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Category: Asia

  • MIL-OSI Economics: RBI imposes monetary penalty on The Karimnagar Co-operative Urban Bank Ltd., Telangana

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) on The Karimnagar Co-operative Urban Bank Ltd., Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23. On failure to deposit the specified amount, a cautionary letter was issued by RBI advising the bank to deposit the specified amount, but the bank failed to deposit the same. Based on the above-mentioned non-compliance 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 RBI directions. After considering the bank’s reply to the notice, 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 deposit the prescribed amount in the MSE Refinance Fund maintained with SIDBI against the shortfall in achievement of PSL target for FY 2022-23 even after the issuance of cautionary letter.

    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: 2024-2025/2426

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Sind Co-operative Urban Bank Ltd., Telangana

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹1.30 lakh (Rupees One Lakh Thirty Thousand only) on Sind Co-operative Urban Bank Ltd., Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23. On failure to deposit the specified amount, a cautionary letter was issued by RBI advising the bank to deposit the specified amount, but the bank failed to deposit the same. Based on the above-mentioned non-compliance 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 RBI directions. 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 deposit the prescribed amount in the MSE Refinance Fund maintained with SIDBI against the shortfall in achievement of PSL target for FY 2022-23 even after the issuance of cautionary letter.

    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: 2024-2025/2428

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Sreenivasa Padmavathi Co-operative Urban Bank Ltd., Telangana

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹1.20 lakh (Rupees One Lakh Twenty Thousand only) on Sreenivasa Padmavathi Co-operative Urban Bank Ltd., Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23, but the bank failed to deposit the same. Based on the above-mentioned non-compliance 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 RBI directions. 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 deposit the prescribed amount in the MSE Refinance Fund maintained with SIDBI against the shortfall in achievement of PSL target for FY 2022-23.

    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: 2024-2025/2429

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Feb inflation up 1.4%

    Source: Hong Kong Information Services

    Overall consumer prices rose 1.4% year-on-year in February, a smaller rate of increase than the 2% seen in January, the Census & Statistics Department announced today.

    Netting out the effects of the Government’s one-off relief measures, underlying inflation was 1.1%, also smaller than that seen in January.

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

    Meanwhile, year-on-year decreases were logged in basic food, clothing and footwear, and durable goods.

    The Government commented that the underlying consumer price inflation stayed modest in early 2025.

    Taking January and February together to remove the effect caused by the different timing of the Lunar New Year, the underlying composite consumer price index increased by 1.3% over a year earlier, same as the increase in December 2024. Price pressures on various major components stayed largely contained.

    The Government also said overall inflation should remain moderate in the near term.

    While domestic costs pressures might increase as the economy continues to grow, external price pressures should remain broadly in check, it added, noting that uncertainties stemming from geopolitical tensions and trade conflicts warrant attention.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: UN Human Rights Council 58: UK Statement for the General Debate Under Agenda Item 4

    Source: United Kingdom – Executive Government & Departments

    Speech

    UN Human Rights Council 58: UK Statement for the General Debate Under Agenda Item 4

    UK Statement for the General Debate Under Agenda Item 4. Delivered by the UK’s Permanent Representative to the WTO and UN, Simon Manley.

    Thank you, Mr Vice President,

    Just yesterday, we heard in this hall the Commission of Inquiry on Ukraine conclude, for the first time, that enforced disappearances committed by Russia amount to a crime against humanity. And that Russian authorities arbitrarily detain civilians, torture and execute prisoners of war and civilians, steal and indoctrinate Ukrainian children. There must be accountability and a just and lasting peace that ensures Ukraine’s sovereignty and security.

    China continues to persecute and arbitrarily detain Uyghurs, Tibetans, activists, lawyers and journalists like Sophia Huang. In Hong Kong, the sentencing of 45 activists and former politicians under the Beijing-imposed National Security Law, and the ongoing prosecution of Jimmy Lai, underline how rights continue to be eroded. Once again, we call for their release. 

    In Iran, women, girls and minorities face sustained repression. Freedom of expression is curtailed, journalists silenced. Executions have reached appalling levels. 

    Finally, we urge all parties to return to the Gaza ceasefire talks. All hostages must be released. Aid must restart. The recent civilian casualties are appalling. Our thoughts are also with the victims and families of those killed and injured in the UN compound yesterday. The Israeli and Palestinian people deserve a peaceful and secure future based on a two-state solution.

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Low-altitude pilot projects launch

    Source: Hong Kong Information Services

    The Government today launched a first batch of 38 low-altitude economy (LAE) Regulatory Sandbox pilot projects.

    The Working Group on Developing LAE approved the 38 projects after reviewing 72 project proposals. They cover a wide range of fields and application scenarios, including emergency and rescue, logistics and distribution, inspections and safety maintenance, surveillance, and low-altitude infrastructure.

    The projects are being implemented by enterprises, research institutes, public utilities and government departments.

    Officiating at today’s launch event, Chief Executive John Lee said: “The LAE is one of our nation’s strategic emerging industries, as well as the example in exploring new quality productive forces.”

    He outlined that the LAE not only gives rise to various emerging industries, but also opens up a wide range of application scenarios with great potential.

    “It is set to strengthen city management and business efficiency, and create a whole new experience of smart living for the public, making it an important growth engine for the economy.

    “The Government will unleash the potential of the LAE by bringing together research and development outcomes and corporate efforts, taking forward the LAE in a safe and healthy manner to make Hong Kong a pioneer in the emerging new quality productive forces industry of the LAE, creating a new era of a ‘smart sky’.”

    Also speaking at the launch, Secretary for Transport & Logistics Mable Chan said the sandbox projects will help to accumulate experience and data, thereby allowing the Government to devise comprehensive infrastructure support for the execution of LAE activities.

    “With the launch of the various sandbox projects from April, and in the coming months ahead, we really hope that the society, and members of the public, will visualise the projects and they can even touch these projects.

    “And we would like to hope that with all these projects launching, we would incorporate the innovation and technology into our daily lives”

    She added that the Government plans to amend existing regulations with regard to low-altitude drones. Weight limits will be increased, allowing heavier and more sophisticated drones to be used.

    The Government also plans to introduce a special provision enabling the Director-General of Civil Aviation to allow trials of more sophisticated and heavier low-altitude equipment, including models which can carry passengers.

    A number of organisations conducting pilot projects had booths at the event to showcase their application scenarios and other features. A logo specifically designed for the LAE Regulatory Sandbox was also unveiled.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HK ranks 3rd as global finance hub

    Source: Hong Kong Information Services

    Hong Kong has maintained third place globally and continued to rank first in the Asia-Pacific in the Global Financial Centres Index 37 Report published today by the UK’s Z/Yen and the China Development Institute.

    Hong Kong’s overall rating in the report increased 11 points to 760, slightly closing the gap with the first place rating.

    The city’s rankings in human capital, infrastructure, and financial sector development rose to second in the world, while rankings in business environment, and reputational and general rose to third globally.

    Hong Kong also ranked among the top in various financial industry sectors, ranking first globally in investment management, insurance, and finance, and third in banking.

    In the report’s assessment of financial centres’ fintech offering, Hong Kong’s ranking leapt further by five places to fourth in the world.

    The Government said the report fully recognises Hong Kong’s leading status and strengths as an international financial centre, noting that with the country’s staunch support, it will leverage the advantages under “one country, two systems”, actively integrate into the national development and deepen international co-operation to fulfil its roles as a “super connector” and “super value-adder”.

    With finance as an important tool to support the real economy, the Government added that the policy initiatives announced in the 2025-26 Budget press ahead with the high-quality development of Hong Kong’s international financial market to create more new growth areas.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Condolences for family of Ashwin Trikamjee

    Source: South Africa News Agency

    Thursday, March 20, 2025

    President Cyril Ramaphosa has expressed condolences on the passing of the President of the South African Hindu Maha Sabha and Chairperson of the National Religious Leaders’ Forum, Ashwin Trikamjee.

    Amongst others, Trikamjee was an esteemed lawyer and a Black Consciousness Activist, who championed religious tolerance.

    “Ashwin Trikamjee led a life of diverse pursuits, which he exercised to improve the lives of communities and the impact of organisations in which he served.

    “We will miss his gentle, serene presence, wise counsel and humble yet industrious service to many sectors of our nation. May his soul rest in peace,” President Ramaphosa said.

    In a press statement, the Presidency hailed Trikamjee’s service as President of the then Natal Law Society, President of the Association of Law Societies of SA, Chairperson of the African Regional Forum of the International Bar Association (IBA) and member of the Human Rights Committee of the IBA.

    “President Cyril Ramaphosa is deeply saddened by the passing of Mr Ashwin Trikamjee, President of the South African Hindu Maha Sabha and Chairperson of the National Religious Leaders Forum. The President offers his condolences to the family, friends and associates of this outstanding icon of service to our nation who has passed on at the age of 80.

    “As a Black Consciousness activist, he also led the Durban Central component of the Natal Indian Congress, and he was a Vice-President of the South African Football Association.

    “Mr Trikamjee’s deep spiritual devotion extended beyond his Hindu affiliation as he advocated tolerance and collaboration among the diverse religious communities in our country,” the Presidency said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Berge Mawson report published

    Source: United Kingdom – Executive Government & Departments

    News story

    Berge Mawson report published

    Fatal accident on board a bulk carrier at Bunyu Island anchorage, Indonesia.

    Image courtesy of Komite Nasional Keselamatan Transportasi

    Today, we have published our accident investigation report into the deaths of three stevedores in a cargo hold access space on board Berge Mawson on 27 June 2022 at Bunyu Island anchorage, Indonesia.

    Chief Inspector of Marine Accidents, Andrew Moll OBE, said:

    Cargo operations on board bulk carriers require stevedores and other shore workers to carry out tasks on board, often working separately from the crew. In this accident, it is evident that the stevedores did not have sufficient understanding of the hazards posed by coal cargoes nor, more worryingly, had they received training about the dangers associated with entering enclosed spaces.

    Although Berge Mawson’s crew were well-trained in their emergency response to enclosed space accidents, their drill scenarios did not involve shore workers who could be on board at the time. In the crew’s rush to collect rescue equipment they left the entry point to an enclosed space containing a noxious atmosphere unguarded, and this oversight tragically led to the second and third stevedores dying in a well-intentioned but misguided attempt to rescue their colleague.

