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Category: Asia

  • MIL-OSI Asia-Pac: Speech by FS at SAB Invest Hang Seng Hong Kong ETF Listing Ceremony (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the SAB Invest Hang Seng Hong Kong ETF Listing Ceremony in Riyadh, Saudi Arabia, today (October 31, Riyadh time):
     
    Diana (Executive Director and Chief Executive of Hang Seng Bank, Ms Diana Ferreira Cesar), Rosita (Director and Chief Executive Officer of Hang Seng Investment Management Limited, Ms Rosita Lee), Mr Al-Hussan (Chairman of the Board of Directors of the Saudi Exchange, Mr Khalid Abdullah Al-Hussan), distinguished guests, ladies and gentlemen,
     
         Good morning. It is a great pleasure to join you today in celebrating the fast-growing financial collaboration between Hong Kong and Saudi Arabia.
     
         I am delighted to congratulate SAB, Hang Seng Investment Management and the Saudi Tadawul for this cheering listing.
          
         Following last November’s listing, on the Hong Kong Stock Exchange, of the first Asian ETF (exchange-traded fund) investing in Saudi Arabia, the SAB Invest Hang Seng Hong Kong ETF is just another remarkable product that encourages mutual access of our two markets.
          
         Today’s ETF invests into the Tracker Fund of Hong Kong, which tracks more than 80 of the largest, most liquid stocks on the Hong Kong Stock Exchange. It creates another channel for Saudi investors to participate in Hong Kong’s equity market on a diversified basis, covering such key sectors as finance, technology and property, in Hong Kong and Mainland China.
          
         And the Tracker Fund itself is an eligible ETF for Southbound trading under our Stock Connect Scheme with the Mainland, meaning that it will enjoy the liquidity of the investment from the Mainland, too.
     
         The Hong Kong Stock market is, of course, a global market, boasting capitalisation of more than US$4.5 trillion. That’s 12 times our GDP.
          
         It counts more than 2 600 listed companies, including some 1 460 from the Mainland. And they represent nearly 80 per cent of our market capitalisation. In other words, HK is the global fund raising platform for Mainland companies.
          
         Investing in our market, by extension, is investing in the Mainland economy, which will prove to be a rewarding endeavour as our country, China, is forecast to grow on a relatively faster pace on a sustainable basis for the long term.
     
         But the benefits are much more. Last year, we reached an MOU with the Saudi Tadawul, enhancing co-operation in such areas as cross-listings.  We also encourage Saudi issuers to secondary list on our Stock Exchange.  We believe these will be important steps to drive more mutual flow of capital, and widening the accessibility to both markets and enhancing their liquidity.
     
         Hong Kong is connecting issuers, investors and capital around the world and are forging more two-way capital flows with the Middle East, China, Asia and beyond.
     
         I’m glad that the ETF listed today is helping to deepen our efforts in connecting emerging markets with global capital. It is more than a financial product; it signifies our determination to create innovative ways to co-operate, to realise mutually rewarding opportunities with Saudi Arabia and the Middle East.
     
         I would like to thank all the parties for your hard work.  And for that, I look forward to more mutually beneficial cross-border financial innovation to emerge to benefit our markets and our people.
     
         I wish you all the best of business, and investing, long down this 21st century of opportunity. Thank you.      

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-Evening Report: Islands Business publisher Samantha Magick – storyteller, risk-taker and community champion

    By Teagan Laszlo, Queensland University of Technology

    For Samantha Magick, journalism isn’t just a job. It is a lifelong commitment to storytelling, advocacy, and empowering voices often overlooked in the Pacific.

    As the managing editor and publisher at Islands Business, the Pacific Islands’ longest surviving news and business monthly magazine, Magick’s commitment to quality reporting and journalistic integrity has established her as a leading figure in the region’s news industry.

    Magick’s passion for journalism began at a young age.

    “I wanted to be a journalist when I was like 12,” Magick recalls. “When I left school, that’s all I wanted to study.”

    She remembers her family’s disapproval when she would write stories as a child, as they thought she was “sharing secrets”. Despite that early condemnation, Magick’s thriving journalism career has taken her across continents and exposed her to diverse media landscapes.

    After completing a Bachelor of Communications with a major in journalism at Charles Sturt University in Bathurst, Australia, Magick began her career at Communications Fiji Limited (CFL), a prominent Fijian commercial network.

    She progressed over 11 years from a cadet to CFL’s news director.

    Guidance of first boss
    Magick attributes some of her early success to the guidance of her first boss and CFL’s founder, William Parkinson. She considers herself fortunate to have had a supportive mentor who led by example and dared to take risks early in life, such as founding a radio station in his 20s.

    After leaving CFL, Magick’s career took her across the globe, including regional Pacific non-government organisations, news publications in Hawai’i and Indonesia, and even international legal organisations in Italy.

    Magick, who is of both Fijian and Australian heritage, returned to Suva in 2018, where she began her current role as Islands Business’s managing editor.

    “I’ve chosen to make my life in Fiji because I feel more myself here,” Magick says, reflecting on her deep connection to the island nation.

    Magick’s vision for Islands Business focuses on delving into the deeper, underlying narratives often overshadowed by breaking news cycles and free, readily available news content.

    “We need to be able to demonstrate the value of investigation, big picture reporting rather than the day-to-day stuff,” Magick says.

    Magick prides herself on creating a diverse and inclusive newsroom that reflects the communities it serves.

    Need for diverse newsroom
    “You have to have a diverse newsroom,” she emphasises, recognising the importance of amplifying marginalised voices. “For example, there is a conscious effort to make sure our magazine is not full of photos of men shaking hands with other men.”

    Magick also believes journalists have a responsibility to advocate for change, as demonstrated by Islands Business’s dedication to tackling pressing issues from climate change to media freedom.

    “Why would I give a climate change denier space?” Magick questions when discussing the need to balance objectivity and advocacy. “Because it’s kind of going to sell magazines? Because it’s going to create a bit of a stir online? That’s not something we believe in.”

    Despite her success, Magick’s career has not been without challenges. Magick worked through Fiji’s former draconian media restriction laws under the Media Industry Development Act 2010, while also navigating the shift to digital media.

    Islands Business managing editor Samantha Magick (right) with Fiji Times reporter Rakesh Kumar and chief editor Fred Wesley (centre) celebrating the repeal of the draconian Fiji media law last year . . . ““Why would I give a climate change denier space?” Image: Lydia Lewis/RNZ Pacific

    Magick emphasises the need to constantly upskill and re-evaluate strategies to ensure she and Islands Business can effectively navigate the constantly evolving media landscape.

    From learning to capitalise on social media analytics to locating reputable information sources when many of them feared to speak to the journalists due to the risk of legal retribution, Magick believes flexibility and perseverance are crucial to staying ahead in media.

    In her early career, Magick also faced sexism and misogyny in the media industry. “When I think back about the way I was treated as a young journalist, I feel sick,” Magick says as she reflects on how she and her female colleagues would warn each other against interviewing certain sources alone.

    Supporting aspiring journalists
    The challenges Magick has faced undoubtably contribute to her dedication to supporting aspiring journalists, as evident through Kite Pareti’s journey. Starting as a freelance writer with no newswriting experience in March 2022, Pareti has since progressed to one of two full-time reporters at Islands Business.

    Pareti expresses gratitude for the opportunities she’s had while working at Islands Business, and for the mentorship of Magick, whom she describes as “family”.

    “Samantha took a chance on me when I had zero knowledge on news writing,” Pareti says. “So I’m grateful to God for her life and for allowing me to experience this once-in-a-lifetime opportunity.”

    Magick reciprocates this sentiment. “Recently, I am inspired by some of our younger reporters in the field, and their ability to embrace and leverage technology — they’re teaching me.”

    Magick anticipates an exciting period ahead for Islands Business, as she aims to attract a younger, professionally driven, and regionally focused audience to their platforms.

    When asked about her aspirations for journalism in the region, Magick says she hopes to see a future where Pacific voices remain at the centre, “telling their own stories in all their diversities”.

    Teagan Laszlo was a student journalist from the Queensland University of Technology who travelled to Fiji with the support of the Australian Government’s New Colombo Plan Mobility Programme. This article is published in a partnership of QUT with Asia Pacific Report, Asia Pacific Media Network (APMN) and The University of the South Pacific.

    MIL OSI Analysis – EveningReport.nz –

    January 25, 2025

  • MIL-OSI United Kingdom: UK approves use of export finance to secure critical minerals

    Source: United Kingdom – Executive Government & Departments 4

    UK Export Finance can now provide financial support for overseas projects that source critical minerals for use in major UK industries.

    Lithium, an example of a critical mineral

    • Chancellor announces availability of export credit financing to help British industries access a stable, long-term supply of critical minerals. 

    • There is high global demand for critical minerals which are increasingly vital to long-term industrial growth, emerging technology and the net zero transition. 

    The Chancellor has announced that UK Export Finance (UKEF), the government’s export credit agency, will offer financial support for overseas projects that supply critical minerals fuelling UK industrial growth and the net zero transition.  

    By securing contracts which increase and diversify UK access to critical minerals, this will help the UK to build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence and aerospace. 

    ‘Critical minerals’ are raw materials like lithium, graphite and cobalt which are essential to the UK’s largest exporting sectors. They are used in range of emerging and sustainable technologies like electric vehicles, solar panels and wind turbines. 

    Financing will be offered in the form of credit guarantees to overseas companies, helping them access debt financing for projects which supply UK exporters with critical mineral products – including both raw and processed materials.  

    It is expected that UKEF will work with other ECAs and public financial institutions to finance eligible projects and support investment into new supply routes.   

    This would make it easier for UK manufacturers to secure contracts with critical mineral suppliers in countries with vast mineral deposits, including Australia, which holds large deposits of lithium.  

    Jonathan Reynolds, Secretary of State for Business and Trade, said: 

    There is intense global competition for critical minerals like lithium, tin and cobalt which are essential for industrial growth, British industries and our journey towards net zero. 

    As the energy transition pushes demand to new highs, this financing offer will help UK companies to get a seat at the table, build international partnerships and secure their critical mineral needs.  

    Helping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.

    Kirsty Benham, Chief Executive Officer, Critical Minerals Association (UK), said:  

    We welcome the new export finance offering for critical minerals, which supports UK manufacturers and supply chain security. The offer demonstrates the importance of critical minerals to UK Government, and showcases the UK’s strengths as a serious buyer of these strategically important materials.  

    We look forward to working closely with UKEF and supporting the development of this offer into secure, resilient, responsible critical mineral supply chains for the UK and MSP partners.

    Sean Sargent, Chief Executive Officer, Green Lithium, added: 

    Green Lithium’s refinery in Teesside will be a future importer of critical raw materials and, following processing, a UK exporter of battery chemicals. This new export finance offering from UKEF is precisely the sort of initiative that will help UK businesses strengthen relationships with international partners and contribute to the development of stronger international supply chains, while also supporting critical minerals industrial development in the UK.  

    It is a welcome development from the UK Government, and a facility that will be of interest to several of our international supply chain partners.

    The UK government is a founding member of the US-initiated Minerals Security Partnership (MSP), which aims to help member economies secure a stable access to critical minerals. 

    Today’s announcement follows the recent launch of an MSP finance network, in which UKEF is working with other export credit agencies and financial bodies to help de-risk and increase financing for critical minerals projects.  

    UKEF has also used its existing products to support UK capability in critical minerals production. It recently announced a guarantee supporting machinery exports to one of Central Asia’s largest copper-production facilities.

