Category: Business

  • MIL-OSI Australia: TV Interview, ABC Afternoon Briefing with Greg Jennett, Shanghai

    Source: Minister for Trade

    Greg Jennett, host: Don Farrell, thanks for making this conversation possible from Shanghai. I suppose the very fact that you’re there indicates that the resumption of trade relations with China is very much back on track. What additional Australian products and services, though, are you telling the Chinese Commerce Minister that Australia should gain access to now in the Chinese market?

    Minister for Trade: Thanks, Greg. I met with my Chinese counterpart last evening on my arrival from Canberra. This was our 9th meeting. And again, we discussed those particular products that are still waiting to get back into the China market. Of course, that’s lobster and a couple of meat establishments. I got some assurances from the Minister that everything is on track to resolve all of our outstanding issues. 

    Now, having done that, we’re not resting on our laurels. I’m here with 253 Australian companies. Some of them have been here before, but many are coming for the first time, and my job as the Trade Minister is to try and push Australian companies out of Australia and into overseas markets. Obviously, China is the largest market for Australian goods. Last year, we sold $327 billion of two-way trade between Australia and China. But I think we can do better than that. I think this Expo – the largest trading event in the world – will be held this week, and I think we can sell even more wonderful Australian products, whether it’s food, whether it’s wine, whether it’s manufactured goods. That’s my ambition for this week.

    Greg Jennett: It does sound ambitious Don Farrell. Also on the wine front, I understand you’ve announced the formation of a wine partnership, some sort of training program, I believe. Does that mean that Chinese winemakers will come to Australia to undertake this training?

    Minister for Trade: It’ll be a mixture of both Greg. I was just with Penfolds. Of course, Penfolds is the biggest Australian winemaker in China. We want to work with the Chinese officials and the Chinese wine industry firstly so that we can get our product back into China, but also so we can help them improve their product. It’s a two-way thing. As I said before, China is our largest trading market. We want a prosperous future for our wine industry. Already, almost $500 million worth of Australian wine is back on the supermarket shelves here in China. We want to do better in that, but we also want to work closely to improve the skills and the abilities of Chinese winemakers. And Penfolds Wines are at the forefront of that.

    Greg Jennett: Now, the Chinese leadership has made no secret over a very long time now about its desire to increase investment into Australia. I’m wondering in your talks whether Minister Wentao raised this and named any particular sectors for greater Chinese investment.

    Minister for Trade: On this occasion, Greg, he didn’t raise that with me. But he has raised those issues in the past, and my answer to the Minister is that Australia welcomes foreign investment, and we welcome foreign investment from China. We are agnostic as to where the investments come from. Part of our Future Made in Australia plan will mean that we need investment from overseas. Australia is very well supplied with, for instance, the critical minerals that are needed to move to net zero. What Australia sometimes struggles with is getting the capital to extract those minerals. So we welcome overseas investment, and we process all of those applications for investment on one principle, and that is our national interest, and that’s what we’ll continue to do Greg.

    Greg Jennett: All right. Now, subject to events in the US this week, and I admit here Don, that this is a highly hypothetical question, but if America goes ahead and erects higher tariff walls to Chinese goods entering that country, what do you assess the consequences of that might be for Australia? Could more Chinese manufactured goods enter this country at lower prices?

    Minister for Trade: Well, of course, our job, and my job in particular Greg, is to discourage companies from imposing additional trade barriers. Free trade provides peace and prosperity in our region, and my argument to any incoming American government, whether it be a Harris government or a Trump government, is that Australia supports the concept of free trade, and we want to continue to work with countries to ensure that the principles of the World Trade Organisation, the free trade principles, continue to apply to world commerce.

    Greg Jennett: Alright, can I tempt you into one or two questions on domestic matters, Don? As Tourism Minister, you’d be well aware of a heightened debate about ministers soliciting upgrades from the national flag carrier, of course, Qantas. If a minister did that, are they in breach of the ministerial code?

    Minister for Trade: Look, while I’m up here dealing with trade issues, I think I’ll continue to deal with international issues Greg. And I’ll be happy to talk about those issues when I get back to Australia.

    Greg Jennett: Alright, then. Electoral reform, if I can try you on that one as well. Here goes. There are very high expectations, Don Farrell, that this bill will be introduced into the Parliament in the final sitting fortnight. Can you confirm that and is it your expectation that it should also be passed this calendar year?

    Minister for Trade: Both of those things are correct. I’d like to see the legislation brought forward before the end of the year and the legislation in place as quickly as possible.

    Greg Jennett: Ok, and will that be introduced into the House or into the Senate, where you’re the relevant minister, of course?

    Minister for Trade: I’ll sort that out when I get back to Australia Greg.

    Greg Jennett: Okay. Well, I understand the constraints, some might even say the conventions, in not addressing domestic matters when abroad Don Farrell. So, we’ll thank you and wish you prosperous negotiations there in Shanghai. Thanks so much for coming on.

    Minister for Trade: Thanks very much Greg.

    MIL OSI News

  • MIL-OSI Asia-Pac: Mahakumbh 2025: New Avatar of AI Chatbot to guide Devotees on Parking, Food Courts, and Hospitals within 1 km radius

    Source: Government of India

    Mahakumbh 2025: New Avatar of AI Chatbot to guide Devotees on Parking, Food Courts, and Hospitals within 1 km radius

    AI Chatbot to explain every Sector Area, with accurate mapping of Mahakumbh with three New Features; Real-time PDF with brief information and Google Map Links to be shared with Devotees

    QR Scan to access Toilets, Exhibitions, and Lost & Found Centers Instantly; No more wandering for Banking, Public Water ATMs, Events, Attractions, and Transport Information

    Posted On: 25 JAN 2025 7:25PM by PIB Delhi

    Devotees visiting the Mahakumbh 2025 will no longer need to wander around in search of services or information. The new avatar of the chatbot, designed to assist devotees, comes with three added features. The AI-based chatbot will provide accurate information about parking, food courts, and hospitals within 1 km radius of the devotees.

     

     

    Mahakumbh Mapping and Sector Guidance Assistance

    The AI chatbot will not only provide the entire mapping of the Mahakumbh but will also share specific details about each sector, along with Google map links. Additional Mela Officer, Shri Vivek Chaturvedi informed that through this chatbot, devotees can quickly access information about parking, transport, banking, public water ATMs, and other services in seconds.

     

    Real-Time PDF and QR Scan Feature

    Through the chatbot, devotees can download real-time PDFs containing details about toilets, lost & found centers, exhibitions, and other essential locations based on their preferences. Scanning a QR code will instantly provide information about key locations directly on the mobile.

     

    A Confluence of Technology and Faith makes the World’s Largest Event a Seamless Experience

    Millions of devotees have already utilized this AI chatbot. With its effective and user-friendly design, it is greatly enhancing the convenience for those attending the Mahakumbh. The merging of technology and faith through this chatbot is making the world’s largest religious gathering simpler and more organized. Not only does it provide information, but it also enhances the overall experience of the devotees.

     

    *****

    AD/VM

     

    (Release ID: 2096212) Visitor Counter : 86

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: ADDRESS TO THE NATION BY THE HON’BLE PRESIDENT OF INDIA SMT. DROUPADI MURMU ON THE EVE OF REPUBLIC DAY 2025

    Source: Government of India

    Posted On: 25 JAN 2025 7:17PM by PIB Delhi

    My Dear Fellow Citizens,

    Namaskar!

    I am happy to be addressing you on this historic occasion. On the eve of Republic Day, I offer you my heartiest congratulations! On January 26, 75 years ago, our founding document, the Constitution of India, came into effect.

    The Constituent Assembly, after nearly three years of debates, adopted the Constitution on 26th of November in 1949. That day, 26th November, has been celebrated as Samvidhan Divas, that is, Constitution Day, since 2015.

    Republic Day is indeed a matter of collective joy and pride for all citizens. Seventy-five years, someone might say, is only the blink of an eye in the life of a nation. No, I will say, not these past 75 years. This has been the time when the long-dormant soul of India has awakened again, taking strides to regain its rightful place in the comity of nations. Among the oldest civilizations, India was once known as a source of knowledge and wisdom. There, however, came a dark phase, and inhuman exploitation under colonial rule led to utter poverty.

    Today, we should first recall the brave souls who made great sacrifices to free the motherland from the shackles of foreign rule. Some were well known, while some remained little known till recently. We are celebrating this year the 150th birth anniversary of Bhagwan Birsa Munda, who stands as a representative of the freedom fighters whose role in the national history is now being recognised in true proportions.

    In the early decades of the twentieth century, their struggles consolidated in an organized nationwide independence movement. It was the nation’s good fortune to have the likes of Mahatma Gandhi, Rabindranath Tagore and Babasaheb Ambedkar, who helped it rediscover its democratic ethos. Justice, liberty, equality and fraternity are not theoretical concepts that we came to learn in modern times; they have always been part of our civilisational heritage. It also explains why the critics who were cynical about the future of the Constitution and the Republic when India had newly become independent were proven so thoroughly wrong.

    The composition of our Constituent Assembly was also a testimony to our republican values. It had representatives from all parts and all communities of the country. Most notably, it had 15 women among its members, including stalwarts such as Sarojini Naidu, Rajkumari Amrit Kaur, Sucheta Kripalani, Hansaben Mehta and Malati Choudhury. When women’s equality was only a distant ideal in many parts of the world, in India women were actively contributing in shaping the destiny of the nation.

    The Constitution has become a living document because civic virtues have been part of our moral compass for millennia. The Constitution provides the ultimate foundation of our collective identity as Indians; it binds us together as a family. For 75 years now, it has guided the path of our progress. Today, let us humbly express our gratitude to Dr. Ambedkar, who chaired the Drafting Committee, other distinguished members of the Constituent Assembly, various officers associated with and others who worked hard and bequeathed us this most wonderful document.

    Dear Fellow Citizens,

    The 75 years of the Constitution are marked by an all-round progress of a young republic. At the time of Independence and even later, large parts of the country had faced extreme poverty and also hunger. But one thing we were not deprived of was our belief in ourselves. We set down to create the right conditions in which everyone would have the opportunity to flourish. Our farmers toiled hard and made our country self-sufficient in food production. Our labourers worked relentlessly to transform our infrastructure and manufacturing sector. Thanks to their sterling efforts, India’s economy today influences the global economic trends. Today, India is taking leadership positions in international forums. This transformation would not have been possible without the blueprint laid down by our Constitution.

    In recent years, the economic growth rate has remained persistently high, creating job opportunities for our youth, putting more money in the hands of farmers and labourers, and also lifting more people out of poverty. The bold and far-sighted economic reforms will sustain this trend in the years to come. Inclusion is the cornerstone of our growth saga, distributing the fruits of developments as widely as possible.

    As the Government continues to assign top priority to financial inclusion, initiatives such as the Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, MUDRA, Stand-Up India and Atal Pension Yojana have been expanded to provide more people access to a variety of financial support schemes.

    Equally importantly, the government has redefined the notion of welfare, making basic necessities such as housing and access to drinking water a matter of entitlement. Every effort is being made to extend a helping hand to the marginalized communities, particularly of the Scheduled Castes, Scheduled Tribes and Other Backward Classes. For example, there have been pre-matric and post-matric scholarships, national fellowships, overseas scholarships, hostels and coaching facilities for the youth from the SC communities. The Pradhan Mantri Anusuchit Jaati Abhyuday Yojana is making progress in reducing poverty among the SC communities by adding employment and income generation opportunities. There have been dedicated schemes for aiming for the socio-economic development of ST communities, including Dharti Aaba Janjatiya Gram Utkarsh Abhiyan and Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN). A Development and Welfare Board has been constituted for the De-notified, Nomadic and Semi Nomadic Communities.

    Meanwhile, the focus on physical infrastructure development, including roads and railways, ports and logistics hubs, over the past decade has created a platform that will support growth for decades to come.

    The way the government has used technology in the field of finance has been exemplary. A variety of digital payment options as well as the system of direct benefit transfer have promoted inclusion, bringing a significant number of people within the formal system. It has also brought unprecedented transparency in the system. In the process, within a few years we have created a robust Digital Public Infrastructure that is among the best in the world.

    The banking system has been in a healthy condition after a series of bold measures such as the Insolvency and Bankruptcy Code, effecting a substantial reduction in the Non-Performing Assets of Scheduled Commercial Banks.

    Dear Fellow Citizens,

    We won freedom in 1947, but many relics of a colonial mindset persisted among us for long. Of late, we have been witnessing concerted efforts to change that mindset. Among the most noteworthy of such efforts was the decision to replace the Indian Penal Code, the Code of Criminal Procedure and the Indian Evidence Act with the Bharatiya Nyaya Sanhita, the Bharatiya Nagarik Suraksha Sanhita and the Bharatiya Sakshya Adhiniyam. Based also on Indian traditions of jurisprudence, the new criminal laws place the delivery of justice instead of punishment at the centre of the criminal justice system. Moreover, the new laws grant top priority to countering crimes against women and children.

    Reforms of such magnitude require an audacity of vision. Another measure that promises to redefine the terms of good governance is the Bill introduced in Parliament to synchronise election schedules in the country. The ‘One Nation One Election’ plan can promote consistency in governance, prevent policy paralysis, mitigate resource diversion, and reduce the financial burden, apart from offering many other benefits.

    There has also been a fresh engagement with our civilisational heritage. The ongoing Mahakumbh can be seen as an expression of the richness of that heritage. An exciting array of initiatives is underway in the domain of culture to preserve and revitalise our traditions and customs.

    India is a hub of great linguistic diversity. In order to conserve as well as celebrate this richness, the Government has recognised Assamese, Bengali, Marathi, Pali and Prakrit as classical languages. This category already includes Tamil, Sanskrit, Telugu, Kannada, Malayalam, and Odia. The Government is proactively promoting research in 11 classical languages now.

