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Category: Asia

  • MIL-OSI Asia-Pac: Hong Kong Visual Arts Centre to showcase works by Art Specialist Course graduates (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Visual Arts Centre (vA!) of the Art Promotion Office is staging the “Art Specialist Course 2023-24 Graduation Exhibition” from today (October 17) to November 4. The exhibition showcases the learning achievements by 22 graduates of the art specialist course, with a view to sharing the joy of artistic creation with the public. Admission to the exhibition is free.
          
         Under the theme of “Resonance”, participating students have utilised a variety of media, such as ceramic, wood, ink and creative expression techniques, to connect with the emotions of the visitors through their artworks. They invite visitors to seek resonance from their experiences and draw inspiration and insights from the art.
              
         vA! strives to promote art learning by organising diverse activities, enabling individuals from different walks of life to explore art and cultivate creativity. The new round of “vA!cademy” will be launched, including the popular Art Specialist Course and Art Advanced Course. The course content of the 2024-25 Art Specialist Course will cover “Sculpture, Body and Space” as well as “Drawing, Painting and Printmaking”, while that of the 2024-25 Art Advanced Course will cover “Ceramics” and “Landscapes, Flowers and Birds”. Both courses will be taught by a group of professional and experienced artists. Course applications are open from now until November 1.

         For details of the course application and the exhibition, please visit the website of vA! http://www.apo.hk/en/web/apo/va_projects_and_programmes.html or call 2521 3008 for enquiry.               

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Composite Interest Rate: End of September 2024

    Source: Hong Kong Government special administrative region

    Composite Interest Rate: End of September 2024
    Composite Interest Rate: End of September 2024
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    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) announced today (17 October) the composite interest rate at the end of September 2024 (Note 1).           The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 17 basis points to 2.35 per cent at the end of September 2024, from 2.52 per cent at the end of August 2024 (see Chart 1 in the Annex). The decrease in composite interest rate mainly reflected the decrease in the weighted funding cost for deposits during the month (see Chart 2 in the Annex) (Note 2).           The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of September 2024 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk).Note 1: The composite interest rate is a weighted average interest rate of all Hong Kong dollar interest-rate-sensitive liabilities, which include deposits from customers, amounts due to banks, negotiable certificates of deposit and other debt instruments, and all other liabilities that do not involve any formal payment of interest but the values of which are sensitive to interest rate movements (such as Hong Kong dollar non-interest bearing demand deposits) on the books of banks. Data from retail banks, which account for about 90 per cent of the total customers’ deposits in the banking sector, are used in the calculation. It should be noted that the composite interest rate represents only average interest expenses. There are various other costs involved in the making of a loan, such as operating costs (e.g. staff and rental expenses), credit cost and hedging cost, which are not covered by the composite interest rate.Note 2: Since June 2019, the composite interest rate and weighted deposit rate have been calculated based on the new local “Interest rate risk in the banking book” (IRRBB) framework. As such, these figures are not strictly comparable with those of previous months.

     
    Ends/Thursday, October 17, 2024Issued at HKT 16:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Volume and price statistics of external merchandise trade in August 2024

    Source: Hong Kong Government special administrative region

    Volume and price statistics of external merchandise trade in August 2024
    Volume and price statistics of external merchandise trade in August 2024
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         Further to the external merchandise trade statistics in value terms for August 2024 released earlier on, the Census and Statistics Department (C&SD) released today (October 17) the volume and price statistics of external merchandise trade for that month.      In August 2024, the volume of Hong Kong’s total exports of goods and imports of goods increased by 3.1% and 4.9% respectively over August 2023.      Comparing the first eight months of 2024 with the same period in 2023, the volume of Hong Kong’s total exports of goods and imports of goods increased by 7.2% and 4.2% respectively.      Comparing the three-month period ending August 2024 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods decreased by 0.1%, while the volume of imports of goods increased by 4.7%.      Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.      Comparing August 2024 with August 2023, the prices of total exports of goods and imports of goods increased by 3.1% and 2.6% respectively.      As regards price changes in the first eight months of 2024 over the same period in 2023, the prices of total exports of goods and imports of goods increased by 4.0% and 3.5% respectively.      Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.      The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods. Compared with the same periods in 2023, the index increased by 0.5% in August 2024 and 0.4% in the first eight months of 2024.     Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.      Comparing August 2024 with August 2023, increases were recorded for the total export volume to Vietnam (23.9%), the mainland of China (the Mainland) (8.6%) and Taiwan (7.0%). On the other hand, the total export volume to the USA (-2.0%) and India (-20.3%) decreased.      Over the same period of comparison, the total export prices to the USA (5.3%), the Mainland (3.9%), Taiwan (3.5%) and Vietnam (2.1%) increased. On the other hand, the total export prices to India decreased by 1.8%.      Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.      Comparing August 2024 with August 2023, increases were recorded for the import volume from Singapore (21.3%), Korea (14.5%), the Mainland (6.8%) and Taiwan (6.8%). On the other hand, the import volume from Japan decreased by 0.4%.      Over the same period of comparison, the import prices from all main suppliers increased: Singapore (5.2%), Korea (4.6%), the Mainland (2.9%), Japan (0.9%) and Taiwan (0.4%). Further information      Details of the above statistics are published in the August 2024 issue of “Hong Kong Merchandise Trade Index Numbers”. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230).      Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).

     
    Ends/Thursday, October 17, 2024Issued at HKT 16:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Submissions: Economy – GlobalData upgrades India’s growth forecast, citing strong domestic consumption and investor confidence

    Source: GlobalData

    India’s economy is thriving, bolstered by strong domestic demand, rural consumption, and a growing working-age population. Infrastructure investments are enhancing productivity in the manufacturing and services sectors, fostering high investor confidence. 

    Against this backdrop, GlobalData, a leading data and analytics company, has revised India’s economic growth forecast for 2024 and 2025 by 0.3 percentage points (pp) and 0.2pp in its Q4 2024 update compared to the previous projections made in Q3 2024.

    GlobalData’s latest report, “Macroeconomic Outlook Report: India,” reveals that India’s GDP increased by 7.6% in 2023 and is projected to grow by 7.0% in 2024 and 6.6% in 2025. Inflation is expected to decrease to 4.4% in 2024, down from 5.6% in the previous year.

    To combat inflation, the Reserve Bank of India (RBI) has kept the repo rate steady at 6.5% for the 10th consecutive meeting in October 2024, emphasizing its commitment to stabilizing prices and supporting economic growth amidst the changing economic conditions.

    Moreover, the rebound in India’s private consumption, indicated by a 7.4% rise in Private Final Consumption Expenditure (PFCE) for Q2 2024, suggests increased economic resilience and a potential boost in rural spending. This recovery, fueled by lower inflation and improved agricultural performance, may enhance the overall GDP growth, supporting investor confidence.

    Gayatri Ganpule, Economic Research Analyst at GlobalData, comments, “Despite the geopolitical uncertainties, India’s economy shows resilience. Although inflation increased in September 2024, the projected annual rate of 4.4% is lower than the last year’s 5.6%. This expected lower price level, along with the festive season, is expected to boost consumption in Q4 2024. However, rising oil prices are a major concern, as India relies on imports for about 88% of its oil needs, risking imported inflation.”

    In terms of sectors, financial intermediation, real estate, and business activities contributed 22.7% to the gross value added (GVA) in 2023, followed by mining, manufacturing, and utilities (18.7%) and agriculture (17.7%). In nominal terms, the three sectors are forecast to grow by 11.9%, 9.5%, and 9.7%, respectively, in 2024 as compared to the 9.9%, 8.1%, and 5.4% growth recorded in 2023.

    India’s 2024-25 budget prioritizes job creation and enhancing the business environment through strategic tax reforms to attract foreign investment. The proposed measures include a review of the Income-tax Act, an amnesty scheme for tax disputes, and incentives for job creation. Simplifying foreign direct investment frameworks and adjusting capital gains taxes are expected to stimulate economic growth. These initiatives aim to resolve tax disputes and foster a more favorable investment climate.

    India’s net foreign direct investment (FDI) increased to $6.9 billion in Q2 2024, up from $4.7 billion during the same period last year, as per the RBI data. This growth was driven by a 26.4% rise in gross inward FDI, totaling $22.5 billion. Sectors such as manufacturing, financial services, and energy contributed to 80% of these inflows, primarily from countries like Singapore and the US. During a recent roundtable meeting on 14 October 2024, Indian Prime Minister Narendra Modi engaged with business leaders from Singapore, leading to a commitment of approximately $60 billion in investments across various sectors in India.