    Contact

    Media enquiries:

    Email newsdesk@ukexportfinance.gov.uk

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    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI Asia-Pac: SED attends China Annual Conference & Expo for International Education in Beijing (with photo)

    Source: Hong Kong Government special administrative region

    SED attends China Annual Conference & Expo for International Education in Beijing (with photo)
    SED attends China Annual Conference & Expo for International Education in Beijing (with photo)
    ******************************************************************************************

         The Secretary for Education, Dr Choi Yuk-lin, today (October 31) attended the 25th China Annual Conference & Expo for International Education (CACIE) in Beijing to share Hong Kong’s experiences in promoting internationalisation and diversification of higher education, and promote the “Study in Hong Kong” Brand.           CACIE is a high-level and comprehensive platform for global educators to engage in dialogue and practical co-operation. Under the theme “Education for All, the Unknown and the Future”, this year’s Conference aims to forge a consensus on global education development and reform. Thousands of people from different countries and regions attended.           In her keynote speech at the plenary session of CACIE on Hong Kong’s efforts in promoting internationalisation and diversification in the higher education sector, Dr Choi said that Hong Kong has five universities funded by the University Grants Committee which are ranked among the world’s top 100. Coupled with a sound education infrastructure, outstanding research talent and strong research capabilities, Hong Kong’s reputable brand name of quality education is widely recognised and acknowledged both locally and globally.           “The Chief Executive’s 2024 Policy Address” announced the establishment of the Committee on Education, Technology and Talents to take forward the work of invigorating the country through science and education, and accelerate the building of an innovative talent pool. At the same time, the Government launched a number of key initiatives, including supporting capacity expansion and quality enhancement of local institutions; stepping up overseas publicity to attract more non-local students to study in Hong Kong; strengthening collaboration with universities from all over the world to broaden students’ international horizons; promoting synergistic development of higher education in Hong Kong and on the Mainland to complement each other’s strengths; and nurturing cross-disciplinary talent, and pressing ahead with the development of universities of applied sciences to create multiple pathways for young people.           She said that the Government has been actively supporting the establishment of alliances between higher education institutions in Hong Kong and on the Mainland to gather high-quality teaching and research resources, and to achieve mutual benefits through deepening co-operation among member institutions in areas such as scientific innovation and talent exchanges, thereby enhancing the level and standard of regional co-operation, and developments on different fronts.           During the Conference, Dr Choi exchanged views on the latest trends and developments in global education with other guests, including Vice Chairman of the Standing Committee of the 14th National People’s Congress Mr Ding Zhongli; the Governor of Victoria, Australia, Professor Margaret Gardner; Deputy Minister of Higher Education, Science and Innovations of Uzbekistan Mr Otabek Mahkamov; the Chief Executive Officer of the Institute of International Education in the United States, Dr Allan Goodman; and the Ambassador of France to China, Mr Bertrand Lortholary.           In addition, Dr Choi met representatives of Hong Kong post-secondary education institutions participating in the Expo to learn about the promotional efforts of publicly funded and self-financing institutions in expanding their international network and recruiting students from around the world to study in Hong Kong.???           Dr Choi will return to Hong Kong in the afternoon.

     
    Ends/Thursday, October 31, 2024Issued at HKT 17:43

    NNNN

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Mortgage loans down 20.6%

    Source: Hong Kong Information Services

    The value of residential mortgage loans approved in September was $17.3 billion, a 20.6% drop compared with August, the Monetary Authority announced today.

    Mortgage loans financing primary market transactions dropped 27.2% to $5.6 billion, while those financing secondary market transactions decreased 15.4% to $10 billion.

    Loans for refinancing decreased 25.1% to $1.8 billion.

    Mortgage loans drawn down during September amounted to $15.4 billion, a 3.6% reduction from August.

    The number of mortgage applications in September dipped 15.9% month on month to 4,977.

    The outstanding value of mortgage loans increased 0.1% month on month to $1.872 trillion at the end of September.

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI: Temenos Named a Leader in IDC MarketScapes for Digital Core Banking Platforms

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, Oct. 31, 2024 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today announced that it has been named a Leader in the 2024 IDC MarketScapes for Digital Core Banking Platforms in North America, EMEA and Asia Pacific.[1] Temenos attributes this recognition to the rich functionality of its core banking platform, helping banks enhance their customer experiences and increase business agility. 

    In North America, the IDC MarketScape evaluated 10 technology vendors, while the IDC MarketScapes for APAC and EMEA assessed 15 vendors each. In this competitive global landscape, Temenos is one of just two vendors to be named a Leader in all three evaluations.

    Jerry Silva, Vice President, IDC Financial Insights, said: “The Temenos Core Banking solution portfolio is a cloud-native and cloud-agnostic composable microservices-based offering. It uses a modern technology stack that can evolve to cater for new needs as they arise. This enables banks to compose, extend, and deploy banking capabilities at scale via cloud and SaaS, or to deploy on premise. The solution is used by clients all over the world and Temenos has earned a reputation for being customer-centric and collaborative.”

    Barb Morgan, Chief Product and Technology Officer, Temenos, commented: “We’re proud to be recognized by the IDC MarketScape as a market leader across multiple regions in digital core banking platforms. We believe this demonstrates the proven value of our comprehensive core banking solutions, providing banks globally with the agility they need to innovate faster and elevate the digital banking experience for their customers. We are committed to keep investing on Temenos’ core banking platform and delivering solutions that create long-term value and success for our customers.”

    The IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.

    [1] Source: IDC MarketScape: North American Digital Core Banking Platforms 2024 Vendor Assessment (doc #US50463523, September 2024); IDC MarketScape: EMEA Digital Core Banking Platforms 2204 Vendor Assessment (doc #EUR150463623, September 2024); and IDC MarketScape: Asia Pacific Digital Core Banking Platforms 2024 Vendor Assessment (doc #AP50463723, September 2024).

    About IDC MarketScape
    IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

    About Temenos
    Temenos (SIX: TEMN) is the world’s leading platform for composable banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. These banks’ IT spend on growth and innovation is also 2X the industry average.

    For more information, please visit www.temenos.com.

    The MIL Network –

    January 25, 2025

  • MIL-OSI Economics: Sectoral Deployment of Bank Credit – September 2024

    Source: Reserve Bank of India

    Data on sectoral deployment of bank credit for the month of September 20241 collected from 41 select scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.

    On a year-on-year (y-o-y) basis, non-food bank credit2 in September 20243 grew at 14.4 per cent, as compared to 15.3 per cent a year ago.

    Highlights of the sectoral deployment of bank credit3 are given below:

    • Credit to agriculture and allied activities continued to be robust with the growth of 16.4 per cent (y-o-y) in September 2024, compared with 16.7 per cent in September 2023.

    • Credit growth to industry improved to 9.1 per cent (y-o-y) in September 2024 compared with 6.0 per cent a year ago. The improved industrial credit growth was broad-based across ‘micro & small’, ‘medium’ and ‘large’ industries. Among major industries, credit to ‘chemicals and chemical products’, ‘food processing’, ‘petroleum, coal products and nuclear fuels’, and ‘all engineering’ recorded a higher growth in September 2024 as compared to their respective growth rates a year ago, while credit growth to ‘basic metal and metal product’, and ‘textiles’ moderated.

    • Credit growth to services sector decelerated to 15.2 per cent (y-o-y) in September 2024 from 21.6 per cent a year ago, primarily due to lower growth in credit to ‘non-banking financial companies’ (NBFCs). However, within the segment, during the same period, growth (y-o-y) in credit to ‘commercial real estate’ accelerated.

    • Personal loans growth moderated to 16.4 per cent (y-o-y) in September 2024 as compared with 18.2 per cent a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’. However, ‘housing’ – the largest constituent of this segment – recorded accelerated growth.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1407

    MIL OSI Economics –

    January 25, 2025

  • MIL-OSI China: Philippine side should not tie herself to US war chariot: Defense Spokesperson 2024-10-31 “The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself,” said Senior Colonel Zhang Xiaogang.

    Source: People’s Republic of China – Ministry of National Defense 2

      BEIJING, Oct. 31 — “The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself,” said Senior Colonel Zhang Xiaogang, spokesperson for China’s Ministry of National Defense, at a regular press conference on Thursday.

      It is reported that the Chairman of the Philippine Senate Foreign Relations Committee openly opposed the US’s deployment of Typhon mid-range missile system in the Philippines during her attendance at a recent media forum. When being asked to comment on such report, the Chinese defense spokesperson made the above remarks.

      He pointed that China has repeatedly expressed firm opposition to the US’s deployment of mid-range missile system in the Philippines. “The US has withdrawn from the Intermediate-Range Nuclear Forces Treaty, developed Typhon mid-range missile system, and used it as a tool to maintain its hegemony,” stressed the spokesperson.

      Furthermore, according to the spokesperson, the US has made willful deployment and stirred up troubles, which increased the risk of war in the region. It has been proven time and again that the US is a real saboteur to peace and a troublemaker.

      The spokesperson also pointed out that in fact, many people in the Philippines oppose the US’s deployment of Typhon mid-range missile system. “The Philippine government should not tie herself to the US war chariot and end up being cannon fodders”, urged the spokesperson.

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    MIL OSI China News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Contractors fined for violation of safety legislation

    Source: Hong Kong Government special administrative region

         Aggressive Construction Engineering Limited, High Grade Engineering Limited and a contractor were fined $36,000, $43,000 and $35,000 respectively at Kwun Tong Magistrates’ Courts today (October 31). The prosecutions were launched by the Labour Department.
          
         Aggressive Construction Engineering Limited violated the Factories and Industrial Undertakings Ordinance (FIUO), the Construction Sites (Safety) Regulations (CSSR) and the Factories and Industrial Undertakings (Safety Management) Regulation, whereas High Grade Engineering Limited and the other contractor violated the FIUO and the CSSR.
          
         The case involved a fatal accident that occurred on December 14, 2022, at a construction site in Yau Tong. A worker, while dismantling an I-beam mounted on a wall, was struck and killed by the suddenly collapsed I-beam. 

         The Labour Department is examining the sentences and considering further actions.

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Ombudsman commends public organisations and public officers for exemplary service and puts forward three strategic focuses to enhance public administration (with photos)

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Office of The Ombudsman:

         At the 27th Presentation Ceremony of The Ombudsman’s Awards today (October 31), The Ombudsman, Mr Jack Chan, presented the Grand Award to the Hong Kong Fire Services Department (FSD), an Award for Public Organisation to both the Social Welfare Department (SWD) and the Water Supplies Department (WSD), the Award on Mediation to the Housing Department (HD), the Customer Services Award to the Immigration Department (ImmD), and the Information Technology Application and Creativity Award to the Hospital Authority (HA). Individual Awards were also given to 79 public officers.

         Mr Chan commended the award-winning organisations and public officers for their proactive use of mediation, their endeavours in achieving synergy through interdepartmental collaboration, and their positive attitude in complaint handling. During the ceremony, Mr Chan also discussed the three strategic focuses put forward since he assumed office: The Office of The Ombudsman will go full steam ahead with the use of mediation to resolve complaints from the public, promote interdepartmental collaboration, and instil a positive complaint culture in society. Mr Chan said, “With concerted efforts, we will definitely meet the objectives of improving people’s livelihood, fostering harmonious development in our society and raising the quality standards of public administration.”

         This year’s recipient of the Grand Award, the FSD, has committed to providing effective fire and ambulance services for years. In 2023-24, 94 per cent of fire and ambulance calls were handled within the targeted response time, which is a standard higher than the performance pledge. The FSD’s dedication and professionalism in protecting public life and property are essential for ensuring the normal operation of society. The Department has also been proactive in promoting fire safety and public education on first aid.

         â€‹The SWD has been positive and practical in handling complaints. In response to the Office’s inquiries and investigations, the SWD has been active and efficient in providing comprehensive and useful information. In the Office’s direct investigation operation regarding the Pilot Scheme on Community Care Service Voucher for the Elderly, the SWD fully co-operated and was willing to accept and implement all of the Office’s recommendations.

         The WSD has maintained its performance pledge to adopt a customer-oriented approach in providing services. The Department’s complaint handling shows its conscious efforts to provide clear, prompt and detailed replies. WSD staff explain complicated technical issues to the public in plain language and are forthcoming in providing details to the Office to account for incidents. The WSD’s positive attitude has enabled the Office to process complaints efficiently.

         The HD received the Award on Mediation this year. The HD has actively used mediation as a mode of complaint handling. On many occasions, HD staff have suggested using mediation to quickly resolve fundamental problems leading to complaints and have made practical recommendations to address complainants’ discontent.

         The Office has introduced two new awards this year: the Customer Services Award and the Information Technology Application and Creativity Award. 

         The ImmD is the first winning department of the Customer Services Award. Throughout the years, the ImmD has worked hard to provide services that best suit public needs, such as introducing the e-Channel Service and conducting the Territory-wide Identity Card Replacement Exercise. The procedures for applying for services and collecting documents are simple, flexible and efficient.  

         The HA is the first recipient of the Information Technology Application and Creativity Award. The HA spares no effort in exploring innovation methods and technology to enhance service quality and improve patients’ experiences. Such efforts of the HA can be seen in the launch and ongoing improvement of the “HA Go” app, and the extended coverage of the Medication Delivery Service to all specialist clinics to provide more efficient and convenient services to the public.   

         At the presentation ceremony, Mr Chan also commended recipients of the Individual Awards and recognised their contributions. He said, “Government departments and public organisations rely on their committed and diligent staff to provide quality public service. This year, 79 public officers received the Individual Awards, which is a record high.  I am very pleased to see that more officers are being commended for their professional and excellent services. They have earned recognition and commendation from the general public, their respective departments or organisations, as well as my Office.” 

         A full list of the recipients of the Individual Awards this year and the experiences and thoughts from some of them about receiving these awards can be found in Appendices 1 and 2 respectively.

         The Ombudsman’s Awards Scheme was introduced in 1997. In 1999, the Scheme was extended to honour individual public officers. In 2018, an additional Award on Mediation for a public organisation was introduced. In 2024, two new awards, namely the Customer Services Award and the Information Technology Application and Creativity Award, were added.      