    I look forward to the completion of India’s first Archaeological Experiential Museum in Vadnagar of Gujarat, being developed next to an excavation site that shows evidence of human settlement from around 800 BCE. The museum will bring together in one place a wide range of arts, crafts and cultural elements from different eras.

    Dear Fellow Citizens,

    It is, after all, our young generation that is going to shape the India of tomorrow. Education, in turn, shapes these young minds. Therefore, the Government has increased its investment in education and made every effort to improve every parameter related to this sector. The results so far are more than encouraging. The last decade has transformed education, in terms of quality of learning and physical infrastructure and digital inclusion. For the medium of instruction, the regional languages are promoted at more levels. It is not surprising that there has been a notable improvement in students’ performance. I am glad to learn that women teachers have played a crucial role in this transformation, since more than 60 percent of those who became teachers in the last decade are women.

    The expansion and mainstreaming of vocational and skill education is a welcome development. This is also supplemented now by the scheme to provide our youth internship opportunities in the corporate sector.

    With a stronger foundation of the school-level education, India has been scaling new heights in various branches of knowledge, particularly in science, along with technology. For example, India stands sixth in terms of intellectual property filings in the world. We have consistently improved our ranking in the Global Innovation Index, moving from 48th position in 2020 to 39th in 2024.

    With rising self-assurance, we are increasing our participation in cutting-edge research with a series of initiatives. The National Quantum Mission aims to create a vibrant and innovative ecosystem in this new frontier of technology. Another noteworthy beginning is with the National Mission on Interdisciplinary Cyber Physical System, which plans to focus on several advanced technologies including artificial intelligence, machine learning, robotics and cyber security. These technologies were called futuristic till recently, but they are fast becoming part of our daily lives.

    The Genome India Project has been not only an exciting venture in exploring nature; it is also a veritable defining moment in the history of science in India. Under its flagship programme, the genome sequencing of 10,000 Indians have been made available for further research only this month. This pathbreaking project will open new vistas in biotechnology research and also give a fillip to the public healthcare system.

    The Indian Space Research Organisation has been taking giant leaps in space in recent years. This month, the ISRO once again made the nation proud with its successful Space Docking Experiment. India has now become the fourth country in the world to have this capability.

    Our increasing confidence levels as a nation are also reflected in the arena of sports and games where our players have scripted thrilling success stories. Last year, our athletes made a mark in the Olympic Games. In the Paralympic Games, we sent our largest-ever contingent, who came back with our best-ever performance. Our chess champions impressed the world, as our men and women won the gold at the FIDE Chess Olympiad. The achievements in the sports during the year 2024 were capped by D. Gukesh, who became the youngest World Chess Champion.

    Supported by a great improvement in training facilities at the ground level, these sportspersons have made us proud with their winning drive and inspired the next generation to aim higher and higher.

    Our brothers and sisters living abroad have taken the best of our culture and civilisation to different parts of the globe and have made us proud with their achievements in diverse fields. They have always considered themselves to be a part of the India Story. As I said at the Pravasi Bharatiya Divas earlier this month, I am confident of their proactive and enthusiastic participation in the making of a Viksit Bharat, a developed India, by the year 2047.

    Dear Fellow Citizens,

    Thanks to substantial and concrete progress in a wide range of areas, we are marching towards the future, holding our heads high. The key to our future is our youth and especially the young women. Their dreams are moulding the India of tomorrow, when we will be celebrating the centenary of our Independence. And when today’s children will salute the tricolour on 26th January of 2050, they will tell their next generation that this great quest would not have been possible without our incomparable Constitution guiding them along the way.

    Our future generations will also keep in mind the mission of Independent India in the world. In the words of the Father of the Nation, Mahatma Gandhi [and I quote]

    “If Swaraj was not meant to civilize us, and to purify and stabilize our civilization, it would be nothing worth. The very essence of our civilization is that we give a paramount place to morality in all our affairs, public or private.” [unquote]

    Today, let us reaffirm our commitment to strive to realise Gandhiji’s dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin – indeed, the true source of rights is duty. Today we recall his lessons in compassion too – compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.

    Each of us must contribute to the efforts to counter the global threat of climate change. There have been two exemplary initiatives in this regard. At the global level, India is leading a mass movement, called Mission Lifestyle for Environment, to inspire individuals and communities to be more pro-active in protecting and preserving the environment. Last year, on World Environment Day, we launched a unique campaign, ‘Ek Ped Maa Ke Naam’, paying tribute to the nurturing power of our mothers as well as of Mother Nature. Its target of planting 80 crore seedlings was achieved ahead of the deadline. The world can learn from such innovative moves that people can adopt as their own movements.

    Dear Fellow Citizens,

    Let me once again congratulate you all on the occasion of Republic Day. My congratulations to the soldiers guarding our borders as well as police and paramilitary personnel keeping it safe within the borders. My congratulations also to the members of the judiciary, the bureaucracy and our missions abroad. My best wishes to you in all your endeavours.

    Thank you.

    Jai Hind!

    Jai Bharat!

    ***

    MJPS/SR/SKS

    (Release ID: 2096205) Visitor Counter : 54

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister of State for Cooperation Shri Murlidhar Mohol interacts with 200 PACS representatives invited from across the country as special guests on the 76th Republic Day in New Delhi

    Source: Government of India (2)

    Union Minister of State for Cooperation Shri Murlidhar Mohol interacts with 200 PACS representatives invited from across the country as special guests on the 76th Republic Day in New Delhi

    Invitation to PACS representatives as special guests in the Republic Day parade underlines their important role in rural development and also makes PACS a hub of not only financial activities but also community welfare

    Under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, the Ministry of Cooperation is committed to transforming cooperatives into multi-purpose institutions

    Digitization of PACS is a vital step towards development of rural India, it has improved access to financial services and promoted transparency and efficiency

    Posted On: 25 JAN 2025 8:56PM by PIB Delhi

    Union Minister of State for Cooperation Shri Murlidhar Mohol today interacted with more than 200 representatives of 100 Primary Agricultural Credit Societies (PACS) from 13 states of the country, who have been invited for 76th Republic Day as special guests in New Delhi. The Secretary of Ministry of Cooperation Shri Ashish Kumar Bhutani and other senior officials of the Ministry were present on the occasion. Invitation to PACS representatives as special guests in the Republic Day parade underlines their important role in rural development and also makes PACS a hub of not only financial activities but also community welfare.

    The interaction programme was attended by the PACS representatives from Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Bihar, Haryana, Punjab, Uttar Pradesh, Chhattisgarh, Jharkhand, Assam, Himachal Pradesh and Jammu and Kashmir. The computerisation of PACS in these states is progressing effectively and their respective PACS officials are reaping the benefits of digitisation.

    The Ministry of Cooperation, under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, is committed to transform cooperatives into multi-purpose institutions. The Government of India, in collaboration with other stakeholders like NABARD, State Governments and Cooperative Banks, is empowering PACS to realize Prime Minister Modi’s vision of ‘Sahkar se Samriddhi’. This initiative is a part of the Centrally Sponsored Project of ‘Computerization of Primary Agricultural Credit Societies’ which aims to enhance transparency, efficiency and profitability of PACS across the country. The project aims to computerize 67,930 PACS to improve access to financial services like faster loan disbursement, Direct Benefit Transfer and advanced banking services as well as to provide non-financial services like grain storage, Common Service Centres and Jan Aushadhi Kendras. Digitization of PACS is a vital step towards development of rural India, it has improved access to financial services and promoted transparency and efficiency.

    Strengthening of PACS will empower rural communities and realize the Indian vision of inclusive development. The invitation extended to PACS representatives for the Republic Day parade underlines their important role in rural development.

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    Raj Kumar / Vivek Vaibhav / Priyabhanshu / Pankaj

    (Release ID: 2096281) Visitor Counter : 52

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan applauds the achievement of women Self-Help Groups who emerged as Lakhpati through their engagement in various DAY-NRLM interventions

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan applauds the achievement of women Self-Help Groups  who emerged as Lakhpati through their engagement in various DAY-NRLM interventions

    Lakhpati Didis will not stop here but will become Crorepati and Arabpati soon: Shri Chouhan 

    Union Minister re-emphasises the goal of Garibi-mukt Gaon

    Shri Chouhan insists on adopting a whole-of-government approach through convergence for maximum impact and transforming the rural economy by enabling Lakhpati Didis

    Three hundred Lakhpati Didis invited as Special Guests who will witness the 76th Republic Day Parade tomorrow at Kartavya Path in New Delhi

    Posted On: 25 JAN 2025 9:17PM by PIB Delhi

    Union Minister for Rural Development and Agriculture and Farmers’ Welfare Shri Shivraj Singh Chouhan interacted with a group of 300 Lakhpati Didis from Self-Help Groups (SHG) those will participate in the 76th Republic Day Celebrations at Kartavya Path as Special Guests. He applauded the efforts of SHG women to realise the Prime Minister’s vision of Lakhpati Didis. He said that Lakhpati Didis will not stop here, but will become Crorepati and Arabpati soon. He emphasised that one becomes what one thinks and how one acts. He opened the house to all the Didis seeking suggestions for the way ahead. Didis emphasised on online marketing platform for interstate trade, removing the middlemen; importance of insurance, organic farming and peer learning among SHG Didis. 

    Shri Chouhan thanked the Prime Minister for his leadership, showing the way ahead for socioeconomic empowerment of women. He appreciated the work done by DAY-NRLM for the Lakhpati Didi mission, wherein each SHG household is encouraged to take up multiple livelihood activities coupled with value chain interventions, building higher order enterprises resulting in a sustainable income of one lakh rupees and above every year. He re-emphasised the goal of Garibi-mukt Gaon. Union Minister requested all Lakhpati Didis to make every women around them into a Lakhpati. Shri Chouhan insisted on adopting a whole-of-government approach through convergence for maximum impact and transforming the rural economy by enabling Lakhpati Didis.

    On the eve of Republic Day, Minister of State for Rural Development and Communications Dr Chandra Sekhar Pemmasani said that  Prime Minister’s dream of ‘Viksit Bharat’ has now become a reality. He also shared an inspiring story of Rajeshwari Didi from Anantpur District, who started a small millet roti making business by taking a loan from the SHG. Today, she earns ₹ 9 lakh per year and is generating employment for others too. He reaffirmed the message that women empowerment is an essential prerequisite for a self-made Bharat. He stated that SHG women under DAY-NRLM are moving from SHG to CEO, donning the role of entrepreneurs, making their own way and are contributing to the development of the nation.

    On this occasion, welcoming the participants, the Secretary, Ministry of Rural Development, Shri Shailesh Kumar Singh praised SHG members working on different fields like Krishi Sakhi, Bank Sakhi, Gender Sakhi and assured full support by the Ministry in future endeavours of Didis. Today, more than 10 crore rural women have been mobilised into 91.8 lakh SHGs. Together, these groups have mobilized savings deposits amounting to 60 thousand crore rupees, demonstrating remarkable financial discipline and reliability by keeping non-performing assets to 1.65% and are putting in efforts to bring even this down. 

    Marking the strength of women-led development strategies, a group of 300 Lakhpati Didis from Self-Help Groups (SHG) under the aegis of Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) will participate in the 76th Republic Day Celebrations at Kartavya Path as Special Guests. They will showcase the inclusive and resilient spirit of communities and villages that make India a robust republic nation. These 300 Didis and their spouses have been invited as special guests to this year’s Republic Day celebrations.

    Lakhpati Didis have showcased determination and strong resolve to overcome all obstacles and achieve a dignified life. Their presence would highlight the power of women-led institutions to bring out the essence of socio-economic empowerment and the holistic well-being of rural communities. Their presence would mark a spectacular confluence at the Kartavya Path and ensure widespread participation by people from different strata of society who are committed to commemorating our national festival.

    The Lakhpati Didis interacted with the Ministers and shared their stories of change and transformation through DAY-NRLM interventions. They also mentioned their dream of going beyond the Lakhpati goal and shared their vision of contributing to the country’s socio-economic development. The Ministers appreciated the notable contributions made by SHG women and commended them for their sheer determination, commitment, and active participation in accelerating the journey of achieving the goal of Viksit Bharat.

    During the day, the Special Guests visited the iconic Qutub Minar and were enthralled by the historical information relating to the monument.

    Earlier this week, on January 22nd, the Ministry of Rural Development also launched its tableau on the theme of ‘Lakhpati Didi’, which will be part of the Republic Day parade this year. It will showcase women’s economic empowerment through the lens of entrepreneurship, self-reliance, and education, along with a banner reading ‘Empowered Women, Prosperous Families, Stronger Nation’. The parade will mark a fitting conclusion to the Special Guests’ visit to Delhi.

