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Category: Asia

  • MIL-OSI: Arab Petroleum Pipelines Company “SUMED” Signs Agreement with Soukhna Refinery and Petrochemical Company “SRPC”

    Source: GlobeNewswire (MIL-OSI)

    CAIRO, Oct. 22, 2024 (GLOBE NEWSWIRE) — Mr. George Matharu, President of Elite Capital & Co. Limited “ECC” (Financial Lead Arranger of Soukhna Refinery), and His Excellency Eng. Sameh Fahmy, Chairman of Egyptian Petroleum Investments Corporation “EPI Corp.” (Founding Director and Lead Consultant of Soukhna Refinery), announced today that the Arab Petroleum Pipelines Company “SUMED” has signed a Term Sheet for handling, storing, and transferring crude oil feedstock and petroleum products with the Soukhna Refinery and Petrochemical Company “SRPC”.

    “SUMED signing the Term Sheet with Soukhna Refinery – SRPC will reduce the refinery construction cost by USD 700 Million, making the project’s capital USD 4.7 Billion, which will positively reflect on the appetite of targeted investors to enter as partners into the project, while reducing any future financing burdens and contributing to the expected financing process,” Mr. George Matharu said.

    The SUMED Pipeline (also known as the Suez-Mediterranean Pipeline) is an oil pipeline in Egypt, running from the Ain Sokhna terminal in the Gulf of Suez, the northernmost terminus of the Red Sea, to offshore Sidi Kerir port, Alexandria in the Mediterranean Sea. It provides an alternative to the Suez Canal for transporting oil from the Arabian Gulf region to the Mediterranean.

    The pipeline is owned by the Arab Petroleum Pipelines Company “SUMED”, a joint venture of Egyptian General Petroleum Corporation “EGPC” (50%, Egypt), Saudi Aramco (15%, Saudi Arabia), Mubadala Investment Company “Formerly IPIC” (15%, the United Arab Emirates), Kuwait Investment Authority “KIA” (15%, Kuwait), and QatarEnergy (5%, Qatar).

    His Excellency Eng. Sameh Fahmy, Chairman of EPI Corp (former Minister of Petroleum), added, “Soukhna Refinery and Petrochemical Company – SRPC is a promising project and will be one of the most important petroleum and petrochemical projects globally, especially since it is located in the heart of the world to serve four important markets – Europe, Asia, the Middle East, and Africa. Therefore, the project’s success is inevitable, as all companies involved in this project are currently cooperating with Elite Capital & Co. Limited to provide the necessary financing to build it.”

    SRPC’s Project is a petroleum complex consisting of an oil refinery, petrochemical technology, mini hospital, and petroleum studies institute. This project is located at the heart of the Suez Canal Economic Zone, specifically in Ain Sokhna, and it is surrounded by the continents of Asia from the east, Europe from the north, and Africa from the west.

    The refining capacity of the oil refinery is 208 thousand barrels per day, which will be relied upon in selling oil derivatives and fed by petrochemical technology, and therefore the project will be one of the world scale state of the art strategic refinery project in the world in selling oil derivatives and petrochemical products.

    “Implementation of the project will support the economy of Egypt, which witnessed remarkable development in all sectors during the era of His Excellency President Abdel Fattah El-Sisi, and which are expected to flourish in the coming period,” Eng. Sameh Fahmy said.

    Elite Capital & Co. Limited is a Financial Management company that provides project-related services including Management, Consultancy, and Funding, particularly for large infrastructure and mega commercial projects.

    Elite Capital & Co. Limited offers a wealth of experience in Banking and Financial transactions and has a range of specialized advisory services for private clients, medium and large corporations as well as governments. It is also the exclusive manager of the Government Future Financing 2030 Program®.

    Mr. George Matharu concluded his statement by saying: “We are currently working on preliminary negotiations with international sovereign entities to enter the project as major partners representing the main source of crude oil supply to the refinery. After that, we will move to the potential financing process according to the data that will be available at the time.”

    Elite Capital & Co. – Contact Details –

    Elite Capital & Co. Limited
    33 St. James Square
    London, SW1Y4JS
    United Kingdom

    Telephone: +44 (0) 203 709 5060
    SWIFT Code: ELCTGB21
    LEI Code: 254900NNN237BBHG7S26

    Website: ec.uk.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ccd23ff-3956-40af-9c99-7fa85dfd3325

    The MIL Network –

  • MIL-OSI Asia-Pac: Fraudulent websites and phishing instant messages related to Bank Julius Baer & Co. Ltd.

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank Julius Baer & Co. Ltd. relating to fraudulent websites and phishing instant messages, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

         The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

         Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites or instant messages concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: September sees 2.2% inflation

    Source: Hong Kong Information Services

    Overall consumer prices rose 2.2% year-on-year in September, a smaller rate of increase than the 2.5% seen in August, the Census & Statistics Department announced today.

    Netting out the effects of the Government’s one-off relief measures, underlying inflation was 0.9%, also smaller than that recorded in August. 

    Compared with September last year, price increases were seen in the following categories: alcoholic drinks and tobacco; electricity, gas and water; housing; miscellaneous services; meals out and takeaway food; miscellaneous goods; and transport.

    Meanwhile, year-on-year decreases were recorded for clothing and footwear; basic food; and durable goods.

    The Government said overall inflation should stay mild in the near term and the continued growth of the Hong Kong economy could pose some moderate upward pressures on domestic costs.

    Meanwhile, external price pressures should ease further, though uncertainties in the external environment remain, it added.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: #synod24 – Notice of Briefing

    Source: The Holy See

    Today, Tuesday 22 October 2024, at 13.30, a briefing will be held in the Holy See Press Office, Via della Conciliazione 54, to provide an update on the work of the Second Session of the 16th Ordinary General Assembly of the Synod of Bishops.
    The speakers will be:
    – His Eminence Cardinal Fridolin Ambongo Besungu, O.F.M. Cap., president of the “Symposium of Episcopal Conferences of Africa and Madagascar” (S.E.C.A.M.);
    – Archbishop Andrew Nkea Fuanya of Bamenda, Cameroon, member of the Ordinary Council, member of the Commission for Information of the 16th Ordinary General Assembly of the Synod of Bishops;
    – Bishop Franz-Josef Overbeck of Essen, military ordinary for the Federal Republic of Germany;
    – The Reverend Clarence Sandanaraj Davedassan, witness of the synodal process, Asia;
    – Dr. Paolo Ruffini, prefect of the Dicastery for Communication and chair of the Commission for Information of the 16th Ordinary General Assembly of the Synod of Bishops;
    – Dr. Sheila Leocádia Pires, communications officer of the “Southern African Catholic Bishops’ Conference” (S.A.C.B.C.), secretary of the Commission for Information of the 16th Ordinary General Assembly of the Synod of Bishops.
    The briefing will be livestreamed on the Vatican News YouTube channel, at https://www.youtube.com/c/VaticanNews.

    MIL OSI Europe News –

  • MIL-OSI Global: Kim Jong-un sends North Korean troops to fight in Ukraine – here’s what this means for the war

    Source: The Conversation – UK – By Ra Mason, Lecturer in International Relations and Japanese Foreign Policy, University of East Anglia

    It is still unclear how many North Korean soldiers will find their way onto the killing fields of eastern Ukraine. What is clear is that the drive to recruit fighting forces from the Democratic People’s Republic of Korea (DPRK) is at least in part politically motivated. But is it also a tactical masterstroke that will boost the Russian war machine’s chances of a definitive victory?

    The political aspect appears straightforward. The use of foreign forces from an enemy of the United States demonstrates a clear show of opposition towards the Washington-led global order. It also deals a further blow to the myth that the Russian Federation is isolated, as an international pariah, in a world led by western powers.

    But despite boosting troop numbers, there are multiple problems with these would-be mercenaries from the far east joining Putin’s forces on the front line in Europe. North Korea is impoverished and authoritarian. This means its personnel are mostly poorly equipped, unmotivated and undernourished. Where and how they are deployed will, therefore, likely be critical.

    If sent into new theatres of war against state-of-the-art Nato-supplied weaponry, it could effectively mean waves of ill-prepared cannon fodder being thrown into the meat grinder of Donbas’ trenches. Most would surely be killed by FPV (first-person view) drones or western tank fire.

    Defections could well pose an additional risk. If commanded outside the immediate control of Korean officers in the field, some will doubtless view this as a chance to escape oppression and poverty in their homeland. Desertions en masse to the Ukrainian side might become a possibility. Even more so if identified and directed how to surrender by Ukrainian, or other, special forces on the ground.

    Considering these seemingly obvious flaws, it would be easy to assume the deliberate showcasing of training camps in eastern Russia for North Korean soldiers is little more than a political gimmick. One that is designed to strike fear into an already struggling Ukrainian army and poke its western backers in the eye. At the same time, there may be cause to think there is more to this move than pure politics.

    Rules of engagement

    The difference between supplying artillery shells for Russian guns and putting bodies on the line is stark.

    But this fundamental difference does not necessarily mean that there is no tactical value to the deployment of Korean forces on the battlefield. The key likely lies in where and how they are deployed.

    There is the immediate question of international law. Or, perhaps more importantly, how Nato countries might respond to further breaches of the established rules of engagement by Russian directed foreign forces. For sure, use of Korean mercenaries to fight in the Donbas region, which is recognised by western allies as Ukrainian territory, would constitute a gross violation.

    The response from Nato could be rapid and definitive, as it would effectively justify proportionate use of force, including foreign personnel, to counter any subsequent Russian advances. This would likely result in an own goal for Putin. Any initial advantage gained would quickly be lost as friends of Ukraine justifiably enter the fray to push back an illegal Moscow-Pyongyang alliance of aggression. Escalation thereafter would also be a serious and grave concern.

    Conversely, if deployed in a combination of technical and logistical roles, or primarily to defend Russian territory, the utility of additional manpower becomes more credible. Not least, it would seem legitimate from an international legal perspective for Russia to seek assistance from alliance partners in repelling Ukraine’s incursion into the Kursk region of southwestern Russia.