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Hong Kong Customs shuts down underground cigarette factory and seizes tobacco products worth about $22 million (with photos)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs shuts down underground cigarette factory and seizes tobacco products worth about $22 million (with photos)
    Hong Kong Customs shuts down underground cigarette factory and seizes tobacco products worth about $22 million (with photos)
    ******************************************************************************************

         Hong Kong Customs launched an anti-illicit cigarette operation on October 29, shutting down an underground cigarette factory in Tuen Mun. A total of about 3.3 million of suspected illicit cigarettes and about 1 100 kilograms of suspected duty-not-paid manufactured tobacco, with a total estimated market value of about $22 million and a duty potential of about $15 million, were seized.           Based on intelligence analysis, Customs identified an industrial building unit in Tuen Mun for an in-depth investigation. On the evening of October 29, Customs officers intercepted and arrested four men and three women, aged between 35 and 63, outside the unit. Six of them were suspected illegal workers. In addition, an illegal cigarette production line was found in the unit, which included a number of machines for producing and packaging illicit cigarettes, as well as a large amount of raw materials used for manufacturing illicit cigarettes. After counting, Customs seized about 3.3 million of suspected illicit cigarettes and about 1 100kg of suspected duty-not-paid manufactured tobacco at the scene, dismantling an underground cigarette factory exploiting illegal workers.           The seven arrested persons have been charged with “dealing with goods to which the Dutiable Commodities Ordinance applies” and will appear at the Tuen Mun Magistrates’ Courts tomorrow (November 1). Customs will continue to trace the source of the batch of raw materials of the illicit cigarettes and the production line-related machines. The likelihood of further arrests is not ruled out.           Customs reminds citizens that they must be vigilant when purchasing cigarettes. They should patronise reputable merchants or stores and not purchase cigarettes from unknown sources to avoid threats to their health.           Under the Dutiable Commodities Ordinance, a person shall not, except under and in accordance with a licence, manufacture tobacco. Also, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.           Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (https://eform.cefs.gov.hk/form/ced002/).

     
    Ends/Thursday, October 31, 2024Issued at HKT 18:13

    NNNN

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI: Bilibili Inc. to Report Third Quarter 2024 Financial Results on Thursday, November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, Oct. 31, 2024 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it will report its third quarter 2024 unaudited financial results on Thursday, November 14, 2024, before the open of U.S. markets.

    The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 14, 2024 (8:00 PM Beijing/Hong Kong Time on November 14, 2024). Details for the conference call are as follows:

    All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

    Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session.

    About Bilibili Inc.

    Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.

    For more information, please visit: http://ir.bilibili.com.

    For investor and media inquiries, please contact:

    In China:

    Bilibili Inc.
    Juliet Yang
    Tel: +86-21-2509-9255 Ext. 8523
    E-mail: ir@bilibili.com

    Piacente Financial Communications
    Helen Wu
    Tel: +86-10-6508-0677
    E-mail: bilibili@tpg-ir.com

    In the United States:

    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: bilibili@tpg-ir.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Radware Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Financial Results and Highlights

    • Revenue of $69.5 million, an increase of 13% year–over–year
    • Cloud ARR of $71.6 million, an increase of 15% year-over-year
    • Non-GAAP diluted EPS of $0.23 vs. $0.07 in Q3 2023; GAAP diluted EPS of $0.07 vs. $(0.16) in Q3 2023
    • Cash flow from operations of $14.7 million and $58.9 million year-to-date

    TEL AVIV, Israel, Oct. 31, 2024 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the third quarter ended September 30, 2024.

    “We are pleased to report solid third-quarter results, highlighted by 13% year-over-year revenue growth and a significant improvement in profitability and cash flow from operations,” said Roy Zisapel, Radware’s President and CEO. “Our results reflect double-digit growth in subscription revenue, strong sales of software subscriptions, and the ongoing success of DefensePro X, which carries with it more subscription revenue. We are excited about the momentum we’ve built and our future growth prospects.”

    Financial Highlights for the Third Quarter 2024
    Revenue for the third quarter of 2024 totaled $69.5 million:

    • Revenue in the Americas region was $27.7 million for the third quarter of 2024, an increase of 11% from $24.9 million in the third quarter of 2023.
    • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.2 million for the third quarter of 2024, an increase of 30% from $19.3 million in the third quarter of 2023.
    • Revenue in the Asia-Pacific (“APAC”) region was $16.6 million for the third quarter of 2024, a decrease of 5% from $17.4 million in the third quarter of 2023.

    GAAP net income for the third quarter of 2024 was $3.1 million, or $0.07 per diluted share, compared to GAAP net loss of $6.9 million, or $(0.16) per diluted share, for the third quarter of 2023.

    Non-GAAP net income for the third quarter of 2024 was $10.2 million, or $0.23 per diluted share, compared to non-GAAP net income of $2.9 million, or $0.07 per diluted share, for the third quarter of 2023.

    As of September 30, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $411.7 million. Cash flow from operations was $14.7 million in the third quarter of 2024.

    Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

    Conference Call
    Radware management will host a call today, October 31, 2024, at 8:30 a.m. EDT to discuss its third quarter 2024 results and fourth quarter 2024 outlook. To participate on the call, please use the following numbers:
    U.S. participants call toll free: 888-510-2008
    International participants call: 1 646-960-0306
    Conference ID: 1864701

    A replay will be available for two days, starting two hours after the end of the call, on telephone number +1-609-800-9099 or (US toll-free) 800-770-2030. Passcode 1864701.

    The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

    Use of Non-GAAP Financial Information and Key Performance Indicators
    In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax–related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

    Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

    Safe Harbor Statement

    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

    ©2024 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    CONTACTS
    Investor Relations:
    Yisca Erez, +972-72-3917211, ir@radware.com

    Media Contact:
    Gerri Dyrek, gerri.dyrek@radware.com

    Radware Ltd.
    Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands)
           
      September 30,   December 31,
      2024   2023
      (Unaudited)   (Unaudited)
    Assets      
           
    Current assets      
    Cash and cash equivalents 115,416   70,538
    Marketable securities 94,809   86,372
    Short-term bank deposits 111,998   173,678
    Trade receivables, net 19,963   20,267
    Other receivables and prepaid expenses 9,891   9,529
    Inventories 13,543   15,544
      365,620   375,928
           
    Long-term investments      
    Marketable securities 30,991   33,131
    Long-term bank deposits 58,468   –
    Other assets 2,104   2,166
      91,563   35,297
           
           
    Property and equipment, net 16,499   18,221
    Intangible assets, net 12,742   15,718
    Other long-term assets 35,312   37,967
    Operating lease right-of-use assets 18,433   20,777
    Goodwill 68,008   68,008
    Total assets 608,177   571,916
           
    Liabilities and equity      
           
    Current liabilities      
    Trade payables 6,551   4,298
    Deferred revenues 109,924   105,012
    Operating lease liabilities 4,333   4,684
    Other payables and accrued expenses 46,427   41,021
      167,235   155,015
           
    Long-term liabilities      
    Deferred revenues 65,916   60,499
    Operating lease liabilities 13,658   16,020
    Other long-term liabilities 14,173   17,108
      93,747   93,627
           
    Equity      
    Radware Ltd. equity      
    Share capital 749   742
    Additional paid-in capital 548,240   529,209
    Accumulated other comprehensive income 593   77
    Treasury stock, at cost (366,588)   (365,749)
    Retained earnings 123,398   119,812
    Total Radware Ltd. shareholder’s equity 306,392   284,091
           
    Non–controlling interest 40,803   39,183
           
    Total equity 347,195   323,274
           
    Total liabilities and equity 608,177   571,916
           
    Radware Ltd.
    Condensed Consolidated Statements of Income (Loss)
    (U.S Dollars in thousands, except share and per share data) 
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                     
    Revenues   69,488   61,612   201,849   196,260
    Cost of revenues   13,392   12,838   39,260   38,886
    Gross profit   56,096   48,774   162,589   157,374
                     
    Operating expenses, net:                
    Research and development, net   18,654   20,614   56,251   62,905
    Selling and marketing   30,500   30,532   89,945   94,368
    General and administrative   6,948   7,824   21,271   24,378
    Total operating expenses, net   56,102   58,970   167,467   181,651
                     
    Operating loss   (6)   (10,196)   (4,878)   (24,277)
    Financial income, net   4,957   3,778   12,982   10,688
    Income (loss) before taxes on income   4,951   (6,418)   8,104   (13,589)
    Taxes on income   1,807   433   4,518   2,151
    Net income (loss)   3,144   (6,851)   3,586   (15,740)
                     
    Basic net income (loss) per share attributed to Radware Ltd.’s shareholders   0.07   (0.16)   0.09   (0.36)
                     
    Weighted average number of shares used to compute basic net income (loss) per share   41,956,001   42,261,637   41,854,984   43,232,405
                     
    Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders   0.07   (0.16)   0.08   (0.36)
                     
    Weighted average number of shares used to compute diluted net income (loss) per share   43,573,161   42,261,637   43,199,279   43,232,405
                     
      Radware Ltd.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (U.S Dollars in thousands, except share and per share data)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP gross profit 56,096   48,774   162,589   157,374
      Share-based compensation 81   177   240   403
      Amortization of intangible assets 992   992   2,976   2,976
    Non-GAAP gross profit 57,169   49,943   165,805   160,753
                     
    GAAP research and development, net 18,654   20,614   56,251   62,905
      Share-based compensation 1,421   2,064   4,679   6,200
    Non-GAAP Research and development, net 17,233   18,550   51,572   56,705
                     
    GAAP selling and marketing 30,500   30,532   89,945   94,368
      Share-based compensation 2,548   2,134   7,708   9,065
      Restructuring costs –   1,273   –   1,273
    Non-GAAP selling and marketing 27,952   27,125   82,237   84,030
                     
    GAAP general and administrative 6,948   7,824   21,271   24,378
      Share-based compensation 2,008   2,884   6,480   9,483
      Acquisition costs 159   211   571   769
    Non-GAAP general and administrative 4,781   4,729   14,220   14,126
                     
    GAAP total operating expenses, net 56,102   58,970   167,467   181,651
      Share-based compensation 5,977   7,082   18,867   24,748
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
    Non-GAAP total operating expenses, net 49,966   50,404   148,029   154,861
                     
    GAAP operating loss (6)   (10,196)   (4,878)   (24,277)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
    Non-GAAP operating income (loss) 7,203   (461)   17,776   5,892
                     
    GAAP financial income, net 4,957   3,778   12,982   10,688
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
    Non-GAAP financial income, net 4,871   3,815   12,751   9,918
                     
    GAAP income (loss) before taxes on income 4,951   (6,418)   8,104   (13,589)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
    Non-GAAP income before taxes on income 12,074   3,354   30,527   15,810
                     
    GAAP taxes on income 1,807   433   4,518   2,151
      Tax related adjustments 62   62   185   185
    Non-GAAP taxes on income 1,869   495   4,703   2,336
                     
    GAAP net income (loss) 3,144   (6,851)   3,586   (15,740)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
      Tax related adjustments (62)   (62)   (185)   (185)
    Non-GAAP net income 10,205   2,859   25,824   13,474
                     
    GAAP diluted net income (loss) per share 0.07   (0.16)   0.08   (0.36)
      Share-based compensation 0.14   0.17   0.45   0.57
      Amortization of intangible assets 0.02   0.03   0.07   0.07
      Acquisition costs 0.00   0.00   0.01   0.02
      Restructuring costs 0.00   0.03   0.00   0.03
      Exchange rate differences, net on balance sheet items included in financial income, net (0.00)   0.00   (0.01)   (0.02)
      Tax related adjustments (0.00)   (0.00)   (0.00)   0.00
    Non-GAAP diluted net earnings per share 0.23   0.07   0.60   0.31
                     
                     
    Weighted average number of shares used to compute non-GAAP diluted net earnings per share 43,573,161   43,163,159   43,199,279   44,058,549
                   
    Radware Ltd.
     Condensed Consolidated Statements of Cash Flow
    (U.S. Dollars in thousands)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    Cash flow from operating activities:                
                     
    Net income (loss)   3,144   (6,851)   3,586   (15,740)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Depreciation and amortization   2,947   3,025   8,918   9,216
    Share-based compensation   6,058   7,259   19,107   25,151
    Amortization of premium, accretion of discounts and accrued interest on marketable securities, net   (234)   161   (227)   1,116
    Loss related to securities, net   –   –   –   244
    Increase (decrease) in accrued interest on bank deposits   (814)   (2,289)   4,645   (3,814)
    Increase (decrease) in accrued severance pay, net   147   (401)   106   (506)
    Decrease in trade receivables, net   5,536   4,448   304   5,380
    Decrease (increase) in other receivables and prepaid expenses and other long-term assets   749   (215)   1,155   (2,541)
    Decrease (increase) in inventories   253   (671)   2,001   (1,566)
    Increase (decrease) in trade payables   2,474   (1,778)   2,253   (395)
    Increase (decrease) in deferred revenues   (6,059)   (12,311)   10,329   (11,095)
    Increase (decrease) in other payables and accrued expenses   259   644   7,052   (10,798)
    Operating lease liabilities, net   248   (804)   (369)   (805)
    Net cash provided by (used in) operating activities   14,708   (9,783)   58,860   (6,153)
                     
