Category: Asia

MIL-OSI Asia-Pac: DPIIT forges alliance with HCLSoftware to herald India’s startup revolution

Source: Government of India (2)

DPIIT forges alliance with HCLSoftware to herald India’s startup revolution

Under Startup India initiative, DPIIT signed over 80 MoUs with industry stakeholders till date

The collaboration to propel India’s manufacturing sector and support its goal of becoming a National production hub

Posted On: 25 OCT 2024 12:17PM by PIB Delhi

Department for Promotion of Industry and Internal Trade (DPIIT) announced a strategic partnership with HCLSoftware, a global leader in software solutions, as a vital component of its Manufacturing Incubation Initiative, on 23rd October 2024 at Vanijya Bhawan, New Delhi. In a bid to revolutionise India’s startup manufacturing ecosystem, DPIIT is creating an environment where corporate houses play a pivotal role in incubating manufacturing startups. Under the Startup India initiative, DPIIT has signed over 80 Memorandums of Understanding (MoUs) with industry stakeholders till date.

Startups will have access to the HCL SYNC program for global market exposure, allowing them to showcase their products and services worldwide, thus taking Indian innovation to an international audience. Notably, this collaboration marks a substantial step forward in advancing the Indian manufacturing sector, supporting the nation’s goal of establishing itself as a national production hub.

This initiative’s objectives include developing Indian intellectual property by encouraging startups to create unique products and solutions tailored to India, improving product quality by providing startups with the tools and expertise to produce world-class products that meet global standards, and building a robust manufacturing ecosystem by establishing a network of interconnected startups and suppliers capable of supporting the full manufacturing value chain.

DPIIT Joint Secretary, Mr. Sanjiv Singh, highlighted the necessity of this partnership to establish a sustainable manufacturing ecosystem, stating that HCLSoftware’s expertise and dedication to supporting startups align seamlessly with DPIIT’s vision. Mr. Sanjiv noted that through this collaboration, innovation will flourish, and Indian businesses will gain a stronger foothold on the global stage. Outlining the goals of DPIIT’s flagship program, Startup India, Mr. Sanjiv reaffirmed DPIIT’s commitment to fostering and promoting the nation’s manufacturing ecosystem by motivating and supporting product startups, innovators, and entrepreneurs. This collaboration will significantly contribute to the realisation of India’s ‘Make in India’ initiative and position India as a global manufacturing hub.

Director, Startup India, Dr. Sumeet K. Jarangal, emphasized that the primary objective of this initiative is to boost India’s manufacturing sector by empowering startups with cutting-edge digital technologies and providing access to global markets. Dr. Jarangal further elaborated that HCLSoftware is dedicated to collaborating with DPIIT and Startup India to elevate Indian manufacturing startups to new heights, fostering excellence and growth, and thereby crafting a success story. HCLSoftware will play an essential role in supporting startups through every phase, from design and development to sales and marketing, utilising its digital manufacturing and aftermarket solutions.

Kalyan Kumar, Chief Product Officer at HCLSoftware, remarked that this collaboration is a pivotal moment in India’s manufacturing journey. Reiterating HCLSoftware’s commitment to equipping startups with essential tools and support, Kumar stated that the company would exhaust all efforts to foster innovation and economic growth, contributing significantly to India’s vision of becoming a global manufacturing powerhouse.

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January 25, 2025
MIL-OSI Asia-Pac: PRESS RELEASE – VISIT OF THE UNITED NATIONS SECRETARY-GENERAL, H.E ANTONIO GUTERRES, 21-23 AUGUST 2024

Source: Government of Western Samoa

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Samoa hosted the United Nations Secretary-General, His Excellency Antonio Guterres on his official visit from 21st to 23rd August 2024. The UN Secretary-General’s visit to Samoa and the Pacific region not only brings global attention to the severe impact of the climate change on Pacific communities but shows commitment to our Blue Pacific region to witness the vulnerabilities of the lived realities as small island states. The visit also highlights Samoa’s leadership at the regional and international level as demonstrated in Samoa’s role as Chair of the AOSIS during meetings at the regional and international fora.

The UN Secretary-General’s visit marks a significant milestone, coinciding with the tenth anniversary of the last visit by a UN Secretary-General, Ban Ki Moon in 2014 when Samoa hosted the Third International Conference of the Small Islands Developing States.

The visit included a bilateral meeting with the Prime Minister where discussions were held on pertinent matters highlighting the priorities and challenges of Small Island Developing States (SIDS) placing prominence on Climate Change with stark implications for SIDS and sustainable development. The bilateral was followed by a welcome ava ceremony and a field visit to witness climate impacted communities and the resilience of our communities with adaptation measures implemented.

At the end of the field visit the UN Secretary General attended the handover ceremony of the new wing of the One-Un House at Tuanaimato which will enable the location of all the UN agencies into the Multi-country office to enable collaboration and delivery as One UN on the national development needs of Samoa and the whole cluster including Cook Islands, Niue and Tokelau. The Minister of Natural Resources and Environment, Hon Toeolesulusulu Cedric Schuster on behalf of the Government of Samoa, presented remarks during the Hand-over ceremony and unveiled the plaque together with UN Secretary General.

The Prime Minister, Hon Fiame Naomi Mataafa hosted a dinner at the Robert Louis Stevenson Museum in honour of the visit of the UN Secretary General and his delegation.

H.E Antonio Guterres was accompanied by a delegation of eleven (11) officials including Mr. E. Courtenay Rattray, Chef de Cabinet and Ms. Rabab Fatima, Under-Secretary-General, High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, officials and security officers

The UN Secretary General departs Samoa on Friday 23 August 2024 for Tonga to attend the 53rd Pacific Island Forum Leaders Meeting.

END.

SOURCE – MINISTRY OF FOREIGN AFFAIRS AND TRADE

Photos by Government of Samoa (Leaosa Faaifo Faaifo)

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September 13, 2024

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January 25, 2025
MIL-OSI Asia-Pac: Loan limit under Pradhan Mantri Mudra Yojana (PMMY) increased to Rs.20 lakh from the current Rs.10 lakh

Source: Government of India

Posted On: 25 OCT 2024 12:36PM by PIB Delhi

As announced by the Finance Minister on 23rd July, 2024 in the Union Budget 2024-25, the limit of Mudra loans under the Pradhan Mantri Mudra Yojana (PMMY) has been enhanced from current Rs. 10 lakh to Rs. 20 lakh. This increase aspires to further the overall objective of the Mudra Scheme which is Funding the Unfunded. This enhancement is specifically beneficial to upcoming entrepreneurs facilitating their growth and expansion. The move is in alignment with the Governmment’s commitment in fostering a robust entrepreneurial ecosystem.

As per the notification issued in this regard, the new category of Tarun Plus is for Loans above Rs. 10 lakh and upto Rs. 20 lakh and would be available to the entrepreneurs who have availed and successfully repaid previous loans under the Tarun category. The guarantee coverage of PMMY loans upto Rs. 20 lakh will be provided under the Credit Guarantee Fund for Micro Units (CGFMU).

Click here for notification.

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January 25, 2025
MIL-OSI Africa: Superbridge Summit 2024 successfully concludes, driving trade and investment partnerships in Global South

Source: Africa Press Organisation – English (2) – Report:

DUBAI, United Arab Emirates, October 25, 2024/APO Group/ —

SuperBridge Summit 2024 (https://SuperBridgeDubai.com), organised by the Dubai World Trade Centre (DWTC) and the SuperBridge Council, successfully concluded at One&Only One Za’abeel Hotel, Dubai. The two-day event held alongside GITEX Global convened over 700 C-Level Executives and 60 renowned speakers from fast-growing economic regions in the Global South, establishing itself as a global platform for innovation, collaboration, and community-building.

During the event, H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, UAE, delivered a keynote address. He shared insights on the rising role of advanced technologies, and AI innovations, encouraging participants to gain a critical understanding of their community’s future growth trajectory.

The dynamic event convened next-gen leaders from the Mid-East, Africa and South Asia, exploring key avenues of collaboration in the sustainability, tech, banking, retail, and healthcare industries. These pertinent discussions further highlighted innovation being led by pioneers like Insilico, a leading biotech company in the UAE, Nigeria’s renowned fintech firm Flutterwave and Singapore’s MVGX Group, a tech leader committed to decarbonisation. Moreover, the summit underscored the rise of cross-border investments within the Global South. This further reaffirms the importance of nurturing robust economic partnerships between entities in the region.

The impactful sessions while promoting cutting-edge ideas, also underscored the vital role of global perspectives in driving innovation, highlighted by the partnership established by the Superbridge Summit with Dubai Chambers, global travel leader Trip.com, edtech firm Laix, innovation and research center NICE, blockchain leaders MVGX, and METACOMP.

Trixie LohMirmand, Executive Vice President at Dubai World Trade Centre said, “As the UAE emerges as a global epicentre of innovation, business events like SuperBridge Summit further catalyse this growth, reaffirming GITEX’s enduring commitment to driving collaboration and fostering a prosperous future for coming generations. The event had an exemplary attendee lineup encompassing high-level changemakers, thought leaders and C-level executives from diverse industries who shared their valuable insights on crucial topics. We are immensely grateful to the summit’s attendees for their support and are confident that the event will facilitate positive change across diverse sectors.”

Khalid Al Jarwan, Vice President of Operations and acting Vice President of Digital and Commercial Sectors at Dubai Chambers, commented, “The SuperBridge Summit aligns closely with Dubai Chambers’ objectives by creating a global platform for collaboration. Events of this kind play a vital role in connecting key stakeholders, fostering impactful partnerships, and driving innovation. We remain committed to helping businesses and investors from across the globe leverage Dubai’s strategic advantages to promote economic growth and contribute to a more sustainable and prosperous future for all.”

As a global platform for innovation, the summit facilitated valuable inputs that enabled attendees gain new insights and a renewed sense of purpose, inspiring them to contribute to the holistic development of the global economy.

MIL OSI Africa –

January 25, 2025
MIL-OSI Video: Women building peace in a changing environment – UN Vice Chief | Briefing | United Nations

Source: United Nations (Video News)

Briefing by by Amina J. Mohammed, Deputy Secretary-General of the United Nations, on Women building peace in a changing environment, during the Security Council, 9760th meeting.

“Madam President, Excellencies,
First, let me begin by wishing everyone a happy UN Day.

Every year, in this Chamber, the global community reaffirms its commitment to ensuring women’s full, equal, and meaningful participation in conflict prevention, resolution, and recovery, and to upholding their rights during times of war.

Yet, progress remains dishearteningly slow.

Peace and security decision-making is overwhelmingly dominated by men.

And ending impunity for atrocities against women and girls is still but a distant goal.

And the past year has been especially difficult.

In Gaza, tens of thousands of Palestinian women and girls have been killed and injured amidst continued war and a terrible humanitarian crisis.

Meanwhile, the plight of Israeli women still held hostage demands urgent action to ensure their safety and immediate release.

In Lebanon, an escalation of destruction and displacement threatens women and girls’ safety and livelihood.

In Sudan, women are enduring extreme suffering, facing not only the loss of loved ones but also the dire lack of access to essential services and medical care.

I reiterate the Secretary-General’s calls:

Civilians must be protected, civilian infrastructure must not be targeted, and international law must be upheld.

The United Nations remains steadfast.

We will not look away or lose hope.

The women, peace and security agenda will always guide our work and show a path forward.

Despite attacks on our offices, and the detention and killings of our staff in unprecedented numbers, allow me to honor the work of my colleagues and share examples of what they do.

In peacekeeping missions, the women, peace and security agenda is a key political and strategic imperative.

Our teams work tirelessly to help protect and assist women – from relocating human rights defenders to aiding women after their release from abduction by armed groups, from ensuring women’s representation in local dialogues to helping bring justice to women in places where sexual violence has long been met with impunity.

In the Democratic Republic of Congo, for example, 57 percent of cases supported by the mission’s Prosecution Support Cells in 2023 involved conflict-related sexual violence, contributing to the conviction of dozens of members of armed groups and state security forces.

In Abyei, earlier this year, one-third of participants in a post-migration conference were women – this was a first.

In the Central African Republic, the mission is helping mobilize women for local elections that have not been held in 38 years.

Deploying more diverse teams to peacekeeping operations has helped us deliver better on our mandates.

The representation of women in most categories of uniformed personnel has doubled in the last five years, and initiatives have been put in place to foster gender-responsive work environments for all peacekeepers.

Yet, much more remains to be done to improve the gender balance of our deployments and reap the benefits of inclusion and diversity.

Success in peacekeeping hinges on the political support from Member States, especially those with the great honor of sitting in this Chamber to protect international peace and security.

I commend the efforts of the United Arab Emirates to empower Women in Peace and Security. This initiative has provided training and capacity building opportunities for over 600 women from the Middle East, Africa and Asia in military and peacekeeping. The UN is a proud partner in these efforts that advance the Women, Peace and Security Agenda.

Throughout the world, the UN reaches millions of displaced women and girls and survivors of violence with food, medical support, legal aid, shelter, access to safe spaces, psychosocial support, education, and jobs and livelihood opportunities.

Yesterday, survivors of conflict-related sexual violence from many war-torn corners of the globe gathered for a Survivor’s Hearing to mark the 15th anniversary of resolution 1888.

Effective protection from sexual violence is fundamental to women’s effective participation in peacebuilding, conflict recovery, and sustainable development that leaves no one behind.
(…)” [ Excerpt]

Full remarks [as delivered]: https://www.un.org/sg/en/content/deputy-secretary-general/statement/2024-10-24/deputy-secretary-generals-remarks-the-security-council-women-peace-and-security-delivered

https://www.youtube.com/watch?v=vo5fFT4s4XQ

MIL OSI Video –

January 25, 2025
MIL-OSI Asia-Pac: NHRC takes suo motu cognizance of the reported death of a girl by suicide in a private school premises in Guntur District, Andhra Pradesh

Source: Government of India

NHRC takes suo motu cognizance of the reported death of a girl by suicide in a private school premises in Guntur District, Andhra Pradesh

Expresses concern over the incident in the lawful custody of the school authorities

Issues notices to the Chief Secretary and the Director General of Police, Government of Andhra Pradesh calling for a detailed report

The report to include the status of the police investigation and post-mortem examination

Posted On: 25 OCT 2024 3:29PM by PIB Delhi

The National Human Rights Commission (NHRC), India has taken suo motu cognizance of a media report that a 13-year-old girl student in VIII standard at a private school, allegedly died by suicide in Guntur district of Andhra Pradesh on 23rd October, 2024. Reportedly, the incident happened in the school hostel campus at Reddypalem village panchayat area of the district.

