Category: Business

  • MIL-OSI: FIRST BANCSHARES, INC. ANNOUNCES ANNUAL CASH DIVIDEND OF $0.40 PER SHARE

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN GROVE, Mo., Feb. 21, 2025 (GLOBE NEWSWIRE) — First Bancshares, Inc. (OTCQX: FBSI), the holding company for Stockmens Bank (“Bank”), Colorado Springs, Colorado, announced today that its Board of Directors declared an annual cash dividend of $0.40 per share on the Company’s outstanding common stock. The cash dividend will be payable on April 15, 2025 to shareholders of record as of the close of business on April 1, 2025.

    About the Company

    First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service offices in the Missouri cities of Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Hartville, Crane and Springfield, as well as full-service offices in Akron, Colorado and Bartley, Nebraska.

    Cautionary Note Regarding Forward-Looking Statements

    The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders and in other communications by the Company. These forward-looking statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

    These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators; technology; and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in laws and regulations applicable to financial services companies; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.

    The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

    Contact: Robert M. Alexander, Chairman and CEO – (719) 955-2800

    The MIL Network

  • MIL-OSI USA: Parents Can Soon Use QR Codes to Reveal Heavy Metal Content in Baby Food

    Source: US State of Connecticut

    Parents across the U.S. should soon be able to determine how much lead, arsenic, cadmium and mercury are in the food they feed their babies, thanks to a California law, the first of its kind, that took effect this year.

    As of Jan. 1, 2025, every company that sells baby food products in California is required to test for these four heavy metals every month. That comes five years after a congressional report warned about the presence of dangerously high levels of lead and other heavy metals in baby food.

    Every baby food product packaged in jars, pouches, tubs and boxes sold in California must carry a QR code on its label that consumers can scan to check the most recent heavy metal readings, although many are not yet complying.

    Because companies seldom package products for a single state, parents and caregivers across the country will be able to scan these QR codes or go online to the companies’ websites and see the results.

    I am a pharmacist researcher who has studied heavy metals in mineral supplements, dietary supplements and baby food for several years. My research highlights how prevalent these toxic agents are in everyday products such as baby food. I believe the new California law offers a solid first step in giving people the ability to limit the intake of these substances.

    How do heavy metals get into foods?

    Soil naturally contains heavy metals. The earth formed as a hot molten mass. As it cooled, heavier elements settled into its center regions, called the mantle and core. Volcanic eruptions in certain areas have brought these heavy metals to the surface over time. The volcanic rock erodes to form heavy metal-laden soil, contaminating nearby water supplies.

    Another major source of soil contamination is the exhaust from fossil fuels, and in particular leaded gasoline. Some synthetic fertilizers contribute, too.

    Heavy metals in the soil can pass into foods via several routes. Plants that yield foods such as sweet potatoes and carrots, apples, cinnamon, rice and plant-based protein powder are especially good at extracting them from contaminated soil.

    Sometimes the contamination happens after harvesting. For example, local water that contains heavy metals is often used to rinse debris and bugs off natural products, such as leaves used to make a widely used supplement called kratom. When the water evaporates, the heavy metals are retained on the surface. Sometimes drying products in the open air, such as cacao beans for dark chocolate, allows dust laden with heavy metals to stick to their surface.

    Producers can reduce heavy metal contamination in food in several ways, which range from modestly to very effectively. First, they can reserve more contaminated areas for growing crops that are less prone to taking in heavy metals from the soil, such as peppers, beans, squash, melons and cucumbers, and conversely grow more susceptible crops in less-contaminated areas. They can also dry plants on uncontaminated soil and filter heavy metals out of water before washing produce.

    Producers are starting to use genetic engineering and crossbreeding to create susceptible plants that take up fewer heavy metals through their roots, but this approach is still in its early stages.

    How much is too much?

    Although there is no entirely safe level of chronic heavy metal ingestion, heavy metals are all around us and are impossible to avoid entirely.

    In January 2025, the U.S. Food and Drug Administration released its first-ever guidance for manufacturers that sets limits on the amount of lead that baby food can contain. But the FDA guidance does not require companies to adhere to the limits.

    In that guidance, the FDA suggested a limit of 10 parts per billion of lead for baby foods that contain fruits, vegetables, meats or combinations of those items, with or without grains. Yogurts, custards and puddings should have the same cutoff, according to the agency. Root vegetables and dry infant cereals, meanwhile, should contain less than 20 parts per billion of lead. The FDA regulations don’t apply to some products babies frequently consume, such as formula, teething crackers and other snacks.

    The agency has not defined firm limits for the consumption of other heavy metals, but its campaign against heavy metals in baby food, called Closer to Zero, reflects that a lower dose is better.

    That campaign also laid out plans to propose limits for other heavy metals such as arsenic and mercury.

    Modestly exceeding the agency’s recommended dosage for lead or arsenic a few times a month is unlikely to have noticeable negative health effects. However, chronically ingesting too much lead or inorganic arsenic can negatively affect childhood health, including cognitive development, and can cause softening of bones.

    How California’s QR codes can help parents and other caregivers

    It’s unclear how many products consistently exceed these recommendations.

    A study by Consumer Reports in 2018 found that 33 of 50 products had concerning levels of at least one heavy metal. In 2023, researchers repeated testing on seven of the failing products and found that heavy metal levels were now lower in three, the same in one, and slightly higher in three.

    Because these tests assess products bought and tested at one specific time, they may not reflect the average heavy metal content in the same product over the entire year. These levels can vary over time if the manufacturer sources ingredients from different parts of the country or the world at different times of the year.

    That’s where California’s new law can help. The law requires manufacturers to gather and divulge real-time information on heavy metal contamination monthly. By scanning a QR code on a box of Gerber Teether Snacks or a jar of Beech Nut Naturals sweet potato puree, parents and caregivers can call up test results on a smartphone and learn how much lead, arsenic, cadmium and mercury were found in those specific products manufactured recently. These test results can also be accessed by entering a product’s name or batch number on the manufacturer’s website.

    Slow rollout

    In an investigation by Consumer Reports and a child advocacy group called Unleaded Kids, only four companies out of 28 were fully in compliance with the California law as of early this year. Some noncompliant companies had developed no infrastructure, some had developed websites but no heavy metal information was logged in, and some had information but required consumers to enter batch numbers to access results, without the required QR codes on the product packaging.

    The law requires companies to provide this information for foods produced after Jan. 1, 2025, with no provisions for extensions, and the major producers agreed to comply not only for California residents but to provide the results nationwide. California enforces noncompliance by embargoing misbranded baby food products, issuing penalties, and suspending or revoking registrations and licenses.

    When companies’ testing and reporting systems are fully up and running, a quick scan at the grocery store will allow consumers to adapt their purchases to minimize infants’ exposures to heavy metals. Initially, parents and caregivers may find it overwhelming to decide between one chicken and rice product that is higher in lead but lower in arsenic than a competitor’s product, for example.

    However, they may also encounter instances where one baby food product clearly contains less of three heavy metals and only slightly more for the fourth heavy metal than a comparable product from a different manufacturer. That information can more clearly inform their choice.

    Regardless of the readings, health experts advise parents and caregivers not to eliminate all root vegetables, apples and rice but instead to feed babies a wide variety of foods.

    Originally published in The Conversation.

    MIL OSI USA News

  • MIL-OSI: Mark Cuban Foundation and Cosmosphere Bring Free AI Bootcamp to Hutchinson Area Teens

    Source: GlobeNewswire (MIL-OSI)

    HUTCHINSON, Kan., Feb. 21, 2025 (GLOBE NEWSWIRE) — Time is running out to apply to participate in the Mark Cuban Foundation Artificial Intelligence (AI) Bootcamp hosted by Cosmosphere International Science Education Center and Space Museum in Hutchinson. Applications for the no-cost bootcamp are closing March 12.

    The program aims to provide students with a foundational understanding of artificial intelligence and its applications to future careers. Students can select from six tracks: healthcare, arts and entertainment, business and entrepreneurship, computer science, sports science, or education and career readiness. Driven by the belief that fostering interest in AI at a young age is crucial for preparing the next generation for their future, the AI Bootcamps are introductory and accessible to students in 9-12 grade with an interest in technology. Students do not need any familiarity with computer science or programming to attend.

    This free AI Bootcamp is hosted for underserved high school students with a transparent focus on recruiting girls, students of color, first generation college students, and those from low to moderate income households. The AI Bootcamp Program provides students with lunch and a snack, transportation assistance, and technology equipment during bootcamp.

    “As AI continues to become an undeniable force in all of our lives, it’s crucial that we open the door to this knowledge, especially to young people who want to explore it,” said Mark Cuban, founder. “While technology expands and becomes more advanced, it becomes more critical that we ensure our students are prepared when they apply for schools or jobs in the future. Thanks to our work with the Cosmosphere International Science Education Center and Space Museum, the bootcamp will offer an avenue to explore this fascinating field of technology to any student, no matter their means.”

    This year’s bootcamp, taking place in Hutchinson, KS on March 17-19, is hosted and staffed by the Cosmosphere, a space museum with one of the largest collections of U.S. and Soviet space artifacts. It features the Apollo 13 command module, an SR-71 Blackbird, a planetarium, and hands-on exhibits for all ages.

    The Cosmosphere International Science Education Center and Space Museum is one of more than 25 host companies selected to host camps across the U.S.

    “At the Cosmosphere, we’re passionate about igniting curiosity in young minds and empowering the next generation of innovators. This AI bootcamp, in partnership with the Mark Cuban Foundation, represents a tremendous opportunity to do just that,” said JoAnna Strecker, Cosmosphere Vice President of Education. “We’re grateful to the Mark Cuban Foundation for their support in making this dream a reality, and we can’t wait to see the incredible things these students will achieve.”

    There are just 2 weeks left until the March 12 deadline. Do not miss your chance—submit your application now, as spaces are limited.

    Apply for the bootcamp at: markcubanai.org.

    Watch Mark Cuban’s message about Mark Cuban Foundation’s AI bootcamps and access the full media kit here.

    To learn more, visit markcubanai.org.

    This bootcamp is facilitated with support from Mark Cuban Foundation AI Bootcamp Program’s media partner, Notified, a globally trusted technology partner for investor relations, public relations and marketing professionals.

    About Mark Cuban Foundation’s AI Bootcamp Initiative

    The Mark Cuban Foundation is a 501(c)(3) private non-profit led by entrepreneur and investor Mark Cuban. The AI Bootcamps Program at MCF seeks to inspire young people with emerging technology so that they can create more equitable futures for themselves and their communities. Over 3 consecutive Saturdays underserved 9th – 12th grade students learn what AI is and isn’t, where they already interact with AI in their own lives, the ethical implications of AI systems, and much more. Learn more about the no-cost AI Bootcamp program at markcubanai.org.

    About Cosmosphere International Science Education Center and Space Museum

    The Cosmosphere International Science Education Center and Space Museum is a Smithsonian Affiliate. Located at 1100 North Plum in Hutchinson, KS, its collection includes U.S. space artifacts second only to the Smithsonian’s National Air and Space Museum and the largest collection of Russian space artifacts outside of Moscow. This unique collection allows the Cosmosphere to tell the story of the Space Race better than any museum in the world while offering fully immersive education experiences that meet Next Generation Science Standards. The Cosmosphere also features the Carey Digital Dome Theater, offering daily documentary showings, a digital Planetarium, Dr. Goddard’s Rocket Lab Experience, where visitors experience live science demonstrations, and CosmoKids, an interactive STEAM area for children accompanied by an adult.

    The MIL Network

  • MIL-OSI: The Binary Holdings Launches BNRY Game Labs to Distribute Games Instantly To 169 Million Players

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 21, 2025 (GLOBE NEWSWIRE) — The Binary Holdings, Web3 distribution infrastructure, is expanding into the gaming market with the launch of BNRY Game Labs. This innovative distribution platform enables gaming studios from all genres to upload their content and immediately access The Binary Holdings’ extensive ecosystem of 169 million users within the largest telcos of South East Asia. Gaming studios can rapidly drive adoption of their games and earn potentially millions of dollars within weeks due to extensive access to a large user base which is expected to grow to a billion users in 2025. Players engaging with these games will earn $BNRY tokens, serving as loyalty points, redeemable within the ecosystem for a variety of products and services.

    BNRY Game Labs stands out as one of the few game distribution platforms capable of accommodating both Web2 and Web3 gaming projects seeking to broaden their user base. By giving game studios instant access to 169 million targeted users within telecommunication ecosystems Indonesia and the Philippines, BNRY Game Labs offers a powerful solution to boost profitability, Return on Ad Spend (ROAS), and customer Life Time Value (LTV). This expansive user base enables studios to extend the shelf life of their games while minimizing costs associated with user acquisition and operational overhead. With a CPM of as low as $0.000005 and a subscription cost significantly lower than traditional Go-To-Market (GTM) budgets, developers can achieve higher profitability while enhancing engagement and retention metrics.

    Developers on BNRY Game Labs also benefit from advanced analytics that increase profitability and enhance user engagement. These tools deliver actionable insights into player behavior, revenue performance, and technical optimization, empowering studios to make data-driven decisions that maximize a game’s chances for success. These features enable developers to make data-driven decisions, enhancing game performance and user satisfaction.