    Cash flows from investing activities:                
                     
    Purchase of property and equipment   (1,412)   (1,130)   (4,220)   (4,493)
    Proceeds from other long-term assets, net   46   29   40   77
    Proceeds from (investment in) bank deposits, net   9,731   21,145   (1,433)   51,345
    Investment in, redemption of and purchase of marketable securities, net   5,541   2,228   (4,456)   347
    Net cash provided by (used in) investing activities   13,906   22,272   (10,069)   47,276
                     
    Cash flows from financing activities:                
                     
    Proceeds from exercise of share options   –   –   3   308
    Repurchase of shares   –   (20,648)   (839)   (53,131)
    Payment of contingent consideration related to acquisition   –   (2,063)   (3,077)   (2,063)
    Net cash used in financing activities   –   (22,711)   (3,913)   (54,886)
                     
    Increase (decrease) in cash and cash equivalents   28,614   (10,222)   44,878   (13,763)
    Cash and cash equivalents at the beginning of the period   86,802   42,644   70,538   46,185
    Cash and cash equivalents at the end of the period   115,416   32,422   115,416   32,422
                     
      Radware Ltd.
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
    (U.S Dollars in thousands)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP net income (loss) 3,144   (6,851)   3,586   (15,740)
      Exclude: Financial income, net (4,957)   (3,778)   (12,982)   (10,688)
      Exclude: Depreciation and amortization expense 2,947   3,025   8,918   9,216
      Exclude: Taxes on income 1,807   433   4,518   2,151
    EBITDA 2,941   (7,171)   4,040   (15,061)
                     
      Share-based compensation 6,058   7,259   19,107   25,151
      Restructuring costs –   1,273   –   1,273
      Acquisition costs 159   211   571   769
    Adjusted EBITDA 9,158   1,572   23,718   12,132
                     
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
      Amortization of intangible assets 992   992   2,976   2,976
      Depreciation 1,955   2,033   5,942   6,240
        2,947   3,025   8,918   9,216
                     

    The MIL Network –

    January 25, 2025

  • MIL-OSI: “The Ragnarok” Official Launching in Southeast Asia on October 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Seoul, South Korea, Oct. 31, 2024 (GLOBE NEWSWIRE) — – GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games, announced that Gravity’s wholly-owned subsidiary, Gravity Game Tech Co.,Ltd, officially launched the 2D MMORPG mobile and PC game, The Ragnarok, in Southeast Asia on October 31, 2024.

    The Ragnarok embodies the same 2D dot characters and 3D background graphics as Ragnarok Online, creating more feel of the original. The official launch version opens up the 2-1st class of the six major Ragnarok jobs and allows users to trade without stalls, providing them more freedom. Each town has an orchestral BGM from the Ragnarok concert to add more immersive experience.

    In June of this year,“Ragnarok: Novice Hearts”(Chinese Title: RO 仙境傳說：初心之戰) launched in Taiwan, Hong Kong, and Macao. After the pre-download began, it has been on the high rankings in free popular games in two major markets in three regions, and immediately after its launch, it was among the top-grossing titles in the Apple App Store. In addition, after launching in Korea under the name The Ragnarok in September, the service has been well smoothly, receiving many favorable reviews from users.

    “We are thrilled to officially launch The Ragnarok in Southeast Asia,” Gravity Stated. “The Ragnarok gives more fun and convenience to users based on the authenticity of the original, and we believe it will once again prove Ragnarok‘s presence in the region. We’ve prepared a lot of events and rewards to celebrate the launch, so please enjoy it, and stay tuned for more content updates in the future.”

    [Gravity Official Website]
    http://www.gravity.co.kr

    [The Ragnarok Official Website in Southeast Asia]
    http://theragnaroksea.com/

    [The Ragnarok Google Play Download Page]
    https://play.google.com/store/apps/details?id=com.ggt.tr.google

    [The Ragnarok Apple App Store Download Page]
    https://apps.apple.com/th/app/the-ragnarok/id6575353957

    [The Ragnarok Google Play Games Download Page]
    https://play.google.com/store/apps/details?id=com.ggt.tr.google

    About GRAVITY Co., Ltd. —————————————————

    Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Contact:

    Mr. Heung Gon Kim
    Chief Financial Officer
    Gravity Co., Ltd.
    Email: kheung@gravity.co.kr

    Ms. Jin Lee
    Ms. Yujin Oh
    Ms. Eseon Kwon
    IR Unit
    Gravity Co., Ltd.
    Email: ir@gravity.co.kr
    Telephone: +82-2-2132-7801

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Cenovus announces third quarter 2024 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 31, 2024 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its financial and operating results for the third quarter of 2024. The company generated nearly $2.5 billion in cash from operating activities, $2.0 billion of adjusted funds flow and $614 million of free funds flow in the quarter. Upstream production of more than 771,000 barrels of oil equivalent per day (BOE/d)1 was slightly lower compared with the second quarter primarily because of turnaround activity at the Christina Lake oil sands facility. Turnaround impacts to production were lower than forecast, as Christina Lake completed its turnaround ahead of schedule. In the downstream, total throughput increased by about 20,000 barrels per day (bbls/d) from the second quarter to almost 643,000 bbls/d, and a major turnaround was successfully completed at the Lima Refinery.

    “We are efficiently and effectively progressing our major projects and our growth plan is on track to deliver increased production that will enhance shareholder returns for the long term,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “With planned upstream and downstream maintenance activities behind us, we’re well positioned to deliver strong operations for the balance of the year and into 2025.”

    Recent highlights

    • Returned $1.1 billion of cash to shareholders in the third quarter, including $732 million in share purchases and base dividends of $329 million.
    • Completed the Christina Lake turnaround safely and well ahead of schedule, resulting in production from the asset exceeding the company’s forecast by 15,000 bbls/d to 20,000 bbls/d in the quarter.
    • Completed a major turnaround at the Lima Refinery on schedule, with pipeline connections to the Toledo Refinery enabling Lima crude runs to continue at a reduced rate, avoiding a full shutdown.
    • Began production from two new well pads at Sunrise which will ramp up in the fourth quarter, which are part of the Sunrise growth program.
    • Completed the SeaRose floating production, storage and offloading (FPSO) vessel asset life extension work with resumed volumes around year end, achieving a critical milestone for the West White Rose project.
    • All major projects remain on track to deliver significant growth with West White Rose, Foster Creek optimization, Sunrise growth program and Narrows Lake pipeline progressing as expected.

    Third-quarter results

    Financial summary

    ($ millions, except per share amounts) 2024 Q3 2024 Q2 2023 Q3
    Cash from (used in) operating activities 2,474 2,807 2,738
    Adjusted funds flow2 1,960 2,361 3,447
    Per share (diluted)2 1.05 1.26 1.81
    Capital investment 1,346 1,155 1,025
    Free funds flow2 614 1,206 2,422
    Excess free funds flow2 146 735 1,989
    Net earnings (loss) 820 1,000 1,864
    Per share (diluted) 0.42 0.53 0.97
    Long-term debt, including current portion 7,199 7,275 7,224
    Net debt 4,196 4,258 5,976


    Production and throughput

    (before royalties, net to Cenovus) 2024 Q3 2024 Q2 2023 Q3
    Oil and NGLs (bbls/d)1 630,500 656,300 652,400
    Conventional natural gas (MMcf/d) 844.6 867.2 867.4
    Total upstream production (BOE/d)1 771,300 800,800 797,000
    Total downstream throughput (bbls/d) 642,900 622,700 664,300

    1See Advisory for production by product type.
    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    Operating results1

    Cenovus’s total revenues were approximately $14.2 billion in the third quarter, down from $14.9 billion in the prior quarter, primarily due to lower commodity prices, which impacted both upstream and downstream results. Planned turnaround activities reduced production, primarily at the Christina Lake oil sands facility and Rainbow Lake conventional operations, as well as in the Atlantic region due to the SeaRose FPSO asset life extension, and reduced throughput at the Lima Refinery.

    Upstream revenues were about $7.3 billion, down from $7.9 billion in the second quarter, while downstream revenues were approximately $9.2 billion, up from $9.1 billion in the prior quarter. Total operating margin3 was about $2.4 billion, compared with $2.9 billion in the previous quarter. Upstream operating margin4 was approximately $2.7 billion, down from $3.1 billion in the second quarter. The company had a downstream operating margin4 shortfall of $323 million in the third quarter as the Lima Refinery underwent a major planned turnaround, compared with a shortfall of $153 million in the previous quarter. In the third quarter, operating margin in U.S. Refining included approximately $209 million of first in, first out (FIFO) losses and about $100 million of turnaround expenses and improvement projects executed during the Lima turnaround.

    Total upstream production was 771,300 BOE/d in the third quarter, a decrease of 29,500 BOE/d from the prior quarter due to turnarounds at Christina Lake, Rainbow Lake and other Conventional facilities. Christina Lake production was 211,800 bbls/d, compared to 237,100 bbls/d in the second quarter, as a result of the planned turnaround activity. Production impacted by the Christina Lake turnaround was restored ahead of schedule. Foster Creek and Sunrise production increased quarter-over-quarter, with 198,000 bbls/d at Foster Creek compared with 195,000 bbls/d in the second quarter and Sunrise production of 50,400 bbls/d compared with 46,100 bbls/d in the second quarter. Production from the Lloydminster thermal and Lloydminster conventional heavy assets was 109,400 bbls/d and 16,300 bbls/d respectively, both slightly below the prior quarter.

    Production in the Conventional segment was 118,100 BOE/d in the third quarter, a slight decrease from 123,100 BOE/d in the second quarter, as turnaround activities were safely completed at Rainbow Lake and other Conventional facilities.

    In the Offshore segment, production was 65,500 BOE/d compared with 66,200 BOE/d in the second quarter. In Asia Pacific, sales volumes were 56,500 BOE/d, slightly lower than the previous quarter due to the completion of planned maintenance on the Liwan offshore platform and at the onshore Gaolan gas plant. In the Atlantic, production was 9,000 bbls/d, up from 8,400 bbls/d in the prior quarter as the non-operated Terra Nova field continues to ramp up to full rates. Planned maintenance work on the SeaRose FPSO was completed at the dry dock in Belfast and the vessel is returning to the White Rose field, with production expected to resume by year end.

    Refining throughput in the third quarter was 642,900 bbls/d, an increase from 622,700 bbls/d in the second quarter, primarily due to reduced maintenance activity. Crude throughput in Canadian Refining was 99,400 bbls/d in the third quarter, compared with 53,800 bbls/d in the previous quarter, with the increase primarily due to a major turnaround at the Lloydminster Upgrader which impacted second quarter throughput.

    In U.S. Refining, crude throughput was 543,500 bbls/d in the third quarter, compared with 568,900 bbls/d in the second quarter. Throughput decreased primarily due to a major turnaround at the Lima Refinery that commenced in September, which resulted in the plant running at reduced crude throughput rates. Market capture in the U.S. was lower than the previous quarter primarily due to inventory timing impacts, the Lima Refinery turnaround and unplanned outages in secondary units at the operated and non-operated refineries. Subsequent to the quarter, the turnaround at Lima was safely and successfully completed in October.

    3Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    4Specified financial measure. See Advisory.

    Financial results

    Cash from operating activities in the third quarter, which includes changes in non-cash working capital, was about $2.5 billion, compared with $2.8 billion in the second quarter. Adjusted funds flow was approximately $2.0 billion, compared with $2.4 billion in the prior period and excess free funds flow (EFFF) was $146 million, compared with $735 million in the previous quarter. Third-quarter financial results were impacted by lower benchmark prices, planned turnaround activity, unplanned outages, and a FIFO loss in the U.S. Refining segment. Net earnings in the third quarter were $820 million, compared with $1.0 billion in the previous quarter.

    Long-term debt, including the current portion, was $7.2 billion at September 30, 2024. Net debt decreased slightly from the prior quarter to approximately $4.2 billion at September 30, 2024, primarily due to free funds flow of $614 million and a release of non-cash working capital, offset by shareholder returns of $1.1 billion. Following the achievement of the net debt target in July 2024, the company continues to steward toward a net debt level near $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

    Growth projects and capital investments

    In the Oil Sands segment, the company continues to progress the tie-back of Narrows Lake, building a 17-kilometre pipeline connecting the reservoir to the Christina Lake processing facility, which will add between 20,000 bbls/d and 30,000 bbls/d of production. The project is approximately 93% constructed, as critical tie-ins to the Narrows Lake pipeline were completed during the Christina Lake turnaround. The project remains on track for first production mid-2025. At Sunrise, as part of the growth program, the company brought two new well pads online in the third quarter, which will continue to ramp up into the fourth quarter. One additional well pad will come online in early 2025. The optimization project at Foster Creek remains on schedule for startup by the middle of 2026, with most modules and major pieces of equipment in place and pipe installation underway. At the Lloydminster conventional heavy oil assets, 20 new production wells were drilled in the third quarter, positioning the company for growth from this business in 2025.