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    MG/KSR 

    (Release ID: 2096301) Visitor Counter : 7

    MIL OSI Asia Pacific News

  • MIL-OSI China: China’s rural reform initiator writes new revitalization chapter

    Source: China State Council Information Office 2

    Villagers Yan Jinchang (L) and Yan Hongchang show the red packets containing their dividends in Xiaogang Village of Fengyang County, east China’s Anhui Province, Jan. 25, 2025. [Photo/Xinhua]
    Just days ahead of the upcoming Spring Festival, residents of a rural village named Xiaogang, located in east China’s Anhui Province, met joyously to collect bumper red packets.
    “Our family received more than 2,000 yuan (about $279) this year, which is enough for us to make a generous purchase of festive goods,” said 82-year-old villager Yan Jinchang.
    A dividend distribution ceremony was held on Saturday, and buzzed with excitement. Contrary to the common perception that villages are predominantly inhabited by elderly people, there were numerous young and energetic faces to been seen at this ceremony — with many of them returnees filled with dreams.
    Some of the youngsters shared Xiaogang’s stories with visitors, while others functioned as live streamers, highlighting the village’s unique appeal via their camera lenses.
    Despite the modest amount, the dividends distributed in Xiaogang hold extraordinary significance in terms of the big picture of the development of rural China.
    Once plagued by barren land and water scarcity, Xiaogang was a place where residents struggled to make ends meet. However, everything changed in 1978 when 18 farmers pressed their red fingerprints secretly on an agreement to contract collective land to individual households.
    This bold move sparked a wave of agricultural production enthusiasm and provided a powerful impetus not only for Xiaogang, but also for the broader rural reform and revitalization movement in China.
    The name of Xiaogang has since been fixed in the nation’s memory as the start of China’s reform, earning itself the title of “first village in rural reform.”
    Building on this foundation, Xiaogang continued to introduce reforms across multiple sectors — including rural taxes and fees, land rights and collective assets.
    In 2017, all villagers in Xiaogang were turned into shareholders of the village’s collective, to benefit from the business development from Xiaogang’s intangible assets. So far, the total amount of dividends given to villagers in Xiaogang has exceeded 20 million yuan.
    In 2024, Xiaogang saw its dividends rise for the seventh consecutive year, with a major contributor to this success being the village’s booming tourism industry. This momentum was further boosted when Xiaogang was honored as one of the world’s Best Tourism Villages at a United Nations Tourism meeting last year.
    This recognition has served as a catalyst, drawing widespread attention and boosting Xiaogang’s appeal as a tourist destination. The village, home to 1,053 households, welcomed over 620,000 visitors in 2024 — generating comprehensive tourism revenue of approximately 165 million yuan.
    According to Li Jinzhu, the first secretary of the village’s Party committee, tourism has now become a magnet attracting wealth and talents.
    “Very few tourists were willing to visit Xiaogang in the past, but now we provide them with quality accommodation and catering services, as well as a rich variety of activities, including traditional local performances and children’s amusement facilities,” Li noted, while adding that many villagers are currently engaged in the tourism sector, with more young people returning to the village to pursue opportunities there.
    Yan Mei is one of these passionate young returnees.
    The 28-year-old guide works almost every day and is the first to step from the sightseeing vehicle and introduce the history of Xiaogang to visitors.
    “People are just blown away by the modern hotels and brand-new scenic spot facilities here. They’re so happy to see how much the birthplace of China’s rural reform has changed,” Yan noted.
    Some tourists even decide to stay for a few days, just to chat and hang out with the locals, with many ending up becoming friends with the villagers, and even waving hello and exchanging gifts on holidays. “I’m really proud of all these changes. All these things have made my job so much more meaningful,” Yan said.
    At a main road, Yang Wei and his colleagues were seen shooting footage for the village’s social media account, with their efforts drawing the attention of a group of curious tourists.
    “It’s a great sign that Xiaogang is gaining more fame. This growing recognition benefits every villager. We’ve been using social media not just to attract visitors, but also to promote our local agricultural products. We’re thrilled to see it working,” Yang said while doing a live broadcast. He noted that in 2024, his team had managed to sell products worth more than 1.2 million yuan.
    As the sun set over Xiaogang, lively chatter between villagers and tourists mingled with the inviting aroma of freshly brewed coffee, generated by a newly-built cafe. It is a scene brimming with potential — suggesting a bright future filled with prosperity and endless opportunities for this remarkable Chinese village.

    MIL OSI China News

  • MIL-OSI Asia-Pac: SAIL signs MoU with ASCI Hyderabad for academic collaboration

    Source: Government of India

    Posted On: 04 NOV 2024 3:43PM by PIB Delhi

    An MoU has been signed between Steel Authority of India Limited (SAIL) and Administrative Staff College of India (ASCI), Hyderabad for academic collaboration on 04th November, 2024 at the company’s Corporate Office in New Delhi.

    This MoU would facilitate the conduct of customized Management Development Programmes for the newly promoted executives of SAIL, among others. Collaboration with reputed institutions is part of the overall Learning & Development (L&D) strategy of SAIL to provide further academic exposure to the company’s executives facilitating them to grow in their leadership positions.

    The MoU was signed in the presence of Shri KK Singh, Director (Personnel), SAIL and Dr Nirmalya Bagchi, Director, ASCI, Hyderabad.

    ****

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Coal India Limited Commemorates 50th Foundation Day with Vision for the Future- Viksit Bharat

    Source: Government of India (2)

    Coal India Limited Commemorates 50th Foundation Day with Vision for the Future- Viksit Bharat

    Coal Minister Lauds CIL’s People Centric PLI Scheme to Contractual Workers

    Posted On: 04 NOV 2024 11:01AM by PIB Delhi

    Coal India Limited (CIL), under the Ministry of Coal, marked its 50th Foundation Day yesterday at the CIL Headquarters in Kolkata. The celebration was graced by Union Minister of Coal and Mines, Shri G. Kishan Reddy, as the chief guest, along with Shri Vikram Dev Dutt, Secretary of the Ministry of Coal, as the guest of honour. This significant event not only celebrated CIL’s remarkable contributions to the nation’s energy sector over the past five decades but also laid the groundwork for its future initiatives and strategic direction.

    On this momentous occasion, Union Minister Shri G Kishan Reddy, launched the Golden Jubilee logo and unveiled the mascot “Angara.” The logo symbolizes CIL’s pivotal role as the backbone of India’s energy sector, reflecting the company’s commitment to innovation, progress, and sustainability. The mascot embodies the strength and resilience of coal miners, highlighting their courage and dedication. The Mascot is inspired by Royal Bengal Tiger.

     

    During his address, Shri G. Kishan Reddy extended heartfelt congratulations to the officers, staff, and workers of Coal India Limited (CIL) for reaching the milestone of 50 years of operation and stressed that increasing coal production and enhancing supplies to reduce imports should be CIL’s foremost priorities. He underscored the importance of miners’ welfare and the rehabilitation of communities affected by mine closures. “Contractual workers play a significant role in Coal India’s output, and I applaud the management’s decision to implement Performance Linked Incentives for them, effective FY 2023-24,” he stated.

    The Minister pointed out that under the visionary leadership of Prime Minister Shri Narendra Modi, the Coal Mines Special Provision (CMSP) Act was enacted in 2015 to augment coal production through transparent allocation of coal mines via auction. This initiative has been pivotal in ensuring coal availability for sectors such as steel, cement, and power utilities. He further stated that the launch of commercial coal mining in 2020 ushered in transparency, ease of doing business, and investment opportunities, helping to open the coal sector. Expressing confidence in CIL, he stated that the company has the competency and commitment to compete in the current open market scenario.

    Shri Reddy reiterated that while coal will remain a central component of India’s energy landscape for the coming decades, the nation is also heavily investing in renewable energy and addressing climate change. He commended CIL’s diversification efforts, including the setting up of a thermal power plant and foraying into critical mineral acquisition. In the Viksit Bharat initiative, Coal India has a vital l role to play and it needs to shoulder this responsibility.

    Addressing the event, Secretary of Coal, Shri Vikram Dev Dutt highlighted that CIL provides coal to Indian consumers at competitive rates compared to imported coal. He added that coal stocks at power plants reached 31.6 MT as on October 28, 2024, as compared to 18.8 MTs of corresponding period of last year with a growth of 68%, largely attributed to the contribution of CIL. Coal Secretary also said, Coal India should recalibrate its processes, operational and cost efficiency in accordance to the changing business dynamics.

    Shri Kishan Reddy also released the Strategy Report on Coal and Lignite Exploration, inaugurated the Mine Closure Portal, and announced the development of a 50 MW solar power plant at the Nigahi project of Northern Coalfields Limited, involving an investment of ₹250 crores. This solar initiative is expected to generate 49 million units of electricity. The Minister concluded the ceremony by presenting awards to outstanding performers in both institutional and individual categories, recognizing their significant contributions to CIL’s success.

    As Coal India Limited celebrates this significant milestone, the organization reaffirms its commitment to driving sustainable growth and energy security for the nation. Looking ahead, CIL is poised to embrace new challenges and opportunities while continuing to uphold its legacy as a cornerstone of India’s energy sector

     ****

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: NMDC Achieves Historic October Performance, Sets New Records

    Source: Government of India

    Posted On: 02 NOV 2024 7:32PM by PIB Delhi

    NMDC, India’s largest iron ore producer, has once again demonstrated its operational excellence by registering its best-ever October performance since inception. The company’s impressive production of 4.07 million tonnes (MT) and sales of 4.03 MT of iron ore surpassed previous October records, marking a 3.8% increase in production and 17.15% growth in sales compared to the corresponding period last year.

    This remarkable achievement brings NMDC’s cumulative figures for FY25 to 21.55 MT for production and 23.84 MT for sales, underscoring its commitment to meeting the country’s growing demands for iron ore. Shri Amitava Mukherjee, CMD (Additional Charge), attributed NMDC’s remarkable performance to the unwavering commitment and said, “These record-breaking figures with 3.8% growth in production and 17.15% growth in sales demonstrate the success of our strategic decisions, technology advancements, and long-term focus. We continuously assess our performance, and with this momentum, we’re confident of surpassing our best this fiscal”

    The growth in production volumes are achieved through meticulous mine planning while the impressive sales figures are driven by increased demand and consistent offtake by customers.

    NMDC’s focus on enhancing production capacity, ensuring reliable iron ore supply, and adopting environmentally sustainable practices reinforces its dedication to responsible mining. The corporation remains steadfast in contributing to India’s mining sector growth, aligning with its mission to foster a robust future for the industry.

    As a Navratna PSU under the Ministry of Steel, NMDC plays a vital role in meeting India’s steel production demands. With its continued strong performance, NMDC is poised to drive growth and sustainability in the mining sector.

    *****

     

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Ministry of Culture completes Special Campaign 4.0 focusing on institutionalization of Swachhata and minimizing pendency in the Offices

    Source: Government of India (2)

    Posted On: 02 NOV 2024 4:56PM by PIB Delhi

    Ministry of Culture (MoC), along with its organizations, participated in the Special Campaign 4.0 while focusing mainly on institutionalization of Swachhata and minimizing pendency in Government Offices.

    During implementation phase from 2nd to 31st October,2024, the Ministry achieved 100% targets in carrying out cleanliness drives in all designated 529 sites. 100% files in Record Management viz.12,668 Physical files and 3261 E-files were reviewed. 1167 Physical Files & 470 E-Files have been weeded out and closed, respectively. Revenue to the tune of Rs.31,73,667/- was generated by disposing of scarps. A total of 46876 Sq.ft. area was freed. In addition, 100% Public Grievances; 60% Public Grievances Appeals, 73% MP References 55% PMO References were disposed of. Ministry released 5 Press Statements. 187 Tweets were also issued by the Ministry and its various organizations.

    Cleanliness drive conducted at Ramappa Temple, Hyderabad and Warangal Fort, Hyderabad sites

    Ramappa Temple, Hyderabad

       

    Before                                           After

    Warangal Fort, Hyderabad

                 

    Before                                         After

     

    Digitization of Records

    The National Archives of India(NAI), an attached office of Ministry of Culture, has collections of approximately 34 crore pages. The NAI has a plan to convert all its physical collections into digital and make it accessible to the society online.  NAI has started a digitization programme through outsourcing. NAI has started the work of digitization of 30 Crore pages and uploading the same on Department search portal i.e. www.abhilekh-patal.in. and the work is expected to be completed in two years.  56,07,806 pages have been digitized in the month of October 2024 with complete DMS implementation, Bar-coding and each record have 24 number of indexing field.

    Conservation of Records

    As a part of restorative conservation of records, The National Archives of India (NAI) repaired 2380 number of sheets; stitched and bound 14 vols and 160 files/mics items; and also repaired 44 maps during the period.

    (On going conservation of Records at NAI)

    Appraisal of Records

    Ministry of Home Affairs, Ministry of Railway, Ministry of Coal and Directorate General CRPF, New Delhi have intimated NAI for appraisal of 680, 1366, 81 and 102 files, respectively. NAI has initiated action for joint appraisal of the above files as per provisions of Public Record Act & Rules.

    Record Management Training

    The following Training Programmes in Record Management were conducted by National Archives of India during Special Campaign 4.0 :-

    1. 178th Orientation course on Records Management for the Central Government officials/Departmental Records Officers was conducted for three days from 23-25 October 2024 at NAI, Records Centre, Jaipur. 27 participants from various Ministries/ Departments like Ministry of Finance, Ministry of Heavy Industries, Ministry of Defence, Atomic Energy, Archaeological Survey of India and PSUs etc. participated in this orientation course.

     

     

    2.As part of special campaign 4.0, a workshop/training session on ‘Records Management’ was conducted by NAI at Ministry of Coal on 18th October, 2024. Approximately 40 participants including ASO, SO and US level officers attended the workshop.

     

     

    Exhibition

    The National Archives of India organized an exhibition titled “सुशासन और अभिलेख as part of Special Campaign 4.0 for Swachhata. The exhibition was inaugurated by Hon’ble Culture Minister Shri Gajendra Singh Shekhawat on 1st October 2024 at NAI and remained open for public viewing till 30th October, 2024.

    Best Practice:

    Adding a creative dimension to the SHS Campaign,2024 and Special Campaign 4.0 some of the Organizations of Ministry of Culture have undertaken the following initiatives with citizen involvement and collective action as part of good practice:-

    1. Waste to Art Initiatives by National Council for Science Museums (NCSM) by engaging community in the waste to art initiatives: –
      1. 3 days Waste to Art Exhibition organized at National Science Centre, New Delhi, a Unit of NCSM, from 24th to 26th September,2024.

     

     

    b) Shadow Art piece crafted from discarded electronic, electrical & spare parts,  and A Coffee Table Book curated by NCSM Hqrs, Kolkata using waste material.

     (Coffee Table Book)

    1. Workshop on Composting Garden Waste organized by Goa Science Centre and Planetarium, a Unit of NCSM.

     

    Workshop on Vermicomposting organized by District Science Centre, Dharampur, Gujarat, a Unit of NCSM.