    On the external front, India aims to achieve $2 trillion in exports by 2030 under its new Foreign Trade Policy. The country recorded a current account surplus of $5.7 billion in Q1 2024, driven by service exports and remittances. As of 10 March 2024, India signed 14 free trade agreements (FTAs), including one with the European Free Trade Association (EFTA), to improve exports and market access, seeking preferential ties with 94 countries. The ongoing negotiations could extend these agreements to over 120 countries, strengthening India’s global trade relationships.

    India is categorized as a medium-risk nation and ranked 75th out of 153 nations in the GlobalData Country Risk Index (GCRI Q2 2024). The country’s risk score was lower in terms of political, legal, and technology and infrastructure risk parameters when compared with the average score of the world.

    Ganpule concludes, “India’s economy demonstrates resilience, supported by robust domestic demand and government reforms aimed at enhancing investment. However, challenges such as increasing oil prices and high youth unemployment remain pressing issues. Continued efforts to expand trade and attract foreign investment are key to sustaining growth.”

    Notes

    The information is based on GlobalData’s latest report, “Macroeconomic Outlook Report: India” (ref. https://www.globaldata.com/store/report/india-pestle-macroeconomic-analysis/?utm_source=cision&utm_medium=press%20release&utm_campaign=gd_press%20release_cision_economic%20research_india_pestle%20report )

    About GlobalData

    4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology, and professional services sectors.

    MIL OSI – Submitted News –

  • MIL-OSI Asia-Pac: Marine fish culture licences for operation in Wong Chuk Kok Hoi and Mirs Bay fish culture zones open for applications

    Source: Hong Kong Government special administrative region

         A spokesman for the Agriculture, Fisheries and Conservation Department (AFCD) today (October 17) announced that marine fish culture licences for operation in Wong Chuk Kok Hoi and Mirs Bay fish culture zones are open for application from today.

         The spokesman said, “The AFCD has commenced the two new fish culture zones in Wong Chuk Kok Hoi and Mirs Bay for operation. The two are located in open waters with better currents, which facilitate the adoption of modern aquaculture facilities and technology such as steel truss cages or HDPE (high-density polyethylene) gravity-type cages with strong wind and wave resistance, together with automated feeding and real-time monitoring systems. They also allow fishermen to operate aquaculture in an intensification mode. Their establishment promotes and assists fishermen in switching to a modernised and sustainable mode of operation, thus facilitating the sustainable development of the local fisheries industry.”

         The AFCD accepts applications for marine fish culture licences for operation in the two new fish culture zones from today to December 16. Applicants shall provide a detailed business plan, including an introduction to the proposed sustainable mariculture business, as well as explaining the kind of deep-sea cages to be used and the business itself, which should comply with relevant cage requirements as well as environmental protection and mitigation measures. 

         The spokesman noted that persons interested in operating in the above new fish culture zones may consider applying for marine fish culture licences through funding from the Sustainable Fisheries Development Fund or through self-financing to develop mariculture businesses. 

         The AFCD designated Wong Chuk Kok Hoi, Mirs Bay, Outer Tap Mun and Po Toi (Southeast) as four new fish culture zones in December last year, covering a total area equivalent to three times that of the original fish culture zones. Among these, Wong Chuk Kok Hoi and Mirs Bay fish culture zones commenced first. The AFCD will review the operation in these two new fish culture zones to further improve the planning of the two new fish culture zones at Outer Tap Mun and Po Toi (Southeast), and to prepare for commencing these new fish culture zones in due course.

         The AFCD will hold a briefing session on October 22 for interested parties to provide information on the application process and licensing requirements of marine fish culture licences for operation in the new fish culture zones. Details of application and the briefing are available on the AFCD website: www.afcd.gov.hk/english/fisheries/fish_aqu/fish_aqu_mfco/newfczmfcl2024.html.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Cluster of Candida auris cases in Kowloon Central Cluster

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hospital Authority.

         The spokesperson for the Kowloon Central Cluster made the following announcement today (October 17):
          
         A 70-year-old male patient in a respiratory medicine ward of Kowloon Hospital (KH) was confirmed to be carrying Candida auris on September 23 without signs of infection. In accordance with the prevailing infection control guidelines, KH commenced a contact tracing investigation. Three more male patients (aged 53 to 88) from the same ward were subsequently confirmed to be carrying Candida auris without signs of infection. One patient is currently hospitalised at Queen Elizabeth Hospital for other medical needs. The remaining three patients are now being treated in isolation at KH and are in stable condition.
          
         Moreover, regarding an earlier announcement on Candida auris carrier cases in the medical ward of Hong Kong Buddhist Hospital (HKBH), one more patient of the ward concerned, an 89-year-old female, was confirmed to carry Candida auris without signs of infection. The patient is now in isolation care and is in stable condition.
          
         The hospitals will continue the contact tracing investigations of close contacts of the patients in accordance with the prevailing guidelines. A series of enhanced infection control measures have already been adopted at wards concerned 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 hospitals will continue to closely monitor the situation of the patients. The cases have been reported to the Hospital Authority Head Office and the Centre for Health Protection for necessary follow-up.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Jakarta-Bandung high-speed railway transports 5.79M passengers

    Source: China State Council Information Office

    Passengers pose for photos with a high-speed electrical multiple unit (EMU) train of the Jakarta-Bandung high-speed railway on the platform of Halim Station in Jakarta, Indonesia, April 17, 2024. [Photo/Xinhua]

    The Jakarta-Bandung High-Speed Railway (HSR), celebrating its first anniversary on Thursday, has transported 5.79 million passengers, according to PT Kereta Cepat Indonesia-China (KCIC), a joint venture between Indonesian and Chinese enterprises that built and operates the railway.

    Since its commercial launch in October 2023, the HSR has completed over 15,826 train trips, covering more than 2.57 million kilometers. The number of daily train services has increased from 14 at the start of operations to 52, with passenger seats rising from 8,400 to over 31,000. The highest daily ridership reached 24,132, according to KCIC statistics.

    The HSR is fully powered by electricity, significantly reducing fuel consumption and emissions. The KCIC said that the green energy initiative saves Indonesia around 3.2 trillion rupiahs (208 million U.S. dollars) annually in fuel costs.

    In addition, Indonesian government data indicated that between 2019 and 2023, the project contributed 86.5 trillion rupiahs (about 5.62 billion dollars) to the GDP of Jakarta and West Java.

    With a design speed of 350 km per hour, the 142.3-km high-speed railway has cut travel time between Jakarta and Bandung from over three hours to just 46 minutes.

    MIL OSI China News –

  • MIL-OSI: Aurora Mobile Showcases GPTBots and EngageLab at eCommerce Expo Asia, Highlighting AI-Powered Solutions for Global Enterprises

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 17, 2024 (GLOBE NEWSWIRE) — Aurora Mobile Limited (Nasdaq: JG), recently showcased its no-code AI Bot development platform, GPTBots, and its global customer engagement platform, EngageLab, at eCommerce Expo Asia, part of Tech Week Singapore on October 9-10, 2024, held at the Marina Bay Sands Expo & Convention Centre. The event brought together industry giants such as Shopify, Amazon, Stripe, and TikTok, focusing on the latest trends in e-commerce, AI, and MarTech, with Aurora Mobile’s innovative solutions drawing significant attention from attendees.

    As a comprehensive trade show, eCommerce Expo Asia provided a platform for in-depth discussions on the application of cutting-edge technologies such as artificial intelligence (AI) and marketing technology (MarTech) across various industries. GPTBots, Aurora’s no-code AI Bot platform, stood out at the event, engaging a diverse audience keen to explore practical AI applications in their businesses.

    During the exhibition, attendees from different industries expressed unprecedented enthusiasm for AI technology, sharing their specific needs and pain points faced during their digital transformation journeys. GPTBots demonstrated its powerful capabilities in natural language processing, contextual understanding, and extensive customization, positioning itself as a valuable tool to solve these challenges.

