Category: Asia

  • MIL-OSI Asia-Pac: Indigenous Transponders Become Lifeline for Fishermen During Cyclone DANA

    Source: Government of India

    Posted On: 29 OCT 2024 2:31PM by PIB Delhi

    The Department of Fisheries under the Ministry of Fisheries, Animal Husbandry, and Dairying (MoFAH&D) with the help of the Vessel Communication and Support System under the Pradhan Mantri Matsya Sampada Yojana has been able to enhance the safety and security of fishermen at sea. Launched by Prime Minister Shri Narendra Modi, from Palghar, Maharashtra on 30th August, 2024 this project has an outlay of ₹364 crores. These transponders are being given to the fishermen free of cost. This initiative of MoFAH&D for Vessel Communication and Support System, featuring indigenous transponder technology, has demonstrated its capability in safeguarding fishermen during Cyclone DANA. This system aims to ensure safety and security of the fishermen while at sea for fishing by enabling them for two-way communication which was not possible before induction of this technology beyond mobile coverage range. Government of India has planned to install indigenously developed transponders on One Lakh fishing vessels in all 13 coastal states and UTs.  This technology was developed by Indian Space Research Organisation (ISRO) and is  being implemented through NewSpace India Ltd(NSIL) which is the commercial arm of ISRO under Department of Space (DoS). 

    Recently, Odisha was proactive in  installation of these transponders and more than 1000 transponders have been installed in the state. This technology has proved as a  lifeline for the fishermen of Odisha by providing support to them during the recent cyclone that impacted the Odisha coast and adjoining areas of the Bay of Bengal. As Cyclone DANA approached the state of Odisha recently, the Odisha State Relief Commissioner issued a warning on 20th October 2024, based on the India Meteorological Department’s midday bulletin. The warnings and advisories were issued on real-time basis to the fishermen using Vessel Communication and Support System. This has not only helped in saving life of the fishermen out at sea but also helped in preventing damage to their resources.  

    Through these transponders, advisories were issued to the fishermen out at sea through Space Application Centre (SAC), Ahmedabad to avoid venturing into the sea from 21st October to 26th October 2024.  It was also advised to the fishermen out at sea to return to the shore immediately. The timing of this warning was significant, allowing fishermen to take necessary precautions before the cyclone made landfall. The messages sent to fishermen included, “Fishermen out at sea are advised to return to the coast immediately,” and “Fishermen are advised not to venture into the sea off Odisha Coast and adjoining North Bay of Bengal during 21st to 26th October 2024.” These broadcast messages were communicated in both English and Odia, ensuring that all fishermen could understand the severity of the situation.

    Traditionally, authorities relied on Very High Frequency radio and phone calls to contact vessels, depending on boat owners to provide their exact locations. This method posed significant challenges, as locating mechanized trawlers in distant waters was often difficult. Moreover, some owners were unable to provide precise information on their vessel numbers and locations. This lack of accurate data hindered effective communication and posed serious risks to the safety of the fishermen at sea. With the Vessel Communication and Support System in place, officials could send a mass broadcast message on the evening of 20th October 2024 to all vessels at sea, utilizing satellites from the Indian Space Research Organisation. This timely broadcast was a game changer, prompting a swift response and enabling the vessels to return to shore by the morning of 21st October 2024. The mass message was not just a notification; it was a lifeline that significantly improved the chances of safety for those at sea.

    The use of transponders and the Nabhmitra Application played a pivotal role in enhancing safety during Cyclone DANA by enabling effective tracking of vessel positions and monitoring their speeds. This application allowed officials to estimate the time of arrival for each vessel at shore, which was paramount in ensuring that fishermen could return safely before the cyclone made landfall. The Nabhmitra Application offers comprehensive tracking features that include essential boat information, such as boat numbers and transponder IDs. By providing real-time updates on location, course and speed, the application helped authorities maintain an accurate understanding of each vessel’s movements.

    Moreover, the application served as a valuable source of cyclone information, detailing the cyclone’s name, category, and specific location through precise latitude and longitude coordinates. This data was complemented by the cyclone’s date and time, maximum surface wind speeds, and the date when this information was acquired. By having this significant information readily accessible, fishermen were better equipped to respond to the unfolding situation. In addition to cyclone-related data, the Nabhmitra Application also provided important weather updates, including sea conditions, wind speed and direction, and visibility. This holistic view of the maritime environment was instrumental for fishermen, allowing them to make informed decisions about their safety. With these tools at their disposal, authorities were able to coordinate the return of fishermen effectively, ensuring they received timely alerts and could navigate the dangers posed by the approaching cyclone.

    The ability to track vessels in real time represented a significant leap forward in crisis management. Officials could monitor approximately 126 boats from Paradeep that were further out at sea, ensuring the safe return of all boats by 22nd October 2024, well before Cyclone DANA made landfall. This enhanced tracking capability helped authorities stay informed about the vessels’ conditions, allowing them to respond effectively to any emergencies. Furthermore, the communication capabilities of the Vessel Communication and Support System were instrumental in disseminating emergency messages in local languages. This feature ensured clarity and urgency, allowing fishermen to comprehend the importance of returning to safety without delay. The multilingual support enhanced the system’s effectiveness, as many fishermen may not be fluent in English or Hindi. By using local dialects, the authorities could convey essential information more effectively, further reducing response times.

    The level of coordination achieved during this crisis was only possible through the Vessel Communication and Support System. The system not only enabled a proactive response but also facilitated collaboration among various stakeholders, including the Department of Fisheries, the Coast Guard, and local authorities. This level of inter-agency cooperation is important during emergencies, ensuring that resources are allocated effectively, and that the response is as swift as possible. The successful deployment of the Vessel Communication and Support System during Cyclone DANA represents a remarkable milestone in crisis management and disaster preparedness. It showcases how technology can be leveraged to protect livelihoods while enhancing the resilience of coastal communities against natural disasters. The system has marked an impressive improvement in crisis management and has showcased the transformative potential of the Vessel Communication and Support System.

    The response to Cyclone DANA has underscored the capabilities of transponder technology in protecting the lives of fishermen and enhancing India’s preparedness for future maritime challenges. By enabling real-time communication and monitoring, the Vessel Communication and Support System sets a new standard in maritime safety. The effectiveness of the system during this crisis serves as a template for future implementations, suggesting that similar technologies can be used in other regions and situations to enhance safety and preparedness.

    The lessons learned from the response to Cyclone DANA are invaluable. It is imperative that the adoption of advanced technologies for disaster management is a key step. The Vessel Communication and Support System highlights the importance of investment in maritime safety infrastructure. The Vessel Communication and Support System has  proved to be a significant asset during Cyclone DANA, ensuring the safety and security of fishermen at sea. By facilitating real-time tracking, effective communication, and coordinated emergency responses, the system exemplifies how technology can enhance maritime safety in the face of natural disasters. The successful outcomes achieved during this crisis serve as a testament to the effectiveness of integrating advanced technologies in safeguarding livelihoods and enhancing preparedness for future challenges. As India continues to strengthen its maritime safety framework, the lessons learned from Cyclone DANA will guide future initiatives, ultimately fostering a safer environment for the fishing community. The path to safety has been significantly illuminated through the effective use of indigenously designed and developed Vessel Communication and Support System, ensuring that fishermen are well-informed and can navigate the challenges posed by nature with greater confidence.

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  • MIL-OSI Asia-Pac: Pradhan Mantri Mudra Yojana

    Source: Government of India (2)

    Pradhan Mantri Mudra Yojana

    Loan Limit Raised to ₹20 Lakh from ₹10 Lakh

    Posted On: 29 OCT 2024 3:00PM by PIB Delhi

     

    “Millions of common men and women of this country, who run small business, have almost remained outside the net of formal institutional finance, in spite of their large contribution to the economy. MUDRA is our innovation of funding the unfunded.”

                             ~ Prime Minister Narendra Modi

     

    The Pradhan Mantri MUDRA Yojana (PMMY), launched by the Prime Minister on April 8, 2015, has played a pivotal role in empowering non-corporate, non-farm small and micro enterprises by providing loans of up to ₹10 lakh. To strengthen support for aspiring entrepreneurs, the finance minister announced an increase in the loan limit to ₹20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit took effect on October 24, 2024.

    This announcement also introduces a new loan category, Tarun Plus, designed specifically for those who have previously availed and successfully repaid loans under the Tarun category, allowing them to access funding between ₹10 lakh and ₹20 lakh. Additionally, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide guarantee coverage for these enhanced loans, further reinforcing the government’s commitment to nurturing a robust entrepreneurial ecosystem in India.

    Mudra Yojana

     

    MUDRA,3 which stands for Micro Units Development & Refinance Agency Ltd, is a financial institution set up by the Government of India under PMMY for development and refinancing micro unit enterprises. PMMY aims to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. PMMY has given wings to the dreams and aspirations of millions, along with a feeling of self-worth and independence.

    Need for the MUDRA Yojana

    India is a young country brimming with youthful enthusiasm and aspirations. In order to provide a fertile ground for sowing the seeds of India’s development it is very important to harness this innovative zeal of young India which can provide new age solutions to existing gaps in the economic ecosystem of the country. Understanding the need to harness the latent potential of entrepreneurship in India, the Union Government launched the Pradhan Mantri MUDRA Yojana.

    MUDRA Loans: Categories

    Under PMMY collateral free loans up to Rs. 20 Lakh are extended by Member Lending Institutions (MLIs) viz Scheduled Commercial Banks,  Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc. The loans are given for income generating activities in manufacturing, trading and services sectors and for activities allied to agriculture.

    MUDRA loans now will be offered in four categories namely, ‘Shishu’, ‘Kishore’and ‘Tarun’ and newly added category ‘Tarun Plus’ which signifies the stage of growth or development and funding needs of the borrowers:-

    • Shishu: covering loans upto Rs. 50,000/-
    • Kishore: covering loans above Rs. 50,000/- and up to Rs. 5 lakhs
    • Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakhs
    • Tarun Plus: Rs. 10 lakh and up to Rs. 20 lakhs

     

    Achievements of PMMY

     

    Under Pradhan Mantri Mudra Yojana (PMMY) amount sanctioned and disbursed in the financial year 2023-24 under various categories:[4]

    • Women Borrowers: A total of ₹1,08,472.51 crore was disbursed under the Shishu category, ₹1,00,370.49 crore under Kishore, and ₹13,454.27 crore under the Tarun category.
    • Minority Borrowers: The disbursements amounted to ₹15,759.66 crore under Shishu, ₹20,766.3 crore under Kishore, and ₹8562.27 crore under Tarun.
    • New Entrepreneurs / Accounts:
      • Shishu category: 88,49,101 accounts with a sanctioned amount of ₹29,445.41 crore and disbursed amount of ₹28,839.75 crore.
      • Kishore category: 34,06,239 accounts with ₹62,290.58 crore sanctioned and ₹60,407.02 crore disbursed.
      • Tarun category: 7,57,456 accounts with a sanctioned amount of ₹70,294.35 crore and ₹68,861.13 crore disbursed.
    • Unique Borrowers (from 8th April 2015 to 31st March 2024):
      • ₹44,891.82 crore was sanctioned under Shishu.
      • ₹24,575.57 crore was sanctioned under Kishore.
      • ₹19,120.58 crore was sanctioned under Tarun.

     

    Mudra Card

     

     

    MUDRA Card[5] is an innovative credit product wherein the borrower can avail of credit in a hassle free and flexible manner. It provides a facility of working capital arrangement in the form of an overdraft facility to the borrower. Since MUDRA Card is a RuPay debit card, it can be used for drawing cash from ATM or Business Correspondent or make purchase using Point of Sale (POS) machine. Facility is also there to repay the amount, as and when, surplus cash is available, thereby reducing the interest cost.

     

     

    MUDRA App- “MUDRA MITRA”

     

     MUDRA MITRA is a mobile phone application available in Google Play Store and Apple App    Store, providing information regarding ‘Micro Units Development and RefinanceAgency Ltd. (MUDRA)’ and its various products/ schemes. It will guide a loan seeker to approach a Banker in availing MUDRA loan under PMMY. Users can also access useful loan related material including sample loan application forms in this app.

     

     Steps taken to improve implementation of the Scheme:[6]

    • Handholding support for facilitating submission of loan applications
    • Provision for online applications through PSBloansin59minutes and Udyamimitra portal
    • Intensive publicity campaigns for increased visibility of the scheme amongst the stakeholders
    • Simplification of application forms
    • Nomination of MUDRA Nodal Officers in Public Sector Banks (PSBs)
    • Periodic monitoring of performance of PSBs with regard to PMMY
    • Interest Subvention of 2% on prompt repayment of Shishu loans extended under PMMY for a period of 12 months to all eligible borrowers.
    • Announced by Union Finance Minister on 14.05.2020 under Aatmanirbhar Bharat Package, the scheme has been formulated as a specific response to an unprecedented situation and aims to alleviate financial stress for borrowers at the ‘bottom of the pyramid’ by reducing their cost of credit.

     

    Conclusion

    The Pradhan Mantri MUDRA Yojana (PMMY) has fundamentally reshaped the landscape of entrepreneurship in India, driving significant progress in financial inclusion. By providing critical funding support, the scheme has enabled countless new entrepreneurs to turn their business ideas into reality. Over the years, it has also empowered women and minority communities, creating opportunities for economic upliftment and fostering a more inclusive growth environment. As the loan limit expands to ₹20 lakh, PMMY continues to play a vital role in nurturing small businesses and fueling the nation’s journey toward a more equitable and prosperous future.

    References:

     

    Click here to see in PDF

    Santosh Kumar/ Sarla Meena/ Kamna Lakaria

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  • MIL-OSI Asia-Pac: Maximum Retail Price of three Anti-cancer Drugs (Trastuzumab, Osimertinib and Durvalumab) to come down on account of exemption from Custom duty and Reduction in GST Rates

    Source: Government of India

    Posted On: 29 OCT 2024 2:23PM by PIB Delhi

    In line with the Government’s commitment to ensure the availability of drugs at affordable prices, National Pharmaceutical Pricing Authority (NPPA) has issued an O.M. dated 28.10.2024 directing the concerned manufacturers to reduce the MRP on three anti-cancer drugs, Trastuzumab, Osimertinib and Durvalumab.  This is in pursuance to the announcement made in the Union Budget for the year 2024-25 exempting these three anti-cancer medicines from customs duty. The Department of Revenue, Ministry of Finance issued Notification 30/2024 dated 23.07.2024 reducing the custom duty to nil on these three anticancer drugs.

    Further, the Department of Revenue, Ministry of Finance has issued notification no. 05/2024 dated 08.10.2024 notifying the reduction in GST Rates from 12% to 5% with effect from 10.10.2024 on these three drugs.

    Accordingly, there should be a reduction in MRP of these drugs in the market and benefits of reduced taxes & duties should be passed on to the consumers. Hence, NPPA vide O.M. dated 28.10.2024 has directed all the manufacturers of above-mentioned drugs to reduce their MRP. The manufacturers are required to issue a price list or supplementary price list to the dealers, State Drugs Controllers and the Government indicating changes and to submit information regarding price change to NPPA through Form-II/ Form V.

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  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA WITNESSES AN ART EXHIBITION AT RASHTRAPATI BHAVAN

    Source: Government of India

    Posted On: 29 OCT 2024 1:44PM by PIB Delhi

    A group of artists called on the President of India, Smt. Droupadi Murmu today (October 29, 2024). The President also visited the exhibition of artwork, which had been created by artists during their stay at Rashtrapati Bhavan.  

    The President appreciated the artwork of the artists. She said that the eternal relationship between human beings and nature is reflected in their artwork. She urged all to encourage these artists by appreciating and buying such artworks.