    Despite international and industry guidance on the training stevedores should receive before working on bulk carriers, InterManager data shows that, of the 257 enclosed space fatalities reported between 1999 and 2023, 67 (26%) were stevedores or shore workers. To help prevent further loss of life it is essential that bulk carrier and terminal operating procedures, practices and training equip shore workers to operate safely on board the vessels they attend.

    The report, available via this link, contains details of what happened, subsequent actions taken and recommendations.

    This investigation was carried out by the UK Marine Accident Investigation Branch (MAIB) on behalf of the Isle of Man Administration in accordance with the Memorandum of Understanding between the MAIB and the Red Ensign Group Category 1 registries of Isle of Man, Cayman Islands, Bermuda and Gibraltar.

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    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: New Bridge Ready to Serve NASA, America’s Space Interests

    Source: NASA

    The high-rise bridge that serves as the primary access point for employees and visitors to NASA’s Kennedy Space Center in Florida is fully operational. In the late hours of March 18, 2025, the Florida Department of Transportation (FDOT) opened the westbound portion of the NASA Causeway Bridge, which spans the Indian River Lagoon and connects NASA Kennedy and Cape Canaveral Space Force Station to the mainland.
    This new bridge span (right side of photo) sits alongside its twin on the eastbound side, which has accommodated traffic in both directions since FDOT opened it on June 9, 2023. The new structure replaces the old two-lane drawbridge which operated at that location for nearly 60 years.
    “The old drawbridge served us well, witnessing decades of spaceflights since the Apollo era and supporting Kennedy’s transition to a multi-user spaceport,” said Kennedy’s Acting Director Kelvin Manning. “The new bridge will see NASA send American astronauts back to the Moon and on to Mars, and it will support the continued rapid growth of America’s commercial space industry here at Earth’s premier spaceport.”
    At 4,025 feet long, the new NASA Causeway Bridge is about 35% longer than its predecessor, featuring a 65-foot waterway clearance and a channel wide enough to handle larger vessels carrying cargo necessary for Kennedy to continue launching humanity’s future.
    The bridge sits on over 1,000 concrete pilings which total more than 22 miles in length. Nearly 270 concrete I-beams, each weighing hundreds of thousands of pounds, support the bridge, along with over 40,000 cubic yards of concrete and over 8.7 million pounds of steel. All 110 spans of the old drawbridge were demolished during the construction, with much of the material recycled for future projects.
    A $90 million federal infrastructure grant secured in July 2019 by Space Florida via the U.S. Department of Transportation funded nearly 50% of the drawbridge replacement as well the widening of nearby Space Commerce Way. NASA and the state of Florida provided the remaining funding for the upgrades.
    Photo credit: NASA/Glenn Benson

    MIL OSI USA News –

  • MIL-OSI: FactSet Reports Results for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Q2 GAAP revenues of $570.7 million, up 4.5% from Q2 2024.
    • Organic Q2 ASV of $2,276.2 million, up 4.1% year over year.
    • Q2 GAAP operating margin of 32.5%, down approximately 80 bps year over year, and adjusted operating margin of 37.3%, down 100 bps year over year.
    • Q2 GAAP diluted EPS of $3.76, up 3.0% from the prior year, and adjusted diluted EPS of $4.28, up 1.4% year over year.
    • Fiscal 2025 guidance updated. Expected organic ASV growth of $100 million to $130 million (approximately 4.4% to 5.8%), GAAP revenues in the range of $2,305 million to $2,325 million, adjusted operating margin in the range of 36% to 37%, and adjusted diluted EPS in the range of $16.80 to $17.40.

    NORWALK, Conn., March 20, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its second quarter fiscal 2025 ended February 28, 2025.

    Second Quarter Fiscal 2025 Highlights

    • GAAP revenues increased 4.5%, or $24.8 million, to $570.7 million for the second quarter of fiscal 2025 compared with $545.9 million in the prior year period. Organic(1) revenues grew 4.0% year over year to $568.0 million during the second quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
    • Annual Subscription Value (“ASV”) was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up 4.1% or $90.7 million year over year(2).
    • Organic ASV increased $19.6 million over the last three months. Please see the “ASV” section of this press release for details.
    • GAAP operating margin decreased to 32.5% compared with 33.3% for the prior year period, mainly due to an increase in acquisition-related professional fees and technology-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs. Adjusted operating margin decreased to 37.3% compared with 38.3% in the prior year period, mainly due to higher technology related expenses offset by lapping of the prior year’s lower bonus accrual.
    • GAAP diluted earnings per share (“EPS”) increased 3.0% to $3.76 compared with $3.65 for the same period in fiscal 2024, primarily due to growth in revenues, partially offset by an increase in acquisition-related professional fees and technology-related expenses. Adjusted diluted EPS increased 1.4% to $4.28 compared with $4.22 in the prior year period, driven by growth in revenues, offset by higher operating expenses and a higher tax rate on an adjusted basis.
    • Net cash provided by operating activities was $174.0 million for the second quarter of fiscal 2025. Free cash flow increased to $150.2 million for the second quarter of fiscal 2025, compared with $121.9 million for the prior year period, an increase of 23.3%, primarily due to higher net cash provided by operating activities.
    • GAAP effective tax rate for the second quarter of fiscal 2025 decreased to 15.9% compared with 16.4% for the second quarter of fiscal 2024. The decrease was primarily due to lower U.S. tax on foreign earnings, partially offset by certain discrete items, mainly lower excess tax benefits related to stock-based compensation.

    (1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.

    (2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.

    “With increased visibility into the remainder of the fiscal year, we are reaffirming the 5% midpoint of our organic ASV growth guidance and narrowing the range of anticipated top-line outcomes,” said Phil Snow, CEO of FactSet. “The strength of our full-year pipeline and constructive dialogue with our clients position our business positively for growth acceleration in the second half of the year.”

    Key Financial Measures*

    (Condensed and Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands, except per share data)   2025     2024   Change
    Revenues $ 570,660   $ 545,945   4.5 %
    Organic revenues $ 567,985   $ 545,945   4.0 %
    Operating income $ 185,492   $ 181,942   2.0 %
    Adjusted operating income $ 212,669   $ 209,326   1.6 %
    Operating margin   32.5 %   33.3 %  
    Adjusted operating margin   37.3 %   38.3 %  
    Net income $ 144,860   $ 140,940   2.8 %
    Adjusted net income $ 164,976   $ 163,067   1.2 %
    EBITDA $ 224,646   $ 216,826   3.6 %
    Diluted EPS $ 3.76   $ 3.65   3.0 %
    Adjusted diluted EPS $ 4.28   $ 4.22   1.4 %

    * See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

    “We achieved solid financial performance in the first half of the fiscal year by maintaining our focus on cost discipline and increased efficiency, while continuing to invest in our strategic priorities,” said Helen Shan, FactSet’s CFO. “We are reaffirming our guidance range for adjusted operating margin and adjusted diluted EPS, despite modest dilution from our recent acquisitions.”

    Annual Subscription Value (ASV)

    ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

    ASV was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up $90.7 million from the prior year, for a growth rate of 4.1%. Organic ASV increased $19.6 million over the last three months.

    The buy-side and sell-side organic ASV annual growth rates as of February 28, 2025 were 4.1% and 2.2%, respectively. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

    Segment Revenues and ASV

    ASV from the Americas was $1,501.1 million compared with ASV in the prior year period of $1,413.6 million. Organic ASV from the Americas increased 4.4% to $1,474.9 million. Americas revenues for the quarter increased to $369.7 million compared with $352.6 million in the second quarter of last year. The Americas quarterly organic revenues growth rate was 4.0% over the prior year period.

    ASV from EMEA was $571.3 million compared with ASV in the prior year period of $556.5 million. Organic ASV from EMEA increased 2.6% to $571.4 million. EMEA revenues were $143.4 million compared with $139.2 million in the second quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 3.1% over the prior year period.

    ASV from Asia Pacific was $233.7 million compared with ASV in the prior year period of $215.5 million. Organic ASV from Asia Pacific increased 6.8% to $229.9 million. Asia Pacific revenues were $57.6 million compared with $54.1 million in the second quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.8% over the prior year period.

    Operational Highlights – Second Quarter Fiscal 2025

    • Client count as of February 28, 2025 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition. The count includes clients with ASV of $10,000 and more and does not reflect the LiquidityBook acquisition.
    • User count was 219,141 as of February 28, 2025, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users. The user count does not reflect the Irwin and LiquidityBook acquisitions.
    • Annual ASV retention was greater than 95%. When expressed as a percentage of clients, annual retention was 91%.
    • Employee headcount was 12,598 as of February 28, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
    • A quarterly dividend of $39.5 million, or $1.04 per share, is being paid on March 20, 2025, to holders of record of FactSet’s common stock at the close of business on February 28, 2025.
    • FactSet acquired LiquidityBook, a provider of cloud-native trading solutions. The acquisition adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities to the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow and enhance FactSet’s ability to serve the integrated workflow needs of clients across the entire portfolio lifecycle.
    • FactSet launched Pitch Creator, an AI-powered tool that streamlines pitchbook creation for investment banks. By automating the time-consuming tasks of model analysis and presentation building, FactSet Pitch Creator can reduce hours of manual work into minutes, creating the productivity gains necessary for junior bankers to prioritize high-value, strategic initiatives.
    • After the quarter end, FactSet acquired LogoIntern, a productivity solution that helps financial services professionals create well formatted logo outputs for presentations faster. This acquisition reinforces FactSet’s commitment to improving junior banker productivity and complements Pitch Creator to bring automation to another time-consuming, manual aspect of a junior banker’s daily workflow.
    • FactSet appointed Kevin Toomey as Head of Investor Relations. Toomey is replacing Yet He, who was acting as Interim Head of Investor Relations and now will continue in his role as FactSet’s Treasurer and Head of Financial Planning & Analysis.

    Share Repurchase Program

    FactSet repurchased 136,714 shares of its common stock for $64.4 million at an average price of $470.70 during the second quarter of fiscal 2025 under the Company’s share repurchase program. As of February 28, 2025, $186.9 million remained available for share repurchases under this program.    