The Commission has observed that the contents of the news report, if true, raise a serious issue of violation of the human rights of the victim girl. The girl has reportedly committed suicide inside the hostel premises i.e. in the lawful custody of the school authorities which is a matter of concern. Accordingly, notices have been issued to the Chief Secretary and the Director General of Police, Government of Andhra Pradesh calling for a detailed report supported by a thorough probe within four weeks.

It is expected to include the status of the police investigation and post-mortem examination including the cause of death. The authorities are also directed to share the report of any other enquiry conducted in the matter.

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January 25, 2025
MIL-OSI Asia-Pac: President Lai presides over second meeting of National Climate Change Committee

Source: Republic of China Taiwan

President Lai presides over second meeting of National Climate Change Committee
2024-10-24

On the afternoon of October 24, President Lai Ching-te presided over the second meeting of the National Climate Change Committee. In his opening statement, the president said that the whole world is now facing the challenges of extreme weather and carbon reduction. Noting that Taiwan plays a critical role in global technology supply chains, the president stated that we must step up climate action to enhance the international competitiveness of our industries and quicken our pace to bring us in line with global progress on carbon reduction. He added that we are willing to cooperate with countries around the world, including China, to address the challenges of climate change together.
President Lai emphasized that the government’s strategic direction is clear: we will promote our second energy transition to ensure a stable and resilient energy supply. Going forward, he said, the government will gradually promote energy conservation policies and encourage all sectors to promote deep energy saving through such methods as investment incentives, investment tax credits, and government subsidies to help industries save energy. He added that energy service company (ESCO) mechanisms will also be promoted through cooperation with insurance enterprises and life insurance companies to improve enterprise equipment and production processes. The president expressed his confidence that as long as everyone works together to implement innovative and transformative change, we can create opportunities for sustainable growth for generations to come.
A translation of President Lai’s opening statement follows:
Today is the second meeting of the National Climate Change Committee. First, I want to welcome the committee members who were on leave for the first meeting but are with us today: Paul Peng (彭双浪), Sophia Cheng (程淑芬), and Lin Tze-luen (林子倫).
I want to thank everyone here with us today, as well as our fellow citizens and friends for their enthusiastic participation online. This shows that everyone considers global climate change issues as matters of great importance.
Not long ago, we saw Typhoon Krathon become the first tropical cyclone on record to make landfall in Kaohsiung in the month of October, with recorded gusts at level 17 or higher on the Beaufort scale. Responding to climate change is a major test for national resilience and sustainable development.
Internationally, the whole world is facing increasingly severe climate change challenges. The Paris Agreement of 2015 requires each country to update its nationally determined contributions (NDCs) every five years. In 2021, COP26 increased the frequency of such updates to once every two years to accelerate progress in global carbon reduction. In addition, the next round of NDC updates for countries around the world is scheduled for the beginning of next year.
Therefore, we must come together and create a strong, resilient Taiwan that can respond to challenges and align with international trends. At the same time, we are willing to continue strengthening cooperation with countries around the world, including China, to address the challenges of climate change together.
At the beginning of this month, we launched a carbon fee system, with fees starting to be collected next year. This is a solid step. Furthermore, our strategic direction is clear: we will promote our second energy transition to ensure a stable and resilient energy supply. In addition to developing more forms of green energy to open up new energy sources, we must also promote deep energy saving and advanced energy storage technology applications to spur the transformation and development of next-generation industries; enhance Taiwan’s adaptive mechanisms to respond to climate change; and seek green growth opportunities for sustainability, as we steadily move toward our goal of net-zero emissions by 2050.
At today’s meeting, the Ministry of Environment will first deliver reports on the progress of certain items listed in the first committee meeting and on the promotion of the public sector chief sustainability officer alliance. The Ministry of Economic Affairs will then deliver a report on the progress in deep energy saving promotion.
I want to thank deputy convener and Vice Premier Cheng Li-chiun (鄭麗君) for conducting numerous interministerial policy discussions in the Net Zero Emissions Transition Taskforce, under the Executive Yuan’s National Council for Sustainable Development, in the time since we convened our first meeting in August this year.
In a few minutes, executive secretary and Minister of Environment Peng Chi-ming (彭啓明) will explain our initial concept for an energy information platform and the current review status of our new carbon reduction goals, two issues of great concern to our committee members. The reports will help committee members and the public to better understand the government’s policies.
As Taiwan plays a critical role in global technology supply chains, we must step up climate action to enhance the international competitiveness of our industries and quicken our pace to bring us in line with NDCs internationally. We also need to review our goals for 2030, be more ambitious to break through obstacles, and reset new, more proactive carbon-reduction goals for 2032 and 2035.
At the same time, the best source of energy is the energy we conserve. Our economic development requires that industries and foreign investors continue to invest in Taiwan, which requires a stable power supply. Conserving energy is more efficient than developing new energy sources and is one of the most important cost-effective methods. It is also an immediately effective strategy for reducing carbon emissions. The more energy we save, the more we can reduce carbon emissions.
One of the conclusions reached during last year’s United Nations Climate Change Conference (COP28) was that by 2030, the average annual improvement rate of energy efficiency must be increased from two percent to four percent. Increasing energy efficiency is already an international consensus and trend in efforts to achieve net-zero emissions.
Going forward, the government will gradually promote energy conservation policies and encourage all sectors to promote deep energy saving. From high-emission enterprises to hospitals and schools, and even homes and individuals, everyone needs to participate. The government cannot promote deep energy saving alone. Like a baseball team, for the team to be really good, everyone must play their role.
ESCOs, like analysts and trainers on baseball teams, can provide enterprises with the most cost-effective, tailor-made energy-saving plans to ensure that every dollar invested achieves the best possible energy savings.
Moving forward, in promoting deep energy saving, we need ESCOs to be involved to strengthen our “lineup.” The government will cooperate with industry to propose methods including investment incentives, investment tax credits, and government subsidies to help industries save energy. The government will also cooperate with insurance enterprises and life insurance companies to promote ESCO mechanisms, and will provide funding assistance to upgrade equipment and improve production processes, with the savings on electricity costs returned to investors. Insurance premiums will be used for national development, forming a virtuous circular economy.
The whole world is now facing the challenges of extreme weather and carbon reduction. But I am confident that as long as everyone works together to implement innovative and transformative change, we can create opportunities for sustainable growth for generations to come.
Through this meeting, we will not only rely on the expertise of our advisors and committee members for diverse discussions and collective brainstorming. We will also reference innovative and pragmatic strategies for green growth adopted by countries such as the United Kingdom and Japan. Through joint actions of the public sector in conjunction with the various sectors of society, we can more efficiently accelerate Taiwan’s efforts to achieve net-zero carbon emissions.
In a few minutes, I will invite everyone to actively share your expertise and experience. Thank you.
Following his statement, President Lai heard a report on the promotion of the public sector chief sustainability officer alliance from Minister Peng and a report on the progress in deep energy saving promotion from Vice Minister of Economic Affairs Lien Ching-chang (連錦漳). Afterward, President Lai exchanged views with the committee members regarding the content of the reports.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Economics: Joint Press Statement of the Eight ASEAN-India Ministerial Meeting on Agriculture and Forestry (the 8th AIMMAF)

Source: ASEAN

The Eighth ASEAN India Ministerial Meeting on Agriculture and Forestry was held
virtually on 25 October 2024. The Meeting was co-chaired by Myanmar and India.The Meeting commended the significant progress made in the implementation of the Medium-Term Plan of Action for ASEAN-India Cooperation in Agriculture and Forestry (2021–2025). This plan aims to promote investment, develop human resources in the food, agriculture, forestry, and fisheries sub-sectors by providing opportunities for the youth of ASEAN, and enhance the resilience of natural systems while improving the adaptive capacities of human communities to cope with environmental hazards. The Meeting noted that various projects to support these initiatives have been implemented as part of a regional strategy focusing on sustainable and regenerative agriculture between ASEAN and India.

Download the full statement here.
The post Joint Press Statement of the Eight ASEAN-India Ministerial Meeting on Agriculture and Forestry (the 8th AIMMAF) appeared first on ASEAN Main Portal.

MIL OSI Economics –

January 25, 2025
MIL-OSI Economics: Joint Press Statement of the Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry and the Ministers of Agriculture of the People’s Republic of China, Japan and The Republic of Korea (24th AMAF Plus Three)

Source: ASEAN

The Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry Plus Three was held virtually on 25 October 2024 hosted and chaired by Myanmar.The Meeting focused on the accomplishments made in implementing the ASEAN Plus Three Cooperation Strategy (APTCS) for the period 2016-2025. This strategy focuses on several key areas, including sustainable agriculture, good agricultural practices, the integration and use of digital technologies, and strategies for adapting to and mitigating climate change. These priorities are vital for addressing regional challenges while fostering collaboration and strengthening ties between the ASEAN Member States and the Plus Three Countries. The discussions highlighted the importance of these areas in promoting sustainable development, improving food security, and ensuring ecological resilience, which are essential for the long-term prosperity and stability of the region.

Download the full statement here.
The post Joint Press Statement of the Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry and the Ministers of Agriculture of the People’s Republic of China, Japan and The Republic of Korea (24th AMAF Plus Three) appeared first on ASEAN Main Portal.

MIL OSI Economics –

January 25, 2025
MIL-OSI Economics: Joint Press Statement of the Forty-Sixth Meeting of the ASEAN Ministers on Agriculture and Forestry (46th AMAF)

Source: ASEAN

The ASEAN Ministers on Agriculture and Forestry (AMAF) held its 46th Meeting on 24 October 2024 virtually, under the Chairmanship of Myanmar. The Meeting reaffirmed ASEAN’s commitment to promoting cooperation in the food, agriculture, and forestry sectors.Recognising the importance of sustainable agriculture, sustainable forest management, decarbonisation, and digitalisation in the ASEAN region, the Meeting urged all stakeholders, including academia, international organisations and the private sector to work with the ASEAN Member States, through the ASEAN Secretariat, the implementation of sustainable and circular food, agriculture and forestry policies, which have been adopted by ASEAN.

Download the full statement here.
The post Joint Press Statement of the Forty-Sixth Meeting of the ASEAN Ministers on Agriculture and Forestry (46th AMAF) appeared first on ASEAN Main Portal.

MIL OSI Economics –

January 25, 2025
MIL-OSI Banking: Joint Press Statement of the Eight ASEAN-India Ministerial Meeting on Agriculture and Forestry (the 8th AIMMAF)

Source: ASEAN

The Eighth ASEAN India Ministerial Meeting on Agriculture and Forestry was held
virtually on 25 October 2024. The Meeting was co-chaired by Myanmar and India.The Meeting commended the significant progress made in the implementation of the Medium-Term Plan of Action for ASEAN-India Cooperation in Agriculture and Forestry (2021–2025). This plan aims to promote investment, develop human resources in the food, agriculture, forestry, and fisheries sub-sectors by providing opportunities for the youth of ASEAN, and enhance the resilience of natural systems while improving the adaptive capacities of human communities to cope with environmental hazards. The Meeting noted that various projects to support these initiatives have been implemented as part of a regional strategy focusing on sustainable and regenerative agriculture between ASEAN and India.

Download the full statement here.
The post Joint Press Statement of the Eight ASEAN-India Ministerial Meeting on Agriculture and Forestry (the 8th AIMMAF) appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

January 25, 2025
MIL-OSI Banking: Joint Press Statement of the Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry and the Ministers of Agriculture of the People’s Republic of China, Japan and The Republic of Korea (24th AMAF Plus Three)

Source: ASEAN

The Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry Plus Three was held virtually on 25 October 2024 hosted and chaired by Myanmar.The Meeting focused on the accomplishments made in implementing the ASEAN Plus Three Cooperation Strategy (APTCS) for the period 2016-2025. This strategy focuses on several key areas, including sustainable agriculture, good agricultural practices, the integration and use of digital technologies, and strategies for adapting to and mitigating climate change. These priorities are vital for addressing regional challenges while fostering collaboration and strengthening ties between the ASEAN Member States and the Plus Three Countries. The discussions highlighted the importance of these areas in promoting sustainable development, improving food security, and ensuring ecological resilience, which are essential for the long-term prosperity and stability of the region.

Download the full statement here.
The post Joint Press Statement of the Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry and the Ministers of Agriculture of the People’s Republic of China, Japan and The Republic of Korea (24th AMAF Plus Three) appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

January 25, 2025
MIL-OSI Banking: Joint Press Statement of the Forty-Sixth Meeting of the ASEAN Ministers on Agriculture and Forestry (46th AMAF)

Source: ASEAN

The ASEAN Ministers on Agriculture and Forestry (AMAF) held its 46th Meeting on 24 October 2024 virtually, under the Chairmanship of Myanmar. The Meeting reaffirmed ASEAN’s commitment to promoting cooperation in the food, agriculture, and forestry sectors.Recognising the importance of sustainable agriculture, sustainable forest management, decarbonisation, and digitalisation in the ASEAN region, the Meeting urged all stakeholders, including academia, international organisations and the private sector to work with the ASEAN Member States, through the ASEAN Secretariat, the implementation of sustainable and circular food, agriculture and forestry policies, which have been adopted by ASEAN.

Download the full statement here.
The post Joint Press Statement of the Forty-Sixth Meeting of the ASEAN Ministers on Agriculture and Forestry (46th AMAF) appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

January 25, 2025
MIL-OSI Economics: Chairman’s Statement of the Twelfth ASEAN Miniterial Meeting on Disaster Management (AMMDM) and Thirteen Meeting of the Conference of the Parties (COP) to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER)

Source: ASEAN

The 12th ASEAN Ministerial Meeting on Disaster Management (AMMDM) and the 13th Meeting of the Conference of Parties (COP) to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) were convened on 24 October 2024, in Bandar Seri Begawan, Brunei Darussalam. The Meeting was chaired by H.E. Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman, Minister of Home Affairs of Brunei Darussalam, as the Chair of AMMDM, and attended by Ministers in-charge of Disaster Management and representatives of ASEAN Member States, and Timor Leste as observer, as well as the ASEAN Secretariat and the ASEAN Coordinating Centre for Humanitarian Assistance on disaster management (AHA Centre).The Meeting appreciated the ASEAN Committee on Disaster Management (ACDM) in guiding and overseeing the implementation of the AADMER Work Programme 2021 2025, as well as the Governing Board of the AHA Centre in providing guidance on the operationalisation of the AHA Centre. Accomplishments in both policy and operational fronts are essential in achieving the aspirations of the ASEAN Agreement on Disaster Management and Emergency Response (AADMER), the ASEAN Declaration on One ASEAN, One Response: ASEAN Responding to Disasters as One in the Region and Outside the Region and the ASEAN Vision 2025 on Disaster Management; and in fulfilling the objectives of the ASEAN Socio-Cultural Community (ASCC) Blueprint 2025.