    These artists reside near various Tiger Reserves and belong to Chhattisgarh, Madhya Pradesh, Maharashtra, Odisha, Mizoram, Telangana, Uttarakhand, and Jharkhand. They have been staying at Rashtrapati Bhavan from October 21 till date under the Artist-in-Residency initiative ‘SRIJAN 2024’. During their stay, artists created beautiful paintings with natural colours depicting art forms like tribal contemporary, Saura, Gond, Warli, Aipan, Sohrai, etc. 

     

     

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  • MIL-OSI Asia-Pac: CBDT notifies Tolerance Range for Transfer Pricing for A.Y 2024-25 as per proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962

    Source: Government of India

    CBDT notifies Tolerance Range for Transfer Pricing for A.Y 2024-25 as per proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962

    Notification of tolerance range shall provide certainty to taxpayers and reduce the risk perception associated with pricing of a transaction in transfer pricing

    Posted On: 29 OCT 2024 1:23PM by PIB Delhi

    The Central Board of Direct Taxes (CBDT) has issued notification no. 116/2024 dated October 18, 2024 notifying the tolerance range for AY 2024-25. The notification of tolerance range shall provide certainty to taxpayers and reduce the risk perception associated with pricing of a transaction in transfer pricing.

    Proviso to sub-rule(7) of rule 10CA sub-rule(7) provides that, “if the variation between the arm’s length price so determined at which the international transaction or specified domestic transaction has actually been undertaken does not exceed such percentage not exceeding three percent of the latter, as may be notified by the Central Government in the Official Gazette in this behalf, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price.”

    The tolerance range for transfer pricing is as follows:

    1. The tolerance ranges shall be 1% for transactions in the nature of “wholesale trading” and 3% for others, respectively, as notified last year and
    2. The term ‘wholesale trading’, shall be defined as an international transaction or specified domestic transaction of trading in goods which fulfil all the following conditions:

     

    1. Purchase cost of finished goods is 80% or more of the total cost pertaining to such trading activities; and
    2. Average monthly closing inventory of goods is 10% or less of sales pertaining to such trading activities.

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  • MIL-OSI Asia-Pac: Ministry of Parliamentary Affairs makes significant progress in ongoing Special Campaign 4.0 for institutionalizing Swachhata and reducing pending matters

    Source: Government of India (2)

    Posted On: 29 OCT 2024 1:01PM by PIB Delhi

    The Ministry of Parliamentary Affairs has made  significant progress in the ongoing Special Campaign 4.0, which began on 2nd October 2024 and will continue until 31st October 2024. This initiative is part of the Government of India’s broader mission to institutionalize Swachhata (cleanliness) practices and streamline the resolution of pending matters across various Ministries and Departments.

    Key Achievements So Far:

    • Record Management: Since the campaign’s launch, the Ministry of Parliamentary Affairs has made notable strides in reviewing the old physical and digital files. Over 90% of files of the target set have been reviewed. Social Media updates are also being posted showcasing the progress of Ministry in this aspect.
    • Pending Important Matters: Pendency of PMO Reference, Parliamentary Assurance, State Govt. Reference, Reference from MPs and IMC Reference is NIL.

    The Ministry of Parliamentary Affairs has urged  all its employees to remain committed to the goals of Special Campaign 4.0 and continue to contribute actively.It has been emphasised that  with the combined efforts of all, lasting improvements in cleanliness and governance can be achieved.

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  • MIL-OSI Asia-Pac: Key Decisions by Central Empowered Committee to strengthen Gram Panchayats across the country

    Source: Government of India (2)

    Key Decisions by Central Empowered Committee to strengthen Gram Panchayats across the country

    Standardized Honorarium, Training in Smart Classrooms, New Panchayat Buildings to improve Service Delivery at the Grassroots

    Posted On: 29 OCT 2024 12:10PM by PIB Delhi

    In a bid to further enhance the effectiveness of grassroots governance across the country, the Central Empowered Committee (CEC) of the Revamped, Centrally Sponsored Scheme of Rashtriya Gram Swaraj Abhiyan (RGSA), in its 8th meeting under the Chairmanship of Secretary, Ministry of Panchayati Raj (MoPR) Mr. Vivek Bharadwaj, made several significant decisions. The major decisions taken include Adoption of Standardized Honorarium under RGSA, Long term Domestic Training of Panchayat officials, Training of elected representatives in Smart Classrooms, Investment in Gram Panchayat Infrastructure throughout the country with special focus on North Eastern States and UT of Jammu and Kashmir.

    Adoption of Standardized Honorarium System under RGSA

    The CEC approved the standardization of honorarium rates for Master Trainers, Guest Faculties, and Eminent Resource Persons across States/UTs. This decision ensures equitable compensation, fostering the availability of high-quality trainers, which is critical for improving training delivery at the grassroots level. By addressing disparities in honorarium, the decision sets a new benchmark for training consistency and capacity building across Panchayati Raj Institutions (PRIs). This decision marks a crucial step towards ensuring uniformity and quality in training delivery across the country, from larger States like Uttar Pradesh and Maharashtra to smaller ones like Sikkim and Goa. This is particularly important for States like Bihar, Gujarat, Punjab and West Bengal, which are scaling up their training initiatives. By standardizing rates, the Ministry aims to attract and retain high-quality Trainers and Resource Persons, which is essential for effective capacity building of Panchayati Raj Institutions (PRIs) in every State.

    States/UTs to sponsor Panchayat Officials for Long-Term Domestic Training Programs for higher Learning

    “Funding for Long-Term Domestic Training Programs” for up to one year of duration for officials of PRIs and Panchayati Raj Department in the States/UTs under the State component of RGSA has been given a go ahead. The move aims at ensuring that the officials receive advanced, sector-specific training from Institutes of Excellence which will upgrade their skill set for better service delivery at the grassroots. This aligns with the objective of RGSA to strengthen decentralized governance and improved implementation efficiency. It will boost the overall competency of officials involved in rural development and local self-governance, thereby improving grassroots planning. It will also result in extensive Human Capital formation in PRIs over a period of few years.

    The decision addresses the critical need for in-depth skill upgradation of PRI functionaries across all participating States. By including subjects like spatial planning, resource mobilization, and disaster management, the program aims to equip officials with comprehensive knowledge essential for rural development in diverse geographical contexts, from the coastal regions of Kerala to the mountainous terrains of Himachal Pradesh. All the States and UTs will benefit from this decision as the North East (NE) and Hilly States can sponsor 10 candidates each for higher learning, UTs and Goa up to 5 applicants each while other States can sponsor up to 20 candidates each.

    Boost to Panchayat Infrastructure

    To enhance infrastructure, the CEC approved, construction of 3,301 Gram Panchayat Bhawans with Common Service Centre (CSC) co-location and sanctioned 22,164 computers for Gram Panchayats across various States including Andhra Pradesh, Chhattisgarh, Punjab, and Telangana. This decision is a boost for Panchayati Raj system in these States as it directly addresses infrastructure gaps, enabling better administrative functioning and digital governance in rural areas. The provision of dedicated buildings and computer equipment will facilitate efficient record-keeping and e-governance, significantly enhancing local government operations and service delivery.

    Elected Representatives of Panchayats to be trained in Smart Classrooms

    In a bid to modernize the Panchayat Resource Centers at the State and District level across the country, computer labs in State Panchayat Resource Centers (SPRCs) in 25 States as well as in District Panchayat Resource Centers (DPRCs) in 395 Districts will be upgraded with more computers of latest specification. At the same time, approval has been given for installing technological Educational Aids in these SPRCs and DPRCs across States/UTs. This decision for upgrading the State and District Panchayat Resource Centers (SPRCs/ DPRCs) in States like Gujarat and Tamil Nadu will modernize training infrastructure, creating a conducive learning environment. By integrating digital tools including projectors, LCDs, interactive panels and PA systems, the training centers will be better equipped to deliver high-quality capacity-building programs. This move is expected to accelerate the adoption of digital learning and improve the training outreach to Panchayat functionaries across India.

    Investment in Panchayat Infrastructure in the Vibrant Villages of the Border Areas of North East and Jammu and Kashmir

    Over a period of last few years, a number of decisions to support the infrastructure development for PRIs in the North Eastern States and the UT of Jammu and Kashmir have been taken. In the past years, the Ministry has supported construction of Panchayat Bhawans as well as setting up of Common Service Centres for ease of the residents in these areas. In J&K, the Ministry has supported construction of 970 GP Bhawans and co-location of 1606 Common Service Centres during 2024-25.

    In this meeting, decision has been taken for the construction of 400 Panchayat Bhawans-cum-Common Service Centers in Arunachal Pradesh. This is in continuation of MoPR’s support in the past for 939 GP Bhawans with collocated CSCs. Similarly, Panchayat infrastructure has been supported for the other States of North East including Mizoram, Meghalaya, Nagaland, Assam, Manipur. Overall, 1633 Gram Panchayat Bhawans and 514 CSCs have been approved for the States of North East.

    These initiatives aim at enhancing administrative efficiency and provide essential services at the grassroots level, significantly contributing to the development of Vibrant Villages.

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  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah flags off the ‘Run for Unity’, organized as part of National Unity Day, in New Delhi

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation, Shri Amit Shah flags off the ‘Run for Unity’, organized as part of National Unity Day, in New Delhi

    Prime Minister Shri Narendra Modi had decided to organize the ‘Run for Unity’ in 2015 in memory of the great leader Sardar Vallabhbhai Patel to make the country pledge for the unity and integrity of India

    ‘Run for Unity’ is not merely a pledge for the unity of India, but today it has become a pledge for a developed India as well

    After independence, the creation of present-day India by uniting more than 550 princely states was possible only because of the strong will and quick decision making of Sardar Saheb

    Today, India stands strong before the World on the path of becoming the leader in every field, and its foundation was laid by Sardar Patel

    Prime Minister Modi has kept the memory of Sardar Patel alive by building the World’s tallest statue in Kevadia, Gujarat

    Sardar Patel’s vision, ideas and message in every field have been given a concrete shape by Prime Minister Modi

    Union Home Minister called upon the countrymen to take a pledge to strengthen the unity of India through the ‘Run for Unity’ and to realize the dream of a fully developed India by 2047

    Posted On: 29 OCT 2024 11:54AM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah today flagged off the ‘Run for Unity’ organized in New Delhi. The ‘Run for Unity’ was organized as part of the National Unity Day, to be celebrated on the occasion of the birth anniversary of Sardar Vallabhbhai Patel, i.e, 31st October. Several dignitaries including Union Cabinet Ministers Shri Manohar Lal Khattar, Dr. Mansukh Mandaviya, Union Minister of State for Home Affairs Shri Nityanand Rai and Lieutenant Governor of Delhi Shri Vinay Kumar Saxena were present on the occasion.

     

    In his address, Union Home Minister Shri Amit Shah said that Prime Minister Shri Narendra Modi had decided to organize the ‘Run for Unity’ in 2015 in the memory of the great leader Sardar Vallabhbhai Patel to make the country pledge for the unity and integrity of the country. He said that since then, the entire country not only takes a pledge for the unity and integrity of the whole country through the ‘Run for Unity’ but also rededicates itself to the service of the Mother India. Shri Shah added that the ‘Run for Unity’ has become a pledge of unity of the country as well as a pledge of a developed India. He said that Prime Minister Modi has put forth before all countrymen the pledge to build a fully developed India by 2047, which would be at the top of the ladder in every field in the World.

    Shri Amit Shah said that today India stands before the world as a flourishing, developing and a strong nation. He said that if we look back at history, after independence, the creation of present-day India by uniting more than 550 princely states was possible only because of the strong will and quick decision making of Sardar Saheb. He said that it was Sardar Patel due to whose strong will today India stands united and strong before the World. He added that today India stands strong before the World on the path of becoming the leader in every field, and its foundation was laid by Sardar Patel.

    Union Home Minister and Minister of Cooperation said that it is unfortunate that Sardar Patel was forgotten for years and he was also denied the due honour of Bharat Ratna. He said that Prime Minister Modi has kept the memory of Sardar Patel alive by building the World’s tallest statue in Kevadia, Gujarat. Shri Shah said that Sardar Patel’s vision, ideas and message in every field have been given a concrete shape by Prime Minister Modi.

    Shri Amit Shah said that the great ideas of Sardar Patel will definitely become a guiding light for the young generation of the country. Union Home Minister called upon the countrymen to take a pledge to strengthen the unity of India through the ‘Run for Unity’ and to realize the dream of a fully developed India by 2047.

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses Rozgar Mela

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi addresses Rozgar Mela

    It is a matter of great joy to have handed over appointment letters for government jobs to 51 thousand youth in the Rozgar Mela, Best wishes to all the youth who are taking a step towards nation building:PM

    It is our commitment that the youth of the country should get maximum employment: PM

    Today India is moving towards becoming the third largest economy in the world: PM

    We promoted Make in India in every new technology,We worked on self-reliant India: PM

    Under the Prime Minister’s Internship Scheme, provision has been made for paid internships in the top 500 companies of India: PM

    Posted On: 29 OCT 2024 11:53AM by PIB Delhi

    The Prime Minister Shri Narendra Modi addressed the Rozgar Mela and distributed more than 51,000 appointment letters to newly appointed youth in Government departments and organizations via videoconferencing today. Rozgar Mela highlights the Prime Minister’s commitment to prioritizing employment generation. It will empower the youth by providing them with meaningful opportunities to contribute to nation-building.

    Addressing the occasion, the Prime Minister noted the auspicious occasion of Dhanteras and conveyed his best wishes on the occasion. Underlining that this year’s Diwali would be a special one, the Prime Minister said that it is the first Diwali since Lord Shri Ram has been seated in his magnificent temple in Ayodhya after 500 years. He said that several generations have waited for this Diwali, while many have sacrificed their lives for it or faced adversities. The Prime Minister  emphasized that the present generation is extremely fortunate to witness and become a part of such celebrations. In the atmosphere of festivity, said the Prime Minister, 51,000 youth are being handed out recruitment letters for government jobs. He congratulated the new recruits and conveyed his best wishes to them.

    The Prime Minister highlighted that offering permanent Government jobs to lakhs of youths has been a legacy which is continuously going on. He added that lakhs of youths were handed appointment letters even in the states being governed by BJP and NDA allies. Shri Modi emphasized that in Haryana there is a festive atmosphere with 26,000 youths getting jobs by the newly formed government . Shri Modi said their Government in Haryana had a special identity of giving jobs without any expense or recommendation. He greeted the 26,000 youths of Haryana who will be handed over their appointment letters today apart from 51,000 jobs in today’s Rozgar Mela. 

    The Prime Minister reiterated the government’s commitment that the youth of the country should get maximum employment. Noting that the policies and decisions of the government have a direct impact on job creation, the Prime Minister highlighted the development of expressways, highways, roads, rail, ports, airports, laying of fiber cables, setting up of mobile towers and expansion of new industries in all parts of the country. Referring to laying of water and gas pipelines, establishing of new schools, colleges and universities and reducing logistics cost by spending on infrastructure, Shri Modi said that it is not only benefitting the citizens but also creating new job opportunities. 

    Recalling his visit to Vadodara in Gujarat yesterday, the Prime Minister mentioned inaugurating an aircraft manufacturing facility for the defence sector. He said that thousands of citizens would get direct employment while MSME industries would hugely benefit from the manufacturing of spare parts and other equipment, creating a huge network of supply chains. Noting that a single aircraft comprises 15,000 to 25,000 parts, Shri Modi emphasized that thousands of smaller factories would play an active role in fulfilling the demands of a mega factory, thereby benefiting India’s MSMEs. 

    The Prime Minister remarked that whenever a scheme is launched, the focus is not just only on the benefits accrued to the citizens, but also develop an entire ecosystem of employment generation using it as a medium by thinking in a broader scope. Citing an example of PM Suryaghar Muft Bijli Yojana, he said  in the last 6 months, around 2 crore customers had registered for the scheme, more than 9,000 vendors were associated with scheme, solar panels were already installed in more than 5 lakh houses and in the near future, there was a plan to create 800 Solar villages as model under this scheme. He also noted that 30,000 people had undergone training for roof-top solar installation as well. Therefore, he added, this one scheme of PM Suryaghar Muft Bijli Yojana has created a host of employment opportunities for manufacturers, vendors, assemblers and repairers across the country.