    The West White Rose project reached a significant milestone with the completion of the SeaRose FPSO asset life extension work at the dry dock in Belfast. The vessel is now sailing back to the White Rose field where reconnection and commissioning will take place to enable the existing field to resume production by year end. The West White Rose project is now approximately 85% complete and progressing on-schedule.

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.180 per common share, payable on December 31, 2024 to shareholders of record as of December 13, 2024.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2, Series 3, Series 5 and Series 7 – payable on December 31, 2024 to shareholders of record as of December 13, 2024 as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 5.935 0.37296
    Series 3 4.689 0.29306
    Series 5 4.591 0.28694
    Series 7 3.935 0.24594

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the third quarter, the company returned approximately $1.1 billion to common shareholders, composed of $732 million from its purchase of 28.4 million shares through its normal course issuer bid (NCIB) and $329 million through base dividends.

    Since the share buyback program began in November 2021, as at October 28, Cenovus has purchased approximately 227 million common shares, delivering $5.3 billion in returns to shareholders. The current NCIB will expire on November 8, 2024. Cenovus has received approval from the Board of Directors to apply for another NCIB program. Cenovus will apply for approval to repurchase up to approximately 127 million of the company’s common shares, representing approximately 10% of its public float, as defined by the TSX.

    2024 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets through 2024 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

      Q4 Annualized impact
    Upstream
    Oil Sands 0-3 7-10
    Atlantic 6-9 7-10
    Conventional — 2-4
    Downstream
    Canadian Refining — 12-14
    U.S. Refining 5-10 9-12


    Sustainability

    Cenovus’s 2023 Corporate Social Responsibility report was issued in August, highlighting the company’s progress and performance related to safety, Indigenous reconciliation, and inclusion & diversity as well as its approach to governance. Cenovus remains committed to delivering on its environmental projects and performance, however recent changes to Canada’s Competition Act has created uncertainty and risk around the company’s ability to speak publicly about its actions.

    Conference call today
    8 a.m. Mountain Time (10 a.m. Eastern Time)

    Cenovus will host a conference call today, October 31, 2024, starting at 8 a.m. MT (10 a.m. ET).

    To join the conference call, please dial 888-307-2440 (toll-free in North America) or 647-694-2812 to reach a live operator who will join you into the call. A live audio webcast will also be available and archived for approximately 30 days.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Product types

    Product type by operating segment Three months ended
    September 30, 2024
    Oil Sands
    Bitumen (Mbbls/d) 569.6
    Heavy crude oil (Mbbls/d) 16.3
    Conventional natural gas (MMcf/d) 10.4
    Total Oil Sands segment production (MBOE/d) 587.7
    Conventional
    Light crude oil (Mbbls/d) 4.6
    Natural gas liquids (Mbbls/d) 21.1
    Conventional natural gas (MMcf/d) 554.8
    Total Conventional segment production (MBOE/d) 118.1
    Offshore
    Light crude oil (Mbbls/d) 9.0
    Natural gas liquids (Mbbls/d) 9.9
    Conventional natural gas (MMcf/d) 279.4
    Total Offshore segment production (MBOE/d) 65.5
    Total upstream production (MBOE/d) 771.3


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “focus”, “plan”, “progress”, “steward”, “target” and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about:   returning Excess Free Funds Flow to shareholders; shareholder returns, including renewing the company’s normal course issuer bid; safety; growth plans and projects; Net Debt; production guidance; the optimization project at Foster Creek; the tie-back of Narrows Lake to Christina Lake; amount and timing of production at Narrows Lake; production and timing of well pads at Sunrise; drilling activity and production at the Conventional Heavy Oil assets; return of the Sea Rose FPSO to the White Rose Field and return of production; the construction of the West White Rose project; 2024 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2024 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2023.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2023 and September 30, 2024, and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com.)

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended September 30, 2024 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.


    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (5) Downstream (5) Total
    ($ millions) Q3 2024 Q2 2024 Q3 2023 Q3 2024 Q2 2024 Q3 2023 Q3 2024 Q2 2024 Q3 2023
    Revenues
    Gross Sales 8,259   8,715   8,783   9,228   9,053   9,658 17,487   17,768   18,441  
    Less: Royalties (929 ) (859 ) (1,135 ) —   —   — (929 ) (859 ) (1,135 )
      7,330   7,856   7,648   9,228   9,053   9,658 16,558   16,909   17,306  
    Expenses
    Purchased Product 1,088   815   900   8,637   8,099   7,947 9,725   8,914   8,847  
    Transportation and Blending 2,661   3,043   2,397   —   —   — 2,661   3,043   2,397  
    Operating 860   889   914   918   1,099   778 1,778   1,988   1,692  
    Realized (Gain) Loss on Risk Management (10 ) 20   (10 ) (4 ) 8   11 (14 ) 28   1  
    Operating Margin 2,731   3,089   3,447   (323 ) (153 ) 922 2,408   2,936   4,369  

    5Found in the September 30, 2024, or the June 30, 2024, interim Consolidated Financial Statements.


    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended
    ($ millions) September 30, 2024 June 30, 2024 September 30, 2023
    Cash From (Used in) Operating Activities (5) 2,474 2,807 2,738
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (74) (48) (68)
    Net Change in Non-Cash Working Capital 588 494 (641)
    Adjusted Funds Flow 1,960 2,361 3,447
    Capital Investment 1,346 1,155 1,025
    Free Funds Flow 614 1,206 2,422
    Add (Deduct):      
    Base Dividends Paid on Common Shares (329) (334) (264)
    Dividends Paid on Preferred Shares (9) (9) —
    Settlement of Decommissioning Liabilities (74) (48) (68)
    Principal Repayment of Leases (74) (75) (70)
    Acquisitions, Net of Cash Acquired (4) (5) (32)
    Proceeds From Divestitures 22 — 1
    Excess Free Funds Flow 146 735 1,989

    5Found in the September, 30, 2024, or the June 30, 2024, interim Consolidated Financial Statements.


    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, X, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors
    Investor Relations general line
    403-766-7711

    Media
    Media Relations general line
    403-766-7751

    The MIL Network –

    January 25, 2025

  • MIL-OSI: “Ragnarok: Rebirth” Official Launching in Taiwan, Hong Kong and Macau on October 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Seoul, South Korea, Oct. 31, 2024 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games, announced that Gravity’s wholly-owned subsidiary, Gravity Game Vision Co., Ltd, officially launched the 3D MMORPG mobile game, Ragnarok: Rebirth (Chinese Title: 中仙境傳說：重生), on October 31, 2024 at 9:00 am (HKT) in Taiwan, Hong Kong and Macau.

    Ragnarok: Rebirth is idle content, which reduces fatigue and provides rich rewards that allow users to grow their characters quickly over time. The game provides both vertical and horizontal screens for user convenience. In June of this year, immediately after its launch in Southeast Asia, Ragnarok Rebirth ranked the first in free popular game in the Apple App Store in Thailand, the Philippines, Indonesia, and Malaysia, proving its undying popularity. 

    “As the title suggests, Ragnarok: Rebirth was created to provide a new Ragnarok experience,” Gravity stated. “We’re grateful for the enthusiastic interest and support for the pre-registration, and we’ll do our best for users with good service.”

    [Gravity Official Website]
    http://www.gravity.co.kr

    [The Ragnarok : Rebirth Official Website]
    https://ror.gnjoy.hk/

    [The Ragnarok : Rebirth Google Play Download Page]
    https://play.google.com/store/apps/details?id=com.ggv.rebirth.tw

    [The Ragnarok : Rebirth Apple App Store Download Page]
    https://apps.apple.com/tw/app/ro%E4%BB%99%E5%A2%83%E5%82%B3%E8%AA%AA-%E9%87%8D%E7%94%9F/id6596747214

    [The Ragnarok : Rebirth Huawei App Gallery Page]

    https://appgallery.huawei.com/app/C112092537

    About GRAVITY Co., Ltd. —————————————————

    Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Contact:

    Mr. Heung Gon Kim
    Chief Financial Officer
    Gravity Co., Ltd.
    Email: kheung@gravity.co.kr

    Ms. Jin Lee
    Ms. Yujin Oh
    Ms. Eseon Kwon
    IR Unit
    Gravity Co., Ltd.
    Email: ir@gravity.co.kr
    Telephone: +82-2-2132-7801

    The MIL Network –

    January 25, 2025

  • MIL-OSI: JD.com to Report Third Quarter 2024 Financial Results on November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, Oct. 31, 2024 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited third quarter 2024 financial results on Thursday, November 14, 2024, before the U.S. market opens.

    JD.com’s management will hold a conference call at 7:00 am, Eastern Time on November 14, 2024, (8:00 pm, Beijing/Hong Kong Time on November 14, 2024) to discuss the third quarter 2024 financial results.

    Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

    PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10042830-skvylg.html

    CONFERENCE ID: 10042830

    A telephone replay will be available for one week until November 21, 2024. The dial-in details are as follows:

    US: +1-855-883-1031
    International:
    Hong Kong:
    Mainland China:
    Passcode:    		 +61-7-3107-6325
    800-930-639
    400-120-9216
    10042830
     

    Additionally, a live and archived webcast of the conference call will also be available on JD.com’s investor relations website at http://ir.jd.com.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI Economics: Diagnosed prevalent cases of primary open angle glaucoma to reach 10 million in 7MM by 2033, forecasts GlobalData

    Source: GlobalData

    Diagnosed prevalent cases of primary open angle glaucoma to reach 10 million in 7MM by 2033, forecasts GlobalData

    Posted in Pharma

    The burden of diagnosed prevalent cases of primary open angle glaucoma (POAG) (including normal tension glaucoma (NTG)) is forecast to increase at an annual growth rate (AGR) of 1% from around 9.1 million cases in 2023 to 10 million cases in 2033 in the seven major markets (7MM*), according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, ‘Glaucoma: Epidemiology Forecast to 2033’, reveals that the increase is partly attributed to increased disease awareness and improved diagnostic testing across the 7MM, combined with underlying demographic changes in the respective markets.

    In the US and 5EU markets, the average proportion of NTG among POAG is approximately 40%; however, Japanese populations are at a significantly greater risk of NTG. As such, GlobalData epidemiologists anticipate that in 2033, 91% of all POAG cases in Japan will be NTG.

    Anna Moody, MRES, Senior Epidemiologist at GlobalData, comments: “More research is needed to understand why Japanese populations are at an increased risk for NTG. Understanding the risk factors that increase susceptibility could help inform prevention strategies and disease outcomes.”

    GlobalData epidemiologists also forecast the age-specific diagnosed prevalent cases of POAG (excluding NTG) and found that the prevalence of glaucoma increased with increasing age. In 2033, the diagnosed prevalence of POAG (excluding NTG) in the 7MM is expected to be lowest from 40–49 years (0.1%), and highest in 80–84 years (2.5%). An individual’s intraocular pressure increases as they age, which explains why their risk of glaucoma also increases as they age.

    Moody concludes: “As the population of elderly people increases across the 7MM, more regular eye-testing should be encouraged in individuals over 40 years to ensure prompt diagnosis of glaucoma. Early diagnosis and treatment prevent more extreme disease outcomes, such as blindness.”

    *7MM: The US, France, Germany, Italy, Spain, the UK, and Japan

    MIL OSI Economics –

    January 25, 2025

  • MIL-OSI Asia-Pac: HKMA and BIS co-host international financial conference (with photos)

    Source: Hong Kong Government special administrative region

    HKMA and BIS co-host international financial conference (with photos)
    HKMA and BIS co-host international financial conference (with photos)
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    The following is issued on behalf of the Hong Kong Monetary Authority:     An international financial conference (Conference), jointly organised by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) and supported by the Global Association of Risk Professionals (GARP), was successfully concluded today (October 31) in Hong Kong. This Conference followed the 15th Global Risk Forum co-hosted by the HKMA and GARP on October 30, and brought together over 100 representatives from international bodies, central banks, regulatory authorities, financial institutions, technology firms, consultancy firms and academia around the world.            Building on the success of the inaugural Conference last year, the HKMA co-organised this significant event with the BIS for the second time. The Conference this year focused on the theme of “Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem”, and featured a keynote address by the Deputy Governor of the Bank of England for Financial Stability, Ms Sarah Breeden. Other distinguished speakers of the Conference also shared their valuable insights on how artificial intelligence, tokenisation, and other technologies are transforming the financial landscape and how the industry can better prepare for these changes.            The Chief Executive of the HKMA, Mr Eddie Yue, said, “Technology is a game changer in the financial industry. While we embrace the immense opportunities it offers, we must also strengthen collaboration among all parties to effectively address the challenges it presents. This Conference provides an excellent opportunity to leverage the collective insights of relevant stakeholders on the opportunities and challenges brought about by technological advancements. The HKMA will work hand in hand with the banking industry to foster a safe and smooth digital transformation journey.”           Chief Representative of the BIS Office for Asia and the Pacific, Mr Tao Zhang, said, “Working closely with central banks and other stakeholders, the BIS can play a crucial role in support of their efforts to reap the benefits of tokenisation and artificial intelligence while addressing associated challenges.”About the Bank for International Settlements      The Bank for International Settlements (BIS) is an international organisation established in 1930 and owned by central banks. Its headquarters is located in Basel, Switzerland. The mission of the BIS is to support co-operation among central banks around the world in their pursuit of global monetary and financial stability. The BIS Representative Office for Asia and the Pacific is located in Hong Kong. The BIS also has an innovation hub centre in Hong Kong and is undertaking projects to develop public goods in the technology space to support central banks and improve the functioning of the financial system. This year marks the 5th anniversary of the Hong Kong Centre of the BIS Innovation Hub.  About the Global Association of Risk Professionals      The Global Association of Risk Professionals (GARP) is a non-partisan, not-for-profit membership organisation focused on elevating the practice of risk management. GARP offers the leading global certification for risk managers in the Financial Risk Manager (FRM®), as well as the Sustainability and Climate Risk (SCR®) Certificate, Risk and AI (RAI™) Certificate, and ongoing educational opportunities through Continuing Professional Development. Through the GARP Benchmarking Initiative (GBI®) and GARP Risk Institute, GARP sponsors research in risk management and promotes collaboration among practitioners, academics, and regulators.  Founded in 1996 and governed by a Board of Trustees, GARP is headquartered in Jersey City, New Jersey, the United States, with offices in London and Hong Kong.