Download the full statement here.
The post Chairman’s Statement of the Twelfth ASEAN Miniterial Meeting on Disaster Management (AMMDM) and Thirteen Meeting of the Conference of the Parties (COP) to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) appeared first on ASEAN Main Portal.

MIL OSI Economics –

January 25, 2025
MIL-OSI: Silvaco Inc. Achieves ISO 9001 Certification for Comprehensive Suite of TCAD, EDA, and IP Products

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Oct. 25, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, is proud to announce that its wholly-owned subsidiary Silvaco, Inc. (“Silvaco” or the “Company”) has obtained ISO 9001 certification of its quality management system to support its TCAD, EDA software, and SIP solutions. The certification underscores Silvaco’s ongoing commitment to quality, customer satisfaction, and continuous improvement across its entire portfolio products.

The certification was performed by Schellman Compliance, LLC, an ANAB accredited Certification Body based in the United States. The details of Silvaco’s certification is publicly available at https://www.schellman.com/certificate-directory.

Description of the ISO 9001 Standard

ISO 9001 is a globally recognized standard for the establishment and certification of a quality management system (QMS). The standard specifies the requirements to plan, establish, implement, operate, monitor, review, maintain and continually improve a documented management system to protect against, reduce the likelihood of occurrence, prepare for, respond to, and recover from disruptive incidents when they arise. It is intended to be applicable to all organizations, or parts thereof, regardless of type, size and nature of the organization.

The ISO 9001 certification signifies that Silvaco has implemented effective processes and controls to ensure the consistent quality of its products and services, from design and development to delivery and support. By achieving ISO 9001 certification, Silvaco is committed to developing and delivering high-quality solutions that enable semiconductor design and digital twin modeling through AI software and innovation.

“We are thrilled to achieve ISO 9001 certification, which reflects our dedication to maintaining the highest standards of quality in every aspect of our business,” said Dr. Babak Taheri, CEO and Director of Silvaco. “This milestone reinforces our commitment to delivering innovative technology that meets international standards, and the evolving needs of our customers in the semiconductor and electronics industries.”

“Silvaco’s achievement of ISO 9001 certification demonstrates the Company’s commitment in implementing a robust and effective quality management system,” said Danny Manimbo, Principal and ISO Practice Director, Schellman. “By meeting the requirements of ISO 9001, Silvaco has shown its dedication to operational excellence and delivering high-quality services to its customers. We commend Silvaco for reaching this important milestone and look forward to its continued success.”

Silvaco’s suite of TCAD, EDA, and IP products supports the design, simulation and verification of advanced semiconductor devices and systems. The company’s solutions enable semiconductor and photonics companies to increase productivity, accelerate their products’ time-to-market and reduce their development and manufacturing costs.

“This certification reflects the rigorous standards we uphold in developing and delivering our TCAD, EDA, and IP products and is an important step towards Silvaco’s broader strategy of maintaining leadership in those markets,” said Brian Bradburn, Sr. Vice President of Operations of Silvaco. “Not only does this highlight Silvaco’s commitment to continuous quality improvement and technological innovation, but this also ensures that our customers and partners can trust the superior support and consistency of the products we bring to the semiconductor industry.”

About Schellman
Schellman is a leading provider of attestation and compliance services. We are the only company in the world that is a CPA firm, a globally licensed PCI Qualified Security Assessor, an ISO Certification Body, HITRUST CSF Assessor, a FedRAMP 3PAO, and most recently, an APEC Accountability Agent. Renowned for expertise tempered by practical experience, Schellman’s professionals provide superior client service balanced by steadfast independence. Our approach builds successful, long-term relationships and allows our clients to achieve multiple compliance objectives through a single third-party assessor.

About Silvaco
Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement
This press release contains “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, each as amended, that are intended to be covered by the “safe harbor” provisions of those sections. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business, and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are typically identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” and similar expressions, although not all forward-looking statements contain these words. These statements are based on the Company’s current expectations and assumptions and are subject to risks, uncertainties, and other factors, including those described in the Company’s most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. These factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Media Contact
Tyler Weiland
press@silvaco.com

Investor Relations:
Greg McNiff
investors@silvaco.com

The MIL Network –

January 25, 2025

MIL-OSI: Lakeland Financial Reports Third Quarter Net Income of $23.3 Million, Organic Loan Growth of 5% and Organic Deposit Growth of 4%

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., Oct. 25, 2024 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $23.3 million for the three months ended September 30, 2024, which represents a decrease of $1.9 million, or 8%, compared with net income of $25.3 million for the three months ended September 30, 2023. Diluted earnings per share were $0.91 for the third quarter of 2024 and decreased $0.07, or 7%, compared to $0.98 for the third quarter of 2023. On a linked quarter basis, net income increased $789,000, or 3%, from second quarter 2024 net income of $22.5 million. Diluted earnings per share increased $0.04, or 5%, from $0.87 on a linked quarter basis.

Pretax pre-provision earnings, which is a non-GAAP measure, were $30.8 million for the three months ended September 30, 2024, an increase of $666,000, or 2%, compared to $30.1 million for the three months ended September 30, 2023. On a linked quarter basis, pretax pre-provision earnings decreased $4.6 million, or 13%, compared to $35.4 million for the second quarter of 2024.

The company further reported net income of $69.3 million for the nine months ended September 30, 2024, versus $64.1 million for the comparable period of 2023, an increase of $5.1 million, or 8%. Diluted earnings per share also increased 8% to $2.69 for the nine months ended September 30, 2024, versus $2.49 for the comparable period of 2023. Pretax pre-provision earnings were $95.5 million for the nine months ended September 30, 2024, an increase of $15.7 million, or 20%, compared to $79.8 million for the nine months ended September 30, 2023.

“Our long-term track record of serving our clients and communities through organic loan and deposit growth continued during the third quarter of 2024 and we are pleased with our performance for the quarter,” commented David M. Findlay, Chairman and Chief Executive Officer. “We continue to be encouraged by the strength of economic activity in our Indiana markets and are really well positioned to take advantage of the ongoing growth and investment we are seeing throughout our footprint.”

Quarterly Financial Performance

Third Quarter 2024 versus Third Quarter 2023 highlights:

Tangible book value per share grew by $5.47, or 25%, to $27.07
Total risk-based capital ratio of 15.75%, compared to 15.13%
Tangible capital ratio improved to 10.47%, compared to 8.62%
Average loans grew by $214.6 million, or 4%, to $5.06 billion
Core deposit growth of $261.2 million, or 5%
Return on average equity of 13.85%, compared to 16.91%
Return on average assets of 1.39%, compared to 1.54%
Net interest margin of 3.16% versus 3.21%
Noninterest income growth of $1.1 million, or 10%
Revenue improved by 3% to $61.2 million
Noninterest expense increased by $1.3 million, or 4%
Provision expense of $3.1 million, compared to $400,000
Net charge offs of $143,000 versus $353,000
Watch list loans as a percentage of total loans increased to 5.27% from 3.83%

Third Quarter 2024 versus Second Quarter 2024 highlights:

Tangible book value per share grew by $1.73, or 7%
Total risk-based capital ratio improved to 15.75% from 15.53%
Tangible capital ratio of 10.47%, compared to 9.91%
Core deposits increased by $138.3 million, or 2%
Average loans grew by $29.5 million, or 1%, to $5.06 billion
Net interest margin of 3.16% versus 3.17%
Return on average equity of 13.85%, compared to 14.19%
Return on average assets of 1.39%, compared to 1.37%
Noninterest income decreased by $8.5 million, or 42%
Noninterest expense decreased by $2.9 million, or 9%
Provision expense of $3.1 million compared to $8.5 million
Watch list loans as a percentage of total loans improved to 5.27% from 5.31%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets improved to 15.75% at September 30, 2024, compared to 15.13% at September 30, 2023 and 15.53% at June 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect a strengthening of the company’s strong capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.47% at September 30, 2024, compared to 8.62% at September 30, 2023 and 9.91% at June 30, 2024. Unrealized losses from available-for-sale investment securities improved to $154.5 million at September 30, 2024, compared to $266.4 million at September 30, 2023 and $194.9 million at June 30, 2024. When excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.29% at September 30, 2024, compared to 11.74% at September 30, 2023 and 12.18% at June 30, 2024.

Kristin L. Pruitt, President, commented, “Our capital structure is a critical strength of our balance sheet, as it has been for a very long time. This exceptionally strong capital retention supports our plans for continued organic growth as well as total return to shareholders through our common stock dividend.”

As announced on October 8, 2024, the board of directors approved a cash dividend for the third quarter of $0.48 per share, payable on November 5, 2024, to shareholders of record as of October 25, 2024. The third quarter dividend per share represents a 4% increase from the $0.46 dividend per share paid for the third quarter of 2023.

Loan Portfolio

Average total loans of $5.06 billion in the third quarter of 2024, increased $214.6 million, or 4%, from $4.85 billion for the third quarter of 2023, and increased $29.5 million, or 1%, from $5.03 billion for the second quarter of 2024.

Average total loans for the nine months ended September 30, 2024 were $5.02 billion, an increase of $232.1 million, or 5%, from $4.79 billion for the nine months ended September 30, 2023.

“Loan growth has been steady in 2024 and has been funded through healthy deposit growth. We are seeing increased activity with our manufacturing clients as we experienced $91 million, or 6%, of commercial and industrial loan growth as compared to September 30, 2023. In addition, commercial real estate loan balances increased as our relationships with in-market long-term clients expanded with projects moving forward supported by good demand and high-quality developments. As a result, commercial real estate and multi-family loans grew $128 million, or 5% year over year,” noted Findlay. “Our retail and consumer lending teams have also experienced healthy growth of $54 million or 9% in the last year. Our highly diverse loan portfolio growth continues, and it is gratifying to see both commercial and consumer lending positively impacting our balance sheet growth.”

Total loans, net of deferred loan fees, increased by $211.0 million, or 4%, from $4.87 billion as of September 30, 2023 to $5.08 billion as of September 30, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $127.4 million, or 5%, our commercial and industrial loan portfolio growing by $90.7 million, or 6%, and our consumer 1-4 family mortgage loans portfolio growing by $36.3 million, or 8%. These increases were offset by a decrease to total agribusiness and agricultural loans of $22.1 million, or 6%, and a decrease to other commercial loans of $31.6 million, or 25%. On a linked quarter basis, total loans net of deferred loan fees increased by $29.6 million, or 1%, from $5.05 billion at June 30, 2024. The linked quarter increase was primarily a result of growth in construction and land development loans of $70.9 million, or 11%, and growth in total consumer loans of $21.7 million, or 4%. Offsetting this growth were declines in total commercial and industrial loans of $33.4 million, or 2%, and in owner occupied loans of $19.6 million, or 2%.

Commercial loan originations for the third quarter included approximately $316.0 million in loan originations, offset by approximately $308.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of September 30, 2024, compared to 39% at September 30, 2023 and was unchanged from 41% as of June 30, 2024. Total available lines of credit contracted by $69.0 million, or 1%, as compared to a year ago, and line usage increased by $96.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $102.6 million for this sector represented 2% of total loans at September 30, 2024, an increase of $1.4 million, or 1%, from June 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 210% of total risk-based capital at September 30, 2024.

Diversified Deposit Base

The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.


DEPOSIT DETAIL (unaudited, in thousands)

	September 30, 2024				June 30, 2024				September 30, 2023
Retail	$	1,709,899	29.3	%	$	1,724,777	29.9	%	$	1,761,235	31.1	%
Commercial		2,304,041	39.5			2,150,127	37.3			2,154,853	38.1
Public funds		1,726,869	29.6			1,727,593	30.0			1,563,557	27.7
Core deposits		5,740,809	98.4			5,602,497	97.2			5,479,645	96.9
Brokered deposits		96,504	1.6			161,040	2.8			177,430	3.1
Total	$	5,837,313	100.0	%	$	5,763,537	100.0	%	$	5,657,075	100.0	%

Total deposits increased $180.2 million, or 3%, from $5.66 billion as of September 30, 2023 to $5.84 billion as of September 30, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $261.2 million, or 5%. Total core deposits at September 30, 2024 were $5.74 billion and represented 98% of total deposits, as compared to $5.48 billion and 97% of total deposits at September 30, 2023. Brokered deposits were $96.5 million, or 2% of total deposits, at September 30, 2024, compared to $177.4 million, or 3% of total deposits, at September 30, 2023.

The change in composition of core deposits since September 30, 2023 reflects growth in commercial deposits and public funds deposits. As of September 30, 2024, commercial deposits as a percentage of total deposits increased to 39%, from 38%, public fund deposits as a percentage of total deposits increased to 30%, from 28%, and retail deposits as a percentage of total deposits contracted to 29%, from 31%, compared to balances a year ago. Commercial deposits grew annually by $149.2 million, or 7%, to $2.30 billion. Public funds deposits grew annually by $163.3 million, or 10%, to $1.73 billion. Retail deposits contracted annually by $51.3 million, or 3%, to $1.71 billion. Growth in public funds was positively impacted by the addition of a new public funds customer in the Lake City Bank footprint which included the addition of its operating accounts. Net retail outflows since September 30, 2023, reflect the continued utilization of deposits from peak savings levels during 2021.

Findlay noted, “We are pleased with annual core deposit growth of 5% or $261 million in 2024. The deposit mix shift that began in early 2023 has stabilized with growth in noninterest bearing deposits during the third quarter of 2024. Our retail banking team has done a terrific job continuing to drive market share growth in our core Indiana markets and we are pleased with our market share performance in all of our Indiana markets. Core deposit gathering is a strategic focus, continues to improve and today represents 98% of total deposits, up from 97% a year ago.”

On a linked quarter basis, total deposits increased $73.8 million, or 1%, from $5.76 billion at June 30, 2024 to $5.84 billion at September 30, 2024. Core deposits increased by $138.3 million, or 2%, while brokered deposits decreased by $64.5 million, or 40%. Linked quarter growth in core deposits resulted from growth in commercial deposits of $153.9 million, or 7%. Offsetting the increase in commercial deposits was contraction in retail deposits of $14.9 million, or 1%, and contraction in public funds deposits of $724,000, or less than 1%.

Average total deposits were $5.88 billion for the third quarter of 2024, an increase of $307.7 million, or 6%, from $5.57 billion for the third quarter of 2023. Average interest-bearing deposits drove the increase to average total deposits and increased by $481.2 million, or 12%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $422.1 million, or 15%, and growth in average time deposits of $108.4 million, or 11%. Offsetting these increases was a decrease to average savings deposits of $49.4 million, or 15%. Average noninterest-bearing demand deposits decreased by $173.5 million, or 12%.