    Noting that the Khadi industry of India has been transformed by the policies of the government in the last 10 years and impacted the people in the villages, the Prime Minister informed that Khadi Gram Udyog’s business has surpassed 1.5 lakh crores today. Drawing parallels from 10 years ago, the Prime Minister exclaimed that the sale of Khadi has grown up to 400 percent, thereby benefiting artists, weavers and businesses and also creating new employment opportunities. Shri Modi also touched upon the Lakhpati Didi scheme where new employment and self-employment opportunities are provided to rural women. “More than 10 crore women have joined self-help groups in the last decade”, he added, noting that 10 crore women are now engaged in economic activities. He credited the support provided by the government in every step and reiterated the commitment to creating 3 crore lakhpati didis. “More than 1.25 crore women have already become Lakhpati Didis so far making their annual income above Rs 1 lakh”, he added.

    The Prime Minister stated that India is moving towards becoming the world’s third-largest economy. Reflecting on the country’s progress, he noted the inquisition by the youth of India who often ask why the country didn’t achieve this pace earlier. Underlining that the answer lies in the lack of clear policies and intent in previous governments, the Prime Minister pointed out that India had been lagging behind in several sectors, particularly technology. He recalled that India used to wait for new technologies from around the world and what was considered outdated in the West would eventually reach the nation. He pointed out the long withstanding belief that modern technology could not be developed in India not only set India back in terms of growth but also deprived the country of crucial job opportunities. 

    Highlighting the steps taken to free the country from this old thinking, the Prime Minister stated that efforts were initiated to break free from this old mindset in sectors like space, semiconductors, electronics and electric vehicles by promoting Make in India. The Prime Minister underscored the importance of technological advancement and investment, adding that the PLI scheme was launched to bring new technology and foreign direct investment to India, which has accelerated job creation when combined with the Make in India initiative. He noted that every sector is now receiving a boost providing opportunities for youth across different fields. “Today, India is witnessing massive investment, and record opportunities are being created”, he said, adding that in the last eight years, over 1.5 lakh startups have been launched, making India the world’s third-largest startup ecosystem. He further added that these sectors are offering our youth a chance to grow and gain employment.

    The Prime Minister reiterated that the government is very focused on skill development today to increase the capacity of the youth of India. Therefore, he added, Government started missions like Skill India and youth were being trained in many skill development centers. Shri Modi remarked that arrangements were made to ensure that India’s youth need not have to wander for experience and opportunity. Citing the Pradhan Mantri Internship Yojana, Shri Modi said provisions were made for paid internships in the top 500 companies of India, where every intern would be given Rs 5,000 per month for one year. He added the Government’s target  was to ensure one crore youth get internship opportunities in the next 5 years. This, he said, would give the youth a chance to connect with the real-life business environment in different sectors and add a beneficial experience to their career.

    The Prime Minister remarked that the Indian government was creating new opportunities to make it easier for Indian youth to get jobs abroad. Citing the recently released Germany’s  Skilled Labour Strategy for India, Shri Modi informed that Germany had increased the number of visas given to skilled Indian youth every year from 20 thousand to 90 thousand. He added that India’s youth will benefit greatly from this. Shri Modi also mentioned that India had signed agreements related to migration and employment with 21 countries in recent years, including countries like Japan, Australia, France, Germany, Mauritius, Israel, UK and Italy, apart from Gulf countries. He noted that every year 3 thousand Indians can get a 2-year visa to work and study in the UK while 3 thousand Indian students will get the opportunity to study in Australia. “India’s talent will not only give direction to India’s progress but also to the world’s progress”, exclaimed Shri Modi. He added that India was moving ahead in that direction.

    Shri Modi emphasized that the role of the government today was to create a modern system where every youth gets an opportunity and can fulfill their aspirations. Therefore, he urged the newly appointed youths in various positions that their goal should be to provide maximum facilities to the youth and citizens of India.

    The Prime Minister emphasized the crucial role of taxpayers and citizens in securing government jobs and stated that the government exists because of the citizens and is appointed to serve them. He reiterated that the primary duty is to serve the nation, be it in the position of a postman or a professor. Shri Modi underlined that the new recruits have joined the government at a time when the country has resolved to become developed. Therefore, said the Prime Minister, to achieve this goal, we must excel in every sector and contribute fully. He urged the new recruits to not only perform well but to strive for excellence. “Government employees in our country should set an example recognized worldwide”, he asserted. The Prime Minister stressed that the nation has high expectations from them and said that these expectations must be met to deliver on the commitments.

    The Prime Minister remarked on the new journey that appointees are embarking on with their positions, urging them to always remain humble and to maintain the habit of learning throughout their journey. He highlighted the availability of various courses for government employees on the iGOT Karmayogi platform and encouraged them to utilize this digital training module at their convenience. “Once again, I congratulate the candidates receiving their appointment letters today”, the Prime Minister concluded. 

    Background

    Rozgar Mela is being organized at 40 locations across the country with new recruits joining the Central Government across various Ministries and Departments such as the Department of Revenue, Department of Higher Education, Ministry of Home Affairs, Ministry of Defence, Ministry of Health and Family Welfare among others.

    Newly appointed recruits will have the opportunity to undertake foundational training through ‘Karmayogi Prarambh,’ an online module available on the iGOT Karmayogi portal. Over 1400 e-learning courses are available which will equip recruits with essential skills to serve in their roles effectively and work towards building a Viksit Bharat.

     

     

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  • MIL-OSI Asia-Pac: English rendering of PM’s address at the laying of foundation stone and inauguration of development works in Amreli, Gujarat

    Source: Government of India (2)

    Posted On: 28 OCT 2024 10:47PM by PIB Delhi

    Bharat Mata ki – Jai!

    Bharat Mata ki – Jai!

    Present on the dais are Honorable Governor of Gujarat, Acharya Devvrat ji, Chief Minister of Gujarat, Bhupendrabhai Patel ji, my colleague in the Union government, C. R. Patil ji, my brothers and sisters of Gujarat, and especially my brothers and sisters of Amreli.

    Diwali and Dhanteras are around the corner. This is a time of auspicious occasions. On one side, we have the celebration of ‘Sanskriti’ (culture); on the other, a celebration of ‘Vikas’ (progress)—this is the new mark of Bharat. The work of ‘Virasat’ (preserving heritage) and ‘Vikas’ (fostering development) goes hand in hand. Today, I had the opportunity to lay the foundation and inaugurate several development projects related to Gujarat. Before coming here, I was in Vadodara, where we inaugurated Bharat’s first factory of its kind, which will produce ‘Made in India’ aircraft for our Air Force right here in Gujarat, in Vadodara. Our Amreli belongs to the Gaekwads, and Vadodara also belongs to the Gaekwads. It’s a moment of pride! And today, here, I had the chance to inaugurate Bharat Mata Sarovar, and from this platform, we have laid the foundation stones and inaugurated multiple long-term projects related to water, roads, and railways. All these projects are intended to ease the lives of people in Saurashtra and Kutch and these projects will propel development forward. The projects that we inaugurated and laid the foundation for today are for the welfare of our farmers, for the prosperity of those in agriculture, and for job opportunities for our youth. My best wishes to all my brothers and sisters in Kutch, Saurashtra, and Gujarat for these many projects.

    Friends,

    The land of Saurashtra and Amreli has given birth to many gems. Whether historically, culturally, in literature, or politics, Amreli’s past has been glorious. This is the land that gave us Yogi ji Maharaj, the same land that gave us Bhoja Bhagat, and it is rare for a single evening to pass in Gujarat without the mention of Dula Bhaya Kag. Every folk tale and poetry remembers Kag Bapu. And today, the soil here, which holds memories of poet Kalapi and his famous line रे पंखीडा सुखथी चणजो (Fly freely, little bird), finds fulfillment with the arrival of water. This is Amreli, a magical land that has produced K. Lal, poet Rameshbhai Parekh, and our first Chief Minister of Gujarat, Jivrajbhai Mehta. The children here have faced challenges and have stood strong in the face of adversities. Those who choose the path of strength instead of bowing to natural disasters are the children of this earth. Some of them have emerged as entrepreneurs who not only made their district proud but also Gujarat and Bharat. And they have tried to do whatever they can for the society. And our Dholakia family continues to carry forward this legacy.

    With the government’s 80/20 water scheme, the BJP government in Gujarat has prioritised water from the very beginning. These efforts include 80/20 scheme and public participation, building check dams, building farm ponds, deepening lakes, building water temples, digging ponds, etc.  I remember when I would go to attend meetings in Delhi as Chief Minister and mention how a significant portion of our budget goes toward water resources, chief ministers and leaders from other states would look at me with surprise. I would tell them that Gujarat has many people who are awash with talents and if we get water once, Gujarat will flourish. This tradition belongs to our Gujarat. Many people have joined the 80/20 scheme. Everyone, including communities and villages, participated; my Dholakia family adopted it on a large scale, bringing the rivers to life. And this is the way to keep the rivers alive. We were connected to 20 rivers from the Narmada River. And the idea came to our minds to create small ponds in the rivers, so we could conserve water for miles. And once the water seeps into the ground, it will not remain without turning into nectar, brothers. The people of Gujarat, Saurashtra or Kutch don’t need books to explain the importance of water; they have experienced the hardships firsthand. They know exactly their problems; they know what types of problems there are. We have seen people from Saurashtra and Kutch migrating due to lack of water. We have seen the days when eight-eight people were forced to share a room in the cities. And now, we have created the country’s first Ministry of Jal Shakti because we know its importance. Today, we see the fruits of years of effort as the water from Narmada reaches every village.

    I remember a time when one would gain ‘punya’ from the Narmada Parikrama (circumambulation). The era has changed, and Mother Narmada herself is going from village to village, distributing ‘punya’ and water. The water conservation schemes, such as the SAUNI Yojana, which I launched, were met with disbelief and skepticism. Nobody was ready to believe that it could be possible. Some crooked people even criticised it as a publicity stunt by Modi ahead of elections. But all these schemes have breathed new life into Kutch and Saurashtra, allowing people to witness their dreams of green fields come true. This is an example of how a resolution made with sacred spirit gets fulfilled. I remember when I talked about laying pipes large enough for a Maruti car to pass through; people were astonished. Today, those pipes carry water throughout Gujarat.  This is what Gujarat has accomplished. We need to increase the depth of the river, so we have to build check dams, or at the very least, create barrages. We need to go to that extent to save water. The people of Gujarat have wholeheartedly embraced water conservation, and this has led to improvements in drinking water quality, health, and the ambitious goal of supplying water to every home and farm. This is a fact which is very satisfying. The 18-20-year-olds today may not even realize how difficult life was without water. Turning on the tap to shower is routine for them, unlike the past when mothers had to walk several kilometers with utensils to fetch water.

    The work done by Gujarat is now proving to be an example for the entire country. The campaign to bring water to every home and every field in Gujarat is still being carried out with such dedication and purity. Today, projects are being inaugurated and their foundations laid with hopes of benefiting millions. The Navda-Chavand Bulk Pipeline Project will bring water to around 1,300 villages and over 35 towns. People from Amreli, Botad, Rajkot, Junagadh, and Porbandar will benefit from an additional 30 crore liters of water every day. Today the foundation stone for the second phase of the Pasvi Augmentation Water Supply Scheme has also been laid. Mahuva, Talaja, and Palitana are the three talukas which will benefit largely from this scheme. Palitana is a significant pilgrimage and tourist site that sustains the state’s economy. Over 100 villages will directly benefit from these projects.

    Friends,

    Today, the inauguration and foundation laying of water projects symbolize the partnership between government and society. This is a remarkable example, and we emphasize public participation because water initiatives will only succeed through collective efforts. When we celebrated 75 years of independence, the government could have organized numerous events, placing boards with Modi’s name on them, but we chose not to. Instead, we launched a plan to create “Amrit Sarovars” (lakes) in villages, aiming to build 75 lakes in each district. As per the latest information, work is underway on nearly 75,000 such lakes, with over 60,000 lakes already brimming with life. Serving future generations in this way has significantly helped raise the water table in neighbouring areas. We ran the “Catch the Rain” campaign.  When I went to Delhi, this experience was very useful.  Today it has become a successful model. To encourage water conservation, be it at the family, village, or colony level, people must be inspired to save water. We are fortunate to have C.R. Patil in our cabinet now, who brings his expertise in water management from Gujarat. Now this is being followed in the entire country. He has made “Catch the Rain” one of his key initiatives, and thousands of recharge wells have already been constructed with public involvement in states like Gujarat, Rajasthan, MP, and Bihar. Recently, during a video conference program in Surat, South Gujarat, we saw people building recharge wells in their ancestral villages, that restores some family wealth to the village. This is an exciting new initiative: keeping the village’s water within the village and the border’s water within the border. These campaigns are significant steps forward.  These efforts to retain local water are part of a broader mission, as seen in other countries with minimal rainfall, where they conserve every drop of water. If you visit Mahatma Gandhi’s home in Porbandar, you’ll find a 200-year-old underground water storage tank, showing how our ancestors valued water centuries ago.

    Friends,

    The availability of water has made farming easier. Our motto is “Per Drop More Crop.” In Gujarat, we promoted micro-irrigation, especially sprinklers, which farmers of Gujarat welcomed. Today, wherever Narmada water has reached, farmers can reap three crops in areas where cultivating even one crop was once difficult. This has brought happiness and prosperity to households. Amreli district is advancing in agriculture, with crops like cotton, peanuts, sesame, millet, and bajra (pearl millet) from Jafrabad. I appreciate this initiative during my meetings in Delhi. Amreli’s Kesari mango has now received a GI tag, giving it a unique identity worldwide. Amreli is also gaining recognition for its natural farming, and our governor is working on this mission mode. Farmers in Amreli are dedicated to this experiment, committed to producing quick, viable crops. In our Halol, different universities for natural farming have been developed. The first college for natural farming under that university has been established in Amreli. The reason for this is that the farmers here are committed to this new experiment. Therefore, if they conduct experiments here, their crops will be ready immediately. Our goal is for farmers to engage more in animal husbandry, particularly cattle farming, benefiting from natural farming. In our Amreli, regarding the dairy industry, I remember that there used to be laws that considered setting up a dairy as a crime. We removed restrictive laws on dairy farming, facilitating the establishment of the dairy industry in Amreli, leading to rapid growth through cooperative efforts. I remember when Amar Dairy was founded in 2007, only 25 cooperative societies were part of it. Today, over 700 villages have joined, collecting around 1.25 lakh liters of milk daily, reflecting a true revolution and the adoption of various development pathways.

    Friends,

    I have another joy; I mentioned this many years ago, said it in front of everyone, and I called for a white revolution, a green revolution, but now we need to have a sweet revolution. We need to produce honey; honey should not just be something to talk about at home, brothers. We need to produce honey in the fields so that farmers can earn more. Our Dilip Bhai and Rupala ji raised this issue in the Amreli district, and now beekeeping has started in the fields, and people have learned about it. Now, the honey here is establishing its own identity. This is a joyful thing. Environmental efforts, like tree planting under the ‘Ek Ped Maa Ke Naam’ campaign, have been embraced nationwide and even globally, with admiration for this unique approach. Everybody is associating with this campaign. This is a great effort as far as environment is concerned. And second important work relating to environment is that we are striving to eliminate electricity bills by implementing the PM Surya Ghar Muft Bijli Yojana, a free solar electricity scheme that can save families Rs. 25,000 to Rs. 30,000 annually. Not only that they are earning additional income by selling the electricity which they are saving. Nearly 1.5 crore families have registered for this initiative, and over 200,000 homes in Gujarat now have rooftop solar panels, producing electricity and selling the surplus electricity. Amreli district has also made significant progress in energy, with Dudhda village, led by Govindbhai, close to becoming a solar-powered village. Six months ago, Govindbhai told me that he has to make his village ‘Surya Ghar’ (solar-powered village) and this is nearing completion. This initiative is expected to save the village Rs. 75,000 per month in electricity bills, with each household saving Rs. 4,000 annually. Congratulations to Govindbhai and Amreli for making Dudhda the first solar village in the district.