     
    Ends/Thursday, October 31, 2024Issued at HKT 18:17

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    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Expert Advisory Group on Legal and Dispute Resolution Services holds first meeting (with photos)

    Source: Hong Kong Government special administrative region

    Expert Advisory Group on Legal and Dispute Resolution Services holds first meeting (with photos)
    Expert Advisory Group on Legal and Dispute Resolution Services holds first meeting (with photos)
    ******************************************************************************************

         The Expert Advisory Group on Legal and Dispute Resolution Services (EAG), established by the Department of Justice (DoJ) earlier this month, held its first meeting today (October 31). During the meeting, the EAG considered and endorsed its terms of reference and discussed future work and issues for follow-up.       The EAG, chaired by the Secretary for Justice, Mr Paul Lam, SC, and with the Deputy Secretary for Justice, Mr Cheung Kwok-kwan, as the vice-chairman, comprises experts from the legal and dispute resolution services sector. It advises the DoJ in respect of the promotion and development of the legal and dispute resolution services of Hong Kong for a term of three years. Its terms of reference are as follows: 

    Considering, formulating and advising on the overall strategies and initiatives for the promotion and development of Hong Kong’s legal and dispute resolution services in and outside Hong Kong;
    Advising on the wider use of out-of-court dispute resolution services (including mediation and arbitration) in Hong Kong;   
    Serving as a forum for raising and discussing such issues as may be of concern to the legal and dispute resolution sector to enhance Hong Kong as a centre for international legal and dispute resolution services in the Asia-Pacific region; and
    Considering and dealing with such other matters as may be incidental to any of the matters stated above.

          Meanwhile, the Working Group on Mediation Regulatory System, chaired by Mr Lam and vice-chaired by Mr Cheung, has also been established this October for a term of two years. Members of the Working Group will advise the DoJ on the mediation regulation regime in Hong Kong, including reviewing and making recommendations to reform or improve the current regime in relation to matters such as accreditation and disciplinary matters. ???     The membership lists of the EAG and the Working Group are attached in Annexes 1 and 2.

     
    Ends/Thursday, October 31, 2024Issued at HKT 18:24

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    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease

    Source: Hong Kong Government special administrative region

    CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease
    CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease
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         The Centre for Health Protection (CHP) of the Department of Health (DH) is today (October 31) investigating a case of severe enterovirus (EV) 71 infection and an epidemiologically linked outbreak of hand, foot and mouth disease (HFMD), and again urged the public and institutions to maintain strict hand, personal and environmental hygiene.     The severe case involved a 12-day-old baby girl. She has presented with fever since October 25, and was brought to the Accident and Emergency Department of Prince of Wales Hospital and admitted for treatment on the same day. Her clinical sample tested positive for EV71 upon laboratory testing. The clinical diagnoses were EV71 infection complicated with meningitis. The patient is now in stable condition.     Initial enquiries revealed that the patient had no travel history during the incubation period. Her 18-month-old brother and her father had developed HFMD infection symptoms since October 18 and 22 respectively, and both of them had recovered. Her other home contacts have remained asymptomatic. The CHP has arranged laboratory testing for the two symptomatic home contacts.      The CHP’s epidemiological investigations also revealed that Tsung Tsin Mission of Hong Kong Joyful Place, where the patient’s brother is receiving childcare services, recorded a recent outbreak of HFMD. According to preliminary information, the outbreak involves six children, including the patient’s brother, three boys and two girls, aged between 15 months and 18 months. They have developed HFMD symptoms between October 18 and 26, and all of them sought medical attention and no hospitalisation was required. They are now in a stable condition. All children in the child care centre have been put under medical surveillance by the CHP.     According to the information collected from the epidemiological investigations so far, the CHP suspected that the outbreak of HFMD in the child care centre was caused by EV71. The CHP will arrange laboratory testing for all children with relevant symptoms in order to ascertain the causative agent of infection.      Officers of the CHP have conducted a site visit to the child care centre to understand the disinfection, infection control and child care steps, and advised necessary measures. The CHP has advised the child care centre to suspend classes starting from tomorrow for 14 days to prevent further spread of HFMD. The child care centre has been requested to conduct thorough cleaning and disinfection under the supervision of the CHP. The CHP’s investigations are ongoing.      “EV71 is one of the causative agents for HFMD. The infection is transmitted by direct contact with an infected person’s nose or throat discharges, saliva, fluid from blisters or stool. Good personal and environmental hygiene are the most important measures to prevent EV71 infection,” a spokesman for the CHP said.      “HFMD is common in children, while adult cases may also appear. It is usually caused by enteroviruses such as Coxsackie virus and EV71. It is clinically characterised by maculopapular rashes or vesicular lesions occurring on the palms, soles and other parts of the body such as the buttocks and thighs. Vesicular lesions and ulcers may also be found in the oral cavity. Sometimes patients present mainly with painful ulcers at the back of the mouth, namely herpangina, without rash on the hands or feet,” the spokesman said.      “The local HFMD activity is currently at high level. In Hong Kong, the usual peak season for HFMD and EV71 infection is from May to July. A smaller peak may also occur from October to December. As young children are more susceptible, parents should stay alert to their health condition. Institutional outbreaks may occur where HFMD can easily spread among young children with close contact,” the spokesman added.      The spokesman reminded that alcohol-based handrub should not substitute hand hygiene with liquid soap and water, as alcohol does not effectively kill some viruses causing HFMD, for example, EV71. To prevent HFMD, members of the public (especially the management of institutions) should take heed of the following preventive measures: 

    Maintain good air circulation;
    Wash hands before meals and after going to the toilet or handling diapers or other stool-soiled materials;
    Keep hands clean and wash hands properly, especially when they are dirtied by respiratory secretions, such as after sneezing;
    Cover the nose and mouth while sneezing or coughing and dispose of nasal and oral discharges properly;
    Regularly clean and disinfect frequently touched surfaces such as furniture, toys and commonly shared items with 1:99 diluted household bleach (mixing one part of household bleach containing 5.25 per cent sodium hypochlorite with 99 parts of water), leave for 15 to 30 minutes, and then rinse with water and keep dry;
    Use absorbent disposable towels to wipe away obvious contaminants such as respiratory secretions, vomitus or excreta, and then disinfect the surface and neighbouring areas with 1:49 diluted household bleach (mixing one part of bleach containing 5.25 per cent sodium hypochlorite with 49 parts of water), leave for 15 to 30 minutes and then rinse with water and keep dry;
    Children who are ill should be kept out of school until their fever and rash have subsided and all vesicles have dried and crusted;
    Avoid going to overcrowded places; and
    Parents should maintain close communication with schools to let them know the latest situation of sick children.

         ???The CHP’s weekly publication, EV SCAN (www.chp.gov.hk/en/view_content/21639.html), is issued every Friday to report the latest local situation of HFMD. Members of the public may also visit the CHP’s page on HFMD and EV71 infection for more information.

     
    Ends/Thursday, October 31, 2024Issued at HKT 18:30

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    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Speech by FS at FII Plenary Session: Where is the New Silk Road? (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the FII Plenary Session: Where is the New Silk Road? in Riyadh, Saudi Arabia, today (October 31, Riyadh time):
     
    Distinguished guests, ladies and gentlemen,
     
         Good afternoon. It is a pleasure to be here with you today as we explore the future of the New Silk Road – or the Belt and Road Initiative – a vision that extends far beyond trade routes, connecting continents through shared values of sustainability, innovation, and common prosperity.
     
         Since its inception in 2013, the Belt and Road Initiative has reshaped the global trade and investment landscape. It has forged significant investments in infrastructure, boosted trade and strengthened people-to-people bonds.
          
         Hong Kong is an active participant, contributor and beneficiary of the Belt and Road Initiative. Over the past decade, Hong Kong has played a vital role in its growth too. For instance, our external trade with Belt and Road economies has increased by around 60 per cent.
          
         For those who are less familiar with our city, Hong Kong is a Special Administrative Region of China administered under a “one country, two systems” principle. On the one hand, we have convenient and at times priority access to the Mainland market, but on the other, retain all the defining characteristics of an international city: open and diverse, rule of law, free flow of goods, capital, information, people, and business practices that align with the best of the world. This uniqueness enables us to serve as the “super connector” in the region, creating opportunities for all.
          
         As the Belt and Road Initiative moves into the next decade, the focus is clear: sustainability and inclusiveness. Green infrastructure projects are at its heart, from solar plants to low-carbon railway transportation. The common aspiration is to pave a “Green Silk Road” benefitting all along the route.
          
         And Hong Kong’s strategic vision to become an international green tech and green finance centre can contribute to the achievement of this common aspiration in many ways.
          
         First, we can address the funding gap. The funding need for green transition is huge – global annual climate investments are estimated to reach US$9 trillion by 2030 and US$10 trillion by 2050. Hong Kong, as one of the top three international financial centres, along with New York and London, and Asia’s green finance leader, is well positioned to mobilise capital to support the green transition by matching quality projects with funding. For instance, we arranged around US$63 billion on average annually over the past three years in green and sustainable debt through our financial institutions. Green bonds issued in Hong Kong account for over one-third of Asia’s total.
          
         But more than funding, we are committed to innovative financing arrangements that help broaden the investor base of green projects. One example is securitisation of infrastructure loans, packaging mature, brownfield projects for investors, thereby releasing funds for investment into other greenfield projects. Hong Kong has issued two batches of such loans already, amounting to US$800 million in more than 50 projects in the Middle East, Asia Pacific, and Latin America.
          
         Second, we can address the technology gap. There is still a significant disparity in green tech adoption globally, with countries in the Global South lacking the financial resources and infrastructure to adopt cutting-edge green solutions. Investment inclinations will also aggravate this gap, as developed nations typically invest more in R&D (research and development) for green technologies.
          
         Hong Kong is home to many green tech start-ups, all sharing the mission to develop technological solutions that combat climate change, which may well fit in the relevant strategies of economies in the MENA (Middle East and North Africa) region. One of them, for example, develops carbon-capture technologies in 3D-printed reef tiles to help restore coral reefs. It now has a production base in Abu Dhabi. 
          
         Third, we can address the knowledge gap. That means linking up people, projects and knowledge. Hong Kong is a compact city, yet has solid experience in city planning and operations, and managing large-scale infrastructure projects. Our expertise in smart cities and green urban planning complements MENA’s ambitions to build digitally connected, sustainable urban centres. These potential partnerships can set the standard for urban resilience and environmental stewardship in the years ahead.
          
         Ladies and gentlemen, the vision of a Green Silk Road presents a unique opportunity for us to collaborate on fostering sustainable, resilient, and inclusive development for future generations. Hong Kong is proud to be part of that effort, and we are committed to making valuable contributions in finance and innovation, and fostering partnerships to strive for a brighter and greener future for all.

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Economy grows 1.8% in Q3

    Source: Hong Kong Information Services

    Hong Kong’s economy grew 1.8% in the third quarter of 2024 over the same period a year earlier, down from a 3.2% increase in the second quarter, the Census & Statistics Department announced today.

    According to the advance estimates, gross domestic product (GDP) decreased by 1.1% in real terms in the third quarter of this year on a seasonally adjusted quarter-to-quarter basis.

    Private consumption expenditure dropped 1.4% in the third quarter year-on-year, following a decrease of 1.6% in the second quarter. Government consumption expenditure rose 2.1% year-on-year, as against a 2.2% increase in the second quarter.