On a linked quarter basis, average total deposits increased by $60.2 million, or 1%, from $5.82 billion for the second quarter of 2024 to $5.88 billion for the third quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $46.9 million, or 1%. Contributing to the overall growth of interest-bearing deposits was an increase to total average time deposits of $35.5 million, or 3%, and an increase to interest bearing checking accounts of $20.4 million, or 1%. Offsetting these increases was a decrease to average savings deposits of $8.9 million, or 3%. Average noninterest-bearing demand deposits increased by $13.3 million, or 1%.

Checking account trends compared to September 30, 2023, include growth of $181.7 million, or 14%, in aggregate public fund checking account balances and growth of $144.7 million, or 7%, in aggregate commercial checking account balances, and a contraction of $2.5 million, or less than 1%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 14% for public funds accounts, 3% for commercial accounts and 2% for retail accounts.

Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 61% as of September 30, 2024, compared to 54% at both June 30, 2024 and September 30, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of September 30, 2024, compared to 29% at June 30, 2024, and 28% as of September 30, 2023. As of September 30, 2024, 98% of deposit accounts had deposit balances less than $250,000.

Liquidity Overview

The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, Federal Funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of September 30, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.3 billion at both September 30, 2023 and June 30, 2024. Utilization from these sources totaled $96.5 million at September 30, 2024, compared to $267.4 million at September 30, 2023 and $161.0 million at June 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 98% of total deposits and purchased funds.

Investment Portfolio Overview

Total investment securities were $1.15 billion at September 30, 2024, reflecting an increase of $42.8 million, or 4%, as compared to $1.11 billion at September 30, 2023. On a linked quarter basis, investment securities increased $24.0 million, or 2%, due primarily to improvement in the fair market value of available-for-sale securities of $40.4 million and partially offset by portfolio cash flows of $15.1 million. Investment securities represented 17% of total assets on September 30, 2024, September 30, 2023 and June 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan portfolio growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.3 years at September 30, 2024, compared to 6.7 years and 6.5 years at September 30, 2023 and June 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the increased rate environment. The company anticipates receiving principal and interest cash flows of approximately $26.4 million throughout the remainder of 2024 and $104.7 million during 2025 from its investment securities portfolio.

Net Interest Margin

Net interest margin was 3.16% for the third quarter of 2024, representing a 5 basis point decrease from 3.21% for the third quarter of 2023. Earning assets yields increased by 23 basis points to 6.04% for the third quarter of 2024 from 5.81% for the third quarter of 2023. The increase in earning asset yields was offset by an increase in the company’s funding costs of 28 basis points as interest expense as a percentage of average earning assets increased to 2.88% for the third quarter of 2024 from 2.60% for the third quarter of 2023. Increased industry competition for deposits has driven funding costs as a percentage of average earning assets to rise more aggressively than earning asset yields since the third quarter of 2023. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits encountered by the company during the recent monetary tightening cycle has stabilized with noninterest bearing deposits representing 22% of total deposits at September 30, 2024, compared to 24% at September 30, 2023 and 21% at June 30, 2024. In 2019, prior to the pandemic and the related stimulus plans, the ratio of noninterest bearing deposits to total deposits stood at 24% as of December 31, 2019.

Linked quarter net interest margin contracted by 1 basis point to 3.16% for the third quarter of 2024, compared to 3.17% for the second quarter of 2024. Average earning asset yields decreased by 3 basis points from 6.07% during the second quarter of 2024 to 6.04% during the third quarter of 2024 and were partially offset by a 2 basis point decrease in interest expense as a percentage of average earning assets from 2.90% to 2.88%.

“Net interest margin has stabilized and has responded well to the first federal fund rate decrease of 50 basis points late in the third quarter. The bank’s net interest margin expanded by 4 basis points on a linked quarter basis, excluding the impact of increased nonperforming loans. In addition, noninterest bearing deposits grew modestly during the quarter as compared to June 30, 2024. While our balance sheet continues to be assets sensitive, we are encouraged by the impact of the Federal Reserve Bank rate action,” commented Lisa M. O’Neill, Executive Vice President and Chief Financial Officer.

The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle, compared to 61% during the prior tightening cycle from 2016 through 2019. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle, compared to 45% during the prior tightening cycle.

Net interest income was $49.3 million for the third quarter of 2024, representing an increase of $880,000, or 2%, as compared to $48.4 million for the third quarter of 2023. On a linked quarter basis, net interest income increased $977,000, or 2%, from $48.3 million for the second quarter of 2024. Net interest income decreased by $3.5 million, or 2%, from $148.4 million for the nine months ended September 30, 2023, to $145.0 million for the nine months ended September 30, 2024.

Asset Quality

The company recorded a provision for credit losses of $3.1 million in the third quarter of 2024, an increase of $2.7 million, as compared to $400,000 in the third quarter of 2023. On a linked quarter basis, the provision expense decreased by $5.4 million, from $8.5 million for the second quarter of 2024. The elevated provision expense during the second quarter of 2024 was primarily attributable to an increase in the specific reserve allocation from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana in conjunction with the relationship’s placement on nonperforming status. Additional specific reserves of $4.7 million were allocated to this credit during the third quarter of 2024.

The ratio of allowance for credit losses to total loans was 1.65% at September 30, 2024, up from 1.48% at September 30, 2023, and 1.60% at June 30, 2024. Net charge offs in the third quarter of 2024 were $143,000, compared to $353,000 in the third quarter of 2023 and $949,000 during the linked second quarter of 2024. Annualized net charge offs to average loans were 0.01% for the third quarter of 2024, compared to 0.03% for the third quarter of 2023 and 0.08% for the linked second quarter of 2024.

Nonperforming assets increased $41.3 million, or 247%, to $58.1 million as of September 30, 2024, versus $16.7 million as of September 30, 2023. On a linked quarter basis, nonperforming assets increased $427,000, or 1%, compared to $57.6 million as of June 30, 2024. The ratio of nonperforming assets to total assets at September 30, 2024 increased to 0.87% from 0.26% at September 30, 2023 and declined from 0.88% at June 30, 2024. The increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

Total individually analyzed and watch list loans increased by $81.2 million, or 44%, to $267.6 million as of September 30, 2024, versus $186.4 million as of September 30, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $687,000, or less than 1%, from $268.3 million at June 30, 2024. Watch list loans as a percentage of total loans increased by 144 basis points to 5.27% at September 30, 2024, compared to 3.83% at September 30, 2023, and decreased by 4 basis points from 5.31% at June 30, 2024. The increase in individually analyzed and watch list loans between September 30, 2024 and September 30, 2023 was primarily driven by downgrades to four commercial relationships individually greater than $10.0 million, net of paydowns, payoffs and upgrades to other relationships.

“Overall, we continue to observe stable economic conditions in our Lake City Bank footprint. The commencement of the Federal Reserve Bank easing cycle will provide some interest relief to variable rate borrowers, in particular for commercial real estate clients. We believe that loan demand could accelerate for our commercial and industrial sector if the Federal Reserve Bank takes additional easing actions,” stated Findlay.

Noninterest Income

The company’s noninterest income increased $1.1 million, or 10%, to $11.9 million for the third quarter of 2024, compared to $10.8 million for the third quarter of 2023. Wealth advisory fees increased $420,000, or 18%, driven by growth in customers and favorable market performance. Other income increased $429,000, or 72%, primarily from an improvement to income from the company’s limited partnership investments. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $11.9 million for the third quarter of 2024, an increase of $1.1 million, or 10%, compared to $10.8 million for the third quarter of 2023.

Noninterest income for the third quarter of 2024 decreased by $8.5 million, or 42%, on a linked quarter basis from $20.4 million during the second quarter of 2024. Second quarter noninterest income benefited from the net gain recognized on the exchange and partial redemption of the company’s Visa shares of $9.0 million. The company’s remaining Visa Class C shares were redeemed during the third quarter of 2024 for a net loss of $15,000. Offsetting this linked quarter decrease was an increase to other income of $333,000, or 48%, and an increase to bank owned life insurance income of $178,000, or 20%. Adjusted core noninterest income increased by $504,000, or 4%, compared to $11.4 million for the linked second quarter of 2024.

Noninterest income increased by $12.3 million, or 38%, to $45.0 million for the nine months ended September 30, 2024, compared to $32.7 million for the prior year nine-month period. The increase in noninterest income was driven primarily by the net gain on Visa shares of $9.0 million. Additionally, other income increased $2.0 million, or 105%, wealth advisory fees increased $1.0 million, or 15%, bank owned life insurance income increased $601,000, or 25%, and mortgage banking income increased $252,000. Other income increased primarily due to improved performance from limited partnership investment income and the receipt of a $1.0 million insurance recovery related to the 2023 wire fraud loss. Improved market performance of the company’s variable bank owned life insurance policies, which are tied to the performance of the equity markets, drove the increase to bank owned life insurance income. Mortgage banking income increased from pipeline expansion and a related positive impact to mortgage rate lock income. Offsetting these increases was a decrease to interest rate swap fee income of $794,000, or 100%, due to no new swap fee activity during the period. Adjusted core noninterest income for the nine months ended September 30, 2024 was $35.0 million, an increase of $2.3 million, or 7%, compared to $32.7 million for the nine months ended September 30, 2023.

“While not robust, we are pleased to report that revenue growth for the nine months ended September 30, 2024, was $8.9 million, or 5% as compared to the same period in 2023. Noninterest income, and in particular, wealth advisory fees are positively impacting the improvement in revenue,” stated Findlay. “It is rewarding to see this important part of the business growing and positively impacting revenue growth at the bank.”

Noninterest Expense

Noninterest expense increased $1.3 million, or 4%, to $30.4 million for the third quarter of 2024, compared to $29.1 million during the third quarter of 2023. Driving the third quarter 2024 increase to noninterest expense were increases to salaries and benefits expense of $499,000, or 3%, data processing fees and supplies expense of $389,000, or 12%, and corporate and business development expense of $168,000, or 14%, as compared to the third quarter of 2023. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $30.4 million for the third quarter of 2024, an increase of $1.3 million, or 4%, compared to $29.1 million for the third quarter of 2023.

On a linked quarter basis, noninterest expense decreased by $2.9 million, or 9%, from $33.3 million during the second quarter of 2024. Other expense decreased by $3.6 million, or 58%, primarily due to the recognition of a $4.5 million legal accrual in the second quarter 2024. Offsetting the decrease to noninterest expense was an increase in salaries and employee benefits of $318,000, or 2%. Adjusted core noninterest expense increased by $1.6 million, or 6%, compared to $28.8 million for the linked second quarter of 2024.

Noninterest expense decreased by $6.8 million, or 7%, for the nine months ended September 30, 2024 to $94.4 million compared to $101.3 million for the nine months ended September 30, 2023. The $18.1 million wire fraud loss recorded during the second quarter of 2023 was the primary driver of the decrease between these periods. Offsetting this decrease were increases to salaries and employee benefits expense of $6.1 million, or 14%, other expense of $3.2 million, or 41%, data processing fees of $1.1 million, or 11%, and professional fees of $391,000, or 6%. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $2.3 million, performance-based incentive compensation of $2.2 million, health insurance expense of $695,000 and variable deferred compensation related to the company’s variable bank owned life insurance of $536,000. The increase for data processing fees resulted from continued investment in customer-facing and operational technology solutions. Professional fees increased due to higher costs to implement technology solutions. Adjusted core noninterest expense was $89.9 million for the nine months ended September 30, 2024, an increase of $4.8 million, or 6%, from $85.1 million recorded during the comparable period of 2023.

The company’s efficiency ratio was 49.7% for the third quarter of 2024, compared to 49.1% for the third quarter of 2023 and 48.5% for the linked second quarter of 2024. The company’s adjusted core efficiency ratio, a non-GAAP measure that excludes the impact of certain non-routine operating events, was 49.7% for the third quarter of 2024, compared to 48.2% for the linked second quarter of 2024 and 49.1% for the third quarter of 2023.

The company’s efficiency ratio was 49.7% for the nine months ended September 30, 2024, compared to 55.9% for the comparable period in 2023. The company’s adjusted core efficiency ratio was 50.0% for the nine months ended September 30, 2024, compared to 47.0% for the comparable period in 2023.

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.6 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and quarterly reports on Form 10-Q.


LAKELAND FINANCIAL CORPORATION THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS

	Three Months Ended									Nine Months Ended
(Unaudited – Dollars in thousands, except per share data)	September 30,			June 30,			September 30,			September 30,			September 30,
END OF PERIOD BALANCES	2024			2024			2023			2024			2023
Assets	$	6,645,371		$	6,568,807		$	6,426,844		$	6,645,371		$	6,426,844
Investments		1,147,806			1,123,803			1,105,026			1,147,806			1,105,026
Loans		5,081,990			5,052,341			4,870,965			5,081,990			4,870,965
Allowance for Credit Losses		83,627			80,711			72,105			83,627			72,105
Deposits		5,837,313			5,763,537			5,657,075			5,837,313			5,657,075
Brokered Deposits		96,504			161,040			177,430			96,504			177,430
Core Deposits (1)		5,740,809			5,602,497			5,479,645			5,740,809			5,479,645
Total Equity		699,181			654,590			557,184			699,181			557,184
Goodwill Net of Deferred Tax Assets		3,803			3,803			3,803			3,803			3,803
Tangible Common Equity (2)		695,378			650,787			553,381			695,378			553,381
Adjusted Tangible Common Equity (2)		832,813			820,534			780,756			832,813			780,756
AVERAGE BALANCES
Total Assets	$	6,656,464		$	6,642,954		$	6,498,984		$	6,618,102		$	6,448,316
Earning Assets		6,329,287			6,295,281			6,145,894			6,280,677			6,103,538
Investments		1,128,705			1,118,776			1,171,426			1,135,304			1,210,540
Loans		5,064,348			5,034,851			4,849,758			5,023,556			4,791,431
Total Deposits		5,880,177			5,819,962			5,572,466			5,777,234			5,537,379
Interest Bearing Deposits		4,635,993			4,589,059			4,154,825			4,527,524			4,028,087
Interest Bearing Liabilities		4,649,745			4,666,136			4,382,380			4,616,129			4,246,648
Total Equity		670,160			638,999			592,510			651,457			594,063
INCOME STATEMENT DATA
Net Interest Income	$	49,273		$	48,296		$	48,393		$	144,985		$	148,436
Net Interest Income-Fully Tax Equivalent		50,383			49,493			49,712			148,558			152,436
Provision for Credit Losses		3,059			8,480			400			13,059			5,550
Noninterest Income		11,917			20,439			10,835			44,968			32,650
Noninterest Expense		30,393			33,333			29,097			94,431			101,265
Net Income		23,338			22,549			25,252			69,288			64,141
Pretax Pre-Provision Earnings (2)		30,797			35,402			30,131			95,522			79,821
PER SHARE DATA
Basic Net Income Per Common Share	$	0.91		$	0.88		$	0.99		$	2.70		$	2.51
Diluted Net Income Per Common Share		0.91			0.87			0.98			2.69			2.49
Cash Dividends Declared Per Common Share		0.48			0.48			0.46			1.44			1.38
Dividend Payout		52.75	%		55.17	%		46.94	%		53.53	%		36.95	%
Book Value Per Common Share (equity per share issued)	$	27.22		$	25.49		$	21.75		$	27.22		$	21.75
Tangible Book Value Per Common Share (2)		27.07			25.34			21.60			27.07			21.60
Market Value – High	$	72.25		$	66.62		$	57.00		$	73.22		$	77.07
Market Value – Low		57.45			57.59			44.46			57.45			43.05