    Friends,

    Water and tourism are closely linked; where there is water, tourism naturally follows. Just now, while looking at Bharat Mata Sarovar, I thought that migratory birds that usually visit Kutch may find a new address here this December. When the Flamingos start coming here, it will attract more tourists. Amreli district is blessed with several pilgrimage sites that people visit with devotion. We saw the potential in the Sardar Sarovar Dam, which was initially built for water storage. By adding the world’s tallest statue of Sardar Patel, we created a monument that attracted nearly five million visitors last year, not just for the dam but to pay homage to the statue. With Sardar Patel’s 150th birth anniversary approaching on October 31, I will return to Gujarat soon to pay my respects. I will return to Delhi today, but will come back again day after tomorrow to pay my obeisance at the feet of Sardar Sahab. As usual, we celebrate his birth anniversary with a Unity Run, but this year, as Diwali falls on October 31, we have scheduled it for October 29. I hope that the Unity Run events will be held widely across Gujarat, and I will be attending the National Unity Parade in Kevadia.

    Friends,

    In the coming days, the newly established Kerly Recharge Reservoir is set to become a significant centre for eco-tourism, as I predict today. I see a great potential for adventure tourism there. Kerly Bird Sanctuary will gain international recognition, attracting birdwatchers and nature lovers from across the globe. Birdwatchers often spend days with cameras in hand, immersed in forests, creating an income source through tourism. Gujarat’s coastline, once known for its salty waters and seen as a challenge, is being transformed into a gateway to prosperity. We are prioritizing work to make Gujarat’s coastline not only a regional asset but a national hub for wealth and development. Our fishing communities will benefit greatly, as will our ports, steeped in centuries of heritage, which we are revitalizing. Lothal—an ancient city, over 5,000 years old— has not gained prominence after Modi came to power. It has always held a special place in my vision since I became Chief Minister of Gujarat, and I wanted to bring it to the world map of tourism. And now we are establishing the world’s largest maritime museum there. When we go from Amreli to Ahmedabad, it comes on the way, it is not very far, we have to go a little further.

    Our attempt is to showcase Bharat’s maritime heritage to the world, highlighting the legacy of our ancient seafarers. Our efforts are also aligned with the Blue Revolution to enhance marine resource development, and port-led development is playing a crucial role in advancing the vision of a ‘Viksit Bharat’ (Developed India). Infrastructure in places like Jafrabad and Shiyal Bet is being enhanced, turning Amreli into a prominent regional hub. The modernization of Pipavav port has opened new avenues for thousands of jobs and increased capacity for handling over a million containers and thousands of vehicles. We aim to connect all of Gujarat’s ports with the rest of the country, fostering a seamless network that benefits the economy nationwide.

    On the other hand, there is equal concern about the life of a common man. Our infrastructure initiatives extend to providing affordable housing, electricity, railways, roads, gas pipelines, telecommunications, optical fibers, and hospitals. In our third term, because after 60 years the country has given an opportunity to any Prime Minister to serve as Prime Minister for the third time. I cannot be thankful enough for the cooperation with Gujarat in this. We have seen this holistic approach to connectivity has already yielded tremendous results in Saurashtra, attracting large-scale industries. As the infrastructure improves, large-scale industries come in; we have seen the benefits of the RoRo ferry service. I used to hear about it in school: ‘Goga’s ferry, Goga’s ferry,’ but no one had done anything about it. We got the opportunity, and now over 700,000 people have used this RoRo ferry service. More than 100,000 vehicles and over 75,000 trucks and buses have benefited from it. It has saved countless people time and money, and so much petrol smoke has been avoided. If you calculate that, we would all be surprised why such a significant work wasn’t done earlier. I believe such good works were destined for me.

    Today, the work is underway to create the Amritsar-Bhatinda Economic Corridor from Jamnagar. The biggest benefits will be gained from it. The states from Gujarat to Punjab will also benefit from it. There are large economic zones being established along that route. Major projects are coming up, and with the inauguration of the road project, the Jamnagar-Morbi area is being developed. I have always said that the Rajkot-Morbi-Jamnagar triangle has the potential to be recognized as Bharat’s manufacturing hub. It has the power to be a mini Japan. When I mentioned this 20 years ago, everyone was mocking it. But today it is happening, and the connectivity work is now associated with it. As a result, the connectivity of the cement manufacturing area will also improve. In addition to this, the pilgrimage sites of Somnath, Dwarka, Porbandar, and the Gir Lions are set to become more accessible and magnificent as tourism destinations. Today, the rail connectivity in Kutch has expanded; this connectivity project for Saurashtra and Kutch has made Kutch a national attraction for tourism. People across the country are worried that there will be delays for tourism and industries in Kutch, and they are rushing to explore it.

    As Bharat develops, its pride in the world is increasing. The entire world is looking at Bharat with new hope, and a new perspective is emerging to view Bharat. People are beginning to recognize Bharat’s potential. Today, the whole world is listening to Bharat seriously and attentively. Everyone is discussing the possibilities within Bharat. Gujarat plays a significant role in this; Gujarat has shown the world how much potential lies in the villages of Bharat’s cities. A few days ago, I attended the BRICS summit in Russia, where I had the opportunity to engage in peaceful conversations with many prime ministers and presidents from different countries. The common sentiment among all was that they want to connect with Bharat and be partners in Bharat’s journey of development. All the countries are asking about the investment possibilities in Bharat. When I returned from Russia, the Chancellor of Germany came to Delhi with a large delegation. He brought along industrialists from Germany who invest across Asia. He told them to listen to Modi ji and decide what they want to do in Bharat. This means that Germany is also eager to invest significantly in Bharat. Not only that, he made an important announcement that will benefit our youth. Previously, Germany issued 20,000 visas; he announced that they will now issue 90,000 visas and that they need young people for their factories. The strength of Indian youth is immense, and the people of Bharat are law-abiding and live peacefully together. They stated that they need 90,000 people here and have announced the issuance of 90,000 visas every year. Now it is an opportunity for our youth to prepare according to this need. Today, the President of Spain was here, and Spain plans to invest significantly in Bharat. This will greatly benefit small industries in Gujarat, especially with the establishment of a transport aircraft manufacturing factory in Vadodara. The small factories in Rajkot that produce various tools will also contribute to this aircraft production. People working on small lathe machines from every corner of Gujarat will provide small parts, as thousands of components are needed in an aircraft, and each factory specialises in specific parts. This work will be beneficial for the entire Saurashtra region, where the structure of small industries exists. This opens up numerous employment opportunities.

    Friends,

    When I had the opportunity to serve Gujarat, my mission was to drive both Gujarat’s and Bharat’s development. My guiding principle was that Gujarat’s progress leads to Bharat’s progress. By building a ‘Viksit Gujarat’ (Prosperous Gujarat), we pave the way for a ‘Viksit Bharat’ (Developed India).

    Friends,

    Today, after a long time, I find myself among many familiar faces, and it fills me with joy to see everyone smiling and happy. Once again, I encourage my dear friend Savjibhai to shift his focus from Surat and instead, focus on ensuring water reaches every corner of Gujarat. Let’s bring the full benefits of the 80/20 schemes to Gujarat. My best wishes to all of you.

    Join me in saying:

    Bharat Mata ki – Jai!

    Bharat Mata ki – Jai!

    Bharat Mata ki – Jai!

    Thank you, friends.

    (Disclaimer – Original speech is in Gujarati. This is the approximate translation in English language).

     

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    Read this release in: Hindi

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  • MIL-OSI Asia-Pac: Marching Towards Atmanirbharta: India’s Defence Revolution

    Source: Government of India (2)

    Marching Towards Atmanirbharta: India’s Defence Revolution

    Domestic production hit ₹1.27 lakh crore in FY 2023-24, with exports growing 30x in a decade

    Posted On: 29 OCT 2024 11:21AM by PIB Delhi

    Introduction

    The recent inauguration of the TATA Aircraft Complex at the TATA Advanced Systems Limited (TASL) Campus in Vadodara, Gujarat, on October 28, 2024, marks a key milestone in India’s journey toward Atmanirbharta in defence. This facility, dedicated to manufacturing C-295 military transport aircraft, becomes the first private sector Final Assembly Line (FAL) for military aircraft in India, underscoring the government’s commitment to enhancing indigenous production capabilities. Under the program, 56 C-295 aircraft will be delivered, with the initial 16 arriving from Airbus in Spain and the remaining 40 produced domestically. This initiative exemplifies India’s shift toward self-reliance in defence manufacturing, aimed at strengthening operational readiness and reducing dependency on foreign imports.

    India’s commitment to Atmanirbharta in defence is further evidenced by its transformation from a major arms importer to an emerging centre for indigenous production. Driven by strategic government policies, this shift reached a landmark in FY 2023-24, with the Ministry of Defence reporting an unprecedented ₹1.27 lakh crore in domestic defence production. Once reliant on foreign suppliers, India now places a high priority on self-reliant manufacturing to meet its security needs, reinforcing its vision to strengthen national resilience and reduce dependency on external sources.

     

    Rise in India’s Defence Production

    India has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, driven by the successful implementation of government policies and initiatives led by Prime Minister Shri Narendra Modi, focusing on attaining
    Atmanirbharta. According to data from all Defence Public Sector Undertakings (DPSUs), other public sector units manufacturing defence items, and private companies, the value of defence production has surged to a record high of ₹1,27,265 crore, representing an impressive increase of approximately 174% from ₹46,429 crore in 2014-15.

    Historically, India relied heavily on foreign countries for its defence needs, with about 65-70% of defence equipment being imported. However, this landscape has dramatically shifted, with around 65% of defence equipment now manufactured within India. This transformation reflects the country’s commitment to self-reliance in this critical sector and underscores the strength of its defence industrial base, which comprises 16 Defence Public Sector Units (DPSUs), over 430 licensed companies, and approximately 16,000 Micro, Small, and Medium Enterprises (MSMEs). Notably, 21% of this production comes from the private sector, bolstering India’s journey toward self-reliance.

    As part of the Make in India initiative, major defence platforms such as the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Combat Aircraft (LCA) Tejas, submarines, frigates, corvettes, and the recently commissioned INS Vikrant have been developed, reflecting the growing capabilities of India’s defence sector.

    Consequently, the annual defence production has not only crossed ₹1.27 lakh crore but is also on track to reach a target of ₹1.75 lakh crore in the current fiscal year. With aspirations to achieve ₹3 lakh crore in defence production by 2029, India is solidifying its position as a global manufacturing hub for defence.

     

    India’s Defence Exports Surge

    India’s defence exports have reached an all-time high, surging from ₹686 crore in FY 2013-14 to ₹21,083 crore in FY 2023-24, reflecting a remarkable increase of over 30 times in export value over the past decade.

    This achievement is driven by effective policy reforms, initiatives, and improvements in the ease of doing business implemented by the government, all aimed at attaining self-reliance in defence. Notably, defence exports also experienced a substantial growth of 32.5% over the previous fiscal year, rising from ₹15,920 crore.

    India’s export portfolio boasts a diverse range of advanced defence equipment, including bulletproof jackets and helmets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes. A noteworthy highlight is the inclusion of ‘Made in Bihar’ boots in the Russian Army’s equipment, marking a significant milestone for Indian products in the global defence market and showcasing the country’s high manufacturing standards.

    Currently, India exports to over 100 nations, with the top three destinations for defence exports in 2023-24 being the USA, France, and Armenia. According to Raksha Mantri Shri Rajnath Singh, the target is to further increase defence exports to ₹50,000 crore by 2029. This expanding international footprint underscores India’s commitment to becoming a reliable defence partner globally while bolstering its economic growth through enhanced defence production and exports.

    Key Government Initiatives

    In recent years, the Indian government has implemented a series of transformative initiatives aimed at bolstering the country’s defence production capabilities and achieving self-reliance. These measures are designed to attract investment, enhance domestic manufacturing, and streamline procurement processes. From liberalizing foreign direct investment (FDI) limits to prioritizing indigenous production, these initiatives reflect a robust commitment to strengthening India’s defence industrial base. The following points outline the key government initiatives that have been pivotal in driving growth and innovation in the defence sector.

    • Liberalized FDI Policy: The Foreign Direct Investment (FDI) limit in the defence sector was raised in 2020 to 74% through the Automatic Route for companies seeking new defence industrial licenses and up to 100% through the Government Route for those likely to result in access to modern technology. As of February 9, 2024, ₹5,077 crore worth of FDI has been reported by companies operating in the defence sector.
    • Budget Allocation: The allocation for the Ministry of Defence for the financial year 2024-25 is ₹6,21,940.85 crore, as part of the “Demand for Grant” presented in Parliament during the ongoing Budget Session.
    • Priority for Domestic Procurement: Emphasis is placed on procuring capital items from domestic sources under the Defence Acquisition Procedure (DAP)-2020.
    • Positive Indigenization Lists: Notification of five ‘Positive Indigenization Lists’ totalling 509 items of services and five lists of 5,012 items from Defence Public Sector Undertakings (DPSUs), with an embargo on imports beyond specified timelines.
    • Simplified Licensing Process: Streamlining the industrial licensing process with a longer validity period.
    • iDEX Scheme Launch: The Innovations for Defence Excellence (iDEX) scheme was launched to involve startups and Micro, Small, and Medium Enterprises (MSMEs) in defence innovation.

     

    • Public Procurement Preference: Implementation of the Public Procurement (Preference to Make in India) Order 2017 to support domestic manufacturers.

     

    • Indigenization Portal: Launch of the Self-Reliant Initiatives through Joint Action (SRIJAN) portal to facilitate indigenization by Indian industry, including MSMEs.

     

    • Defence Industrial Corridors: Establishment of two Defence Industrial Corridors, one each in Uttar Pradesh and Tamil Nadu, to promote defence manufacturing.

     

    • Opening Defence R&D: Defence Research & Development (R&D) has been opened up for industry and startups to foster innovation and collaboration.

     

    • Domestic Procurement Allocation: Out of the total allocation of ₹1,40,691.24 crore under the Capital Acquisition (Modernization) Segment, ₹1,05,518.43 crore (75%) has been earmarked for domestic procurement in the Budget Estimates for 2024-25.

     

    Conclusion

    India’s journey toward Atmanirbharta in defence reflects a transformative shift from reliance on imports to becoming a self-sufficient manufacturing hub. The record achievements in domestic production and exports underscore the government’s commitment to enhancing national security and bolstering economic growth through robust defence initiatives. With strategic policies in place, a growing emphasis on indigenization, and a vibrant defence industrial base, India is poised to not only meet its own security needs but also emerge as a key player in the global arms market. The ambitious targets set for future production and exports signify a strong resolve to reinforce the country’s position as a reliable defence partner worldwide. As India continues to innovate and collaborate across sectors, it is well on its way to solidifying its status as a formidable force in global defence manufacturing.

     

    References:

    Click here to see in PDF:

    Santosh Kumar/ Ritu Kataria/ Saurabh Kalia

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: 82nd Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

    Source: Government of India

    82nd Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

    NPG assesses Rail and Road projects

    Posted On: 29 OCT 2024 10:23AM by PIB Delhi

    The 82nd meeting of the Network Planning Group (NPG) under the PM GatiShakti initiative, chaired by Additional Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Shri Rajeev Singh Thakur was held on 24 October 2024, to evaluate key infrastructure projects across India. Representatives from project proponents, Bhaskaracharya National Institute for Space Applications and Geoinformatics(BISAG-N), and nodal officers from respective States participated, focusing on enhancing multimodal connectivity and logistics efficiency in alignment with the PM GatiShakti National Master Plan (PMGS NMP).

