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Category: Business

  • MIL-OSI Reportage: To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans

    Source: BNZ statements

    BNZ says “To celebrate the BNZ Kāhu making women’s sporting history, it’s our shout.”

    Less than a week before women’s basketball season tips off, in a bid to increase access to the hotly contested Tauihi season, BNZ has announced that BNZ Kāhu fans attending home games in Auckland and Whangārei won’t have to pay for general admission tickets.

    Last week, the championship franchise revealed BNZ Kāhu’s all-female ownership team of Jo Caird, Jody Cameron, “Georgie” Paula George, Rachel Howard, and Dani Marshall, making New Zealand’s top women’s basketball team the first sports team in the world to be fully owned, managed, and coached by women.

    “The feedback we have been getting from across Aotearoa New Zealand has been extraordinary. Our mission is to celebrate and grow our passionate community of fans by making women’s sports more accessible and family-friendly,” says co-owner Jo Caird.

    “That all starts at home, where we want our fans to turn Eventfinda Stadium and Whangārei McKay Stadium Kensington into our fortresses. And what better way than a sold-out stadium stacked with screaming BNZ Kāhu fans,” says co-owner “Georgie” Paula George.

    Starting this Sunday, when BNZ Kāhu hosts Dunedin’s Southern Hoiho for the first game of the season, BNZ Kāhu fans will be “shouted” their tickets by the team’s naming sponsor, Bank of New Zealand.

    “We were already absolutely stoked to have BNZ as a key partner and supporter. And we were committed to welcoming overlooked communities and reimagining the possibilities. Turning that commitment into a reality is so much easier when you have partners like the team at BNZ who believe with you,” says co-owner Dani Marshall.

    “It’s an absolute no-brainer,” says BNZ’s Executive Corporate and Institutional Banking Penny Ford.

    “What better way to celebrate this groundbreaking team of leaders than by giving them and the brilliant players they support a home stadium filled with passionate fans – all season long,” she says.

    BNZ Kāhu fans who have already purchased general admission tickets will have the option to refund their purchase price or transfer that purchase into admission into a brand-new Kāhu Supporters Club.

    “Those early bird ticket holders will be some of our most passionate fans. We can’t wait to see them on Sunday,” says co-owner and coach Jody Cameron.

    • Sunday 6 October – BNZ Kāhu hosts Southern Hoiho at Eventfinda Stadium.
    • General Admission tickets to six BNZ Kāhu regular-season home games will be available for free at http://www.eventfinda.co.nz starting Tuesday 1 October.

    The post To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans appeared first on BNZ Debrief.

    MIL OSI Analysis –

    January 24, 2025
  • MIL-OSI Reportage: BNZ launches new anti-scam tool to lock scammers out of online banking

    Source: BNZ statements

    BNZ is rolling out its latest anti-scam and fraud measure, launching an ‘online banking lock’ feature which gives customers the ability to disable all online banking activity and lock access to their online banking if they suspect a scammer has gained access to their accounts.

    “BNZ is continually looking for new ways to enhance protection for customers and combat criminal scammers,” says BNZ’s Head of Financial Crime Ashley Kai Fong.

    “While anyone who thinks they’re being scammed should call their bank straight away, this new tool – available in the BNZ app – gives customers the ability to lock their online banking while they’re making the call, potentially speeding up the process to lock their accounts and shut scammers out,” says Kai Fong.

    Once the online account lock is activated, it disables all current internet banking and BNZ mobile account activity and locks all access.

    To prevent scammers from regaining access, customers will need to verify their identity at a BNZ branch to regain access to their accounts.

    Customers will still be able to use their cards online, instore and at ATMs while their account is locked, unless they have also chosen to block their card. To minimise disruption, scheduled payments, like rent or mortgage payments, will still go out as scheduled.

    Kai Fong says BNZ invests tens of millions of dollars every year in scam and fraud protection measures.

    “While there is no silver bullet in the fight against scammers, this is another tool in the anti-scam and fraud toolbox to help protect our customers. It’s just one of a number of new features, BNZ has introduced, including:

    • introducing a way for customers to verify their identity through the BNZ app when prompted by a BNZ staff member to confirm it is the bank calling
    • introducing additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.
    • deploying ID readers in branch to help identify fraudulent documents

    Kai Fong says customers also have a role to play in keeping themselves safe from scams and fraud:

    • keeping account details, passwords and pin numbers safe
    • never clicking on links or attachments sent by someone you don’t know or that seem out of character for someone you do know
    • keeping your computer and phone security software up to date
    • contacting your bank as soon as possible if you think you’ve been scammed

    Top tips to stay scam savvy – BNZ will never:

    • email or text you links to online banking and ask you to log in
    • send you a text message with a link to a website, or link to call us
    • ask you for information about your PIN number, bank account number, or password
    • ask you to verbally share the authentication codes sent to you by text or email, even with a BNZ staff member
    • ask you to transfer money to help catch a scammer or a bank employee who is scamming customers
    • send you a text message about account issues with a link to log in
    • ask you to download software to access your Internet Banking remotely
    • use international phone numbers to call or send you notifications.

    The post BNZ launches new anti-scam tool to lock scammers out of online banking appeared first on BNZ Debrief.