    Addressing Industry Challenges with Innovative Solutions

    The gaming industry faces significant challenges, including rising development and testing costs. The global game testing service market, valued at $772.09 million in 2021, is projected to reach $2.02 billion by 2031, growing at a CAGR of 10.11%. This increase reflects the escalating complexity and quality demands in game development.

    Additionally, many games struggle with adoption due to market saturation and high user acquisition costs. BNRY Game Labs addresses these issues by providing developers with immediate access to a vast user base of 169 million users and comprehensive tools to monitor and enhance game performance, reducing the financial and operational burdens typically associated with game testing and marketing. The Binary Holding’s user base is expected to grow to one billion users in 2025, providing explosive growth to gaming studios.

    This streamlined process allows developers to focus on creating compelling gaming experiences while leveraging The Binary Holdings’ robust infrastructure and user community.

    “BNRY Game Labs is more than a platform—it’s a gateway to the future of gaming,” said Manit Parikh, CEO of The Binary Holdings. “Our mission is to empower developers with the tools, audience, and incentives they need to thrive. By seamlessly integrating gaming with our distribution layer network, we’re unlocking new possibilities for growth and engagement, and ultimately bringing more people into the Web3 world.”

    For more information, visit BNRY Game Labs

    About BNRY Game Labs

    BNRY Game Labs is a marketplace designed to connect game developers with a vast user base, providing tools and analytics to enhance game performance and user engagement. By integrating with The Binary Holdings’ ecosystem, BNRY Game Labs offers unique opportunities for growth and monetization in the GameFi sector.

    About The Binary Holdings

    The Binary Holdings (TBH) provides Web3 infrastructure solutions for telecommunication companies and banks in emerging economies. With over 169 million current users, TBH offers indispensable scalable, cost-effective, and efficient infrastructure services crucial for driving adoption of tokenized and Web3 solutions, facilitated by its native utility token, $BNRY, which powers all transactions and interactions within The Binary Holdings Ecosystem.

    Contact:
    Shahab Ahmed
    Shahab@thebinaryholdings.com

    Disclaimer: This press release is provided by Binary Holdings.The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca61a7be-0035-4c40-9805-7e368fea3bed

    The MIL Network

  • MIL-OSI: The Agents are here! What is Decentralized AI and how will it impact the world according to new research from Alpha Sigma Capital Research

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Feb. 21, 2025 (GLOBE NEWSWIRE) — Alpha Sigma Capital Research has released an in-depth report entitled DeFAI Unleashed, highlighting the rise of AI agents in the crypto world, capturing headlines and fueling both excitement and skepticism.  

    Report highlights:

    • Examines the rise of DeFAI
    • Analyzes market trends and adoption challenges
    • Evaluates long-term impact of AI agents on crypto

    DeFAI transforms decentralized finance:

    • AI agents serve as intelligent facilitators
    • Utilize natural language processing for seamless on-chain transactions
    • Eliminates clunky interfaces and intimidating protocols
    • Provides frictionless access to DeFi

    Current market landscape:

    • Over 1,380 AI agent projects cataloged on platforms like Cookie.fun
    • Collective market cap: $8.29 billion
    • Recent market dip, but activity remains strong
    • Industry leaders view this as a foundational shift despite trader caution

    Future outlook:

    • AI agents gaining real use cases in DeFi
    • More than just a trend—marks the next phase of crypto’s evolution

    Access your complimentary copy of DeFAI Unleashed here.

    Stay connected with ASC Research on Substack. Subscribe at Alpha Sigma Capital Research | Substack.

    About Alpha Transform Holdings
    Alpha Transform Holdings (ATH) is a leading digital asset investment firm, combining strategic advisory, research, and capital investment to drive innovation in Web3 and blockchain.

    About Alpha Sigma Capital Research
    Active Investing in the Blockchain Economy.™
    Alpha Sigma Capital Research is provided by Alpha Sigma Capital Advisors, LLC, the Investment Manager for the Alpha Blockchain/Web3 Fund and Alpha Liquid Fund.  Alpha Sigma Capital (ASC) investment funds are focused on emerging blockchain companies that are successfully building their user-base, demonstrating real-world uses for their decentralized ecosystems, and moving blockchain technology towards mass-adoption. ASC is focused on companies leveraging blockchain technology to provide value-add in areas such as fintech, AI, supply chain, and healthcare. Apply to receive research at www.alphasigma.fund/research.

    DISCLAIMER
    This is for informational use only. This is not investment advice. Other than disclosures relating to Alpha Transform Holdings (ATH) and Alpha Sigma Capital (ASC) this information is based on current public information that we consider reliable, but we do not represent it as accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our information as appropriate.

    Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this press release.

    The information on which the information is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, the company website, the company white paper, pitchbook, and any other sources. While Alpha Sigma Capital has obtained data, statistics, and information from sources it believes to be reliable, Alpha Sigma Capital does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
    Unless otherwise provided in a separate agreement, Alpha Sigma Capital does not represent that the contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Alpha Sigma Capital and its officers, directors, and employees shall not be responsible or liable for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

    Crypto and/or digital currencies involve substantial risk, are speculative in nature, and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

    The MIL Network

  • MIL-OSI: Onex Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    All amounts in U.S. dollars unless otherwise stated

    TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and year ended December 31, 2024.

    “Our focus, every day, is growing long-term shareholder value,” said Bobby Le Blanc, CEO and President. “In private equity, we are investing in strategies and verticals that have the strongest potential for future risk-adjusted returns. Overall, the PE teams raised over $1.5 billion in 2024. Our Structured Credit platform had another active quarter and an outstanding year, having raised or extended more than $13 billion of fee-generating assets during 2024 while growing fee related earnings. Shareholders continue to benefit from our strong balance sheet and liquidity position, and most recently through our substantial issuer bid.”  

    Financial Results
    ($ millions except per share amounts)

    Quarter Ended Dec. 31

    Year Ended Dec. 31

      2024   2023   2024   2023  
    Net earnings (loss) $ (2 ) $ 373   $ 303   $ 529  
    Net earnings (loss) per diluted share $ (0.02 ) $ 4.81   $ 4.00   $ 6.65  
                     
    Investing segment net earnings $ 29   $ 326   $ 344   $ 815  
    Asset management segment net earnings   18     46     21     2  
    Total segment net earnings (1) $ 47   $ 372   $ 365   $ 817  
    Total segment net earnings per fully diluted share(2) $ 0.62   $ 4.80   $ 4.74   $ 10.23  
    Asset management fee-related earnings(3) $ 6   $ 3   $ 6   $ 12  
    Total fee-related earnings (loss)(4) $ (1 ) $ (2 ) $ (21 ) $ (14 )
    Distributable earnings(5) $ 231   $ 139   $ 617   $ 797  


    Highlights

    • Onex had approximately $8.3 billion of investing capital, or $113.70 (C$163.54) per fully diluted share(6) at December 31, 2024. Onex’ investing capital per fully diluted share returned 6% for the year ended December 31, 2024 or 15% in Canadian dollars. Over the last five years, investing capital per fully diluted share has had a compound annual return of 13%.
    • Onex’ private equity investments had net gains of $11 million in the fourth quarter of 2024 (Q4 2023: net gains of $250 million). Investments in Credit strategies generated net gains of $16 million in the fourth quarter of 2024 (Q4 2023: net gains of $66 million).
    • Onex raised approximately $2.8 billion in fee-generating capital across its Private Equity and Credit platforms in the fourth quarter and $8.8 billion in fiscal 2024.
    • The Onex Partners Opportunities Fund has raised aggregate commitments of approximately $1.2 billion, including affiliated vehicles and Onex’ commitment of $400 million. The Fund completed its second acquisition in December.
    • ONCAP V has reached aggregate commitments of approximately $1.1 billion, including Onex’ commitment of $250 million, with a final close expected at the end of Q1 2025. In December, ONCAP II and ONCAP III completed the sale of PURE Canadian Gaming.  
    • Collectively, our private equity teams returned approximately $3.0 billion of capital to Limited Partners in 2024, including approximately $1.0 billion to Onex.
    • Onex Credit raised or extended a total of $13.0 billion of fee-generating assets across its CLO platform in 2024. Fee-generating assets under management (FGAUM) within the Structured Credit platform increased 34% in 2024. Activity in Q4 includes closing of five new CLOs for approximately $2.6 billion in new fee-generating assets. The Credit platform contributed $27 million of fee-related earnings (FRE) in 2024, with year-end run-rate FRE of $40 million.
    • Onex repurchased 2,277,722 Subordinate Voting Shares (SVS) in the fourth quarter for a total cost of $185 million (C$266 million) or an average cost per share of $81.18 (C$116.82). Onex repurchased 5,693,741 SVS in 2024, capturing approximately $215 million of value for remaining shareholders.
    • Onex had $35.2 billion of FGAUM at December 31, 2024, a 17%(7) increase over the last 12 months. Run-rate management fees(8) increased to $195 million at December 31, 2024.
    • Unrealized carried interest from funds managed by Onex was $286 million at December 31, 2024.
    • Onex’ cash and near-cash(9) balance was $1.6 billion or 19% of Onex’ investing capital as of December 31, 2024 (December 31, 2023 – $1.5 billion or 17%).

    Dividend Declaration

    The Board of Directors has declared a first quarter dividend of C$0.10 per Subordinate Voting Share payable on April 30, 2025, to shareholders of record on April 10, 2025.

    Webcast

    Onex management will host a webcast to review Onex’ fourth quarter 2024 results on Friday, February 21, 2025 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event.

    Additional Information

    Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings, investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the three and 12 months ended December 31, 2024. The financial statements prepared in accordance with IFRS Accounting Standards, including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex’ website, www.onex.com.

    About Onex

    Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $51.1 billion in assets under management, of which $8.3 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

    Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

    Forward-Looking Statements

    This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

    Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.

    For Further Information:

    Jill Homenuk
    Managing Director – Shareholder
    Relations and Communications
    Tel: +1 416.362.7711
    Zev Korman
    Vice President, Shareholder
    Relations and Communications
    Tel: +1 416.362.7711


    Supplementary Financial Schedules

        Quarter ended December 31
        2024(i) 2023(i)
     
    ($ millions except per share amounts)   Investing     Asset Management     Total   Total
     
    Segment income $ 29   $ 70   $ 99   $ 435  
    Segment expenses       (52 )   (52 )   (63 )
    Segment net earnings $ 29   $ 18   $ 47   $ 372  
                     
    Stock-based compensation expense             (33 )   (33 )
    Amortization of property, equipment and intangible assets, excluding right-of-use assets (3 )   (4 )
    Restructuring expenses, net       (10 )   (6 )
    Unrealized carried interest included in segment net earnings – Credit   (5 )   (6 )
    Realized performance fees previously recognized in segment net earnings   2     5  
    Contingent consideration recovery       42  
    Impairment reversal of property and equipment       2  
    Integration expenses       (1 )
    Other   1     2  
    Earnings (loss) before income taxes   (1 )   373  
    Provision for income taxes   (1 )    
    Net earnings (loss)           $ (2 ) $ 373  
                     
    Segment net earnings per fully diluted share $ 0.38   $ 0.24   $ 0.62   $ 4.80  
    Net earnings (loss) per share                
    Basic           $ (0.02 ) $ 4.82  
    Diluted           $ (0.02 ) $ 4.81  

    (i) Refer to pages 27 and 28 of Onex’ 2024 Annual MD&A for further details concerning the composition of segmented results.

        Year ended December 31
        2024(i) 2023(i)
     
    ($ millions except per share amounts)   Investing     Asset Management     Total   Total
     
    Segment income $ 344   $ 252   $ 596   $ 1,098  
    Segment expenses       (231 )   (231 )   (281 )
    Segment net earnings $ 344   $ 21   $ 365   $ 817  
                     
    Stock-based compensation expense             (36 )   (75 )
    Amortization of property, equipment and intangible assets, excluding right-of-use assets (15 )   (24 )
    Restructuring expenses, net       (21 )   (46 )
    Carried interest from Falcon Funds previously recognized in segment net earnings   25      
    Unrealized carried interest included in segment net earnings – Credit   (10 )   (17 )
    Unrealized performance fees included in segment net earnings   (3 )    
    Impairment of goodwill, intangible assets and property and equipment       (162 )
    Contingent consideration recovery       42  
    Integration expenses       (4 )
    Other       1  
    Earnings before income taxes   305     532  
    Provision for income taxes   (2 )   (3 )
    Net earnings           $ 303   $ 529  
                     
    Segment net earnings per fully diluted share $ 4.45   $ 0.29   $ 4.74   $ 10.23  
    Net earnings per share                
    Basic           $ 4.01   $ 6.66  
    Diluted           $ 4.00   $ 6.65  

    (i) Refer to pages 27 and 29 of Onex’ 2024 Annual MD&A for further details concerning the composition of segmented results.

    Investing Capital(i)

    ($ millions except per share amounts)

    December 31, 2024
      December 31, 2023
     
    Private Equity            
    Onex Partners Funds $ 4,072   $ 4,445  
    ONCAP Funds   795     929  
    Other Private Equity   587     407  
    Carried Interest   264     252  
        5,718     6,033  
    Private Credit          
    Investments   924     904  
    Carried Interest   22     29  
        946     933  
               
    Real Estate       18  
    Cash and Near-Cash   1,578     1,466  
    Other Net Assets (Liabilities)   31     (17 )
    Investing Capital $ 8,273   $ 8,433  
    Investing Capital per fully diluted share (U.S. dollars)(ii) $ 113.70   $ 107.82  
    Investing Capital per fully diluted share (Canadian dollars)(ii) $ 163.54   $ 142.61  

    (i) Refer to the glossary in Onex’ Q4 2024 Annual MD&A for further details concerning the composition of investing capital.