	Three Months Ended									Nine Months Ended
(Unaudited – Dollars in thousands, except per share data)	September 30,			June 30,			September 30,			September 30,			September 30,
PER SHARE DATA (continued)	2024			2024			2023			2024			2023
Basic Weighted Average Common Shares Outstanding		25,684,407			25,678,231			25,613,456			25,673,275			25,601,493
Diluted Weighted Average Common Shares Outstanding		25,767,739			25,742,871			25,693,535			25,754,357			25,709,841
KEY RATIOS
Return on Average Assets		1.39	%		1.37	%		1.54	%		1.40	%		1.33	%
Return on Average Total Equity		13.85			14.19			16.91			14.21			14.44
Average Equity to Average Assets		10.07			9.62			9.12			9.84			9.21
Net Interest Margin		3.16			3.17			3.21			3.16			3.33
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)		49.67			48.49			49.13			49.71			55.92
Loans to Deposits		87.06			87.66			86.10			87.06			86.10
Investment Securities to Total Assets		17.27			17.11			17.19			17.27			17.19
Tier 1 Leverage (3)		12.18			11.98			11.64			12.18			11.64
Tier 1 Risk-Based Capital (3)		14.50			14.28			13.88			14.50			13.88
Common Equity Tier 1 (CET1) (3)		14.50			14.28			13.88			14.50			13.88
Total Capital (3)		15.75			15.53			15.13			15.75			15.13
Tangible Capital (2)		10.47			9.91			8.62			10.47			8.62
Adjusted Tangible Capital (2)		12.29			12.18			11.74			12.29			11.74
ASSET QUALITY
Loans Past Due 30 – 89 Days	$	829		$	1,615		$	1,782		$	829		$	1,782
Loans Past Due 90 Days or More		95			26			19			95			19
Nonaccrual Loans		57,551			57,124			16,290			57,551			16,290
Nonperforming Loans		57,646			57,150			16,309			57,646			16,309
Other Real Estate Owned		384			384			384			384			384
Other Nonperforming Assets		21			90			45			21			45
Total Nonperforming Assets		58,051			57,624			16,738			58,051			16,738
Individually Analyzed Loans		77,654			78,533			16,739			77,654			16,739
Non-Individually Analyzed Watch List Loans		189,918			189,726			169,621			189,918			169,621
Total Individually Analyzed and Watch List Loans		267,572			268,259			186,360			267,572			186,360
Gross Charge Offs		231			1,076			480			1,811			6,766
Recoveries		88			127			127			407			715
Net Charge Offs/(Recoveries)		143			949			353			1,404			6,051
Net Charge Offs/(Recoveries) to Average Loans		0.01	%		0.08	%		0.03	%		0.04	%		0.17	%
Credit Loss Reserve to Loans		1.65			1.60			1.48			1.65			1.48
Credit Loss Reserve to Nonperforming Loans		145.07			141.23			442.11			145.07			442.11
Nonperforming Loans to Loans		1.13			1.13			0.33			1.13			0.33
Nonperforming Assets to Assets		0.87			0.88			0.26			0.87			0.26
Total Individually Analyzed and Watch List Loans to Total Loans		5.27	%		5.31	%		3.83	%		5.27	%		3.83	%


	Three Months Ended									Nine Months Ended
(Unaudited – Dollars in thousands, except per share data)	September 30,			June 30,			September 30,			September 30,			September 30,
PER SHARE DATA (continued)	2024			2024			2023			2024			2023
OTHER DATA
Full Time Equivalent Employees		639			653			614			639			614
Offices		54			53			53			54			53

___________________
(1)  Core deposits equals deposits less brokered deposits.
(2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
(3)  Capital ratios for September 30, 2024 are preliminary until the Call Report is filed.


CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
	September 30, 2024			December 31, 2023
	(Unaudited)
ASSETS
Cash and due from banks	$	86,785		$	70,451
Short-term investments		73,405			81,373
Total cash and cash equivalents		160,190			151,824

Securities available-for-sale, at fair value		1,016,649			1,051,728
Securities held-to-maturity, at amortized cost (fair value of $118,861 and $119,215, respectively)		131,157			129,918
Real estate mortgage loans held-for-sale		3,148			1,158

Loans, net of allowance for credit losses of $83,627 and $71,972		4,998,363			4,844,562

Land, premises and equipment, net		59,987			57,899
Bank owned life insurance		112,075			109,114
Federal Reserve and Federal Home Loan Bank stock		21,420			21,420
Accrued interest receivable		28,471			30,011
Goodwill		4,970			4,970
Other assets		108,941			121,425
Total assets	$	6,645,371		$	6,524,029


LIABILITIES
Noninterest bearing deposits	$	1,284,527		$	1,353,477
Interest bearing deposits		4,552,786			4,367,048
Total deposits		5,837,313			5,720,525

Federal Funds purchased		30,000			0
Federal Home Loan Bank advances		0			50,000
Total borrowings		30,000			50,000

Accrued interest payable		14,784			20,893
Other liabilities		64,093			82,818
Total liabilities		5,946,190			5,874,236

STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
25,974,017 shares issued and 25,506,084 outstanding as of September 30, 2024
25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023		128,346			127,692
Retained earnings		724,550			692,760
Accumulated other comprehensive income (loss)		(138,136	)		(155,195	)
Treasury stock, at cost (467,933 shares and 473,120 shares as of September 30, 2024 and December 31, 2023, respectively)		(15,668	)		(15,553	)
Total stockholders’ equity		699,092			649,704
Noncontrolling interest		89			89
Total equity		699,181			649,793
Total liabilities and equity	$	6,645,371		$	6,524,029


CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
NET INTEREST INCOME
Interest and fees on loans
Taxable	$	86,118		$	78,910		$	252,386		$	223,499
Tax exempt		298			1,008			1,830			2,869
Interest and dividends on securities
Taxable		2,908			3,077			9,051			9,966
Tax exempt		3,921			4,023			11,800			12,387
Other interest income		1,773			1,605			4,721			3,604
Total interest income		95,018			88,623			279,788			252,325

Interest on deposits		45,556			37,108			131,083			95,637
Interest on short-term borrowings		189			3,122			3,720			8,252
Total interest expense		45,745			40,230			134,803			103,889

NET INTEREST INCOME		49,273			48,393			144,985			148,436

Provision for credit losses		3,059			400			13,059			5,550

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		46,214			47,993			131,926			142,886

NONINTEREST INCOME
Wealth advisory fees		2,718			2,298			7,770			6,769
Investment brokerage fees		438			408			1,438			1,370
Service charges on deposit accounts		2,835			2,735			8,332			8,091
Loan and service fees		2,955			2,934			8,855			8,782
Merchant and interchange fee income		898			938			2,653			2,744
Bank owned life insurance income		1,068			1,009			2,994			2,393
Interest rate swap fee income		0			0			0			794
Mortgage banking income (loss)		(7	)		(50	)		68			(184	)
Net securities gains (losses)		0			(35	)		(46	)		(16	)
Net gain (loss) on Visa shares		(15	)		0			8,996			0
Other income		1,027			598			3,908			1,907
Total noninterest income		11,917			10,835			44,968			32,650

NONINTEREST EXPENSE
Salaries and employee benefits		16,476			15,977			49,467			43,414
Net occupancy expense		1,721			1,621			5,159			4,874
Equipment costs		1,452			1,325			4,207			4,189
Data processing fees and supplies		3,768			3,379			11,419			10,305
Corporate and business development		1,369			1,201			4,015			3,930
FDIC insurance and other regulatory fees		966			871			2,571			2,469
Professional fees		2,089			2,114			6,675			6,284
Wire fraud loss		0			0			0			18,058
Other expense		2,552			2,609			10,918			7,742
Total noninterest expense		30,393			29,097			94,431			101,265

INCOME BEFORE INCOME TAX EXPENSE		27,738			29,731			82,463			74,271
Income tax expense		4,400			4,479			13,175			10,130
NET INCOME	$	23,338		$	25,252		$	69,288		$	64,141

BASIC WEIGHTED AVERAGE COMMON SHARES		25,684,407			25,613,456			25,673,275			25,601,493

BASIC EARNINGS PER COMMON SHARE	$	0.91		$	0.99		$	2.70		$	2.51

DILUTED WEIGHTED AVERAGE COMMON SHARES		25,767,739			25,693,535			25,754,357			25,709,841

DILUTED EARNINGS PER COMMON SHARE	$	0.91		$	0.98		$	2.69		$	2.49


LAKELAND FINANCIAL CORPORATION LOAN DETAIL (unaudited, in thousands)

	September 30, 2024					June 30, 2024					September 30, 2023
Commercial and industrial loans:
Working capital lines of credit loans	$	678,079		13.3	%	$	697,754		13.8	%	$	589,345		12.1	%
Non-working capital loans		814,804		16.0			828,523		16.4			812,875		16.7
Total commercial and industrial loans		1,492,883		29.3			1,526,277		30.2			1,402,220		28.8

Commercial real estate and multi-family residential loans:
Construction and land development loans		729,293		14.3			658,345		13.0			633,920		13.0
Owner occupied loans		810,453		15.9			830,018		16.4			811,175		16.6
Nonowner occupied loans		766,821		15.1			762,365		15.1			740,783		15.2
Multifamily loans		243,283		4.8			252,652		5.0			236,581		4.8
Total commercial real estate and multi-family residential loans		2,549,850		50.1			2,503,380		49.5			2,422,459		49.6

Agri-business and agricultural loans:
Loans secured by farmland		157,413		3.1			161,410		3.2			183,241		3.8
Loans for agricultural production		200,971		4.0			199,654		4.0			197,287		4.0
Total agri-business and agricultural loans		358,384		7.1			361,064		7.2			380,528		7.8

Other commercial loans		94,309		1.9			96,703		1.9			125,939		2.6
Total commercial loans		4,495,426		88.4			4,487,424		88.8			4,331,146		88.8

Consumer 1-4 family mortgage loans:
Closed end first mortgage loans		261,462		5.1			259,094		5.1			247,114		5.1
Open end and junior lien loans		210,275		4.1			197,861		3.9			189,611		3.9
Residential construction and land development loans		14,200		0.3			12,952		0.3			12,888		0.3
Total consumer 1-4 family mortgage loans		485,937		9.5			469,907		9.3			449,613		9.3

Other consumer loans		103,547		2.1			97,895		1.9			93,737		1.9
Total consumer loans		589,484		11.6			567,802		11.2			543,350		11.2
Subtotal		5,084,910		100.0	%		5,055,226		100.0	%		4,874,496		100.0	%
Less: Allowance for credit losses		(83,627	)				(80,711	)				(72,105	)
Net deferred loan fees		(2,920	)				(2,885	)				(3,531	)
Loans, net	$	4,998,363				$	4,971,630				$	4,798,860


LAKELAND FINANCIAL CORPORATION DEPOSITS AND BORROWINGS (unaudited, in thousands)

	September 30, 2024		June 30, 2024		September 30, 2023
Noninterest bearing demand deposits	$	1,284,527	$	1,212,989	$	1,377,650
Savings and transaction accounts:
Savings deposits		276,468		283,809		315,651
Interest bearing demand deposits		3,273,405		3,274,179		2,891,683
Time deposits:
Deposits of $100,000 or more		787,095		776,314		756,107
Other time deposits		215,818		216,246		315,984
Total deposits	$	5,837,313	$	5,763,537	$	5,657,075
FHLB advances and other borrowings		30,000		55,000		90,000
Total funding sources	$	5,867,313	$	5,818,537	$	5,747,075


LAKELAND FINANCIAL CORPORATION AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS (UNAUDITED)

	Three Months Ended September 30, 2024							Three Months Ended June 30, 2024							Three Months Ended September 30, 2023
(fully tax equivalent basis, dollars in thousands)	Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate
Earning Assets
Loans:
Taxable (2)(3)	$	5,037,855		$	86,118	6.80	%	$	4,993,270		$	84,226	6.78	%	$	4,791,156		$	78,910	6.53	%
Tax exempt (1)		26,493			366	5.50			41,581			783	7.57			58,602			1,258	8.52
Investments: (1)
Securities		1,128,705			7,871	2.77			1,118,776			8,082	2.91			1,171,426			8,169	2.77
Short-term investments		2,841			35	4.90			2,836			35	4.96			2,533			29	4.54
Interest bearing deposits		133,393			1,738	5.18			138,818			1,807	5.24			122,177			1,576	5.12
Total earning assets	$	6,329,287		$	96,128	6.04	%	$	6,295,281		$	94,933	6.07	%	$	6,145,894		$	89,942	5.81	%
Less: Allowance for credit losses		(81,353	)						(74,166	)						(71,997	)
Nonearning Assets
Cash and due from banks		63,744							64,518							68,669
Premises and equipment		59,493							58,702							58,782
Other nonearning assets		285,293							298,619							297,636
Total assets	$	6,656,464						$	6,642,954						$	6,498,984

Interest Bearing Liabilities
Savings deposits	$	280,180		$	45	0.06	%	$	289,107		$	48	0.07	%	$	329,557		$	57	0.07	%
Interest bearing checking accounts		3,295,911			33,822	4.08			3,275,502			33,323	4.09			2,873,795			27,891	3.85
Time deposits:
In denominations under $100,000		215,020			1,914	3.54			217,146			1,871	3.47			211,039			1,507	2.83
In denominations over $100,000		844,882			9,775	4.60			807,304			9,121	4.54			740,434			7,654	4.10
Miscellaneous short-term borrowings		13,752			189	5.48			77,077			1,077	5.62			227,555			3,121	5.44
Total interest bearing liabilities	$	4,649,745		$	45,745	3.91	%	$	4,666,136		$	45,440	3.92	%	$	4,382,380		$	40,230	3.64	%
Noninterest Bearing Liabilities
Demand deposits		1,244,184							1,230,903							1,417,641
Other liabilities		92,375							106,916							106,453
Stockholders’ Equity		670,160							638,999							592,510
Total liabilities and stockholders’ equity	$	6,656,464						$	6,642,954						$	6,498,984
Interest Margin Recap
Interest income/average earning assets					96,128	6.04	%					94,933	6.07	%					89,942	5.81	%
Interest expense/average earning assets					45,745	2.88						45,440	2.90						40,230	2.60
Net interest income and margin				$	50,383	3.16	%				$	49,493	3.17	%				$	49,712	3.21	%