    MIL OSI Analysis –

    January 24, 2025
  • MIL-OSI: Sandy Spring Bancorp Reports Third Quarter Earnings of $16.2 Million

    Source: GlobeNewswire (MIL-OSI)

    OLNEY, Md., Oct. 21, 2024 (GLOBE NEWSWIRE) — Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring Bank, reported net income of $16.2 million ($0.36 per diluted common share) for the quarter ended September 30, 2024, compared to net income of $22.8 million ($0.51 per diluted common share) for the second quarter of 2024 and $20.7 million ($0.46 per diluted common share) for the third quarter of 2023.

    Current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the quarter ended June 30, 2024 and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. Core earnings exclude the after-tax impact of amortization of intangibles, investment securities gains or losses and other non-recurring or extraordinary items. The current quarter’s decline in net income and core earnings as compared to the linked quarter was driven by higher provision for credit losses combined with higher non-interest expense, partially offset by higher net interest income. The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023.

    “We have a solid capital position and are seeing ongoing success with our core deposit strategies and our wealth management lines of business,” said Daniel J. Schrider, Chair, President & CEO of Sandy Spring Bank. “Our wealth teams – Sandy Spring Trust, and our subsidiaries, West Financial and RPJ – have an expanding number of referrals from current clients and work closely with business owners from early growth through maturity. The success of our wealth teams’ approach is reflected in our strong fee income results.”

    Third Quarter Highlights

    • Total assets at September 30, 2024 increased by 3% to $14.4 billion compared to $14.0 billion at June 30, 2024.
    • Total loans remained level at $11.5 billion as of September 30, 2024 compared to June 30, 2024. During the current quarter, AD&C and commercial business loans and lines increased by $71.3 million and $19.4 million, respectively, while the commercial investor real estate segment declined by $64.9 million. Total residential mortgage and consumer loan portfolios remained relatively unchanged during this period.
    • Deposits increased by $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024, as interest-bearing deposits increased $425.8 million, while noninterest-bearing deposits declined $28.3 million. Strong growth in the interest-bearing deposit categories was mainly experienced within money market, time deposits and savings accounts, which grew by $185.2 million, $151.5 million, and $66.1 million, respectively, compared to the linked quarter. The decline in noninterest-bearing deposit categories was driven by lower balances in personal and small business checking accounts. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and represented 94% of total deposits as of September 30, 2024.
    • The ratio of non-performing loans to total loans was 1.09% at September 30, 2024 compared to 0.81% at June 30, 2024 and 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan that was placed on non-accrual status during the current period. Net charge-offs for the current quarter totaled $0.7 million.
    • Net interest income for the third quarter of 2024 grew $1.1 million or 1% compared to the previous quarter and decreased by $3.7 million or 4% compared to the third quarter of 2023. Compared to the previous quarter, interest income increased by $5.0 million, while interest expense increased by $3.9 million.
    • The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. During the current quarter, the net interest margin was negatively impacted by a reversal of previously accrued uncollected interest income on a single large AD&C loan placed on a non-accrual status. Compared to the linked quarter, the rate paid on interest-bearing liabilities increased seven basis points, while the yield on interest-earning assets increased three basis points.
    • Provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million in the previous quarter and $3.2 million in the prior year quarter. The current quarter’s provision expense is mainly attributable to higher individual reserves on collateral-dependent loans, primarily related to a single AD&C loan due to the borrower-specific circumstances, partially offset by lower qualitative adjustments due to the reduction in commercial investor real estate loans. In addition, during the current quarter, the provision for unfunded commitments was insignificant compared to a credit of $1.9 million from the previous quarter.
    • Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The quarter-over-quarter increase was mainly driven by higher wealth management income and other income, generated by higher credit-related fees, which was fully offset by lower income from bank owned life insurance due to a receipt of one-time mortality proceeds during the prior quarter.
    • Non-interest expense for the third quarter of 2024 increased by $4.8 million compared to the second quarter of 2024 and $0.5 million compared to the prior year quarter. The quarterly increase in non-interest expense was primarily due to higher salaries and benefits along with an increase in professional fees and services.
    • Return on average assets (“ROA”) for the quarter ended September 30, 2024 was 0.46% and return on average tangible common equity (“ROTCE”) was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27%, respectively, for the previous quarter and 0.78% and 9.51%, respectively, for the third quarter of 2023.
    • The GAAP efficiency ratio was 72.12% for the third quarter of 2024, compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The non-GAAP efficiency ratio was 69.06% for the third quarter of 2024 compared to 65.31% for the second quarter of 2024 and 60.91% for the prior year quarter. The increase in non-GAAP efficiency ratio (reflecting a decrease in efficiency) in the current quarter compared to the previous quarter was the result of higher non-interest expense in the current quarter.

    Balance Sheet and Credit Quality

    Total assets were $14.4 billion at September 30, 2024, as compared to $14.0 billion at June 30, 2024. At September 30, 2024, total loans remained stable at $11.5 billion compared to the previous quarter. During this period, the growth in AD&C and commercial business loans and lines of $71.3 million or 6% and $19.4 million or 1%, respectively, were mostly offset by the decline in commercial investor real estate loans of $64.9 million or 1%. Total residential mortgage and consumer loan portfolios remained relatively unchanged.