    The NPG evaluated all seven projects based on the core principles of PM GatiShakti, including integrated development of multimodal infrastructure, last-mile connectivity to economic and social nodes, intermodal connectivity, and synchronized project implementation. These projects are anticipated to play pivotal roles in national development by boosting logistical efficiency, reducing travel times, and delivering substantial socio-economic benefits to the regions they serve.The evaluation and anticipated impacts of these projects are detailed below:

    A. Projects of the Ministry of Railways (MoR)

    1. Jharsuguda to Sason 3rd & 4th lines Rail Line, Odisha

    Spanning a total alignment of 64 km, this rail line enhancement lies within the Jharsuguda-Sambalpur section, a strategic part of Odisha’s industrial corridor that includes the Talcher coalfields and IB Valley (Sundargarh). The project supports the “Mission 3000 MT” target by aiming to double coal transport capacity by 2027, contributing to increased logistics efficiency and freight throughput. This Energy Corridor connects with key economic nodes, including industries in Jharsuguda, Rengali, and Lapanga, and provides links to Paradip and Dhamra Ports for coastal shipping. The line integrates with PM GatiShakti for multimodal infrastructure, incorporating goods sheds at Rengali, Lapanga, and Brundamal, and enhancing connections to NH-49 & SH10​.

    2. Sambalpur to Jarapada Rail Line (3rd & 4th lines), Odisha

    Spanning a total alignment of 127.2 km, this rail line expansion between Sambalpur and Jarapada is integral to the coal supply chain in Odisha’s industrial region, including the IB Valley and Talcher coalfields. The project aligns with PM GatiShakti’s objectives to double coal transport capacity by 2027 in support of the “Mission 3000 MT” initiative. Key industrial clusters benefiting from this rail line include major Aluminum production facilities in Jharsuguda, Lapanga, Rengali, and Paradip. The rail route also connects efficiently to Paradip and Dhamra ports, providing seamless multimodal logistics and supporting the regional energy sector. Integrated with PM GatiShakti’s framework, the project enhances logistical capacity by connecting to NH-55 and NH-53 for broader industrial access​.

    3. Tirupati-Katpadi Double Line, Andhra Pradesh & Tamil Nadu

    With a total alignment of 104.39 km, this project addresses the high traffic density between Tirupati and Katpadi by enhancing rail connectivity and alleviating bottlenecks in this single-line section. The corridor, which passes through key industrial clusters, includes two industrial parks near Renigunta (approx. 15 km from Tirupati) and a Special Economic Zone (SEZ) (85 km from Tirupati). The SEZ is a significant industrial hub, hosting numerous export-oriented units, while Renigunta’s proximity to a granite industry near Chittoor provides opportunities for improved freight logistics. Additionally, this project aligns with PM GatiShakti by optimizing access to ports such as Krishnapatnam (104 km from Tirupati) and Chennai Port (140 km from Tirupati) and facilitating faster movement of goods and passengers to support tourism and local industries

    4. Two (02) Projects of doubling the Rail lines in the State of Jharkhand

    (i) Koderma – Arigada Rail line

    (ii) Shivpur – Kathautia Rail line

    These two projects i.e., Doubling of Koderma-Arigada and Shivpur-Kathautia Rail Lines, spanning about 133.38 km and 49.08 km respectively, both in the state of Jharkhand focuses on increasing freight capacity in key coal-transporting regions. The NPG discussed solutions to address bottlenecks and improve overall logistics performance, projecting notable improvements in freight movement and economic benefits for the region.

    B. Projects of the Ministry of Road Transport and Highways (MoRTH)

    1. Prayagraj-Jaunpur-Azamgarh-Dohrighat-Gorakhpur Road, Uttar Pradesh

    Covering an alignment of 144 km, this project spans cities such as Prayagraj, Jaunpur, Azamgarh, Dohrighat, and Gorakhpur, integrating Greenfield and Brownfield sections. Planned bypasses for key towns aim to reduce traffic congestion and enhance both freight and passenger movement. PM GatiShakti principles are applied to support multimodal logistics and ensure swift land acquisition and infrastructure alignment with regional needs.

    2. Ghazipur-Syed Raja Road Section, Uttar Pradesh

    Designed as a 41.53 km Greenfield alignment, this corridor connects Ghazipur with strategic logistics hubs to enhance freight movement and access to economic zones. Key multimodal connections include the Eastern Dedicated Freight Corridor (DFCCIL), local railway stations like Pt. Deen Dayal Upadhyaya and Ghazipur City, and air links through Lal Bahadur Shastri Airport in Varanasi. Additionally, the Varanasi Inland Waterway Terminal via NH-19 provides an alternative cargo route, optimizing logistics under the PM GatiShakti framework to streamline trade and reduce logistics costs in the region.

    Upon completion, these projects will significantly contribute to India’s infrastructure landscape, ensuring that the advantages of seamless connectivity extend to every region. By strengthening multimodal transport systems and addressing critical infrastructure gaps, these initiatives align with the Government’s vision for integrated and sustainable development.

    ****

    AD/CNAN

    (Release ID: 2069070) Visitor Counter : 77

    MIL OSI Asia Pacific News

  • MIL-OSI: CECO Environmental Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Company Produces Record Q3 Bookings and Highest-Ever Backlog
    Q3 Revenue and Income Impacted by Customer-Driven Project Delays
    Announced the Acquisition of Profire Energy (Nasdaq: PFIE) for $125 Million
    Completed Acquisition of WK, in Early October
    Updates FY24 Guidance and Introduces 2025 Outlook

    DALLAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), (the “Company”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the third quarter of 2024. In addition, CECO, announces it has completed the acquisition of WK, an Industrial Air company headquartered in Germany, in early October. Additionally, the Company announced the acquisition of Profire Energy, Inc. (NASDAQ: PFIE) (“Profire”), a leader in burner management technology and combustion control systems that provide mission-critical combustion automation and control solutions and services to improve environmental efficiency, safety and reliability for industrial thermal applications globally.

    Third Quarter Summary(1)

    • Orders of $162.3 million, up 12 percent
    • Backlog of $437.5 million
    • Revenue of $135.5 million, down 9 percent
    • Gross profit of $45.3 million, up 5 percent; Gross margin of 33.4 percent, up 460 basis points
    • Net income of $2.1 million, down 36 percent; non-GAAP net income of $5.2 million, down 32 percent
    • GAAP EPS (diluted) of $0.06; non-GAAP EPS (diluted) of $0.14, down 36 percent
    • Adjusted EBITDA of $14.3 million, down 5 percent
    • Free cash flow of $11.1 million, down $17.4 million

    Subsequent to the Quarter

    • Completes the acquisition of WK in early October
    • Announces the acquisition of Profire; expected to close by January 2025

    (1) All comparisons are versus the comparable prior year period, unless otherwise stated.
    Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.

    Todd Gleason, CECO’s Chief Executive Officer commented, “While our third quarter produced very strong orders and a new record backlog, we were disappointed that we fell short of the anticipated quarterly revenue and income outlook as a handful of customer-driven delays in larger projects could not be overcome by continued progress with margin expansion and other actions. These delayed projects are expected to begin activity over the coming months and the impact is reflected in our updated full year 2024 and newly introduced full year 2025 outlook. We are excited to have been awarded several large energy transition and general industrial orders in the quarter and we anticipate this trend to continue as we are forecasting a very strong fourth quarter bookings period.”

    Third quarter operating income was $7.2 million, down $0.7 million or 9 percent when compared to $7.9 million in the third quarter 2023. On an adjusted basis, non-GAAP operating income was $11.0 million, down $1.8 million or 14 percent when compared to $12.8 million in the third quarter of 2023. Net income was $2.1 million in the quarter, down $1.2 million or 36 percent when compared to $3.3 million in the third quarter of 2023. Non-GAAP net income was $5.2 million, down $2.4 million or 32 percent when compared to $7.6 million in the third quarter of 2023. Adjusted EBITDA of $14.3 million, reflecting a margin of 10.6 percent, was down 5 percent compared to $15.1 million in the third quarter of 2023. Free cash flow in the quarter was $11.1 million, down $17.4 million compared to $28.5 million in the third quarter of 2023.

    Completes Acquisition of WK

    CECO today announced that in early October it completed the acquisition of Germany-based, WK – a leading industrial air business with well-established global customers and a strong Asia-Pacific presence, based out of Singapore. WK designs, engineers and supplies a broad range of cutting-edge technical equipment and systems for process and environmental and surface technology applications, as well as innovative sustainable solutions. This acquisition strengthens CECO’s footprint and capabilities within the industrial processing solutions segment and further advances the Company’s Industrial Air and leadership positions. WK is expected to deliver full year 2024 sales of approximately $15 million with the potential for high-teen EBITDA margins.

    “I would like to welcome the WK organization to our portfolio of leading industrial air solutions businesses,” said Mr. Gleason. “Together we will advance our joint capabilities to better serve global customers while penetrating markets with solutions and services from across our diverse enterprise.”

    Announces Acquisition of Profire Energy, Inc. (Nasdaq: PFIE)

    “I am excited that today we announced the acquisition of Profire in an all-cash transaction that we expect will close in January 2025. Profire expects to generate approximately $60 million in revenues with adjusted EBITDA margins of approximately 20 percent in the full year 2024. With an installed base approaching 100,000 burner management systems and a growing industrial market product offering, we look forward to accelerating their global market expansion and introducing their high-efficiency solutions to more customers in the industrial air and water markets. We are confident the increased scale and combined corporate organizations will generate meaningful efficiencies and synergies. The addition of Profire is another important step in our ongoing execution of programmatic M&A and we expect it will further advance our position as the leading environmental solutions provider in industrial markets,” added Mr. Gleason.

    Updates 2024 Full Year Guidance

    The Company updated its 2024 full year revenue guidance to reflect revenue between $575 and $600 million, up approximately 10 percent year over year at the midpoint of the range, and adjusted EBITDA between $65 to $70 million, up approximately 17 percent year over year, at the midpoint of the range. The updated expected full year guidance compares to the previous outlook for revenues of between $600 to $620 million and adjusted EBITDA of between $68 to $72 million. The Company expects 2024 full year bookings guidance to reflect a book to bill rate of or in excess of 1.2x, up from a previous range of 1.05x to 1.1x. The Company maintains its full year outlook for free cash flow of 50% to 70% of adjusted EBITDA.

    “Our updated full year 2024 guidance essentially mirrors the initial outlook we provided as we entered 2024. As previously mentioned, unfortunately, the customer-driven delays associated with a handful of larger projects impacted our ability to hit the raised guidance we issued mid-year. This is the first time we have reduced guidance in company history, and although this is disappointing for our short-term results, we remain very pleased with our bookings, margin expansion progress and overall execution. Additionally, the revenue and associated income from the 2024 project delays slide into upcoming quarters, so we remain focused on execution and controlling factors we can influence,” said Mr. Gleason.

    Introduces 2025 Full Year Guidance

    The Company introduced its 2025 full year guidance to reflect revenue between $700 and $750 million, up approximately 25 percent at the midpoint of the range, and adjusted EBITDA between $90 and $100 million, up approximately 40% at the midpoint of the range. The Company expects full year free cash flow of between 50% to 70% of adjusted EBITDA.

    Mr. Gleason concluded, “Our full year 2025 outlook reflects the visibility we have with our record backlog, ongoing strong bookings, 2024 related project push outs, and the impact from already completed acquisitions and the pending transaction with Profire. We continue to drive an aggressive operating model that supports strong organic growth, coupled with steady margin expansion and additions from accretive and strategic acquisitions.”

    EARNINGS CONFERENCE CALL

    A conference call is scheduled for today at 8:30 a.m. ET to discuss the third quarter 2024 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/4ui844vi.

    A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/4ui844vi.

    ABOUT CECO ENVIRONMENTAL

    CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Dallas, Texas. For more information, please visit www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670
    investor.relations@onececo.com

    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors, LLC
    214-872-2710
    investor.relations@onececo.com

    CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
               
    (in thousands, except per share data) (unaudited)
    September 30, 2024
        December 31, 2023  
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 38,700     $ 54,779  
    Restricted cash   226       669  
    Accounts receivable, net of allowances of $7,214 and $6,460   100,111       112,733  
    Costs and estimated earnings in excess of billings on uncompleted contracts   68,500       66,574  
    Inventories, net   37,760       34,089  
    Prepaid expenses and other current assets   27,143       11,769  
    Prepaid income taxes   3,826       824  
    Total current assets   276,266       281,437  
    Property, plant and equipment, net   32,306       26,237  
    Right-of-use assets from operating leases   24,690       16,256  
    Goodwill   220,026       211,326  
    Intangible assets – finite life, net   51,547       50,461  
    Intangible assets – indefinite life   9,598       9,570  
    Deferred income taxes   287       304  
    Deferred charges and other assets   6,792       4,700  
    Total assets $ 621,512     $ 600,291  
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Current liabilities:          
    Current portion of debt $ 10,580     $ 10,488  
    Accounts payable   92,316       87,691  
    Accrued expenses   43,762       44,301  
    Billings in excess of costs and estimated earnings on uncompleted contracts   64,801       56,899  
    Notes payable   1,700       2,500  
    Income taxes payable         1,227  
    Total current liabilities   213,159       203,106  
    Other liabilities   10,336       12,644  
    Debt, less current portion   122,818       126,795  
    Deferred income tax liability, net   9,622       8,838  
    Operating lease liabilities   19,696       11,417  
    Total liabilities   375,631       362,800  
    Commitments and contingencies (See Note 14)          
    Shareholders’ equity:          
    Preferred stock, $.01 par value; 10,000 shares authorized, none issued          
    Common stock, $.01 par value; 100,000,000 shares authorized, 34,979,018 and
    34,835,293 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
      349       348  
    Capital in excess of par value   253,590       254,956  
    Retained earnings (accumulated loss)   1,692       (6,387 )
    Accumulated other comprehensive loss   (14,374 )     (16,274 )
    Total CECO shareholders’ equity   241,257       232,643  
    Noncontrolling interest   4,624       4,848  
    Total shareholders’ equity   245,881       237,491  
    Total liabilities and shareholders’ equity $ 621,512     $ 600,291  
    CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited)
               
      Three months ended September 30,     Nine months ended September 30,  
    (in thousands, except share and per share data) 2024     2023     2024     2023  
    Net sales $ 135,513     $ 149,390     $ 399,367     $ 391,134  
    Cost of sales   90,247       106,269       259,921       273,303  
    Gross profit   45,266       43,121       139,446       117,831  
    Selling and administrative expenses   34,262       30,439       105,636       86,082  
    Amortization and earnout expenses   2,617       1,968       7,036       5,988  
    Acquisition and integration expenses   1,210       1,386       1,876       2,210  
    Executive transition expenses         1,258             1,417  
    Restructuring expenses   (10 )     217       544       217  
    Asbestos litigation expenses               225        
    Income from operations   7,187       7,853       24,129       21,917  
    Other expense, net   (398 )     (216 )     (2,589 )     (670 )
    Interest expense   (2,648 )     (3,340 )     (9,315 )     (9,498 )
    Income before income taxes   4,141       4,297       12,225       11,749  
    Income tax expense   1,602       585       2,664       1,577  
    Net income   2,539       3,712       9,561       10,172  
    Noncontrolling interest   (453 )     (382 )     (1,482 )     (1,140 )
    Net income attributable to CECO Environmental Corp. $ 2,086     $ 3,330     $ 8,079     $ 9,032  
    Earnings per share:                      
    Basic $ 0.06     $ 0.10     $ 0.23     $ 0.26  
    Diluted $ 0.06     $ 0.09     $ 0.22     $ 0.26  
    Weighted average number of common shares outstanding:                      
    Basic   34,966,625       34,771,742       34,910,165       34,612,163  
    Diluted   36,488,788       35,301,429       36,322,690       35,215,843  
    CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
         