    Interest from Various Industries

    • Financial Services in Indonesia: Representatives from the Indonesian financial sector expressed keen interest in GPTBots’ ability to enhance customer support through intelligent automation. They believe that GPTBots can address the rigidity of existing bot systems by providing more efficient and secure financial services through accurate responses and on-premise deployment options.
    • Hospitality in Hong Kong: Clients operating a platform in Hong Kong that connects users with wedding venues and service providers were particularly impressed with GPTBots. They highlighted its potential to significantly enhance the accuracy, efficiency, and timeliness of resource matching. GPTBots can seamlessly connect users, suppliers, and hotels in real time, ensuring precise and efficient resource coordination. This not only improves the overall user experience but also optimizes supplier response times, driving greater operational efficiency.
    • System Integrators (SI): SI clients showed strong interest in using AI Bots to automatically organize customer inquiries into leads and seamlessly push them into CRM systems. GPTBots can process and categorize customer inputs in real time, offering seamless integration with CRM platforms, enabling comprehensive lead automation management.

    Additionally, representatives from industries such as manufacturing, medical e-commerce, and event organizers praised GPTBots’ potential in areas such as automated product quality inspection, intelligent lead screening, platform integration, and inquiry management. Many attendees commented that GPTBots could bring transformative changes to their respective businesses.

    Global Adoption and Empowering Enterprises
    Since its launch in September 2023, GPTBots has gained widespread recognition. As of July 31, 2024, the platform had over 60,000 registered users, including enterprises and developers, with more than 85% of its user base coming from overseas markets. GPTBots’ users span a wide range of sectors including e-commerce, real estate, finance, IT, healthcare, government, renewable energy, education, and eldercare. This achievement demonstrates the platform’s strong ability to help businesses achieve intelligent transformation.

    About Aurora Mobile Limited
    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.
    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement
    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    The MIL Network –

  • MIL-OSI United Nations: The 43rd Plenary Meeting of ISO/TC154

    Source: United Nations Economic Commission for Europe

    The annual ISO/TC 154 plenary meeting, in conjunction working Groups meeting, have been confirmed to be held from 21 to 25 October 2024 at Seongnam-city, Gyeonggi-do, Korea.
    You are herewith invited to the 43rd plenary meeting of ISO/TC 154 Processes, data elements and documents in commerce, industry and administration, on 21, 25 October 2024 at Seongnam-city,
    Gyeonggi-do, Korea. The meeting will be held at the following address:
    Venue: Telecommunication Technology Association(TTA)
    Address: 47, Bundang-ro, Bundang-gu, Seongnam-city, Gyeonggi-do, 13591, Republic of Korea
    As usual the Working Group meetings will take place in conjunction on 21-24 October 2024 at the same location

    MIL OSI United Nations News –

  • MIL-OSI Europe: VATICAN – CATHOLIC CHURCH STATISTICS 2024

    Source: Agenzia Fides – MIL OSI

    Thursday, 17 October 2024

    Vatican City (Agenzia Fides) – As every year, in view of World Mission Sunday, which this year celebrates its 98th anniversary on Sunday, October 20, 2024, Fides News Agency offers some statistics chosen to give a panorama of the Church in the world.All the data in this dossier, and the subsequent processing of graphs and tables are taken from the latest edition of the «Church’s Book of Statistics» published this year (updated to December 31, 2022) regarding members of the Catholic Church, church structures, healthcare, welfare and education. Finally, the picture of ecclesiastical circumscriptions dependent on the Dicastery for Evangelization, Section for the First Evangelization and the New Particular Churches is reported.Catholic Church in the world: summary of dataTo December 31, 2022 the world population was 7.838.944.000, with an increase of 53.175.000 units compared to the previous year. The positive trend is confirmed for all continents, except Europe.On the same date, December 31, 2022, Catholics in the world numbered 1.389.573.000 units with an overall increase of 13.721.000 Catholics compared to the previous year. Even in this case, the increase affects four of the five continents. Only in Europe there is a decrease in the number of Catholics: – 474.000. As in previous years, increases were registered above all in Africa (+7.271.000) and in America (+5.912.000). Followed by Asia (+889.000) and Oceania (+123.000). The world percentage of Catholics increased slightly (+0,03) compared to the previous year, reaching 17,7%. The Continents register slight variations.The total number of Bishops in the world increased by 13 units compared to the previous year, reaching 5.353. The number of diocesan Bishops increased (+19) and Religious Bishops decreased (-6). Diocesan Bishops number 2.682, while that of Religious Bishops is 2.671.The total number of priests in the world continues to decline, reaching 407.730 (-142 in the last year). Once again, it is Europe that shows a consistent decrease (-2745), followed by America (-164). Like last year, significant increase were registered in Africa (+1.676) and in Asia (+1.160). Oceania, after last year’s increase, registers a decrease (-69). Diocesan priests in the world decreased by 439 units, reaching 279.171. Religious priests have increased in the last year, reaching 128.559 (+297).Permanent deacons in the world continue to increase (+974), reaching 50.159. The increase was registered in Africa (+1), Asia (+15) and Europe (+267). A decrease was registered in America (-308) and in Oceania (-1).The number of non-religious priests decreased by 360 units compared to the previous year, reaching 49.414. A decrease was registered in Africa (-229), in Europe (-382) and in Oceania (-27) while an increase was registered in America (+27) and in Asia (+251). Even this year there is an overall decrease in the number of women religious, reaching 599.228 (-9.730). An increase was registered, once again, in Africa (+1.358) and in Asia (+74), while a decrease was registered in Europe (-7.012), America (-1.358) and Oceania (-225).The number of major seminarians, diocesan and religious decreased this year, they are globally 108.481 (they were 109.895 in the previous year). An increase was registered only in Africa (+726) and Oceania (+12), while a decrease was registered in America (-921), in Asia (-375) and in Europe (-859). The total number of minor seminarians, diocesan and religious decreased by 95.161 (-553). An increase was registered only in Africa (+1.065), while a decrease was registered in all other continents: Asia (-978), America (-475), Europe (-153) Oceania (-12).In the field of education, the Catholic Church runs 74.322 kindergartens with 7.622.480 pupils; 102.189 primary schools with 35.729.911 pupils; 50.851 secondary schools with 20.566.902 pupils. Furthermore, 2.460.993 pupils study in secondary schools and 3,925,393 in university institutes.Charity and healthcare centres run in the world by the Church are 102.409 and include: 5.420 hospitals and 14.205 dispensaries; 525 Care Homes for people with Leprosy; 15.476 Homes for the elderly or the chronically ill or people with a disability; 10.589 creches; 10.500 marriage counselling centers; 3.141 social rehabilitation centers and 33.677 other kinds of institutes.Ecclesiastical circumscriptions (Metropolitan Arcidioceses, Archdioceses, Dioceses, Territorial Abbeys, Apostolic Vicariates, Apostolic Prefectures, Missions sui iuris, Territorial Prelatures, Apostolic Administrations and Military Ordinariates) dependent on the Dicastery for Evangelization are 1.123 (+2). Most of the ecclesiastical circumscriptions entrusted to the Dicastery based in Piazza di Spagna are in Africa (525) and in Asia (481). Followed by America (71) and Oceania (46).Appendix: analysis – variations over 25 years (1998-2022)In view of the upcoming Jubilee 2025, and to help understand the trend of variations in the numerical data related to the presence and mission of the Catholic Church in the world, in addition to the usual dossier, this year Fides Agency also publishes an appendix which summarizes data collected over a period of twenty-five years, those from 1998 to 2022. This includes data on the Catholic population, the number of priests, the number of men and women religious, and the number of baptisms administered worldwide.This appendix also collects and processes data and tables from the «Church’s Book of Statistics» published this year (updated to December 31, 2022). Unlike the classic dossier, the data taken into consideration in the Appendix do not go into detail on each individual continent, but simply illustrate, with figures, the general evolution at the global level in a broader context.From the data collected for the period 1998-2022, it is immediately clear that the number of Catholics worldwide has increased overall over the twenty-five years covered. The data on the percentage of Catholics in the world population is significant: in 1998, 17.4% of the world’s population was Catholic. In the latest available survey, this figure is 17.7%. The latter percentage has remained unchanged since 2015, after reaching a brief peak in 2014 (17.8%).Another important development concerns the number of priests. Overall, the number of priests (secular and religious) worldwide has increased from 404,628 to 407,730 over the twenty-five years covered. While the number of men and women religious has decreased. According to the data, the number of religious brothers has never exceeded 60,000 over the twenty-five years covered. The same downward curve is also evident in the case of women religious, whose number has fallen from 814,779 to 559,228 in twenty-five years.While the Catholic population is growing worldwide, the number of baptisms has declined. It fell from 17,932,891 baptisms worldwide in 1998 to 13,327,037 baptisms in 2022.(Agenzia Fides, 17/10/2024)

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    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Public housing and Home Ownership Scheme applicants convicted by court for not truthfully declaring Hong Kong domestic property ownership or asset value

    Source: Hong Kong Government special administrative region

         A public rental housing applicant was sentenced to four-week imprisonment (suspended for 12 months) and was fined $32,000 for two false statement offences for not declaring his Hong Kong domestic property ownership in his public rental housing (PRH) application and his application for purchase of a Home Ownership Scheme (HOS) flat. In addition, a family member in an HOS White Form application was sentenced to four-week imprisonment (suspended for 12 months) and was fined $20,000 for a false statement offence for not fully declaring his asset.
     