    Deposits increased $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024. During this period, noninterest-bearing deposits decreased $28.3 million or 1%, while interest-bearing deposits increased $425.8 million or 5%. The slight decline in noninterest-bearing deposit categories was driven by decreases in personal and small business checking accounts, partially offset by an increase in commercial checking accounts. Growth in interest-bearing deposits was seen across all product categories, but most notably in money market and time deposit accounts which grew $185.2 million or 7% and $151.5 million or 6% during the current quarter, respectively. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and remained at 94% of the total deposits as of September 30, 2024 compared to June 30, 2024, reflecting continued strength and stability of the core deposit base. Total uninsured deposits at September 30, 2024 were approximately 37% of total deposits.

    Total borrowings decreased $54.1 million or 6% at September 30, 2024 as compared to the previous quarter, primarily driven by a $50.0 million pay down of FHLB advances. At September 30, 2024, available unused sources of liquidity, which consist of available FHLB borrowings, fed funds, funds through the Federal Reserve Bank’s discount window, as well as excess cash and unpledged investment securities, totaled $6.3 billion or 146% of uninsured deposits.

    The tangible common equity to tangible assets ratio declined slightly to 8.83% at September 30, 2024, compared to 8.85% at June 30, 2024.

    At September 30, 2024, the Company had a total risk-based capital ratio of 15.53%, a common equity tier 1 risk-based capital ratio of 11.27%, a tier 1 risk-based capital ratio of 11.27%, and a tier 1 leverage ratio of 9.59%. These risk-based capital ratios compare to a total risk-based capital ratio of 15.49%, a common equity tier 1 risk-based capital ratio of 11.28%, a tier 1 risk-based capital ratio of 11.28%, and a tier 1 leverage ratio of 9.70% at June 30, 2024. All of these ratios remain well in excess of the mandated minimum regulatory requirements.

    Non-performing loans include non-accrual loans and accruing loans 90 days or more past due. At September 30, 2024, non-performing loans totaled $125.3 million, compared to $93.0 million at June 30, 2024 and $51.8 million at September 30, 2023. The non-performing loans to total loans ratio was 1.09% compared to 0.81% on a linked quarter basis. These levels of non-performing loans compare to 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan with the total outstanding principal balance of $28.0 million, which was placed on a non-accrual status during the current period. Total net charge-offs for the current quarter amounted to $0.7 million compared to $0.2 million for the second quarter of 2024 and $0.1 million for the third quarter of 2023.

    At September 30, 2024, the allowance for credit losses was $131.4 million or 1.14% of outstanding loans and 105% of non-performing loans, compared to $125.9 million or 1.10% of outstanding loans and 135% of non-performing loans at the end of the previous quarter and $123.4 million or 1.09% of outstanding loans and 238% of non-performing loans at the end of the third quarter of 2023. The increase in the allowance for the current quarter compared to the previous quarter mainly reflects higher individual reserves on collateral-dependent non-accrual loans, primarily driven by the aforementioned AD&C lending relationship, partially offset by lower qualitative adjustments as a result of declines in commercial investor real estate loans.

    Income Statement Review

    Quarterly Results

    Net income was $16.2 million ($0.36 per diluted common share) for the three months ended September 30, 2024 compared to $22.8 million ($0.51 per diluted common share) for the three months ended June 30, 2024 and $20.7 million ($0.46 per diluted common share) for the prior year quarter. The current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the previous quarter and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. The decreases in the current quarter’s net income and core earnings compared to the previous quarter were driven primarily by higher provision for credit losses and non-interest expense.

    Net interest income for the third quarter of 2024 increased $1.1 million or 1% compared to the previous quarter and declined $3.7 million or 4% compared to the third quarter of 2023. During the current quarter, interest income increased $5.0 million, while interest expense increased $3.9 million. The rising interest rate environment was primarily responsible for a $7.7 million year-over-year increase in interest income. This growth in interest income was more than offset by the $11.4 million year-over-year growth in interest expense as funding costs have also risen in response to the rising rate environment and significant competition for deposits.

    The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. The decrease in the net interest margin during the current quarter was a result of a seven basis point increase in the rate paid on interest-bearing liabilities, while the yield earned on interest-earning assets rose three basis points. The current quarter’s net interest margin was negatively impacted by approximately three basis points due to the reversal of previously accrued uncollected interest income on a single large AD&C loan placed on non-accrual status during the period. As compared to the prior year quarter, the yield on interest-earning assets increased 23 basis points while the rate paid on interest-bearing liabilities rose 39 basis points, resulting in net interest margin compression of 11 basis points. The rate and yield increases year-over-year were driven by the higher interest rate environment, competition for deposits in the market, and customer movement of excess funds out of noninterest-bearing accounts into higher yielding products.

    The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023. The provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million for the second quarter of 2024 and $3.2 million for the third quarter of 2023. The current quarter’s provision is mainly a reflection of higher individual reserves on collateral-dependent non-accrual loans, primarily associated with the provision on a single AD&C lending relationship based on the current fair value of the collateral, partially offset by lower qualitative adjustments driven by an overall reduction in commercial investor real estate loan portfolio. In addition, during the current quarter, the reserve for unfunded commitments remained relatively stable at $1.5 million.

    Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The current quarter’s increase in non-interest income as compared to the previous quarter was mainly driven by the $0.4 million increase in other income, generated by credit-related fees, and $0.3 million increase in wealth management income, due to the $352.1 million or 6% growth in assets under management quarter-over-quarter and the overall favorable market performance, offset by $0.5 million decrease in BOLI income, due to the receipt of one-time death proceeds in the prior quarter.