    This could deal a double blow to Kyiv. On the one hand it would likely supply sufficient personnel to rapidly finish off the already threadbare Ukrainian forces holding on to captured sovereign Russian territory. At the same time, Moscow’s own military machine would be able to focus its entire attention on the already growing advances being made along the Donbas front.

    Distraction from the end game

    North Korea’s influence on the international stage has grown since the start of the war in Ukraine as its massive stockpiles of ammunition proved significant in Russia’s attritional tactics. In that respect, the addition of foreign fighters may add a further factor in Moscow’s favour if skilfully deployed and directed.

    Ultimately, however, the limited dispatch of inexperienced Korean troops to a war zone in which they have no legal or moral basis to be sent is unlikely to prove decisive. As it stands, with or without the help of forces supplied by North Korea’s despotic leader, Kim Jong-Un, Russia’s brutal military advance looks set to grind on.

    In these regards, the arrival of North Koreans to Europe’s worst war for a generation is probably little more than another bizarre episode in this cruel conflict. The real concern is how authoritarian states such as Russia and North Korea can be transformed into something resembling civilised societies that might pursue more positive foreign policy pathways.

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

    – ref. Kim Jong-un sends North Korean troops to fight in Ukraine – here’s what this means for the war – https://theconversation.com/kim-jong-un-sends-north-korean-troops-to-fight-in-ukraine-heres-what-this-means-for-the-war-241876

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Empowering women, energizing the future: Central Asian women explore innovation, leadership and the energy transition during visit to Vienna

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

    Headline: Empowering women, energizing the future: Central Asian women explore innovation, leadership and the energy transition during visit to Vienna

    Empowering women, energizing the future: Central Asian women explore innovation, leadership and the energy transition during visit to Vienna | OSCE
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    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Cambodian Ministry of Interior’s investigation into the Center for Alliance of Labor and Human Rights (CENTRAL) – E-001984/2024

    Source: European Parliament

    Question for written answer  E-001984/2024
    to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
    Rule 144
    Catarina Vieira (Verts/ALE)

    On 4 June 2024, the Center for Alliance of Labor and Human Rights (CENTRAL) released its report ‘Barriers to Representation: Freedom of Association in Cambodia’[1]. The report concluded that there were widespread obstacles to freedom of association in Cambodian workplaces, including verbal intimidation, threats, harassment and blacklisting, which severely affected their ability to function. Shortly after the report was published, the Ministry of Interior, among other organisations, began to take action against CENTRAL in what Human Rights Watch has described as a ‘smear campaign’[2]. This action takes place in the context of an ongoing government crackdown on independent media, civil society organisations and political opposition, which was the subject of a European Parliament resolution in March 2023[3].

    • 1.How does the Vice-President / High Representative respond to the measures taken against CENTRAL by the Cambodian Government and how are the organisation’s basic freedoms and rights being protected?
    • 2.Will the EU’s ambassador to Cambodia put pressure on the Cambodian Government to act in response to the drastically shrinking space for civil society in the country?
    • 3.Is the Vice-President / High Representative following up on the partial withdrawal of the Everything But Arms scheme from Cambodia by making sure that the scheme’s provisions on human and workers’ rights are respected?

    Submitted: 8.10.2024

    • [1] https://central-cambodia.org/archives/6989.
    • [2] https://www.hrw.org/news/2024/07/02/cambodia-smear-campaign-against-labor-group.
    • [3] European Parliament resolution of 16 March 2023 on Cambodia: the case of opposition leader Kem Sokha,OJ C, C/2023/408, 23.11.2023, ELI: http://data.europa.eu/eli/C/2023/408/oj.
    Last updated: 22 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan – B10-0140/2024

    Source: European Parliament

    Miriam Lexmann, Sebastião Bugalho, Rasa Juknevičienė, Danuše Nerudová
    on behalf of the PPE Group

    B10‑0140/2024

    European Parliament resolution on the People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan

    (2024/2891(RSP))

    The European Parliament,

    – having regard to its previous resolutions on the People’s Republic of China (PRC) and Taiwan,

    – having regard to the Strategic Compass for Security and Defence, approved by the Council on 21 March 2022,

    – having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 16 September 2021 entitled ‘The EU strategy for cooperation in the Indo-Pacific’ (JOIN(2021)0024),

    – having regard to the EU’s ‘One China’ policy,

    – having regard to the statement of 23 September 2024 by the Chair of the G7 Foreign Ministers’ Meeting,

    – having regard to the joint declaration by the G7 Defence Ministers of 19 October 2024,

    – having regard to the urgency motion on Taiwan passed by the Australian Senate on 21 August 2024,

    – having regard to the motion on UN Resolution 2758 passed by the Dutch House of Representatives on 12 September 2024,

    – having regard to UN General Assembly Resolution 2758 (XXVI) of 25 October  1971,

    –  having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas UN Resolution 2758 was passed by the UN General Assembly on 25 October 1971 and shifted official recognition from the Republic of China (Taiwan) to the People’s Republic of China (PRC);

    B. whereas since then, most countries have shifted recognition from Taiwan to the PRC; whereas today, Taiwan, while not being a member of the UN, maintains diplomatic relations with 11 of the 193 UN member states, and with the Holy See;

    C. whereas following the adoption of UN Resolution 2758, Taiwan lost its right to participate in multilateral forums, such as the World Health Organization;

    D. whereas through their statement of 23 September 2024, the G7 members, among other things, underlined their support for ‘Taiwan’s meaningful participation in international organizations as a member where statehood is not a prerequisite and as an observer or guest where it is’;

    E. whereas in recent years, the PRC has deliberately distorted UN Resolution 2758, persistently claiming that the PRC’s ‘One China’ principle allegedly has international endorsement through this resolution, which would entail that Taiwan is part of the PRC;

    F. whereas the EU continues to maintain its own ‘One China’ policy position, which is different from the PRC’s ‘One China’ principle; whereas the EU’s long-standing position has been to support the status quo and a peaceful resolution of differences across the Taiwan Strait, while encouraging dialogue and constructive engagement;

    G. whereas Taiwan has never been part of the PRC; whereas the Republic of China was established in 1912 and the PRC was established in 1949;

    H. whereas over the past decade, the PRC has persistently tried to increase its influence over international institutions, using this to sideline Taiwan and prevent Taiwanese passport holders, including journalists, non-governmental organisation workers and political activists, from accessing international institutions; whereas the PRC exercises transnational repression by misusing extradition treaties to target Taiwanese people abroad and therefore put them at risk of arbitrary persecution and human rights abuses;

    I. whereas the EU and Taiwan are like-minded partners that share common values, such as freedom, democracy, human rights and the rule of law;

    J. whereas Taiwan is a vibrant democracy, with a flourishing civil society; whereas Taiwan held peaceful and well-organised elections on 13 January 2024;

    K. whereas the PRC is a one-party state that is entirely controlled and ruled by the Chinese Communist Party; whereas the Chinese People’s Liberation Army is the military of the Chinese Communist Party and not an army of the PRC’s Government;

    L. whereas on 14 October 2024, the PRC launched a large-scale military drill, named Joint Sword-2024B, that simulated a blockade of Taiwan; whereas during this exercise, a record number of 153 PRC aircraft,18 warships and 17 PRC coastguard ships were detected around Taiwan;

    M. whereas on 23 May 2024, the PRC launched a military drill called Joint Sword-2024A, coming just days after the inauguration of Lai Ching-te as the new President of Taiwan;

    N. whereas over the past years, the PRC has held similar military drills around Taiwan; whereas these military drills have increased in intensity and have been moved closer and closer to Taiwan’s mainland; whereas during a previous drill in August 2022, the PRC also fired missiles into the exclusive economic zone of Japan;

    O. whereas on top of military pressure, the PRC has long been pursuing a sophisticated strategy of targeting Taiwan with foreign information manipulation and interference, including hybrid and cyber attacks with the goal of undermining Taiwan’s democratic society;

    P. whereas the PRC, under the leadership of Xi Jinping, has said that it will not renounce the use of force to seek unification with Taiwan; whereas the PRC is engaging in a historically unprecedented military build-up that is continuously shifting the power balance in the Indo-Pacific; whereas this is negatively affecting cross-Strait stability;

    Q. whereas the PRC is supporting Russia’s war of aggression against Ukraine, in particular through the exportation of dual-use goods to Russia, and the ongoing involvement of PRC-based companies in sanctions evasion and circumvention;

    R. whereas in a speech on 10 October 2024, Taiwan’s national day, Taiwan’s President Lai Ching-te stated that the PRC has ‘no right to represent Taiwan’ and reiterated that the two sides are ‘not subordinate’ to each other; whereas the PRC has justified its recent military exercise by claiming that President Lai Ching-te is pursuing a separatist strategy;

    S. whereas the PRC’s increasingly aggressive behaviour, in particular in its own neighbourhood, such as the Taiwan Strait and the South China Sea, poses a risk to regional and global security; whereas the PRC has for many years promoted an alternative narrative, challenging democratic values, open markets and the rules-based international order; whereas the PRC’s growing influence in international organisations has impeded positive progress and further excluded Taiwan from rightful and meaningful participation in international institutions;

    T. whereas through its 2021 strategy for cooperation in the Indo-Pacific, the EU and its Member States increased their presence in the region, including a higher military presence and the continued passage of military ships through the Taiwan Strait;

    U. whereas the EU is Taiwan’s fourth largest trading partner after the PRC, the United States and Japan; whereas in 2022, Taiwan was the EU’s 12th biggest trading partner; whereas the EU is the largest source of foreign direct investment in Taiwan; whereas Taiwanese investments in the EU remain below their potential;

    V. whereas members of the Australian Senate and of the Dutch House of Representatives have recently adopted motions concerning the distortion of UN Resolution 2758 by the PRC, and called for support for Taiwan’s greater participation in multilateral organisations;

    1. Reiterates that Taiwan is a key EU partner and a like-minded democratic ally in the Indo-Pacific region; commends Taiwan and the Taiwanese people for their strong democracy and vibrant civil society, demonstrated once more by the peaceful and well-organised elections of 13 January 2024;