    Annual Business Outlook

    FactSet is updating its outlook for fiscal 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

    Fiscal 2025 Expectations (with reference to most recent previous guidance):

    • Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025 (narrowing from $90 million to $140 million).
    • GAAP revenues are expected to be in the range of $2,305 million to $2,325 million (up from $2,285 million to $2,305 million).
    • GAAP operating margin is expected to be in the range of 32.0% to 33.0% (down from 32.5% to 33.5%).
    • Adjusted operating margin is expected to be in the range of 36.0% to 37.0% (unchanged).
    • FactSet’s annual effective tax rate is expected to be in the range of 17% to 18% (unchanged).
    • GAAP diluted EPS is expected to be in the range of $14.80 to $15.40 (down from $15.10 to $15.70).
    • Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40 (unchanged).

    Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

    Conference Call

    Second Quarter 2025 Conference Call Details

    Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

    A replay will be available on the Company’s investor relations website after 11:00 a.m. Eastern Time on March 20, 2025, through March 20, 2026. The earnings call transcript will be available via FactSet CallStreet.

    Forward-looking Statements

    This news release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those stated. Forward-looking statements speak only as of the date they are made, and FactSet assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

    About Non-GAAP Financial Measures

    Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted earnings per share and cash provided by operating activities, have been adjusted.

    FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these adjusted financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and may also facilitate comparisons to its historical performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Organic revenues excludes the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses. The Company believes that these adjusted financial measures help to fully reflect the underlying economic performance of FactSet.

    Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow. FactSet uses this financial measure both in presenting its results to stockholders and the investment community and in the Company’s internal evaluation and management of the business. Management believes that this financial measure is useful to investors because it is an indication of cash flow that may be available to fund further investments in future growth initiatives.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,600 global clients, including over 219,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

    FactSet
    Investor Relations Contact:                         
    Yet He                                
    +1.212.973.5701
    yet.he@factset.com

    Media Contact:
    Megan Kovach
    +1.512.736.2795
    megan.kovach@factset.com   

    Consolidated Statements of Income (Unaudited)            
      Three Months Ended   Six Months Ended
      February 28,   February 29,   February 28,   February 29,
    (In thousands, except per share data)   2025       2024       2025       2024  
    Revenues $ 570,660     $ 545,945     $ 1,139,327     $ 1,088,161  
    Operating expenses              
    Cost of services   269,604       255,142       528,383       506,763  
    Selling, general and administrative   115,564       108,861       234,117       210,416  
    Total operating expenses   385,168       364,003       762,500       717,179  
                   
    Operating income   185,492       181,942       376,827       370,982  
                   
    Other income (expense), net              
    Interest income   273       2,847       2,974       5,859  
    Interest expense   (13,916 )     (16,599 )     (28,316 )     (33,337 )
    Other income (expense), net   471       455       574       337  
    Total other income (expense), net   (13,172 )     (13,297 )     (24,768 )     (27,141 )
                   
    Income before income taxes   172,320       168,645       352,059       343,841  
                   
    Provision for income taxes   27,460       27,705       57,177       54,346  
    Net income $ 144,860     $ 140,940     $ 294,882     $ 289,495  
                   
    Basic earnings per common share $ 3.81     $ 3.70     $ 7.76     $ 7.61  
    Diluted earnings per common share $ 3.76     $ 3.65     $ 7.66     $ 7.49  
                   
    Basic weighted average common shares   38,015       38,103       38,010       38,059  
    Diluted weighted average common shares   38,510       38,650       38,513       38,646  

    Certain prior year figures have been conformed to the current year’s presentation.

    Consolidated Balance Sheets (Unaudited)  
    (In thousands) February 28, 2025 August 31, 2024
    ASSETS    
    Cash and cash equivalents $ 278,548   $ 422,979  
    Investments   8,471     69,619  
    Accounts receivable, net of reserves of $14,998 at February 28, 2025 and $14,581 at August 31, 2024   277,636     228,054  
    Prepaid taxes   75,931     55,103  
    Prepaid expenses and other current assets   67,055     60,093  
    Total current assets   707,641     835,848  
         
    Property, equipment and leasehold improvements, net   79,739     82,513  
    Goodwill   1,245,315     1,011,129  
    Intangible assets, net   1,935,488     1,844,141  
    Deferred taxes   53,546     61,337  
    Lease right-of-use assets, net   118,129     130,494  
    Other assets   101,584     89,578  
    TOTAL ASSETS $ 4,241,442   $ 4,055,040  
         
    LIABILITIES    
    Accounts payable and accrued expenses $ 131,103   $ 178,250  
    Current debt   —     124,842  
    Current lease liabilities   32,560     31,073  
    Accrued compensation   70,846     93,279  
    Deferred revenues   177,325     159,761  
    Current taxes payable   30,483     40,391  
    Dividends payable   39,511     39,470  
    Total current liabilities   481,828     667,066  
         
    Long-term debt   1,472,162     1,241,131  
    Deferred taxes   14,772     8,452  
    Deferred revenues, non-current   446     1,344  
    Taxes payable   46,313     40,452  
    Long-term lease liabilities   158,419     177,521  
    Other liabilities   10,585     6,614  
    TOTAL LIABILITIES $ 2,184,525   $ 2,142,580  
         
    STOCKHOLDERS’ EQUITY    
    TOTAL STOCKHOLDERS’ EQUITY $ 2,056,917   $ 1,912,460  
         
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,241,442   $ 4,055,040  

    Consolidated Statements of Cash Flows (Unaudited)    		  
      Six Months Ended
      February 28, February 29,
    (In thousands)   2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES    
    Net income $ 294,882   $ 289,495  
    Adjustments to reconcile net income to net cash provided by operating activities    
    Depreciation and amortization   74,127     58,650  
    Amortization of lease right-of-use assets   15,177     15,263  
    Stock-based compensation expense   30,139     30,962  
    Deferred income taxes   8,763     5,632  
    Other, net   3,268     7,034  
    Changes in assets and liabilities, net of effects of acquisitions    
    Accounts receivable   (46,225 )   (39,468 )
    Prepaid expenses and other assets   (3,889 )   (14,690 )
    Accounts payable and accrued expenses   (61,915 )   10,377  
    Accrued compensation   (21,470 )   (40,456 )
    Deferred revenues   11,934     22,133  
    Taxes payable, net of prepaid taxes   (24,810 )   (26,150 )
    Lease liabilities, net   (19,654 )   (19,840 )
    Net cash provided by operating activities   260,327     298,942  
         
    CASH FLOWS FROM INVESTING ACTIVITIES    
    Purchases of property, equipment, leasehold improvements and capitalized internal-use software   (49,610 )   (38,383 )
    Acquisition of businesses, net of cash and cash equivalents acquired   (342,461 )   —  
    Purchases of investments   (4,208 )   (44,936 )
    Proceeds from maturity or sale of investments   58,155     —  
    Net cash provided by (used in) investing activities   (338,124 )   (83,319 )
         
    CASH FLOWS FROM FINANCING ACTIVITIES    
    Proceeds from debt   305,000     —  
    Repayments of debt   (200,000 )   (125,000 )
    Dividend payments   (78,817 )   (74,141 )
    Proceeds from employee stock plans   60,344     66,544  
    Repurchases of common stock   (113,142 )   (112,165 )
    Deferred acquisition consideration   (4,699 )   —  
    Other financing activities   (14,228 )   (14,465 )
    Net cash provided by (used in) financing activities   (45,542 )   (259,227 )
         
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (8,048 )   (132 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (131,387 )   (43,736 )
    Cash and cash equivalents at beginning of period   422,979     425,444  
    Cash, cash equivalents and restricted cash at end of period $ 291,592   $ 381,708  
         
    Reconciliation of total cash, cash equivalents and restricted cash:    
    Cash and cash equivalents $ 278,548   $ 381,708  
    Restricted cash included in Prepaid expenses and other current assets   6,522     —  
    Restricted cash included in Other assets   6,522     —  
    Total cash, cash equivalents and restricted cash $ 291,592   $ 381,708  

    Certain prior year figures have been conformed to the current year’s presentation.

    Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

    Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted EPS and cash provided by operating activities, have been adjusted below. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Adjusted measures may also facilitate comparisons to FactSet’s historical performance.

    Organic Revenues

    Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:

    (Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands)   2025     2024 Change
    Revenues $ 570,660   $ 545,945 4.5 %
    Acquisition revenues   (3,793 )   —  
    Currency impact   1,118     —  
    Organic revenues $ 567,985   $ 545,945 4.0 %


    Non-GAAP Financial Measures

    The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS.

      Three Months Ended  
      February 28, February 29,  
    (in thousands, except per share data)   2025     2024   % Change
    Operating income $ 185,492   $ 181,942   2.0 %
    Intangible asset amortization   18,137     16,674    
    Business acquisitions and related costs(1)   9,040     —    
    Restructuring/severance   —     10,710    
    Adjusted operating income $ 212,669   $ 209,326   1.6 %
    Operating margin   32.5 %   33.3 %  
    Adjusted operating margin(2)   37.3 %   38.3 %  
    Net income $ 144,860   $ 140,940   2.8 %
    Intangible asset amortization   13,425     12,579    
    Business acquisitions and related costs(1)   6,691     —    
    Restructuring/severance   —     8,080    
    Income tax items   —     1,468    
    Adjusted net income(3) $ 164,976   $ 163,067   1.2 %
    Net income   144,860     140,940   2.8 %
    Interest expense   13,916     16,599    
    Income taxes   27,460     27,705    
    Depreciation and amortization expense   38,410     31,582    
    EBITDA $ 224,646   $ 216,826   3.6 %
    Non-recurring non-cash expenses   —     1,285    
    Adjusted EBITDA $ 224,646   $ 218,111   3.0 %
    Diluted EPS $ 3.76   $ 3.65   3.0 %
    Intangible asset amortization   0.35     0.32    
    Business acquisitions and related costs(1)   0.17     —    
    Restructuring/severance   —     0.21    
    Income tax items   —     0.04    
    Adjusted diluted EPS(3) $ 4.28   $ 4.22   1.4 %
    Weighted average common shares (diluted)   38,510     38,650    

    (1)   Primarily related to the acquisition of LiquidityBook.
    (2)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
    (3)   For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively.