    Non-interest expense for the third quarter of 2024 increased $4.8 million or 7% compared to the second quarter of 2024 and $0.5 million or 1% compared to the third quarter of 2023. The quarter-over-quarter increase is predominantly attributable to the $3.2 million increase in salaries and benefits, due to the increase in employee incentive compensation coupled with the $1.6 million increase in professional fees and services, mostly due to a one-time contract negotiation fee. The prior year quarter included $8.2 million of pension settlement expense related to the termination of the Company’s pension plan. Excluding this item, non-interest expense for the third quarter of 2024 increased $8.6 million or 13% compared to the third quarter of 2023.

    For the third quarter of 2024, the GAAP efficiency ratio was 72.12% compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The GAAP efficiency ratio rose from the prior year quarter primarily as a result of the 1% increase in GAAP non-interest expense coupled with the 1% decline in GAAP revenue. The non-GAAP efficiency ratio was 69.06% for the current quarter as compared to 65.31% for the second quarter of 2024 and 60.91% for the third quarter of 2023. The increase in the non-GAAP efficiency ratio (reflecting a decrease in efficiency) from the third quarter of the prior year to the current year quarter was primarily the result of the 12% increase in adjusted non-interest expense.

    ROA for the quarter ended September 30, 2024 was 0.46% and ROTCE was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27% for the second quarter of 2024 and 0.78% and 9.51%, respectively, for the third quarter of 2023.

    Year-to-Date Results

    The Company recorded net income of $59.4 million for the nine months ended September 30, 2024 compared to net income of $96.7 million for the same period in the prior year. Core earnings were $64.3 million for the nine months ended September 30, 2024 compared to $107.2 million for the same period in the prior year. Year-to-date net income and core earnings declined as a result of lower net interest income in combination with higher provision for credit losses, which was partially offset by higher non-interest income.

    For the nine months ended September 30, 2024, net interest income decreased $31.8 million compared to the prior year as a result of the $61.1 million increase in interest expense, partially offset by the $29.3 million increase in interest income. The increase in interest expense was driven by the interest expense on deposits, primarily associated with savings and time deposit accounts. The net interest margin declined to 2.44% for the nine months ended September 30, 2024, compared to 2.75% for the prior year, primarily as a result of higher funding costs due to the elevated interest rate environment and market competition for deposits during the period.

    The provision for credit losses for the nine months ended September 30, 2024 was $9.7 million as compared to a credit of $14.1 million for 2023. The provision for the nine months ended September 30, 2024 was primarily due to an increase in individual reserves on collateral-dependent non-accrual loans, as well as adjustments applied to specific industries within the commercial real estate segment during the first quarter of 2024. The prior year’s credit to provision was mainly attributable to the improving regional forecasted unemployment rate observed during the first half of 2023, and the declining probability of economic recession.

    For the nine months ended September 30, 2024, non-interest income increased 14% to $57.7 million compared to $50.5 million for 2023. During the current year, wealth management income increased $3.7 million or 14%, as assets under management increased $1.0 billion or 19% year-over-year. In addition, BOLI mortality-related income and service charges on deposit accounts increased $1.3 million and $1.1 million, respectively.

    Non-interest expense increased to $209.0 million for the nine months ended September 30, 2024, compared to $207.9 million for 2023. The drivers of the increase in non-interest expense were the $4.0 million increase in professional fees and services, $2.7 increase in amortization of intangible assets, $1.8 million increase in FDIC expense, and $1.2 million increase in outside data services. These year-over-year increases were offset by the $9.2 million decrease in compensation and benefits, as the prior year period included $8.2 million pension termination expense and $1.9 million of severance related expenses associated with staffing adjustments.

    For the nine months ended September 30, 2024, the GAAP efficiency ratio was 69.98% compared to 64.29% for the same period in 2023. The non-GAAP efficiency ratio for the current year was 67.04% compared to 59.42% for the prior year. The growth in the current year’s GAAP and non-GAAP efficiency ratios compared to the prior year, indicating a decline in efficiency, was the result of the declines in GAAP and non-GAAP revenues combined with the growth in GAAP and non-GAAP non-interest expenses.

    Explanation of Non-GAAP Financial Measures

    This news release contains financial information and performance measures determined by methods other than in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s management believes that the supplemental non-GAAP information provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. Non-GAAP measures used in this release consist of the following:

    • Tangible common equity and related measures are non-GAAP measures that exclude the impact of goodwill and other intangible assets.
    • The non-GAAP efficiency ratio excludes amortization of intangible assets, investment securities gains/(losses), severance expense, contingent payment expense, and includes tax-equivalent income.
    • Core earnings and the related measures of core earnings per diluted common share, core return on average assets and core return on average tangible common equity reflect net income exclusive of amortization of intangible assets, investment securities gains/(losses) and other non-recurring or extraordinary items, on a net of tax basis.
    • Pre-tax pre-provision net income excludes income tax expense and the provision (credit) for credit losses.

    These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please refer to the non-GAAP Reconciliation tables included with this release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    Conference Call Cancelled

    As a result of today’s announcement that the Company has entered into a merger agreement with Atlantic Union Bankshares Corporation, the Company has cancelled its conference call scheduled for 2:00 p.m. ET today to discuss the Company’s results for the third quarter of 2024.

    About Sandy Spring Bancorp, Inc.

    Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.