     

    1. Workshop on Hand made paper organized by Goa Science Centre and Planetarium Goa, a Unit of NCSM.

     

    1. Mobile Science Exhibition on Hygiene and Sanitation organised by District Science Centre, Dharmpur, Gujarat, a Unit of NCSM.
    1. Preservation of Gandhi Papers by Asiatic Society of Kolkata(ASK) 
    1. Curative Preservation of Manuscripts and Book “Ramayana” by Asiatic Society of Kolkata(ASK).
       

     

     

    Ministry of Culture is committed to continue with the good works done during Special Campaign in order to promote and institutionalize swachhata, and reduce pendency in all organizations.

    ***

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Coal India Steps into 50th Year

    Source: Government of India (2)

    Posted On: 02 NOV 2024 12:55PM by PIB Delhi

    Continuing to meet India’s coal requirement and bolstering the energy sector, the state owned Coal India Limited (CIL) stepped into its 50th year of inception on 1st November 2024. CIL came into being on 1st November 1975 as an apex holding company of the nationalized coking coal (1971) and non-coking mines (1973).

    From 89 Million Tonne (MT) production during 1975-76, the year CIL was formed, the Maharatna coal behemoth under the Ministry of Coal ended FY 2024 with 773.6 MT output – an 8.7 fold growth.  With 80% of its entire supplies directed to coal based power plants at highly competitive rates CIL plays a key role in enabling the citizens getting power at a just price.

    Though CIL’s employee strength fell sharply by almost a third to 2.25 Lakhs now from 6.75 Lakh employees during the early years of Nationalization, the production has taken an upward leap.

    Congratulating Coal India, Union Minister of Coal and Mines, Shri G Kishan Reddy said, “As Coal India enters into its Golden Jubilee Year with many milestones under its belt, I convey my best wishes to the company. Coal is yet to peak to its full potential in India. Indigenous production is vital to avoid expensive imports. Coal India has to ramp up production to higher levels in future with equal importance to people oriented social responsibility, welfare and safety”.

    It had been an eventful near five decade journey for CIL. The company braved many changes and challenges, trials and tribulations but managed to deliver what was expected of it. From a pure play coal producing company, Coal India is now diversifying into solar power, pithead power stations, coal gasification and critical minerals in the National interest.

    Beginning 2007, CIL had been formally observing its Foundation Day celebration as an in-house event. This includes J B Kumaramangalam Memorial lecture by either a former Chairman or an Industry expert and bestowing awards on best performers. This year as well the company will be celebrating the event on 3rd November in Kolkata with the Coal Minister as the Chief Guest and Coal Secretary as Guest of Honour.

    ****

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    MIL OSI Asia Pacific News

  • MIL-OSI USA: News release on compost reimbursement program

    Source: US State of Hawaii

    News release on compost reimbursement program

    Posted on Nov 1, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF AGRICULTURE

    ʻOIHANA MAHIʻAI

     

    JOSH GREEN, M.D.
    GOVERNOR

    KIAʻĀINA
                                                                           

    SHARON HURD
    CHAIRPERSON

    HAWAIʻI BOARD OF AGRICULTURE

     

     

    FOR IMMEDIATE RELEASE                                               

    NR24-32

    Nov. 1, 2024

     

    COMPOST REIMBURSEMENT PROGRAM ACCEPTING APPLICATIONS

     

    HONOLULU – The Hawaiʻi Department of Agriculture (HDOA) is accepting applications for the Compost Reimbursement Program for Fiscal Year 2025, which may reimburse agricultural producers for the cost of purchasing compost, including transportation costs.

     

    Act 231 was passed by the State Legislature during its 2024 session and Governor Josh Green, M.D., released funding totaling $400,000 in August 2024. Farming and landscaping operations may apply for reimbursement of up to 50% of the cost of compost purchased between July 1, 2024, and May 1, 2025. Reimbursements under this program are not to exceed $50,000 per qualified applicant.

     

    Under the reimbursement program, compost must be purchased from a certified processor, retailer or wholesaler licensed to do business in Hawaiʻi. In addition, certified Hawai‘i processors are limited to those companies regulated under the Hawaiʻi Department of Health Solid Waste Management Program. 

     

    “The cost of compost is a major expenditure for many farming operations,” said Sharon Hurd, chairperson of the Hawaiʻi Board of Agriculture. “This reimbursement program can help to prevent the spread of coconut rhinoceros beetles and other pests by providing an incentive to purchase compost from certified compost operators, which are required to treat all compost for pests prior to sale.”

     

    Qualified agricultural operations include commercial agriculture, aquacultural facilities, livestock, poultry, apiary and landscaping activities. Applicants must also provide a W-9 tax form, sample invoice and proof of compliance with federal, state and county tax and business regulations. The deadline to submit invoices is May 1, 2025.

     

    For more information and to download the application forms, go to:  https://hdoa.hawaii.gov/pi/main/compost-reimbursement2025/

    Program Contact:

    Plant Industry Division

    [email protected]

    808-973-9530

     

    # # #

     

    Attachment: Compost Reimbursement Fact Sheet

     

     

    Media Contact:
    Janelle Saneishi, Public Information Officer
    Hawaiʻi Department of Agriculture
    Phone: 808-973-9560
    Cell: 808-341-5528
    [email protected]
    http://hdoa.hawaii.gov

    HDOA is committed to maintaining an environment free from discrimination, retaliation, or harassment on the basis of race, color, sex, national origin, age, or disability, or any other class as protected under federal or state law, with respect to any program or activity.

                                                             

    For more information, including language accessibility and filing a complaint, please contact HDOA Non-Discrimination Coordinator at 808-973-9591, or visit HDOA’s website at http://hdoa.hawaii.gov/.

     

    To request translation, interpretation, modifications, accommodations, or other auxiliary aids or services for this document, contact the HDOA at 808-973-9591 or email [email protected].

     

    TITLE VI OF THE CIVIL RIGHTS ACT OF 1964

    The Hawai‘i Department of Agriculture does not discriminate on the basis of race, color, sex, national origin, age, or disability, or any other class as protected under applicable federal or state law, in administration of its programs, or activities. To learn more, or file a complaint, please refer to the links below:

     

    NON-DISCRIMINATION NOTICE

    English | Hawaiian Hoʻokomo ʻōlelo | Ilokano | Laotian ພາສາລາວ | Chinese 中文 | Tagalog | Thai ไทย

    NON-EMPLOYEE DISCRIMINATION COMPLAINT PROCEDURES

    English | Hawaiian Hoʻokomo ʻōlelo | Ilokano | Laotian ພາສາລາວ | Chinese 中文 | Spanish Español | Tagalog | Thai ไทย

    DISABILITY NON-DISCRIMINATION PROGRAM AND POLICY

    English

    LIMITED ENGLISH PROFICIENCY (LEP) PLAN

    English

    MIL OSI USA News

  • MIL-OSI USA: NEWS RELEASE: “RESCUE: HI-SURF” EPISODE DIRECTED BY NATIVE HAWAIIAN FILMMAKER ERIN LAU TO AIR NOVEMBER 4 ON FOX

    Source: US State of Hawaii

    NEWS RELEASE: “RESCUE: HI-SURF” EPISODE DIRECTED BY NATIVE HAWAIIAN FILMMAKER ERIN LAU TO AIR NOVEMBER 4 ON FOX

    Posted on Nov 1, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

     

     CREATIVE INDUSTRIES DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR

    JAMES KUNANE TOKIOKA

    DIRECTOR

    GEORJA SKINNER

    CHIEF OFFICER, CREATIVE INDUSTRIES DIVISION

     

     

    FOR IMMEDIATE RELEASE

    November 1, 2024

    “RESCUE: HI-SURF” EPISODE DIRECTED BY NATIVE HAWAIIAN FILMMAKER ERIN LAU TO AIR NOVEMBER 4 ON FOX 

    Hawaii hires for the hit series earned more than $31 million in total wages; workforce training also provided to local interns 

     

    HONOLULU The pulse-pounding new drama “Rescue: HI-Surf,” a co-production of John Wells Productions, Warner Bros. Television and FOX Entertainment, continues to further opportunities for Hawaii’s creative talent. Native Hawaiian filmmaker Erin Lau directs the seventh episode of the North Shore O‘ahu-set series as it follows the personal and professional lives of local lifeguards. Airing on FOX November 4, 2024, the episode marks Lau’s directorial debut in the network television space, furthering her impressive writer/director/producer credits across high-profile branded content and award-winning short films.

    Exploring themes of redemption, legacy and identity, Erin Lau’s dynamic body of work is known for empathetic storytelling. Since graduating from Chapman University’s MFA program, she has honed her craft through opportunities with the Sundance Institute, Tribeca Studios and Women in Film among others. Lau’s work has screened at more than 50 film festivals globally. Her Chapman thesis, “The Moon and the Night,” received support from the Sundance Native Lab and the Criterion Channel. Her short film, “Inheritance,” premiered at the 2022 Tribeca Film Festival and won the Oscar-qualifying Best Hawai‘i Short Award at the 42nd Hawai‘i International Film Festival. Through Jubilee Media, Lau has directed content for global brands such as Google. 

    “I am incredibly grateful for the support from our local film community and the collective of organizations and advocates that have helped me grow as a filmmaker and are empowering even more voices,” shares Lau. “Opportunities like this are essential for our emerging artists, and I’m thrilled to be part of ʻRescue: HI-Surf’ as it celebrates Hawai‘i’s creatives and stories.”

    Lau joins over 2,100 local cast and crew that have been part of the first season of “Rescue: HI-Surf,” collectively earning more than $31.75 million in wages. The series inspired by the water men and women of Hawai‘i has additionally invested more than $33.85 million in the local economy through food purchases, lodging, equipment and office rentals and goods and services from local vendors. Production is also championing the next generation of creative workers, bringing on local interns across various departments and offering hands-on experience in roles as production assistants.

    Said Georja Skinner, chief officer, Creative Industries Division (CID) at the Department of Business, Economic Development and Tourism (DBEDT), “’Rescue: HI-Surf’ has made a significant step in providing Erin this opportunity to direct television. Already an accomplished, award-winning filmmaker, she is committed to her community to see others realize their dreams. The series not only authentically captures the courage and care of Hawai‘i’s lifeguard community but is also creating valuable workforce opportunities for local creatives on a network series.”

    “Rescue: HI-Surf” airs on Mondays at 8 p.m. in Hawai‘i on FOX affiliate KHON-TV. 

    The teaser trailer of the new “Rescue: HI-Surf” episode and photos of Erin Lau’s journey as a filmmaker in Hawai‘i are available here.

    About Department of Business, Economic Development and Tourism (DBEDT) 

    DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation sector job growth.

    About Creative Industries Division (CID)  

    CID, a division within DBEDT, is the state’s lead agency dedicated to advocating for and accelerating the growth of Hawai‘i’s creative economy. Through initiatives, program development and strategic partnerships, the division and its branches implement activities to expand the business development, global export and investment capacity of Hawai‘i’s arts, culture, music, film, literary, publishing, digital and new media industries. As a major branch of CID, the Hawai‘i Film Office (HFO) was established as the one-stop central coordinator for film and photographic use of state-administered parks, beaches, highways, and facilities and is committed to developing Hawai‘i’s film industry, which provides desirable jobs for residents, as well as opportunities to build the creative and technical skillsets of the local workforce.    

    # # # 

    Media Contacts: 

    Laci Goshi
    Department of Business, Economic Development and Tourism
    808-518-5480 

    [email protected]

    Georja Skinner

    Chief Officer, Creative Industries Division
    Department of Business, Economic Development and Tourism

    808-586-2590 
    [email protected]

    Susan Wright 

    Becker Communications 

    808-799-4293 

    [email protected]

    MIL OSI USA News

  • MIL-OSI United Kingdom: NDA supply chain award winners 2024 revealed

    Source: United Kingdom – Executive Government & Departments

    The Nuclear Decommissioning Authority group have announced five organisations as winners of this year’s supply chain awards.

    NDA supply chain award winners revealed

    Morgan Sindall Infrastructure, The Decommissioning Delivery Partnership, PA Consulting, Antech and The Higher Activity Waste Thermal Treatment Tranche 1 Team are the big winners in this year’s supply chain awards.

    The awards recognise the vital role that supply chain companies play in helping the NDA group deliver its nationally important mission and clean-up its 17 nuclear sites across the UK.

    NDA Group Chief Commercial and Business Development Officer, Emma Ferguson-Gould, said:

    These awards not only recognise how important the supply chain is to our mission, but they also showcase the variety of innovative work being delivered by businesses throughout the UK and beyond on our behalf.

    We’re looking forward to presenting the winners with their awards at the event in January.

    The event is a fantastic opportunity to see pioneering work from our mission critical supply chain, who the NDA group are committed to encouraging, supporting, and developing, not just for today, but for the future.

    NDA’s supply chain conference, which usually attracts around 1,700 delegates and 300 exhibitors, will take place on 16 January 2025 at The International Centre in Telford. Registration is open now with full details available on the supply chain event website.

    The full list of winners is below. Visit our LinkedIn page to view the films explaining more about each category and those shortlisted:

    Best approach to achieving social value
    Winner: The Decommissioning Delivery Partnership

    Best approach to environmental sustainability
    Winner: Morgan Sindall Infrastructure

    Best example of applying creative and innovative solutions
    Winner: PA Consulting for harnessing AI at Sellafield Ltd

    Best example of delivering excellence through collaboration
    Winner: The Higher Activity Waste Thermal Treatment Tranche 1 Team

    Best small and medium enterprise
    Winner: Antech

    Updates to this page

    Published 4 November 2024

    MIL OSI United Kingdom

  • MIL-OSI: Descartes Sets Date to Announce Third Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    WATERLOO, Ontario, Nov. 04, 2024 (GLOBE NEWSWIRE) — Descartes Systems Group (TSX: DSG) (Nasdaq: DSGX), the global leader in uniting logistics-intensive businesses in commerce, is scheduled to report its third quarter fiscal 2025 financial results after market close on Tuesday, December 3, 2024.