    Business Outlook Operating Margin, Net Income and Diluted EPS

    (Unaudited)    
    Figures may not foot due to rounding Annual Fiscal 2025 Guidance
    (In millions, except per share data) Low end of range High end of range
    Revenues $ 2,305   $ 2,325  
    Operating income $ 761   $ 744  
    Operating margin   33.0 %   32.0 %
         
    Intangible asset amortization   80     81  
    Other adjustments (net)   12     12  
    Adjusted operating income $ 853   $ 837  
    Adjusted operating margin (a)   37.0 %   36.0 %
         
    Net income $ 588   $ 567  
    Intangible asset amortization   66     66  
    Other adjustments (net)   10     10  
    Discrete tax items   (4 )   (4 )
    Adjusted net income $ 660   $ 640  
         
    Diluted earnings per common share $ 15.40   $ 14.80  
    Intangible asset amortization   1.73     1.73  
    Other adjustments (net)   0.30     0.30  
    Discrete tax items   (0.03 )   (0.03 )
    Adjusted diluted earnings per common share $ 17.40   $ 16.80  

    (a)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.

    Free Cash Flow

    (Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands)   2025     2024   Change
    Net Cash Provided for Operating Activities $ 173,955   $ 143,798    
    Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software   (23,736 )   (21,917 )  
    Free Cash Flow $ 150,219   $ 121,881   23.3 %

    Supplementary Schedules of Historical ASV by Client Type

    The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

    The numbers below do not include professional services or issuer fees.

      Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Q4’23 Q3’23
    % of ASV from buy-side clients 82.3%   82.1%   82.0%   82.3%   82.0%   82.0%   81.8%   82.1%  
    % of ASV from sell-side clients 17.7%   17.9%   18.0%   17.7%   18.0%   18.0%   18.2%   17.9%  
                     
    ASV Growth rate from buy-side clients 4.1%   4.3%   4.9%   5.3%   5.6%   7.2%   6.9%   7.3%  
    ASV Growth rate from sell-side clients 2.2%   3.5%   3.8%   3.7%   5.5%   7.6%   9.3%   12.3%  

    The following table presents the calculation of organic ASV.

    (In millions) As of February 28, 2025
    As reported ASV $ 2,306.1  
    Currency impact (a)   1.9  
    Acquisition ASV (b)   (31.8 )
    Organic ASV $ 2,276.2  
    Organic ASV annual growth rate   4.1 %

    (a)   The impact from foreign currency movements.
    (b)   Acquired ASV from acquisitions completed within the last 12 months.

    The MIL Network –

  • MIL-OSI United Kingdom: Celebrate, commemorate and reflect with VE and VJ 80 Days in Leeds

    Source: City of Leeds

    The Lord Mayor of Leeds invites everyone to join her in marking the commemoration of Victory in Europe and Victory over Japan with an evening of music, word, and song in May.

    This year marks the 80th anniversary of Victory in Europe Day and Victory over Japan Day.

    Victory in Europe Day, known as VE Day, marked the unconditional surrender of the German armed forces on May 8 1945 ending nearly six years of fighting in the European theatre of war. 

    Fighting in the Far East continued for another three months following VE Day, with Japanese forces surrendering on August 14 1945. The surrender of Japan is known as Victory over Japan Day, or VJ Day. Although VJ Day took place on August 14-15, Japan formally surrendered on September 2 1945, which marked the official end of the Second World War. 

    As the country celebrates, commemorates, and reflects on the end of the war, the Lord Mayor of Leeds, Councillor Abigail Marshall Katung will host a civic event at Leeds Minster on the evening of May 10 2025. 

    Invited guests include royal representatives and civic leaders from across West Yorkshire, along with diplomats and ambassadors.

    The event will feature orchestral, choir, and bagpipe performances, contemporary songs of the war era, and personal stories of Leeds people who contributed to the victory. Focusing on a timeline running through the nearly six years of war, the testimonies will not just examine the stories of those who fought, but contributions from the Women’s Land Army, firefighters, the home front in Leeds, and the contribution of the royal family.  

    Music for the event will be provided by the Leeds Philharmonic Chorus, The Bridge Ensemble, the Hummingbirds vocal harmony trio, and the Leeds Pipe Band.

    The Lord Mayor of Leeds, Councillor Abigail Marshall Katung, said: “The Second World War was the costliest conflict in human history, fought to defend the freedoms that we still enjoy today. 

    “Therefore, it is fitting that we as a city mark the 80th anniversary of the end of the war not just with solemnity, but by trying to capture the spirit of that time through music and song, and the stories of the many Leeds people who contributed to victory. 

    “The anniversary is also a time for reflection on the many sacrifices made during that time and to learn from the strength and resilience of communities that came together for a common cause. 

    “I hope you will join me at this special civic event to mark the achievements of a very special generation of people who gave their all for our freedom.”

    The Leader of Leeds City Council, Councillor James Lewis, said: “The Second World War was a pivotal moment in world history and Leeds and its people made a critical contribution to the war effort. 

    “Thousands of men and women from Leeds contributed by joining the armed forces and auxiliary organisations. Others by keeping the country fed, with power, heat, and transport, and safe from the threatened invasion through organisations like the Women’s Land Army, the ‘Bevin Boy’ miners, and the Civil Defence Service.

    “As a city, we can be proud of the role our citizens played in delivering victory over tyranny, and it is only right that we mark the occasion with a civic event to celebrate their achievements, commemorate their sacrifices, and reflect on the lessons of a war that changed the world.”

    The VE/VJ Day 80 Leeds event takes place at 7:30pm on May 10 at Leeds Minster. Tickets are £5 with all proceeds being donated to the Royal British Legion Poppy Appeal, however, concessions are available. You can book your ticket by visiting: https://www.leedstickethub.co.uk/whatson-event/80th-anniversary-of-ve-vj-day-commemoration-concert/

    In addition to the civic event, the Lord Mayor and the Lord Lieutenant of West Yorkshire, Ed Anderson CBE, will also attend a short service at the War Memorial in Victoria Gardens, Leeds, at 11am on Thursday May 8 2025, to lay wreaths and remember the contributions of all those who served and gave their lives in the Second World War. 

    The public has also been invited to submit any photographs they may own of the VE and VJ Day celebrations in Leeds to a new collection on the Leeds Libraries historical photo platform, ‘Leodis’. Photography can be submitted by emailing localandfamilyhistory@leeds.gov.uk. If people need help digitising their images, librarians can help at the weekly digital drop-in sessions at community hubs. Details of the drop-in session can be found at https://www.leedsinspired.co.uk/events/digital-drop-ins

    For residents looking to hold a street party, Leeds City Council will, where possible and appropriate, support and administer a scheme to allow neighbours to formally close their street to facilitate a VE & VJ street party event. Applications would need to be received on or before 15th April 2025 for the application to be administered and to be processed in time. More details about closing your road can be found at: https://www.leeds.gov.uk/parking-roads-and-travel/licences-and-permits/play-streets  

    Ends

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: PARLIAMENT QUESTION: FUNDING SUPPORT FOR SPACE TECHNOLOGY STARTUPS

    Source: Government of India (2)

    Posted On: 20 MAR 2025 2:52PM by PIB Delhi

    IN-SPACe has launched Technology Adoption Fund (TAF) scheme for promoting the Indian industry especially start-ups towards commercialization of early-stage space technologies.

    The objective of the fund is:

    1. Upgradation of the existing space technologies from TRL-3/4 to TRL 7/8 (or higher) towards commercialization.
    2. Development of innovative products.
    3. Import substitution of components whose technologies have not matured in the Indian industry.

    The criteria for startups to qualify for financial support are:

    1. The startup should be under Indian management and control.
    2. The proposal of the startup shall have potential commercial value.
    3. The startup shall not source any funding from any other central & state govt departments and/or ministries for the project forming the subject of their proposal(s).

    The scheme aims at making India self-sufficient and import substitution for complex space technologies thus aligning with Aatmanirbhar Bharat and also aims at supporting the startups working in niche space technologies by enhancing the domestic technical capabilities.

    This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Rajya Sabha today.

     

    ***

    NKR/PSM

    (Release ID: 2113213) Visitor Counter : 79

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PARLIAMENT QUESTION: ENCOURAGING PRIVATE PARTICIPATION IN SPACE SECTOR

    Source: Government of India (2)

    Posted On: 20 MAR 2025 2:52PM by PIB Delhi

     The Government is encouraging private-sector participation in space domain by taking following steps: –

    1. Liberalized the space sector to allow Non-Government Entities (NGEs) to engage in full space activities.
    2. The Indian National Space Promotion and Authorization Centre (IN-SPACE) is established to promote, enable, authorize, and supervise NGEs activities.
    3. Established the Indian Space Policy – 2023, Norms, Guidelines & Procedures (NGP) and FDI policy to ensure regulatory clarity and foster a thriving space ecosystem.
    4. Various schemes like Technology Adoption Fund (TAF), Seed Fund, Pricing Support, Mentorship, and Technical Labs to support startups and NGEs in space are being implemented, signed 78 MoUs with NGEs and issued 72 authorizations as on 31.12.2024.
    5. IN-SPACE is working towards establishing an Earth Observation (EO) System through PPP.
    6. Technology transfer of Small Satellite Launch Vehicle (SSLV) to Indian companies is in progress.
    7. Opportunities are being created for Indian entities to access orbital resources.
    8. To encourage the start-ups, Govt has proposed to set up ₹1000 Crores Venture Capital Fund in the ensuing Financial Year.

    A total of approximately 330 industries/startup/MSME are associated with IN-SPACe for enablement of their activities viz. authorization for space activities, Data dissemination, technology transfer, promotional activity, access to IN-SPACe Technical Centre and ISRO test facilities etc.

    This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Rajya Sabha today.

    ***

    NKR/PSM

    (Release ID: 2113214) Visitor Counter : 82

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Certification for eri silk

    Source: Government of India (2)

    Posted On: 20 MAR 2025 2:50PM by PIB Delhi

    The North Eastern Handicrafts and Handlooms Development Corporation Ltd. (NEHHDC) under the Ministry of Development of North Eastern Region, has obtained Oeko-Tex certification for eri silk from Germany. Oeko-Tex is a worldwide certification for textiles such as yarns, fabrics, buttons, linens, terry cloth, thread, and other accessory materials that tests for harmful substances in raw, semi-finished and finished textile materials and products. The Oeko-Tex certification ensures that the final product is safe for human use.