    2. Strongly condemns the PRC’s military exercises of 14 October 2024, its continued military provocations against Taiwan and its continued military build-up that is changing the balance of power in the Indo-Pacific, and reiterates its firm rejection of any unilateral change to the status quo in the Taiwan Strait; reiterates its call for the EU and its Member States to ensure, through clear and consistent signalling, that any attempt to unilaterally change the status quo in the Taiwan Strait, particularly by means of force or coercion, will not be accepted;

    3. Opposes the PRC’s constant distortion of UN Resolution 2758 and its efforts to block Taiwan’s participation in multilateral organisations; calls for the EU and its Member States to support Taiwan’s meaningful participation in relevant international organisations, such as the World Health Organization, the International Civil Aviation Organization, the International Criminal Police Organization (Interpol) and the UN Framework Convention on Climate Change;

    4. Underlines that UN Resolution 2758 takes no position on Taiwan; strongly rejects and refutes the PRC’s attempts to distort history and international rules;

    5. Strongly underlines that the EU’s ‘One China’ policy corresponds to UN Resolution 2758, while the PRC’s ‘One China’ principle is not endorsed by it;

    6. Reiterates its strong condemnation of statements by Chinese President Xi Jinping that the PRC will never renounce the right to use force with respect to Taiwan; underlines that the PRC’s use of force or threats or other highly coercive measures to achieve unification contradicts international law; recalls that neither Taiwan nor the PRC is subordinate to the other; expresses grave concern over the PRC’s use of hostile disinformation to undermine trust in Taiwan’s democracy and governance; reiterates its previous calls for the EU and its Member States to cooperate with international partners in helping to sustain democracy in Taiwan, keeping it free from foreign interference and threats; underlines that only Taiwan’s democratically elected government can represent the Taiwanese people on the international stage;

    7. Condemns the PRC’s systematic grey-zone military actions, including cyber and disinformation campaigns against Taiwan, and urges the PRC to halt these activities immediately; calls, in this regard, for cooperation between the EU and Taiwan to be deepened further in order to enhance structural cooperation on countering disinformation and foreign interference;

    8. Reiterates its call on the Member States to increase the frequency of freedom of navigation operations in the Taiwan Strait and to deepen security dialogues with Taiwan to deter Chinese aggression against the democratic island;

    9. Reiterates its call on the Member States to engage in meaningful and structural technical cooperation with Taiwan’s National Fire Agency and National Police Agency and with local administrations in the field of civil protection and disaster management;

    10. Reiterates its call on the Member States to engage in meaningful and structural technical cooperation with Taiwan in the field of whole-of-society defence;

    11. Recognises the importance of Taiwan in securing global supply chains, especially in the high-tech sector where Taiwan is the leading producer of semiconductors, and calls for the EU and its Member States to engage in closer cooperation with Taiwan;

    12. Calls on the Commission to launch, without delay, preparatory measures for negotiations on a bilateral investment agreement with Taiwan;

    13. Condemns all forms of pressure and threats of reprisals, including economic coercion, regarding the independent right of the EU and its Member States to develop relations with Taiwan, in line with their interests and shared values of democracy and human rights, without foreign interference;

    14. Welcomes visits by former and current Taiwanese politicians to Europe, including the recent visit of former President Tsai Ing-wen to the European Parliament on 17 October 2024; welcomes, furthermore, continued exchanges between its Members and Taiwan and encourages further visits by official European Parliament delegations to Taiwan; also encourages further exchanges between the EU and Taiwan at all levels, including political meetings and people-to-people encounters; encourages, in this light, increased economic, scientific and cultural interactions and exchanges, focusing, among other areas, on youth, academia, civil society, sports, culture and education, as well as city-to-city and region-to-region partnerships;

    15. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy and the governments of the People’s Republic of China and Taiwan.

     

     

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Hong Kong Museum of History to display early Chinese photography collection donated by Moonchu Foundation (with photos)

    Source: Hong Kong Government special administrative region

    Hong Kong Museum of History to display early Chinese photography collection donated by Moonchu Foundation (with photos)
    Hong Kong Museum of History to display early Chinese photography collection donated by Moonchu Foundation (with photos)
    ******************************************************************************************

         The Hong Kong Museum of History (HKMH) has received a generous donation of more than 24 000 invaluable photos of a Chinese photography collection from the Moonchu Foundation. Most of the donated photos were taken in the late Qing and the Republican period and feature a wide range of contents and subject matters, which form a rare and comprehensive collection of Chinese photography. It is also the largest donation of a Chinese photography collection received by the museum. The HKMH will stage the exhibition “In Retrospect: The Early Chinese Photography Collection of Moonchu Foundation” starting tomorrow (October 23), displaying over 500 selected photographs from the donation.           As an expression of gratitude to the Foundation, the HKMH will name its Special Exhibition Gallery the “Moonchu Historical Images and Culture Gallery”, which will feature exhibitions from the Moonchu collection and exhibitions related to Chinese history and culture.           The ceremony of the Moonchu Collection donation, gallery naming and opening of the “In Retrospect: The Early Chinese Photography Collection of Moonchu Foundation” exhibition was held today (October 22) at the HKMH. Addressing the ceremony, the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, said that this valuable and extensive collection of rare and complete images was collected by the Moonchu Foundation over the years in different places. Driven by their passion for Chinese culture, they specifically donated this collection to the HKMH, allowing these precious artifacts to be permanently preserved on Chinese soil. This donation not only significantly enriches the collections of the HKMH, but more importantly, provides excellent materials for studying modern Chinese society and increasing the public’s understanding of Chinese history from a century ago. He hopes that the selfless donation of the foundation and the enthusiasm for promoting Chinese culture will encourage more people to donate cultural relics related to Chinese history, telling good Chinese stories through these artifacts.           Moonchu Foundation representative Mr Chang Tsong-zung said that the “Moonchu Historical Images and Culture Gallery” and the donation are made possible through the dedicated efforts of the curators and staff members of the HKMH over the years. Their commitment to passing on the torch of history and benefiting society is both admirable and deserving of appreciation.           Other officiating guests included representatives from the Moonchu Foundation, Mr Chang Chi-wei and Mr Chang Tsong-zung; the Chairman of the Museum Advisory Committee, Professor Douglas So; the Acting Director of Leisure and Cultural Services, Miss Eve Tam; and the Museum Director of the HKMH, Mr Terence Cheung.           Most of the selected photographs in this exhibition have never been publicly displayed before. The contents cover major historical events such as the Second Opium War, the Self-Strengthening Movement, the First Sino-Japanese War, the Invasion of the Eight-Nation Alliance and the Russo-Japanese War. There are also photographs depicting the urban landscapes, historic buildings and people’s livelihood during the late Qing and the Republican period, as well as specimens of different photographic materials and formats which reflect the development of early photography.           Highlight exhibits include the image of Praia Grande Bay, Macao, which was taken 180 years ago and is one of the earliest photographs of China in existence today; the works of Chinese and foreign photographers, such as the stereoscopic photos taken by American photographer James Ricalton in 1900; landscape photographs taken by famous Chinese photographer Lai Fong; photos known as “Cartes de visite” in the size of a calling card, which were popular for exchanges in social gatherings during the 19th century; as well as some glass negatives; other stereoscopic photographs and hand-coloured photographs; photo albums, and more.           An interactive area is featured in the exhibition. Visitors can use stereograph viewers to view stereoscopic photos and create their own photo album with selected old photographs. There is also a comparison of old and new photos on aerospace, infrastructure, agricultural development and people’s livelihood, illustrating how China has developed by leaps and bounds in the past century.           The exhibition is presented by the Leisure and Cultural Services Department and organised by the HKMH and the Moonchu Foundation. In collaboration with the Chinese Culture Promotion Office, it is one of the activities in the Chinese Culture Promotion Series and also one of the events of the 4th Guangdong-Hong Kong-Macao Greater Bay Area Culture and Arts Festival. The exhibition will run until February 3 next year. Admission is free. For more information on the exhibition, please visit hk.history.museum/en/web/mh/exhibition/Moonchu-Exhibition.html or call 2724 9042 for enquiries.           Established in 2007, the mission of the Moonchu Foundation supports culture and education-related research, publications and talks. The Foundation hopes that the donation could enrich the HKMH’s displays and enhance research on historical images and history education, allowing members of the public to learn more about the traditional culture and the development of modern China through the research and display of the early Chinese photographs.           The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound culture of China. For more information, please visit http://www.lcsd.gov.hk/en/ccpo/index.html.

     
    Ends/Tuesday, October 22, 2024Issued at HKT 19:00

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  • MIL-OSI Asia-Pac: SFC report welcomed

    Source: Hong Kong Information Services

    The Government today welcomed the publication of the annual report by the Process Review Panel for the Securities & Futures Commission (SFC), covering the panel’s work in 2023-24.

    The Financial Services & the Treasury Bureau said the panel had conducted a thorough review of the SFC’s internal processes and procedures.

    It elaborated that, in reviewing selected cases relating to enforcement, licensing, supervision of intermediaries, the handling of complaints, and more, the panel has made a number of observations and recommendations that will be instrumental to the fair and consistent exercise of the SFC’s regulatory powers.

    The bureau also thanked the panel’s chairman and members for their conscientious efforts in enhancing the SFC’s transparency and accountability.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Update on cluster of Candida auris cases in Kowloon Hospital

    Source: Hong Kong Government special administrative region

    Update on cluster of Candida auris cases in Kowloon Hospital
    Update on cluster of Candida auris cases in Kowloon Hospital
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    The following is issued on behalf of the Hospital Authority:     ​Regarding an earlier announcement on Candida auris carrier cases, the spokesperson for Kowloon Hospital gave the following update today (October 22):     Following a contact tracing investigation, two more patients, males aged 88 and 95 in the respiratory medicine ward, were identified as carriers of Candida auris while not having signs of infection. The patients are now being treated in isolation and are in stable condition.     The hospital will continue the contact tracing investigation of close contacts of the patients in accordance with the prevailing guidelines. A series of enhanced infection control measures have already been adopted to prevent the spread of Candida auris, namely: 

    thorough cleaning and disinfection of the ward concerned;
    enhanced admission screening for patients and environmental screening procedures; and
    application of stringent contact precautions and enhanced hand hygiene of staff and patients.