    Members of Descartes’ executive management team will host a conference call to discuss the company’s financial results at 5:30 p.m. ET on Tuesday, December 3, 2024. Designated numbers are +1 289 514 5100 and +1 800 717 1738 for Toll-Free in North America, using conference ID 07584.

    The company will simultaneously conduct an audio webcast on the Descartes website at www.descartes.com/descartes/investor-relations. Phone conference dial-in or webcast log-in is required approximately 10 minutes beforehand.

    Replays of the conference call will be available until December 10, 2024, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 07584#. An archived replay of the webcast will be available at www.descartes.com/descartes/investor-relations.

    About Descartes Systems Group
    Descartes is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security, and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and X (Twitter).

    Descartes Investor Contact
    Laurie McCauley
    (519) 746-2969
    investor@descartes.com

    The MIL Network

  • MIL-OSI: Castellum, Inc. Announces $11.6 Million Higher Sequential Revenue and Gross Profits for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Nov. 04, 2024 (GLOBE NEWSWIRE) — Castellum, Inc. (“Castellum” or the “Company”) (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain highlights of its operating results for its third quarter ended September 30, 2024.

    Revenue for the third quarter of 2024 was $11.6 million, up sequentially from $11.5 million and $11.3 million during the second and first quarters of 2024, respectively. Gross profit was $5.0 million compared to $4.7 million and $4.5 million during the second and first quarters of 2024, respectively.

    “I’m encouraged by the momentum we are generating in 2024,” said Glen Ives, President and Chief Executive Officer of the Company. “We have produced greater revenue and gross profit, quarter by quarter, but our growth is modest because it is based upon outstanding performance and execution on our current contracts. To strengthen our company and share value more significantly, our growth must come from new contract wins. Since I became CEO four months ago, our focus and priority have been to posture our company for realistic opportunities and new contract wins in 2025. Our exceptional CTM professionals bring world-class skills, talent, and experience to our customers and our vital national security mission. Together with our strong mission and technical capabilities, extensive and relevant past performance, and outstanding ability to execute on our current contracts, we have a solid foundation for growth. Moving forward, I believe our focused commitment and strategic investments to strengthen our new business growth capabilities and secure new contracts will drive significant and positive improvements in our quarterly and long-term performance.”

    Castellum’s full financial results for the three and nine months ended September 30, 2024, are expected to be filed on or before November 14, 2024, on Form 10-Q, available at www.sec.gov.

    About Castellum, Inc. (NYSE-American: CTM):

    Castellum, Inc. is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – http://castellumus.com.

    Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 2lE of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “in a position,” “looking to,” “pursue,” “positioned,” “will,” “likely,” “would,” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth, new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget; and the Company’s ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Contact:

    Glen Ives, President and Chief Executive Officer
    Phone: (703) 752-6157
    info@castellumus.com
    http://castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ff38729b-b1ec-428e-8b71-8162296c56e4

    The MIL Network

  • MIL-OSI: Aroma Retail Supports Exponential Ecommerce Growth with Descartes Parcel Shipping Solution

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Nov. 04, 2024 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Las Vegas-based Aroma Retail, a leading environmental scenting company specializing in signature resort scents and unique fragrance libraries for home and business, is using Descartes’ cloud-based, multi-carrier parcel shipping solution to scale ecommerce order fulfillment in support of escalating sales growth.

    “What began as a tiny operation in our kitchen a few short years ago, manually shipping a handful of orders daily, has exploded into a 13,000-square-foot facility shipping on average 4,000+ orders per month, with more than US$5 million in annual revenue. It quickly became clear that we needed an ecommerce shipping solution that could scale rapidly and take our peak season volume spikes in stride,” said Jim Reding, CEO at Aroma Retail. “From hiccup-free integration with our ecommerce platform and rate shopping integrated into the checkout process to highly responsive support, the Descartes solution has simplified and expedited fulfilment, boosting productivity, cutting shipping costs and transforming the customer experience to help us build brand loyalty and drive continued growth.”

    Descartes’ cloud-based multi-carrier parcel shipping solutions help small-, medium- and even large-sized retailers control, manage and automate steps in ecommerce fulfillment processes to improve warehouse performance. The solutions help retailers reduce shipping costs by automatically importing ecommerce orders, comparing carrier rates, eliminating fulfillment decisions, printing shipping labels for all major carriers, and tracking shipments in real-time through final delivery. With seamless integration to leading ecommerce marketplaces, ERP providers, and supply chain platforms and live customer support, Descartes’ shipping solutions help ecommerce businesses scale easily and quickly to manage rising order volumes and drive growth.

    “We’re delighted that Descartes’ ecommerce shipping solution has played a meaningful role in Aroma Retail’s explosive growth,” said Mikel Richardson, General Manager, Ecommerce North America at Descartes. “In a highly competitive ecommerce marketplace, service differentiation is key to customer satisfaction and a steady flow of orders. Our multi-carrier parcel shipping solutions enable ecommerce businesses of all sizes to quickly scale their operations to meet peak demands, optimizing delivery execution and cultivating a differentiated customer experience to improve retention.”

    Learn more about Descartes’ Ecommerce Shipping & Fulfillment Solutions.

    About Aroma Retail

    Founded in 2017, Aroma Retail provides environmental scenting solutions for homes and businesses, including pure grade fragrance oils used by world-class resorts. The Green-Certified and Women-Owned company operates out of a 13,000 square-foot facility in Las Vegas, NV and offers a fragrance library of more than 100 scents. Aroma Retail ships a wide range of scented products and aroma diffusion machines globally via its ecommerce website and through its Las Vegas retail location, Smelly Bar. For more information, visit www.aromaretail.com.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    Tel: +1(800) 419-8495 ext. 202025                                 
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ ecommerce solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network

  • MIL-OSI: OTC Markets Group Welcomes Corero Network Security plc to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Corero Network Security plc (LSE: CNS; OTCQX: DDOSF), a leading provider of distributed denial of service (DDoS) protection solutions, has qualified to trade on the OTCQX® Best Market. Corero Network Security plc upgraded to OTCQX from the OTCQB® Venture Market.

    Corero Network Security plc begins trading today on OTCQX under the symbol “DDOSF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

    Carl Herberger, Chief Executive Officer at Corero, commented, “We are delighted to commence trading on OTCQX and further expand our reach and visibility into the US investor market. This is an exciting step in the Corero growth journey, recognizing the effort and value generated by the entire Corero team and the support of our growing international shareholder base.”

    About Corero Network Security plc
    Corero Network Security is a leading provider of distributed denial of service (DDoS) protection solutions. We are specialists in automatic detection and protection solutions, that include network visibility, analytics, and reporting tools. Corero’s technology provides scalable protection capabilities against both external DDoS attackers and internal DDoS threats, in even the most complex edge and subscriber environments, ensuring internet service availability and uptime. Corero’s key operational centres are in Marlborough, Massachusetts, USA, and Edinburgh, UK, with the Company’s headquarters in London, UK. The Company is listed on the London Stock Exchange’s AIM market under the ticker CNS and trades on the OTCQX Market under the Ticker DDOSF. For more information visit www.corero.com

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network

  • MIL-OSI: GraniteShares Financial Plc (the Issuer) Early Redemption Event of certain classes of ETP Securities

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Nov. 04, 2024 (GLOBE NEWSWIRE) — GraniteShares announces changes in product offerings.

    Issuer Call Redemption Event

    The Issuer gives notice pursuant to Condition 8 (c) of the Conditions that all ETP Securities of the classes specified in Exhibit A are to be compulsorily redeemed and that the Issuer has nominated 09 December 2024 to be the Early Redemption Date in respect of all such classes. The Early Termination Amount for a particular class will be determined on the Early Redemption Date.

    The Securityholders of each class of ETP Securities will be entitled to the Value per ETP Securities for such class as determined on the Early Redemption Date and multiplied by the number of ETP Securities held on record day. The payment will be made via Euroclear Bank.

    It is expected that the ETP Securities subject to this Early Redemption Event will stop trading on the exchange venue listed in Exhibit A after the close of trading on 06 December 2024. The Issuer submitted the exchange venue with a notice for the ETP Securities to be delisted. If you wish to sell your securities before the compulsory redemption of these securities, you should do so by the close of trading on this date.

    Capitalised terms not defined herein shall have the meaning given to them in the Issue Deed relating to the ETP Securities.

    This Notice is given by the Issuer.

    GRANITESHARES FINANCIAL PLC

    By: __ /s/ Aileen Mannion___________

    Name: Aileen Mannion

    Title: Director

    Ground Floor, Two Dockland Central

    Guild Street

    North Dock

    Dublin 1

    Ireland

    Exhibit A List of ETP Securities subject to the Early Redemption Event

    GraniteShares Financial Plc

    LEI: 635400MFOIY6BX1JUC92

    ETP Securities Exchange
    venue
    Ticker SEDOL ISIN Last trading
    day
    Early
    Redemption
    Date
    Record day Expected
    payment day
    To Euroclear
    Bank
    GraniteShares 3x Long Enel Daily ETP Securities Borsa Italiana – ETF Plus 3LNL BP0BGQ5 XS2435552216 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Short Enel Daily ETP Securities Borsa Italiana – ETF Plus 3SNL BP0BGJ8 XS2435552729 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Long Eni Daily ETP Securities Borsa Italiana – ETF Plus 3LEN BP0BGS7 XS2435551242 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Short Eni Daily ETP Securities Borsa Italiana – ETF Plus 3SEN BSY12G4 XS2846983471 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Long MIB Daily ETF Securities Borsa Italiana – ETF Plus 3MIB BQKW8K3 XS2531766363 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Short MIB Daily ETF Securities Borsa Italiana – ETF Plus 3SIT BQKW8J2 XS2531766447 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024

    EuropeanTeam@graniteshares.com

    +44 (0)20 3950 1442

    The MIL Network

  • MIL-OSI: AMG Reports Financial and Operating Results for the Third Quarter and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    Company reports EPS of $3.78, Economic EPS of $4.82 in the third quarter of 2024

    • Net income (controlling interest) of $124 million, Economic Net Income (controlling interest) of $153 million
    • Economic Earnings per share of $4.82 for the quarter, increased 18% year-over-year
    • Repurchased $103 million in common stock, bringing year-to-date share repurchases to $580 million

    WEST PALM BEACH, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the third quarter and nine months ended September 30, 2024.

    Jay C. Horgen, President and Chief Executive Officer of AMG, said:
    “AMG delivered strong results in the third quarter, including year-over-year growth of 18% in Economic Earnings per share, reflecting the ongoing momentum in our business and the positive impact of our disciplined capital allocation strategy.

    “Our growth strategy continues to drive the evolution of our business mix toward secular growth areas, with alternative strategies meaningfully, and increasingly, contributing to AMG’s earnings. AMG’s dedicated private markets Affiliates raised approximately $7 billion in the quarter, reflecting the strength of the ongoing demand for our Affiliates’ specialized strategies. During the quarter, we continued to invest AMG’s capital and resources in and alongside our Affiliates to enhance their growth – including by collaborating to develop additional innovative alternative solutions, across both private markets and liquid alternatives, for the U.S. wealth marketplace. AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate AMG’s partnership model and is highly valued by prospective Affiliates. As we form partnerships with additional new Affiliates in areas of secular demand and continue to invest in existing Affiliates, including by leveraging our capital formation capabilities, we expect to accelerate the evolution of AMG’s business profile toward alternatives and enhance our long-term growth prospects.

    “Our excellent capital position was further strengthened through the issuance of $400 million in senior notes in the quarter, extending the average duration of our debt to more than 20 years. Given our unique partnership model, proven strategic capabilities, and ample financial flexibility, we see increasing opportunities to invest for growth in both new and existing Affiliates, and create meaningful additional shareholder value over time.”

    FINANCIAL HIGHLIGHTS Three Months Ended   Nine Months Ended
    (in millions, except as noted and per share data) 9/30/2023   9/30/2024   9/30/2023   9/30/2024
    Operating Performance Measures              
    AUM (at period end, in billions) $ 635.8     $ 728.4     $ 635.8     $ 728.4  
    Average AUM (in billions)   663.8       711.7       664.4       694.9  
    Net client cash flows (in billions)   (9.4 )     (2.8 )     (23.1 )     (5.6 )
    Aggregate fees   997.5       1,157.1       3,505.7       3,726.8  
    Financial Performance Measures              
    Net income (controlling interest) $ 217.0     $ 123.6     $ 476.8     $ 349.5  
    Earnings per share (diluted)(1)   5.48       3.78       12.28       10.25  
    Supplemental Performance Measures(2)              
    Adjusted EBITDA (controlling interest) $ 208.4     $ 214.1     $ 639.6     $ 691.4  
    Economic net income (controlling interest)   149.5       153.2       474.9       495.8  
    Economic earnings per share   4.08       4.82       12.72       14.90  
                                   

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the third quarter of 2024, the Company repurchased approximately $103 million in common stock, bringing total year-to-date repurchases to approximately $580 million. The Company also announced a third-quarter cash dividend of $0.01 per share of common stock, payable November 29, 2024 to stockholders of record as of the close of business on November 14, 2024.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in a diverse array of high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of September 30, 2024, AMG’s aggregate assets under management were approximately $728 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

             

    Conference Call, Replay, and Presentation Information
    A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13749048. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENTS OF CHANGES (in billions)
               
    BY STRATEGY – QUARTER TO DATE Alternatives Global Equities U.S. Equities Multi-Asset &
    Fixed Income
    Total
    AUM, June 30, 2024 $ 256.6   $ 186.4   $ 146.6   $ 111.4   $ 701.0  
    Client cash inflows and commitments   14.3     3.9     4.7     4.4     27.3  
    Client cash outflows   (6.9 )   (10.2 )   (8.4 )   (4.6 )   (30.1 )
    Net client cash flows   7.4     (6.3 )   (3.7 )   (0.2 )   (2.8 )
    New investments*               0.7     0.7  
    Market changes   1.1     11.2     8.3     3.6     24.2  
    Foreign exchange   2.8     3.0     0.4     0.5     6.7  
    Realizations and distributions (net)   (1.3 )   (0.0 )   (0.0 )   (0.1 )   (1.4 )
    Other   (0.1 )   0.0     0.0     0.1      
    AUM, September 30, 2024 $ 266.5   $ 194.3   $ 151.6   $ 116.0   $ 728.4  
               