    Obtaining the Oeko-Tex certification is a crucial milestone in enhancing the marketability of eri silk in the global textile industry. The certification ensures international buyers that eri silk meets international safety and quality standards, boosting consumer confidence and facilitating its acceptance in high-end markets. It also ensures that eri silk meets international compliance requirements for textile safety. This allows Indian exporters to compete in high-end markets that prioritize eco-friendly and chemical-free products. Additionally, Oeko-Tex certification aligns with global sustainability trends, making eri silk more attractive to brands and consumers seeking ethical and environmentally responsible textile choices.

    The eri silk industry remains largely unorganized with traditional methods still being predominant. Government of India through Central Silk Board has taken the following steps to develop & modernize the eri silk industry:

    1. Established Central Muga & Eri Research Institute at Lahdoigarh with its nested units, Assam to cater the needs of R&D, Training & extension support required to the eri silk sector.
    2. Efforts are in place through R&D Institute of Central Silk Board to modernize & upgrade the eri silk sector, through carryout innovative research required for the field and development & demonstration of improved package of practices & technologies among stakeholders to increase the production & productivity.
    3. Established Muga Eri Silkworm Seed Organization with its nested units for maintenance, production and supply of quality eri silkworm seed.
    4. Implementing Silk Samagra-2 scheme from 2021-22 to 2025-26 for the overall development of sericulture industry in the country including eri silk sector.

           This information was given by the Minister of State of the Ministry of Development of North     Eastern Region Dr. Sukanta Majumdar in a written reply to a question in  Rajya Sabha today.

    *****

        Samrat/Allen: donerpib[at]gmail[dot]com

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  • MIL-OSI Asia-Pac: Chain volume measures of Gross Domestic Product by economic activity for the fourth quarter of 2024 and the whole year of 2024

    Source: Hong Kong Government special administrative region

    Chain volume measures of Gross Domestic Product by economic activity for the fourth quarter of 2024 and the whole year of 2024 
    GDP figures by economic activity show the value of production in respect of individual economic activities. The value of production is measured by value added or net output, which is calculated by deducting intermediate input consumed in the process of production from the gross value of output. Volume measures of GDP by economic activity, expressed in terms of chain volume measures net of the effect of price changes, enable analysis of the output growth profiles of individual economic sectors in real terms.
     
    According to the preliminary figures, overall GDP increased by 2.4% in real terms in the fourth quarter of 2024 over a year earlier, compared with the 1.9% increase in the third quarter of 2024. For 2024 as a whole, GDP increased by 2.5% in real terms over 2023.
     
    Analysed by constituent services sector and on a year-on-year comparison, value added in respect of all the services activities taken together increased by 1.9% in real terms in the fourth quarter of 2024 over a year earlier, similar to the growth of 1.8% in the third quarter. For 2024 as a whole, value added increased by 2.2% in real terms over 2023 for all the services sectors taken together.
     
    Value added in the import and export, wholesale and retail trades sector decreased by 0.6% in real terms in the fourth quarter of 2024 from a year earlier, as against the increase of 0.3% in the third quarter. For 2024 as a whole, value added in this sector recorded a marginal increase of 0.1% in real terms.
     
    Value added in the accommodation and food services sector increased by 1.4% in real terms in the fourth quarter of 2024 over a year earlier, as against the decline of 5.1% in the third quarter. For 2024 as a whole, value added in this sector decreased by 2.1% in real terms.
     
    Value added in the transportation, storage, postal and courier services sector increased by 6.2% in real terms in the fourth quarter of 2024 over a year earlier, compared with the increase of 6.8% in the third quarter. For 2024 as a whole, value added in this sector recorded an increase of 10.4% in real terms.
     
    Value added in the information and communications sector increased by 1.3% in real terms in the fourth quarter of 2024 over a year earlier, compared with the rise of 2.8% in the third quarter. For 2024 as a whole, value added in this sector rose by 2.1% in real terms.
     
    Value added in the financing and insurance sector increased by 2.0% in real terms in the fourth quarter of 2024 over a year earlier, compared with the increase of 1.3% in the third quarter. For 2024 as a whole, value added in this sector increased by 0.8% in real terms.
     
    Value added in the real estate, professional and business services sector registered an increase of 1.2% in real terms in the fourth quarter of 2024 over a year earlier, as against the decline of 0.2% in the third quarter. For 2024 as a whole, value added in this sector increased by 1.3% in real terms.
     
    Value added in the public administration, social and personal services sector rose by 2.4% in real terms in the fourth quarter of 2024 over a year earlier, virtually the same as that in the third quarter. For 2024 as a whole, value added in this sector rose by 2.7% in real terms.
     
    As for sectors other than the services sectors, value added in the local manufacturing sector increased by 1.0% in real terms in the fourth quarter of 2024 over a year earlier, as against the marginal decrease of 0.1% in the third quarter. For 2024 as a whole, value added in this sector rose by 0.8% in real terms.
     
    Value added in the electricity, gas and water supply, and waste management sector increased by 3.3% in real terms in the fourth quarter of 2024 over a year earlier, after the increase of 3.1% in the third quarter. For 2024 as a whole, value added in this sector registered an increase of 2.9% in real terms.
     
    Value added in the construction sector decreased by 5.6% in real terms in the fourth quarter of 2024 from a year earlier, as against the increase of 1.8% in the third quarter. For 2024 as a whole, value added in this sector increased by 4.1% in real terms.
     
    Further information
     
    The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2023 to the fourth quarter of 2024 are shown in Table 1. More detailed statistics are given in the report “Gross Domestic Product by Economic Activity”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030004&scode=250 
    Figures of chain volume measures of GDP by economic activity for the fourth quarter of 2024 and the whole year of 2024 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly and can be found at the C&SD website (    www.censtatd.gov.hk/en/scode250.htmlIssued at HKT 16:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DEPARTMENT OF PENSION & PENSIONERS’ WELFARE (DOPPW) SUCCESSFULLY CONDUCTS PENSIONERS’ AWARENESS PROGRAM & 8th BANKERS’ AWARENESS PROGRAM AT JAIPUR ON 18th MARCH, 2025

    Source: Government of India

    DEPARTMENT OF PENSION & PENSIONERS’ WELFARE (DOPPW) SUCCESSFULLY CONDUCTS PENSIONERS’ AWARENESS PROGRAM & 8th BANKERS’ AWARENESS PROGRAM AT JAIPUR ON 18th MARCH, 2025

    CENTRAL GOVERNMENT PENSIONERS SENSITIZED ON GOVERNMENT INITIATIVES FOR IMPROVING PENSIONERS WELFARE

    PUNJAB NATIONAL BANK OFFICIALS FROM CENTRAL PENSION PROCESSING CENTRES PARTICIPATED IN THE 8th BANKERS’ AWARENESS PROGRAM WITH FOCUS ON TIMELY REDRESSAL OF PENSIONER GRIEVANCES

    Posted On: 20 MAR 2025 11:41AM by PIB Delhi

    Department of Pension and Pensioners’ Welfare (DoPPW) conducted the Pensioners’ Awareness Program at Jaipur on 18th March, 2025. The program was held in collaboration with Central Government Pensioners Welfare Association, Jaipur during which pensioners were sensitized on government initiatives for improving pensioners welfare. The areas discussed included, Bhavishya, Integrated Pensioners Portal, CPENGRAMS, Pension Adalat, DPPW Call Center operations 1-800-11-1960, Anubhav, Anubhav Awardees Speak webinar series, Digital Life Certificate Campaign, Face Authentication, CGHS related issues, health care for pensioners and Pension Policy Related issues. The focus was on quality redressal of pensioner grievances and digital empowerment of pensioners. The objective of the program is to spread awareness of the various rules and procedures regarding pension entitlements and processes to Central Government pensioners and bankers as well as to update them about the changes that take place from time to time through various amendments in the policy and procedures.

    Along with the Pensioner Awareness Program, the 8th Banker’s Awareness Program was also held at Jaipur on 18th March, 2025 in which officers Punjab National Bank’s CPPCs handling pension related work participated. Senior officials of the Department interacted with the Bankers on improved coordination for redressal of Pensioner Grievances, conduct of the Digital Life Certificate Campaign and the use of Face authentication technology. This Workshop was the eighth in a series of Awareness Programs for Central Pension Processing Centers and field functionaries handling pension related work in various Banks.

    Senior officials from the Department of Pension and Pensioners Welfare Punjab National Bank, and office bearers of the Central Government Pensioner Welfare Association participated in the deliberations.

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    NKR/PSM

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  • MIL-OSI Asia-Pac: CE meets Secretary of CPC Heilongjiang Provincial Committee (with photo)

    Source: Hong Kong Government special administrative region

    CE meets Secretary of CPC Heilongjiang Provincial Committee (with photo) 
    Mr Lee welcomed Mr Xu and his delegation to Hong Kong for the Heilongjiang-Hong Kong Investment Cooperation Conference. Mr Lee said he is pleased to meet Mr Xu again since they last met during his visit to Harbin in February. Noting that Hong Kong and Heilongjiang maintain close economic and trade relations, Mr Lee said Hong Kong has been the largest source of external investment in Heilongjiang, with total investments exceeding US$ 34 billion as of last year. Hong Kong will continue to leverage its advantage as a bridge between the Mainland and the world under the “one country, two systems” principle to serve Mainland enterprises in going global while attracting more foreign investment to the country.
     
    Mr Lee highlighted that Heilongjiang’s successful hosting of the 9th Asian Winter Games Harbin 2025 sets an excellent example for the 15th National Games to be jointly held by Hong Kong, Guangdong, and Macao in November this year. Heilongjiang’s integration of winter sports with cultural tourism development, along with its full promotion of the ice and snow economy, provides inspiration for Hong Kong’s cultural tourism development.
     