         A spokesman for the Housing Department (HD) today (October 17) reminded PRH and HOS applicants to truthfully declare their assets and domestic property ownership.
     
         Information on the two cases is as follows:
     
         Case 1

         A PRH applicant failed to declare during the detailed vetting stage in 2020 his ownership of a domestic property in Sha Tin when applying for PRH and thereby succeeded in applying for a Certificate of Eligibility to Purchase (Green Form) to purchase an HOS flat in Yue Tin Court, Sha Tin. He was prosecuted for making a false statement knowingly and making a statement which he knew to be false or misleading as to a material particular to the Hong Kong Housing Authority (HA), contrary to section 26(1)(c) and section 26(2) of the Housing Ordinance respectively. He was convicted in Kowloon City Magistrates’ Courts on October 14, Given the gravity of the offence, the defendant was sentenced to four-week imprisonment (suspended for 12 months) and was fined $32,000. The HOS flat concerned will be dealt with pending the Court’s directive. 
     
         Case 2

         A family member of a White Form application for HOS 2022 did not fully disclose his assets in the application and successfully purchased an HOS flat in Yu Nga Court, Tung Chung. After an investigation, it was discovered that the net asset value of the bank deposit, investment products, cash, etc, held by the family member at the material time exceeded the net total household asset limit of the relevant HOS application. The family member was prosecuted for making a statement that he knew to be false or misleading as to a material particular to the HA, contrary to section 26(2) of the Housing Ordinance. He was convicted in Kowloon City Magistrates’ Courts on October 14. Given the gravity of the offence, the defendant was sentenced to four-week imprisonment (suspended for 12 months) and was fined $20,000. The HOS flat concerned will be dealt with pending the Court’s directive.
     
         The spokesman reminded applicants for PRH and subsidised sale flats (SSF) that any person who makes a false statement knowingly or makes a statement that they know to be false or misleading in their application for PRH or purchase of an SSF would commit offences under section 26(1)(c) or section 26(2) of the Housing Ordinance. If convicted, the maximum penalty is a fine of $50,000 and imprisonment for six months, or a fine of $500,000 and imprisonment for one year, respectively.
     
         If the purchased SSF has been occupied, the court, by section 26A/26B of the Housing Ordinance, shall order either (1) that the subject flat be transferred to the HA or such person as the HA may nominate; or (2) that the purchaser forfeits to the HA a sum equivalent to the difference between the purchase price of the flat and its market value at the date of conviction or the date of the order. If the flat concerned has not been occupied yet, the HA shall rescind the Agreement of Sale and Purchase and forfeit the deposit paid by the purchaser.
     
         The spokesman reiterated that, in general, the public recognises the HD’s efforts in combating the abuse of public housing resources. The HD will continue to adopt multipronged and risk-based measures to comprehensively combat the abuse of PRH and subsidised housing. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Medical school task group formed

    Source: Hong Kong Information Services

    The Government announced today the establishment of the Task Group on New Medical School, which is responsible for devising the direction and parameters for a new medical school.

    The task group intends to extend invitation of proposals within this year to local universities interested in establishing the new medical school, so as to select a suitable university for setting up the third medical school.

    The Chief Executive stated in the 2024 Policy that the Government supports the establishment of the third medical school by a local university to nurture more talented medical practitioners in support of the local healthcare system with the aim of providing quality service and driving Hong Kong’s development into an international medical training, research and innovation hub.

    The Task Group on New Medical School’s terms of reference include liaising with interested local universities, inviting and assessing proposals from them, handling matters including but not limited to funding arrangements, programme accreditation, teaching hospital and research support, and formulating recommendations on the new medical school and related arrangements for decision by the Chief Executive in Council.

    The task group’s other terms of references call for liaising with the university selected for the establishment of the new medical school on the implementation plan, and providing facilitation on the interim and long-term arrangements for a designated school campus and teaching hospital in consultation with the relevant government bureaus and departments.

    Both the Secretary for Education and Secretary for Health are co-chairmen of the Task Group on New Medical School.

    Secretary for Health Prof Lo Chung-mau said the establishment of the third medical school is an important project in developing medical education in Hong Kong to drive the pursuit of excellence in medical teaching and research in the city.

    “I hope the new medical school could pursue an innovative strategic position complementarity with the two existing ones in areas such as the medical curriculum, sources of students and research projects with a view to promoting diversified development in local medical education and research as well as attracting more local, Mainland and overseas medical talent to take up teaching and research duties.”

    Noting that the Government attaches significant importance to the establishment of the new medical school, Prof Lo stressed that it has in particular invited seasoned local, Mainland and overseas academics for medical teaching and university management, professionals, the President of the Academy of Medicine and Chairman of the Medical Council of Hong Kong, together with heads of relevant bureaus and departments to form the task group.

    The health chief added that the task group will holistically examine various factors when considering proposals submitted by universities, including the strategic position of the medical school, curriculum design, student recruitment arrangement, demand and supply of teaching and training manpower, facilities and financial resources required.

    “I sincerely look forward to working closely with all members of the task group to start a new chapter for medical education in Hong Kong. Our first target is to extend invitation of proposals within this year to local universities interested in setting up the new medical school.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Development Asia: Enhancing Statistical Capabilities for Climate Action

    Source: Asia Development Bank

    Improving statistical capacity in various areas of climate change relies on collaboration among governments, international development and research organizations, academia, and the private sector to foster innovation and the exchange of knowledge.

    By pooling resources and expertise, new capacity building initiatives can drive the development of best practices in the compilation of climate change data and statistics, ensuring national statistics offices have the latest and most powerful statistical tools and methodologies at their disposal. Through these collaborative efforts, national statistics offices will be better positioned to contribute effectively to global climate action, bolstering efforts to mitigate and adapt to the impacts of a changing climate.

    ADB’s survey on the compilation of climate change statistics in Asia and the Pacific suggests that such collaboration is already underway among national statistics offices in member economies. Eighteen national statistics offices reported collaborating with other government agencies, sectors, or international organizations to address data gaps in statistics related to climate change. Other actions commonly taken by national statistics offices included use of administrative and big data and improvements to data infrastructure.

    Figure 4. Measures Taken by National Statistics Offices to Address Data Gaps on Climate Change

    NSO = national statistics office.
    Source: Asian Development Bank analysis using data from the bank’s 2024 Climate Change Data Granularity and Statistical Capacity Building Survey.

    Support provided by more advanced national statistics offices to their peers with fewer resources can also help build capacity and promote the exchange of best practices, ultimately contributing to the development of robust climate change statistics programs across Asia and the Pacific.

    The survey showed that six of the 29 national statistics offices respondents in Asia and the Pacific indicated that they had provided support related to climate change statistics to other economies, either directly (three of six) or through associated organizations (four of six). Feedback from the six economies that provided support states that the most common types of assistance were for capacity building and project proposals. Other types of support included short-term assistance, provision of experts, and support on acquisition of technological and/or digital infrastructure and equipment.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Fifth Session of Elaboration of Convention on Establishment of The International Organization for Mediation concludes

    Source: Hong Kong Government special administrative region

         A spokesman for the Department of Justice (DoJ) said that the four-day Fifth Session of the Elaboration of the Convention on the Establishment of The International Organization for Mediation concluded in Hong Kong today (October 17). Representatives from various countries completed negotiations on the Convention at the session and decided that the signing ceremony for the Convention will be held in Hong Kong in 2025.
     
         The International Organization for Mediation (IOMed) will be the world’s first intergovernmental international legal organisation dedicated to resolving international disputes through mediation, aiming to realise win-win co-operation between disputing parties. The IOMed is important for the implementation of settling international disputes by peaceful means as stipulated in the Charter of the United Nations and offers a new option to all countries for peaceful resolution of international disputes.

         Following the signing of the Joint Statement on the Future Establishment of The International Organization for Mediation by China and other like-minded countries in 2022, the International Organization for Mediation Preparatory Office was established in the Hong Kong Special Administrative Region (HKSAR) in February 2023 to co-ordinate the conclusion of negotiations on the Convention.