    (ii) Fully diluted shares for investing capital per share were 72.8 million at December 31, 2024.

    Fee-Related Earnings (Loss) and Distributable Earnings

    ($ millions) Quarter Ended
    December 31, 2024
      Quarter Ended
    December 31, 2023
     
    Private Equity
    Management and advisory fees

    $

    25

     

    $

    26

     
    Total fee-related revenues from Private Equity $ 25   $ 26  
    Compensation expense   (17 )   (24 )
    Support and other net expenses   (8 )   (10 )
    Net contribution $   $ (8 )
             
    Structured Credit        
    Management and advisory fees $ 21   $ 16  
    Total fee-related revenues from Structured Credit $ 21   $ 16  
    Compensation expense   (6 )   (5 )
    Support and other net expenses   (3 )   (1 )
    Net contribution $ 12   $ 10  
             
    Other Credit
    Management and advisory fees
    Performance fees
    $ 4
    1
      $ 15
    4
     
    Total fee-related revenues from Other Credit $ 5   $ 19  
    Compensation expense   (6 )   (9 )
    Support and other net expenses   (5 )   (9 )
    Net contribution $ (6 ) $ 1  
             
    Asset management fee-related earnings $ 6   $ 3  
             
    Public Company and Onex Capital Investing        
    Compensation expense $ (3 ) $ (1 )
    Other net expenses   (4 )   (4 )
    Total expenses $ (7 ) $ (5 )
             
    Total fee-related earnings (loss) $ (1 ) $ (2 )
             
    Realized carried interest(i) $ 2   $ 7  
    Net realized gain on corporate investments   230     134  
    Distributable earnings $ 231   $ 139  

    (i) Includes realized carried interest from the Falcon Funds, when applicable.

    ($ millions) Year Ended
    December 31, 2024
      Year Ended
    December 31, 2023
     
    Private Equity
    Management and advisory fees
    $ 93   $ 112  
    Total fee-related revenues from Private Equity $ 93   $ 112  
    Compensation expense   (76 )   (85 )
    Support and other net expenses   (38 )   (39 )
    Net contribution $ (21 ) $ (12 )
             
    Structured Credit
    Management and advisory fees
    Performance fees
    $ 76
    4
      $ 61
     
    Total fee-related revenues from Structured Credit $ 80   $ 61  
    Compensation expense   (24 )   (22 )
    Support and other net expenses   (12 )   (9 )
    Net contribution $ 44   $ 30  
             
    Other Credit
    Management and advisory fees
    Performance fees
    $ 31
    4
      $ 79
    13
     
    Other income   2     2  
    Total fee-related revenues from Other Credit $ 37   $ 94  
    Compensation expense   (23 )   (48 )
    Support and other net expenses   (31 )   (52 )
    Net contribution $ (17 ) $ (6 )
             
    Asset management fee-related earnings $ 6   $ 12  
             
    Public Company and Onex Capital Investing        
    Compensation expense $ (13 ) $ (11 )
    Other net expenses   (14 )   (15 )
    Total expenses $ (27 ) $ (26 )
             
    Total fee-related earnings (loss) $ (21 ) $ (14 )
             
    Realized carried interest(i) $ 19   $ 16  
    Net realized gain on corporate investments   619     795  
    Distributable earnings $ 617   $ 797  

    (i) Includes realized carried interest from the Falcon Funds, when applicable.

    Fee-related earnings (loss) and distributable earnings are non-GAAP financial measures. The tables below provide reconciliations of Onex’ net earnings (loss) to fee-related earnings (loss) and distributable earnings during the quarters and years ended December 31, 2024 and 2023.

    ($ millions) Quarter Ended
    December 31, 2024
      Quarter Ended
    December 31, 2023

     
    Net earnings (loss) $ (2 ) $ 373  
    Provision for income taxes   1      
    Earnings (loss) before income taxes   (1 )   373  
    Stock-based compensation expense   33     33  
    Amortization of property, equipment and intangible assets, excluding right-of-use assets 3     4  
    Restructuring expenses, net   10     6  
    Unrealized carried interest included in segment net earnings – Credit 5     6  
    Realized performance fees previously recognized in segment net earnings (2 )   (5 )
    Contingent consideration recovery     (42 )
    Impairment reversal of property and equipment     (2 )
    Integration expenses     1  
    Other   (1 )   (2 )
    Total segment net earnings   47     372  
    Investing segment net earnings   (29 )   (326 )
    Net gain from carried interest(i)   (19 )   (48 )
    Total fee-related earnings (loss)   (1 )   (2 )
    Realized carried interest(i)   2     7  
    Realized gain on corporate investments   230     134  
    Total distributable earnings $ 231   $ 139  

    (i) Includes carried interest Onex is entitled to from the Falcon Funds.

    ($ millions) Year Ended
    December 31, 2024
      Year Ended
    December 31, 2023

     
    Net earnings $ 303   $ 529  
    Provision for income taxes   2     3  
    Earnings before income taxes   305     532  
    Stock-based compensation expense   36     75  
    Amortization of property, equipment and intangible assets, excluding right-of-use assets 15     24  
    Restructuring expenses, net   21     46  
    Carried interest from Falcon funds previously recognized in segment net earnings (25 )    
    Unrealized carried interest included in segment net earnings – Credit 10     17  
    Unrealized performance fees included in segment net earnings 3      
    Impairment of goodwill, intangible assets and property and equipment     162  
    Contingent consideration recovery     (42 )
    Integration expenses     4  
    Other       (1 )
    Total segment net earnings   365     817  
    Investing segment net earnings   (344 )   (815 )
    Net gain from carried interest(i)   (42 )   (16 )
    Total fee-related earnings (loss)   (21 )   (14 )
    Realized carried interest(i)   19     16  
    Realized gain on corporate investments   619     795  
    Total distributable earnings $ 617   $ 797  

    (i) Includes carried interest Onex is entitled to from the Falcon Funds.

    Cash and Near-Cash

    The table below provides a breakdown of cash and near-cash at Onex as at December 31, 2024 and December 31, 2023.

    ($ millions) December 31, 2024
      December 31, 2023
     
    Cash and cash equivalents – Investing segment(i) $ 840   $ 142  
    Management fees and recoverable fund expenses receivable(ii)   464     615  
    Cash and cash equivalents within Investment Holding Companies(iii)   156     398  
    Treasury investments   83      
    Subscription financing and short-term loan receivable(iv)   35     114  
    Treasury investments within Investment Holding Companies       197  
    Cash and near-cash $ 1,578   $ 1,466  

    (i) Excludes cash and cash equivalents allocated to the asset management segment related to accrued incentive compensation ($89 million (December 31, 2023 – $108 million)). The December 31, 2023 balance also excludes $15 million of cash and cash equivalents allocated to the asset management segment concerning the contingent consideration related to the 2020 acquisition of Onex Falcon.

    (ii) Includes management fees and recoverable fund expenses receivable from certain funds which Onex has elected to defer cash receipt from.

    (iii) Cash and cash equivalents is reduced by Onex’ share of uncalled expenses payable by the Investment Holding Companies of $36 million (December 31, 2023 – $35 million) and $2 million payable by the Investment Holding Companies for Onex’ management incentive programs related to a private equity realization (December 31, 2023 – less than $1 million). The December 31, 2023 balance also includes $22 million of restricted cash and cash equivalents for which the Company can readily remove the external restriction or for which the restriction will be removed in the near term.

    (iv) Includes $35 million of subscription financing receivable, including interest receivable, attributable to third-party investors in Onex Partners V and ONCAP V Funds (December 31, 2023 – $77 million attributable to third-party investors in certain Credit Funds, Onex Partners V and ONCAP V Funds). The December 31, 2023 balance also includes $37 million related to a short-term loan receivable from an Onex Partners operating company, which was repaid during 2024.

    The table below provides a reconciliation of the change in cash and near-cash from December 31, 2023 to December 31, 2024.

    ($ millions)    
    Cash and near-cash at December 31, 2023 $ 1,466  
    Private equity realizations and distributions   1,009  
    Private equity investments   (409 )
    Net private credit strategies investment activity   56  
    Repurchase of share capital of Onex Corporation (417 )
    Net stock-based compensation paid (60 )
    Cash dividends paid (23 )
    Reversal of Onex Falcon contingent consideration 15  
    Net other, including cash flows from asset management activities, operating costs and changes in working capital   (59 )
    Cash and near-cash at December 31, 2024 $ 1,578  

    (1) Refer to pages 27, 28 and 29 of Onex’ 2024 Annual MD&A for further details concerning the composition of segment net earnings. A reconciliation of total segment net earnings to net earnings (loss) is provided in the supplementary financial schedules in this press release.
    (2) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of fully diluted shares.
    (3) Asset management fee-related earnings excludes Onex’ public company expenses and other expenses associated with managing Onex’ investing capital and is a component of total fee-related earnings (loss).
    (4) Total fee-related earnings (loss) is a non-GAAP financial measure that does not have a standardized meaning prescribed under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to fee-related earnings (loss) is Onex’ net earnings (loss). Refer to the 2024 Results & Activity section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning fee-related earnings (loss).
    (5) Distributable earnings is a non-GAAP financial measure that does not have a standardized meaning prescribed under IFRS Accounting Standards. Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to distributable earnings is Onex’ net earnings (loss). Refer to the 2024 Results & Activity section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning distributable earnings.
    (6) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of investing capital per fully diluted share. The percentage changes in investing capital per share exclude the impact of capital deployed in Onex’ asset management segment, where applicable, and dividends paid by Onex.
    (7) Adjusted to exclude the impact from the transfer of Onex Falcon.
    (8) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of run-rate management fees.
    (9) Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of this measure does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore might not be comparable to similar financial measures presented by other companies. The most directly comparable financial measure under IFRS Accounting Standards to cash and near-cash is Onex’ consolidated cash and cash equivalents balance, which was $929 million at December 31, 2024 (December 31, 2023 – $265 million). Refer to the Cash and Near-Cash section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning Onex’ cash and near-cash.

    The MIL Network

  • MIL-OSI: 2025’s The Showdown 5 Sets Sales Pace Record

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 21, 2025 (GLOBE NEWSWIRE) — With just over one month until kick-off, The Showdown 5, in association with StoneX Group Inc., has achieved its fastest-ever sales rate. More than 45,000 tickets have already been sold for the pivotal London derby between Saracens Rugby Club and Harlequins F.C. at the Tottenham Hotspur Stadium on Saturday, 22 March.

    This exceptional demand highlights the excitement for one of the Premiership’s biggest games of the season, featuring international stars like Maro Itoje, Jamie George, Ben Earl, Elliot Daly, Danny Care, and Marcus Smith.

    Last year’s Showdown 4 saw Saracens shine in a convincing 52-7 victory over Harlequins, in what proved to be Owen Farrell’s 250th appearance for Saracens. March’s upcoming Showdown promises to reignite one of London’s most intense rivalries, with the Sarries seeking to replicate their dominant display while Harlequins look for sporting revenge. The stage is set for a battle for crucial points, with both teams currently chasing the pack in the Premiership.

    Following last year’s event, which drew 61,000 fervent fans to the state-of-the-art Tottenham Hotspur Stadium, 2025’s Showdown 5 promises an even greater sporting spectacle. Attendees can look forward to an expanded five-hour entertainment programme including live music and a spectacular fireworks display. Plus, the venue is host to Europe’s longest bar and in-house brewery.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The group strives to be the one trusted partner to its clients, providing its network, products, and services to enable them to pursue trading opportunities, manage market risks, make investments, and improve business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, as well as more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    The MIL Network

  • MIL-OSI Economics: Quarterly BSR-1: Outstanding Credit of Scheduled Commercial Banks – December 2024

    Source: Reserve Bank of India

    Today, the Reserve Bank released its web publication entitled ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs)1 – December 20242 on its ‘Database on Indian Economy’ portal (https://data.rbi.org.in Homepage > Publications). It captures various characteristics of bank credit such as occupation/activity and organisational sector of the borrower, type of account and interest rates based on account-level reporting3. Data reported by SCBs {excluding Regional Rural Banks (RRBs)} are presented for bank groups, population groups4 and states.

    Highlights:

    • Bank credit growth (y-o-y) decelerated to 11.8 per cent in December 2024 from 12.6 per cent in September 2024; all population groups (viz., rural, semi-urban, urban and metropolitan branches of banks) maintained double digit growth, though with some moderation, which was experienced by both public sector and private sector banks.

    • Personal loans, which have large share (31.5 per cent) in total credit, recorded moderation in annual growth to 13.7 per cent (15.2 per cent a quarter ago); credit to agriculture and industry sectors also recorded some tempering in the growth.

    • Bank lending for trade, finance and professional/ other services accelerated during Q3:2024-25.

    • Lending to public sector organisations accelerated to 5.4 per cent in December 2024 as compared with 0.3 per cent in the previous quarter; its share in total credit stood at 13.6 per cent.