(1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.20 million and $1.32 million in the three-month periods ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
(2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, are included as taxable loan interest income.
(3)  Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Nine Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Sep. 30, 2023			Sep. 30, 2024			Sep. 30, 2023
Total Equity	$	699,181		$	654,590		$	557,184		$	699,181		$	557,184
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Common Equity		695,378			650,787			553,381			695,378			553,381
Market Value Adjustment in AOCI		137,435			169,747			227,375			137,435			227,375
Adjusted Tangible Common Equity		832,813			820,534			780,756			832,813			780,756

Assets	$	6,645,371		$	6,568,807		$	6,426,844		$	6,645,371		$	6,426,844
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Assets		6,641,568			6,565,004			6,423,041			6,641,568			6,423,041
Market Value Adjustment in AOCI		137,435			169,747			227,375			137,435			227,375
Adjusted Tangible Assets		6,779,003			6,734,751			6,650,416			6,779,003			6,650,416

Ending Common Shares Issued		25,684,916			25,679,066			25,614,163			25,684,916			25,614,163

Tangible Book Value Per Common Share	$	27.07		$	25.34		$	21.60		$	27.07		$	21.60

Tangible Common Equity/Tangible Assets		10.47	%		9.91	%		8.62	%		10.47	%		8.62	%
Adjusted Tangible Common Equity/Adjusted Tangible Assets		12.29	%		12.18	%		11.74	%		12.29	%		11.74	%

Net Interest Income	$	49,273		$	48,296		$	48,393		$	144,985		$	148,436
Plus: Noninterest Income		11,917			20,439			10,835			44,968			32,650
Minus: Noninterest Expense		(30,393	)		(33,333	)		(29,097	)		(94,431	)		(101,265	)

Pretax Pre-Provision Earnings	$	30,797		$	35,402		$	30,131		$	95,522		$	79,821

Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Nine Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Sep. 30, 2023			Sep. 30, 2024			Sep. 30, 2023
Noninterest Income	$	11,917		$	20,439		$	10,835		$	44,968		$	32,650
Less: Net (Gain) Loss on Visa Shares		15			(9,011	)		0			(8,996	)		0
Less: Insurance Recoveries		0			0			0			(1,000	)		0
Adjusted Core Noninterest Income	$	11,932		$	11,428		$	10,835		$	34,972		$	32,650

Noninterest Expense	$	30,393		$	33,333		$	29,097		$	94,431		$	101,265
Less: Legal Accrual		0			(4,537	)		0			(4,537	)		0
Less: Wire Fraud Loss		0			0			0			0			(18,058	)
Plus: Salaries and Employee Benefits (1)		0			0			0			0			1,850
Adjusted Core Noninterest Expense	$	30,393		$	28,796		$	29,097		$	89,894		$	85,057

Earnings Before Income Taxes	$	27,738		$	26,922		$	29,731		$	82,463		$	74,271
Adjusted Core Impact:
Noninterest Income		15			(9,011	)		0			(9,996	)		0
Noninterest Expense		0			4,537			0			4,537			16,208
Total Adjusted Core Impact		15			(4,474	)		0			(5,459	)		16,208
Adjusted Earnings Before Income Taxes		27,753			22,448			29,731			77,004			90,479
Tax Effect		(4,404	)		(3,261	)		(4,479	)		(11,817	)		(14,123	)
Core Operational Profitability (2)	$	23,349		$	19,187		$	25,252		$	65,187		$	76,356

Diluted Earnings Per Common Share	$	0.91		$	0.87		$	0.98		$	2.69		$	2.49
Impact of Adjusted Core Items		0.00			(0.13	)		0.00			(0.16	)		0.48
Core Operational Diluted Earnings Per Common Share	$	0.91		$	0.74		$	0.98		$	2.53		$	2.97

Adjusted Core Efficiency Ratio		49.66	%		48.22	%		49.13	%		49.95	%		46.97	%

(1) In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
(2) Core operational profitability was $11,000 higher and $3.4 million lower than reported net income for the three months ended September 30, 2024 and June 30, 2024, respectively. Core operational profitability was $4.1 million lower and $12.2 million higher than reported net income for the nine months ended September 30, 2024 and 2023, respectively.

Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

The MIL Network –

January 25, 2025

MIL-OSI Economics: ASEAN and partners enhance disaster resilience, commemorate 20th Anniversary of Indian Ocean Tsunami

Source: ASEAN

BANDAR SERI BEGAWAN, 25 October 2024 — ASEAN, together with partners, reaffirmed the commitment to strengthen cooperation in enhancing disaster resilience in the region at the 12th ASEAN Ministerial Meeting on Disaster Management (AMMDM) and 13th Meeting of Conference of the Parties to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER), and their related meetings.

The meetings took place on 24-25 October, hosted by Brunei Darussalam as the Chair of AMMDM in 2024, and chaired by H.E. Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman, Minister of Home Affairs of Brunei Darussalam, and vice-chaired by H.E. General Kun Kim, Senior Minister and First Vice President of the National Committee of Disaster Management of the Kingdom of Cambodia.

The ASEAN Commemorative Event of the 20th Anniversary of the Indian Ocean Tsunami in Brunei Darussalam, ASEAN Day on Disaster Management 2024 and the International Day for Disaster Risk Reduction were also held at the sidelines of the meetings.

Taking place as a joint session, the 12th AMMDM and 13th Meeting of COP to AADMER noted with satisfaction the progress in the implementation of the AADMER Work Programme 2021-2025. Under theme of Brunei Darussalam’s AMMDM Chairmanship “Building a Resilient ASEAN through Inclusive and Sustainable Disaster Recovery”, the Meeting launched the ASEAN Ministerial Declaration on Building a Resilient ASEAN through Inclusive and Sustainable Disaster Recovery. As 2024 marks the 20th Anniversary of the Indian Ocean Tsunami, the ASEAN Ministerial Statement on the Commemoration of the 20th Anniversary of Indian Ocean Tsunami was also issued.

The Meeting noted the achievements in 2024 across all Priority Programmes of the AADMER Work Programme (AWP) 2021-2025, such as the ASEAN Capacity Building Roadmap 2025-2030 on Disaster Management, the ASEAN Disaster Risk Communication Framework (ADRCF), the continued strengthening of the Disaster Emergency Logistics System for ASEAN (DELSA), the ASEAN Emergency Response and Assessment Team (ASEAN-ERAT) trainings, the AHA Centre Executive Leadership in Emergency and Disaster Management for ASEAN Programme (ACE-LEDMP) trainings, the ASEAN Strategic Policy Dialogue on Disaster Management (SPDDM) 2024, and the first ASEAN Standards and Certiﬁcation for Experts in Disaster Management (ASCEND) Competency Assessment.

The Meetings exchanged views towards full and effective implementation of the AADMER Work Programme (AWP) 2021-2025, and advancing the implementation of the ASEAN Declaration on ‘One ASEAN, One Response’ particularly through the roles of the ASEAN Coordinating Centre for Humanitarian Assistance on disaster management (AHA Centre), and developing a new AWP 2026-2030.

The meetings with dialogue partners, i.e. the 4th AMMDM Plus China, 4th AMMDM Plus Japan and the 3rd AMMDM Plus Republic of Korea (ROK), were held on 24 October, reiterated commitment and resolve to intensify collaboration with ASEAN in building disaster resilience and advancing disaster risk reduction in the region.

The ministerial meetings were preceded by the 45th Meeting of ASEAN Committee on Disaster Management (ACDM), 20th Meeting of the Governing Board of the AHA Centre, 6th Meeting of ASEAN Disaster Resilience Platform (ADRP), 8th Meeting of the ACDM Plus China, 8th Meeting of the ACDM Plus Japan, 7th Meeting of the ACDM Plus ROK.

The next AMMDM and COP to AADMER Meeting will be hosted by Cambodia as the Chair of AMMDM in 2025.

***

More details:

The Chairman’s Statement for the 12th AMMDM and 13th COP to AADMER, here.The video of the ASEAN Commemoration of the 20th Year of Indian Ocean Tsunami, hereThe video for the ASEAN Magazine Special Issue No. 39–40, “20 Years Since the Indian Ocean Tsunami.” hereThe video of the Commemoration of the International Day for Disaster Risk Reduction (IDDR), here.The post ASEAN and partners enhance disaster resilience, commemorate 20th Anniversary of Indian Ocean Tsunami appeared first on ASEAN Main Portal.

MIL OSI Economics –

January 25, 2025
MIL-OSI Asia-Pac: Two Hong Kong residents jailed for conspiracy to defraud and conspiracy to obtain services by deception

Source: Hong Kong Government special administrative region

Two Hong Kong residents jailed for conspiracy to defraud and conspiracy to obtain services by deception
Two Hong Kong residents jailed for conspiracy to defraud and conspiracy to obtain services by deception
******************************************************************************************

A 42-year-old Hong Kong male resident and a 43-year-old Hong Kong female resident were charged with one count of conspiracy to defraud and one count of conspiracy to obtain services by deception. The defendants were convicted after trial at the Sha Tin Magistrates’ Courts today (October 25) and sentenced to 18 months, and 22 months and two weeks’ imprisonment for the charges respectively. The two defendants arranged for a Hong Kong male resident to marry a Mainland woman in Hong Kong so that she could successfully obtain a Confirmation Certificate on Delivery Booking from a private hospital for delivery services based on her marital relationship with the defendant. Due to doubts about the marital relationship between the Hong Kong male resident and the Mainland pregnant woman, an investigation was conducted against them. After being arrested, the Hong Kong male resident admitted that he was paid $15,000 as a monetary reward to contract a bogus marriage with the Mainland pregnant woman under the arrangement of the two defendants, in order to enable her to obtain a Confirmation Certificate on Delivery Booking for delivery in Hong Kong. The Mainland pregnant woman ultimately could not give birth in Hong Kong. The Hong Kong male resident had previously been charged with one count of conspiracy to defraud and one count of conspiracy to obtain services by deception. He pleaded guilty to the charge the Sha Tin Magistrates’ Courts and is pending sentencing. “The Immigration Department is concerned about the situation of non-local pregnant women seeking to give birth in Hong Kong by illegal means. While great efforts are made to intercept non-local pregnant women without a confinement booking at control points, vigorous enforcement actions have also been taken to combat related immigration offences committed by non-local pregnant women and their abettors,” an Immigration Department spokesman said. The spokesman warned that conspiracy to defraud is a serious offence. Offenders are liable to prosecution and upon conviction, under the Crimes Ordinance, the maximum penalty is imprisonment for 14 years. Moreover, under the Theft Ordinance, a person who by any deception dishonestly obtains services from another shall be guilty of an offence and shall be liable, upon conviction, to the maximum penalty of imprisonment for 10 years.

Ends/Friday, October 25, 2024Issued at HKT 19:28

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Video: President Biden Delivers Remarks at the Gila River Indian Community in Arizona

Source: United States of America – The White House (video statements)

President Biden discusses the Biden-Harris Administration’s record of delivering for Tribal communities, including keeping his promise to make this historic visit to Indian Country – his first as President.

Laveen Village, AZ

https://www.youtube.com/watch?v=j4iCQT3cD9g

MIL OSI Video –

January 25, 2025
MIL-OSI Europe: ASIA/CHINA – “I do all things for the sake of the Gospel”: Matthew Zhen Xuebin new Coadjutor Bishop of Beijing

Source: Agenzia Fides – MIL OSI

by Marta ZhaoBeijing (Agenzia Fides) – “I do all things for the sake of the Gospel”. With these words, Matthew Zhen Xuebin, the new Coadjutor Bishop of the Diocese of Beijing, who was ordained today, Friday, October 25, in Beitang (“Church of the North”), the cathedral dedicated to the Saviour, introduced himself, quoting the famous phrase of the Apostle Paul. In his final speech of thanksgiving, the new Bishop said: “I am grateful to the Lord for his grace in choosing me, a humble servant, as Coadjutor Bishop of the Diocese of Beijing. I am aware that I do not have the qualities required for the task entrusted to me, but I accept it in faith and entrust myself to the intercession of the Blessed Virgin Mary and St. Matthew the Apostle, trusting with all my heart and promising to dedicate myself entirely to the fulfillment of my pastoral duties, because ‘I do all things for the sake of Gospel’”.“This candidate was approved by the Pope”, reads the Letter of Approval from the “College of Chinese Catholic Bishops”. This Letter, dated Saturday, October 12, was read in full at the beginning of the liturgy by Father Joseph Yang Yu in his capacity as Secretary of the aforementioned body.The liturgy of consecration was presided over by Joseph Li Shan, Bishop of the Diocese of Beijing, who was the principal consecrator. Four other Chinese bishops took part in the Eucharistic concelebration: Peter Ding Lingbin, Bishop of Changzhi (the home diocese of the newly ordained Bishop), Joseph Guo Jincai (diocese of Chengde), John Baptist Li Suguang (diocese of Nanchang), Anthony Yao Shun (diocese of Jining) together with about 140 priests (about eighty from Beijing, and the others mostly from Shanxi, Bishop Matthew Zhan’s home province). Another 500 people (nuns, lay people and many relatives of the new Bishop) took part in the liturgy of consecration and the convivial moment following the mass.The statement of the ordination published today by the Holy See Press Office reports that Pope Francis appointed Father Matthew Zhen Xuebin “as Coadjutor Bishop of Beijing, (Municipality of Beijing, China) on August 28, 2024”, and “approved his candidacy within the framework of the Provisional Agreement between the Holy See and the People’s Republic of China”.Matthew Zhen Xuebin was born in Changzhi, a village in the Chinese province of Shanxi, on May 10, 1970. From 1988 to 1993 he carried out his studies in the Philosophical and Theological Seminary of Beijing; from 1993 to 1997 he continued his studies at Saint John’s University, a university founded by the Vincentian Fathers and based in New York (USA), obtaining a licentiate in Liturgy. On June 25, 1998 he received priestly ordination, and was incardinated in the diocese of Beijing. From 1998 to 2007 he held the office of Vice-Rector of the Seminary of Beijing. He then exercised his ministry in various parishes of the city. He has served as diocesan chancellor since 2007 and in recent years he has also followed with care the pastoral care of non-Chinese Catholics residing in the diocese of Beijing, who take part in liturgies celebrated in Korean, English and Tagalog.The diocese of Beijing has 100 thousand faithful with about 80 priests, a female diocesan congregation dedicated to Saint Joseph and about forty parishes and churches. (Agenzia Fides, 25/10/2024)
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MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: ASIA/INDIA – Internal migrants: Catholic communities intervene for their material and spiritual needs