    BY STRATEGY – YEAR TO DATE Alternatives Global Equities U.S. Equities Multi-Asset &
    Fixed Income
    Total
    AUM, December 31, 2023 $ 238.8   $ 186.6   $ 142.8   $ 104.5   $ 672.7  
    Client cash inflows and commitments   36.7     13.6     14.3     16.8     81.4  
    Client cash outflows   (18.4 )   (28.4 )   (25.9 )   (14.3 )   (87.0 )
    Net client cash flows   18.3     (14.8 )   (11.6 )   2.5     (5.6 )
    New investments   0.7             0.7     1.4  
    Market changes   7.7     23.8     20.1     8.3     59.9  
    Foreign exchange   2.4     1.8     (0.1 )   0.2     4.3  
    Realizations and distributions (net)   (3.9 )   (0.1 )   (0.1 )   (0.2 )   (4.3 )
    Other   2.5     (3.0 )   0.5     0.0     0.0  
    AUM, September 30, 2024 $ 266.5   $ 194.3   $ 151.6   $ 116.0   $ 728.4  
             
    BY CLIENT TYPE – QUARTER TO DATE Institutional Retail High Net
    Worth
    Total
    AUM, June 30, 2024 $ 369.7   $ 201.4   $ 129.9   $ 701.0  
    Client cash inflows and commitments   11.7     8.5     7.1     27.3  
    Client cash outflows   (11.7 )   (13.2 )   (5.2 )   (30.1 )
    Net client cash flows   (0.0 )   (4.7 )   1.9     (2.8 )
    New investments*           0.7     0.7  
    Market changes   9.2     9.4     5.6     24.2  
    Foreign exchange   3.6     2.9     0.2     6.7  
    Realizations and distributions (net)   (1.3 )   (0.1 )   (0.0 )   (1.4 )
    Other   (6.1 )   (0.4 )   6.5      
    AUM, September 30, 2024 $ 375.1   $ 208.5   $ 144.8   $ 728.4  
             
    BY CLIENT TYPE – YEAR TO DATE Institutional Retail High Net
    Worth
    Total
    AUM, December 31, 2023 $ 354.9   $ 196.0   $ 121.8   $ 672.7  
    Client cash inflows and commitments   36.8     26.3     18.3     81.4  
    Client cash outflows   (31.7 )   (39.1 )   (16.2 )   (87.0 )
    Net client cash flows   5.1     (12.8 )   2.1     (5.6 )
    New investments   0.5         0.9     1.4  
    Market changes   26.0     23.1     10.8     59.9  
    Foreign exchange   2.0     2.4     (0.1 )   4.3  
    Realizations and distributions (net)   (3.9 )   (0.3 )   (0.1 )   (4.3 )
    Other   (9.5 )   0.1     9.4     0.0  
    AUM, September 30, 2024 $ 375.1   $ 208.5   $ 144.8   $ 728.4  
     

    __________________________
    * Includes assets under management related to a new investment made by an existing Affiliate.

     
    CONSOLIDATED STATEMENTS OF INCOME
           
        Three Months Ended  
    (in millions, except per share data)   9/30/2023   9/30/2024  
    Consolidated revenue   $ 525.2     $ 516.4    
               
    Consolidated expenses:          
    Compensation and related expenses     211.8       220.8    
    Selling, general and administrative     91.1       97.0    
    Intangible amortization and impairments     12.5       7.3    
    Interest expense     31.1       34.7    
    Depreciation and other amortization     3.0       3.3    
    Other expenses (net)     7.9       11.6    
    Total consolidated expenses     357.4       374.7    
               
    Equity method income (net)(3)     39.8       52.6    
    Affiliate Transaction gain(4)     133.1          
    Investment and other income     23.0       22.8    
    Income before income taxes     363.7       217.1    
               
    Income tax expense     77.7       31.3    
    Net income     286.0       185.8    
               
    Net income (non-controlling interests)     (69.0 )     (62.2 )  
    Net income (controlling interest)   $ 217.0     $ 123.6    
               
    Average shares outstanding (basic)     34.9       30.1    
    Average shares outstanding (diluted)     43.4       35.0    
               
    Earnings per share (basic)   $ 6.22     $ 4.11    
    Earnings per share (diluted)(1)   $ 5.48     $ 3.78    
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
        Three Months Ended  
    (in millions, except per share data)   9/30/2023   9/30/2024  
    Net income (controlling interest)   $ 217.0     $ 123.6    
    Intangible amortization and impairments     29.8       27.5    
    Intangible-related deferred taxes     14.7       15.6    
    Affiliate Transactions(4)     (104.7 )        
    Other economic items     (7.3 )     (13.5 )  
    Economic net income (controlling interest)   $ 149.5     $ 153.2    
               
    Average shares outstanding (adjusted diluted)     36.6       31.8    
    Economic earnings per share   $ 4.08     $ 4.82    
               
    Net income (controlling interest)   $ 217.0     $ 123.6    
    Interest expense     31.1       34.7    
    Income taxes     76.6       33.3    
    Intangible amortization and impairments     29.8       27.5    
    Affiliate Transactions(4)     (139.6 )        
    Other items     (6.5 )     (5.0 )  
    Adjusted EBITDA (controlling interest)   $ 208.4     $ 214.1    
                       

    See Notes for additional information.

     
    CONSOLIDATED STATEMENTS OF INCOME
           
        Nine Months Ended  
    (in millions, except per share data)   9/30/2023   9/30/2024  
    Consolidated revenue   $ 1,555.2     $ 1,516.6    
               
    Consolidated expenses:          
    Compensation and related expenses     663.0       676.5    
    Selling, general and administrative     273.4       278.1    
    Intangible amortization and impairments     37.5       21.8    
    Interest expense     92.4       98.1    
    Depreciation and other amortization     10.0       9.4    
    Other expenses (net)     36.2       31.5    
    Total consolidated expenses     1,112.5       1,115.4    
               
    Equity method income (net)(3)     154.3       188.3    
    Affiliate Transaction gain(4)     133.1          
    Investment and other income     87.2       60.0    
    Income before income taxes     817.3       649.5    
               
    Income tax expense     155.4       130.0    
    Net income     661.9       519.5    
               
    Net income (non-controlling interests)     (185.1 )     (170.0 )  
    Net income (controlling interest)   $ 476.8     $ 349.5    
               
    Average shares outstanding (basic)     35.6       31.4    
    Average shares outstanding (diluted)     42.9       35.2    
               
    Earnings per share (basic)   $ 13.41     $ 11.11    
    Earnings per share (diluted)(1)   $ 12.28     $ 10.25    
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
           
        Nine Months Ended  
    (in millions, except per share data)   9/30/2023   9/30/2024  
    Net income (controlling interest)   $ 476.8     $ 349.5    
    Intangible amortization and impairments     88.6       118.7    
    Intangible-related deferred taxes     44.6       46.6    
    Affiliate Transactions(4)     (122.1 )        
    Other economic items     (13.0 )     (19.0 )  
    Economic net income (controlling interest)   $ 474.9     $ 495.8    
               
    Average shares outstanding (adjusted diluted)     37.3       33.3    
    Economic earnings per share   $ 12.72     $ 14.90    
               
    Net income (controlling interest)   $ 476.8     $ 349.5    
    Interest expense     92.4       98.1    
    Income taxes     150.7       133.0    
    Intangible amortization and impairments     88.6       118.7    
    Affiliate Transactions(4)     (162.7 )        
    Other items     (6.2 )     (7.9 )  
    Adjusted EBITDA (controlling interest)   $ 639.6     $ 691.4    
                       

    See Notes for additional information.

     
    CONSOLIDATED BALANCE SHEETS
           
        Period Ended  
    (in millions)   12/31/2023   9/30/2024  
    Assets          
    Cash and cash equivalents   $ 813.6     $ 1,010.7    
    Receivables     368.4       457.1    
    Investments in marketable securities     461.0       66.1    
    Goodwill     2,523.6       2,532.0    
    Acquired client relationships (net)     1,812.4       1,807.1    
    Equity method investments in Affiliates (net)     2,288.5       2,148.4    
    Fixed assets (net)     67.3       61.0    
    Other investments     480.9       532.8    
    Other assets     243.9       287.8    
    Total assets   $ 9,059.6     $ 8,903.0    
               
    Liabilities and Equity          
    Payables and accrued liabilities   $ 628.5     $ 625.7    
    Debt     2,537.5       2,619.7    
    Deferred income tax liability (net)     463.8       522.0    
    Other liabilities     466.3       464.5    
    Total liabilities     4,096.1       4,231.9    
               
    Redeemable non-controlling interests     393.4       397.1    
    Equity:          
    Common stock     0.6       0.6    
    Additional paid-in capital     741.4       711.3    
    Accumulated other comprehensive loss     (167.6 )     (139.2 )  
    Retained earnings     6,389.6       6,738.1    
          6,964.0       7,310.8    
    Less: treasury stock, at cost     (3,376.1 )     (3,994.5 )  
    Total stockholders’ equity     3,587.9       3,316.3    
    Non-controlling interests     982.2       957.7    
    Total equity     4,570.1       4,274.0    
    Total liabilities and equity   $ 9,059.6     $ 8,903.0    
     

    Notes

    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
       
      We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
       
      We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
       
      The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
          Three Months Ended   Nine Months Ended  
      (in millions)   9/30/2023   9/30/2024   9/30/2023   9/30/2024  
      Numerator                  
      Net income (controlling interest)   $ 217.0   $ 123.6   $ 476.8   $ 349.5  
      Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes     17.1     5.2     39.4     1.0  
      Interest expense on junior convertible securities, net of taxes     3.4     3.4     10.1     10.1  
      Net income (controlling interest), as adjusted   $ 237.5   $ 132.2   $ 526.3   $ 360.6  
      Denominator                  
      Average shares outstanding (basic)     34.9     30.1     35.6     31.4  
      Effect of dilutive instruments:                  
      Stock options and restricted stock units     1.7     1.7     1.7     1.9  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests     5.1     1.5     3.9     0.2  
      Junior convertible securities     1.7     1.7     1.7     1.7  
      Average shares outstanding (diluted)     43.4     35.0     42.9     35.2  
       
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.
       
      Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
       
      The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
          Three Months Ended   Nine Months Ended  
      (in millions)   9/30/2023   9/30/2024   9/30/2023   9/30/2024  
      Average shares outstanding (diluted)   43.4     35.0     42.9     35.2    
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   (5.1 )   (1.5 )   (3.9 )   (0.2 )  
      Junior convertible securities   (1.7 )   (1.7 )   (1.7 )   (1.7 )  
      Average shares outstanding (adjusted diluted)   36.6     31.8     37.3     33.3    
    (3) The following table presents equity method earnings and equity method intangible amortization and impairments, which in aggregate form Equity method income (net):
          Three Months Ended   Nine Months Ended  
      (in millions)   9/30/2023   9/30/2024   9/30/2023   9/30/2024  
      Equity method earnings   $ 61.0     $ 75.3     $ 217.3     $ 292.6    
      Equity method intangible amortization and impairments     (21.2 )     (22.7 )     (63.0 )     (104.3 )  
      Equity method income (net)   $ 39.8     $ 52.6     $ 154.3     $ 188.3    
    (4) The following table presents the impact of the completion of our previously announced sales of our equity interests in Veritable, LP to a third party in the third quarter of 2023, and Baring Private Equity Asia to EQT AB (EQT), a public company listed on Nasdaq Stockholm (EQT ST), in the fourth quarter of 2022, pursuant to which we received ordinary shares of EQT:
          Three Months Ended   Nine Months Ended  
      (in millions)   9/30/2023   9/30/2024   9/30/2023   9/30/2024  
      Affiliate Transaction gain   $ 133.1     $   $ 133.1     $  
      Investment and other income – Realized gains on EQT shares     6.5           29.6        
      Affiliate Transactions, pre-tax     139.6           162.7        
      Income taxes     (34.9 )         (40.6 )      
      Affiliate Transactions, after-tax   $ 104.7     $   $ 122.1     $  
                                     

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    The MIL Network

  • MIL-OSI: New liquidity solutions firm Nodem Capital launches

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Nov. 04, 2024 (GLOBE NEWSWIRE) — Nodem Capital, a new secondaries firm which aims to meet the acute need across Next Wave markets for a creative liquidity provider, has officially launched.

    The firm will offer secondary liquidity to the holders of venture capital-backed assets in markets that include Emerging Europe, Turkey, Latin America, Southeast Asia and India. These Next Wave markets are defined as the world minus the 10 ‘legacy’ advanced economies such as North America and Western Europe.

    Nodem will specialise in offering partial liquidity (through preferred equity investments) to ‘non-sellers’ who want to maintain exposure and control but accelerate liquidity for distributions or growth.

    Nodem is well into the process of seeking FCA authorisation. All investment activities will commence once regulatory approvals are granted. Initial investor capital is in place, and the anticipated timeline is for investments to start in Q1 of 2025.

    In January 2025, Nodem will host a launch event and kick off monthly online panel discussions with leading Next Wave investors.

    Nodem was founded by Alex Branton, a former senior member of the private equity and venture capital teams at Sturgeon Capital. Sturgeon is an emerging markets investment firm with assets over $300 million, and investors include Chevron, the IFC and SBI.

    Before Sturgeon, Alex was also an investor at Cambridge Associates, advising some of the world’s most sophisticated institutions.

    Alex said: “Having spent my career as both a General Partner and Limited Partner in emerging markets, I feel uniquely qualified to solve the liquidity needs of our stakeholders.