         The spokesman for the DoJ said, “The establishment of the IOMed headquarters in Hong Kong demonstrates the city’s unique advantages and opportunities in international mediation. Through important initiatives such as establishing the IOMed Preparatory Office in the HKSAR, completing the negotiations on the Convention, and facilitating the consensus among different parties on situating the future IOMed headquarters in Hong Kong, the Central People’s Government demonstrates its staunch support to HKSAR in establishing the city as a centre for international legal and dispute resolution services in the Asia-Pacific region under the National 14th Five-Year Plan. Upon its establishment, the IOMed will provide friendly, flexible, economical and efficient mediation services, thereby building Hong Kong as a capital for international mediation.”
     
         The spokesman said that the IOMed Preparatory Office will continue to perform the function as the IOMed’s interim secretariat until the IOMed is formally established.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Carbon Streaming Initiates Claims in Connection With the Rimba Raya Project

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 17, 2024 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today announces that on October 16, 2024 it initiated arbitration proceedings and an Ontario court action to enforce its legal and contractual rights under the Rimba Raya PSA (as defined below). The Company had previously indicated that it would be evaluating all legal avenues to enforce its legal and contractual rights under the Rimba Raya PSA, the SAA (as defined below) and related agreements. Initiating the arbitration proceedings and the Ontario court action are an important step in preserving the Company’s legal and contractual rights.

    The Company delivered a Notice of Arbitration to Infinite-Earth Limited and PT Infinite Earth Nusantara, the operators of the Rimba Raya project (“Infinite-Earth”) in accordance with the purchase and sale agreement between the Company and Infinite-Earth dated July 30, 2021, as amended on February 28, 2023 (the “Rimba Raya PSA“); a Notice of Arbitration to the shareholders of Infinite-Earth Limited in accordance with the strategic alliance agreement between the Company and the shareholders of Infinite-Earth Limited dated July 30, 2021, as amended on November 17, 2021 (the “SAA”); and issued a Notice of Action in the Ontario Superior Court of Justice seeking declaratory relief against the principals of Infinite-Earth Limited and their related entities.

    The dispute between the Company, Infinite-Earth, and the principals of Infinite-Earth Limited arises out of acts and omissions that the Company alleges are improper and in breach of the Rimba Raya PSA, the SAA, and related agreements.

    On April 26, 2024, the Company announced that it was informed that PT Rimba Raya Conservation (“PT Rimba”), the local concession holder for the Rimba Raya project, had its Forest Utilization Business License (the “Concession License”) revoked by the Indonesian Government’s Ministry of Environment and Forestry (the “MOEF”). On May 15, 2024, the Company announced its financial results for the three months ended March 31, 2024, and determined the fair value of the Rimba Raya PSA to be nil. On July 11, 2024, the Court reached a decision on the claim filed by PT Rimba against the MOEF before the State Administrative Court of Jakarta (the “Court of Jakarta”) challenging the MOEF’s revocation of the Concession License and declared the MOEF’s revocation of the Concession License to be void. The MOEF subsequently appealed the Court of Jakarta’s decision, and on September 30, 2024, the Court of Jakarta upheld its decision. The MOEF has until Friday, October 18, 2024, to initiate an appeal to overturn the decision to the Supreme Court of Jakarta.

    For a comprehensive discussion regarding the risks, assumptions and uncertainties that could further impact the Rimba Raya project and the Rimba Raya PSA, including without limitation, concerning the legal status of the Concession License and the Rimba Raya PSA, investors are urged to review the section of the Company’s management’s discussion and analysis for the three months ended June 30, 2024 dated as of August 12, 2024 entitled “Strategy and Outlook – Indonesia Update”, the section of the Company’s Annual Information Form dated as of March 27, 2024 entitled “Risk Factors” and the press releases dated April 26, 2024, May 15, 2024 and May 21, 2024, copies of which are available on SEDAR+ at http://www.sedarplus.ca.

    About Carbon Streaming

    Carbon Streaming aims to accelerate a net-zero future. We pioneered the use of streaming transactions, a proven and flexible funding model, to scale high-integrity carbon credit projects to advance global climate action and additional United Nations Sustainable Development Goals. This approach aligns our strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability and positions us as a trusted source for buyers seeking high-quality carbon credits.

    The Company’s focus is on projects that have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential. The Company has carbon credit streams and royalties related to over 20 projects around the world, including high-integrity removal, reduction and avoidance projects from nature-based, agricultural, engineered and community-based methodologies.

    To receive corporate updates via e-mail, please subscribe here. 

    ON BEHALF OF THE COMPANY:
    Christian Milau, Interim Chief Executive Officer
    Tel: 647.846.7765
    info@carbonstreaming.com
    http://www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Advisories

    The references to third party websites and sources contained in this news release are provided for informational purposes and are not to be considered statements of the Company.

    Cautionary Statement Regarding Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation: statements regarding acts and omissions of Infinite-Earth and the shareholders and principals of Infinite-Earth Limited; and statements with respect to the status of the Concession License held by PT Rimba with the MOEF.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the outcome of the final ruling with respect to the revocation of the Concession License held by PT Rimba; general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and ESG initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; limited operating history for the Company’s current strategy; risks arising from competition and future acquisition activities; concentration risk; inaccurate estimates of growth strategy; dependence upon key management; impact of corporate restructurings; reputational risk; failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 27, 2024 filed on SEDAR+ at http://www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI Asia-Pac: TONGA’S REAFFIRM ITS COMMITMENT AND UNWAVERING FAITH ON RENEWABLE ENERGY

    Source: Tonga Government

    Figure 1: Guest of Honours; Crown Prince Tupouto’a (fourth from left), Crown Princess Sinaitakala Tuku’aho (third from left), Princess Halaevalu (front row), Development Partners and the rest of the delegation during the Commissioning the Solar Powered Mini-grid

    Niuafo’ou, Tonga 11th October, 2024 – Crown Prince Tupouto’a ‘Ulukalala, Crown Princess Sinaitakala Tuku’aho and Princess Halaevalu commissioned the Solar Mini-grid system of Niuafo’ou. Minister of MEIDECC, Hon Fekita ‘Utoikamanu, HE Brek Batley, senior delegations from ADB, Tonga Power Limited, MEIDECC and the Prime Minister’s Office accompanied the guests of honor at the commissioning.

    Enthusiasm in the eyes of individuals who are granted the opportunity to enhance their access to electricity from limited hours each day to 24 hours per day, seven days a week was a was a significant milestone observed during the Commissioning of the solar mini-grid. The people of Niuafo’ou now have access to 24/7 electricity service generated from Renewable Energy.

    “I wish to reaffirm the Government’s commitment and Tonga’s unwavering faith on renewable energy as a key to addressing the single greatest threat to small island developing states – climate change”, said the Honourable Minister during the Commissioning.

    This is one of the Government’s ongoing efforts to improve quality and reliability of electricity supply that is generated from renewable energy. It is not just a technical shift from fossil fuels to renewable sources; it is a transformation that touches upon every aspect of Tongan lives especially in such remote communities like Niuafo’ou.

    The solar mini-grid was funded under the Tonga Renewable Energy Project (TREP) which was made possible through the kind assistance of the Green Climate Fund (GCF), Asian Development Bank (ADB), Australian Aid, and the Government of Tonga with the support of Tonga Power Limited  and the extraordinary efforts of the Principal Contractor, Infratec NZ and its sub-contractors during the installation stage.

    Tungua and Moungaone are in progress for the Haapai Islands and the 4 islands in Vavau (Hunga, Otea, Falevai, and Ofu) under the same project.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Special Campaign 4.0: Department of School Education & Literacy leads the way in cleanliness and sustainability

    Source: Government of India (2)

    Posted On: 16 OCT 2024 9:30PM by PIB Delhi

    Department of School Education & Literacy (DoSE&L), Ministry of Education along with its Autonomous Bodies (ABs) is actively engaged in the on-going Special Campaign 4.0 started from 2nd October 2024. DOSE&L has issued guidelines to all ABs for effective execution of Special Campaign 4.0. The focus is on cleanliness drives, managing scrap and pending matters, optimizing space and enhancing office aesthetics. These efforts emphasize efficiency, transparency and improved waste management in government functioning.

    At the start of the Special Campaign 4.0 preparatory phase, the Department of School Education & Literacy established specific targets and identified key cleanliness sites nationwide to ensure the effective implementation of the campaign’s goals.