         The hospital will continue the enhanced infection control measures and closely monitor the situation of the ward concerned. The cases have been reported to the Hospital Authority Head Office and the Centre for Health Protection of the Department of Health for necessary follow-up.

     
    Ends/Tuesday, October 22, 2024Issued at HKT 18:45

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  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at Concluding Ceremony of International Festival on Indian Dance, New Delhi (Excepts)

    Source: Government of India (2)

    Posted On: 22 OCT 2024 2:07PM by PIB Delhi

    Coming here on this occasion, I get a feeling of sublimity. It is the essence of human life; it is a heavenly feeling. I am grateful to the Honourable Culture Minister, Gajendra Singh Shekhawat for having made available such an opportunity to me to know about what has been transacted during the last six days. One assurance I can hold out, Gajendra Singh Shekhawat is a game changer.

    He gets into his job with passion, mission and he is good at execution. I have seen the positive impact of his ministry when I was in Meghalaya last week. He has not been in the saddle for long but this gives as an indication of the shape of things to come and from every perspective. Bharat home to one-sixth to humanity, this aspect is more important than anything else.

    We have a global identity nurtured over centuries and the most inalienable facet, emotive facet, rich facet is our cultural identity.

    The presence of a very distinguished parliamentarian, an actor of reckoning, but her identity globally is only by her great commitment to dance. I am referring to Hon’ble Member of Parliament Hema Malini Ji.

    Her presence is electrifying because while she has been in various roles, in films and otherwise, her heart, soul and mind have always been in sync when it comes to dance. And dance, I can say, is her everlasting and first love.

    Dr. Padma Subramaniam, people look for civilian awards and to be honoured with the second-highest civilian award of this nation and that too in this great field, your presence means a lot to us.

    Dr. Sandhya Purecha, she is deep into it, you must have heard her. She is committed to it. This is the second time I am attending her function and I am sure things will always be on an incremental trajectory.

    My greetings and salutations to those celebrities, dignitaries who are of the dais. They represent our cultural wealth. They are premium ambassadors of this nation within and outside.

    Friends, nothing can be more delightful than to celebrate human expressions through art forms and the six days of deliberations. Mind-scratching, I am told by the Hon’ble Minister, have been extremely fruitful.

    All awardees, civilian or otherwise, converged at one place to analyze and address issues so that our culture is nurtured, it is blossomed, and it makes our identity globally more important. I have no doubt the deliberations will go a long way in shaping further course of action. And it is also an occasion to look to those who are committed to dance music, but are in suffering of some kind. We need to handhold them. We need to create a new interest in them.

    I know sometimes it is so vital to provide fiscal assistance because they are so deep into their art and culture, dance and music, they forget about it. I’m sure this will be looked into.

    I am sure the Honourable Minister would generate a mechanism that all stakeholders for dance and music or culture as a whole come on the same page. They work in tandem and togetherness to generate an ecosystem where our artists in these domains feel comfortable financially and otherwise. And we manage to see an explosion of real talent that lies in villages Tier 2 and Tier 3 cities.

    I am told that over 200 artists and scholars from 16 plus nations have performed various Indian dance forms and shared insights. The Utkarsh performance featuring 300 tribal performers was acclaimed by the President of India. I commend the organisers for this event. I must make by way of transgression, a brief reference, to an extremely talented chief minister, Mr. Sangma of Meghalaya. When I was there, at Raj Bhavan, all the tribes of Meghalaya performed, all of them. They performed one after the other. They performed in unison. They performed in harmony. And this reflected that house over maybe the divisiveness, the unity brought about by culture, by dance and music is impregnable. It is lasting. It is soothing. It is a seamless connection of the heart and soul of the people.

    Dance and Music are natural connecting modes. They bring about a friendship beyond language or other barriers.

    Bharat means a gold mine of fine arts. The world recognises it, we feel it. This festival testifies to dance’s universal appeal, featuring global artists with unique perspectives. It underscores that Indian art educates, uplifts and inspires offering a model of inclusivity in a divided world.

    The greatest challenge the planet faces today is lack of inclusivity. Lack of inclusivity in thought, in politics, in economic development. India has emerged as a global beacon of inclusive growth. A growth that is benefiting by good governance, Affirmative policies, the most vulnerable, the marginalized, the weakest, and that has given the nation a mood of hope and possibility, something that was lacking a few years back. In a world grappling with conflicts and transgressions, discord, there is ray of light. When the tunnel is of transgressions, conflagrations, we find light of dance and music that unites people across cultural barriers.

    Culture, dance, and music are universal languages of mankind. They are understood all over.

    as you mean without having to take recourse to the language or dialect that is specific to individuals.

    Performing arts have the power to unite, power to heal, power to inspire, power to motivate. Dance artists are cultural and peace ambassadors. They promote dialogue. They promote discussion. They lay great ground for soothing diplomatic maneuvers.

    Distinguish audience, our civilization has always valued various forms of expression. I am taking it in a wider connotation, our civilisation depth is always to lend your ears to the other point of view, never be dismissive about it. There will be occasions when you will find on introspection that the other point of view is the correct point of view.

    Dance is considered divine as described in Bharat Muni’s Natya Shastra and when you feel divinity, when you experience sublimity, when you rise about heart and mind, or in conversation with your soul, then you realise the existence of pure life. It gives a different meaning altogether, generating peace and harmony all around.

    When we look into our historical perspectives, ancient Indian centres like Patliputra, Puri, and Ujjain fostered dance forms. India shared its message of peace and unity through Vasudhaiva Kutumbakam, through scriptures and art forms globally.

    Let me reflect, our culture was a feast during our G20 presidency. 200 hundred locations in this great country when we had G20 presence. every state of the Union, every Union territory and therein you found something very great. The state government, the Union territory administration and the central government were on the same page as never before and that was a grandiose success.

    Indian dances have been performed worldwide for millennia, including Chinese and Greek courts. The Ramayana spread to Southeast Asia is visible at Angkor Wat in Cambodia. On my first maiden visit outside this country, as Vice President, I went to Cambodia to attend an ASEAN meeting. When I went to Angkor Wat, unbelievable! You look at what has been carved out in stone. As if everything was speaking. Amazing and believable! One has to see to believe. I saw it myself. This can turn out to be a great facet of cultural diplomacy and art does not define dominance. Art defines integration. Culture, music, art, they unite. They never dominate. 

    Bharat is a living civilization with geniuses like Tansen, Tagore, Purandar Drasa and Swami Haridas. But there was a time in our history, 400, 500 years back, where music was discarded by the then rulers. Our most precious treasure was antithetical to their values.

    We suffered that kind of repression. But our belief throughout has been that in every part of this great land, those who nurtured, blossomed furthered because of dance music were held in high esteem. And I’m so happy and delighted that in the last 10 years, the recognition extended to eminent, deserving personalities from this domain is very commendable and soothing.

    This will help come over challenges of day to day life. They will help us to nurture our indomitable spirit.

    Post-Independence, our founding fathers mandated the preservation of cultural heritage in the Constitution. It is reflected in the directive principles of state policy.

    India is rising. The rise is exponential. The economic upsurge is stunning. The world organizations are echoing in us. We are moving towards a destination which people of my generation never dreamt of. What we have today was not thought of even a decade ago. In that situation, it is our bounden duty. It is ordainment of our civilization that our art and heritage are made to shine as symbols of identity and influence. There must be our cutting edge when we deal with people to people contact. UNESCO recognizes eight Indian dance forms as intangible cultural heritage, including Kalbeliya, Garba and Chow. I don’t subscribe to this. We have many more. They are calibrating from their perspective. We must go much beyond that.

    Yoga’s global recognition, marked by International Yoga Day, reflects India’s role in promoting wellbeing. A thought occurred to the Prime Minister. The thought was put on the global platform. In the shortest time, the largest number of nations converged, and what we see now, yoga is doting every part of the globe that gets sunshine.

    Indian wisdom is coming to the rescue of billions.

    Our cultural revival integrates ancient wisdom with contemporary practices cementing India’s image as a cultural powerhouse.

    I congratulate the Ministry of Culture, ICCR and Sangeet Natya Academy for their efforts. However, And this is a time to be extremely proactive, time not to be complacent. We need to discover, nurture and find that it does not go into extinction. Lesser known dance forms, they need to create retention.

    Go to any part of the state and you will find every district having its own identity.

    Like one district, one product, you will find one district, one cultural event relating to culture, dance, music. I am amazed sometimes when I see the instruments, how hard they have worked to preserve those instruments, how skillfully they play, how they mesmerize you, how they release your stress and tension for a time. When you attend to them you find you are in a different world altogether. We have to focus on that. Let us give them a new lease of life.

    We have to also be in overdrive in a group to ensure that our youth get involved with Indian dance, music and the kind. This will also cut into the menacing habits our youth get into. Drugs to name one. A person who is involved in these finer arts either as a performer or as onlooker is surcharged with positivity, welfare of humanity, and I am sure this too will be attended.

    As I said, which is more important, your ministry does not stand alone. You have to get all the stakeholders be it the Ministry of Finance, Ministry of Railways, Ministry of Civil Aviation any ministry must have the role of Gajendra Singh Shekhawat because we need to spread our culture, disseminate the knowledge of it and wider the knowledge, wider the dissemination greater will be the impact.

    Additionally, I urged the honorable minister and I requested particular manuscript experts and dance scholars to work together in rediscovering lost dance manuscripts. I was happy to note what the honorable minister conveyed to me. The giants, the Padmavadis, the great exponents over the last six days have brainstormed to address the challenges and to find out. what can be done.

    I would particularly emphasise that we are in the grip of another industrial revolution and that revolution is technology.

    Technology, artificial intelligence, Internet of Things, machine learning, blockchain and the kind. They help refine our artistic talent. and the effort should be made in a structured scientific manner, employment for generating opportunities in the field of culture, art, dance, music.