    Noting that the Individual Visit Scheme has been extended to include Harbin in Heilongjiang Province, while direct flights between Harbin and Hong Kong have been launched, Mr Lee said that these developments will further foster economic, trade, and cultural exchanges between Heilongjiang and Hong Kong. He welcomed more enterprises and talent from Heilongjiang to organise and participate in various activities in Hong Kong, and he also encouraged more tourists from Heilongjiang to visit Hong Kong to experience its unique charm as a metropolis where East meets West.
     
    Mr Lee said that the Beijing Office and Liaoning Liaison Unit of the Hong Kong Special Administrative Region Government will continue to serve as a bridge to promote deeper co-operation between Hong Kong and Heilongjiang in various areas such as sports, economic and trade investment, tourism, education, and youth exchanges, jointly making new and greater contributions to the country’s high-quality development.
    Issued at HKT 14:15

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  • MIL-OSI Asia-Pac: Ministry of Corporate Affairs Hosts Second Candidate Open House for PM Internship Scheme

    Source: Government of India

    Ministry of Corporate Affairs Hosts Second Candidate Open House for PM Internship Scheme

    Initiative a part of the ministry’s commitment to address candidate queries throughout the application phase

    Posted On: 20 MAR 2025 10:42AM by PIB Delhi

    In a continued effort to engage and support eligible candidates for the PM Internship Scheme, the Ministry of Corporate Affairs (MCA) hosted its second Candidate Open House on 19th March 2025. This initiative is part of the ministry’s commitment to addressing candidate queries and concerns throughout the application phase. The MCA plans to hold these Open Houses every week, providing candidates with real-time answers to their questions.

    To ensure effective and focused discussions, candidates were encouraged to submit their queries in advance through a dedicated link shared via email. This allows the moderators to address the most common concerns while also ensuring that live questions posted during the session are answered. For the second Open House, 340 responses were collected in advance, building on the 423 received for the inaugural session on 10th March.

    Senior MCA officials, Deputy Director Nitin Phartyal, representatives from BISAG, the technical partner for the MCA on this project, member of the project management team were among the panellist in the session. A wide range of queries were answered, with the most frequent queries revolving around the selection process, eligibility criteria, and sector-specific opportunities within the scheme.

    The Ministry of Corporate Affairs remains committed to reaching out to candidates across the country, ensuring transparency, open communication, and a smooth experience for all involved in the PM Internship Scheme.

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  • MIL-OSI Asia-Pac: Keynote speech by SCST at Hong Kong Tourism Overview 2025 (English only)

    Source: Hong Kong Government special administrative region

    Following is the keynote speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at Hong Kong Tourism Overview 2025 today (March 20): 

    Dr YK Pang (Chairman of the Hong Kong Tourism Board, Dr Pang Yiu-kai), Dr Peter Lam (Chairman-Designate of the Hong Kong Tourism Board), distinguished guests, friends from the travel industry, ladies and gentlemen,
     
    Good morning. It is with enormous pleasure and a lot of emotion that I join you all at today’s Hong Kong Tourism Board’s Tourism Overview. I was a regular attendee from 2011 to 2016, but this is my very first time joining this important event as the Secretary for Culture, Sports and Tourism. Really happy to see so many old friends of the tourism industry in the audience, and for new friends in this room, a very warm “hello” to all of you.   
     
    Strong rebound of tourism performance
     
    Tourism has been a cornerstone of Hong Kong’s economy all along. It may not be a major source of foreign investment, but travel and related sectors gallantly provide employment for some 150 000 people of our workforce. In 2024, we welcomed close to 45 million visitors, marking a more than 30 per cent increase year on year. Among them, Mainland and non-Mainland visitors exceeded 34 million and 10 million respectively, with year-on-year increases at 27 per cent and 44 per cent respectively, injecting momentum into the local economy, and showcasing the collaborative efforts of the Government and the industry. As we entered 2025, we continue to see handsome growth, and achieved in January alone the highest monthly record of 4.74 million visitor arrivals since the pandemic.
     
    And for these remarkable achievements, I would like to take the opportunity to express my heartfelt appreciation and gratitude to Dr YK Pang for leading the Hong Kong Tourism Board with dedication and passion over the past six extraordinary years, particularly through the difficult times during the pandemic. As the Chairman, you have guided the Board with exemplary leadership in successfully overcoming various challenges and then driving the recovery of Hong Kong tourism. Thank you for your invaluable contributions to the Board and to Hong Kong’s tourism development. 
     
    To sustain the momentum of the recovery, it is essential for all of us in the Government and the industry to recognise that the global tourism landscape has indeed changed substantially after the pandemic, and is continually evolving. With the advancement in digital technology and changing traveller preferences, we must embrace innovation, adapt our traditional offerings and craft new ones to maintain our competitive edge.
     
    Tourism Blueprint 2.0
     
    With this in mind, the Culture, Sports and Tourism Bureau promulgated on December 30, 2024, the Tourism Blueprint 2.0, setting out the vision and mission for the development of Hong Kong’s tourism industry for the five-year period from 2025 to 2030. 
    I am sure most of you have already read the Blueprint 2.0, maybe serval times, so I am not going to bore you with the details yet again. But I think it is useful for me to elaborate the three key messages, which form the bases of the Blueprint 2.0, to you in person, which will shape the direction of the tourism industry in the coming years.
     
    Opportunities to capitalise – Mainland’s support measures
     
    The first message is Hong Kong’s uniqueness as an international tourist city with the advantage of being backed by the motherland, the Mainland of China. This is our core strength and fundamental asset, and it is getting even more important at this day and age as we are under the cloud of geopolitical tension. It is paramount that we make the most out of the wide range of supportive measures that the Central People’s Government has so generously endowed Hong Kong, through the rolling out of the resumption and expansion of multiple-entry permits for Shenzhen residents and the gifting of two precious giant pandas “An An” and “Ke Ke”, to name just a few. These measures have injected fresh impetus into our travel, retail, catering and hospitality industries. The entire tourism industry must strategically utilise these initiatives to maximise the benefits for Hong Kong as a whole.
     
    Traditional and new tourism offerings
     
    This naturally brings me to my second message. Hong Kong boasts significant traditional tourism advantages, including world-class tourist attractions, like the Hong Kong Disneyland Resort, which will be celebrating its 20th anniversary later this year; Ocean Park, especially with “An An”, “Ke Ke” and the two cute panda cubs “家姐”,”細佬”; our diverse cuisine, from corner delis “chaa chaan teng” to Michelin-star restaurants; efficient urban management and transportation systems. One thing that we in Hong Kong take for granted and tourists from abroad may not be aware, Hong Kong is in fact one of the safest cities in the world for business and leisure travel. It is essential that we continue to fortify these traditional assets and optimise and strengthen our infrastructure. But it is also crystal clear that amidst fierce competition from nearby cities, there is no room for complacency at all, and we surely cannot just rely on our traditional tourism mode and attractions anymore. 
     
    In the Blueprint 2.0, we promote the four “+ tourism” directions, covering culture, sports, ecology and mega events, in which Hong Kong possesses world-class resources that have yet to be fully presented to global visitors. This is where you, my friends in the travel and tourism trade, must and can all work together and rack your brains to develop innovative and interesting tourism products that speak to the desire of new-generation travellers’ aspiration for in-depth exploration of Hong Kong’s rich, diversified, and unique characteristics. Island tourism, for example, is one of the areas that we are actively working on. Hong Kong’s countryside and outlying islands are our hidden gems. Within an hour, we can travel after attending a formal business meeting in the bustling city centre to our countryside and explore the amazing wonders of nature, just like I did just this past Sunday when I hiked for five hours from Shek Pik Reservoir to Tai O in Lantau in the day, and then dressed up to the nines for a wedding banquet in the evening. We should develop more island tourism and eco-tourism itineraries for our global visitors who now have an increase in preference in this area. Our stunning Victoria Harbour is also one of the most beautiful and must-go photo points among the world’s top visit places. We must make better use of our harbour and the surrounding water body by developing more innovative products like yacht tourism to attract tourists. Horse racing is another world-class tourist attraction that Hong Kong excels and has lots of potential, and I’m glad that CTS (China Travel Service) has recently signed an MOU with the Hong Kong Jockey Club to promote horse-racing tourism, and I believe more will come in this direction. And these days I cannot attend any public speaking engagement without mentioning the Kai Tak Sports Park, our new and proud landmark with a 50 000-sized stadium, with which we are now in a position to bring truly mega sports and entertainment events befitting Hong Kong’s role as an international metropolis. It is only by infusing the city with fresh energy through new tourism offerings can we enhance the ambiance of our vibrant city and attract visitors from around the globe. On this, I look forward to the support and efforts from all of you in unleashing our creativity and developing products that will captivate the hearts of visitors. 
     
    Everyone is tourism ambassador
     
    My third message, which I have been repeating at every opportunity since appointment as the Secretary for Culture, Sports and Tourism, is that everyone in the community has a role to play in the development of tourism in Hong Kong, in particular in welcoming our visitors from around the world. This is surely most important for all of us present today, who is always the first point of contact with our tourists. Positive and warm hospitality is the key to prosperous tourism development. Hospitality is not just about providing accommodation and dining services but also about offering attentive and caring services, making visitors feel like home and willing to consume, if I am honest. Therefore, we advocate the concept of “Everyone is a tourism ambassador”, and I would encourage everyone in the tourism trade, as well as members of the public, to welcome every visitor with a warm and friendly smile. Every sunny smile by a member of the public will add to the happy vibe that we could bring to our community, and will more likely bring about quality service provided by hospitality professions. We launched the Hospitality Campaign in 2024 with various government departments, the tourism and related sectors, the education sector and district representatives, encouraging the trade and the entire community to go an extra mile in promoting the spirit of hospitality. We will continue to encourage quality services to welcome every visitor. One of our development strategies in the Blueprint 2.0 is to expand and diversify our visitor source markets. These include the Muslims, silver-haired, family, study-tour, and youth visitors. In order to attract these different segments of visitors, in addition to providing attractive tourism offerings, we must understand their needs and show our respect to make them feel welcomed and valued. This is hospitality and I am confident that our tourism industry will excel in it, giving the warmest welcome to our visitors. 
     