      Nine months ended September 30,  
    (in thousands) 2024     2023  
    Cash flows from operating activities:          
    Net income $ 9,561     $ 10,172  
    Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
    Depreciation and amortization   10,536       8,769  
    Unrealized foreign currency gain (loss)   201       (138 )
    Fair value adjustment to earnout liabilities   400       296  
    Gain on sale of property and equipment   135       43  
    Debt discount amortization   357       271  
    Share-based compensation expense   5,790       3,096  
    Bad debt expense   404       154  
    Inventory reserve expense   850       526  
    Other   77        
    Changes in operating assets and liabilities, net of acquisitions:          
    Accounts receivable   9,653       (25,961 )
    Costs and estimated earnings in excess of billings on uncompleted contracts   (1,498 )     6,006  
    Inventories   (4,305 )     (10,395 )
    Prepaid expense and other current assets   (18,059 )     (8,228 )
    Deferred charges and other assets   (2,755 )     (268 )
    Accounts payable   15,387       21,162  
    Accrued expenses   (550 )     7,868  
    Billings in excess of costs and estimated earnings on uncompleted contracts   7,286       19,330  
    Income taxes payable   (1,140 )     261  
    Other liabilities   (9,330 )     (3,473 )
    Net cash provided by operating activities   23,000       29,491  
    Cash flows from investing activities:          
    Acquisitions of property and equipment   (11,237 )     (5,511 )
    Net cash paid for acquisitions   (14,954 )     (48,102 )
    Net cash used in investing activities   (26,191 )     (53,613 )
    Cash flows from financing activities:          
    Borrowings on revolving credit lines   58,400       94,200  
    Repayments on revolving credit lines   (54,800 )     (63,200 )
    Repayments of long-term debt   (7,843 )     (2,478 )
    Payments on finance leases and financing liability   (692 )     (680 )
    Deferred consideration paid for acquisitions   (2,050 )     (1,247 )
    Earnout payments   (1,672 )     (1,496 )
    Proceeds from employee stock purchase plan and exercise of stock options   846       1,435  
    Noncontrolling interest distributions   (1,707 )     (1,364 )
    Common stock repurchased   (5,000 )      
    Net cash (used in) provided by financing activities   (14,518 )     25,170  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,187       703  
    Net (decrease) increase in cash, cash equivalents and restricted cash   (16,522 )     1,751  
    Cash, cash equivalents and restricted cash at beginning of period   55,448       46,585  
    Cash, cash equivalents and restricted cash at end of period $ 38,926     $ 48,336  
    Cash paid during the period for:          
    Interest $ 9,714     $ 8,531  
    Income taxes $ 6,779     $ 8,633  
    CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
               
      Three months ended September 30,     Nine months ended September 30,  
    (in millions, except ratios) 2024     2023     2024     2023  
    Operating income as reported in accordance with GAAP $ 7.2     $ 7.9     $ 24.1     $ 21.9  
    Operating margin in accordance with GAAP   5.3 %     5.3 %     6.0 %     5.6 %
    Amortization and earnout expenses   2.6       2.0       7.1       6.0  
    Acquisition and integration expenses   1.2       1.4       1.9       2.2  
    Restructuring expenses         0.2       0.5       0.2  
    Executive transition expenses         1.3             1.4  
    Asbestos litigation expenses               0.2        
    Non-GAAP operating income $ 11.0     $ 12.8     $ 33.8     $ 31.7  
    Non-GAAP operating margin   8.1 %     8.6 %     8.5 %     8.1 %
      Three months ended September 30,     Nine months ended September 30,  
    (in millions, except share data) 2024     2023     2024     2023  
    Net income as reported in accordance with GAAP $ 2.1     $ 3.3     $ 8.1     $ 9.0  
    Amortization and earnout expenses   2.6       2.0       7.1       6.0  
    Acquisition and integration expenses   1.2       1.4       1.9       2.2  
    Restructuring expenses         0.2       0.5       0.2  
    Executive transition expense         1.3             1.4  
    Asbestos litigation expense               0.2        
    Foreign currency remeasurement   0.3       0.8       1.8       (0.1 )
    Tax (benefit) expense of adjustments   (1.0 )     (1.4 )     (2.8 )     (2.4 )
    Non-GAAP net income $ 5.2     $ 7.6     $ 16.8     $ 16.3  
    Depreciation   1.4       1.2       4.0       3.5  
    Non-cash stock compensation   1.9       1.1       5.8       3.1  
    Other expense, net   0.1       (0.6 )     0.8       0.8  
    Interest expense   2.6       3.3       9.3       9.5  
    Income tax expense   2.6       2.0       5.6       4.0  
    Noncontrolling interest   0.5       0.4       1.5       1.2  
    Adjusted EBITDA $ 14.3     $ 15.0     $ 43.8     $ 38.4  
                           
    Earnings per share:                      
    Basic $ 0.06     $ 0.09     $ 0.23     $ 0.26  
    Diluted $ 0.06     $ 0.10     $ 0.22     $ 0.26  
                           
    Non-GAAP net income per share:                      
    Basic $ 0.15     $ 0.22     $ 0.48     $ 0.47  
    Diluted $ 0.14     $ 0.22     $ 0.46     $ 0.46  
      Three months ended September 30,     Nine months ended September 30,  
    (in millions) 2024     2023     2024     2023  
    Net cash provided by operating activities $ 15.1     $ 30.1     $ 23.0     $ 29.5  
    Acquisitions of property and equipment   (4.0 )     (1.6 )     (11.2 )     (5.5 )
    Free cash flow $ 11.1     $ 28.5     $ 11.8     $ 24.0  
                                   

    NOTE REGARDING NON-GAAP FINANCIAL MEASURES

    CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A “non-GAAP financial measure” is a numerical measure of a company’s historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

    Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company’s results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

    Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

    In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

    Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

    SAFE HARBOR

    Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: the parties’ ability to complete the proposed Profire transactions in the anticipated timeframe or at all, the occurrence of any event, change or other circumstance that could give rise to the termination of the Profire transaction agreement between the parties, the effect of the announcement or pendency of the proposed Profire transaction on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the proposed Profire transaction, diversion of management’s attention from ongoing business operations as a result of the Profire transaction, the outcome of any legal proceedings that may be instituted related to the proposed Profire transaction, the amount of the costs, fees, expenses and other charges related to the proposed Profire transaction, the risk that competing offers or acquisition proposals will be made, the achievement of the anticipated benefits of the Profire transaction, the ability of Profire to achieve its 2024 earnings guidance, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, the sensitivity of our business to economic and financial market conditions generally and economic conditions in our service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases, if any; our ability to successfully realize the expected benefits of our restructuring program; our ability to successfully identify acquisition targets, integrate acquired businesses and realize the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise. 

    The MIL Network

  • MIL-OSI Video: Sudan, Middle East, Lebanon/Israel & other topics – Daily Press Briefing (28 Oct) | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    -Secretary-General travel /Colombia
    -Sudan
    -Sudan/humanitarian
    -Middle East
    -Deputy Secretary-General
    -Lebanon/Israel
    -Lebanon/humanitarian
    -Occupied Palestinian territory
    -Gaza
    -Ukraine
    -Philippines
    -Abyei
    -Sahel and Lake Chad region
    -Briefings today and tomorrow

    Secretary-General travel /Colombia
    The Secretary-General will travel to Cali, in Colombia, to attend the high-level segment of the16th meeting of the Conference of Parties to the Convention on Biological Diversity (COP16). And he is heading out this afternoon.
    On Tuesday, in Cali, he will deliver remarks at the opening of the plenary session of the COP. In his remarks, he is expected to highlight that nature is life, and yet we are waging a war against it – a war where there can be no winner. He is expected to stress that biodiversity is humanity’s ally, and that we must move from plundering to preserving. He will also call for the promises made at the Framework adopted two years ago in Montreal to be turned into actions.
    While attending COP16, the Secretary-General will also meet and engage in discussions with Indigenous people and local communities, as well as other representatives of society, including youth groups and women’s groups. He will also meet with President Gustavo Petro of Colombia.
    On the sidelines of the COP, the Secretary-General will speak at an event on plastic pollution organized by the UN Environment Programme.
    And we expect the Secretary-General back in New York on Wednesday evening.

    Sudan
    In an open session this morning, the Secretary-General briefed the Security Council on the situation in Sudan. As you know, Security Council resolution 2736 that was adopted in June requested that the Secretary-General make recommendations to protect civilians in Sudan. He submitted that to the Security Council last week.
    In his remarks, Mr. Guterres outlined three key priorities from his recommendations: First, both sides must immediately agree to a cessation of hostilities; secondly, that civilians must be protected, and his third priority is related to the flow of humanitarian aid.
    Mr. Guterres added that at present, the conditions do not exist for the successful deployment of a UN force to protect civilians in Sudan.
    However, he said, he stands ready to engage with the Council and others on the range of operational modalities that can meaningfully contribute to the reduction in violence and the protection of civilians.
    Moreover, he urged the Council to continue supporting his Special Envoy, Ramtane Lamamra in his diplomatic efforts.
    Mr. Guterres spoke at length about the humanitarian situation and the suffering in Sudan, which is growing by the day. He also spoke of the shocking reports of mass killings and sexual violence in villages in Aj Jazirah State in the eastern part of the country.

    Sudan/Humanitarian
    The Office for the Coordination of Humanitarian Assistance is expressing concerns at escalating armed violence in Aj Jazirah State.
    Joyce Msuya, our Acting Under-Secretary-General for Humanitarian Affairs says that we received horrific reports of entire villages being attacked, with civilians killed, detained and displaced in huge numbers, and those reports talk about actions between October 20th and 25th. During that time, the Rapid Support Forces reportedly launched a major assault across 30 towns and villages and towns in Aj Jazirah State.
    An estimated 47,000 people have fled the fighting, including to other parts of Aj Jazirah State. We and our partners are continuing to provide assistance to nearly 40,000 people who have sought shelter in Gedaref and Kassala states.
    Those displaced by the violence urgently need food, shelter, health care and protection support. Many of the wounded also need medical attention.
    We and our partners are concerned about civilians who remain trapped in those areas and are unable to escape due to insecurity and fear of abduction, as well as those on the move in search of safety, protection and urgent assistance.
    Also, to flag that the Director General of the International Migration agency, Amy Pope, began today a three-day visit to assess the rapidly deteriorating humanitarian situation and the increasing displacement crisis. The visit in Sudan will focus on rallying international support for the humanitarian response, ensuring that the ongoing crisis in Sudan remains at the forefront of global attention. The Director General will visit various displacement sites to engage directly with impacted communities.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=28%20October%202024

    https://www.youtube.com/watch?v=gLkC0_Y0uHE

    MIL OSI Video

  • MIL-OSI Asia-Pac: HKSAR Government strongly opposes US’s restriction on investment in China including Hong Kong

    Source: Hong Kong Government special administrative region

    HKSAR Government strongly opposes US’s restriction on investment in China including Hong Kong
    HKSAR Government strongly opposes US’s restriction on investment in China including Hong Kong
    ******************************************************************************************

         In response to the United States (US)’s measure restricting investment in China including the Hong Kong Special Administrative Region (HKSAR) on semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems, a spokesman for the HKSAR Government today (October 29) expressed strong objection to the US for intentionally targeting China and the HKSAR using various excuses out of political interests, causing damage to normal trade and investment activities as well as severely undermining the principles of a free market and economic order. The US will ultimately reap the consequences, in particular the impact on the trade surplus it has realised in bilateral trade with Hong Kong throughout the years.     The spokesman said, “In 2023, the US was the third-largest trading partner of Hong Kong, with the total merchandise trade value amounting to HK$472.2 billion (US$60.3 billion). Meanwhile, Hong Kong is the US’s 27th largest trading partner. As at end 2022, the US ranked sixth in inward direct investment (IDI) into Hong Kong, with an IDI stock of HK$351.4 billion (US$45 billion). It ranked eighth in outward direct investment (ODI) from Hong Kong, with an ODI stock of HK$164.2 billion (US$21 billion). Furthermore, the US has realised a trade surplus of US$271.5 billion with Hong Kong during the past 10 years, the largest among its global trading partners. These figures demonstrate the close economic interaction between Hong Kong and the US, as well as the vast business interests of US businesses in Hong Kong.     “The US politicians once again have shown that they have acted out of their own political interests, causing damage to normal trade and investment, the free market and economic order. The so-called restriction not only cause damage to normal business activities between Hong Kong and the US, but also affect the stability of the global supply chain. Such restriction, which also harm US enterprises as well as their business interests and adversely impact bilateral economic activities, was politically driven and in nobody’s interest. The HKSAR Government would work with our country to safeguard our national interests and protect the interests of Hong Kong enterprises,” the spokesman stressed.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 18:43

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: BIO-key Secures $910,000 Order to Upgrade Long-Time Financial Services Customer to Enhanced Biometric Customer Identification Technology

    Source: GlobeNewswire (MIL-OSI)

    HOLMDEL, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication, announced that it has received a $910,000 order from a long-term financial services customer to upgrade to BIO-key’s “fingerprint only” Biometric Customer Identification Technology.

    The technology enhancement builds on the customer’s expanding deployment of BIO-key technology to verify the identity of customers, now totaling over 25 million enrolled individuals. Previously customers were verified at a branch location by matching their fingerprint scan and their ID number, account number or card. By upgrading to BIO-key’s “fingerprint only” identification, the customer will be able to identify each of its clients by a simple fingerprint scan – without the need for a card, account or ID number, saving an estimated thirty seconds per client encounter. 

    The financial services customer plans to upgrade all its users to BIO-key’s fingerprint-only identity solution in order to further streamline what is already a best-in-class client experience of its existing BIO-key-based verification solution. The new client identification solution will be entirely hosted on Amazon Web Services (AWS) infrastructure in order to support the technical demands of real-time, one-to-many biometric identification as compared to one-to-one matching of a fingerprint scan with a biometric associated with an account number, ID number or card.

    Following full deployment of the enhanced biometric customer identification solution during 2025, BIO-key expects annual recurring revenue (ARR) from this financial services customer to increase to approximately $1.4M per year.

    “This financial services customer remains on the cutting edge of biometric technology deployment as it works to deliver the best possible customer experience and protection against fraud”, said Jim Sullivan, BIO-key’s SVP of Strategy and CLO. “After closely working with our team on advance testing, they found that upgrading to BIO-key’s one-to-many fingerprint-only identification technology would not only provide a better user experience but would also save a substantial amount of time at every client encounter, avoiding the time to retrieve a physical ID card. BIO-key’s unparalleled accuracy in identification and speed of indexed search makes this leap in efficient customer engagement possible. The upgrade advances our customer’s commitment to leveraging the power of biometric technology to execute secure digital, paper-less transactions for their clients. We believe this is one of the world’s largest deployments of one-to-many biometric technology in a private commercial or enterprise setting. Working with the client and our partner at AWS, we intend to publish a more detailed whitepaper on this deployment in order to support other enterprises’ understanding the benefits our advanced biometric identity solutions can provide.”

    About BIO-key International, Inc. (www.BIO-key.com)
    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement

    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to execute and deliver on contracts in Africa; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

    Investor Contacts
    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com
    212-924-9800

    The MIL Network

  • MIL-OSI Economics: 43rd Half Yearly Report on Management of Foreign Exchange Reserves: April – September 2024

    Source: Reserve Bank of India

    The Reserve Bank of India has today released the 43rd half-yearly report on management of foreign exchange reserves with reference to end-September 2024.