Source: Agenzia Fides – MIL OSI

New Delhi (Agenzia Fides) – With over 450 million internal migrants (out of a population of 1.4 billion inhabitants), India is the scene of a phenomenon that has no equal in the world. Migrants, who move to other Indian states mainly for reasons related to the search for work and education, for family needs or for emergency events such as natural disasters, often face challenges related to displacement, exploitation, access to basic services. And also to faith.Among the migrants there are Catholic and Christian Indian citizens and for this reason Christian Churches in India have become aware of the phenomenon and have studied interventions and solutions to accompany these people on the path of social reintegration and in their spiritual and pastoral needs. The spirit is to “give migrants in India a second chance”, accompanying them in the process of development, job search and training, assisting them, especially in the early stages of their new life, with social and food security programs and educational opportunities for children whose families have moved to a context different from their home. To achieve these goals, the Catholic Church in India has inaugurated a digital portal that supports migrants in the country, in various areas. Presented by Cardinal Philip Neri Ferrão, Archbishop of Goa and President of the Conference Catholic Bishops of Latin Rite of India (CCBI), the new web portal, integrated into the “Catholic Connect” platform, is inspired by and seeks to put into practice the indications of Pope Francis who, with regard to migrants, has repeatedly cited four verbs: welcome, protect, promote, integrate. The action of the Catholic Church, at all levels, also aims to ensure that, thanks to the aid received, migrants and internally displaced persons and especially unaccompanied minors, do not fall victim to human trafficking.As explained by Father Jaison Vadassery, Executive Secretary of the CCBI Commission for Migrants, the online portal allows migrants to register and access church services (parishes, Caritas, schools, hospitals, etc.) regardless of their location: the aim is to ensure that migrants can find and feel the warmth of a community, even if they are far from their home or country of origin: “It is important that they integrate harmoniously into the host communities, while remaining tied to their cultural and religious roots”, explained Father Vadassery. The platform also helps migrants on a legal and bureaucratic level, for enrolling in government assistance programs or for receiving humanitarian aid in the event of emergencies and natural disasters, which cause displacement.Monsignor Alwyn D’Silva, Auxiliary Bishop of Mumbai, referring to Pope Francis’ encyclical “Fratelli Tutti”, recalled the importance of pastoral care for migrants, especially for the most vulnerable and poor, who have low-skilled jobs, who face exploitation and are without legal protection. The Church, he said, has the task of accompanying them not only in moving from one place to another and on the path of social reintegration, but also on the path of faith. For this reason, the Commission for Migrants has presented a pastoral plan that involves parishes across the country in meeting the spiritual and social needs of migrants. (PA) (Agenzia Fides, 25/10/2024)
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MIL OSI Europe News –

January 25, 2025
MIL-OSI Asia-Pac: Asset management task force set up

Source: Hong Kong Information Services

The Task Force on Promoting the Development of Asset & Wealth Management, chaired by Secretary for Financial Services & the Treasury Christopher Hui, was established and convened its first meeting today.

The 2024 Policy Address has set out the need to further enhance Hong Kong’s status as an international asset and wealth management (WAM) centre. The Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds, single-family offices, etc. At its first meeting, the task force had a focused discussion on the proposed enhancements.

As of end-2023, assets under management in Hong Kong reached over HK$31 trillion, and net fund inflows of close to HK$390 billion were registered, representing a year-on-year increase of over 3.4 times.

Mr Hui pointed out that funding sourced from non-Hong Kong investors has consistently accounted for a high percentage, reflecting the confidence of international investors in Hong Kong’s WAM industry.

Market research also estimates that Hong Kong is home to about 2,700 single-family offices, with over half of them set up by ultra-high-net-worth-individuals with a wealth of US$50 million or above.

In view of the development trends in global finance, Hong Kong will continue to consolidate and enhance its competitive advantages and pursue continuous reforms.

With the task force bringing together industry leaders and professionals, Mr Hui added that he believed their valuable advice would help propel the long-term development of the WAM industry.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Security: NATO Allies and experts discuss intensifying hybrid campaigns against the Alliance in Prague

Source: NATO

More than 100 Allied experts and representatives met at the NATO Hybrid Symposium in Prague, Czechia on 24-25 October to address the challenges posed by adversarial use of hybrid tactics. Participants discussed the worsening threat environment and how to strengthen NATO`s approach to countering hybrid threats and deter these threats more effectively.

Opening the conference alongside the Czech hosts, James Appathurai, NATO Deputy Assistant Secretary General for Innovation, Hybrid and Cyber, said: “This meeting comes at an important time. Russia in particular is stepping up hybrid attacks against NATO Allies. Our partners are also experience increased hostile grey zone activities by various actors. This meeting will help us improve our assessment of the threats, and step up our resilience, defence and deterrence against hybrid threats’’.

The Symposium also had sessions with representatives from private sector and academia as well as from NATO partners such as the European Union, Ukraine and Japan to explore their experience in countering hybrid interference. The annual event offers an opportunity for the Allied hybrid community to foster cooperation among experts and exchange views and best practices. The event was co-organised with the Ministry of Defence of the Czech Republic and the Ministry of Foreign Affairs of the Czech Republic.

MIL Security OSI –

January 25, 2025
MIL-OSI United Kingdom: UK to chair global Earth observation group with bold ambitions for data uptake
Source: United Kingdom – Executive Government & Departments

The UK has assumed the Chair of the Committee on Earth Observation Satellites.
Credit: ESA/ATG Medialab

UK Space Agency Chief Executive Dr Paul Bate has assumed the Chair of the Committee on Earth Observation Satellites (CEOS), the international body responsible for coordinating observations of the Earth from space.

The UK’s priority will be to unlock the power of Earth observation from space to benefit society, from improving public services to inspiring the next generation with a Youth Summit in Bath in November 2025.

As CEOS celebrates its 40th anniversary at the annual CEOS Plenary in Montreal, the CEOS Community of space and meteorological agencies and other groups has also renewed its collective commitment to CEOS’ mission and efforts in responding to global challenges for the good of humanity, with the agreement of the Montreal Statement.

Satellite Earth observation data can deliver significant public benefits in areas ranging from climate and biodiversity monitoring, disaster management, clean energy and urban planning.

The UK is involved in a range of Earth observation missions that contribute to global capabilities. These include leadership of the European Space Agency’s TRUTHS mission, which will improve confidence in climate forecasts; Biomass, which will monitor the world’s forests; Microcarb, a ground-breaking French-UK satellite mission for carbon monitoring; and the various Sentinel missions of the European Copernicus programme with its associated user-facing Services. As well as these missions, the UK are experts in the use of the data for applications ranging from cutting edge science, operational services, new commercial and public sector services.

Handover of CEOS Chair with (L) Eric Laliberté, Director General, Space Utilization, Canadian Space Agency and outgoing CEOS Chair, and (R) UK Space Agency CEO Dr Paul Bate.

The UK Space Agency’s role as CEOS Chair will be to oversee the activities of CEOS and ensure it is achieving the objectives of its work plan. The UK Space Agency has proposed four priorities to champion data-driven solutions for major global challenges over the 12-month period as Chair, within the theme of ‘Unlocking Earth Observation for Society’:

Using Earth observation to improve public services.

Increasing use of space data in the Global Stocktakes of the United Nations Framework Convention on Climate Change (UNFCCC).

Supporting development of Methane emissions measurement best-practices.

Inspiring the next generation through a new ‘CEOS in Schools’ initiative.

As Chair, an early task will be to represent CEOS on the global stage and promote its goals and objectives, starting at next month’s COP-29 in Baku, Azerbaijan, and continuing throughout 2025.

Dr Paul Bate, CEO of the UK Space Agency, said:

For 40 years, CEOS has been uniting the global community to champion the transformative potential of satellites and Earth Observation.  

I’m proud to be chairing this globally-valued committee and will use the next year to demonstrate how, by working together across borders, we can harness space technology for the benefit of our societies, our shared environment, and our economies.

Unlocking EO for Public Service

The UK will create opportunities for CEOS’ agencies to share their national perspectives and explore how to bridge the gap between data and public sector services, including hosting a workshop in September 2025 ahead of the UK’s CEOS Plenary 2025, in Bath, Somerset in November.  This supports work to get Earth observation tools and information embedded it on UK public sector policies at the national and local scale.

Éric Laliberté, CEOS Chair 2024 on behalf of the Canadian Space Agency said:

We congratulate the UK Space Agency on assuming the chairmanship role and are committed to ensuring that data-driven decisions pave the way for increasingly sustainable practices.

Together, we are advancing the role of satellite Earth observation in creating sustainable solutions for the future of our societies and natural environments.

Unlocking EO for the Global Stocktake

The Global Stocktake of the United Nations Framework Convention on Climate Change (UNFCCC) is a process for evaluating progress on climate action at a global level and identifying gaps. Over the next 12 months, the UK will work closely with Japanese Space Agency, JAXA, and the CEOS working group on Climate to study lessons learned from the previous Global Stocktake. The aim is to refine CEOS strategies to enhance the use of Earth observation data in the next Global stock-take for global climate action.  

Professor John Remedios, NCEO Director, said:  

The National Centre for Earth Observation is very pleased to see the UK taking on leadership on the world stage. The UK is able to contribute world-leading capability and methods in Earth Observation to the global community.

Through this role in CEOS, the UK will be able to support the important collaborative efforts that agencies need to achieve to meet the challenges of climate and of resilience with commitment, rigour and Earth intelligence. We are delighted to be supporting the UK Space Agency in its delegation with scientific advice and connectivity to the leading research in environmental science.

Methane Best-Practices

Methane is a potent greenhouse gas, with a warming potential approximately ~80 times higher than carbon dioxide over 20 years. Reducing methane emissions is the quickest way to mitigate acute climate risks and is crucial for maintaining the 1.5-degree target. At COP26 in Glasgow, 158 countries committed to reduce global methane emissions by 30% by 2030.

The CEOS Greenhouse Gas Task Team is developing best practices for space-based methane measurements, which are crucial for addressing climate change.

This work, which is co-led by the UK’s National Physical Laboratory (NPL) and the NASA Jet Propulsion Laboratory, is developing a set of agreed accurate, transparent and trusted best practices for reporting Methane emissions at the facility scale. The UK Space Agency will promote the uptake of these best practices on a global scale, focusing on the Global Methane Pledge to unlock the potential of space-based solutions and support the UK’s commitment to reduce methane emissions.

Ally Barker, Vice-chair of the UKspace Trade Association’s EO Committee said:

This is an opportune time for the UK to demonstrate its leadership in Earth observation on the global stage. UK industry looks forward to working closely with the UK Space Agency as it takes on the Chair of CEOS to maximise the societal and economic benefits of EO for the UK and the world.

CEOS in Schools

The UK Space Agency is set to pilot a CEOS mechanism aimed at inspiring the next generation. This initiative will demonstrate to students, aged 14-16, how satellite Earth Observation is used to address global issues such as climate change, environmental protection, and disaster management, while also allowing those students to experience the power of international collaboration.

The programme will put experts into schools to bring the topics of climate and space to life and then bring students together from across the world for online workshops to discuss the topics with their peers. The programme will culminate in the first CEOS Youth Summit where students will have the opportunity to present and discuss their work with senior Earth observation experts, giving young people a voice in CEOS.

Met Office Services Director Simon Brown said:

It’s an exciting time for the UK to take up this prestigious role in CEOS. Earth observations are at the heart of us delivering world leading weather and climate services and we are proud of the observations we get through the collaboration of European member states at EUMETSAT and underpinned by national and ESA Missions.

Access to Earth observations is changing and I look forward to working closely with UK Space Agency team to grow, influence and be part of the changing space endeavour to advance Earth observations to protect us from weather extremes.

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Published 25 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected methamphetamine worth about $2.2 million at airport (with photo)

Source: Hong Kong Government special administrative region

     â€‹Hong Kong Customs yesterday (October 24) detected a drug trafficking case involving baggage concealment at Hong Kong International Airport and seized about 4 kilograms of suspected methamphetamine with an estimated market value of about $2.2 million.

     A 29-year-old female passenger arrived in Hong Kong from Penang, Malaysia, yesterday. During Customs clearance, the batch of suspected methamphetamine was found concealed in the false compartment of her check-in suitcase. The female was subsequently arrested.

     An investigation is ongoing.

     Following the resumption of normal travel and exchanges with the Mainland and other parts of the world, the number of visitors to Hong Kong has also been increasing steadily. 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).

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI: AI-Powered Firm HIVE PT Launches Global Talent Hunt with Competitive Challenges

Source: GlobeNewswire (MIL-OSI)

Photo by HIVE PT

CASCAIS, Portugal, Oct. 25, 2024 (GLOBE NEWSWIRE) — HIVE PT, a global leader in proprietary trading, offers innovative trading challenges that attract top-tier talent worldwide. With the launch of its flagship trading programs, the HIVE Challenge and Queen Bee Challenge, HIVE PT is transforming how traders access capital and develop their skills.

The company’s approach to proprietary trading combines advanced technology with a deep commitment to education, allowing traders to showcase their skills in a risk-free environment. Successful participants in these challenges gain access to capital ranging from $10,000 to $200,000, with the opportunity to earn up to an 80/20 profit split—making HIVE PT’s programs some of the most attractive in the industry.

Creating Opportunities for Top Trading Talent

HIVE PT’s proprietary trading model is built on the belief that talent should be rewarded and developed. Offering traders a chance to demonstrate their abilities without risking personal funds has attracted an international pool of talent. The firm’s flexible trading conditions, which include no time limits for completing challenges, have further enhanced its appeal.

Traders from North America, Europe, and Asia have already taken advantage of the platform, with plans to expand into South America and the Middle East by 2025.

“We’ve seen a tremendous response to our trading challenges, not just because of the profit potential, but because we’ve created a system that truly nurtures traders,” said Goni Shimi, CEO of HIVE PT. “Our platform is designed to reduce the stress associated with traditional trading evaluations, giving traders the time and space to succeed.”

Market Trends and Projections

Valued at over $150 billion, the global proprietary trading sector is expected to grow at a compound annual growth rate (CAGR) of 8.4% through 2030. This surge is driven by developments in algorithmic trading, artificial intelligence, and real-time data analytics—all areas where HIVE PT excels. Leveraging these technologies allows HIVE PT to enhance its own trading strategies and provides its traders with the right tools to stay competitive in the market.

“What makes HIVE PT different is our integration of AI and machine learning to support traders,” says Goni Shimi. “Our platform doesn’t just give them the ability to trade—it helps them become better traders through data-driven insights and real-time performance tracking.”