    “We’re building a firm that investors can rely on for speedy solutions tailored to the specific needs of LPs and GPs active in our markets.”

    Pitchbook data suggest that from a near non-existent base in 2011-12, there has been a rapid build-up in capital raised by venture capital funds across Next Wave markets, peaking in 2021 when nearly $57bn was raised. The explosion in capital raising from 2019-21 was fuelled by earlier successes in the US/China and major early mobile internet successes by Next Wave VCs.

    Whilst these early fund vintages are rapidly maturing, widescale exits continue to be pushed back – with up to 20/ times as many companies now being financed by VCs versus exited.

    Alex added: “Many investors are now seeking, and struggling to find, liquidity solutions for their Next Wave holdings, resulting in LPs being reluctant to commit to new funds until value is released from earlier vintages.

    “Nodem is launching ahead of an expected ten-fold increase in the investable universe, which is defined as the value of assets held in venture capital funds older than 10 years old, to around $130bn. This presents us with a clear opportunity to serve clients in these markets.”

    For more information about Nodem Capital, visit nodem.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/178ed306-396d-4a71-abc5-b798ee2b4a75

    The MIL Network

  • MIL-OSI: Capital Southwest Announces Proposed Convertible Notes Offering

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Nov. 04, 2024 (GLOBE NEWSWIRE) — Capital Southwest Corporation (Nasdaq: CSWC) (“Capital Southwest”) today announced the commencement of a registered public offering of unsecured convertible notes due 2029 (the “notes”) in an underwritten offering (the “offering”).

    The notes will be unsecured obligations of Capital Southwest, will accrue interest payable quarterly in arrears and will mature in 2029, unless earlier converted, redeemed or repurchased. Upon conversion, Capital Southwest will pay or deliver, as the case may be, cash, shares of Capital Southwest’s common stock or a combination of cash and shares of Capital Southwest’s common stock, at Capital Southwest’s election. The interest rate, initial conversion rate, redemption or repurchase rights and other terms of the notes will be determined at the time of pricing of the offering.

    Capital Southwest expects to use the net proceeds from the offering to redeem in full its 4.50% Notes due 2026, to repay a portion of the outstanding indebtedness under its senior secured revolving credit facility with ING Capital LLC, and for general corporate purposes.

    Oppenheimer & Co. is acting as sole book-running manager for the proposed offering.

    The proposed offering is being conducted pursuant to Capital Southwest’s automatic shelf registration statement on Form N-2, including a base prospectus, that was filed with the Securities and Exchange Commission (the “SEC”) on October 29, 2024 and became effective upon filing. A preliminary prospectus and accompanying prospectus relating to the proposed offering will be filed with the SEC and will be available for free on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement relating to this offering and the accompanying prospectus may be obtained, when available, from: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.5 billion in investments at fair value as of September 30, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements

    This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including statements concerning the proposed terms of the notes, the completion, timing and size of the proposed offering of the notes, the anticipated use of proceeds from the offering, the potential impact of the foregoing or related transactions on dilution to holders of Capital Southwest’s common stock, the market price of Capital Southwest’s common stock or the notes or the conversion price of the notes. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Capital Southwest’s control. Capital Southwest’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to whether Capital Southwest will consummate the offering of notes on the expected terms or at all, which could differ or change based upon market conditions or for other reasons, and the other risks detailed in Capital Southwest’s Form 10-K filed with the SEC for the year ended March 31, 2024, in Capital Southwest’s quarterly report on Form 10-Q for the quarter ended September 30, 2024 and in other filings and reports that Capital Southwest may file from time to time with the SEC. The forward-looking statements included in this press release represent Capital Southwest’s views as of the date of this press release. Capital Southwest anticipates that subsequent events and developments will cause Capital Southwest’s views to change. Capital Southwest undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Capital Southwest’s views as of any date subsequent to the date of this press release.

    Investor Relations Contact:

    Michael S. Sarner, Chief Financial Officer
    214-884-3829

    The MIL Network

  • MIL-OSI Economics: OEUK news OEUK responds to Autumn Budget 30 October 2024

    Source: Offshore Energy UK

    Headline: OEUK news

    OEUK responds to Autumn Budget

    30 October 2024

    Photo caption: OEUK CEO David Whitehouse. Credit: Offshore Energies UK.

    The leading trade body for the UK offshore energy sector has responded to today’s Autumn Budget.

    Confirming changes to the Energy Profits Levy, the Chancellor said she has sought to ensure the UK oil and gas industry can protect jobs and support domestic energy security. She confirmed that while the government will increase and extend the energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year capital allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030 unless the Energy Security Investment Mechanism is triggered before then.

    OEUK said there is different path which generates more economic value and enables a homegrown transition towards the country’s climate goals by anchoring the sector’s world class supply chain and supporting over 200,000 UK-wide jobs.

    The Chancellor today reconfirmed support for GB Energy and funding for carbon capture and storage and hydrogen projects across the UK.

    David Whitehouse, CEO Offshore Energies UK comments:

    “Today we heard the Chancellor recognise the role of the oil and gas sector to support high quality jobs and strengthen the UK’s energy security. We welcome that and the meetings and dialogue which have taken place between industry and the new government.

    “While the government will increase and extend the Energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030.

    “However, with an increase in tax despite commodity prices at recent lows, there is no hiding that this is a difficult day for the sector.

    “Oil and gas companies, our world class supply chain and our highly skilled people will support the energy transition. We will not be successful without them.

    “It’s why there is a different path for this industry which can deliver the energy future we all agree on. With industry and government working in partnership we can protect the North Sea as a national economic asset. It can and should serve as an engine to realise UK economic growth and climate goals.

    “We welcome that the government will consult in early 2025 on how the oil and gas tax regime can encourage investment and respond to changes in the oil price. We also note the consultation on end use emissions for oil and gas projects.

    “That’s why we are calling for a homegrown energy transition – making the most of our whole homegrown sector – from oil, gas, wind, hydrogen to carbon capture projects with fair and competitive stable policies that keep jobs, skills and capital in the UK.”

    Notes to editors:

    1. Issued by the communications team, OEUK. Contact [email protected].
    2. OEUK is campaigning for a homegrown energy transition that makes the most of the UK’s people and industrial strengths to be a secure, sustainable and skilled future. Download a copy of OEUK’s industry manifesto here.

    Did you know?

    • 154,000 jobs are directly or indirectly related to offshore energy.
    • 120,000 of these are directly or indirectly supported by oil and gas projects. When induced jobs are included this increases to over 200,000.
    • Spend in the UK’s offshore energy sector could total £450bn by 2040.
    • The existing supply chain built through experience supporting the oil and gas sector has the capability to service 84%, 80% and 58% of our CCS, Hydrogen, and Floating offshore wind sectors, respectively.
    • Moving to net zero will require more than £1 trillion of investment across the UK economy.
    • The offshore energy sector is ready to spend £450bn on projects in the next 15 years under the right investment conditions.
    • The UK imports around 40% of its energy needs. UK energy production is at the lowest it has ever been.
    • The UK gets three-quarters of its total energy from oil and gas. Domestic production is equivalent to around half these needs.
    • Over 24 million homes rely on gas boilers for heating. 1.5 million more homes rely on heating oil.
    • Over 30% of UK electricity is supplied by gas power stations
    • 38 million UK vehicles run on petrol or diesel.

    Share this article

    MIL OSI Economics

  • MIL-OSI China: Announcement on Open Market Operations No.217 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.217 [2024]

    (Open Market Operations Office, November 4, 2024)

    In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB17.3 billion through quantity bidding at a fixed interest rate on November 4, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB17.3 billion

    1.50%

    Date of last update Nov. 29 2018

    2024年11月04日

    MIL OSI China News

  • MIL-OSI United Kingdom: Satellite deal signed for advanced military tech

    Source: United Kingdom – Executive Government & Departments 3

    New Juno satellite to support military operations will be designed and built in the UK.

    Artist impression of Juno

    Armed forces personnel are to have access to the latest space technology for military operations, following a deal signed for a new satellite.

    The £40 million project with Surrey Satellite Technology Ltd will support around 200 skilled jobs, boosting the UK’s space sector and helping to grow the economy.

    Named Juno, the satellite will be able to capture daytime images of the Earth’s surface, strengthening the UK’s Intelligence, Surveillance, and Reconnaissance (ISR) capabilities. Expected to launch in 2027, Juno will have advanced imagery sensors, building on the capabilities of Tyche, UK Space Command’s first satellite which successfully launched in August this year.

    Both satellites form part of the Ministry of Defence’s space-based Intelligence, Surveillance, and Reconnaissance programme, which will deliver a constellation of satellites and supporting ground systems by 2031.

    These satellites will support military operations, for instance by monitoring adversary activities, and also contribute to other government tasks, including natural disaster monitoring, the development of mapping information, environmental monitoring and tracking the impact of climate change around the world.   

    Minister for Defence Procurement and Industry Maria Eagle said: 

    “The contract for Juno shows the UK’s commitment to grow one of the most innovative and attractive space economies in the world and keep our competitive edge in space science and technology. 

    “Juno will not only support Armed Forces personnel deployed globally, but also support highly skilled jobs, delivering on the government’s growth mission.” 

    Air Chief Marshal Sir Rich Knighton said:

    “With Tyche in space, and Juno now on contract, UK Space Command’s ISTARI programme is making great strides, showcasing innovation and collaboration across government and industry.

    “With these Earth Observation satellites on orbit, UK Space Command and defence will be better equipped to conduct all-domain military operations and deliver assured space-based intelligence, surveillance, and reconnaissance to the joint force and our allies.”

    The contract for Juno was awarded via competitive procurement to Surrey Satellite Technology Ltd (SSTL), the same company that manufactured Tyche. 

    SSTL employs around 400 engineers, technicians and support staff across its two sites in Guildford, Surrey, and Bordon, Hampshire. With around half of these employees expected to work on the project, Juno will play a key part in securing critical UK skills in the growing global space sector. The project will also help inform the procurement strategy for future space capability requirements.

    Andrew Cawthorne, Managing Director, SSTL, said:

    “We’re incredibly proud that the Ministry of Defence has again placed its trust in SSTL to deliver the UK’s next sovereign intelligence, surveillance, and reconnaissance spacecraft.

    “Juno will offer a step change in imaging capability over Tyche, SSTL’s demonstrator spacecraft which launched in August and is now being operated for UK Space Command. We look forward to continuing our successful relationship with UK Space Command, DE&S, and Dstl, and playing a leading role in delivering the UK Defence Space Strategy.”

    Paul Russell, Space team leader at DE&S said:

    “Placing contracts and managing delivery of a new generation of UK military capabilities for use in a complex and critical environment takes incredible focus and collaborative working with our defence and industry partners. These efforts are key in ensuring the UK Armed Forces have access to the surveillance and intelligence information they need to maintain a competitive edge.”

    Updates to this page

    Published 4 November 2024

    MIL OSI United Kingdom

  • MIL-OSI: Form 8.3 – [ECKOH PLC – 01 11 2024] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
    N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    ECKOH PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    01 NOVEMBER 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 10p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 19,886,513 6.8014    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 19,886,513 6.8014    

    NOTE: 12,060 shares were transferred out on 01/11/2024 by a discretionary client.

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    10p ORDINARY SALE 47,788 52.755p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 04 NOVEMBER 2024
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on Sahyog Urban Co-operative Bank Ltd., Udgir, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated October 21, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on Sahyog Urban Co-operative Bank Ltd., Udgir, Maharashtra (the bank), for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with statutory provision and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provision of the BR Act. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had not transferred the eligible amount to the Depositor Education and Awareness Fund within the prescribed time.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1423

    MIL OSI Economics

  • MIL-OSI Global: The evolutionary benefits of being forgetful

    Source: The Conversation – UK – By Sven Vanneste, Professor of Clinical Neuroscience, Trinity College Dublin

    Don’t despair! Asier Romero

    Forgetting is part of our daily lives. You may walk into a room only to forget why you went in there – or perhaps someone says hi on the street and you can’t remember their name.

    But why do we forget things? Is it simply a sign of memory impairment, or are there benefits?

    One of the earliest findings in this area highlighted that forgetting can occur simply because the average person’s memories fade away. This comes from 19th century German psychologist Hermann Ebbinghaus, whose “forgetting curve” showed how most people forget the details of new information quite rapidly, but this tapers off over time. More recently, this has been replicated by neuroscientists.

    The forgetting curve:


    Cloud Assess

    Forgetting can also serve functional purposes, however. Our brains are bombarded with information constantly. If we were to remember every detail, it would become increasingly difficult to retain the important information.

    One of the ways that we avoid this is by not paying sufficient attention in the first place. Nobel prize winner Eric Kandel, and a host of subsequent research, suggest that memories are formed when the connections (synapses) between the cells in the brain (the neurons) are strengthened.

    Paying attention to something can strengthen those connections and sustain that memory. This same mechanism enables us to forget all the irrelevant details that we encounter each day. So although people show increased signs of being distracted as they age, and memory-related disorders such as Alzheimer’s disease are associated with attention impairments, we all need to be able to forget all the unimportant details in order to create memories.

    Handling new information

    Recalling a memory can sometimes also lead to it changing for the purposes of coping with new information. Suppose your daily commute involves driving the same route every day. You probably have a strong memory for this route, with the underlying brain connections strengthened by each journey.

    But suppose one Monday, one of your usual roads is closed, and there’s a new route for the next three weeks. Your memory for the journey needs to be flexible enough to incorporate this new information. One way in which the brain does this is by weakening some of the memory connections, while strengthening new additional connections to remember the new route.

    Ever reach the office and barely even remember driving there?
    Twinster Photo

    Clearly, an inability to update our memories would have significant negative consequences. Consider PTSD (post-traumatic stress disorder), where an inability to update or forget a traumatic memory means an individual is perpetually triggered by reminders in their environment.