    Source: Sandy Spring Bancorp, Inc.
    Code: SASR-E

    Forward-Looking Statements

    Sandy Spring Bancorp’s forward-looking statements are subject to significant risks and uncertainties that may cause actual results to differ materially from those in such statements. These risks and uncertainties include, but are not limited to, the risks identified in our quarterly and annual reports and the following: changes in general business and economic conditions nationally or in the markets that we serve; changes in consumer and business confidence, investor sentiment, or consumer spending or savings behavior; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; the impact of the interest rate environment on our business, financial condition and results of operations; the impact of compliance with changes in laws, regulations and regulatory interpretations, including changes in income taxes; changes in credit ratings assigned to us or our subsidiaries; the ability to realize benefits and cost savings from, and limit any unexpected liabilities associated with, any business combinations; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the impact of changes in accounting policies, including the introduction of new accounting standards; the impact of judicial or regulatory proceedings; the impact of fiscal and governmental policies of the United States federal government; the impact of health emergencies, epidemics or pandemics; the effects of climate change; and the impact of natural disasters, extreme weather events, military conflict, terrorism or other geopolitical events. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of that report, and in its other SEC reports. Sandy Spring Bancorp’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC’s Web site at http://www.sec.gov.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    FINANCIAL HIGHLIGHTS – UNAUDITED

        Three Months Ended
    September 30,
          Nine Months Ended
    September 30,
       
    (Dollars in thousands, except per share data)     2024       2023     %
    Change
        2024       2023     %
    Change
    Results of operations:                        
    Net interest income   $ 81,412     $ 85,081     (4 )%   $ 241,040     $ 272,854     (12 )%
    Provision/ (credit) for credit losses     6,316       2,365     167 %     9,724       (14,116 )   N/M
    Non-interest income     19,715       17,391     13       57,669       50,518     14  
    Non-interest expense     72,937       72,471     1       209,047       207,912     1  
    Income before income tax expense     21,874       27,636     (21 )     79,938       129,576     (38 )
    Net income     16,209       20,746     (22 )     59,388       96,744     (39 )
                             
    Net income attributable to common shareholders   $ 16,205     $ 20,719     (22 )   $ 59,351     $ 96,552     (39 )
    Pre-tax pre-provision net income (1)   $ 28,190     $ 30,001     (6 )   $ 89,662     $ 115,460     (22 )
                             
    Return on average assets     0.46 %     0.58 %         0.56 %     0.92 %    
    Return on average common equity     4.01 %     5.35 %         4.99 %     8.50 %    
    Return on average tangible common equity (1)     5.88 %     7.42 %         7.17 %     11.67 %    
    Net interest margin     2.44 %     2.55 %         2.44 %     2.75 %    
    Efficiency ratio – GAAP basis (2)     72.12 %     70.72 %         69.98 %     64.29 %    
    Efficiency ratio – Non-GAAP basis (2)     69.06 %     60.91 %         67.04 %     59.42 %    
                             
    Per share data:                        
    Basic net income per common share   $ 0.36     $ 0.46     (22 )%   $ 1.32     $ 2.16     (39 )%
    Diluted net income per common share   $ 0.36     $ 0.46     (22 )   $ 1.31     $ 2.15     (39 )
    Weighted average diluted common shares     45,242,920       44,960,455     1       45,156,521       44,912,803     1  
    Dividends declared per share   $ 0.34     $ 0.34     —     $ 1.02     $ 1.02     —  
    Book value per common share   $ 36.10     $ 34.26     5     $ 36.10     $ 34.26     5  
    Tangible book value per common share (1)   $ 27.37     $ 25.80     6     $ 27.37     $ 25.80     6  
    Outstanding common shares     45,125,078       44,895,158     1       45,125,078       44,895,158     1  
                             
    Financial condition at period-end:                        
    Investment securities   $ 1,440,488     $ 1,392,078     3 %   $ 1,440,488     $ 1,392,078     3 %
    Loans     11,491,921       11,300,292     2       11,491,921       11,300,292     2  
    Assets     14,383,073       14,135,085     2       14,383,073       14,135,085     2  
    Deposits     11,737,694       11,151,012     5       11,737,694       11,151,012     5  
    Stockholders’ equity     1,628,837       1,537,914     6       1,628,837       1,537,914     6  
                             
    Capital ratios:                        
    Tier 1 leverage (3)     9.59 %     9.50 %         9.59 %     9.50 %    
    Common equity tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Total regulatory capital to risk-weighted assets (3)     15.53 %     14.85 %         15.53 %     14.85 %    
    Tangible common equity to tangible assets (4)     8.83 %     8.42 %         8.83 %     8.42 %    
    Average equity to average assets     11.37 %     10.92 %         11.32 %     10.84 %    
                             
    Credit quality ratios:                        
    Allowance for credit losses to loans     1.14 %     1.09 %         1.14 %     1.09 %    
    Non-performing loans to total loans     1.09 %     0.46 %         1.09 %     0.46 %    
    Non-performing assets to total assets     0.89 %     0.37 %         0.89 %     0.37 %    
    Allowance for credit losses to non-performing loans     104.92 %     238.32 %         104.92 %     238.32 %    
    Annualized net charge-offs/ (recoveries) to average loans (5)     0.03 %     — %         0.02 %     0.02 %    
    N/M – not meaningful
    (1) Represents a non-GAAP measure.
    (2) The efficiency ratio – GAAP basis is non-interest expense divided by net interest income plus non-interest income from the Condensed Consolidated Statements of Income. The traditional efficiency ratio – Non-GAAP basis excludes intangible asset amortization, pension settlement expense, severance expense and contingent payment expense from non-interest expense; and investment securities gains/ (losses) from non-interest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights.
    (3) Estimated ratio at September 30, 2024.
    (4) The tangible common equity to tangible assets ratio is a non-GAAP ratio that divides assets excluding goodwill and other intangible assets into stockholders’ equity after deducting goodwill and other intangible assets. See the Reconciliation Table included with these Financial Highlights.
    (5) Calculation utilizes average loans, excluding residential mortgage loans held-for-sale.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED (CONTINUED)
    OPERATING EARNINGS – METRICS