    Gross domestic fixed capital formation increased by 3.7% in the third quarter of this year over a year earlier, following an increase of 4.1% in the preceding quarter.

    Over the same period, total goods exports recorded an increase of 3.9% over a year earlier, moderating from a 7.5% increase in the second quarter. Goods imports grew 2.6%, compared with a 3.4% increase in the preceding quarter.

    Exports of services rose 2.4% in the third quarter over a year earlier, as against a 1.1% increase in the second quarter. Imports of services climbed by 8.2%, following an increase of 12.3% in the preceding quarter.

    The Government said that Hong Kong’s economy continued to expand in the third quarter of 2024 over a year earlier and highlighted that total goods exports saw decelerated year-on-year growth alongside softening economic growth in some major markets.

    Looking ahead, it added that the economy should continue to grow in the remainder of the year. In particular, the gradual easing of financial conditions should bode well for fixed asset investment.

    A possible easing of the Hong Kong dollar alongside the US dollar, coupled with the central government’s various measures benefitting Hong Kong, the Government’s various initiatives to boost market sentiment, and increasing employment earnings are conducive to spending by both residents and visitors in the domestic market. However, the change in their consumption patterns will continue to pose challenges.

    The revised GDP figures for the third quarter of 2024 and a revised forecast for the whole year will be released on November 15.

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: HKMoA’s large outdoor art installation takes visitors through whimsical snuff bottle maze (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Museum of Art (HKMoA) launched the new exhibition “Hong Kong Artist Dialogue Series: Beyond Delight” at the Art Square in the museum’s forecourt, showcasing a large-scale public art installation, “Wandering through Snuff Bottles”, collaborated by local art group STICKYLINE (Mic Leong and Soilworm Lai) and artist Cynthia Mak.

         A snuff bottle is an exquisite miniature piece of craftsmanship, each uniquely designed and intricately carved with its own story hidden in its small world. Inspired by the HKMoA’s “Art of Gifting: The Fuyun Xuan Collection of Chinese Snuff Bottles” exhibition, the art group extracted forms and visual elements found in traditional Chinese snuff bottles and revitalised the concept with exquisitely lifelike animal-inspired designs of snuff bottles. By reinterpreting snuff bottles in a contemporary visual art language, a colourful snuff bottle maze was created. Visitors can enjoy a unique artistic experience by navigating and exploring passageways, corridors and arches in the maze. The artistic team’s creative reimagining presents other perspectives of snuff bottles, bringing visitors into a whimsical space and inspiring an endless realm of imagination.

         The Art Square presentation realises the idea of a wall-less exhibition, extending the indoor exhibition gallery into an open public space. It also allows artists to draw inspiration from the rich collections of the HKMoA to create a unique and delightful artistic dialogue.

         The exhibition is being staged at the Art Square in the forecourt of the HKMoA (10 Salisbury Road, Tsim Sha Tsui, Kowloon). For details of the exhibition, please visit the website at hk.art.museum/en/web/ma/exhibitions-and-events/beyond-delight.html or call 2721 0116 for enquiries.
              

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Idea of Sardar Patel for a Strong Bharat Immortalised with Sincere & Renewed effort of Nation Building of PM Narendra Modi Govt: Sarbananda Sonowal

    Source: Government of India

    Idea of Sardar Patel for a Strong Bharat Immortalised with Sincere & Renewed effort of Nation Building of PM Narendra Modi Govt: Sarbananda Sonowal

    Sarbananda Sonowal took Pledge on ‘Rashtriya Ekta Diwas’ as all Organisations of the Ministry of Ports, Shipping & Waterways Virtually Join in to Preserve the Unity, Integrity & Security

    Posted On: 31 OCT 2024 2:27PM by PIB Delhi

    The Ministry of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal celebrated the ‘Rashtriya Ekta Diwas’ (National Unity Day) as all the organisations virtually took the pledge to preserve the unity, integrity and security after the Union Minister read out the pledge along with thousands of colleagues who virtually joined the programme.

    Speaking on the occasion, Shri Sonowal said, “The idea of Sardar Vallabh Bhai Patel for a strong Bharat has been immortalised with sincere and renewed effort of Nation Building by the Narendra Modi led government for more than a decade. PM Modi has worked tirelessly to inspire the national consciousness and to use it to unify the country. The ‘Sabka Sath, Sabka Vikas’ philosophy is akin to Sardar Patel’s effort to bring all the princely states to join force for a strong nation. On this strong foundation laid down by the valiant & selfless efforts of Sardar Patel, the country is moving towards realising the idea of ‘Ek Bharat, Shresth Bharat’. The path laid down by Sardar Patel is the one that PM Narendra Modi ji has taken to lead the country towards creating an inclusive development of the country. I offer my homage to this great persona of Sardar Patel for his invaluable contribution towards building a strong nation.”

    The event started when the Union Minister Shri Sonowal did ‘Pad Puja’ by offering floral tributes to Sardar Vallabhbhai Patel image at the event.

    The event was attended by the Union Minister of State for MoPSW, Shantanu Thakur; the ex-Union Minister of State & MP (Rajya Sabha), Rameswar Teli; the Minister in the Govt of Assam, Jogen Mohan; the Chairman of AIDC & MLA, Dibrugarh, Prasanta Phukan; the MLA of Chabua, Punakan Baruah; the Secretary of MoPWA, T K Ramachandran; the Vice Chancellor of Dibrugarh University, Prof Jiten Hazarika; the Principal, Assam Medical College, Prof Sanjeeb Kakati; the Mayor of Dibrugarh Municipal Corporation (DMC), Dr Saikat Patra; among other dignitaries and people.

    *****

    NKK/AK

    (Release ID: 2069841) Visitor Counter : 62

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi pays homage to Sardar Vallabhbhai Patel at the Statue of Unity in Kevadia, Gujarat, participates in Rashtriya Ekta Diwas Celebrations

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi pays homage to Sardar Vallabhbhai Patel at the Statue of Unity in Kevadia, Gujarat, participates in Rashtriya Ekta Diwas Celebrations

    Rashtriya Ekta Diwas honours Sardar Patel’s invaluable contributions towards unifying the nation, May this day strengthen the bonds of unity in our society: PM

    India is deeply motivated by his vision and unwavering commitment to our nation, His efforts continue to inspire us to work towards a stronger nation:PM

    Sardar Patel’s 150th birth anniversary year, starting today, will be celebrated as a festival across the country for the next 2 years, This will further strengthen our resolve of ‘Ek Bharat Shreshta Bharat’: PM

    The image of the historic Raigad Fort of Maharashtra is also visible in Ekta Nagar of Kevadia, which has been the sacred land of the values ​​of social justice, patriotism and nation first: PM

    Being a true Indian, it is the duty of all of us countrymen to fill every effort for unity of the country with enthusiasm and zeal: PM

    In the last 10 years, the new model of good governance in the country has removed every scope for discrimination: PM

    In the last few years, India has succeeded in every effort to live with ‘unity in diversity’: PM

    Today every citizen of the country is happy that after Seven decades of independence, the resolution of one country, one constitution has been fulfilled: PM

    In the last 10 years, we have resolved many issues that were a threat to national unity: PM

    Due to our tireless efforts,our tribal brothers and sisters have got development as well as confidence of a better future: PM

    Today, we have before us an India which has vision, direction and determination: PM

    We have to be very cautious of some people, troubled by India’s growing strength and sense of unity, wanting to break the country and divide the society: PM

    Posted On: 31 OCT 2024 1:10PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today participated in the Rashtriya Ekta Diwas celebrations at the Statue of Unity in Kevadia,Gujarat. The  Prime Minister offered a floral tribute to Sardar Vallabhbhai Patel on his  birth anniversary. Shri Modi also  administered the Ekta Diwas pledge and witnessed Ekta Diwas Parade on the occasion of  Rashtriya Ekta Diwas which is celebrated every year on October 31to commemorate the birth anniversary of Sardar Vallabhbhai Patel.

    The Prime Minister said, “Sardar sahab’s powerful words…this program near the Statue of Unity…this panoramic view of Ekta Nagar…the wonderful performances held here…this glimpse of mini India…everything is so amazing…it is inspiring.” Extending greetings to all the countrymen on National Unity Day, the Prime Minister said that just like 15 August and 26 January, this event on 31 October fills the entire country with new energy. 

    On the occasion of Diwali  the Prime Minister conveyed his wishes to all the Indians living in the country and the world. He noted, this time the National Unity Day has brought a wonderful coincidence of celebrating this festival of unity along with the festival of Deepawali. “Deepawali, through the medium of lamps, connects the whole country, illuminates the whole country. And now the festival of Deepawali is also connecting India with the world”, he added.

    The Prime Minister underlined that this year’s Ekta Diwas is more special as Sardar Patel’s 150th birth anniversary year is starting from today. For the next 2 years, the country will celebrate Sardar Patel’s 150th birth anniversary. This is the country’s tribute to his extraordinary contribution to India. The Prime Minister emphasised that this celebration of two years  will strengthen our resolve for one India, great India. This occasion will teach us that even the seemingly impossible can be made possible, he added.

    Shri Modi underscored how Chhatrapati Shivaji Maharaj united everyone to drive away the invaders. Raigad Fort of Maharashtra still tells that story. Raigad Fort has been the sacred land of the values ​​of social justice, patriotism and nation first, he added. “Chhatrapati Shivaji Maharaj had united the different ideas of the nation for one purpose in the Raigad Fort. Today here in Ekta Nagar, we are seeing the image of that historic fort of Raigad…. Today, in this background, we have united here for the accomplishment of the resolution of a developed India”, the Prime Minister said.

    The Prime Minister, Shri Narendra Modi reiterated how  India has seen remarkable achievements in strengthening unity and integrity,  over the past decade. This commitment is evident in various government initiatives, exemplified by Ekta Nagar and the Statue of Unity. This monument symbolises unity not just in name but also in its construction as it is built with iron and soil gathered from villages nationwide. Ekta Nagar features Ekta Nursery, Vishwa Van with flora from every continent, Children Nutrition Park promoting healthy foods from across India, Arogya Van highlighting Ayurveda from different regions, and Ekta Mall, where handicrafts from around the country are showcased together, the Prime Minister underlined.

    The Prime Minister exhorted that being a true Indian, it is the duty of all of us to celebrate every effort towards unity of the country. He underlined that the emphasis on Indian languages under the new National Education Policy, including granting classical status to Marathi, Bengali, Assamese, Pali, and Prakrit, has been warmly welcomed and reinforces national unity. Alongside language, connectivity projects like expanding rail networks to Jammu and Kashmir and the North East, high-speed internet access to Lakshadweep and Andaman-Nicobar, and mobile networks in mountainous areas are bridging rural and urban divides. This modern infrastructure ensures that no region feels left behind, fostering a stronger sense of unity across India.

    “Pujya Bapu used to say that  our ability to live with unity in diversity will be constantly tested. And we have to keep passing this test at all costs”, the Prime Minister underscored. Shri Modi said that in the last 10 years, India has succeeded in every effort to live with unity in diversity. The government has constantly strengthened the spirit of Ek Bharat, Shreshtha Bharat in its policies and decisions. The Prime Minister lauded other government initiatives, including “One Nation, One Identity” through Aadhaar, and additional efforts to establish “One Nation” models like GST and the National Ration Card, creating a more integrated system that connects all states under a single framework. As part of our efforts for unity, we are now working on One Nation, One Election, One Nation, One Civil Code, i.e. Secular Civil Code”, the Prime Minister added.

    Reflecting on ten years of governance, the Prime Minister celebrated the removal of Article 370 in Jammu and Kashmir as a milestone, declaring, “For the first time, the Chief Minister of Jammu and Kashmir took the oath under the Indian Constitution,” calling it a major milestone for India’s unity. He praised the patriotic spirit of the people of Jammu and Kashmir for rejecting separatism and terrorism, and standing by the Constitution and democracy of India.

    The Prime Minister detailed other steps taken to address national security and social harmony, noting progress in resolving long-standing conflicts in the Northeast. The PM emphasised how the Bodo Agreement has ended 50 years of conflict in Assam, and the Bru-Reang Agreement allowed thousands of displaced individuals to return home. He underscored the success in diminishing the influence of Naxalism, which he described as“a significant challenge to India’s unity and integrity, saying that due to persistent efforts, Naxalism is now breathing its last.

    The Prime Minister highlighted that today’s India has vision, direction and determination. An India which is strong as well as inclusive. Which is sensitive as well as cautious. Which is humble as well as on the path of development. Which understands the importance of both strength and peace. The Prime Minister lauded India’s rapid development amidst global unrest, positioning India as a beacon of peace while maintaining strength. Amidst conflicts in various parts of the world, he said, “India emerges as a global friend.” He also underscored the importance of unity and vigilance, stating that some forces are troubled by India’s progress and aim to harm India’s economic interests and sow divisions. He urged Indians to recognize these divisive elements and safeguard national unity.