    • Nearly two per cent of the bank loans were in terms of bills purchased/ discounted.

    • Bank charged 8 per cent to less than 10 per cent interest rate on over half of the loan amount and nearly 16 per cent of the loans were bearing less than 8 per cent interest rate; the remaining loans were bearing 10 per cent or above interest rate.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2227


    MIL OSI Economics

  • MIL-OSI Economics: Quarterly BSR-2: Deposits with Scheduled Commercial Banks – December 2024

    Source: Reserve Bank of India

    Today, the Reserve Bank released the web publication ‘Deposits with Scheduled Commercial Banks1 – December 20242’ on its ‘Database on Indian Economy’ portal3 (https://data.rbi.org.in Homepage > Publications).

    Scheduled commercial banks (SCBs) {excluding regional rural banks (RRBs)} report branch-wise data on type of deposits (current, savings and term), its institutional sector wise ownership, age wise distribution of deposits pertaining to individuals, maturity pattern, size and interest rate range wise distribution of term deposits as well as number of employees in the quarterly ‘Basic Statistical Return’ (BSR) – 2 return. These data are released at disaggregated level (viz., population groups4, bank groups, states, districts and centres).

    Highlights:

    • Aggregate deposits increased by 11.0 per cent in December 2024 as compared with 11.7 per cent growth a quarter ago.

    • Term deposits rose by 14.3 per cent (y-o-y) as compared with 5.1 per cent growth in saving deposits in December 2024; as a result, the share of term deposits in total deposits rose to 62.1 per cent from 60.3 per cent a year ago.

    • The share of deposits bearing seven per cent or above interest rate in total term deposits increased to 70.8 per cent in December 2024 from 61.4 per cent a year ago.

    • With rise in return on term deposits, nearly 79.8 per cent of the incremental term deposits mobilized during April-December 2024 were held in the original maturity bucket of one to three years; on an outstanding basis, over two third of term deposits were in this maturity bucket and another 11 per cent had higher original maturity.

    • During April-December 2024, 56.1 per cent of the total term deposits were of size ‘Rs. one crore and above’.

    • Senior citizens owned 20.2 per cent of the total deposits in December 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2228


    MIL OSI Economics

  • MIL-OSI Economics: Number of counterfeit euro banknotes continues to be low in 2024

    Source: European Central Bank

    21 February 2025

    • 554,000 counterfeit euro banknotes withdrawn in 2024 representing, by historical standards, small proportion of total banknotes in circulation
    • €20 and €50 most counterfeited denominations, accounting for over 75% of all counterfeit notes withdrawn
    • Euro banknotes remain safe and trusted means of payment
    • Authenticity of euro banknotes can be verified using “feel, look and tilt” method

    Some 554,000 counterfeit euro banknotes were withdrawn from circulation in 2024. The likelihood of receiving a counterfeit is low, as the number of counterfeits is very small in proportion to genuine euro banknotes in circulation. In 2024, 18 counterfeits were detected per million genuine banknotes in circulation, which is very low compared with the levels observed following the launch of the euro (see chart).

    Chart

    Number of counterfeit euro banknotes detected annually per million genuine notes in circulation

    Although the proportion is very small, the actual number of counterfeits has increased compared with the past few years, when the number of counterfeits was exceptionally low following the COVID-19 pandemic. Nonetheless, the number of counterfeits remains lower than in the years leading up to the pandemic.

    €20 and €50 denominations continued to be the most commonly counterfeited, together accounting for more than 75% of the total (see table). 97.8% of the counterfeits were found in euro area countries, while 1.3% were found in non-euro area EU Member States and 0.9% in other parts of the world.

    Table

    Breakdown of counterfeits by denomination in 2024

    Denomination

    €5

    €10

    €20

    €50

    €100

    €200

    €500

    Percentage of total

    1.3

    6.8

    36.0

    43.6

    7.9

    3.8

    0.6

    The public does not need to be concerned about counterfeiting but should remain vigilant. Most counterfeits are easy to detect, as they have either no security features or only very poor imitations of the existing features. Notes can be checked using the simple “feel, look and tilt” method described on our dedicated security features web page or on the websites of the euro area national central banks. The Eurosystem also helps professional cash handlers by ensuring that successfully tested machines for handling and processing banknotes can reliably identify counterfeits and withdraw them from circulation.

    If you receive a suspicious banknote, compare it side by side with one you know to be genuine. If your suspicions are confirmed, please contact the police or – depending on national practice – your national central bank or your own retail or commercial bank. The Eurosystem actively supports law enforcement agencies in the fight against currency counterfeiting.

    For media queries, please contact Nicos Keranis, tel.: +49 172 758 7237.

    MIL OSI Economics

  • MIL-OSI NGOs: Côte d’Ivoire: One year on: Evicted Gesco Rivière farmers must be compensated for devastating loss of livelihoods

    Source: Amnesty International –

    The Ivorian authorities must urgently compensate the 133 farmers, their employees and families whose livelihoods were destroyed following the forced evictions on the Gesco Rivière site in Abidjan, Amnesty International said on the first anniversary of the demolitions.

    On 21 February 2024, as part of a series of forced evictions in Abidjan neighbourhoods, farms and fishponds belonging to members of the Agro-Past Eburny association were demolished without prior consultation or notice. The farmers had settled on the Gesco Rivière site, a 4.6 hectares area which had been granted to them in 2011 by a state-owned company for the creation of an agro-pastoral zone, according to Guillaume Ballé Zilé, the association’s president.

    One year after the demolitions, despite the suspension of forced evictions in November 2024 and the authorities’ repeated commitments to compensate and rehouse those affected, none of the farmers has received compensation for their losses, estimated to be at around 650 million FCFA, or 1 million euros, according to president of the Agro-Past Eburny association.

    Where evictions are unavoidable, the authorities must fully adhere to national and international human rights standards.

    Marceau Sivieude, Amnesty International’s interim regional director for West and Central Africa

    “While we have welcomed the authorities’ commitment to suspend evictions and demolitions in Abidjan and to implement compensation measures, the Gesco Rivière farmers have so far not benefited from any of these plans. It is essential that all those affected by forced evictions who have not received compensation are able to benefit from it without delay,” said Marceau Sivieude, Amnesty International’s interim regional director for West and Central Africa.

    Guillaume Ballé Zilé said: “Since February 2024, no government body, in particular the Ministry of Animal Production and Fisheries Resources, to which we were reporting, has reacted, nor has the Yopougon town hall or the Autonomous District of Abidjan.”

    MIL OSI NGO

  • MIL-OSI Video: State of Play: Conflict in the Middle East | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    Ongoing conflict in the Middle East is having ripple effects across the world as the toll on human lives continues to rise.

    Join this town hall to explore the measures and actions leaders can take to de-escalate tensions and seek long-term stability.

    Speakers: David Ignatius, Ayman Al Safadi

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=FrnMFQ–uJU

    MIL OSI Video

  • MIL-OSI Video: Russia: What Next? | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    In 2024 Russia overtook Japan as the world’s fourth largest economy in purchasing power parity terms, yet there is a deteriorating fiscal context and faltering economic stability as a sharp downturn looms.

    On foreign policy, Moscow has doubled down on efforts to consolidate a counterweight to the G7, even as it faces setbacks in the Middle East.

    How will Russia and its place in the world fare in 2025?

    Speakers: Ravi Agrawal, Valdis Dombrovskis, Elisabeth Svantesson

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=Q5GbGmQrnHY

    MIL OSI Video

  • MIL-OSI United Nations: CrisisLab, Sciences Po

    Source: UNISDR Disaster Risk Reduction

    Mission

    The Sciences Po Crisis-Lab is a research, experimental and training hub in the human and social sciences working on adaptation to critical situations. Inspired by the principles of the Lab Schools founded in the 1960s by John Dewey, it seeks to identify innovative ideas, to experiment them on the ground, and then draw lessons for action and learning.

    Crisis-Lab is an autonomous space driven by researchers in the human and social sciences with a long experience in studying crisises, working in close collaboration with crisis professionals, primarily in public organizations in charge of crisis management, but also in private companies and NGOs.

    Crisis-Lab has three main objectives

    • Produce a state of the art in human and social sciences relative to crises. From this, conduct innovative research on cooperation and coordination in critical situations, the organization of expertise and decision-making, the behavior of populations, mobility and immobility issues, the role of technologies, big data and social networks, finally ethical and democratic issues.
    • Develop training programs that put self acquisition of knowledge on crises by students at the core of the pedagogical project, by continuously confronting them with the resolution of concrete situations or problems. In parallel, offer training courses leading to a qualification which emphasise the organisational and human dimension of crisis management and apprehend crisis situations from the point of view of social actors.
    • To experiment, in the form of simulation exercises of a profoundly renewed format and returns on past crises, different modalities of adaptation to critical situations, taking advantage of the results and reflections engaged in the research component of the Crisis-Lab.

    MIL OSI United Nations News

  • MIL-OSI: AGF Investments Announces February 2025 Cash Distributions for AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund and AGF Systematic Global Infrastructure ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) today announced the February 2025 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions. Unitholders of record on February 28, 2025 will receive cash distributions payable on March 6, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange  Cash Distribution Per Unit ($)
    AGF Enhanced U.S. Equity Income Fund* AENU Cboe Canada Inc.  $0.141900
    AGF Total Return Bond Fund* ATRB Cboe Canada Inc.  $0.081000
    AGF Systematic Global Infrastructure ETF QIF Cboe Canada Inc.  $0.142787

    *AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

    Further information about the AGF ETFs can be found at AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    AGF ETFs are ETFs offered by AGF Investments Inc. ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network

  • MIL-OSI: StoneX Payments to Showcase Cross-Border FX Capabilities at BAFT Europe Bank-to-Bank Forum 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 21, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (“StoneX”; NASDAQ: SNEX) announced that its Payments Division (“StoneX Payments”) will participate as a sponsor and speaker at the 2025 BAFT Europe Bank-to-Bank Forum in Amsterdam. The event brings together senior banking executives, regulators, and industry experts to discuss the evolving landscape of cross-border payments and banking relationships.

    StoneX Payments will highlight its institutional-grade infrastructure, which enables banks, credit unions, and financial institutions to execute efficient, transparent international payments across more than 140 currencies and 180 countries.

    Expanding Access to Cross-Border FX Solutions

    StoneX Payments continues to strengthen its position as a trusted partner for financial institutions looking to enhance their FX payment capabilities. By leveraging its network of nearly 400 correspondent banks and deep market expertise, StoneX provides seamless currency flows, competitive pricing, and full principal protection to clients operating in complex financial environments.

    As part of the event’s agenda, David Willacy, Head of Trading EMEA – Payments FX at StoneX, will deliver a presentation on cross-border FX transactions in emerging and lesser-traded currencies, focusing on key challenges such as liquidity, settlement risks, and regulatory constraints.

    Session: “Navigating the Complexities of Cross-border FX Payments in Exotic Currencies: Opportunities for European Corporates and Banks”
    Date: March 11, 2025 | Time: 16:40 – 17:00
    Speaker: David Willacy, Head of Trading EMEA – Payments FX, StoneX

    Enhancing Financial Institutions’ Payment Strategies

    Banks and financial institutions face a growing demand for faster, lower-cost, and more transparent international transactions. StoneX Payments works closely with clients to eliminate inefficiencies, reduce transaction costs, and ensure seamless cross-border payments, even in traditionally hard-to-access markets.

    Connect with StoneX Payments at BAFT Europe

    StoneX Payments representatives will be available for one-on-one discussions about customized strategies to improve cross-border payment capabilities for financial institutions. To schedule a meeting, email payments@stonex.com.

    About StoneX Group Inc.

    StoneX Group Inc. (NASDAQ: SNEX) is a Fortune 100 global financial services company that provides execution, risk management, advisory, and market access solutions across commodities, securities, global payments, and foreign exchange. Headquartered in New York City, StoneX and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, as well as 400,000+ retail accounts, from over 80 offices spanning six continents.

    For additional information about StoneX Payments and its participation in BAFT Europe Bank-to-Bank Forum 2025, click here.

    NASDAQ: SNEX

    www.stonex.com

    The MIL Network

  • MIL-OSI: QCR Holdings, Inc. Announces a Cash Dividend of $0.06 Per Share

    Source: GlobeNewswire (MIL-OSI)

    MOLINE, Ill., Feb. 21, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced that on February 19, 2025, the Company’s Board of Directors declared a cash dividend of $0.06 per share payable on April 3, 2025, to holders of common stock of the Company of record on March 19, 2025.

    About Us
    QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its four wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994; Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001; Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016; and Guaranty Bank (formerly known as Springfield Fist Community Bank), based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of December 31, 2024, the Company had $9.0 billion in assets, $6.8 billion in loans and $7.1 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

    Contact:
    Todd A. Gipple
    President
    Chief Financial Officer
    (309) 743-7745
    tgipple@qcrh.com

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on JM Financial Home Loans Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 17, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh fifty thousand only) on JM Financial Home Loans Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 52A of the National Housing Bank Act, 1987.