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Core earnings (non-GAAP):                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments (net of tax)(1):                
    Amortization of intangible assets     1,727       932       4,864       2,851  
    Severance expense     —       —       —       1,445  
    Pension settlement expense     —       6,088       —       6,088  
    Contingent payment expense     —       —       —       27  
    Core earnings (Non-GAAP)   $ 17,936     $ 27,766     $ 64,252     $ 107,155  
                     
    Core earnings per diluted common share (non-GAAP):                
    Weighted average common shares outstanding – diluted (GAAP)     45,242,920       44,960,455       45,156,521       44,912,803  
                     
    Earnings per diluted common share (GAAP)   $ 0.36     $ 0.46     $ 1.31     $ 2.15  
    Core earnings per diluted common share (non-GAAP)   $ 0.40     $ 0.62     $ 1.42     $ 2.39  
                     
    Core return on average assets (non-GAAP):                
    Average assets (GAAP)   $ 14,136,037     $ 14,086,342     $ 14,051,722     $ 14,043,925  
                     
    Return on average assets (GAAP)     0.46 %     0.58 %     0.56 %     0.92 %
    Core return on average assets (non-GAAP)     0.50 %     0.78 %     0.61 %     1.02 %
                     
    Return/ Core return on average tangible common equity (non-GAAP):                
    Net Income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus: Amortization of intangible assets (net of tax)     1,727       932       4,864       2,851  
    Net income before amortization of intangible assets   $ 17,936     $ 21,678     $ 64,252     $ 99,595  
                     
    Average total stockholders’ equity (GAAP)   $ 1,607,377     $ 1,538,553     $ 1,590,682     $ 1,522,153  
    Average goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Average other intangible assets, net     (30,679 )     (16,777 )     (29,940 )     (18,068 )
    Average tangible common equity (non-GAAP)   $ 1,213,262     $ 1,158,340     $ 1,197,306     $ 1,140,649  
                     
    Return on average tangible common equity (non-GAAP)     5.88 %     7.42 %     7.17 %     11.67 %
    Core return on average tangible common equity (non-GAAP)     5.88 %     9.51 %     7.17 %     12.56 %
    (1) Tax adjustments have been determined using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Pre-tax pre-provision net income:                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments:                
    Income tax expense     5,665       6,890       20,550       32,832  
    Provision/ (credit) for credit losses     6,316       2,365       9,724       (14,116 )
    Pre-tax pre-provision net income (non-GAAP)   $ 28,190     $ 30,001     $ 89,662     $ 115,460  
                     
    Efficiency ratio (GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
                     
    Efficiency ratio (GAAP)     72.12 %     70.72 %     69.98 %     64.29 %
                     
    Efficiency ratio (Non-GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
    Less non-GAAP adjustments:                
    Amortization of intangible assets     2,323       1,245       6,527       3,820  
    Severance expense     —       —       —       1,939  
    Pension settlement expense     —       8,157       —       8,157  
    Contingent payment expense     —       —       —       36  
    Non-interest expense – as adjusted   $ 70,614     $ 63,069     $ 202,520     $ 193,960  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
    Plus non-GAAP adjustment:                
    Tax-equivalent income     1,121       1,068       3,359       3,044  
    Less/ (plus) non-GAAP adjustment:                
    Investment securities gains/ (losses)     —       —       —       —  
    Net interest income plus non-interest income – as adjusted   $ 102,248     $ 103,540     $ 302,068     $ 326,416  
                     
    Efficiency ratio (Non-GAAP)     69.06 %     60.91 %     67.04 %     59.42 %
                     
    Tangible common equity ratio:                
    Total stockholders’ equity   $ 1,628,837     $ 1,537,914     $ 1,628,837     $ 1,537,914  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible common equity   $ 1,234,887     $ 1,158,443     $ 1,234,887     $ 1,158,443  
                     
    Total assets   $ 14,383,073     $ 14,135,085     $ 14,383,073     $ 14,135,085  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible assets   $ 13,989,123     $ 13,755,614     $ 13,989,123     $ 13,755,614  
                     
    Tangible common equity ratio     8.83 %     8.42 %     8.83 %     8.42 %
                     
    Outstanding common shares     45,125,078       44,895,158       45,125,078       44,895,158  
    Tangible book value per common share   $ 27.37     $ 25.80     $ 27.37     $ 25.80  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION – UNAUDITED