    The position of foreign exchange reserves as on October 18, 2024 is as under:

    US $ Billion
    Foreign Exchange Reserves (i+ii+iii+iv)* 688.27
    i. Foreign Currency Assets (FCA) 598.24
    ii. Gold 67.44
    iii. Special Drawing Rights (SDRs) 18.27
    iv. Reserve Tranche Position (RTP) 4.32
    * Difference, if any, is due to rounding-off.

    It may be recalled that in February 2004, the Reserve Bank had started a process of compiling half yearly reports and placing them in the public domain for bringing about more transparency and enhancing the level of disclosure in relation to management of the country’s foreign exchange reserves.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1391

    MIL OSI Economics

  • MIL-OSI Russia: There will be no problems with payments – banks of China and Vietnam will open branches in Russia

    Translation. Region: Russian Federation –

    Source: Mainfin Bank –

    Why do Chinese banks want to work in Russia?

    The desire of foreign banks from countries conducting trade and economic activities with Russian partners to open structural divisions in the Russian Federation is explained by a number of reasons:

    the risk of secondary sanctions for working with individuals subject to restrictions in China and other countries; blocking sanctions imposed on most domestic financial institutions; difficulties with international payments – Chinese banks are increasingly refusing to make payments to Russians.

    In fact, the volume of trade between Russia and China continues to increase, but it is becoming increasingly difficult for the parties to conduct settlement operations. Opening offices of Chinese banks in the Russian Federation would solve the problem that has arisen due to the pressure of sanctions.

    What operations are available to foreign banks in Russia?

    Pursuit banks from China and Vietnam to open offices on Russian territory is also connected with the approval in 2024 of a bill allowing foreign credit institutions to operate in the Russian Federation. Thus, the document allows foreign banks after opening a branch:

    provide banking services to businesses; make payments and transfers between legal entities; collect cash and other payment documents; open accounts for entrepreneurs.

    “Small banks from China and Vietnam are ready to come to Russia and start working – the signals are coming against the backdrop of the development of economic relations: companies want to ensure settlements in international trade,” the State Duma stated.

    Uninterrupted payments are one of the development areas agreed upon by Beijing and Moscow: the parties previously agreed to develop the settlement infrastructure, including by opening offices and divisions of credit institutions.

    13:10 10/29/2024

    Source:

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://mainfin.ru/news/problems-with-payments-there will be-no-banks-of-China-and-Vietnam-will-open-branches-in-Russia

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: CE to attend Shanghai expo

    Source: Hong Kong Information Services

    Chief Executive John Lee will lead a Hong Kong Special Administrative Region Government delegation to visit Shanghai on November 4 and attend the seventh China International Import Expo (CIIE).
       
    Apart from attending the opening ceremony of the CIIE and the Hongqiao International Economic Forum, Mr Lee plans to tour the booths of Hong Kong enterprises at the Hong Kong exhibition area on November 5.
     
    The Hong Kong SAR Government and the Hong Kong Trade Development Council will hold the 2024 Hong Kong Investment Promotion Conference – Shanghai Forum during the CIIE.
     
    Mr Lee and Financial Secretary Paul Chan, who is scheduled to join the delegation for the trip, will deliver speeches at the conference to promote Hong Kong’s advantages and its role as a connecting platform under the national dual circulation strategy to Mainland and overseas enterprises.
     
    “The CIIE is an important economic diplomatic event held after the victorious conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, providing vast business opportunities for Hong Kong enterprises to tap into the domestic market,” Mr Lee said.
     
    “Hong Kong has always actively participated in and supported the CIIE. In addition to senior government officials attending, over 300 Hong Kong enterprises are taking part in the exposition this year, jointly promoting Hong Kong’s advantages and development opportunities in different areas and telling Hong Kong’s good stories,” he added.
     
    The Chief Executive will also meet leaders of Shanghai during the visit and exchange views with Hong Kong people and representatives of Hong Kong enterprises there.
          
    Mr Lee plans to return to Hong Kong on November 6. During his absence, Chief Secretary Chan Kwok-ki will be Acting Chief Executive.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Expo seeks to boost SMEs’ growth

    Source: Hong Kong Information Services

    A fair aimed at helping small and medium-sized enterprises (SMEs) to undertake digital transformation is being held today and tomorrow.

    Held annually, “SME ReachOut: FUND Fair plus Tech Sourcing 2024” is organised by the Productivity Council’s SME ReachOut and supported by the Trade & Industry Department. It provides information on government funding schemes and assists SMEs in their digital transformation efforts with a view to bolstering their sustainable development.

    The event includes five thematic zones, covering government funding schemes, digital transformation, e-commerce, business expansion and ESG (environmental, social and governance). It also involves 10 thematic seminars, at which experts will discuss government funding schemes, digital transformation and e-commerce, helping SMEs to understand market trends and find opportunities for co-operation and technology adoption.

    Speaking at the opening ceremony, Secretary for Commerce & Economic Development Algernon Yau urged the trade to make good use of the Government’s support measures to expand their operations and embrace change.

    The 2024 Policy Address unveiled a number of initiatives, such as an injection of $1 billion into the BUD Fund (Dedicated Fund on Branding, Upgrading & Domestic Sales), the expansion of E-commerce Easy to cover Association of Southeast Asian Nations markets, and the provision of more targeted funding support for enterprises to implement green transformation projects.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Acting Deputy Administrator Michele Sumilas During the World Bank Annual Meetings

    Source: USAID

    The below is attributable to Deputy Spokesperson Shejal Pulivarti:‎

    From October 23 through 25, Acting Deputy Administrator Michele Sumilas participated in various engagements during the World Bank Annual Meetings. Throughout the week, she engaged USAID’s partners on shared priorities, including boosting food security and climate action, as well as collaborating on humanitarian assistance.

    On Wednesday, Acting Deputy Administrator Sumilas represented USAID at a signing ceremony, where Secretary of the Treasury Janet L. Yellen and Ukrainian Minister of Finance Sergii Marchenko marked the intention of the United States to join G7 efforts to make lending available to Ukraine, and provide a $20 billion U.S. loan to Ukraine that will be repaid by proceeds derived from Russia’s frozen assets. 

    Acting Deputy Administrator Sumilas then participated in a roundtable hosted by the Coalition on Disaster Resilient Infrastructure (CDRI), which featured Ministers from Angola, Bhutan, Chad, Comoros, India, Nigeria, and Madagascar. The roundtable provided an opportunity for participants to discuss how the Coalition can be responsive to infrastructure needs in Africa. 

    On Thursday, Acting Deputy Administrator Sumilas met with Denmark’s State Secretary for Development Policy Lotte Machon to discuss cooperation on food security, climate action, advancing democracy, and joint efforts on humanitarian assistance in Gaza and Ukraine. 

    The Acting Deputy Administrator also participated in a fireside chat, along with Norway’s Minister of International Development Anne Beathe Tvinnereim and Investisseurs & Partenaires (I&P’s) Jean-Michel Severino, Chair of the Supervisory Board, at the Financing for Agricultural Small-and-Medium Enterprises in Africa (FASA) Fund Launch, hosted by the Embassy of Norway. USAID and Norway announced that the United Kingdom and Republic of Korea have joined USAID as partners in the FASA Fund, which will help unlock additional commercial capital. In addition, Norway and USAID announced that Investisseurs and Partenaires (I&P) – a pioneering impact investment group dedicated to financing and supporting African entrepreneurs while strengthening entrepreneurial ecosystems across the African continent – was competitively selected as the FASA fund manager. 

    On Friday, Acting Deputy Administrator Sumilas met with the United Kingdom’s Second Permanent Under-Secretary Nick Dyer to discuss U.S.-UK shared priorities. She also met Brazil’s Ambassador to the United States Maria Luiza Viotti to discuss key development priorities of Brazil’s G20 presidency, including the Global Alliance Against Hunger and Poverty to include recognition of Brazil’s support for their role in Multi-National Security Support Missions in Haiti, and continued efforts to aid Venezuelan migrants and refugees in Brazil. 

    MIL OSI USA News

  • MIL-OSI: Pipe Launches Embedded Business Card for Software and Payment Companies, Expanding Their Suite of Embedded Financial Solutions

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Pipe, a fintech company partnering with software platforms to deliver embedded financial solutions for SMBs, today announced it has expanded its suite of products with the launch of Pipe Business Card1. With the Pipe Business Card, software and payments companies can now launch a new business card program for their customers without managing underwriting, capital markets, fraud, or credit risk on their own.

    77% of SMBs are concerned about capital access2 and 55% of them have reported putting business-related expenses on a personal credit card just to get by3. SMBs need spend management solutions just like mid-market and enterprise businesses have access to today.

    The Pipe Business Card is designed specifically for small to medium-sized businesses and is available as an embedded offering for Pipe’s software partners. It’s an SMB-friendly business card with up to 1.5% unlimited cash back4, up to 45 days to pay for day-to-day business expenses, and no annual fees. No personal guarantees or credit checks are required to apply for the card.

    A growing number of small businesses are obtaining capital in minutes through Pipe and its partners, based on their business performance, without the traditional lengthy and arduous application process. The launch of the Pipe Business Card is part of Pipe’s commitment to making capital and financial tools more accessible to SMBs that need them. The Pipe Business Card utilizes the same underwriting model as Pipe Capital, which is based on a customer’s revenue. It integrates directly into the software and payment applications SMBs use day-to-day. Pipe intends to roll out additional services through its partners over the next 12 to 18 months, such as spend management solutions for SMBs.

    Pipe offers software companies numerous advantages when launching the Pipe Business Card to their customers, including:

    • Speed to market – Pipe can help partners rapidly launch an embedded card program in days, not months.
    • Tailored underwriting models – Pipe’s customized underwriting models can be calibrated for partners based on revenue data from their customer base to provide optimal access to capital.
    • Comprehensive support – Pipe’s US-based customer success team handles all dispute management and resolution for partners.

    “In the six months since we launched our embedded Capital, Pipe, and its partners, have helped to finance the dreams of tens of thousands of small businesses. We will continue to develop innovative products that remove the friction from their business,” said Luke Voiles, Chief Executive Officer, Pipe. “The Pipe Business Card is the logical expansion of our suite of capital services, and we expect it to have a meaningful impact on our customers, partners, and the overall SMB market.”

    _______________
    1 Pipe Business Cards are issued by First Internet Bank of Indiana, Member FDIC, pursuant to a license from Visa ® Inc. and may be used everywhere Visa credit cards are accepted. The Pipe Business Card will be a pay-in-full charge card. Your Statement Balance must be paid in full 15 days after the close of your statement period. Any outstanding statement balance will be automatically debited from your designated payment due date. If a payment fails, your card will be locked and a percentage of your daily sales will be collected until your balance has been repaid in full.
    2Goldman Sachs 10,000 Voices Survey, January 2024.
    3WalletHub, Small Business Survey, April 2024.
    4 Cash Back refers to rewards earned as a percentage discount on eligible purchases.

    About Pipe
    Pipe makes customer-friendly capital and smart financial tools accessible to growing businesses inside the software they use every day. Our embedded solutions are built to scale and give business builders across industries the power to grow on their own terms. To learn more, visit www.pipe.com or follow us on X @pipe.

    Media Contact
    For Pipe
    Merrill Freund
    merrill@freundpr.com

    The MIL Network

  • MIL-OSI: International Petroleum Corporation Announces Results of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 111,400 IPC common shares (ISIN: CA46016U1084) during the period of October 21 to 25, 2024 under IPC’s normal course issuer bid / share repurchase program (NCIB).

    IPC’s NCIB, announced on December 1, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

    During the period of October 21 to 25, 2024, IPC repurchased a total of 87,500 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

    For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of October 21 to 25, 2024, see the following link to Nasdaq Stockholm’s website:

    www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

    A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of October 21 to 25, 2024 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.

    During the same period, IPC purchased a total of 23,900 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

    All common shares repurchased by IPC under the NCIB will be cancelled. As at October 25, 2024, the total number of issued and outstanding IPC common shares is 120,751,038 with voting rights and IPC holds 484,000 common shares in treasury.

    Since December 5, 2023 up to and including October 25, 2024, a total of 7,957,782 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2023 and ending December 4, 2024, or until such earlier date as the NCIB is completed or terminated by IPC.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50
     

    Or

    Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 12:15 CET on October 28, 2024.

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.

    The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2023 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein), in the management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2024 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: SLW visits confined space worksite to promote occupational safety and health (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Labour and Welfare, Mr Chris Sun, and the Deputy Commissioner for Labour (Occupational Safety and Health), Mr Vincent Fung, visited a construction site today (October 28) to call on contractors, employers and workers to pay attention to safety and health at work in confined spaces.

         The Labour Department (LD) attaches great importance to the occupational safety and health (OSH) of confined space work. The revised Code of Practice for Safety and Health at Work in Confined Spaces (CoP) published by the LD earlier will take effect on November 30 this year. The revised CoP provides proprietors, contractors, competent persons and certified workers engaged in confined spaces work with practical guidance and technical information, and imposes stricter requirements on proprietors and/or contractors to adopt technology to record videos at the entrance and exit of the confined space throughout the entire work period to monitor relevant personnel’s compliance with the safety precautions. The LD will continue to conduct surprise inspections from time to time of workplaces carrying out confined space work, and check relevant work processes and equipment to ensure that workers’ OSH is safeguarded.

         Mr Sun said, “The Government has been encouraging the industry to provide a safer working environment, including wider adoption of the Smart Site Safety System in the construction industry. Advanced technology and equipment will be applied to transmit video recordings taken at the entrance and exit of confined space worksites as well as continuous air-monitoring results inside the confined spaces through a central management platform, enabling the management to perform real-time safety monitoring and maintain proper records. The system also helps to initiate evacuation and rescue procedures promptly in case of emergency to further improve OSH in confined space work.

         Mr Sun called on proprietors and contractors of confined space work to observe the provisions of the revised CoP, take adequate safety measures and strengthen supervision to prevent accidents. Workers also must raise their safety awareness, remain vigilant at all times, protect their personal safety at work, and cherish their lives and families.

         Mr Sun reiterated, “The Government has long adopted the combination of legislation and enforcement, education and training, and publicity and promotion in striving to ensure workplace safety. Employers and employees also have the shared responsibility to help ensure OSH.”

         The LD will continue to carry out inspections and law enforcement actions targeting confined space work. If any violations of the OSH legislation are detected, stringent enforcement actions will be taken immediately without prior warning. In addition, the LD is carrying out a new round of publicity work to disseminate OSH messages through different channels, remind employers and employees not to contravene OSH legislation, and enhance workers’ safety awareness regarding confined space work.         

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Speech by CE at MTR 45th Anniversary Cocktail Reception (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Chief Executive, Mr John Lee, at the MTR 45th Anniversary Cocktail Reception today (October 28):

    Deputy Commissioner Fang Jianming (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region), Dr Rex Auyeung (Chairman of MTR Corporation), Dr Jacob Kam (Chief Executive Officer of MTR Corporation), distinguished guests, ladies and gentlemen, 

         Good evening. It gives me great pleasure to join you today, in celebration of the 45th anniversary of the MTR Corporation. 

         Just look around our beautiful city, and you would know how this is a true milestone. Building a mass transit railway system in a city packed with people and skyscrapers, surrounding a deep harbour. And with towns scattered amid hilly countryside and mountainous terrain, alongside vast pieces of land dedicated as country parks and natural conservation areas. It is a remarkable feat. 

         And yet, here we are, 45 years later, proud to call the MTR one of the world’s top transit systems. One that delivers reliable, efficient and safe journeys for the people of Hong Kong, and beyond.

         According to last year’s Urban Mobility Readiness Index, Hong Kong’s public transport system tops the world, number one. That’s thanks to our extensive transport infrastructure, as well as a wide range of high-quality and affordable transport modes – with the MTR playing a major part.