    These endeavours, particularly promoting rural folk dance forms and rediscovering ancient heritage will serve a large interest of the nation. While institutional efforts are invaluable, collective action is crucial for cultural revival involving individual efforts, community engagement and international collaboration.

    I am sometimes amazed when people hold great functions, they think of a different mode of music, different mode of dance. Ignoring the wealth we have with us, once it catches up, they will know what gain they have got. Let us recognize this as the beginning of a commitment to nurture our artistic heritage.

    Let us pledge to ensure it blossoms to new heights, the heights that are due to it. Art and culture are vital to our existence, shaping our identity and relationships. Dance is both a window to our past and a pathway to our future. Together let’s celebrate the enduring relevance of Indian dance and arts, ensuring they continue to enrich our lives and the world.

    I will conclude by making one observation, India’s rise is phenomenal, Infrastructure development is unbelievable. From the time I faced a situation as a minister and a member of parliament in 1990, where foreign exchange reserve was one billion US dollars, now it has crossed 700 billion.

    I saw Jammu and Kashmir as a minister in 1990, we didn’t see even two dozen people on the road, two crore people went there last year as tourists. In this big change we must have proportionate development of our culture.

    Thank you so much.

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  • MIL-OSI Asia-Pac: Ministry Approved 50 NH Projects in Manipur, Prioritizes 902 km of Road Development in Hill Areas

    Source: Government of India (2)

    Posted On: 22 OCT 2024 12:16PM by PIB Delhi

    The Ministry has approved 50 National Highway projects of 1026 km length in Manipur. Out of this, 44 projects of 902 km length lie in the hills of the State so far. In hills, 8 projects for 125 km have been completed and balance 36 projects of Rs 12000 cr for 777 km are in progress.

    In the Annual Plan 2024-25 of the Ministry, there are 2 National Highway projects of Rs 1350 cr for total length 90 km which lies in hills.

    Under CRIF Ministry approves the list of work on State roads as prioritised by the State Government. Out of total 111 Nos. of works in the priority list given by the State Government, depending on the BOS ratio Ministry has approved 57 Nos. of works in the order of priority. The BOS ratio now stands 9.81 against the permissible BoS ratio of 4 for hilly State.

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    NKK/GS

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  • MIL-OSI Asia-Pac: Auction for Sale (re-issue) of (i) ‘6.79% GS 2034’, (ii) ‘7.46% GS 2073’

    Source: Government of India

    Posted On: 22 OCT 2024 11:39AM by PIB Delhi

    Government of India (GoI) has announced the sale (re-issue) of “6.79% Government Security 2034” for a notified amount of ₹22,000 crore (nominal) through price based auction using multiple price method and “7.46% Government Security 2073” for a notified amount of ₹10,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 25, 2024 (Friday).

    Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

    Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 25, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

    The result of the auctions will be announced on October 25, 2024 (Friday) and payment by successful bidders will be on October 28, 2024 (Monday).    

    The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

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    Read this release in: Hindi

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  • MIL-OSI Asia-Pac: Departure Statement for Prime Minister’s visit to Russia for BRICS Summit

    Source: Government of India

    Posted On: 22 OCT 2024 7:32AM by PIB Delhi

    I am departing today on a two day visit to Kazan at the invitation of H.E. Mr. Vladimir Putin, President of the Russian Federation, to attend the 16th BRICS Summit.

    India values the close cooperation within BRICS which has emerged as an important platform for dialogue and discussion on issues concerning the global developmental agenda, reformed multilateralism, climate change, economic cooperation, building resilient supply chains, promoting cultural and people to people connect, among others. The expansion of BRICS with the addition of new members last year has added to its inclusivity and agenda for the global good.

    Building upon the Annual Summit held in July 2024 in Moscow, my visit to Kazan will further reinforce the Special and Privileged Strategic Partnership between India and Russia.

    I look forward to meeting other leaders from BRICS as well.

     

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  • MIL-OSI Asia-Pac: Union Minister Sh. Nitin Gadkari Reviews Progress of 29 NH Projects in Nagaland, Stresses on Accelerated Infrastructure Development

    Source: Government of India

    Posted On: 22 OCT 2024 12:35PM by PIB Delhi

    Union Minister for Road Transport and Highways, Shri Nitin Gadkari reviewed National Highways of Nagaland on 21.10.2024 in presence of Nagaland Deputy CM Shri T R Zeliang and both the MoS for Road Transport & Highways Sh. Ajay Tamta and Sh. Harsh Malhotra. He informed through a post on X, which reads as,

    “Reviewed the progress of 29 NH projects covering 545 km in Nagaland alongside Union MoS Shri Ajay Tamta Ji, Shri H D Malhotra Ji, Nagaland Deputy CM Shri T R Zeliang Ji, and senior officials in Delhi. During the meeting, we stressed the need to accelerate mobility infrastructure development in Nagaland, prioritizing sustainability and cost-efficiency. These initiatives will greatly enhance connectivity, drive local economic growth, and contribute to the region’s deeper integration into India’s overall development.”

    Sh. Gadkari wrote in another post on X, “Nagaland’s highways are transforming into lifelines of growth, driven by PM Shri Narendra Modi Ji’s vision. A future of connectivity, prosperity, and progress unfolds with every new road.”

    Union Minister for Road Transport and Highways, Shri Nitin Gadkari, reviewed  National Highways of four North-Eastern states on Day 1 of review of NH in New Delhi on 21.10.2024. He posted a video on review through X which is reproduced as below: –

    Review Meetings of the North-East region National Highway Projects (Day-1)

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  • MIL-OSI Asia-Pac: Coal India arm SECL Advances Its Digital Push During Special Campaign 4.0

    Source: Government of India (2)

    Posted On: 22 OCT 2024 1:55PM by PIB Delhi

    South Eastern Coalfields Limited (SECL), Coal India’s second-largest subsidiary, has made significant strides in its digital transformation as part of the Special Campaign 4.0. With a focus on innovation, inclusivity, and operational efficiency, SECL has introduced a series of digital initiatives to streamline processes, enhance collaboration, and foster a culture of continuous learning within the organization. 

    CMD Dashboard: A Unified Platform for Task Monitoring and Collaboration 

    SECL’s CMD Dashboard is a comprehensive online platform designed to monitor various tasks and projects across SECL’s headquarters and operational areas. The dashboard enables users to raise requirements with any department and track their requests in real-time. It provides an overview of new, in-progress, and delayed tasks, fostering greater transparency, collaboration, and efficiency across SECL’s inter-company operations.

    Digital Land Acquisition Process with LAMS 

    SECL has also digitalized its land acquisition process through the Land Acquisition Management System (LAMS), which simplifies and expedites the traditionally complex land acquisition procedures. Notably, Khodri village, under the Kusmunda megaproject, has become one of the first villages to complete an end-to-end digital land acquisition using LAMS.

    Abhimanyu E-Learning Platform: Fostering a Culture of Knowledge and Skill Development 

    Following the successful launch of the Abhimanyu E-magazine last year, which promoted knowledge sharing among SECL employees, SECL is now introducing the Abhimanyu E-learning Platform. This platform offers employees an online space for collective learning, knowledge-sharing and skill development enhancing their professional development.

    Online Grievance Redressal: Enhancing Citizen-Centric Services 

    In line with Special Campaign 4.0’s focus on citizen-centric practices, SECL is proactively advancing its online grievance redressal systems. With no pending grievances over 30 days, the company has streamlined its complaint resolution process, ensuring quicker redressal.

    Driving Digital Transformation with In-House Web Apps

    SECL has also developed various in-house web applications to drive its digital transformation. Key apps include CSR app, which tracks corporate social responsibility initiatives; Chirayu app, which facilitates seamless medical referrals and the Vidhik app, which provides an overview of legal matters. These platforms reflect SECL’s commitment to creating tailor-made, efficient digital solutions that meet the unique needs of its workforce and operations.

    Through these initiatives, SECL is advancing its digital push, contributing to the overall vision of a digitally empowered Coal India. Special Campaign 4.0 has been a catalyst in SECL’s journey toward greater innovation, transparency, and operational excellence.

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  • MIL-OSI Asia-Pac: Ministry of Coal Unveils Report of the High-Powered Expert Committee on Gainful Utilization of Overburden (OB) in the Coal Sector

    Source: Government of India (2)

    Posted On: 22 OCT 2024 1:04PM by PIB Delhi

    In a significant move towards sustainability and efficient natural resource management, Union Minister of Coal & Mines, Shri G. Kishan Reddy today unveiled the Report of the High-Powered Expert Committee (HPEC) on Gainful Utilization of Overburden (OB) in the Coal Sector during the Half-Yearly Review of the Coal Sector at Sushma Swaraj Bhawan, New Delhi. The event was graced by the presence of Union Minister of State for Coal & Mines, Shri Satish Chandra Dubey, Secretary, Ministry of Coal, Shri Vikram Dev Dutt, senior officials from the Ministry of Coal and CMDs of Coal/Lignite PSUs.

    The HPEC comprised multi-disciplinary experts from five central ministries, NITI Aayog, and coal companies. The committee was tasked with identifying innovative ways to utilize overburden, which consists of soil, rock, and minerals, traditionally discarded as waste during coal mining operations.

    The report outlines a comprehensive framework for using OB as a valuable resource. Historically seen as waste, OB is now being positioned as an asset with the potential to contribute significantly to environmental sustainability, economic development and create employment opportunities for local communities. The HPEC report advocates for a ‘Whole Mining’ approach that aims to integrate overburden into the economic value chain, contributing to sustainable mining practices.

    Key highlights of the report include strategies for processing OB to produce Manufactured-Sand (M-Sand), which can be used in construction projects, reducing the dependency on river sand and preventing environmental degradation. The commercial sale of this M-sand is expected to generate significant revenue for coal companies, and support local economies.