    From an evolutionary standpoint, forgetting old memories in response to new information is undoubtedly beneficial. Our hunter-gatherer ancestors might have repeatedly visited a safe water hole, only to one day discover a rival settlement, or a bear with newborn cubs there. Their brains had to be able to update the memory to label this location as no longer safe. Failure to do so would have been a threat to their survival.

    Reactivating memories

    Sometimes, forgetting may not be due to memory loss, but to changes in our ability to access memories. Rodent research has demonstrated how forgotten memories can be remembered (or reactivated) by supporting the synaptic connections mentioned above.

    Rodents were taught to associate something neutral (like a bell ringing) with something unpleasant (like a mild shock to the foot). After several repetitions, the rodents formed a “fear memory” where hearing the bell made them react as though they expected a shock. The researchers were able to isolate the neuronal connections which were activated by pairing the bell and the shock, in the part of the brain known as the amygdala.

    They then wondered if artificially activating these neurons would make the rodents act as if they expected their foot to be shocked even if there was no bell and no shock. They did this using a technique called optogenetic stimulation, which involves using light and genetic engineering, and showed that it was indeed possible to activate (and subsequently inactivate) such memories.

    One way that this might be relevant to humans is through a type of transient forgetting which might not be due to memory loss. Return to the earlier example where you see someone in the street and can’t remember their name. Perhaps you believe you know the first letter, and you’ll get the name in a moment. This is known as the tip-of-the-tongue phenomenon.

    When this was originally studied by American psychologists Roger Brown and David McNeill in the 1960s, they reported that people’s ability to identify aspects of the missing word was better than chance. This suggested that the information was not fully forgotten.

    ‘It’ll come back to me.’
    Kyttan

    One theory is that the phenomenon occurs as a result of weakened connections in memory between the words and their meanings, reflecting difficulty in remembering the desired information.

    However, another possibility is that the phenomenon might serve as a signal to the individual that the information is not forgotten, only currently inaccessible.

    This might explain why it occurs more frequently as people age and become more knowledgeable, meaning their brains have to sort through more information to remember something. The tip of the tongue phenomenon might be their brain’s means of letting them know that the desired information is not forgotten, and that perseverance may lead to successful remembering.

    In sum, we may forget information for a host of reasons. Because we weren’t paying attention or because information decays over time. We may forget in order to update memories. And sometimes forgotten information is not permanently lost, but rather inaccessible. All these forms of forgetting help our brain to function efficiently, and have supported our survival over many generations.

    This is certainly not to minimise the negative outcomes caused by people becoming very forgetful (for example, through Alzheimer’s disease). Nonetheless, forgetting has its evolutionary advantages. We only hope that you’ve found this article sufficiently interesting that you won’t forget its contents in a hurry.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. The evolutionary benefits of being forgetful – https://theconversation.com/the-evolutionary-benefits-of-being-forgetful-242629

    MIL OSI – Global Reports

  • MIL-OSI Global: Divination in early modern Britain sought signs in swine, the stars and scripture

    Source: The Conversation – UK – By Martha McGill, Historian of Supernatural Beliefs, University of Warwick

    The Fortune-Teller by Caravaggio (1595-8). Louvre Museum

    In the late 1740s, Samuel Meadwell arrived in London. A “raw country fellow” from Northamptonshire, he had come to work as a distiller’s apprentice and hoped to make his fortune.

    When a pair of women told him there was “something very particular in [his] face”, he was intrigued. They introduced him to a widow called Mary Smith, who allegedly practised “the art of astrology, before very great people, princes, and the like”. She persuaded Meadwell to wrap all his money in a handkerchief with two peppercorns, some salt and a little mould. After waiting three hours, she explained, he would discover a great fortune.

    Meadwell discovered only that his money had been replaced with scraps of metal. Smith was deported for fraud, while Meadwell learned a lesson about city life. He bemoaned his naivety – but he was not alone in believing in the power of astrologers, or the potential for magical methods to reveal weighty secrets.

    In early modern Britain (1500-1750), divination was widespread. People consulted diviners to find stolen goods, learn about the next harvest, or scrutinise their marriage fortunes. Sometimes they wanted to know what diseases or disasters loomed, and several nobles exhibited an unwholesome interest in the monarch’s date of demise.

    The sex of unborn children was another topic of speculation: when Anne Boleyn gave birth to the future Elizabeth I in 1533, she disappointed not only Henry VIII, but also a whole host of “astrologers, sorcerers, and sorceresses” who had assured the couple that a male heir was forthcoming.

    Diviners came from across the social spectrum. Learned astrologers could command audiences with kings and queens. Most people, however, relied on the services of a local cunning-man or woman.

    There were also so-called “Egyptian” fortunetellers who roamed the country reading palms. These travellers probably did not have African origins. A hostile 1673 work claimed that they were “great pretenders” who sought to dupe “the ignorant” by associating themselves with Egyptians, “a people heretofore very famous for astronomy, natural magic, [and] the art of divination”.

    The authorities did not approve. In 1530, an act passed by Henry VIII’s parliament sought to expel “Egyptians” from the country, complaining that they conned people using “great, subtle, and crafty means” such as fortunetelling.

    Underpinning many divinatory methods was the belief that God’s divine plan was encoded in the patterns of the natural world. Palmistry relied on interpreting the marks God had traced on the body. Astrologers, meanwhile, focused on the movements of the planets.

    Between 1658 and 1664, a woman called Sarah Jinner published almanacks containing astrological readings for the forthcoming year. She ranged from predicting “desperate and unreconciliable wars” to cautioning women that: “We find Mercury in Pisces retrograde in the 6th House, [which] denoteth that servants will generally be cross, vexatious, and intolerable, especially maidservants.”

    Meeting a Swine. From Dr Solman’s translation of Aristotle’s Golden Cabinet of Secrets (c. 1690).

    The behaviour of animals was also considered portentous. A pamphlet from circa 1690 declared that “to meet a swine the first thing in a morning, carrying straw in its mouth, denotes a maid, or widow, shall soon be married, and very fruitful in children”. On the other hand, magpies flying around you signified “much strife and brawling in marriage”.

    When a great murmuration of starlings was spied battling in the air above Cork in 1621, people whispered that it signified divine anger. Eight months later the city was devastated by a fire.

    Other divination practices relied on chance. Cheap pamphlets outlined ways of divining with dice, the idea being that God determined the outcome. Another practice was to open a Bible randomly and consult the first passage that caught the eye. Bibles could alternatively be used to catch thieves. The usual method was to insert a key into the Bible, recite the names of the suspects, and wait for the Bible or the key to move.

    A similar technique involved suspending a sieve from a pair of shears. The sieve would rotate when a thief’s name was mentioned.

    Divination and the authorities

    These practices were viewed with suspicion by the ecclesiastical and secular authorities, especially after the 16th-century Reformation.

    Divination by the sieve and shears in Cornelius Agrippa, De Occulta Philosophia (1567).
    Opera Omnia

    A Welsh scholar warned in 1711 that using the Bible as an “instrument of prognostication” was “the greatest insult that anyone can give to the scriptures”. Church courts punished people for the “devilry” of divining with a sieve and shears.

    Most dangerous of all was divination by consulting spirits. The Scottish cunning-man Andrew Man claimed to have an angelic adviser, Christsonday, who told him whether upcoming years would be good or bad. He was also in a sexual relationship with the Fairy Queen, who had promised to teach him to “know all things”. Leading local figures concluded that Man had really been cavorting with devils. He was tried for witchcraft, and executed in 1598.

    In general, however, cunning-folk enjoyed good standing within their communities. Currents of scepticism flowed faster during the 18th-century Enlightenment. A 1762 work expressed a common view when it blamed belief in divination on the “ignorance and darkness” that “covered the minds of mankind”. But divinatory practices were themselves a quest for enlightenment, and the prospect of unravelling the mysteries of the future has remained compelling up to the present day.



    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.


    Martha McGill receives funding from the British Academy.

    ref. Divination in early modern Britain sought signs in swine, the stars and scripture – https://theconversation.com/divination-in-early-modern-britain-sought-signs-in-swine-the-stars-and-scripture-241825

    MIL OSI – Global Reports

  • MIL-OSI Global: Cop16: the world’s largest meeting to save nature has ended with no clear path ahead

    Source: The Conversation – UK – By Harriet Bulkeley, Professor of Geography, Durham University

    Increasing rights for Indigenous people and local communities was one of the few steps forward at Cop16. Philipp Montenegro, CC BY-NC-ND

    Progress at the UN’s biodiversity summit, Cop16, in Cali, Columbia, has been slow. Frustratingly so.

    There were high hopes that the Colombian hosts could coordinate action between developed and developing countries towards reaching the landmark global biodiversity agreement reached in Montreal, Canada at Cop15 two years ago. But after two weeks and one long night, negotiations ended abruptly. Many delegates had to leave to catch flights home with key issues unresolved.

    This conference started with alarming news that the latest edition of the red list – the official record of threatened species – shows that more than one third of tree species face extinction in the wild. That’s more than the number of threatened birds, mammals, reptiles and amphibians combined.

    Urging negotiators to recognise the seriousness of this nature crisis, Colombia’s president Gustavo Petro warned they were facing “the battle for life”.

    There was certainly no shortage of people seeking solutions.

    In the heart of the city, Cop16’s green zone hosted vibrant music, film screenings, indigenous arts and crafts. Local people, businesses and conference delegates discussed creative and collaborative ways to address the nature crisis.

    Over in the blue zone, the official conference space, there was a notable increase in the diversity of communities participating across side events and pavilions. The links between biodiversity and human health were highlighted. So too was the importance of nature for water and food security.

    In his opening video message, UN secretary general Antonio Guterres urged countries gathered to “engage all of society” as “la Cop de la gente” (a Cop of the people).

    So protests from Indigenous people and local communities were particularly powerful. Including greater recognition for these groups in the final decisions from the meeting was a rare sign of progress. A new fund to ensure that these groups would receive a share of the profits from the commercial use of digital sequence information – genetic information from native plants and animals – was another victory.

    A new set of principles developed by the UK government to prioritise gender issues in conservation and ensure fair access to the benefits biodiversity action for all marginalised groups received widespread support.

    The focus on economic resilience was more prominent than ever, with two days dedicated to business and finance. In 2018, only 300 businesses attended Cop14 in Egypt. In Cali, this number was 3,000.

    Delegates assemble for the negotiations at Cop16​.
    Philipp Montenegro, CC BY-NC-ND

    Private investors, pension funds, the insurance industry and public banks stressed the importance of creating robust measures of biodiversity improvement. Business sectors focused on transition plans that could support fair and transparent means of reporting progress. The nature tech sector is growing too, with start-ups expected to attract up to $2 billion (£1.5 billion) in investments by the end of 2024.

    Back in the negotiating halls, delegates faced an uphill struggle. Only 44 out of 196 national plans to protect biodiversity have been updated to reflect the new targets. So, it’s no surprise that a gap is widening between current reality and the ambitious set of 23 targets which governments must reach by 2030. While countries agreed to a progress review in 2026, no consensus was reached on the indicators to be used. Progress was painfully slow.

    Negotiators debated how the global agreement on biodiversity should interact with its sister conventions on climate and desertification. Further discussions next year might identify how this could work but this probably won’t lead to drastic change. Some countries, including India and Russia, still seemed unwilling to accept the critical risks posed to nature and society of exceeding the 1.5°C global target for climate change.

    Many developing nations were concerned that greater integration between the climate crisis and biodiversity would lead to “double counting” of funding with the danger that developed countries could backtrack on their promises to support dedicated action on nature. Others, including the EU, argued that action to conserve and restore nature was an essential part of tackling all environmental and societal global challenges.

    The deadlock between these positions continued for days. In the final hours of Cop16, negotiators reached a compromise that sets out a more integrated pathway for bringing action on climate and nature together. While the effects of climate change directly exacerbate biodiversity loss, restoring nature can be a powerful tool in the fight to mitigate the climate crisis and benefit biodiversity. Nature-based solutions – measures like restoring peatlands and wetlands, planting trees and mangroves – help build that resilience.

    Heads of state and ministers joining at the midpoint of the meeting pointed out the need to ensure that nature is protected both for its own sake and for the communities that depend on healthy ecosystems for their livelihood and wellbeing.

    But at the end of a long final night, these words were not accompanied by concrete plans for action or the financial commitments about how nature protection should be paid for that many at Cop16 were hoping for.

    Whole of society, all of government?

    The global biodiversity agreement set in 2022 called for a whole of society approach to address the nature crisis. Cop16 certainly delivered. From local communities to huge businesses, there was a spirit of rolling up sleeves and putting investment and innovation to work using nature-based solutions to restore and conserve biodiversity.

    One of many packed side-events which bought the ‘whole of society’ together at Cop16.
    Philipp Montenegro, CC BY-NC-ND

    The same energy and commitment was clear from many of the local and sub-national governments assembled at Cop16. The first gathering of Mayors for Nature demonstrated significant commitment to action.

    Leaders from California and Quebec set the tone by investing in large-scale programmes, with Quebec not only committing to fund their own biodiversity action but also contributing to the global biodiversity fund – the first regional government to do so.

    But national governments struggled to move forward. The complexity of addressing biodiversity and its necessary interactions with sectors such as agriculture, transport and mining, as well as concerns over historic injustices between developing and developed countries, was perhaps too much for Cop16 to resolve.

    The risk is that, as governments navigate these challenges, the private sector could accelerate action without scrutiny. I worry that the lack of policy coordination could deter investors and slow the pace of action that local communities and regional governments want to make. Rather than waiting for global consensus, groups can catalyse change while holding each other accountable to make swift progress to save nature.



    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.


    Harriet Bulkeley receives funding from the European Commission and currently serves as an advisor to the UK Department of Environment, Food and Rural Affairs.

    ref. Cop16: the world’s largest meeting to save nature has ended with no clear path ahead – https://theconversation.com/cop16-the-worlds-largest-meeting-to-save-nature-has-ended-with-no-clear-path-ahead-242160

    MIL OSI – Global Reports