    As the Prime Minister concluded his address, he quoted Sardar Patel, urging the nation to remain committed to unity. “We must remember that India is a land of diversity. Only by celebrating diversity can unity be strengthened.” ‘‘The next 25 years are very important in terms of unity. Therefore, we should not let this mantra of unity weaken. It is necessary for rapid economic development. It is necessary for social harmony. It is necessary for true social justice, for jobs, for investment,” he said. The Prime Minister called on every citizen to join in strengthening India’s social harmony, economic growth, and commitment to unity.

     

    केवड़िया के एकता नगर में महाराष्ट्र के ऐतिहासिक रायगढ़ किले की छवि भी दिखती है, जो सामाजिक न्याय, देशभक्ति और राष्ट्र प्रथम के संस्कारों की पवित्र भूमि रही है। pic.twitter.com/KucUz2kcLo

    — Narendra Modi (@narendramodi) October 31, 2024

    एक सच्चे भारतीय होने के नाते यह हम सभी देशवासियों का कर्तव्य है कि हम देश की एकता के हर प्रयास को उत्साह और उमंग से भर दें। pic.twitter.com/NQBm4G3nVa

    — Narendra Modi (@narendramodi) October 31, 2024

    बीते 10 वर्षों में देश में सुशासन के नए मॉडल ने भेदभाव की हर गुंजाइश को समाप्त किया है। pic.twitter.com/rdysfKz9tn

    — Narendra Modi (@narendramodi) October 31, 2024

    पिछले कुछ वर्षों में भारत ने ‘विविधता में एकता’ को जीने के हर प्रयास में सफलता पाई है, जिसके ये बड़े उदाहरण हमारे सामने हैं… pic.twitter.com/aocbf3c1vU

    — Narendra Modi (@narendramodi) October 31, 2024

    आज हर देशवासी इस बात से खुश है कि आजादी के 7 दशक बाद एक देश, एक संविधान का संकल्प पूरा हुआ है। pic.twitter.com/aPMaiizKFj

    — Narendra Modi (@narendramodi) October 31, 2024

    बीते 10 वर्षों में हमने ऐसे अनेक मुद्दों का समाधान किया है, जो राष्ट्रीय एकता के लिए खतरा थे। pic.twitter.com/W2KXDrLrJS

    — Narendra Modi (@narendramodi) October 31, 2024

    हमारे अथक प्रयासों से आज आदिवासी भाई-बहनों को विकास भी मिला है और बेहतर भविष्य का विश्वास भी मिला है। pic.twitter.com/dJoBmKZBtH

    — Narendra Modi (@narendramodi) October 31, 2024

    आज हमारे सामने एक ऐसा भारत है, जिसके पास दृष्टि भी है, दिशा भी है और दृढ़ता भी है। pic.twitter.com/Mqu1NISoPE

    — Narendra Modi (@narendramodi) October 31, 2024

    भारत के बढ़ते सामर्थ्य और एकता के भाव से परेशान कुछ लोग देश को तोड़ना और समाज को बांटना चाहते हैं। हमें इनसे बहुत सावधान रहना है। pic.twitter.com/ehXoNXRPyI

    — Narendra Modi (@narendramodi) October 31, 2024

     

    ***

    MJPS/SS/VJ

    (Release ID: 2069821) Visitor Counter : 59

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Special Campaign 4.0 is in full swing in MSDE to achieve efficiency in decision making and disposal of pending items

    Source: Government of India (2)

    Posted On: 31 OCT 2024 1:02PM by PIB Delhi

    Government of India has announced Special Campaign 4.0 from 2nd October to 31st October 2024 with a focus on Swachhata and reducing pendency in the Government, as envisaged by Prime Minister Shri Narendra Modi. The Special Campaign 4.0 places a greater emphasis on field/outstation offices in addition to the Ministries, Departments, and their subordinate offices under the aegis of Department of Administrative Reforms and Public Grievances (DARPG).

    As part of the special campaign 4.0, the Ministry of Skill Development and Entrepreneurship (MSDE) is giving special attention reducing the pendency in number of references from Members of Parliament, Public Grievances and Public Grievance Appeals.   Secretary, MSDE addressed all the senior officers and nodal officers of the Ministry to reduce these on a day-to-day basis and further to that randomly consult the individual Grievant if his grievance is specifically addressed, as instructed by the Prime Minister.  A workshop with National Archives of India, was also organised to sensitize the officers of Ministry and attached field offices on the necessity of Record Management.

    Entire MSDE including all its attached offices and autonomous organisations as one family resolved to reduce the pendency in number of references from Members of Parliament, Public Grievances and Public Grievance Appeals.  As a result, till 30thOctober,l 2024, nine references from MPs, three Parliament Assurances, 466 Public Grievances and 23 Public Grievance Appeals have been disposed of. Five Rules have been identified and simplified.

    As part of Record Management, 4,813 files have been reviewed and 597 files have bee weeded out.  855 e-files have been reviewed out of which 217 filed have been closed. About 21,087 Square feet of space has been freed due to weeding out of files.

    The Special Campaign 4.0 is helping to bring about greater degree of awareness to maintain clean office environment and the need for overall environmental protection.  MSDE is committed to achieve the targets identified during the preparatory phase.

    *****

    PSF/DK

    (Release ID: 2069819) Visitor Counter : 15

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Raigad exemplifies the greatness and bravery of Chhatrapati Shivaji Maharaj, is synonymous with courage and fearlessness: PM

    Source: Government of India (2)

    Raigad exemplifies the greatness and bravery of Chhatrapati Shivaji Maharaj, is synonymous with courage and fearlessness: PM

    I am glad that this year’s Rashtriya Ekta Diwas programme gave a place of pride to Raigad: PM

    Posted On: 31 OCT 2024 10:58AM by PIB Delhi

    The Prime Minister Shri Narendra Modi today hailed Raigad as Shivaji Maharaj’s remarkable legacy, strategic genius, and leadership.

    Shri Modi said that he is glad that this year’s Rashtriya Ekta Diwas programme gave a pride to Raigad. 

    The Prime Minister posted on X:

    “Raigad exemplifies the greatness and bravery of Chhatrapati Shivaji Maharaj. It is synonymous with courage and fearlessness. I am glad that this year’s Rashtriya Ekta Diwas programme gave a place of pride to Raigad.”

     

     

    ***

    MJPS/RT

    (Release ID: 2069791) Visitor Counter : 50

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: Raksha Mantri virtually inaugurates ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel & Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang; Describes them as a symbol of unity & strength

    Source: Government of India (2)

    Raksha Mantri virtually inaugurates ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel & Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang; Describes them as a symbol of unity & strength

    “Disengagement process in certain areas along LAC almost complete based on consensus achieved between India & China; Our aim will be to take the matter beyond disengagement”

    Shri Rajnath Singh reiterates PM Modi-led Govt’s commitment towards development of the North-east region

    Posted On: 31 OCT 2024 10:57AM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh virtually dedicated to the nation ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel, and Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang, Arunachal Pradesh on October 31, 2024. Raksha Mantri carried out the inauguration from 4 Corps Headquarters in Tezpur, Assam. He was supposed to visit Tawang, but could not due to bad weather. The unveiling coincided with the festival of lights ‘Deepawali’ as well as ‘Rashtriya Ekta Diwas’ which is celebrated on 31stOctober every year to commemorate the birth anniversary of first Deputy Prime Minister and Home Minister Sardar Vallabhbhai Patel.

    Raksha Mantri began his address by referring to the broad consensus achieved by India and China to restore the ground situation in certain areas along the LAC. “India and China have been holding talks at both diplomatic and military levels to resolve the differences in some areas along the LAC. As a result of the talks, a broad consensus was developed on the basis of equal and mutual security. The consensus includes the rights of patrolling and grazing in traditional areas. Based on this consensus, the process of disengagement is almost complete. Our efforts will be to take the matter beyond disengagement; but for that, we will have to wait a little longer,” he said.

    Shri Rajnath Singh paid glowing tributes to Sardar Patel, also known as the Iron Man of India, acknowledging his instrumental role in unifying over 560 princely states post-independence, a feat that stands as a testament to his indomitable resolve and commitment to a unified India. “This statue ‘Desh Ka Vallabh’ will inspire people reminding them of the strength in unity and the unwavering spirit required to build a nation as diverse as ours,” he said.

    Raksha Mantri also paid homage to Major Bob Khathing, an extraordinary figure who made invaluable contributions to the Northeast region and national security. “Major Khathing not only led the peaceful integration of Tawang into India but also established essential military and security frameworks, including the Sashastra Seema Bal, Nagaland Armed Police, and the Naga Regiment. The ‘Museum of Valour’ now stands as a tribute to his bravery and foresight, inspiring generations to come,” he said.

    Shri Rajnath Singh underscored the significance of unity & harmony, and the North-East’s unique role in the nation’s identity. He reiterated Prime Minister Shri Narendra Modi’s vision of ensuring economic & infrastructure development of the entire region. “Holistic development of the nation is possible only when the North East prospers. We will create such a North East which is strong & prosperous not only naturally and culturally but also economically,” he added. 

    Raksha Mantri highlighted the crucial role of Border Roads Organisation (BRO) in the progress of the region. He made special mention of the Sela Tunnel linking Assam and Tawang, a project which enhances connectivity across Northeast regions. “In the times to come, the Arunachal Frontier Highway project will play a major role in connecting the entire North East region, especially the border areas. This 2,000-km long highway will prove to be an important strategic & economic asset for the region as well as the entire nation,” he added.

    Shri Rajnath Singh also commended the Armed Forces’ engagement in the region, from NCC initiatives and local economic support to crucial disaster relief efforts. “Armed Forces not only provide security, but also become a medium for development in that region by cooperating with the people of the border areas. This further strengthens India’s commitment to ensuring development, peace, and security in the Northeast,” he said.

    Governor of Arunachal Pradesh Lt Gen KT Parnaik (Retd), Chief Minister of Arunachal Pradesh Shri Pema Khandu; Union Minister of Parliamentary Affairs Shri Kiren Rijiju; Chief Minister of Manipur Shri N Biren Singh; Deputy Chief Minister Of Arunachal Pradesh Shri Chowna Mein and the family of Major Bob Khathing were present at the inauguration site. Chief of the Army Staff General Upendra Dwivedi; General Officer Commanding-in-Chief, Eastern Command Lt Gen RC Tewari; GOC 4 Corps Lt Gen Gambhir Singh and other senior civil & military officials joined the event virtually along with Raksha Mantri.

    ******

    SR/Savvy/KB

    (Release ID: 2069789) Visitor Counter : 69

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Asia-Pac: ‘Kendriya Grihmantri Dakshata Padak’ awarded to 463 personnel of various States/UTs/CAPFs/CPOs for the year- 2024

    Source: Government of India

    ‘Kendriya Grihmantri Dakshata Padak’ awarded to 463 personnel of various States/UTs/CAPFs/CPOs for the year- 2024

    ‘Kendriya Grihmantri Dakshata Padak’ recognizes excellent work, promote high professional standards and boost the morale of the officials/officers in the fields of Special Operation, Investigation, Intelligence and Forensic Science

    Initiated under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, ‘Kendriya Grihmantri Dakshata Padak’ will boost the morale of all police personnel

    ‘Kendriya Grihmantri Dakshata Padak’ was instituted by Ministry of Home Affairs in February, 2024

    Medal will be announced on 31st October every year, i.e., on the occasion of Birth Anniversary of Sardar Vallabhbhai Patel

    Posted On: 31 OCT 2024 10:17AM by PIB Delhi

    The ‘Kendriya Grihmantri Dakshata Padak’ has been awarded to 463 personnel of various States/Union Territories (UTs)/Central Armed Police Forces (CAPFs)/Central Police Organisations (CPOs) for the year 2024.

    The medal is given to recognize excellent work, promote high professional standards and boost the morale of the concerned official/officer in the following four fields:

     

    (i) Special Operation.

    (ii) Investigation.

    (iii) Intelligence.

    (iv) Forensic Science.

    Initiated under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, ‘Kendriya Grihmantri Dakshata Padak’ will boost the morale of all police personnel

    The ‘Kendriya Grihmantri Dakshata Padak’ has been instituted vide Ministry of Home Affairs’ Notification dated 1st February, 2024. It is to be conferred on members of the Police Forces, Security Organization, Intelligence Wing/Branch/Special Branch of State/UTs/CPOs/CAPFs/National Security Guard (NSG)/Assam Rifles; and Forensic Science (Central/State/Union Territories) in consideration for excellence in Operations, outstanding service in Investigation, exceptional performance indomitable & daring intelligence service, meritorious work done by Serving Government Scientists in the field of  Forensic Science.

    The medal will be announced on 31st of October every year, i.e., on the occasion of Birth Anniversary of Sardar Vallabhbhai Patel.

    The list of awardees is available on MHA website – https://www.mha.gov.in

    Click here to see the list of awardees:

    *****

    RK/VV/PR/PS

    (Release ID: 2069778) Visitor Counter : 104

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

    January 25, 2025
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