bearing demand and savings $ 2,249,260   $ 23,295 4.12 %   $ 2,318,775   $ 24,284 4.21 %   $ 2,119,373   $ 20,324 3.80 %
        TCD $250K or more   1,412,073     17,866 5.03 %     1,379,116     17,295 5.04 %     1,251,397     14,085 4.47 %
        Other time certificates   1,462,912     18,090 4.92 %     1,505,143     18,283 4.89 %     1,429,457     15,284 4.24 %
        Total interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
    Advance from Federal Home Loan Bank   –     – 0.00 %     –     – 0.00 %     120,652     1,557 5.12 %
    Subordinated debt, net   148,372     1,325 3.55 %     148,313     1,325 3.59 %     148,135     1,325 3.55 %
        Total interest bearing liabilities   5,272,617     60,576 4.57 %     5,351,347     61,187 4.60 %     5,069,014     52,575 4.11 %
    Noninterest bearing liabilities:                      
      Demand deposits   703,982           698,942           854,123      
      Lease liability   18,882           19,828           19,759      
      Other liabilities   75,276           78,522           98,943      
        Total liabilities   6,070,757           6,148,639           6,041,839      
    Shareholders’ equity   747,222           715,190           678,020      
        Total liabilities and shareholders’ equity $ 6,817,979         $ 6,863,829         $ 6,719,859      
    Net interest income   $ 68,947       $ 66,206       $ 73,055  
    Net interest spread     3.14 %       3.02 %       3.44 %
    Net interest margin     4.10 %       3.96 %       4.39 %
                               
    Cost of Deposits:                      
      Noninterest bearing demand deposits $ 703,982         $ 698,942         $ 854,123      
      Interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
        Total Deposits $ 5,828,227   $ 59,251 4.04 %   $ 5,901,976   $ 59,862 4.08 %   $ 5,654,350   $ 49,693 3.49 %
                               
    (1) Includes non-accrual loans and loans held for sale                    
    (2) Net loan fee income of $991,000, $1.1 million and $1.3 million for the quarter ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis                  
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (Unaudited)
                       
                       
          Nine Months ended September 30,
            2024
    		       2023  
            Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
      Loans (1,2) $ 5,350,465   $ 333,543 8.33 %   $ 5,048,452   $ 304,796 8.07 %
      Investment securities (3)   352,982     10,691 4.05 %     402,971     11,125 3.69 %
      Federal funds sold   20,472     854 5.57 %     20,111     774 5.14 %
      Other earning assets   942,520     38,448 5.45 %     965,355     36,633 5.07 %
        Total interest earning assets   6,666,439     383,536 7.68 %     6,436,889     353,328 7.34 %
      Deferred loan fees, net   (10,466 )         (10,142 )    
      Allowance for credit losses on loans   (76,775 )         (69,653 )    
    Noninterest earning assets:              
      Cash and due from banks   10,693           11,912      
      Bank furniture and fixtures   9,762           8,931      
      Right of use assets   22,462           21,780      
      Other assets   177,893           161,238      
        Total assets $ 6,800,008         $ 6,560,955      
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
      Deposits:              
        Interest bearing demand/ savings $ 2,240,038   $ 69,944 4.17 %   $ 2,097,613   $ 53,854 3.43 %
        TCD $250K or more   1,377,621     51,662 5.01 %     1,258,870     37,600 3.99 %
        Other time certificates   1,493,096     54,202 4.85 %     1,245,556     33,798 3.63 %
        Total interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
    Advance from Federal Home Loan Bank   –     – 0.00 %     101,099     3,819 5.05 %
    Subordinated debt, net   148,313     3,975 3.58 %     148,076     3,975 3.59 %
        Total interest bearing liabilities   5,259,068     179,783 4.57 %     4,851,214     133,046 3.67 %
    Noninterest bearing liabilities:              
      Demand deposits   719,800           937,184      
      Lease liability   19,401           20,482      
      Other liabilities   79,179           83,213      
        Total liabilities   6,077,448           5,892,093      
    Shareholders’ equity   722,560           668,862      
        Total liabilities and shareholders’ equity $ 6,800,008         $ 6,560,955      
    Net interest income   $ 203,753       $ 220,282  
    Net interest spread     3.12 %       3.67 %
    Net interest margin     4.08 %       4.58 %
                       