    The HPEC report anticipated several key benefits for coal communities. Processing OB to produce M-Sand not only generates significant revenue for coal companies but also supports local economies by offering cheaper, high-quality sand for construction. Establishing OB-to-sand processing plants will create jobs, boosting livelihoods in coal mining areas. Effective OB utilization, reclaims land for productive uses like agriculture or infrastructure by reducing the need for OB dumps. By decreasing dependence on river sand for construction industries, OB processing also protects ecosystems from erosion and degradation. Additionally, OB contains valuable resources such as clay, limestone, and rare earth elements, which can support infrastructure development and other industries. Several successful pilot plants have demonstrated the viability of this initiative, contributing to environmental sustainability and fostering community engagement, trust, and well-being.

    In a significant step towards promoting a circular economy and turning waste into wealth, Coal/Lignite PSUs have commissioned four OB processing plants and five OB-to-M-sand pilot plants. Additionally, six more OB processing and OB-to-M-sand plants are currently in various stages of installation within the Coal/Lignite PSUs.

    Amlohri Plant, NCL, Singrauli, Madhya Pradesh

    The launch of this report marks a crucial step in the coal sector’s journey towards a circular economy, where waste is minimized, and resources are maximized. The Ministry of Coal, in collaboration with various stakeholders, is committed to implementing the recommendations of the HPEC report, with a focus on benefiting the environment, the economy, and the communities surrounding coal mining regions, in line with India’s broader goals of achieving environmental sustainability and resource efficiency.

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  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA PRESENTS NATIONAL WATER AWARDS

    Source: Government of India (2)

    Posted On: 22 OCT 2024 1:56PM by PIB Delhi

    The President of India, Smt. Droupadi Murmu presented the fifth National Water Awards in New Delhi today (October 22, 2024).

    Speaking on the occasion, the President said that water is a basic necessity and a fundamental human right for every individual. A clean and prosperous society cannot be built without ensuring access to clean water. The unavailability of water and poor sanitation have a greater impact on the health, food security and livelihood of the underprivileged.

    The President said that despite the well-known fact that fresh water resources are available in limited quantities on earth, we ignore water conservation and management. These resources are getting polluted and depleted due to manmade reasons. She was happy to note that the Government of India has taken many steps to promote water conservation and water harvesting.

    The President said that water conservation is part of our tradition. Our ancestors used to build ponds near villages. They used to build reservoirs in or near temples so that the stored water could be used in case of water shortage. Unfortunately, we are forgetting the wisdom of our ancestors. Some people have encroached upon reservoirs for personal gain. This not only affects the availability of water during drought but also creates flood-like situations when there is excessive rainfall.

    The President stressed the need to remember that conservation and enhancement of water resources is the collective responsibility of all. Without our active participation, it is not possible to build a Water-Secure India. She highlighted that we can make significant contributions through small efforts. For example, we should not leave the taps of our houses open, keep in mind that water does not overflow from the overhead water tank, make water-harvesting arrangements at homes, and collectively renovate traditional water reservoirs.

    The President said that the National Water Awards is a commendable step towards promoting relevant approaches and actions towards water resources. She expressed confidence that the “Best Practices” of the awardees would reach the masses through this event.

    The National Water Awards aim to create awareness among the people about the importance of water and motivate them to adopt the best water usage practices. The fifth National Water Awards were presented in nine categories – 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.

    Please click here to see the President’s speech – 

     

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  • MIL-OSI Asia-Pac: Bharat Tex 2025 gains international momentum:

    Source: Government of India (2)

    Bharat Tex 2025 gains international momentum:

    Ministry of Textiles organises interaction session with over 30 Countries

    Bharat Tex 2025 to focus on scale, sustainability and skills

    India is looking at a shared future, a future that is sustainable, equitable and prosperous for all of us: Shri Pabitra Margherita

    Posted On: 22 OCT 2024 2:07PM by PIB Delhi

    Ministry of Textiles organized an interactive Session with Foreign Missions in India for Bharat Tex 2025 at Sushma Swaraj Bhawan, New Delhi yesterday. The event saw participation from over 30 Foreign Missions in India namely Australia, Azerbaijan, Brazil, Colombia, Chile, Denmark, Egypt, Finland, Indonesia, Italy, Kazakhstan, Kenya, Lesotho, Montenegro, Malaysia, Mongolia, Mexico, Peru, Philippines, Republic of Korea, Russia, Sri Lanka, Somalia, Taiwan, Togo, Thailand, Uzbekistan and Vietnam.

    Union Minister of State for External Affairs and Textiles, Shri Pabitra Margherita graced the event as the Chief Guest. The session was also attended by Secretary, Ministry of Textiles, Ms. Rachna Shah; Special Secretary, Ministry of External Affairs, Shri P. Kumaran; Additional Secretary, Ministry of Textiles, Shri Rohit Kansal; Trade Advisor, Ministry of Textiles, Ms. Shubhra; industry leaders and officials.

    Speaking on the occasion, the Minister invited the ambassadors and representatives of various countries to proactively participate in Bharat Tex 2025. Describing it as the largest and the most comprehensive textiles event ever, he described Bharat Tex as a unique effort to bring the entire value chain of textiles under one roof. He highlighted the entrepreneurial spirit of the Indian textile industry in finding innovative solutions for the challenges posed by the global textile industry. He underlined that Bharat Tex will reaffirm the attractiveness of India as a reliable, sustainable sourcing destination as well as an investment destination at a large scale for textiles. The sector has the potential to provide large scale employment across the value chain and touch the lives of people across all social spheres. With innovation, collaboration, and the Make in India spirit at its core, this event is an embodiment of the 5F vision of the Prime Minister- Farm to Fibre to Factory to Fashion to Foreign, he added.

     

    Ms. Rachna Shah also highlighted the role of Bharat Tex in the Global Textiles Industry. She invited the attendees to participate as a Partner Country in the mega textile global event. Further she emphasised on India’s focus on the Textiles sector with strong policy support backed by various incentives and schemes including PLI and PM-MITRA Parks.  

    Bharat Tex is a mega global textiles event being organized by a consortium of Textile Export Promotion Councils (EPCs) and supported by the Ministry of Textiles. Scheduled to be held from February 14 to 17, 2025 BHARAT TEX 2025, is positioned as a global scale textile trade fair and knowledge platform. The event will be held simultaneously at two state of the art venues: Bharat Mandapam, New Delhi and India Expo Centre and Mart, Greater Noida. While the main event will be held from February 14-17 at the Bharat Mandapam and will cover the entire value chain of textiles, exhibitions pertaining to handicrafts, garment machinery and ethnic apparel will be held from February 12 to 15 at the India Expo Centre and Mart, Greater Noida.

    Bharat Tex 2025 aims to build on the resounding success of the first edition in 2024. Built around the twin themes of resilient global value chains and sustainability, this year’s show promises to be even more vibrant and attractive than the first edition, attracting top policymakers, global CEOs, international exhibitors, and global buyers. A record number of over 5,000 Exhibitors, 6,000 international buyers from over 110 countries and over 1, 20,000 visitors are expected to participate in this year’s event.

    The Bharat Tex 2025 exhibition will feature dedicated pavilions for Apparel, Home Furnishings, Floor Coverings, Fibres, Yarns, Threads, Fabrics, Carpets, Silk, Handlooms, Handicrafts, Technical Textiles, Apparel Machinery, Dyes & Chemicals and many more. It will also have a retail High Street focusing on India’s fashion retail market opportunities.

    The textile mega event will also provide a platform for global textiles dialogue covering conference, seminars, CEO roundtables, and B2B and G2G meetings across various key topics such as Industry 4.0, Sustainability, Global Value Chain, Investment, Trade among other areas.

    Attendees can look forward to live demonstrations, cultural events, and fashion presentations, designer and brand exhibitions and sustainability workshops, and expert talks. Bharat Tex 2025 aims to serve as a unique and consolidated platform to showcase India’s full textile value chain, while highlighting its strengths in fashion, traditional crafts, and sustainability initiatives.

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    VN

    (Release ID: 2067001) Visitor Counter : 79

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  • MIL-OSI Asia-Pac: MOHUA enhancing efficiency in addressing pending matters under Special Campaign 4.0

    Source: Government of India

    Posted On: 22 OCT 2024 3:33PM by PIB Delhi

    The Ministry of Housing and Urban Affairs (MoHUA) is actively participating in the Special Campaign for Disposal of Pending Matters (SCDPM) 4.0. by enhancing efficiency in addressing pending matters and promoting the upkeep and beautification of urban spaces. This initiative, organized in collaboration with its attached and subordinate offices, as well as Public Sector Undertakings (PSUs), is now in Implementation Phase i.e. from October 2 to October 31, 2024.

    The SCDPM aims to systematically address and dispose of pending references across various categories, including Member of Parliament (MP) references, Prime Minister’s Office (PMO) references, VIP and Cabinet references, State Government references, and CPGRAM matters, ensuring timely resolution.

    This effort aligns with the vision of our Hon’ble Prime Minister for a ‘Swachh Bharat’. MoHUA plays a crucial role in this cleanliness drive, given its responsibilities in construction, maintenance, and the upkeep of government offices and residential complexes, where the results of cleanliness and the reduction of pending issues are most visible.

    This year, the campaign is focusing on field and outstation offices that are responsible for service delivery or have public interfaces. The Central Public Works Department (CPWD) is providing full support and assistance for this special drive. By prioritizing the disposal of pending matters and beautifying our surroundings, MoHUA aims to foster a healthier and more attractive environment for everyone.

    The Ministry is involving all stakeholders to participate actively in this campaign, reinforcing our commitment to transparency, efficiency, and cleanliness in public service. So far, 8120 out of 21088 files have been reviewed, 3488 out of 3697 files have been weeded out, cleanliness drives have been conducted on 227 sites, Rs 2263879 revenue has been generated till date and 13437 sq feet space has been freed.