    The statutory inspection of the company was conducted by the National Housing Bank with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

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

    The company failed to disclose, the approach for gradation of risk and rationale for charging different rate of interest to different categories of borrowers, to its customers in the application forms and also did not communicate the same explicitly in the sanction letters.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2225

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Asirvad Micro Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 20, 2025, imposed a monetary penalty of ₹6.20 lakh (Rupees Six Lakh Twenty Thousand only) on Asirvad Micro Finance Limited (the company) for non-compliance with certain provisions of the ‘Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022’, and ‘Appointment of Internal Ombudsman by Non-Banking Financial Companies’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

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

    After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    1. The company failed to report the household income of certain borrowers to Credit Information Companies;

    2. The company failed to provide factsheets to certain gold loan customers; and

    3. The company failed to establish a system of auto-escalation of all complaints that were partly or wholly rejected by its internal grievance redress mechanism to the Internal Ombudsman for a final decision.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2226

    MIL OSI Economics

  • MIL-OSI Asia-Pac: India Japan partnership rooted in brotherhood, democracy,culture and economic cooperation: Union Commerce and Industry Minister Piyush Goyal

    Source: Government of India (2)

    India Japan partnership rooted in brotherhood, democracy,culture and economic cooperation: Union Commerce and Industry Minister Piyush Goyal

    The partnership reflects a unique fusion of Sushi and Spices, distinct yet complementary: Shri Goyal

    Posted On: 21 FEB 2025 5:07PM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal stated that India and Japan share a globally recognized strategic partnership rooted in brotherhood, democracy, culture, and economic cooperation. This was stated by the Minister at his keynote address at the India-Japan Economy and Investment Forum today.

    The Minister highlighted that the Seven Lucky Gods of Japan have origins in Indian tradition, underscoring the deep cultural ties between the two nations. He noted that the relationship between India and Japan reflected Sushi and spices, a fusion of distinct yet complementary elements, contributing to an extraordinary partnership. Japan has been a key ally in India’s economic growth, with Foreign Direct Investment (FDI) from Japan exceeding $43 billion between 2000 and 2024, making it India’s fifth-largest source of foreign investment, added the Minister.

    The Minister highlighted that the Comprehensive Economic Partnership Agreement (CEPA) signed in 2011 has significantly strengthened bilateral trade, with over 1,400 Japanese companies operating in India and 11 industrial townships across eight states hosting Japanese enterprises. He pointed out that major infrastructure projects such as the Mumbai-Ahmedabad High-Speed Rail and metro systems in Delhi, Ahmedabad, Bengaluru, and Chennai reflect Japan’s active participation in India’s development. He expressed optimism about the commencement of the Shinkansen bullet train service between Mumbai and Ahmedabad in the near future.

    The Minister stated that under the leadership of Prime Minister Shri Narendra Modi, the ‘Make in India’ initiative launched in 2014 has provided a significant boost to India’s manufacturing sector. He stated that India and Japan are collaborating to build globally competitive brands, citing the example of Maruti exporting vehicles to various countries, including Japan. He reiterated the objective of increasing the share of manufacturing in India’s GDP to 25%, with Japan playing a crucial role in achieving this target.The Minister cited the Prime Minister, emphasizing that trade, technology, tourism, and investment will remain key pillars of India’s international economic strategy, with the partnership with Japan playing a crucial role in strengthening economic ties.

    He also noted India’s commitment to fostering a business-friendly environment, emphasizing that ease of doing business improvements are being implemented at both central and state levels. Infrastructure development, public-private partnerships in innovation, and a strengthened R&D ecosystem, supported by recent budget announcements, reflect the government’s strategic focus on economic growth. He underscored that India has the world’s largest number of STEM graduates, with women accounting for 43% of them, contributing to the country’s skilled workforce.

    The Minister pointed out five key drivers of India’s economic growth—decisive leadership, demographic dividend, democracy, diversity, and demand generated by 1.4 billion people—stating that these factors collectively shape India’s growing economy. He reiterated that large-scale investments will coexist in India with MSMEs to provide global solutions.

    Quoting Prime Minister Narendra Modi “ Today’s India inspires confidence in the world”, Shri Goyal added that  with a young and skilled workforce India today is a destination to invest and a destination to source goods and services.

    On quality standards, the Minister stated that Japan serves as a benchmark for excellence and that India seeks to adopt similar high standards in manufacturing. He noted that Indian manufacturers are being encouraged to embrace ‘Kaizen’ (continuous improvement) and Lean Six Sigma principles to enhance quality and efficiency. He further stated that efforts are being made to balance trade between India and Japan, with a focus on increasing Indian exports to ensure reciprocal benefits.The Minister invited participation in India’s growth story, particularly in green energy, renewable energy, high-tech manufacturing of semiconductors, electronic goods, and artificial intelligence. He emphasized that digital technologies will drive progress towards prosperity, reinforcing India’s commitment to innovation and sustainable development.

    ***

    Abhishek Dayal/ Abhijith Narayanan

    (Release ID: 2105293) Visitor Counter : 120

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Gender participation in governance is fundamental to bring about equality and to cut into inequities: Vice President of India, Dr Jagdeep Dhankhar

    Source: Government of India

    Gender participation in governance is fundamental to bring about equality and to cut into inequities: Vice President of India, Dr Jagdeep Dhankhar

    India is trying to leverage its technology for empowering people, to mitigate the suffering and to cut corruption and to generate transparency and accountability: Vice President

    Vice President of India, Dr Jagdeep Dhankhar addressed the conference of African-Asian Rural Development Organization

    Posted On: 21 FEB 2025 4:47PM by PIB Delhi

    Addressing the delegates at the conference of African-Asian Rural Development Organization in New Delhi today the Vice President of India, Dr Jagdeep Dhankhar said that the gender participation in governance is fundamental to bring about equality and to cut into inequities. India perhaps the only country in the world that has constitutionally structured participation of women in governance. He said that in village and municipal one third seats has been reserved for women. Pertaining to women empowerment he said that his government has taken initiatives that women at all level right from the Panchayat to be empowered. He informed that lakhs of women are frequently being elected through the election process in Panchayat, Cooperative etc. level. They are heading challenges of governance at village Panchayat and district level. He said that elections have been fortified in the constitution it’s a legal framework of functioning of various democratic institution, where the participation of women has been given priority.

    Dr Jagdeep Dhankhar informed that in a country of 1.5 billion people, drastic change is seen in every field in last one decade, education, economy and other basic immunity providing sectors like internet, electricity, cocking gas, toilet etc. He said that massive transformative steps have been taken through two aspects by the government that has helped the country with enormously benefited people. Of them one is education and the second is empowering of the people, when it comes to internet uses per capita India is more than USA & China.

    He said that when it comes to formalization of economy or digital transfer, we account more than 50 percent of the global communities. In decade ago, our economy had only double digit in global bench mark and now we are fifth position in the world and on the way to becoming third economic power of the world in next two years. He said that our nation is set for target that India would be a developed nation by 2047; there was a time our nation has to deposit its gold with Banks in Switzerland to sustain our fiscal credibility by then the foreign exchange reserve was only 11 billion US dollar, if it can be compared to the present situation the volume has gone to 7 hundred billion US dollar. Dr Dhankhar said that India is an example for the rest of the world that what could be impacts of the good initiatives in the field of rural development; empowerment of people etc. This convergence is a significant mile stone that would take the nation to a new height. Vice President said that this conference of African-Asian Rural Development Organization would go a long way in defining the stability of the world, he said that if World’s stability is to be defined then growth of rural sector, agriculture and corporative sector etc.  are top most important. 

    He said that the world is facing challenges for its safe existence. Indicating climate change the Vice President Shri Dhankhar said that it’s a menace created only by us by reckless exploitation of natural resources of which we are not the owner.  He said that we thought that this planet is meant for only human being not for others but there are also other challenges that include hunger, poverty. In one hand we have exploited technology to its maximum extent and on the other hand we have problem like hunger & poverty. In such a situation India is trying to leverage its technology for empowering people, to mitigate the suffering and to cut the corruption and to generate transparency and accountability.

    *****

    MG/NR

    (Release ID: 2105287) Visitor Counter : 51

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minster Shri Shivraj Singh Chouhan to visit the inaugural function of Pusa Krishi Vigyan Mela 2025 at ICAR-IARI in New Delhi tomorrow

    Source: Government of India (2)

    Union Minster Shri Shivraj Singh Chouhan to visit the inaugural function of Pusa Krishi Vigyan Mela 2025 at ICAR-IARI in New Delhi tomorrow

    The theme of the mela is Unnat Krishi – Viksit Bharat

    Posted On: 21 FEB 2025 3:53PM by PIB Delhi

    Union Minster of Agriculture and Farmers’ Welfare Shri Shivraj Singh Chouhan will visit the Pusa Krishi Vigyan Mela 2025 in New Delhi tomorrow. Shri Chouhan will be the Chief Guest of the inaugural function. Pusa Krishi Vigyan Mela (PKVM) 2025 of Indian Council of Agricultural Research -Indian Agricultural Research Institute (ICAR-IARI) is going to be held during February 22-24, 2025. The theme of the mela is Unnat Krishi – Viksit Bharat. Ministers of State for Agriculture and Farmers’ Welfare Shri Ramnath Thakur and Shri Bhagirath Choudhary will be the Chief Guest of the Valedictory Session on 24th February 2025. Secretary DARE and Director General, ICAR, Dr. Himanshu Pathak will preside over the inaugural and valedictory sessions.

    The main attractions of the PKVM this year will be:

    • Live demonstrations of the new varieties and technologies developed by IARI
    • Exhibitions on promising technologies, products and services of IARI as well as ICAR Institutes, Agricultural Universities, KVKs, FPOs, entrepreneurs, start-ups, public and private companies
    • Technical Sessions and Farmers-Scientists interactions on important issues like Climate Resilient Agriculture, Crop Diversification, Digital Agriculture; Entrepreneurship Development of Youth and Women; Agricultural Marketing, Farmers Organizations and Start-ups; and Farmers’ Innovation
    • Sale of Pusa Seeds of important varieties
    • On-Spot agro-advisories

    Realizing the growing significance of climatic risk and nutrition, the research program at IARI laid emphasis upon on developing climate-resilient crop varieties and bio-fortified cultivars with enhanced nutrient profile along with higher productivity. During 2024, a total of 27 crop cultivars in 10 different crops namely, 7 in bread wheat, 3 in rice, 8 maize hybrids, 1 pearl millet hybrid, 2 chickpea cultivars, 1 pigeon pea hybrid, 3 mung bean varieties, 1 lentil variety, 2 double zero mustard varieties and 1 soybean variety have been released. These include 16 varieties and 11 hybrids. IARI has been making stupendous contributions in Basmati rice production and trade through development of superior varieties. Basmati rice varieties including Pusa Basmati 1718, Pusa Basmati 1692, Pusa Basmati 1509 and the ones with resistance to both bacterial blight and blast diseases namely, PB 1847, PB 1885, and PB 1886 contribute to about 90% of the 5.2 million tons of Basmati rice exports earning of Rs. 48389 crores from India in 2023-2024. During April to November 2024, the export earnings from our Basmati rice stands at Rs 31,488 crores. Two short duration non-Basmati rice varieties namely, Pusa 1824 and Pusa 2090 have been released, which can help provide sufficient time for after-harvest operations. Pusa RH 60 is a high-yielding, short-duration, aromatic rice hybrid with long slender grains, best suited for Bihar and Uttar Pradesh. Pusa Narendra KN1 and Pusa CRD KN2 are improved Kalanamak varieties with better resistance and higher yield, recommended for Uttar Pradesh.

    Institute’s research program also laid focus upon nutritional security and developed eight biofortified cultivars. One bread wheat variety (HI 1665) and one durum wheat, HI 8840 was developed with high iron and zinc content, suitable for central zone. A multi-nutrient hybrid Pusa Biofortified maize Hybrid 5 has been developed, which is enriched with α-tocopherol (21.60 ppm) provitamin A (6.22 ppm), high lysine (4.93%) and tryptophan (1.01%). Pusa Biofortified Maize Hybrid-4 is biofortified with high provitamin A, lysine, and tryptophan. Pusa Popcorn Hybrid-1 and Hybrid-2 offer high popping percentage and butterfly-type popped flakes, ideal for NWPZ and PZ zones. Pusa HM4 Male Sterile Baby Corn-2 is a male sterile-based hybrid developed for NEPZ, PZ, and CWZ zones.

    Two double zero mustard varieties (Pusa Mustard 35 and Pusa Mustard 36) were released with low erucic acid and glucosinolates content; which  provide high yield under timely sown irrigated conditions in Zone-III (Madhya Pradesh, Uttar Pradesh, Uttarakhand, and Rajasthan). Pearl Millet Pusa 1801 (MH 2417) is a dual-purpose variety (grain and fodder) biofortified with high iron (70 ppm) and zinc (57 ppm) content. It is resistant to multiple diseases and is best suited for the NCT of Delhi. Chickpea var Pusa Chickpea Vijay 10217 is a high-yielding variety resistant to Fusarium wilt, recommended for irrigated conditions in Uttar Pradesh. Chickpea var Pusa 3057 has high seed protein content (24.3%) and is resistant to multiple diseases, including Fusarium wilt, collar rot, and dry root rot. It is also moderately resistant to pod borer and has large seeds with excellent grain color and shape. Pigeon pea var Pusa Arhar Hybrid-5 is a high-yielding variety (23.35 q/ha on average, with a potential of 25.46 q/ha) resistant to SMD, Phytophthora stem blight, Macrophomina blight, and Alternaria leaf spot, making it suitable for Delhi and NCT.