    S.No.

    Category

    Targets

    1

    Number of Files to be Reviewed

    61100

    2

    Number of Files Identified for weeding out

    21410

    3

    Number of e-Files for Review

    1367

    4

    Number of Cleanliness Campaigns to be conducted

    32037

     

    Regular meetings are being conducted to closely monitor the progress towards achieving the Ministry’s set targets, ensuring effective implementation and timely completion of the campaign’s objectives. The targets finalized and action in progress as on 14.10.2024 on various parameters is as below:

    • As of now, 61,382 square feet of space has been reclaimed through the disposal of scrap and redundant materials, generating a revenue of Rs 7,34,941.
    • Out of 61,100 physical files identified for review, 48206 have been examined. So far, 22,135 files have been marked for weeding, with 10,883 already weeded out.
    • 27450 cleanliness campaigns have been conducted across schools and institutions, actively working towards achieving the Ministry’s targets.

    During Special Campaign 4.0, the enthusiastic participation of institutions and schools is setting a powerful example, driving the message of Swachhata forward with inspiration. National Bal Bhawan, through its vibrant exhibits and 3D models at the Swachhta Gallery, is actively engaging children and raising awareness about the importance of sanitation and hygiene, empowering them to take action in keeping their surroundings clean.

    Kendriya Vidyalaya schools across the borders, for example, KVS Kathmandu, KVS Moscow etc. are encouraged to adopt sustainable habits, aligning with the broader goals of Swachh Bharat Mission.”Ek Ped Maa Ke Naam” Campaign is being undertaken with great enthusiasm, with active participation of students, teachers, and community members. So far, under Special Campaign 4.0, a total of 8910 saplings have been planted, symbolizing a collective commitment to both cleanliness and environmental sustainability.

    *****

    MV/AK

    (Release ID: 2065624) Visitor Counter : 39

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DARPG Secretary visits Department of Drinking Water and Sanitation, Ministry of Jal Shakti to review SPECIAL CAMPAIGN 4.0

    Source: Government of India

    Posted On: 17 OCT 2024 10:23AM by PIB Delhi

    Special Campaign 4.0 has been launched by Department of Administrative Reforms & Public Grievances (DARPG) for institutionalising Swachhata and minimising pendency in Government offices from 2nd October to 31st October, 2024. Department of Drinking Water and Sanitation, along with its Programme Divisions and Dr. Syama Prasad Mookerjee National Institute of Water and Sanitation (SPM-NIWAS) is actively participating in the Special Campaign for Disposal of Pending Matters (SCDPM) 4.0.

    Shri V. Srinivas, Secretary, DARPG had fruitful discussion with Ms. Vini Mahajan, Secretary, DDWS during his visit to Pt. Deendayal Antyodaya Bhawan, CGO Complex on 15.10.2024 at 4.30 PM with respect to review of Special Campaign 4.0.  Shri Ashok K. K. Meena, OSD, DDWS was also present along with senior officers from both the Departments. Secretary, DARPG also visited the creche in the Pt. Deendayal Antyodaya Bhawan, maintained by DDWS.

    Sharing the experience of “Swachhta Hi Sewa 2024”, Campaign, many valuable suggestions were made by Ms. Vini Mahajan, Secretary, DDWS with regard to Special Campaign 4.0 which inter-alia include extension of the Special Campaign beyond Central Govt offices; development of I-GoT module on Swachhta for all sanitation workers; Pension module for all those retiring in the near future; citizen friendly practices in ease of rules and procedures including their accessibility; inclusive measures like setting up of Creche facility; recognizing the efforts of the sanitation workers and honoring them,  holding special medical camps for them.

    ***

    DSK

    (Release ID: 2065634) Visitor Counter : 64

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Special Campaign 4.0: Department of School Education & Literacy leads the way in cleanliness and sustainability

    Source: Government of India (2)

    Posted On: 16 OCT 2024 9:30PM by PIB Delhi

    Department of School Education & Literacy (DoSE&L), Ministry of Education along with its Autonomous Bodies (ABs) is actively engaged in the on-going Special Campaign 4.0 started from 2nd October 2024. DOSE&L has issued guidelines to all ABs for effective execution of Special Campaign 4.0. The focus is on cleanliness drives, managing scrap and pending matters, optimizing space and enhancing office aesthetics. These efforts emphasize efficiency, transparency and improved waste management in government functioning.

    At the start of the Special Campaign 4.0 preparatory phase, the Department of School Education & Literacy established specific targets and identified key cleanliness sites nationwide to ensure the effective implementation of the campaign’s goals.

    S.No.

    Category

    Targets

    1

    Number of Files to be Reviewed

    61100

    2

    Number of Files Identified for weeding out

    21410

    3

    Number of e-Files for Review

    1367

    4

    Number of Cleanliness Campaigns to be conducted

    32037

     

    Regular meetings are being conducted to closely monitor the progress towards achieving the Ministry’s set targets, ensuring effective implementation and timely completion of the campaign’s objectives. The targets finalized and action in progress as on 14.10.2024 on various parameters is as below:

    • As of now, 61,382 square feet of space has been reclaimed through the disposal of scrap and redundant materials, generating a revenue of Rs 7,34,941.
    • Out of 61,100 physical files identified for review, 48206 have been examined. So far, 22,135 files have been marked for weeding, with 10,883 already weeded out.
    • 27450 cleanliness campaigns have been conducted across schools and institutions, actively working towards achieving the Ministry’s targets.

    During Special Campaign 4.0, the enthusiastic participation of institutions and schools is setting a powerful example, driving the message of Swachhata forward with inspiration. National Bal Bhawan, through its vibrant exhibits and 3D models at the Swachhta Gallery, is actively engaging children and raising awareness about the importance of sanitation and hygiene, empowering them to take action in keeping their surroundings clean.

    Kendriya Vidyalaya schools across the borders, for example, KVS Kathmandu, KVS Moscow etc. are encouraged to adopt sustainable habits, aligning with the broader goals of Swachh Bharat Mission.”Ek Ped Maa Ke Naam” Campaign is being undertaken with great enthusiasm, with active participation of students, teachers, and community members. So far, under Special Campaign 4.0, a total of 8910 saplings have been planted, symbolizing a collective commitment to both cleanliness and environmental sustainability.

    *****

    MV/AK

    (Release ID: 2065624) Visitor Counter : 39

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: FEMA Support For North Carolina Surpasses $100 Million

    Source: US Federal Emergency Management Agency

    Headline: FEMA Support For North Carolina Surpasses $100 Million

    FEMA Support For North Carolina Surpasses $100 Million

    More than $100 million in FEMA individual assistance has been approved for North Carolina households affected by Tropical Storm Helene. 

    North Carolina Recovery By the Numbers

    All numbers and dollar amounts are as of close of business Oct. 15.

    • FEMA has made individual assistance available to 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians.
    • FEMA’s Individuals and Households Program has approved over $102 million including:
      • $18.6 million to help homeowners and renters to pay for emergency home repairs, home replacement or other housing needs.
      • $83.6 million to help with other serious disaster-related needs, like moving expenses, childcare and disaster-related dental, medical or funeral expenses. 
    • Disaster Survivor Assistance specialists are in North Carolina communities helping individuals apply for assistance. As of today, these teams have registered more than 5,000 survivors. 
    • 6 Disaster Recovery Centers are operating in impacted areas, and to-date, have served more than 2,500 visitors. Even more centers will be opening in the coming days.
    • FEMA is providing temporary hotel stays to more than 2,000 households through Transitional Sheltering Assistance.  
    • FEMA inspectors have performed more than 14,400 home inspections.

    Disaster Unemployment Assistance is available in eligible, affected counties. For more information on this program visit des.nc.gov/dua or call 919-629-3857 (for Spanish call 919-276-5698).

    barbara.murien…

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Department of Animal Husbandry and Dairying progressively achieves targets set under Special Campaign 4.0

    Source: Government of India

    Department of Animal Husbandry and Dairying progressively achieves targets set under Special Campaign 4.0

    Focuses on Public Grievance resolution and cleanliness of office spaces

    Posted On: 17 OCT 2024 11:21AM by PIB Delhi

    The ongoing Special Campaign 4.0 is being implemented in the Department of Animal Husbandry and Dairying under the leadership of the Minister of Fisheries, Animal Husbandry and Dairying (FAHD) Shri Rajiv Ranjan Singh alias Lalan Singh, Shri. Prof. S P Baghel, Minister of State FAHD and under the overall guidance of Ms. Alka Upadhyaya, Secretary, Department of Animal Husbandry and Dairying(DAHD).