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    JN/SK

     

     

    (Release ID: 2067028) Visitor Counter : 36

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DoPPW to conduct Nationwide Digital Life Certificate Campaign 3.0 from 1st to 30th November, 2024

    Source: Government of India

    DoPPW to conduct Nationwide Digital Life Certificate Campaign 3.0 from 1st to 30th November, 2024

    Camps to be held at 800 Districts/Cities across the country, Largest ever DLC Campaign

    To promote Digital Empowerment of Pensionersusing face authentication technology

    Saturation model adopted to achieve 2 crore DLCs with 1 crore Face Authenticated DLCs

    19 Banks, 785 District Post offices, 57 Welfare Associations, MeitY & UIDAI teams, CGDA to collaborate in the month-long campaign

    Posted On: 22 OCT 2024 2:46PM by PIB Delhi

    Pensioners have to submit Life Certificate every year in the month of November for continuation of pension. DoPPW will be conducting the 3rd Nation-wide Digital Life Certificate campaign which will be held in 800 cities/ Districts across India from November 1-30, 2024. The department has notified the guidelines through O.M. dated 9th August, 2024. 

    The Campaign will be held in collaboration with Pension Disbursing Banks, India Post Payments Bank, Pensioners’ Welfare Associations, CGDA, DoT, Railways, UIDAI & MeitY with the aim of touching all the pensioners in remotest corners of the country.

    The DLC Campaign 2.0 was held at 597 locations in 100 cities in November, 2023 under which a total of 1.47 crore DLCs were generated, of which, 45.46 lakh were of Central Government Pensioners. 25.41 lakh DLCs were generated using Face Authentication technique and more than 30,500 pensioners above 90 years of age availed the benefit of DLCs.

    The preparatory phase for the forthcoming campaign has been commenced by holding extensive outreach meetings with all stakeholders. Dedicated DLC portal has been created with mapping of 800 Districts, 1900 camp locations and 1000 nodal officers. Trainings have been scheduled in a phased manner for all nodal officers.

    IPPB will be holding Camps at 785 districts through its vast network of 1.8 lakh postmen and Gramin Dak Sewaks. IPPB provides doorstep DLC services. This facility will be available to all the categories of Pensioners across the country irrespective of the fact their pension accounts are in different bank.In order to avail “Doorstep service for submission of DLC” through IPPB, pensioners can get detailed information on ippbonline.com. All postmen and Gramin Dak Sewaks are well equipped with mobile phones which will be used for DLC generation through Finger biometric & Face Authentication techniques.

    19 Pension Disbursing Banks will also hold camps at 150 cities at more than 750 locations. Visits will be made to the homes/hospitals for aged/disabled/sick pensioners, thus affording them the ease of digitally submitting life certificates.These steps are aimed at ensuring that all pensioners benefit from the Campaign and is particularly helpful to the super senior pensioners.

    57 Pension Welfare Associations, registered with DoPPW, will play a crucial role in the campaign by organizing camps and also mobilizing pensioners for the camps which will be held by IPPB and Pension Disbursing Banks.

    This year the focus will be on promoting Face Authentication Technology. MeitY and UIDAI will provide full technical support during this Campaign. Face Auth has been made more seamless and convenient for the elderly Pensioners.

    DD, AIR and PIB teams are fully geared up to provide full support to this campaign for Audio, Visual and Print publicity. Outreach efforts will be further complemented by SMSs, tweets (#DLCCampaign3), Jingles and Short films to spread awareness about the campaign.

    This will be the largest ever digital empowerment campaign and seeks toachieve maximum outreach to all the categories of  the Pensioners.

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    NKR/KS/AG

    (Release ID: 2067012) Visitor Counter : 44

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Towards more precise atomic clocks useful for navigation, Telecommunication & Aviation

    Source: Government of India

    Posted On: 22 OCT 2024 3:43PM by PIB Delhi

    A team of experimentalists working with cold Rydberg atoms have used Quantum magnetometry to help the atomic clocks and magnetometers used for precise time keeping in navigation, telecommunication and aviation, achieve higher precision and make them additionally robust.

    A Rydberg atom is an excited atom with one or more electrons that have a very high principal quantum number. This state of excitation is measured with a spectroscopic method called the Electromagnetically Induced Transparency (EIT).

    Researchers at the Raman Research Institute (RRI) have leveraged the Doppler effect to their advantage and achieved a ten times enhanced response to the magnetic field while performing quantum magnetometry (phenomenon exploiting the quantum nature of light and atoms for precision measurement of magnetic fields) on thermal rubidium atoms using Rydberg Electromagnetically Induced Transparency (EIT) in a room temperature-based environment.

    Electromagnetically Induced Transparency (EIT) is a fascinating phenomenon which makes an opaque medium transparent, can slow down light pulses to crawling speeds and even trap light inside atomic media. EIT has led to a myriad important applications in precise atomic clocks, atomic magnetometers and quantum computation. EIT generally occurs in a three-level atomic system involving two atomic transitions addressed by a weak probe laser beam and a strong coupling laser beam.

    Scientifically, interference occurs when a wave is able to travel between two points via multiple paths, either resulting in their enhancement or cancellation. On similar lines, an atom can transition between multiple quantized energy levels by different routes that can interfere. This determines the amount of light an atom absorbs.

    Similar to interference of light, where constructive interference gives bright fringes and destructive interference gives dark fringes, the probabilities of atomic transitions between these energy levels can also interfere destructively, known as quantum interference. It can result in atoms in a dark state to not absorb the probe light and thereby render the atomic medium transparent. This phenomenon is called Electromagnetically Induced Transparency (EIT).

    Deploying Rydberg EIT, the researchers detected atoms in their highly excited (Rydberg) states. Rydberg Electromagnetically Induced Transparency has a Rydberg state as one of the energy levels involved in the EIT process. Rydberg EIT signals were used to measure the response of the Rydberg atoms to the external magnetic field.

    “When the Rydberg EIT was observed in an unconventional configuration of the probe and the coupling beam, where the Doppler shift was not compensated, an enhanced response to the magnetic field was observed. It is the Doppler shift which causes a larger response of the Rydberg EIT signal to an externally applied magnetic field,” said Dr. Sanjukta Roy, Head of Quantum Optics with Rydberg Atoms Lab (QuORAL) at RRI, an autonomous institute of the Department of Science and Technology (DST).

    Generally, Doppler shift is perceived as the change in frequency of a wave by a moving observer. When a laser beam flashes on atoms, their thermal motion leads to a Doppler shift – an atom moving towards the laser beam sees a higher frequency, whereas one moving away sees a lower frequency. This effect is generally assumed to be detrimental to sensing.

    The experimentalists, in the paper published recently in the New Journal of Physics, have demonstrated and successfully harnessed the quantum effects at room temperature by effectively using this Doppler effect to their advantage. They have also explained their experimental observations using theoretical modeling and simulations in collaboration with Dr. Shovan Dutta, Theoretical Physics group, RRI.

    “Magnetic fields alter the energy levels. In its presence, the energy levels get shifted by different amounts, producing multiple transmission peaks whose separation can be used to measure the magnetic field,” said Shovan Kanti Barik, a PhD student at RRI and lead author of the paper titled ‘Doppler-Enhanced Quantum Magnetometry with Thermal Rydberg atoms’.

    Cryogenically-cooled superconducting devices are useful for sensing ultra-weak magnetic fields.

    “But our experiment in room-temperature vapor-cell can be conveniently deployed for various practical applications. This was made possible due to the simplified experimental system and non-requirement of atom cooling or ultra-high vacuum. This implies that our results have promising applications for detecting weak magnetic fields in a convenient-to-use room-temperature setup,” Roy added.

    Such Doppler-enhanced quantum Magnetometry offers a wide variety of applications ranging from geophysics to the detection of brain activity and mineralization to space explorations and archaeology.

    Experimental set-up used for the observation of Doppler-Enhanced Quantum magnetometry with Rydberg atoms                                                                                                                                                           

     

     

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    NKR/KS/AG

    (Release ID: 2067034) Visitor Counter : 54

    MIL OSI Asia Pacific News –

  • MIL-OSI Video: Ukraine: 97 percent of prisoners provided accounts of torture – DPPA Briefing | United Nations

    Source: United Nations (Video News)

    Briefing by Miroslav Jenča, Assistant Secretary-General for Europe, Central Asia and Americas, Departments of Political and Peacebuilding Affairs and Peace Operations, on Maintenance of peace and security of Ukraine.

    ———————–

    Briefing the Security Council Miroslav Jenča, Assistant Secretary-General for Peace Affairs said, “widespread and systematic reports of torture of Ukrainian prisoners of war remains a grave concern. 97 percent of Ukrainian prisoners interviewed by OHCHR since March 2023 provided consistent and detailed accounts of torture or ill-treatment during captivity. 68 percent reported sexual violence.”

    Jenčan also highlighted the civilian toll of Russia’s invasion of Ukraine, citing data from the Office of the High Commissioner for Human Rights (OHCHR). Jenča said, “since the start of Russia’s full-scale invasion of Ukraine in February 2022, launched in violation of the UN Charter and international law, 11,973 civilians, including 622 children, have been killed. 25,943 people, including 1,686 children, have been injured.

    He also raised concerns about renewed attacks on Ukrainian Black Sea ports, which have damaged six civilian vessels and grain infrastructure since September. “Wheat prices have increased more than six percent between 1 September and 14 October,” he noted, attributing the spike to these attacks.”

    https://www.youtube.com/watch?v=TJD7EfGlJqs

    MIL OSI Video –

  • MIL-OSI Video: Quantum technology will impact peace & security in many significant ways – Security Council Briefing

    Source: United Nations (Video News)

    Briefing by Robin Geiss, The Director of the United Nations Institute for Disarmament Research, on anticipating the impact of scientific developments on international peace and security, during the Security Council, 9753rd meeting.

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    The Director of the United Nations Institute for Disarmament Research, Robin Geiss, today (21 Oct) told the Security Council that as the scientific and technological landscape evolves at a “blistering pace, we often lack a clear sense of what is being developed, by whom, and with which resulting impacts, including for international peace and security.”

    Geiss, briefing a Council meeting on “anticipating the impact of scientific developments on international peace and security,” said “within the next 5 to 10 years, quantum technology will impact peace and security in many significant ways.”

    First, he said, “it will disrupt information and communication security by making traditional encryption techniques ineffective and therefore obsolete.”

    Second, he continued, “quantum sensors will enable the detection of objects underground or underwater, revolutionizing warfare, on the one hand, and monitoring and verification efforts, on the other.”

    Finally, Geiss added, “quantum computing will unlock a new era for AI by enabling computation of models that cannot currently be run on even the most powerful computers.”