         Earlier this year, two different international media outlets included Hong Kong among their rankings of the world’s best “metro” and “public transport” systems, respectively. One of them reported that “transit planners flock to Hong Kong from across the globe to discover how its Mass Transit Railway delivers world-class service and reliability to the territory’s 7.4 million citizens”. And another added that “92 per cent of Hongkongers praised their city’s transit system”. 

         That’s as reaffirming as it is encouraging, ladies and gentlemen – as I’m sure it is to everybody in the MTR Corporation, too. 

         Today, the MTR railway network handles the daily commutes and travelling of more than 5 million passenger trips in our city. It also connects us to our country, via the Hong Kong Section of the high-speed rail. That strengthens the people-to-people bonds, and business ties, between Hong Kong and a great many cities across the Mainland. 

         More than that, the MTR Corporation is now an international entity, with its service spanning across the Mainland, Australia, the United Kingdom and Sweden. Its network carries over 10 million passengers worldwide every weekday.

         And while we’re certainly not just getting going, not after 45 years, we’ve got a lot more in the works – plans built around “infrastructure-led” and “capacity-creating” principles, with railway forming the backbone of our public transport system.  

         Last year, the Government published the Hong Kong Major Transport Infrastructure Development Blueprint, which presents a planning framework for Hong Kong’s transport infrastructure future, designed to meet transport and logistics demand up to 2046 and beyond.

         That includes two railway projects to help drive the full potential of the Northern Metropolis, our new engine of economic development. The Hung Shui Kiu Station and the Northern Link Main Line will begin construction this year and next year for tentative completion in 2030 and 2034, respectively.  

         And, as I noted in my Policy Address two weeks ago, the MTR Corporation will begin detailed planning and design for the Northern Link Spur Line early next year. This vital, cross-boundary railway will connect San Tin Technopole and the Hong Kong-Shenzhen Innovation and Technology (I&T) Park in the Loop, the area set to become an international I&T powerhouse – all the way to the new Huanggang Port in Shenzhen. That will certainly fast-track Hong Kong’s integration with the Guangdong-Hong Kong-Macao Greater Bay Area.

         The Government has been working closely with the MTR Corporation to take forward the planning and design of these projects. And we will continue to co-ordinate their construction and project commissioning.

         The Government is also committed to realising three smart and green mass transit systems – in East Kowloon, Kai Tak and the Hung Shui Kiu/Ha Tsuen New Development Area. We’re working to compress the implementation programmes, enabling the public to enjoy their social and economic benefits as quickly as possible.  

         And we’re pressing ahead, too, with the planning of the Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu-Qianhai).  

         Add it up, and it’s a hugely ambitious undertaking. On completion of our railway construction projects, our railway network is expected to increase from about 270 kilometres today, to nearly 390km. 

         The long-term profits and the long-term benefits are equally huge. They include the capacity to drive territory-wide developments, deepen cross-boundary integration, expand commuting options, improve traffic conditions, reduce journey time and realise long-term, far-reaching, socio-economic benefits for Hong Kong. For us all. 

         My congratulations, once again, to the MTR Corporation on your milestone 45th anniversary. My presence here is to reiterate once again how I personally feel proud of our MTR. I am sure each one of you shares this pride. I look forward to your continued success in the next 45 years, and more.   

         Thank you.         

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected cannabis buds at airport (with photo)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs seizes suspected cannabis buds at airport (with photo)
    Hong Kong Customs seizes suspected cannabis buds at airport (with photo)
    ************************************************************************

         Hong Kong Customs yesterday (October 27) detected a drug trafficking case involving baggage concealment at Hong Kong International Airport and seized about 10 kilograms of suspected cannabis buds with an estimated market value of about $1.9 million.     A 62-year-old local woman arrived in Hong Kong from Bangkok, Thailand, yesterday. During customs clearance, the batch of suspected cannabis buds was found concealed inside her check-in baggage. The woman was subsequently arrested.       After a follow-up investigation, a local man, aged 26, who was suspected to be connected with the case, was also arrested at the airport on the same day.     An investigation is ongoing.      Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.     Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.     Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

     
    Ends/Monday, October 28, 2024Issued at HKT 20:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI USA: U.S. ethane production reached a record 3.0 million barrels per day in May 2024

    Source: US Energy Information Administration

    In-brief analysis

    October 28, 2024


    U.S. ethane production increased steadily over the last decade and reached a record of 3.0 million barrels per day (b/d) in May 2024. Ethane production in the first half of 2024 (1H24) averaged a record 2.8 million b/d, according to data from our Petroleum Supply Monthly. The increase was driven by more natural gas and ethane production in the Permian Basin, which spans Texas and New Mexico.

    Ethane serves mainly as a petrochemical feedstock to produce ethylene, which is used to make plastics and resins. Continued growth in ethane consumption in the global petrochemical sector, increasing proportions of ethane derived from U.S. natural gas production, and favorable production economics have driven steady increases in ethane production in recent years.

    In the United States, almost all ethane is recovered at natural gas processing plants, which remove ethane and other natural gas plant liquids (NGPL) from raw natural gas. During 1H24, U.S. marketed natural gas production, which includes dry natural gas and NGPLs before they are separated out, averaged a record 112.8 billion cubic feet per day (Bcf/d), 1.0 Bcf/d more than the 1H23 average.

    Ethane production in the Texas Inland and New Mexico refining districts, which include the Permian Basin, accounted for 62% of U.S. ethane production during 1H24, slightly more than the 60% share in 1H23. Ethane production in these two districts averaged 1.7 million b/d in 1H24, a 7% (0.1 million b/d) increase from 1H23. Ethane production in the Appalachian No. 1 refining district, which straddles most of the Appalachian Basin production area in Pennsylvania and West Virginia, also increased during 1H24, averaging 327,000 b/d, up from 292,000 b/d in 1H23. Ethane production in other refining districts remained essentially unchanged from 1H23.


    U.S. ethane production continued increasing to meet growing demand from domestic and international consumers. Consumption of ethane in the United States in 1H24 averaged 2.3 million b/d, up from 2.1 million b/d in 1H23, while U.S. ethane exports averaged 470,000 b/d, down 17,000 b/d compared with 1H23. The United States began exporting ethane in 2014 to petrochemical plants in Canada and became the world’s largest exporter of ethane in 2015, when tanker exports to Europe began. The most common destinations for ethane exports in 1H24 were China (45% of U.S. ethane exports; 212,000 b/d), Canada (15%; 70,000 b/d), and India (14%; 65,000 b/d).


    In our Short-Term Energy Outlook, we expect ethane production to average 2.8 million b/d in both 2024 and 2025, a 5% increase compared with 2023. We expect domestic ethane consumption to average 2.3 million b/d in both 2024 and 2025, a 5% increase compared with 2023. We expect U.S. net ethane exports to rise to 490,000 b/d in 2024 and 520,000 b/d in 2025, an 11% increase from 2023 to 2025.

    Principal contributor: Jordan Young

    MIL OSI USA News

  • MIL-OSI: Condor’s Workover Results Continue to Exceed Pre-Job Expectations

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 28, 2024 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company, is pleased to provide an operational update for its eight gas field production enhancement project in Uzbekistan.

    Two recently worked-over wells have returned to service and are providing 441 boepd of incremental production, after a combined 20 meters of previously unperforated reservoir pay was accessed. Prior to the workovers, the first well wasn’t producing and is now flowing 410 boepd based on a 24 hour production test. Although the second well is still recovering workover fluids, its incremental flow rate is already 31 boepd or a 65% increase, also based on a 24 hour test. As disclosed earlier this month, three prior workovers added a cumulative 330 boepd of incremental production.

    A second rig that was planned for delivery in early November has already begun workover activities on a well that is targeting up to 25 meters of previously unperforated reservoir. With over 100 wells in the eight fields, there is a large inventory of both producing and shut-in wells available for evaluation, recompletion and optimization opportunities to profitably grow production.

    The extensive geological evaluations performed, coupled with recent workover results, suggest that material untapped hydrocarbon potential exists within the carbonate formations of the Company’s 279 km2 license area. These carbonate platforms contain thick reservoir sections interbedded with laterally extensive evaporite layers, creating ideal conditions for hydrocarbon trapping. The reservoirs are analogous to carbonate formations in Canada’s Western Canada Sedimentary Basin (“WCSB”), such as the Charlie Lake and Midale, which continue to be successfully monetized. By leveraging this geological similarity, the Company is maturing the potential of horizontal and multi-lateral drilling, a proven method in Canada to enhance deliverability and maximize recovery from these reservoirs.

    Don Streu, President and CEO of Condor, commented: “We continue to be very pleased with the early results of our workover program and are excited to have a second service rig operating. The multiple successes of world-class developments in the WCSB showcases how carbonate reservoirs can deliver impressive production rates and recoveries. The geological characteristics in Uzbekistan – thick reservoirs interbedded with evaporites – are strikingly similar to those found in Western Canada, where decades of production have been economically sustained. By employing advanced horizontal and stacked drilling techniques, we could achieve even higher deliverability and maximize recovery from our Jurassic carbonate reservoirs, mirroring the positive Canadian analogue outcomes.”

    ABOUT CONDOR ENERGIES INC

    Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG facility in Kazakhstan; and a separate initiative to develop and produce lithium brine in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.

    FORWARD-LOOKING STATEMENTS

    Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to perforate up to 25 meters of previously unperforated reservoir; the timing and ability for material untapped hydrocarbon potential to exist within the carbonate formations of the Company’s license area; the timing and ability for carbonate platforms to contain thick reservoir sections interbedded with laterally extensive evaporite layers to create ideal conditions for hydrocarbon trapping; the timing and ability for the Company’s reservoirs to be analogous to carbonate formations in Canada’s Western Canada Sedimentary Basin; the timing and ability to mature the potential of horizontal and multi-lateral drilling to maximize recovery; the timing and ability to employ advanced horizontal and stacked drilling techniques; the timing and ability to drill new wells and the ability of the drilled wells to become producing wells; projections and timing with respect to production; the timing and ability to obtain future funding on favorable terms, if at all; the timing and ability to increase production by executing the planned drilling and workover programs; and the timing and ability to obtain various approvals and conduct the Company’s planned development activities.

    ABBREVIATIONS

    The following is a summary of abbreviations used in this news release:

    boe Barrels of oil equivalent*
    boepd Barrels of oil equivalent per day
    km2 Square kilometers
    Mscf  Thousand standard cubic feet of gas
       

    * Barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mscf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mscf to 1 barrel, utilizing a conversion ratio at 6 Mscf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

    The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

    The MIL Network

  • MIL-OSI: Primech AI, a Subsidiary of Primech Holdings, Launches AI-Powered Automated Toilet Cleaning Robot, Hytron

    Source: GlobeNewswire (MIL-OSI)

                                                                                       

    Hytron Enhances Hygiene Standards at Temasek Polytechnic, Marks a Monumental Leap in Cleaning Technology

    SINGAPORE, Oct. 28, 2024 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd., a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), announces the launch of Hytron, a cutting-edge AI-powered automated toilet cleaning robot, now operational and enhancing hygiene standards at Temasek Polytechnic. This innovative technology introduces unprecedented levels of cleaning efficiency, setting new benchmarks in the industry.

    (Primech AI’s COO, Charles Ng, and CTO, Richard Zhang, proudly commemorate the successful deployment of the Hytron robot at Temasek Polytechnic. Image: Primech AI)

    Hytron is engineered to address the high demands for cleanliness in high-traffic areas such as offices, malls, and hospitals. Equipped with advanced AI, Hytron autonomously navigates and cleans toilet fixtures with a precision down to less than one millimeter, surpassing conventional cleaning methods. Its ability to navigate in three-dimensional spaces and perform touch-based cleaning allows it to remove stubborn stains effectively, ensuring a thorough and consistent clean every time.

    The technical superiority of Hytron lies in its integration of force-sensitive sensors and 3D recognition technologies, enabling it to adapt and respond to the nuances of different cleaning environments. This level of precision and adaptability sets Hytron apart from competitors, highlighting its unique position in the market.

    “The launch of Hytron at Temasek Polytechnic has already shown fantastic results, with significant improvements in restroom cleanliness and overall hygiene,” said Charles Ng, Vice President of Innovation and Technology at Primech Holdings and Co-Founder COO of Primech AI. “Hytron not only elevates the standard of cleanliness but also enhances the operational efficiency for facilities managers, offering a scalable solution that meets the growing global demands for hygiene.”

    The market potential for restroom-cleaning robots like Hytron is vast. With the global commercial cleaning products market projected to reach USD 121.29 billion by 2023, according to data from market research and consulting firm Grand View Research, growing at a CAGR of 7.91% from 2024 to 2030, the introduction of automated solutions like Hytron is timely. This growth is driven by increasing hygiene awareness and the need for more efficient cleaning solutions in public and private spaces worldwide.

    Primech AI, in collaboration with Temasek Polytechnic, plans to expand this cleaning initiative by introducing more robots to clean more toilets on campus, modernizing, streamlining, and humanizing toilet cleaning processes. Hytron’s successful deployment marks the beginning of its potential expansion into other cleaning applications, reinforcing Primech AI’s position as a leader in the field of robotic cleaning solutions. This technology not only promises to revolutionize the way cleaning tasks are approached but also offers substantial cost savings and health benefits, making it a game-changer in the cleaning industry.

    Additional images of Hytron in operation can be found at https://primech.ai/

    See Hytron in action at https://www.youtube.com/watch?v=HBFBTs5vRjs

    (Hytron being deployed at Temasek Polytechnic, autonomously executing a restroom cleaning cycle, leveraging advanced AI algorithms for precise positioning and optimal task completion.Image:Primech AI)

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore, with expanding operations in Malaysia. With a legacy of excellence and innovation in the facility services industry, Primech’s operating subsidiary, Primech A & P, offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Additionally, CSG Industries Pte Ltd, a subsidiary of Primech Holdings, manufactures and supplies various high-quality cleaning products under its brand, extending its reach and capabilities within the industry. Known for its commitment to sustainability and cutting-edge technology, Primech integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.   

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network

  • MIL-OSI: QuestionPro Appoints Chris Robson as Vice President, Managed Services

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services announces Chris Robson has joined the company in the newly created position of Vice President, Managed Services. Robson will create this new division which is focused on helping QuestionPro customers get the most out of its robust research platform.

    Well known as a research industry thought-leader, Robson is a mathematician by training who has worked at both large enterprises as well as startups. Immediately prior to joining QuestionPro, he was the Global Head of Data Science at Human8, a global brand consultancy where he developed new methodologies including the application of Generative AI and LLMs. Earlier in his career he managed advanced research teams and large software teams (70+ people) at HP.

    He was also Chief Innovation Officer and Global Head of Research Science at ORC, where he led a team of analysts and statisticians to embrace and adopt new approaches for data-centered insights. Robson also co-founded and ran two successful research analytics agencies: Parametric Marketing and Deckchair Data. He holds a Bachelor of Science with Honors in Mathematics from the Brunel University of London.

    Robson will have overall responsibility for establishing and growing QuestionPro’s Managed Services Group which provides services to clients who need assistance to go above and beyond the capabilities of the company’s existing suite of research platforms. This can include project management, study design, custom programming, reporting and analytics. Whether it is providing end-to-end project support, simply customizing the appearance of a single question or running advanced analytic methods the group ensures that clients can get the answers they need for their business decisions.

    In particular, Robson will apply his deep expertise in Artificial Intelligence (AI) to not only integrate AI across the QuestionPro platform, but also leverage it for new ways to drive consumer insights through emerging techniques like synthetic data.

    “I’ve known and worked with Chris for close to 20 years,” said Vivek Bhaskaran, founder and CEO of QuestionPro. “In fact, he helped build some of our early features like MaxDiff and others. It’s great to have him on board full time to launch a new division and also ensure our customers benefit from the application of AI across our platform.”

    About QuestionPro:
    Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at www.questionpro.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9035859-cb80-41e3-be32-21eab55be2d3

    The MIL Network