    Union Minister Shri Rajiv Ranjan Singh alias Lalan Singh launched the Special Campaign 4.0 at Krishi Bhawan, New Delhi on 2nd October 2024 in which Secretary, DAHD and all senior officers of the department participated enthusiastically. The field offices of the Department also launched the campaign with full fervor.

     

    With a view to implement the Special Campaign 4.0 in an effective and efficient manner, 9 sub nodal officers were designated in the Department. The Nodal officer of the department has chaired two meetings to finalize and review the progress of the targets for Special Campaign 4.0. The first meeting was held on 23rd September, 2024 to finalize the targets during  the “preparatory phase” of the campaign and the second meeting was held on 16th October, 2024 to review the mid-campaign achievement/performance vis-à-vis the set targets.

              

    Meeting held with sub nodal officers on 23.09. 2024          Meeting held with sub nodal officers on 16.10. 2024

    As per the data entered in Special Campaign 4.0 portal as on 16.10.2024, the status of achievement against the targets are as follows:

    Special Campaign 4.0

    Sl. No.

    Parameter

    Target

    Achievement

    1.

    Reference from MPs

     5

    5

    2.

    Parliamentary Assurance

    8

    0

    3.

    IMC References (Cabinet Proposals)

    0

    0

    4.

    State Govt. References

    0

    0

    5.

    Public grievances

    197

    110

    6.

    PMO Ref.

    2

    2

    7.

    Public grievances Appeal

    98

    7

    8.

    Easing of Rules/processes

    1

    1

    9.

    Review of Physical files

    10244

    10244

    10

    Review of e-files

    633

    513

    11

    Cleanliness of sites

    213

    156

     

    During the current campaign till date INR 8,42,753/- revenue has been generated which is significantly higher compared to the revenue of INR 4,52,213/- generated during the entire Special Campaign 3.0. The Department is committed to achieving the targets set for the Special Campaign 4.0 and will continue to put in the requisite efforts to ensure the timely achievement of the same.

    ****

    AA

    (Release ID: 2065651) Visitor Counter : 31

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA VISITED MAURITANIA YESTERDAY

    Source: Government of India (2)

    PRESIDENT OF INDIA VISITED MAURITANIA YESTERDAY

    MET PRESIDENT OF PRESIDENT OF MAURITANIA; LED DELEGATION LEVEL-TALKS

    PRESIDENT MURMU ADDRESSED INDIAN COMMUNITY IN MAURITANIA

    INDIAN COMMUNITY’S SKILLS, EXPERTISE AND EXPERIENCE MATTER FOR INDIA’S PROGRESS: PRESIDENT MURMU

    FOUR MOUS IN THE AREAS OF TRAINING OF DIPLOMATS, CULTURAL EXCHANGE, VISA EXEMPTION AND FOREIGN OFFICE CONSULTATIONS WERE SIGNED AND EXCHANGED

    Posted On: 17 OCT 2024 11:12AM by PIB Delhi

    The President of India, Smt Droupadi Murmu, was in Mauritania yesterday (October 16, 2024), on the second leg of her State Visits to Algeria, Mauritania, and Malawi. On her arrival at Nouakchott-Oumtounsy Airport, President Droupadi Murmu was warmly received by the President of the Islamic Republic of Mauritania, H.E. Mr Mohamed Ould Ghazouani and accorded a ceremonial welcome. The Prime Minister and cabinet ministers of Mauritania were also present on the occasion.

    This is the first visit by an Indian President to Mauritania. The President was accompanied by the Minister of State, Shri Sukanata Majumdar, and Members of Parliament, Shri Mukeshkumar Dalal and Shri Atul Garg .

    The President addressed the members of the Indian Community in Mauritania at a Reception hosted by the Ambassador of India to Mauritania.

    Addressing the small but vibrant gathering of the Indian community, the President commended the Indian community for contributing significantly to the socio-economic development of Mauritania. She said that their skills, expertise and experience are also important for India’s progress.

    The President appreciated the Government and people of Mauritania for supporting the Indian community. She said that because of their inclusive and welcoming spirit, the Indian community in Mauritania is prospering.

    After the community reception event, the President visited the Presidential Palace where she held a meeting with President Mohamed Ould Ghazouani of Mauritania. Both leaders discussed ways to further strengthen the relationship between India and Mauritania. Subsequently, they led the delegation-level talk and witnessed the signing and exchange of four MoUs in the areas of training of diplomats, cultural exchange, visa exemption and Foreign Office consultations.

    Earlier, the Minister of Foreign Affairs, Cooperation and Mauritanians Abroad of Mauritania, H.E. Mr Mohamed Salem Ould Merzoug called on the President in a separate engagement.

    The President left for Malawi – the final leg of her three-nation visit.

    Please click here to see the President’s Speech – 

     

    ***

    MJPS/SR

    (Release ID: 2065646) Visitor Counter : 26

    MIL OSI Asia Pacific News –

  • MIL-OSI: CIB Marine Bancshares, Inc. Announces Final Redemption of Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, Wis., Oct. 17, 2024 (GLOBE NEWSWIRE) — CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announces the full and final redemption of all preferred stock pursuant to its Second Amended and Restated Articles of Organization. Effective October 31, 2024, approximately 14,633 of CIB Marine’s Series A Preferred shares and 1,610 of Series B Preferred shares will be redeemed at $825 per share. This redemption is a full redemption of all outstanding preferred stock; there will be no preferred stock remaining in the Company’s capital structure. The $13.4 million redemption will be funded by cash on hand resulting from a distribution from the Company’s wholly-owned subsidiary, CIBM Bank; a distribution from the Company’s non-bank subsidiary, CIB Marine Capital, LLC; and a portion of the $10 million subordinated debt offering completed in the first quarter of 2022. Documentation will be mailed to all preferred shareholders of record by the Company’s redemption agent, Computershare Trust Company, N.A., on or about October 17, 2024.

    Mr. J. Brian Chaffin, President and CEO of the Company stated, “The October 31st redemption of all remaining preferred stock is a great achievement for the Company and all our shareholders. This transaction increases liquidity for the remaining preferred shares and benefits our common shareholders in two ways: by eliminating the potentially dilutive convertible Series B shares and redeeming all outstanding preferred stock at a discounted rate. The $825 per share redemption price is below both its balance sheet carrying value of $850 per share and its liquidation preference value of $1,000 per share.”

    In addition, Mr. Mark Elste, Chaiman of the Board of Directors, noted. “This is a significant accomplishment that the Board of Directors and management have been focused on for more than four years. The redemption of all preferred stock simplifies the Company’s capital structure to only one form of equity: common stock with full voting rights. It opens up opportunities to continue building shareholder value, the likes of which have been constrained by the outstanding preferred stock.”

    CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates nine banking offices Illinois, Wisconsin, and Indiana, and has mortgage loan officers and/or offices in ten states. More information on the Company is available at http://www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

    FORWARD-LOOKING STATEMENTS
    CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

    There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

    Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

    • operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
    • economic, political, and competitive forces affecting CIB Marine’s banking business;
    • the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
    • the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

    These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

    FOR INFORMATION CONTACT:
    J. Brian Chaffin, President & CEO
    (217) 355-0900
    brian.chaffin@cibmbank.com

    The MIL Network –

  • MIL-OSI Europe: ASIA/INDONESIA – Resignation and succession of archbishop of Makassar

    Source: Agenzia Fides – MIL OSI

    Thursday, 17 October 2024

    Vatican City (Agenzia Fides) – The Holy Father has accepted the resignation from the pastoral care of the archdiocese of Makassar, Indonesia, presented by Archbishop Johannes Liku Ada’.He is succeeded by Bishop Fransiskus Nipa, until now coadjutor of the same archdiocese. (EG) (Agenzia Fides, 17/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI Europe: ASIA/INDIA – Bishops on the death of businessman Ratan Tata: “A beacon of compassion” esteemed by the Catholics