A Community-Driven Approach

In addition to offering advanced trading tools and challenges, HIVE PT has made significant strides in creating a supportive community for traders. The firm’s online academy provides comprehensive educational resources, including courses, videos, and market analysis, helping traders at all levels improve their strategies. This commitment to education is a cornerstone of HIVE PT’s mission to foster a global network of successfully funded traders.

As part of its medium-term goals, HIVE PT is focused on building a solid community of traders who can share insights and learn from one another. The company has also introduced a mentorship program, which pairs experienced traders with newcomers to the field, ensuring that traders have the guidance they need to master the complexities of financial markets.

“Our goal is to create a platform where traders succeed financially and grow intellectually. We want to be known not just as a trading firm but as a place where traders come to learn, share, and thrive,” Goni Shimi says.

The company is set to expand its global reach and influence. As proprietary trading continues to change, HIVE PT’s emphasis on transparency, education, and ethical trading practices will ensure its lasting impact on financial markets.

“Our mission is simple: to provide traders with the resources and support they need to succeed. As the markets change, so will we, always staying ahead of the game,” Goni Shimi concludes.

Visit HIVE PT’s website to learn more about its proprietary trading programs and educational resources.

About HIVE PT

HIVE PT is a proprietary trading firm that provides trading opportunities for skilled traders in various financial markets, including stocks, forex, and commodities. Focusing on education, transparency, and ethical trading practices, the company offers traders access to significant capital through its premium programs.

Contact Information

Contact Person: Goni Shimi, CEO
Company: HIVE PT
Email: support@HIVE-pt.com
Website: https://HIVE-pt.com/

Socials

Instagram https://www.instagram.com/hiveproptrading/
YouTube: https://www.youtube.com/channel/UC-gafpqu6nF4TH7gkLYDXIQ
LinkedIn: https://www.linkedin.com/company/hive-pt/
Trustpilot: https://www.trustpilot.com/review/hive-pt.com
Facebook: https://www.facebook.com/profile.php?id=61560087040874
Twitter: https://x.com/Hiveproptrading
TikTok: https://www.tiktok.com/@hiveproptrading?lang=en
Discord: https://discord.gg/YAH8tYBGGn
WhatsApp: https://wa.me/351912881182

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ba866118-9111-4b49-bce0-f328fc7e3dce

The MIL Network –

January 25, 2025
MIL-OSI Video: 80th Anniversary at Leyte Landing | U.S. Army

Source: US Army (video statements)

Maj. Gen. Matthew McFarlane, deputy commanding general of I Corps, gives a speech during the 80th anniversary of the Leyte Landing celebration in Palo, Leyte, Philippines, on Oct. 20, 2024. The event commemorated the historic Leyte Landing on Oct. 20, 1944, which liberated the Philippines during World War II.

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #80thAnniversary #LeyteLanding

https://www.youtube.com/watch?v=mAl5EY7jfcM

MIL OSI Video –

January 25, 2025
MIL-OSI Russia: Polytechnic at the autumn educational exhibition in Hanoi “Russian Universities – the Best Choice”

Translation. Region: Russian Federation –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

Polytechnic University took part in an educational exhibition in Vietnam, which was held in Hanoi from October 21 to 25. The event was organized by the representative office of Rossotrudnichestvo in Hanoi as part of the long-term project “Universities of Russia” to popularize Russian education. Polytechnic University was represented by Deputy Head of the International Education Department Tatyana Sytnikova and specialist of the Department for Work with Foreign Students Ekaterina Pirkovska.

The opening ceremony was attended by the Director of the Russian Center for Science and Culture in Hanoi Vladimir Murashkin, Counselor of the Russian Embassy in Vietnam, representative of the Ministry of Science and Higher Education of the Russian Federation Evgeny Mitrofanov, as well as representatives of 11 leading Russian educational institutions.

Exhibitions help talented Vietnamese people to better navigate the educational space of Russia, and Russian universities to prepare for a meeting with Vietnamese students. The project “Universities of Russia” is actively expanding the partner network of Russian universities in Vietnam, which contributes to the development of scientific and educational cooperation between our countries, – emphasized Vladimir Murashkin.

Representative of the Ministry of Science and Higher Education of the Russian Federation Evgeny Mitrofanov emphasized the importance of Russian higher education for Vietnamese students. He noted that studying in Russia opens up new horizons and opportunities, and also highlighted the possibility of receiving free education through scholarships from the Russian government.

After the official part, more than 200 Vietnamese students and schoolchildren visited the Polytechnic stand, where they were consulted about the educational programs of bachelor’s, master’s and postgraduate studies at SPbPU, and told about dormitories and scholarships.

The delegation of the Polytechnic University visited the Tran Phu Special School for Talented Children in Hai Phong, the Le Hong Phong Special School for Talented Children in Nam Dinh and the Hanoi University of Entrepreneurship and Technology. During the Polytechnic presentations, the children had a unique opportunity not only to get acquainted with the educational programs and admission conditions, but also to communicate with the university representatives, ask questions and clarify issues of interest to them.

In addition, a meeting of delegations of Russian universities was held at the Ministry of Education and Personnel Training of the SRV, dedicated to further cooperation between universities of our country and Vietnamese universities. During this event, many agreements were signed aimed at deepening mutual understanding and cooperation in the field of higher education. Special attention was paid to training personnel in such areas as mathematics, economics, philology and Russian studies.

Tatyana Sytnikova took part in a press conference with Vietnamese media at the Russian Center for Science and Culture in Hanoi. She emphasized the importance of the educational programs offered by the Polytechnic University for foreign applicants.

The Polytechnic University offers foreign applicants unique educational programs in the fields of IT, artificial intelligence, linguistics, construction and building design, law, design, economics and management, and biotechnology. We are confident that high-quality education in these areas will open up new horizons and opportunities for a successful career for our students, said Tatyana Sytnikova.

On the last day of the exhibition, an expert session entitled “University Consortia in Russia and the International Educational Space: Practice and Prospects” was held.

Recently, we have been actively engaged in solving various issues of cooperation between Russia and Vietnam. As a society acting as a people’s diplomacy, we strive to help both our and your partners in establishing strong ties and contacts. We sincerely hope that cooperation between Vietnam and Russia will develop more and more actively every day, – noted the deputy chairman and secretary general of the Vietnamese-Russian Friendship Society, the main reactor of the Berezka magazine Nguyen Dang Phat.

Educational exhibitions play a key role in establishing effective links between educational institutions and prospective students, providing a valuable platform for information exchange and broadening horizons. The exhibition in Vietnam was a great opportunity for young people to learn about the opportunities that Polytechnic University offers to international students. Such events not only help to popularize education abroad, but also greatly simplify the process of choosing an educational institution for those who are looking to gain quality education and international experience.

Let us remind you that selection and competitive events have started for foreign applicants wishing to study at the Polytechnic University for free under the direction of the Ministry of Science and Higher Education of the Russian Federation (under a quota) in the next academic year. You can get up-to-date information about the dates of their holding in the English-language Polytech telegram channel.

You can also apply for the first qualifying round of the international Open Doors Olympiad: Russian Scholarship project until November 20. From this year onwards, the winners will have the opportunity to enroll in the Polytechnic University’s bachelor’s, master’s and postgraduate programs without entrance examinations and study for free in the 2025–2026 academic year.

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.

MIL OSI Russia News –

January 25, 2025
MIL-OSI: GCM Grosvenor to Announce Third Quarter 2024 Financial Results and Host Investor Conference Call on November 8, 2024

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 25, 2024 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the third quarter 2024 on Friday, November 8, 2024.

Management will host a webcast and conference call on Friday, November 8, 2024, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $79 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

GCM Grosvenor’s experienced team of approximately 540 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

Source: GCM Grosvenor

Public Shareholders Contact
Stacie Selinger
sselinger@gcmlp.com
312-506-6583

Media Contact
Tom Johnson and Abigail Ruck
H/Advisors Abernathy
tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
212-371-5999

The MIL Network –

January 25, 2025
MIL-OSI Global: Why returning the name Kuwohi to the Great Smoky Mountains matters

Source: The Conversation – USA – By Seth T. Kannarr, PhD Student in Geography, University of Tennessee

View from the overlook on Kuwohi of the mountain peaks and ridges of Great Smoky Mountains National Park.

Getty Images

It’s not every day that the name of a mountain is restored to the one used by Indigenous peoples for centuries.

But after nearly two years of trying, the Eastern Band of Cherokee Indians finally convinced the U.S. Board on Geographic Names on Sept. 18, 2024, to formally agree to rename the highest point in the Great Smoky Mountains National Park of Tennessee to Kuwohi (koo-whoa-hee).

The mountain, known as “Clingmans Dome” since 1859, has been a sacred place for the Cherokee people, serving as a place of prayer, reflection and gathering of mulberries for medicine. In fact, the name Kuwohi translates to “the mulberry place” in Tsalagi, the Cherokee language.

Though known as Kuwohi by the Cherokee people for hundreds of years, explorer Arnold Guyot effectively ignored that history after he surveyed the mountain range in 1859. Guyot named the peak “Clingmans Dome” after his friend Thomas Lanier Clingman, a North Carolina U.S. senator and a Confederate brigadier general during the Civil War. Clingman never set foot on this mountain, but his name remained there for 165 years until now.

What is place name repatriation?

The government’s renaming of the mountain to Kuwohi is a significant example of place name repatriation, or the return of an original, Indigenous name to a particular place or landscape.

Sometimes the primary motivation for place renaming is to remove an offensive or irrelevant place name from the landscape, such as the renaming of Squaw Peak in Arizona to Piostewa Peak in 2008.

In other cases, such as the renaming of Mount McKinley in Alaska to Denali in 2016, the motivation was to create a more authentic and historically accurate name for a particular place.

In the case of Kuwohi, the return to its original name was a mixture of both. The government’s decision recognized the original Indigenous name and removed the name of a white man who defended the enslavement of African people. It is also about restoring a larger sense of respect and recognition of Indigenous identity across the landscape.

Just as important is the fact that it was individuals from the Eastern Band of Cherokee Indians who put forward this proposal and remained the lead throughout the process.

Place naming is only truly reparative if these processes truly reflect the agency and intent of these historically oppressed groups. Otherwise, it contributes to the long history of dismissing Indigenous claims to land and culture by not involving them.

View of observation tower on Kuwohi in Great Smoky Mountains National Park.
Joshua Moore/Getty Images

Why does place naming matter?

A name is one of the most fundamental ways to identify and give meaning to places. In other words, the name of the place makes a big difference in how people perceive it.

There is growing public recognition that place names can transmit harmful messages that misrepresent the history and identity of minority communities. Place names also can demonstrate how those in power have used them to disrespect and misrepresent ethnic and racial groups that have been historically discriminated against.

For those groups, the U.S. Department of the Interior’s Advisory Committee on Reconciliation in Place Names found in 2022 that derogatory place names are a source of recurring trauma.

If place naming did not matter, disputes over name changes would not occur. Some critics find place renaming to be an example of unnecessary political correctness, while others see it as a meaningful solution that will leave a lasting positive impact.

The elimination of names of Confederate generals from some U.S. military bases provides another example. Former President Donald Trump has pledged to restore the name “Fort Bragg” to the North Carolina Army base that’s known today as Fort Liberty if reelected. Originally named after Braxton Bragg, a slave-owning Confederate general, the fort was one of nine U.S. installations that the Defense Department ordered in 2023 to have their names changed to among 3,700 recommendations.

Trump’s stance exemplifies the wave of backlash that has occurred against local and state school officials across the country that have removed the names of Confederate generals and others from public buildings.

Lavita Hill (L) and Mary Crowe in 2022.
Cherokee One Feather

Despite such backlash, efforts by Indigenous people and civil rights advocates slowly move forward and are seen across the U.S. in places like streets, neighborhoods, college campuses and beyond.

For Lavita Hill and Mary Crowe, the two members of the Eastern Band of Cherokee Indians who took the lead on submitting the proposal, the renaming of Kuwohi was a moment of success. Their campaign was heavily inspired by the renaming of Mount Doane to First Peoples Mountain in Yellowstone National Park in 2022.

Crowe told reporters that she saw friends and relatives shed tears when they learned of the name change. “It was humbling,” she said. “It was beautiful.”

What comes next?

The success of the effort to restore the name Kuwohi may help other communities in their ongoing place renaming efforts.

One such proposal involves a 100-year-old fight to rename Mount Rainier in Washington state to “Tacoma,” the original name given to it by the Salish people of the Pacific Northwest.

View of the Great Smoky Mountains at sunset from Kuwohi.
Wolfgang Kaehler/LightRocket/Getty Images

This movement began in 1924 among the Salish and other groups because its namesake, Peter Rainier, was a British naval officer who was known as being “anti-American.”

Another example is a push by 20 different Indigenous tribes, including the Lakota Nation and the Oglala Sioux Tribe, to rename Devils Tower in Wyoming to Bear Lodge. The current name of this butte resulted from a poor English translation of the original Indigenous name of “bear lodge” to “bad god’s tower.” Over time, the name was simplified to “Devils Tower.”

As geographers who have studied the significance of place renaming, we have learned that it is important to engage the folks that these movements will benefit most in all conversations and decisions.

What is at stake is not just removing insulting names, but also ensuring that the process of changing place names is collaborative of all Americans, especially historically oppressed communities, to truly be restorative and meaningful for society.

Seth T. Kannarr is affiliated with the Great Smoky Mountains National Park as an Education Branch VIP (Volunteer-In-Parks) part-time.

Derek H. Alderman once served on the Federal Advisory Committee on Reconciliation in Place Names, U.S. Department of Interior.

– ref. Why returning the name Kuwohi to the Great Smoky Mountains matters – https://theconversation.com/why-returning-the-name-kuwohi-to-the-great-smoky-mountains-matters-240644

MIL OSI – Global Reports –

January 25, 2025

Category: Asia

DPIIT forges alliance with HCLSoftware to herald India’s startup revolutionUnder Startup India initiative, DPIIT signed over 80 MoUs with industry stakeholders till date

NHRC takes suo motu cognizance of the reported death of a girl by suicide in a private school premises in Guntur District, Andhra PradeshExpresses concern over the incident in the lawful custody of the school authorities

Unlocking EO for Public Service

Unlocking EO for the Global Stocktake

Methane Best-Practices

CEOS in Schools

Share this page

Updates to this page

What is place name repatriation?

Why does place naming matter?

What comes next?

DPIIT forges alliance with HCLSoftware to herald India’s startup revolution

Under Startup India initiative, DPIIT signed over 80 MoUs with industry stakeholders till date

NHRC takes suo motu cognizance of the reported death of a girl by suicide in a private school premises in Guntur District, Andhra Pradesh

Expresses concern over the incident in the lawful custody of the school authorities