    (Dollars in thousands)   September 30,
    2024
      December 31,
    2023
    Assets        
    Cash and due from banks   $ 109,583     $ 82,257  
    Federal funds sold     —       245  
    Interest-bearing deposits with banks     640,763       463,396  
    Cash and cash equivalents     750,346       545,898  
    Residential mortgage loans held for sale (at fair value)     21,489       10,836  
    SBA loans held for sale     425       —  
    Investments held-to-maturity (fair values of $189,853 and $200,411 at September 30, 2024 and December 31, 2023, respectively)     220,296       236,165  
    Investments available-for-sale (at fair value)     1,149,056       1,102,681  
    Other investments, at cost     71,136       75,607  
    Total loans     11,491,921       11,366,989  
    Less: allowance for credit losses – loans     (131,428 )     (120,865 )
    Net loans     11,360,493       11,246,124  
    Premises and equipment, net     57,249       59,490  
    Other real estate owned     3,265       —  
    Accrued interest receivable     45,162       46,583  
    Goodwill     363,436       363,436  
    Other intangible assets, net     30,514       28,301  
    Other assets     310,206       313,051  
    Total assets   $ 14,383,073     $ 14,028,172  
             
    Liabilities        
    Noninterest-bearing deposits   $ 2,903,063     $ 2,914,161  
    Interest-bearing deposits     8,834,631       8,082,377  
    Total deposits     11,737,694       10,996,538  
    Securities sold under retail repurchase agreements     70,767       75,032  
    Federal Reserve Bank borrowings     —       300,000  
    Advances from FHLB     450,000       550,000  
    Subordinated debt     371,251       370,803  
    Total borrowings     892,018       1,295,835  
    Accrued interest payable and other liabilities     124,524       147,657  
    Total liabilities     12,754,236       12,440,030  
             
    Stockholders’ equity        
    Common stock — par value $1.00; shares authorized 100,000,000; shares issued and outstanding 45,125,078 and 44,913,561 at September 30, 2024 and December 31, 2023, respectively.     45,125       44,914  
    Additional paid in capital     748,202       742,243  
    Retained earnings     911,411       898,316  
    Accumulated other comprehensive loss     (75,901 )     (97,331 )
    Total stockholders’ equity     1,628,837       1,588,142  
    Total liabilities and stockholders’ equity   $ 14,383,073     $ 14,028,172  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)     2024     2023     2024     2023  
    Interest income:                
    Interest and fees on loans   $ 154,339   $ 147,304   $ 456,309   $ 431,305  
    Interest on mortgage loans held for sale     364     238     801     697  
    Interest on SBA loans held for sale     2     —     2     —  
    Interest on deposits with banks     6,191     6,371     17,401     13,979  
    Interest and dividend income on investment securities:                
    Taxable     7,440     6,682     21,319     20,538  
    Tax-advantaged     1,762     1,811     5,385     5,376  
    Interest on federal funds sold     —     5     8     13  
    Total interest income     170,098     162,411     501,225     471,908  
    Interest expense:                
    Interest on deposits     79,287     63,102     227,062     155,215  
    Interest on retail repurchase agreements and federal funds purchased     452     4,082     4,890     10,377  
    Interest on advances from FHLB     5,001     6,200     16,394     21,623  
    Interest on subordinated debt     3,946     3,946     11,839     11,839  
    Total interest expense     88,686     77,330     260,185     199,054  
    Net interest income     81,412     85,081     241,040     272,854  
    Provision/ (credit) for credit losses     6,316     2,365     9,724     (14,116 )
    Net interest income after provision/ (credit) for credit losses     75,096     82,716     231,316     286,970  
    Non-interest income:                
    Service charges on deposit accounts     3,009     2,704     8,765     7,698  
    Mortgage banking activities     1,529     1,682     4,524     4,744  
    Wealth management income     10,738     9,391     31,151     27,414  
    Income from bank owned life insurance     1,307     845     4,283     3,003  
    Bank card fees     435     450     1,293     1,315  
    Other income     2,697     2,319     7,653     6,344  
    Total non-interest income     19,715     17,391     57,669     50,518  
    Non-interest expense:                
    Salaries and employee benefits     41,030     44,853     115,549     124,710  
    Occupancy expense of premises     4,657     4,609     14,278     14,220  
    Equipment expenses     3,841     3,811     11,672     11,688  
    Marketing     1,320     729     3,350     3,861  
    Outside data services     3,025     2,819     9,414     8,186  
    FDIC insurance     2,773     2,333     8,635     6,846  
    Amortization of intangible assets     2,323     1,245     6,527     3,820  
    Professional fees and services     6,577     4,509     16,403     12,354  
    Other expenses     7,391     7,563     23,219     22,227  
    Total non-interest expense     72,937     72,471     209,047     207,912  
    Income before income tax expense     21,874     27,636     79,938     129,576  
    Income tax expense     5,665     6,890     20,550     32,832  
    Net income   $ 16,209   $ 20,746   $ 59,388   $ 96,744  
                     