    Conclusion
     
    My dear friends, we have come a long way recovering from the pandemic, and it is now time for us to work together to bring Hong Kong tourism to new heights. Hong Kong is a city full of energy and endless adventures. The Government, along with the tourism industry, the business sector and the community, and indeed everyone in Hong Kong, need to act together to shape Hong Kong’s attractive tourism brand vividly. I always call myself a tourism veteran, and you have my assurance that I am all ears when you have a new idea to tell me, and I shall be in action when I know that there are things that my bureau could do to facilitate your business. Equally, I hope I have your assurance that you are walking with me to rejuvenate our travel and tourism industries, and that I can count on your diligence and creativity on this journey. I also look forward to working closely once again with the new Chairman of Hong Kong Tourism Board, Dr Peter Lam, to bring Hong Kong tourism to the new and next level of excellence.
     
    Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister greets everyone on Navroz

    Source: Government of India

    Posted On: 20 MAR 2025 10:31AM by PIB Delhi

    The Prime Minister, Shri Narendra Modi has greeted everyone on the occasion of Navroz. Shri Modi also wished that may this special day bring abundance of happiness, prosperity and good health to all. 

    The Prime Minister posted on X;

    “Navroz Mubarak! 

    May this special day bring abundance of happiness, prosperity and good health to all. May the coming year be marked by success and progress, and may the bonds of harmony be strengthened. 

    Wishing a joyful and fulfilling year ahead!”

     

     

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  • MIL-OSI Asia-Pac: DH calls on public to maintain oral health in support of World Oral Health Day and launches Primary Dental Co-care Pilot Scheme for Adolescents to promote lifelong tooth protection

    Source: Hong Kong Government special administrative region

    DH calls on public to maintain oral health in support of World Oral Health Day and launches Primary Dental Co-care Pilot Scheme for Adolescents to promote lifelong tooth protection 
    The World Dental Federation has designated March 20 of each year as World Oral Health Day, with this year’s theme being “A Happy Mouth is a Happy Mind. Spread Happiness Everywhere.” The DH’s Oral Health Promotion Division (OHPD) has launched a new promotional video on its YouTube channel 
         “There is an intimate relationship between oral health and general health. Tooth decay and periodontal disease share many common risk factors as cardiovascular disease and diabetes. For example, smokers are more likely to develop cardiovascular and periodontal disease. To maintain good personal oral and general health, members of the public are encouraged to start with daily habits, such as toothbrushing and interdental cleaning thoroughly every day, having regular oral check-ups, maintaining a healthy eating habit, and refraining from smoking or drinking alcohol to minimise the risk of related diseases,” said the Consultant in-charge, Dental Services of the DH, Dr Kitty Hse.
     
         “The DH has carefully chosen this meaningful day to launch the PDCC today. Through the co-payment arrangement, the PDCC subsidises adolescents to seek dental check-ups at private dental clinics, thereby fostering their partnership with dentists to maintain a good habit of regular dental check-ups and prevent dental diseases,” she added.
     
    Eligible adolescents can receive subsidised services once every calendar year. While the Government provides a subsidy of $200 each time, participants have to pay a co-payment fee as determined by the dentists they select. The co-payment for the subsidised services recommended by the Government is $200 each time. Currently, there are around 270 registered dentists participating in the PDCC to provide services in over 370 service locations, where 67 per cent of the co-payment amount has been set at $200 or less and the minimum co-payment amount has been set at $50 (as at March 19). ​The scope of subsidised services of the PDCC includes:
     
    i. Dental check-up;
    ii. Oral health risk assessment;
    iii. Dental scaling;
    iv. Personalised self-care advice on oral care;
    v. Fluoride application as risk-based follow-up; and
    vi. Check-up report.
     
    To enhance the transparency of dental service fees other than the co-payment fee, the DH required dentists to disclose the fees for X-ray examinations, tooth fillings and tooth extractions as charged under the PDCC. All clinics participating in the PDCC will display the designated logo (see annex) outside their clinics or in visible areas for easy identification.
     
    Adolescents aged between 13 and 17 (or will turn 13 in the calendar year when applying to join the PDCC) who hold a valid Hong Kong identity card and have registered for the     Electronic Health Record Sharing System 
    Adolescents participating in the PDCC and their parents can check their relevant records, including the date of the consultation and the co-payment amount, through the eHealth mobile application (eHealth App). Later this year, they will also be able to access their electronic oral health records and oral care advice from the dentists through the eHealth App to better understand and monitor their own dental health.
     
    Dr Hse emphasised that receiving preventive dental services is more effective in safeguarding oral health and more cost-effective than paying for curative dental services later. For more information about oral health and the PDCC, please visit the     OHPD’s websiteIssued at HKT 12:40

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  • MIL-OSI Asia-Pac: Chronic Disease Co-Care Pilot Scheme expands to cover blood lipid testing and District Health Centres enhance allied health services

    Source: Hong Kong Government special administrative region

    Chronic Disease Co-Care Pilot Scheme expands to cover blood lipid testing and District Health Centres enhance allied health services 
    Expansion of CDCC Pilot Scheme screening service scope to blood lipid testing
     
         The Government launched the CDCC Pilot Scheme in November 2023 to subsidise eligible participants through pairing with a family doctor of their choice to undergo diabetes mellitus (DM) and hypertension (HT) screening, as well as attending doctor consultation and receiving laboratory services in the private healthcare sector on a co-payment basis, with a view to achieving “early prevention, early identification and early treatment”. Starting from March 28, the scope of screening under the CDCC Pilot Scheme will be expanded to include blood lipid testing in addition to DM and HT screening to achieve full coverage of the “three highs”, with a view to implementing the policy initiative as set out in “The Chief Executive’s 2024 Policy Address”, allowing more citizens to comprehensively assess and manage their cardiovascular disease risk factors through the Scheme.
     
         The eligibility criteria for the CDCC Pilot Scheme will remain unchanged (i.e. Hong Kong residents aged 45 or above with no known medical history of DM or HT). The Government subsidies for consultation visits, and the co-payment amount to be paid by the participants will remain at the current level. If participants are diagnosed with hyperlipidaemia, they are entitled to a maximum of four subsidised consultation visits in the first year, and a maximum of two subsidised consultation visits annually from the second year onwards. If they are also diagnosed with prediabetes or suffering from DM or HT, they are entitled to a maximum of four or six subsidised consultation visits per year respectively. The arrangements for subsidised consultation visits will be similar to the current arrangement. Healthcare professionals will also arrange for the participants to receive dedicated nurse clinic and allied health services under the district health network according to their clinical conditions and needs.
     
         The basic-tier drug list of the CDCC Pilot Scheme covers basic drugs for treating chronic diseases (including anti-diabetic drugs, anti-hypertensive drugs and lipid-regulating drugs) as well as episodic illnesses. Participants prescribed with drugs on the list will not be required to pay for such medication. Participants who are confirmed with no sign of DM, HT or hyperlipidaemia upon screening can receive follow-up and assistance in setting health management goals from the DHC/DHCEs, and will be arranged to participate in activities to promote healthy lifestyles according to their health needs to maintain good health.
     
         The Government has announced earlier 
         In addition, starting from April 15, podiatry services of the dedicated nurse clinic and allied health services under the CDCC Pilot Scheme will be enhanced. Podiatrists will conduct foot assessments for participants with DM and/or HT and provide treatment plans on problems such as foot ulcers, peripheral vascular disease, neuropathy or foot deformities.
     
    Expansion of dedicated nurse clinic and allied health services to DHC/DHCE members
     
         Following the     provision of dedicated nurse clinic and allied health services for participants in the CDCC Pilot Scheme 
         The dedicated nurse clinics will provide initial assessments on osteoarthritis of knee and back pain, basic self-management and dietary advice and counselling, muscle and joint function assessments, as well as checking of common women’s health issues to members in need. Occupational therapists will provide assessment of capabilities in daily life and personalised functional therapy activities for patients with knee osteoarthritis, back pain and stroke, as well as advising patients and their carers on assistive devices and home environment improvements to reduce fall risks and enhance their self-management and self-care ability in daily life. Chinese medicine practitioners will provide acupuncture and acupressure treatment for patients. Physiotherapists will provide clinical consultations and appropriate intervention treatments including pain relief modality, electrotherapy and manual therapy for complex cases (such as individuals suffering from both overweight and joint pain). Speech therapists will provide assessment and training to patients with difficulties in swallowing, speaking or communication due to stroke, and provide advice on feeding and dietary improvement to the patients suffering from stroke or their carers. Dietitians will design personalised meal plans and provide targeted nutritional guidance to participants. The addresses and service hours of relevant service points will be uploaded to the DHC website (    www.dhc.gov.hk/en/healthcare_service_providers.html  
         The co-payment model will be adopted for DHC/DHCE members receiving dedicated nurse clinic and allied health services. Eligible individuals will receive partial subsidies from the Government and pay a designated co-payment fee for services. The co-payment fee for DHC/DHCE members and CDCC Pilot Scheme participants receiving dedicated nurse clinic and allied health services are set out in the Annex.
     
         The CDCC Pilot Scheme has received a positive response since its launch, and over 100 000 participants have joined the programme to date. As at March 12 this year (provisional figures), about 62 700 participants have completed screenings, of which around 24 200 (nearly 40 per cent) have been diagnosed with prediabetes, DM or HT and have entered the treatment phase. The Government will continue to promote the CDCC Pilot Scheme to encourage citizens to prevent and manage chronic diseases proactively, thereby enhancing the overall health of the general public.
    Issued at HKT 12:22

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  • MIL-OSI Asia-Pac: Hong Kong Customs arrests director of wedding rings design company

    Source: Hong Kong Government special administrative region

    Hong Kong Customs arrests director of wedding rings design company???
    Under the TDO, any trader commits an offence if, at the time of acceptance of payment, the trader intends not to supply the product or intends to supply a materially different product, or there are no reasonable grounds for believing that the trader will be able to supply the product within a specified or reasonable period. The maximum penalty upon conviction is a fine of $500,000 and imprisonment of five years.
     
    Customs reminds traders to comply with the requirements of the TDO and refrain from engaging in unfair trade practices when supplying goods.
     
    Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 11:57

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  • MIL-OSI Asia-Pac: AFMS and NIMHANS, Bengaluru Ink MoU for Collaborative Research & Training

    Source: Government of India (2)

    Posted On: 20 MAR 2025 9:18AM by PIB Delhi

    In a significant step towards improving the mental well-being of the nation’s defense personnel, the Armed Forces Medical Services and the National Institute of Mental Health and Neurosciences (NIMHANS) have signed a Memorandum of Understanding (MoU), for collaborative research and training aimed at enhancing mental health support and care for the Armed Forces.

    The MoU was signed by Surgeon Vice Admiral Arti Sarin, AVSM, VSM, Director General Armed Forces Medical Services and Dr Pratima Murthy, Director of NIMHANS in a ceremony attended by senior officials from both institutions. The collaboration between AFMS and NIMHANS will focus on strengthening mental health services, conducting specialized training for medical personnel, and developing innovative programs to address the mental health issues faced by Soldiers, Sailors, Airmen, their families and dependants.

    The key objectives of the MoU include collaborative research, faculty exchange and academic activities. NIMHANS, with its expertise in Neuropsychiatry, will provide help in conducting research on advanced Psychiatric care and support to military personnel, addressing common issues such as Post Traumatic Stress Disorders (PTSD), Anxiety, and Depression.

    Surg VAdm Arti Sarin, in a statement said that the mental health of our soldiers is as important as their physical health. This partnership with NIMHANS will ensure that our personnel receive the best possible support to cope with the challenges they face while serving our country.

    Dr Pratima Murthy, Director of NIMHANS, stated that it is an honor to collaborate with the Armed Forces Medical Services to bring the Institute’s expertise in mental health care to the defence sector. The aim will be to provide world-class support to those who serve our nation, ensuring they receive the mental health care they deserve.

    This collaborative venture is a critical step in recognizing the importance of mental health for Armed Forces personnel and is expected to set a benchmark for similar initiatives across the country. Both organizations are committed to providing comprehensive mental health services that contribute to the overall welfare of the Armed Forces.

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  • MIL-OSI Asia-Pac: LCSD’s “Hong Kong Artists” Series to showcase local art talents (with photos)

    Source: Hong Kong Government special administrative region

    　　The “Hong Kong Artists” Series 2025, presented by the Leisure and Cultural Services Department (LCSD), will launch six brilliant programmes featuring 10 distinguished local artists skilled in violin, piano, cello, guzheng and vocal arts. Among them, a cross-genre performance of music and painting will be staged to showcase Hong Kong’s unique cultural character, embracing diversity and innovation. Tickets will be available for purchase starting at 10am next Thursday (March 27). 

    　　Brief introductions of the programmes are as follows:——————————————–
    Date and time: May 10 (Saturday), 8pm
    Venue: Studio Theatre, Hong Kong Cultural Centre
    Ticket prices: $240 and $320
     
    　　Curated by renowned pianist Colleen Lee and watercolour artist Fu Man-yat, this cross-genre arts programme presents works of French composers Debussy, Saint-Saëns and Ravel. Lee, together with three vibrant musicians – Aaron Chan (violin), Letty Poon (cello) and Rhythmie Wong (piano) – will perform alongside Fu’s paintings. The concert features interactions between painting and music, enabling the audience to experience the commonalities between the two art forms. ——————————————–
    Date and time: June 11 (Wednesday), 8pm
    Venue: Theatre, Hong Kong City Hall
    Ticket prices: $200 and $240——————————————–
    Date and time: July 4 (Friday), 8pm
    Venue: Theatre, Hong Kong City Hall
    Ticket prices: $200 and $240——————————————–
    Date and time: September 9 (Tuesday), 8pm
    Venue: Theatre, Hong Kong City Hall
    Ticket prices: $200 and $240——————————————–
    Date and time: November 13 (Thursday), 8pm
    Venue: Theatre, Hong Kong City Hall
    Ticket prices: $200 and $240——————————————–
    Date and time: December 1 (Monday), 8pm
    Venue: Theatre, Hong Kong City Hall
    Ticket prices: $200 and $240 
    　　The “Hong Kong Artists” Series aims to provide a platform for local artists to showcase their remarkable talents. In addition to individual performances, it also encourages cross-genre works to highlight their unique styles. For more information, please visit the above-mentioned website. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong maintains third place globally with higher rating in Global Financial Centres Index

    Source: Hong Kong Government special administrative region

    Hong Kong maintains third place globally with higher rating in Global Financial Centres Index 
         A Government spokesman said, “The report fully recognises Hong Kong’s leading status and strengths as an international financial centre. Hong Kong’s rankings in the areas of ‘human capital’, ‘infrastructure’, and ‘financial sector development’ rose to second in the world, while rankings in ‘business environment’ and ‘reputational and general’ rose to third globally.”
     
         Hong Kong also ranked among the top in various financial industry sectors. Among these, Hong Kong ranked first globally in “investment management”, “insurance” and “finance”, and ranked third globally in “banking”. In addition, the report assessed the financial centres’ fintech offering, and Hong Kong’s ranking leapt further by five places to fourth in the world.
     
         The spokesman added, “With the staunch support of our country, Hong Kong will continue to leverage the advantages under ‘one country, two systems’, actively integrate into national development, and deepen international exchanges and co-operation, with a view to fulfilling our roles as a ‘super connector’ and a ‘super value-adder’. Finance is an important tool to support the development of the real economy. A series of policy initiatives have been announced in the 2025-26 Budget, pressing ahead with the high-quality development of Hong Kong’s international financial market to create more new growth areas.
     
         “On the stock market, various institutional reforms, including enhancing the timeframe for the listing application process and listing requirements for specialist technology companies, coupled with the Government’s active efforts to attract new capital from the Mainland and overseas and expand new markets, have injected new impetus into the Hong Kong market and improved its liquidity. We also endeavour to deepen financial mutual access between the Mainland and Hong Kong and have implemented a number of measures to enrich and support offshore Renminbi (RMB) business, such as enhancing the settlement arrangements of Bond Connect and launching offshore RMB bond repurchase business using Northbound Bond Connect bonds as collateral, further strengthening Hong Kong’s role in connecting the Mainland and international capital markets.
     
         “On asset and wealth management business, the Government has implemented measures to continuously promote its development over the past year, including enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, Exchange-traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement. On green finance, we launched in December last year a roadmap on sustainability disclosure in Hong Kong, which provides a well-defined pathway for large publicly accountable entities to fully adopt the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) no later than 2028, leading Hong Kong to be among the first jurisdictions to align its local requirements with the ISSB Standards. On fintech, we will soon promulgate a second policy statement on the development of virtual assets to explore the integration of traditional finance and virtual assets. We will also continue to explore new growth areas, including promoting gold market development and creating a commodity trading ecosystem in Hong Kong.”
     
         The GFCI Report has been released every March and September since 2007. In GFCI 37, 119 financial centres were assessed, and Hong Kong ranked third globally with an overall rating of 760.
    Issued at HKT 17:30

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  • MIL-OSI Asia-Pac: Consumer Price Indices for February 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released today (March 20) the Consumer Price Index (CPI) figures for February 2025. According to the Composite CPI, overall consumer prices rose by 1.4% in February 2025 over the same month a year earlier, smaller than the corresponding increase (2.0%) in January 2025. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in February 2025 was 1.1%, also smaller than that in January 2025 (1.6%). The smaller increase in February 2025 was mainly due to the high base of comparison stemming from the Chinese New Year falling in February last year, in particular food prices and the charges for package tours.   

         It should be noted that consumer prices tend to show greater volatility in the first two months of a year due to the timing of the Chinese New Year. As the Chinese New Year fell in January this year but in February last year, the year-on-year comparison of the figures for January and February 2025 might have been affected by this factor to a certain extent. Taking the first two months of 2025 together to neutralise the effect of the Chinese New Year, the Composite CPI rose by 1.7% over a year earlier.  Netting out the effect of all Government’s one-off relief measures, the corresponding increase was 1.3%.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Maximum amount of ex gratia payment on severance payment from Protection of Wages on Insolvency Fund to be raised

    Source: Hong Kong Government special administrative region

    Maximum amount of ex gratia payment on severance payment from Protection of Wages on Insolvency Fund to be raised 
    Through a resolution of the Legislative Council under the Protection of Wages on Insolvency Ordinance today (March 20), the maximum amount of ex gratia payment on severance payment under the Fund will be increased from $100,000 plus 50 per cent of any excess entitlement to $200,000 plus 50 per cent of any excess entitlement. 
     
    The adjusted maximum amount will take effect on Friday (March 21) upon gazettal of the resolution and apply to severance payment where the liability for payment arises on or after that date.
     
    The review on the coverage of ex gratia payment on severance payment under the Fund is one of the policy initiatives in “The Chief Executive’s 2024 Policy Address” to strengthen labour support. This legislative amendment will further strengthen the protection for employees’ entitlements to severance payment upon business closures.
     
    The Fund was set up in 1985 to provide timely financial relief in the form of ex gratia payment to employees of insolvent employers. 
    Issued at HKT 10:35

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SCST expresses condolences over passing of Jimmy Lo

    Source: Hong Kong Government special administrative region

    SCST expresses condolences over passing of Jimmy Lo
    Mr Lo was a prominent figure in Hong Kong’s music and lyric-writing scene, as his lyrics captured the essence of the city’s evolving times and emotions. He wrote lyrics for over 3 000 songs, each a masterpiece of poetic craftsmanship and profound emotion. His works have touched the lives of many in Hong Kong, leaving a lasting impression in the city’s collective memory. Revered as the “Maestro of Lyrics”, Mr Lo’s timeless classics, such as “Dynasty”, “Every Time It Changes” and “Fatherland”, skilfully interweaved lyrics and mood, conveying a multitude of emotions to listeners. His works continue to resonate with audiences and stand the test of time.

    Miss Law said, “With his superb writing skills, Mr Lo’s lyrics were imbued with profound emotion and philosophy. His works were sometimes meticulous and sometimes grand, touching the hearts of countless listeners. He dedicated his life to creating classic songs for Hong Kong’s music industry, leaving behind a precious collective memory for us all. His passing is a tremendous loss to Hong Kong’s cultural community. We will always remember this exceptional artist and truly value his tremendous contributions to Hong Kong’s culture.”
    Issued at HKT 15:30

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