     

    Striving towards attainment of goals of crop diversification for economic as well as ecological benefits, Institute has standardized Integrated Farming System Models (IFS).  Integrated farming system model of 1.0 ha area for small farmers involving crops, dairy, fishery, duckery, biogas plant, fruit trees and agro-forestry developed by ICAR-IARI has potential to generate the net returns up to Rs. 3,79,000/ha/year with an employment generation of 628 man-days. Similarly, Integrated Farming System Model of 0.4 ha area for marginal farm holders integrating polyhouse culture, mushroom cultivation along with crop and horticulture enterprises has the potential to generate the net income of Rs. 1,75,650/acre/year. 

    Horticulture-based crop diversification has been popular among farmers. Cultivation of vegetables, fruits and flowers has been profitable, while fruits and vegetable cultivation is also useful in promotion of nutritional security.  To promote vegetable cultivation, IARI has developed 268 improved vegetable varieties in 48 vegetable crops comprising of 41 hybrids and 227 varieties. IARI has developed nutritionally superior varieties in carrot (Pusa Prateek, Pusa Rudhira, Pusa Asita), okra (Pusa Lal Bhindi-1), Indian bean (Pusa Lal Sem), broccoli (Pusa Purple Broccoli-1) & Vitamin C rich spinach variety (Pusa Vilayati Palak) to address the issue of malnutrition. Yellow vein mosaic virus (YVMV) resistant andEnation leaf curl virus ELCV tolerant okra varieties (Pusa Bhindi-5 and DOH-1) were released to minimize the application of pesticides use and reduction in cost of cultivation. Six varieties and one hybrid in brinjal, three varieties in onion, two varieties and one hybrid in cucumber, three varieties in Indian bean, three hybrids in bitter gourd, two varieties and one hybrid in musk melon were released for cultivation. Two soft-seeded guava varieties, Pusa Aarushi (red pulp) and Pusa Pratiksha (white pulp), have been developed along with a gynodioecious, semi-dwarf papaya variety, Pusa Peet. One marigold variety i.e. Pusa Bahar has been recommended for release. A mid-season gladiolus var. Pusa Sinduri has been released for West Bengal, Punjab, New Delhi and Rajasthan. The production of quality seeds has increased more than four times since 2018-19 (239.861 tons) to 975.478 tons in 2023-24. The nutritious food products developed by the Division of Biochemistry are Divine Dough which is pearl millet flour with richness of quality protein, resistant starch, fibre and micronutrients like Fe and Zn. Pearly Loaf is a gluten-free bread pre-mix made entirely from whole pearl millet, offering a nutritious alternative to wheat-based bread. With a low glycemic index (pGI 68-69%), it supports blood sugar management while being rich in fiber, essential minerals, and bioactive compounds.

    A rapid colorimetric test kit named ‘Speedy Seed viability kit’ has been developed by our institute to distinguish between viable and non-viable seeds within 1–4 hours, depending on the seed type. Pusa STFR Meter developed by ICAR-IARI is a low cost, user-friendly, digital instrument to analyses fourteen important soil parameters including secondary and micronutrients viz., soil pH, EC, organic carbon, available N (derived from organic carbon), P, K, S, B, Zn, Fe, Cu, Mn as well as lime and gypsum requirement. Pusa Decomposer developed by ICAR-IARI is an eco-friendly and economically viable effective microbial solution for in-situ and ex-situ residue management. It has also been developed into ready to use powder formulation, which is completely dissolvable in water and can be used easily with mechanical sprayers. 500g per acre is recommended for decomposition of paddy straw in the field. The farm Sun Fridge developed by ICAR-IARI is an off-grid, battery-less solar refrigerated and evaporative cooled (SREC) structure. The objective of the technology is to have a solar cold store on farm fields. The cold store is used for storage of perishables. “PUSA MeFly KIT” and “PUSA CueFly KIT” are ready-to-use kits to manage fruit fly menace in a wide range of fruit and cucurbit vegetables, respectively. Point of care diagnostic kit and Easy PCR detection kit have been developed for rapid detection of chilli leaf curl virus and mung bean yellow mosaic virus, respectively. Pusa Dhan Bakanae parikshan kit has been developed for identifying pathogens causing bakanae disease in seed as well as in soil.

    *****

    MG/RN

    (Release ID: 2105262) Visitor Counter : 62

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Government responds to provisional liquidation of Paul Y Engineering Group Limited

    Source: Hong Kong Government special administrative region

         In response to the application for provisional liquidation by Paul Y Engineering Group Limited (Paul Y), a Government spokesman today (February 21) gave the following response:
          
         The Government noted that an application was made by Paul Y to the court recently to appoint a provisional liquidator for its five subsidiaries to handle debts and formulate a restructuring plan, and that the court held a hearing and approved the application today. Since it was a corporate decision of Paul Y to submit the application, and legal proceedings are underway, it is inappropriate for the Government to comment on the details.
          
         The Government spokesman said that any enterprise encountering financial difficulties has its own reasons, and the enterprise has to find a suitable solution based on its actual circumstances. As there have been market rumours and media reports of financial difficulties and layoffs at Paul Y for some time, the Government has been paying close attention to the situation and making preparations to reduce the impact on relevant works projects and subcontractors and to assist affected employees.
          
         Regarding public works projects, Paul Y’s subsidiaries are undertaking the construction of 13 public works contracts, among which 12 contracts are undertaken by Paul Y and other construction companies by way of joint venture. These contracts are managed by various government departments separately, including the Civil Engineering and Development Department, the Architectural Services Department, the Electrical and Mechanical Services Department, the Highways Department, the Drainage Services Department, the Water Supplies Department and the Environmental Protection Department. As the majority of the contracts are undertaken by joint ventures, regardless of whether Paul Y is liquidated eventually, the other participants of the joint venture contracts must complete the remaining works in accordance with the contract requirements. The Development Bureau (DEVB) has assessed that the joint venture participants concerned are capable of undertaking the remaining works, and they have also expressed that they will continue to execute the contracts. The only project solely undertaken by Paul Y has largely entered the completion stage. Overall, the DEVB believes that the impact of the situation of Paul Y on relevant public works projects is manageable, and will closely monitor the situation.
          
         On the other hand, Paul Y has also undertaken works projects of other public organisations, some of which are undertaken by joint ventures. As aforementioned, it is believed that the impact is manageable. For other projects solely undertaken by Paul Y, the public sector owners have replaced the main contractor of most of the projects in accordance with the established mechanism to ensure the smooth completion of the projects. Owners of a few other projects are also carrying out such arrangements with a view to minimising the impact on the projects.
          
         As the majority of the Government and public sector projects will be undertaken by other participants of the joint ventures or have the main contractor replaced in accordance with the mechanism, if Paul Y is liquidated by the court eventually, the succeeding contractor will follow the request made by the Government and public sector owners to try to accommodate the situation of existing subcontractors and workers so that they can continue to work on the relevant projects for the sake of maintaining continuity.
          
         In respect of Paul Y’s debt matters, the affected subcontractors or suppliers can apply for claims through legal means. The Government, including the Hong Kong Monetary Authority (HKMA), has been in contact with the construction industry and the banking sector. If subcontractors or suppliers face cash-flow pressure due to the Paul Y incident, the HKMA and the DEVB, together with the Construction Industry Council, will communicate with the Hong Kong Association of Banks so that banks can consider providing assistance on a case-by-case basis. Relevant enterprises can proactively contact lending banks and provide all relevant information so that the banks can understand the actual circumstances of the enterprises in a timely manner and provide flexible arrangements as far as feasible.
          
         In respect of employment rights and benefits, the Labour Department (LD) has all along been requiring Paul Y to pay wages and provide statutory rights to its employees in accordance with the Employment Ordinance (EO) and fulfil its obligations under the EO as a main contractor to pay the first two months’ unpaid wages of an employee who is employed by its subcontractors. The LD will continue to maintain contact with Paul Y, its subcontractors and relevant stakeholders to co-ordinate assistance for employees. Employees of Paul Y and its subcontractors who have enquiries on their employment rights and benefits may call the LD’s dedicated hotline at 3580 8721 or visit 10 branch offices of the Labour Relations Division in the territory.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: TRAI releases Recommendations on ‘Framework for Service Authorisations for provision of Broadcasting Services under the Telecommunications Act, 2023’

    Source: Government of India

    Posted On: 21 FEB 2025 3:28PM by PIB Delhi

    The Telecom Regulatory Authority of India (TRAI) has today released Recommendations on ‘Framework for Service Authorisations for provision of Broadcasting Services under the Telecommunications Act, 2023’.

    As per the extant guidelines for various broadcasting services, licenses/permissions/ registrations are issued by Ministry of Information and Broadcasting (MIB) under Section 4 of the Indian Telegraph Act, 1885 for provision of broadcasting services, like, television channel uplinking/downlinking (including Teleport), SNG/DSNG, DTH, HITS, IPTV, FM Radio, and Community Radio Stations (CRS).

    The Government has notified the Telecommunications Act, 2023 in the Gazette of India, which repeals the Indian Telegraph Act, 1885. However, the appointed date for various sections of the Telecommunications Act, 2023 is yet to be notified. Section 3(1)(a) of the Telecommunications Act, 2023 mandates authorisation for those intending to provide telecommunication services, subject to the terms and conditions, including fees or charges, as may be prescribed.

    MIB, vide its letter dated 25th July 2024, has sought recommendations of TRAI under Section 11(1)(a) of TRAI Act, 1997 on the terms and conditions, including fees or charges; for authorisation to provide broadcasting services, aligning it to the Telecommunications Act, 2023 and harmonizing the terms and conditions across various service providers.

    Accordingly, on 30th October 2024, the Authority initiated a consultation process by releasing a Consultation Paper titled ‘Framework for Service Authorisations for provision of Broadcasting Services under the Telecommunications Act, 2023‘ and sought stakeholder’s comments. In response, the comments and counter comments received from the stakeholders were uploaded on TRAI’s website. As part of the consultation process, Open House Discussion (OHD) was held on 18th December 2024.

    Based on the comments and counter-comments received from stakeholders as well as inputs gathered during OHD, examination of the existing provisions of various broadcasting policy guidelines, taking into account relevant earlier recommendations of TRAI that are under consideration of the Government, and its own analysis, TRAI has collated and restructured the terms and conditions into a simplified authorisation framework. The terms and conditions are aligned to the relevant provisions of the Telecommunications Act, 2023. Accordingly, TRAI has finalized its Recommendations on ‘Framework for Service Authorisations for provision of Broadcasting Services under the Telecommunications Act, 2023. The recommendations aim to promote growth and enhance ease of doing business in the sector.

    The recommended authorisation framework provides for two distinct sets of terms and conditions, the first set, for the applicant entity intending to obtain authorisation for broadcasting services; and the second set, to comply with by the authorised entity for service provisioning during the period of authorisation.

    These two sets of terms and conditions should be adopted while framing the Rules, namely, ‘The Broadcasting (Grant of Service Authorisations) Rules’ and ‘The Broadcasting (Television Channel Broadcasting, Television Channel Distribution, and Radio Broadcasting) Services Rules’.

    The recommended authorisations for broadcasting services include those for Television Channel Broadcasting (Satellite-based/Ground-based), News Agency for Television Channel(s), Teleport/Teleport Hub, Uplinking of Live event/news/footage by Foreign Channel/News Agency, Direct to Home (DTH) Service, Head End in the Sky (HITS) Service, Terrestrial Radio Service, Community Radio Stations and Low Power Small Range Radio Service.