    Source: Agenzia Fides – MIL OSI

    Bangalore (Agenzia Fides) – “Ratan Tata was an icon among entrepreneurs, a visionary leader and a philanthropist whose indelible contribution to society will be remembered for generations,” said the Indian Bishops’ Conference on the death of the well-known Indian businessman Ratan Tata, who died on October 9 at the age of 86. The former chairman of the “Tata Group”, which operates mainly in the automobile sector, was a “beacon of mercy and generosity”. “Through the Tata Trusts and his numerous philanthropic initiatives,” say the bishops, “he changed the lives of millions of people by supporting the cause of the marginalized and playing a fundamental role in the development of India. His unwavering commitment to social justice, education, healthcare and rural development was closely aligned with the core values of the Catholic Church, particularly its mandate to serve the poor and the vulnerable,” the statement said. The moral and spiritual legacy of Tata, who was born into a family of Parsi origin, is particularly recognized for his “ethical leadership, integrity and commitment to social causes” that “set a new standard for corporate social responsibility in India.” In addition to his remarkable contribution to the Indian economy, “he did not lose sight of the need to help the underprivileged,” the statement said. The Catholic Church in India recognizes him as an “extraordinary human being” and hopes that “his inspiring leadership and boundless generosity” will inspire many people and entrepreneurs in India, especially the youth, to “work for the betterment of society and serve others with selflessness and compassion.” Catholics will work together with all Indian citizens from all cultural and religious groups “for a fairer and more balanced society, realizing the values that Tata upheld and lived throughout his life,” the bishops assured. The Claretian missionary George Kannanthanam, who lives with lepers in Sumanahalli near Bangalore, commented: “Tata was a great role model by putting the Christian principles of truth, justice, equality, humility and mercy into practice.” “He spent most of his wealth on the welfare of the weaker sections of the population. He created great institutions for social welfare and development that changed India’s social landscape. He supported educational centers to encourage youth,” the priest recalls. “As an entrepreneur, he stood by the workers and gave them dignity and hope. He made life better for the disabled and the elderly,” the priest continues, describing Tata as “a different kind of businessman, compassionate, guided by the Gandhian motto: When you make a decision, think whether it will benefit the poorest person in the country.” For all this, he was loved by the 700,000 employees of his 19 companies in more than 100 countries, with a net worth of $400 billion. For example, in 2012, when the Tata Steel Company in Jamshedpur was downsized from 78,000 to 40,000 employees, the entrepreneur ensured that all laid-off workers continued to receive their wages until retirement age. “A decision that is unprecedented in history anywhere else in the world,” Father Kannanthanam notes, recalling that Tata’s total contribution to various charitable initiatives is roughly estimated at around $100 billion. If “God loves a cheerful giver, God loves Ratan Tata very much,” he concludes. (PA) (Agenzia Fides, 17/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI Economics: RBI imposes monetary penalty on GoCapital Finance Limited, Chennai, Tamil Nadu

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 07, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on GoCapital Finance Limited, Chennai, Tamil Nadu (the company) for non-compliance with certain provisions of ‘Master Direction-Reserve Bank of India (Non-Banking Financial Company-Scale Based Regulation) Directions, 2023’, issued by RBI. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934.

    The correspondence of the company pertaining to the intimation of appointment of additional director revealed, inter alia, non-compliance with RBI directions on change in management of Non-Banking Financial Company. Based on the findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia that the following charge against the company was sustained, warranting imposition of monetary penalty.

    The company failed to take prior written permission of the RBI for effecting change in management resulting in change of more than 30 per cent of its directors, excluding independent directors.

    This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1326

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Mandsaur, Madhya Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated October 07, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Jila Sahakari Kendriya Bank Maryadit, Mandsaur, Madhya Pradesh (the bank), for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with section 46(4)(i) and section 56 of the BR Act.

    The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions.

    After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty.

    The bank had failed to transfer eligible unclaimed deposit amounts to the Depositor Education and Awareness Fund within the prescribed period.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1327

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kottarakara Co-operative Urban Bank Limited, Kerala

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 07, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Kottarakara Co-operative Urban Bank Limited, Kerala (the bank) for non-compliance with specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI instructions issued under SAF and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty.

    The bank had sanctioned/renewed credit facilities to sectors having high level of NPA / defaults in non-adherence to directions issued under SAF.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1325

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Catholic Co-operative Urban Bank Limited, Telangana

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 07, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three Lakh only) on The Catholic Co-operative Urban Bank Limited, Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’, ‘Management of advances-UCBs’ and ‘Loans and advances to directors, their relatives, and firms /concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    A scrutiny of the bank was conducted by RBI in October 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty.

    The bank had:

    1. not monitored operations in certain deposit accounts and issued balance confirmation letters without having balance in those accounts, and

    2. sanctioned loans to relatives of a director.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1324

    MIL OSI Economics –

  • MIL-OSI: Unlimited Hedge Fund Barometer: Emerging Markets Funds Dominated in Q3 as China Stocks Rally

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 17, 2024 (GLOBE NEWSWIRE) — Unlimited, an investment firm and ETF sponsor that uses proprietary technology to provide low-cost alternative strategies to a variety of investors, published its Q3 2024 Hedge Fund Barometer today, showing emerging markets hedge funds leading their peers with an average 5% gross return in the quarter. Global macro and managed futures funds saw the weakest performance in the quarter at -1.2%.

    According to Unlimited’s latest Barometer, aggregate hedge fund performance was moderately positive across most strategies in Q3 2024. To read the full report, click here.

    Unlimited’s Barometer uses machine learning and multiple data sources to track performance for the major hedge fund strategies. It also provides a near real-time view into how hedge funds are positioned across major asset classes, industry sectors and geographies.

    Unlike Q2 where equity long/short funds outperformed other hedge fund strategies, emerging markets managers had the strongest performance in Q3 and long/short equity and event driven managers rode through the summer turmoil to deliver positive returns. Hedge funds generally have also reduced their exposure to Japanese equities, which performed strongly in Q1.

    “One of the more acute market moves in the quarter came in onshore and offshore Chinese equities,” said Bob Elliott, CEO and CIO of Unlimited. “While managers appear to have trimmed underweights from earlier in the year, as those stocks sold off, their position remained more neutral despite the recent market action.”

    Unlimited Hedge Fund Barometer Q3 2024 Findings

    Despite a turbulent August, long/short equity managers continue to hold roughly normal levels of overall equity exposure while continuing their rotation toward large cap growth stocks and away from small and mid-caps. Fixed income managers have started to trim their near peak exposure to corporate spreads after their approach of levering up into secularly low spreads backfired in August as spreads rose. Other highlights include:

    • Average gross returns across strategies were just below +3.5%
    • The best performing fund style was Emerging Markets equity at +5%
    • The worst performing fund style was Managed Futures at -1.2%

    As we enter the last quarter of 2024, Unlimited’s Barometer also shows hedge funds:

    • Were modestly overweight equities – specifically growth stocks – following a period of being underweight stocks in ‘22-’23. They also remained underweight small and mid-cap stocks.
    • Were roughly neutral on the U.S. dollar relative to other currencies, as Fed policy has shifted to a more dovish stance over the last several months. On the British pound, short positions were closed in recent months. They were modestly long the yen.
    • Remained relatively neutral bonds, weighing the risks between reacceleration and recession. Earlier in the quarter Fixed Income managers held near historical peak levels while spread levels approached all-time lows, a strategy that backfired in August. Subsequently, managers appear to have reduced risks in credit spreads.
    • Have reduced positions in energy commodities as prices have fallen. Positions in other growth-oriented commodities like metals have remained roughly neutral in recent months.

    Click here to view a video on how Unlimited’s technology works.

    About Unlimited
    Founded in 2022 by Bob Elliott, Bruce McNevin and Matt Salzberg, Unlimited is an investment firm using proprietary technology to create strategies that offer lower-cost access to 2 & 20 style alternative investment strategies, such as hedge funds, to a wide variety of investors. Mr. Elliott has built innovative hedge fund strategies for more than two decades, including at Bridgewater Associates, the world’s largest hedge fund. Mr. McNevin is a Professor of Economics at New York University and has held various data science positions at hedge funds Clinton Group and Midway Group, along with positions at Bank of America and BlackRock. Mr. Salzberg serves as a Managing Partner at Material and Board Director of Unlimited. Learn more at unlimitedfunds.com.

    Media Contacts:

    Sarah Lazarus Zach Kouwe
    Dukas Linden Public Relations Dukas Linden Public Relations
    +1 617-335-7823 +1 551-655-4032
    sarah@dlpr.com zkouwe@dlpr.com
       

    For informational and educational purposes only and should not be construed as investment advice. The data shown herein represents past performance and should not be construed as providing any assurance or guarantee as to returns that may be realized in the future. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown herein. No investment strategy or risk management technique can guarantee return or eliminate risk in any market environment.

    The MIL Network –