    Cost of Deposits:              
      Noninterest bearing demand deposits $ 719,800         $ 937,184      
      Interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
        Total Deposits $ 5,830,555   $ 175,808 4.03 %   $ 5,539,223   $ 125,252 3.02 %
                       
    (1) Includes non-accrual loans and loans held for sale              
    (2) Net loan fee income of $3.4 million and $3.2 million for the year ended September 30, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis            
    PREFERRED BANK  
    Loan and Credit Quality Information  
                     
    Allowance For Credit Losses History  
              Nine Months Ended Year ended  
              September 30, 2024   December 31, 2023  
              (Dollars in 000’s)  
    Allowance For Credit Losses          
    Balance at Beginning of Period   $ 78,355     $ 68,472    
      Charge-Offs          
        Commercial & Industrial     12,409       124    
        Mini-perm Real Estate     –       –    
        Total Charge-Offs     12,409       124    
                     
      Recoveries          
        Commercial & Industrial     5       7    
        Mini-perm Real Estate     –       –    
        Total Recoveries     5       7    
                     
      Net Charge-Offs     12,404       117    
      Provision for Credit Losses:     10,100       10,000    
    Balance at End of Period   $ 76,051     $ 78,355    
                     
    Average Loans Held for Investment   $ 5,347,918     $ 5,067,870    
    Loans Held for Investment at End of Period   $ 5,571,579     $ 5,273,498    
    Net Charge-Offs to Average Loans     0.31 %     0.00 %  
    Allowances for Credit Losses to Loans at End of Period     1.36 %     1.49 %  
                     

    The MIL Network –

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal vide Directive No. CO.DOS.SED.No.S2574/12-07-005/2022-23 dated July 21, 2022 for a period of six months up to close of business on January 22, 2023 as modified from time to time, which were last extended up to close of business on October 22, 2024 vide Directive DOR.MON.D-33/12.29.046/2024-25 dated July 18, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on October 22, 2024.

    2. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directions for a further period of three months from the close of business on October 22, 2024 to the close of business on January 22, 2025, subject to review.

    3. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1344

    MIL OSI Economics –

  • MIL-OSI China: Luong Cuong elected as Vietnam’s president

    Source: China State Council Information Office

    Luong Cuong, member of the Political Bureau of the Communist Party of Vietnam (CPV) Central Committee and permanent member of the CPV Central Committee Secretariat, was elected as Vietnam’s president on Monday, local media reported.

    MIL OSI China News –

  • MIL-OSI China: Chinese VP meets Indonesian new Vice President Gibran Rakabuming Raka

    Source: China State Council Information Office

    Visiting Chinese Vice President Han Zheng met with Indonesia’s newly inaugurated Vice President Gibran Rakabuming Raka in Jakarta on Monday.

    Han congratulated Gibran on his inauguration and emphasized that China and Indonesia are good neighbors and good partners, adding that the cooperation between the two sides is highly complementary and mutually beneficial, which has brought tangible benefits to both nations.

    China is willing to strengthen the synergy of development strategies of the two countries in light of the policy priorities of the new Indonesian government, and continue to deepen the practical cooperation in various fields with the high-quality Belt and Road Initiative (BRI) cooperation taking the lead, ensuring mutual benefit and win-win results, and jointly advancing the building of a China-Indonesia community with a shared future, Han said.

    For his part, Gibran said that the new Indonesian government is willing to work with China to implement the important consensus reached by the two heads of state.

    He said that Indonesia will continue to consolidate the good momentum in developing bilateral relations, and unswervingly deepen bilateral practical cooperation to better benefit the two countries and their peoples.

    At the invitation of the Indonesian government, Han, as the special envoy of Chinese President Xi Jinping, attended the inauguration of Indonesia’s new President Prabowo Subianto in Jakarta on Sunday, and was on a visit to the Southeast Asian country from Saturday to Monday.

    MIL OSI China News –