    Salient points of the recommendations are given below:

      • Broadcasting service authorisations shall be granted under Section 3(1)(a) of the Telecommunications Act, 2023, in place of the extant practice of issuing license/permission under Section 4 of the Indian Telegraph Act, 1885. Terms and conditions for service authorisations shall be notified as Rules under Section 56 of the Telecommunications Act, 2023.
      • Grant of service authorisation under Section 3(1)(a) should be in the form of an authorisation document containing essential details pertaining to the service. The format of the authorisation document has been recommended.
      • The terms and conditions for ‘Grant of Service Authorisations’ have been harmonized for similar services and covers eligibility criteria, application process and other relevant details/information required by an applicant entity before applying for service authorisation.
      • Migration of existing licensee/permission holder to new authorisation regime shall be voluntary, till the expiry of their license/permission. Further, no processing fee or entry fee will be required for migration, in case of broadcasting services. However, the validity period of the respective service authorisation should be from the effective date of migration to the authorisation regime, irrespective of the validity period of existing license/permission.
      • Addition of new services, namely, ‘Ground-based Broadcasting of a Television Channel’ and ‘Low Power Small Range Radio Service’, based on earlier recommendations of the Authority.
      • The terms and conditions for service provisioning encompasses two parts, namely, ‘Common Terms and Conditions’ applicable to all broadcasting service authorisations in a harmonized manner and ‘Specific Terms and Conditions’ applicable to service specific authorisations.
      • To protect the interests of service providers, it has been recommended that amendments to terms and conditions of service authorisations (except for reasons of National Security) shall require TRAI’s recommendations.
      • Mandatory co-location should be removed for authorised entities of Radio Broadcasting Services.
      • Infrastructure sharing, on voluntary basis, among broadcasting service providers as well as with the telecom service providers/infrastructure providers, wherever technically and commercially feasible, has been recommended.
      • Authorised entities of ‘Television Channel Distribution Services’ shall endeavour to adopt interoperable STBs to enhance consumer choice and reduce electronic waste.
      • TEC to prepare and notify standards for interoperable STBs and television sets with inbuilt STB functionality.
      • The minimum net worth requirement of Rs. 100 crore for the Internet Service Providers to provide IPTV Service is recommended to be removed and the same should be aligned with the provisions contained in the authorisation for Internet Services to be issued by DoT.
      • Terms and conditions for Radio Broadcasting Service have been made technology agnostic enabling adoption of digital technology.
      • Service authorisation for ‘Terrestrial Radio Service’ to be delinked from frequency assignment and the auction of spectrum for frequency assignment for Terrestrial Radio Service shall be done separately.
      • In addition to broadcasting of radio channel(s), the authorised entities for Terrestrial Radio Service should be allowed streaming the same content through internet concurrently without any user control.
      • MIB should prescribe separate Programme Code and Advertisement Code for radio broadcasting service providers.
      • The terms and conditions including fees and charges for various broadcasting services, particularly in the ‘Television Channel Distribution Services’, have been harmonized with the provisions in the Telecommunications Act, 2023. Salient recommended terms and conditions are as under:

     

    Conditions

    Existing

    Recommended

    Authorisation Fees (erstwhile License Fee) for DTH services

    8% of AGR

    3% of AGR, to be reduced to ‘zero’. No authorisation fee after the end of FY 2026-27

    Authorisation Fees (erstwhile Annual Fee) for Radio Broadcasting Services

    • 4% of GR or 2.5% of NOTEF, whichever is higher;
    • 2% of GR or 1.25% of NOTEF for NE states, J&K and island territories during initial 3 years, thereafter as above
    • 4% of AGR for all the cities;
    • 2% of AGR for NE states, J&K and island territories during initial 3 years, thereafter as above

    Bank Guarantee for

    DTH Service

    Rs. 5 crore initial, thereafter License Fee of two quarters

    Rs. 5 crore or 20% of Authorisation Fee for two quarters, whichever is higher

    Bank Guarantee for

    HITS Service

    Rs. 40 crore for initial 3 years

    Rs. 5 crore for the validity of authorisation

    Processing Fees of

    HITS Service

    Rs. 1 Lac

    Rs. 10000

    Validity Period of

    HITS Service

    10 years initially, no provision for renewal

    20 years with renewal by 10 years at a time

    Renewal Period for Terrestrial Radio Service

    No provision for renewal in FM Radio

    Renewal by 10 years at a time

     

    In addition to harmonization of financial requirements, harmonization of common terms and conditions, roll out obligations for similar services (DTH and HITS), provisions enabling infrastructure sharing, provisions applicable in case of emergency/disaster, monitoring and inspection, contravention of rules, applicable Program Code and Advertisement Code for television broadcasting /distribution services and that for all Radio broadcasting services has been recommended.

    The Recommendations have been placed on the TRAI’s website (www.trai.gov.in). For any clarification/information Dr. Deepali Sharma, Advisor (Broadcasting and Cable Services), TRAI may be contacted at Telephone Number +91-11-20907774.

    ****

    Samrat/Dheeraj/Allen

    (Release ID: 2105251) Visitor Counter : 65

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  • MIL-OSI Asia-Pac: Gujarat Finance Minister presents Budget 2025-26 digitally via NeVA

    Source: Government of India

    Posted On: 21 FEB 2025 3:19PM by PIB Delhi

    The Finance Minister of Gujarat, Shri Kanu Desai, presented the Budget 2025-26 digitally via National eVidhan Application (NeVA) at the Assembly, marking a step towards paperless governance.

    National eVidhan Application is a transformative project under the Digital India initiative aiming to transform the governance landscape in India with a paperless and digital legislative process.

    ***

    SS/ISA

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  • MIL-OSI Asia-Pac: Education Bureau alerts public to website of organisation falsely claiming to have support from “Hong Kong Education Bureau”

    Source: Hong Kong Government special administrative region

         The Education Bureau (EDB) today (February 21) called on the public to stay vigilant against an organisation calling itself “Kyiv State University of Economics and Business (Hong Kong Campus)”. Its website falsely claims to have the support from the “Hong Kong Education Bureau” and contains a hyperlink to the EDB website.
          
         The EDB solemnly clarifies that it has no connection with the organisation in question. The EDB has reported the matter to the Police.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah, will Chair the 27th meeting of the Western Zonal Council at Pune, Maharashtra on Saturday, February 22

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation, Shri Amit Shah, will Chair the 27th meeting of the Western Zonal Council at Pune, Maharashtra on Saturday, February 22

    Prime Minister Shri Narendra Modi has stressed on the need to leverage cooperative and competitive federalism for all round development of the country

    Union Home Minister and Minister of Cooperation, Shri Amit Shah, has stressed on the cooperative federalism approach to empower states and promote better understanding between the Centre and the states

    In the Modi Government, role of Zonal Councils has been changed from advisory to action platform to make them effective

    Zonal Councils discuss broad issues relating to infrastructure, mining, environment and forests, food security parameters and other subjects of common interest at the regional level

    Posted On: 21 FEB 2025 1:16PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah, will chair the 27th meeting of the Western Zonal Council on Saturday, 22nd February, 2025 at Pune, Maharashtra. The Western Zonal Council comprises the states of Gujarat, Goa, Maharashtra and the Union Territories of Dadra and Nagar Haveli and Daman & Diu. Maharashtra Government is hosting the meeting which is being organized by the Inter State Council Secretariat under the Ministry of Home Affairs, Government of India, in collaboration with the Government of Maharashtra.

    The 27th meeting of the Western Zonal Council will be attended by the Chief Ministers of the member states and the Administrator of the Union Territories, along with two senior ministers from each state. The Chief Secretaries, Advisors and other senior officers of the State Governments and Union Territories and Union Home Secretary, Secretary, Inter State Council and other senior officers of the Central Government will also participate in the meeting.

    Five Zonal Councils were established in the year 1957 under Section 15-22 of the States Reorganization Act, 1956. Union Home Minister is the Chairman of these five Zonal Councils, while the Chief Ministers of the States included in the respective Zonal Council and the Administrator/Lieutenant Governor of the Union Territories are its members. Chief Ministers of the states included in Zonal Council become vice-its chairman by turn. Two more ministers from each state are nominated by the Governor as members of the council. Each Zonal Council has also constituted a Standing Committee at the level of Chief Secretaries.

    Prime Minister Shri Narendra Modi, has stressed the need to leverage cooperative and competitive federalism for the all-round development of the country. In the spirit that strong States make strong nations, Zonal Councils provide a platform to enhance cooperation through a systematic mechanism for regular dialogue and discussion on issues affecting two or more states or the Center and the States.

    Union Home Minister and Minister of Cooperation, Shri Amit Shah, has stressed on the cooperative federalism approach to empower states and promote better understanding between the Centre and the States. In the Modi Government, role of Zonal Councils has been changed from advisory to action platform to make them effective. Meetings of respective standing committees of all five Zonal Councils, except Southern Council, were organized last year.

    The Zonal Councils take up issues involving the Centre and the States and between one or more States in the region. Thus, the Zonal Councils provide an excellent platform for resolving disputes and issues between the Centre and the States and between the several States in the region. The Zonal Councils hold discussions on a wide range of issues including speedy investigation of cases of sexual offence/rape against women and children and implementation of Fast Track Special Courts (FTSCs) for expeditious disposal of such cases, facilitation of banks/India Post Payment Bank branches within 5 kms in each village, implementation of Emergency Response Support System (ERSS-112), issues relating to infrastructure, mining, environment and forests, food security parameters and other subjects of common interest at the regional level.

    Many issues of national importance are also discussed in each meeting of the Zonal Councils. These include power operations, urban master plan, eliminating malnutrition among children through POSHAN Abhiyan, discussion on reducing the dropout rate of school children, participation of government hospitals in Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana, strengthening Primary Agricultural Credit Societies (PACS) and other issues of common interest.

    *****

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  • MIL-OSI Asia-Pac: HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Dongguan (with photos)

    Source: Hong Kong Government special administrative region

    HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Dongguan (with photos)
    HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Dongguan (with photos)
    ******************************************************************************************

         ​To advance the development of a digital government, the Hong Kong Special Administrative Region (HKSAR) is collaborating with Guangdong Province to promote the Cross-boundary Public Services initiative. The Digital Policy Office (DPO) announced today (February 21) the setting up of a Hong Kong Cross-boundary Public Services self-service kiosk in Dongguan to enable residents and enterprises in Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to access public services of Hong Kong without the need to travel to Hong Kong in person.      Starting today, the public can use the Hong Kong Cross-boundary Public Services self-service kiosk located on 2/F, Dongguan Citizen Service Center to access various public services of Hong Kong. The opening hours of the kiosk in the Center are 9am to noon and 1pm to 5pm, Monday to Friday (except public holidays on the Mainland). For details, please visit the Hong Kong Cross-boundary Public Services thematic website at www.crossboundaryservices.gov.hk/en/home/index.html.      Following the Hong Kong Cross-boundary Public Services self-service kiosks that commenced operation earlier in Guangzhou, Qianhai and Futian in Shenzhen, Zhuhai and Foshan as well as Huizhou, the Cross-boundary Public Services self-service kiosk in Dongguan also provides over 70 public services from 12 government bureaux and departments as well as related organisations, encompassing eight areas commonly used by enterprises and the public including taxation, company registration, property and vehicle enquiry and registration, application for personal identification documents and entry of talent, welfare and education, healthcare, immigration clearance, urgent assistance as well as culture and tourism. Members of the public can use the self-service kiosks to perform data entry, document scanning and result printing to enjoy one-stop access when applying for various public services.       An “iAM Smart” self-registration kiosk is also set up at the Dongguan location to enable Hong Kong residents working and living on the Mainland to register for “iAM Smart+” and directly use the “iAM Smart” mobile app for one-stop public services, covering more than 400 Hong Kong public services, such as renewal of a vehicle licence, enrolment for the Contactless e-Channel, and application for student grant. For details and registration requirements, please visit the “iAM Smart” thematic website at www.iamsmart.gov.hk/en/reg.html.      A spokesman for the DPO expressed sincere gratitude to the Guangdong Provincial Administration of Government Service and Data for its strong support, and to the Center for its full co-operation. The DPO will continue to discuss with the Guangdong Provincial Administration of Government Service and Data to set up self-service and self-registration kiosks in more Mainland cities of the GBA to cope with the demands of residents and enterprises in the GBA for public services of Hong Kong.           To implement the State Council’s Guiding Opinions to all provincial governments on Cross-provincial Public Services and their comprehensive deployment, the HKSAR Government and the Guangdong Provincial Administration of Government Service and Data jointly commenced work of the GBA Cross-boundary Public Services in 2021, and jointly introduced a dedicated service area/thematic website for Cross-boundary Public Services in November 2023. The initiative enables enterprises and the public in both regions to enjoy simple and convenient cross-boundary services, with a view to facilitating the provision of public services and investment in the GBA, and enhancing the satisfaction and sense of contentment of enterprises and the public in accessing services across the boundary.

     
    Ends/Friday, February 21, 2025Issued at HKT 15:30

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  • MIL-OSI Asia-Pac: BCP clearance services, transportation and other arrangements for 15th National Games athletics (marathon) test event

    Source: Hong Kong Government special administrative region

    BCP clearance services, transportation and other arrangements for 15th National Games athletics (marathon) test event
    BCP clearance services, transportation and other arrangements for 15th National Games athletics (marathon) test event
    ******************************************************************************************