    Also briefing the Council, the President of the Foundation Council (DCAF) at the Geneva Centre for Security Sector Governance, Amin Awad called on member states to “act with courage and foresight to ensure that emerging technologies fulfil their promise to advance global peace and security.”

    Awad said, scientific advancements in neurotechnology, synthetic biology, artificial intelligence and quantum computing are already reshaping our world,” and added that “no effort should be spared to ensure these developments are for the benefit of human and not for evil.”

    For her part, Japan’s Ambassador for Science and Technology, Kaji Misako, said, “the world must join forces to support innovation while properly mitigating the risks and misuse of emerging technologies,” and noted that Japan “has led the international discussion on the governance of advanced AI systems to achieve safe, secure, trustworthy AI, including through the Hiroshima AI process, launched in May 2023.”

    Speaking to reporters outside the Council before the briefing, Swiss Ambassador Pascale Christine Baeriswyl, joined by her Sierra Leonian and Slovenian counterparts, said “rapid scientific advances can accelerate the realization of the aspirations of the United Nations across all three pillars of its work sustainable development, human rights, as well as peace and security. We intend to prepare the Council for the future to act early and manage uncertainty. To that end, we will seek expert advice and collaborate with academic and research institutions to provide the Council with the needed evidence based information.”

    Council members are currently negotiating a draft presidential statement proposed by Switzerland in connection with today’s meeting on the impacts of scientific developments on peace and security.

    https://www.youtube.com/watch?v=wAgZ5tiWfsk

    MIL OSI Video –

  • MIL-OSI Economics: Top 25 global banks navigate market shifts with 4% gain in MCap in Q3 2024, reveals GlobalData

    Source: GlobalData

    Top 25 global banks navigate market shifts with 4% gain in MCap in Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    The aggregate market capitalization (MCap) of the top 25 global banks went up by 4% to $4.27 trillion quarter-on-quarter (QoQ) during the third quarter (Q3) ended 30 September 2024. This growth was fueled by interest rate cuts from several central banks, including the US Federal Reserve and the European Central Bank, alongside stronger-than-expected US economic performance, according to GlobalData, a leading data and analytics company.

    Royal Bank of Canada (RBC) and Bank Central Asia (BCA) stocks recorded over 15% growth, while Charles Schwab saw a decline of nearly 12% in market value. JPMorgan Chase retained its position as the most valuable bank for the tenth consecutive quarter, reflecting resilient performance amidst evolving economic landscapes.

    Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “The third quarter of 2024 concluded with healthy returns across most major asset classes, despite periods of market turbulence. Early August saw stocks come under pressure, driven by weaker US economic data, an interest rate hike by the Bank of Japan, and thin summer trading volumes. However, the Federal Reserve’s much-anticipated rate cuts in September, combined with a softer stance from Japanese policymakers and fresh stimulus measures in China, helped ease investor concerns and fuel a strong stock market rally by the end of the quarter.”

    As inflation eased and economic activity remained subdued, several other Western central banks followed suit in cutting rates. The European Central Bank implemented its second-rate reduction in September, lowering interest rates to 3.5%. Similarly, the Bank of England commenced its own easing cycle, introducing a 25-basis point cut during its August meeting.”

    In Q3 2024, RBC’s stock value surged 17.2%, driven by a 17% increase in earnings from its personal and commercial banking segment, which reached CAD2.49 billion ($1.80 billion), including a CAD198 million boost from its CAD13.5 billion acquisition of HSBC’s domestic operations. RBC’s overall profit rose 16% to CAD4.5 billion, surpassing expectations. Similarly, BCA’s market value climbed 15.1%, ending the quarter with a market cap of $83.3 billion, fueled by strong quarterly results and optimism about future performance.

    JPMorgan Chase reinforced its global leadership with a 22% rise in net revenue to $50.2 billion, largely driven by a 41% increase in net interest income and gains from Visa shares.

    Meanwhile, Charles Schwab’s market cap fell to $118.6 billion due to reduced interest revenue and regulatory scrutiny, partly linked to its cash sweep program financing the 2020 TD Ameritrade acquisition.

    Overall, for the nine months ended Sept 2024, Wells Fargo lost $13 billion in market value due to persistent regulatory challenges stemming from past scandals and inconsistent earnings performance. The bank is working to lift a $1.95 trillion asset cap imposed by the Federal Reserve. Recent assessments revealed insufficient safeguards against money laundering has limited its ability to expand in deposit intake and trading.

    Grandhi concludes: “As the Fed begins its easing cycle, Q4 2024 market focus will shift to the US elections, with the outcome likely to have an impact on the country’s fiscal policy, debt, and trade, especially tariffs. Potential policy changes could stoke inflation, while escalating geopolitical risks may hit consumer confidence and trigger market selloffs, driving investors toward safer assets amidst global uncertainty.”

    MIL OSI Economics –

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The National Co-operative Bank Ltd., Bangalore – 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 National Co-operative Bank Ltd., Bangalore vide Directive No. BLR.DOS.SSMS.No.S836/09-01-112/2023-2024 dated July 24, 2023, for a period of six months up to close of business on January 24, 2024, as modified from time to time which were last extended up to close of business on October 24, 2024 vide Directive DOR.MON/D-34/12-23-112/2024-2025 dated July 22, 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 24, 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 Directive for a further period of three months from close of business on October 24, 2024, to close of business on January 24, 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: 2024-2025/1352

    MIL OSI Economics –

  • MIL-OSI China: Deputy Governor Xuan Changneng Moderates the Lecture Given by BOK Governor Rhee Chang Yong

    Source: Peoples Bank of China

    At the invitation of the People’s Bank of China (PBOC), Governor of Bank of Korea Rhee Chang Yong gave a lecture entitled “Monetary Policy in Practice: Applying a Dose of Integrated Policy Framework and Forward Guidance”, and answered questions from the PBOC and the State Administration of Foreign Exchange staff. Deputy Governor Xuan Changneng moderated the lecture.

    Date of last update Nov. 29 2018

    2024年10月22日

    MIL OSI China News –

  • MIL-OSI USA: American Bar Association Offers Free Legal Aid to Hurricane Helene Survivors in South Carolina

    Source: US Federal Emergency Management Agency 2

    ree legal assistance is available to disaster survivors in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties and the Catawba Indian Nation who were affected by Hurricane Helene in South Carolina. 
    If you need help, you can call (803) 799-6653 ext. 120 or (803) 576-3815 8:30 a.m. — noon; 1:00 — 4:30 p.m. ET, Monday through Friday. If after business hours, survivors can leave a message. The hotline is available to connect survivors to free legal services in qualifying counties who cannot afford an attorney.
    Legal Aid may be able to help survivors in the following ways: 

    FEMA and SBA financial benefits.
    Home repair contracts and property insurance claims.
    Re-doing wills and other important legal documents destroyed in the disaster.
    Price gouging, scams or identity theft.
    Landlord or tenant problems, or threats of foreclosure.
    Disability-related access to federal, state and local disaster programs.

    The Disaster Legal Services program works with state and local partners to provide free legal help for low-income disaster survivors. The service is a partnership between the American Bar Association Young Lawyers Division, FEMA, and various organizations and volunteer attorneys. 
    Hotline partners cannot help in all cases. For example, the Disaster Legal Services program cannot take cases where a settlement could include legal fees or an award, but DLS can refer those cases to other legal help.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Director of Health attends WHO Western Pacific Regional Committee meeting (with photos)

    Source: Hong Kong Government special administrative region

         The Director of Health, Dr Ronald Lam, is leading a delegation from the Department of Health (DH) to attend the meeting of the 75th session of the World Health Organization (WHO) Regional Committee for the Western Pacific in Manila, the Philippines.
             
         The Regional Committee meeting (RCM) is set up to formulate policies, provide oversight for regional programmes and their progress; consider and endorse new initiatives and adopt resolutions and make decisions that guide the Regional Office’s work for the coming year. This year, the theme of the RCM is “Weaving Health for Families, Communities and Societies in the Western Pacific Region”. In recent years, the Western Pacific region has been facing a series of public health challenges, including ageing population, increased burden on non-communicable diseases (NCDs) and communicable diseases, mental health, health security threats, climate change, digital health, and oral health. At the meeting this year, which is being held from October 21 to 25, member states and areas will exchange views, explore collaboration and pass resolutions on the above issues. Five visions of weaving health, namely transformative primary care for universal health coverage, climate-resilient health systems, resilient communities, societies and health systems for health security, healthier people throughout the life course, and technology and innovation for future health equity, have been endorsed by the RCM to address the above challenges.
             
         Speaking at the agenda item of the Address by and Report of the Regional Director, Dr Lam said, “Hong Kong, China noted the Report of the Regional Director, and will fully support the newly defined five visions of weaving health. While we are enjoying one of the best health indices in terms of life expectancies, maternal and infant mortality rates and so forth, we are facing similar challenges as other member states and areas such as ageing population, rise of NCDs, and health security threats. As announced in “The Chief Executive’s 2024 Policy Address”, Hong Kong, China is now embarking on substantial health reforms via two major themes of “Deepen Reform of the Healthcare System” and “International Health and Medical Innovation Hub”. The five visions of the WHO Western Pacific Region is in alignment with our health initiatives of the “The Chief Executive’s 2024 Policy Address”. Hong Kong, China will continue to work closely with the WHO in achieving health for all in the Region.” 
          
         The DH has been actively contributing to global public health by supporting the WHO in tackling various public health challenges. The DH is designated as the WHO Collaborating Centre for Traditional Medicine and the WHO Collaborating Centre for Smoking Cessation and Treatment of Tobacco Dependence. Furthermore, the WHO has designated the Public Health Laboratory Services Branch of the Centre for Health Protection of the DH as a reference laboratory for various communicable diseases, including tuberculosis, measles/rubella, influenza A (H5), SARS and COVID-19, making significant contributions to fighting epidemics worldwide. The DH will keep on maintaining close contact with member states and areas of the WHO on various issues to safeguard the health of the people.         

    MIL OSI Asia Pacific News –