         The 2025 Shenzhen-Hong Kong marathon and the 15th National Games (NG) athletics (marathon) test event will be held on Sunday (February 23). The entire track is 42.195 kilometres long, of which the section in Hong Kong is 21.841km. Setting off from the Shenzhen Bay Sports Center, the races will enter Hong Kong via the Shenzhen Bay Port, run along the Shenzhen Bay Bridge and Kong Sham Western Highway Viaduct, then turn back to the Shenzhen Bay Port through the same route, and finally end at the Shenzhen Bay Sports Center. The event comprises men’s and women’s races, with the women’s group to depart at 7am and the other to set off at 7.30am. The athletes will enter the Hong Kong section upon completion of approximately 2km of the race route. Both groups are expected to spend around two hours in the Hong Kong section.      To facilitate the smooth running of the race, clearance services of the Shenzhen Bay Port (including all passenger and cargo clearance services) will be suspended during part of the morning on the event day, while temporary control measures will be implemented on the Shenzhen Bay Bridge and other related roads that day. Members of the public and travellers should pay attention to the following key points:      Arrival and departure clearance services at the Shenzhen Bay Port will be suspended from 2am to 11am on the event day, and passengers and vehicles will be prohibited from entering the port. In the meantime, temporary control measures will be implemented on Shenzhen Bay Bridge, Kong Sham Western Highway and Ha Tsuen Interchange. During the temporary control period, Shenzhen Bay Bridge, Kong Sham Western Highway and Ha Tsuen Interchange will be closed to all vehicular traffic from eastbound and westbound of Yuen Long Highway and Ha Tsuen Road.      Cross-boundary vehicles (including good vehicles, passenger vehicles and private cars) with valid closed road permits for the Shenzhen Bay Port may choose to use the Lok Ma Chau, Heung Yuen Wai and Man Kam To boundary control points (BCP) according to the operating hours of the relevant control points on the event day. The above special arrangement will cease upon the reopening of the Shenzhen Bay Port.      Cross-boundary coach services running between Hong Kong and the Mainland via the Shenzhen Bay Port as well as local public transport services serving the Shenzhen Bay Port, including franchised buses, green minibuses (GMB), urban and New Territories taxis, will be suspended during the implementation of the temporary control at the Shenzhen Bay Port on the day of event. The bus companies and GMB operators will display notices at termini and en-route stops of the affected routes to inform affected passengers. Travellers should choose other control points to Shenzhen.      During the suspension of the Shenzhen Bay Port departure service, the Transport Department (TD) expects that the roads leading to the Lok Ma Chau Spur Line Station Public Transport Interchange, Lok Ma Chau/Huanggang, Man Kam To and Heung Yuen Wai BCPs, including San Tin Interchange, San Sham Road and Lok Ma Chau Road, will be busy with traffic. The full clearance services at the Shenzhen Bay Port are expected to resume at around 11am that day, by then traffic will be expected to be relatively busy. Therefore, the TD appeals to travellers and drivers who plan to use all BCPs concerned on that day to plan their trips in advance. Cross-boundary private cars and other drivers are also advised to avoid driving to the above districts during the relevant hours unless necessary. Depending on the prevailing traffic conditions in the different areas, the Police will deploy appropriate manpower and implement corresponding crowd management measures or special traffic arrangements at the affected control points and relevant road sections.      For details of the special traffic and transport arrangements for the test event, please refer to the Transport Department Notice (www.td.gov.hk/en/traffic_notices/index_id_79334.html) and the Police’s press release on the special traffic arrangements for the test event (www.info.gov.hk/gia/general/202502/13/P2025021300398.htm).      The National Games Coordination Office (Hong Kong) (NGCO) has liaised with relevant government departments and organisations to disseminate information of the relevant BCP clearance services and transportation arrangements to be implemented for the event to the public, travellers and stakeholders through various channels.      The TD will liaise with public transport operators to suitably adjust the services to cater for passenger demand, and issue transport departmental notice of the traffic and transport arrangements for the test event and appeal for cross-boundary and local travellers and members of the public via various channels to take heed of arrangements for various public transport travelling to and from the Shenzhen Bay Port and plan their journeys early, including the HKeMobility mobile application, variable messages signs at strategic roads and tunnels, public announcement at MTR stations, Agent T Facebook page (www.facebook.com/AgentT.hk) as well as the social media platform of the Guangdong-Hong Kong-Macao Greater Bay Area Development Office and the Hong Kong Economic and Trade Office in Guangdong of the Government of the Hong Kong Special Administrative Region.      The Marine Department has liaised with cross-boundary ferry operators, with a view to working out manpower and sailing schedule arrangements for ferry services to and from Shekou, Shenzhen, in advance.      The Home Affairs Department has disseminated the relevant message through the district network (including District Councils, Area Committees and District Committees, Youth Committees, as well as District Services and Community Care Teams). On the day of the test event, the Care Teams will deploy staff to inspect the districts of Tuen Mun and Yuen Long, and provide appropriate assistance to members of the public in need (e.g. responding to enquiries).      Hong Kong Customs has informed the transport trades of the traffic arrangements on that day and to use other land BCPs as far as possible for entry and exit. Customs has also posted notices at the clearance facilities of the Hong Kong Port and informed the public through its website (www.customs.gov.hk/en/home/index.html) and social media platform.      The Immigration Department (ImmD) will update the situation of the control points in real time through its mobile application on the event day. Travellers are advised to check the waiting time situation of the Shenzhen Bay Control Point and other land BCPs through the ImmD’s mobile application before travelling to make better planning for their itinerary and minimise waiting time.      The Police will also remind the public of the temporary traffic control arrangements through its social media platform (www.facebook.com/HongKongPoliceForce).      The Tourism Commission (TC) has informed the hotel sector through their trade associations to remind their guests of the special transportation arrangements. The TC has also informed licensed travel agents through the Travel Industry Authority and the Travel Industry Council of Hong Kong to avoid bringing tour groups across the Shenzhen Bay Bridge on the event day. The Hong Kong Tourism Board has also notified its trade partners and disseminated the relevant information on its website (www.discoverhongkong.com/eng/index.html) to facilitate visitors’ itinerary planning.      Shenzhen will broadcast the event online, while Hong Kong has also arranged for live webcast by Radio Television Hong Kong (RTHK) (RTHK weblink: www.rthk.hk/nationalgames and RTHK YouTube channel: www.youtube.com/RTHK).      A spokesperson for the NGCO said as the NG is the country’s highest-level event, this marathon test event has to meet stringent requirements in terms of the selection of race course and the organisational arrangements to ensure the safety of athletes. Relevant departments will work together to facilitate the special traffic and transportation arrangements to minimise the impact on the public and travellers who usually use the Shenzhen Bay Port. The spokesperson thanked members of the public and travellers for their understanding, as well as the contributions of various organisations and departments to implementing the relevant arrangements.

     
    Ends/Friday, February 21, 2025Issued at HKT 12:00

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  • MIL-OSI Asia-Pac: Speech by SCST at Sports Law Conference (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the Sports Law Conference today (February 21):
          
    President Roden Tong (President of the Law Society of Hong Kong), Mrs Regina Ip (Convenor of the Non-official Members of the Executive Council and Member of Legislative Council), Vivian, gold medal winner of Paris 2024 Olympic Games (Ms Vivian Kong), distinguished guests, ladies and gentlemen,
          
         Good morning. It is my great honour to address you at today’s Sports Law Conference. First of all, I would like to thank the Law Society of Hong Kong for organising the first mega conference on sports law in Hong Kong. 
          
         Today, we gather here to discuss and explore the enormous opportunities that the sports industry may present to both the legal profession and the business community in Hong Kong. I am glad that we have such a big and distinguished group of speakers from the business sector, legal practitioners, and sports professionals, both local and from abroad, to share with us their valuable insights on various aspects of sports.
          
         Hong Kong has always been a city that is passionate about sports. Sports not only promote physical health and well-being but also foster social cohesion. The Government is committed to developing sports in the community, nurturing sports talent, hosting mega sports events, promoting professionalism and developing sports as an industry. Our commitment is evident in the increasing resources that we have devoted to this policy area. In 2024-25, we are spending about $7.9 billion, which is double of the annual spending of $3.9 billion 10 years ago.
          
         Our efforts in sports development have borne fruit as we take pride in our athletes’ achievements on the global stage. Last summer, Hong Kong athletes achieved remarkable results by capturing two gold and two bronze medals in fencing and swimming at the Paris Olympic Games, attaining the best results in the history of Hong Kong, China thus far. Vivian Kong is here with us today and deserves a big round of applause from us. Our para-athletes also won three gold, four silver, and one bronze medal at the Paralympic Games, setting our best results since 2012.
          
         Earlier this month, I attended with the Chief Executive of Hong Kong the Asian Winter Games at Harbin. I am still overwhelmed by the achievements of our Hong Kong, China team, which made a lot of breakthroughs. Participating in curling and alpine skiing at the Games for the first time, our men’s curling team historically made the fourth, and an alpine skier achieved a record 10th place out of a total of 58 participants. The men’s ice hockey team also reached the quarterfinals stage for the first time. Although our athletes could not make it to the podium just as yet, I am sure all of us in this room are proud of their success and in particular the sportsmanship, professionalism and sports ethics demonstrated.
          
         As we celebrate our athletes’ achievements, it is important to recognise that their success represents more than just their talents. It reflects also the values that sports can bring to our community. These values go beyond medals, records and scores and can bring a positive impact to the society of Hong Kong. Now, let’s take a look at how sports can unlock important values for the Hong Kong community.
          
         First of all, perseverance is the key in the sports world. Our athletes encounter challenges, including injuries, defeats, and intense competitions throughout their career. Only through years of perseverance could they finally reach the international sporting arena. Vivian will agree with me that many of our athletes had to cope with recurring injuries while they gave it their all in the Paris Olympic Games. Having gone through these hardships, our athletes deserve fully our cheers and appreciation. Their perseverance has become an inspiration to many, and the athletes are setting an important role model, encouraging our youths not to give up in the face of obstacles. This is the spirit that empowers us and makes our society more resilient.
          
         Secondly, we promote friendship through sports. Sports serve as a powerful medium for building friendship that transcends cultural, ethnical and geographical barriers. It is through sports that people from around the world come together to promote mutual respect, inclusivity and friendship.
              
         It is also through sports that we take pride in our country and foster a stronger sense of national identity and belonging. As our national athletes continue to excel on the international stage, more and more people in Hong Kong are rooting for them and sharing in their joy of achievements as they bring triumph to the entire nation. We were particularly excited about the Mainland Olympians’ visit to Hong Kong after the Paris Olympic Games, where we had the invaluable opportunity to appreciate their sporting skills up close. As the public celebrated our country’s achievements together, our national identity and sense of belonging to our country are fortified.
          
         Another important value that we recognise is the commercial opportunities that the sports industry presents. Investments in sports infrastructure, sponsorships, and merchandising contribute to the job creation and business development of Hong Kong. As we promote sports events and activities, we can attract local and international brands, fostering partnerships that add impetus to our economy.
          
         To encourage the commercialisation of sports events, the Government provides matching funds under the “M” Mark System to provide incentives for event organisers to seek sponsorship from commercial organisations. By making the best use of market resources, we believe that the quality of events can be further enhanced, which will help attract more commercial players to the sports ecosystem. This is also conducive to the sustainable development of the sports industry in the long run.
          
         Sports broadcasting is another important aspect in commercialising the sports industry. Given the rise of digital media, the broadcasting right of sports events has become even more valuable. The broadcasting of sports events does not only generate revenue and sponsorships but also increases the visibility of our athletes and the sports themselves. The Government’s purchase of the broadcasting right of the Paris Olympic Games and Paralympic Games last year enabled members of the public to enjoy the games on television free of charge and to cheer for the athletes. This undoubtedly has helped generate greater interest in sports in the community.
          
         Meanwhile, sports have played an increasingly important role in driving tourism in Hong Kong. Major sports events, such as the Hong Kong Rugby Sevens hosted every year, attract hundreds of thousands of visitors from around the world, showcasing our city’s culture, hospitality, and vibrant spirit. By positioning Hong Kong as a centre for major international sports events, we strive to bring in high-level, high-profile sports competitions and support the invitation of star athletes to Hong Kong, which in turn promotes tourism by attracting families, event personnel and officials, as well as spectators from outside Hong Kong to participate in major sports events.
          
         I am sure that, like me, you are all looking forward to the formal opening of Kai Tak Sports Park, KTSP, on the 1st of March, that is, just a week away. And in fact, I just did two phone interviews about Kai Tak Sports Park this morning, on top of the one I gave yesterday. That is why I came a little bit late; I am very sorry about that. As Hong Kong’s largest sports infrastructure ever, KTSP will fully unleash the strengths and potential of Hong Kong in hosting high-profile mega sports events and entertainment programmes. Hong Kong sports teams will also have ample opportunities to compete at home turf. Additionally, KTSP will help develop peripheral products, including merchandise sales, venue management, refereeing, training, event co-ordination, etc. We will surely capitalise on the world-class facilities in KTSP in driving the sports development of Hong Kong.
          
         We recognise the importance of fostering sports exchanges and collaborations with the Mainland. This year, in November, Hong Kong will cohost the 15th National Games, and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games jointly with Guangdong Province and the Macao SAR (Special Administrative Region). Apart from attracting audiences from the Mainland and overseas to Hong Kong, the National Games series of events will allow Hong Kong citizens to participate in and support our team as home spectators. The preparation work of the Games is now in full swing. We will continue to leverage the opportunities to organise more sports exchanges with our Mainland counterparts.
          
         Sports are certainly an exciting area in Hong Kong full of different potential. As the sports industry continues to grow, there is a need to develop a robust legal system that supports fair play and resolves conflicts effectively, thereby promoting professionalism and accountability within the sector. The Chief Executive announced in 2024 Policy Address that the Government would support the industry to launch a pilot scheme on sports dispute resolution in Hong Kong. The availability of a sports dispute resolution mechanism would help preserve the integrity of sports and maintain a sustainable sporting environment. It is also essential to the advancement of sports development in Hong Kong, where a delay in handling of conflict may have a drastic impact on an athlete’s career. My bureau fully supports this initiative, and we look forward to your support and contribution to the pilot scheme.
          
         Ladies and gentlemen, sports have the potential to unlock a wide range of different values that enrich our community and contribute to the growth of Hong Kong. The potential for sports development is truly immense. My team will continue to work with the sports, legal and business sectors to ensure that the sports industry thrives. I am confident that through sports, we can build a stronger, healthier, and more united Hong Kong.
          
         Before I close, I would once again like to extend my heartfelt gratitude to Roden and the Law Society of Hong Kong for organising this conference, and all speakers for sharing your insights, which are essential for creating a brighter future for the sports industry.
          
         I wish the conference a big success and your experience here truly rewarding. Thank you.

    MIL OSI Asia Pacific News