    Net income per share amounts:                
    Basic net income per common share   $ 0.36   $ 0.46   $ 1.32   $ 2.16  
    Diluted net income per common share   $ 0.36   $ 0.46   $ 1.31   $ 2.15  
    Dividends declared per share   $ 0.34   $ 0.34   $ 1.02   $ 1.02  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Profitability for the quarter:                            
    Tax-equivalent interest income   $ 171,219     $ 166,252     $ 167,113     $ 166,729     $ 163,479     $ 159,156     $ 152,317  
    Interest expense     88,686       84,828       86,671       83,920       77,330       67,679       54,045  
    Tax-equivalent net interest income     82,533       81,424       80,442       82,809       86,149       91,477       98,272  
    Tax-equivalent adjustment     1,121       1,139       1,099       1,113       1,068       1,006       970  
    Provision/ (credit) for credit losses     6,316       1,020       2,388       (3,445 )     2,365       5,055       (21,536 )
    Non-interest income     19,715       19,587       18,367       16,560       17,391       17,176       15,951  
    Non-interest expense     72,937       68,104       68,006       67,142       72,471       69,136       66,305  
    Income before income tax expense     21,874       30,748       27,316       34,559       27,636       33,456       68,484  
    Income tax expense     5,665       7,941       6,944       8,459       6,890       8,711       17,231  
    Net income   $ 16,209     $ 22,807     $ 20,372     $ 26,100     $ 20,746     $ 24,745     $ 51,253  
    GAAP financial performance:                            
    Return on average assets     0.46 %     0.66 %     0.58 %     0.73 %     0.58 %     0.70 %     1.49 %
    Return on average common equity     4.01 %     5.81 %     5.17 %     6.70 %     5.35 %     6.46 %     13.93 %
    Return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     7.42 %     8.93 %     19.10 %
    Net interest margin     2.44 %     2.46 %     2.41 %     2.45 %     2.55 %     2.73 %     2.99 %
    Efficiency ratio – GAAP basis     72.12 %     68.19 %     69.60 %     68.33 %     70.72 %     64.22 %     58.55 %
    Non-GAAP financial performance:                            
    Pre-tax pre-provision net income   $ 28,190     $ 31,768     $ 29,704     $ 31,114     $ 30,001     $ 38,511     $ 46,948  
    Core after-tax earnings   $ 17,936     $ 24,400     $ 21,916     $ 27,147     $ 27,766     $ 27,136     $ 52,253  
    Core return on average assets     0.50 %     0.70 %     0.63 %     0.76 %     0.78 %     0.77 %     1.52 %
    Core return on average common equity     4.44 %     6.21 %     5.56 %     6.97 %     7.16 %     7.09 %     14.20 %
    Core return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     9.51 %     9.43 %     19.11 %
    Core earnings per diluted common share   $ 0.40     $ 0.54     $ 0.49     $ 0.60     $ 0.62     $ 0.60     $ 1.16  
    Efficiency ratio – Non-GAAP basis     69.06 %     65.31 %     66.73 %     66.16 %     60.91 %     60.68 %     56.87 %
    Per share data:                      
    Net income attributable to common shareholders   $ 16,205     $ 22,800     $ 20,346     $ 26,066     $ 20,719     $ 24,712     $ 51,084  
    Basic net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Diluted net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Weighted average diluted common shares     45,242,920       45,145,214       45,086,471       45,009,574       44,960,455       44,888,759       44,872,582  
    Dividends declared per share   $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34  
    Non-interest income:                            
    Service charges on deposit accounts     3,009       2,939       2,817       2,749       2,704       2,606       2,388  
    Mortgage banking activities     1,529       1,621       1,374       792       1,682       1,817       1,245  
    Wealth management income     10,738       10,455       9,958       9,219       9,391       9,031       8,992  
    Income from bank owned life insurance     1,307       1,816       1,160       1,207       845       1,251       907  
    Bank card fees     435       445       413       454       450       447       418  
    Other income     2,697       2,311       2,645       2,139       2,319       2,024       2,001  
    Total non-interest income   $ 19,715     $ 19,587     $ 18,367     $ 16,560     $ 17,391     $ 17,176     $ 15,951  
    Non-interest expense:                            
    Salaries and employee benefits   $ 41,030     $ 37,821     $ 36,698     $ 35,482     $ 44,853     $ 40,931     $ 38,926  
    Occupancy expense of premises     4,657       4,805       4,816       4,558       4,609       4,764       4,847  
    Equipment expenses     3,841       3,868       3,963       3,987       3,811       3,760       4,117  
    Marketing     1,320       1,288       742       1,242       729       1,589       1,543  
    Outside data services     3,025       3,286       3,103       3,000       2,819       2,853       2,514  
    FDIC insurance     2,773       2,951       2,911       2,615       2,333       2,375       2,138  
    Amortization of intangible assets     2,323       2,135       2,069       1,403       1,245       1,269       1,306  
    Professional fees and services     6,577       4,946       4,880       5,628       4,509       4,161       3,684  
    Other expenses     7,391       7,004       8,824       9,227       7,563       7,434       7,230  
    Total non-interest expense   $ 72,937     $ 68,104     $ 68,006     $ 67,142     $ 72,471     $ 69,136     $ 66,305  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Balance sheets at quarter end:                        
    Commercial investor real estate loans   $ 4,868,467     $ 4,933,329     $ 4,997,879     $ 5,104,425     $ 5,137,694     $ 5,131,210     $ 5,167,456  
    Commercial owner-occupied real estate loans     1,737,327       1,747,708       1,741,113       1,755,235       1,760,384       1,770,135       1,769,928  
    Commercial AD&C loans     1,255,609       1,184,296       1,090,259       988,967       938,673       1,045,742       1,046,665  
    Commercial business loans     1,620,926       1,601,510       1,509,592       1,504,880       1,454,709       1,423,614       1,437,478  
    Residential mortgage loans     1,529,786       1,521,890       1,511,624       1,474,521       1,432,051       1,385,743       1,328,524  
    Residential construction loans     53,639       78,027       97,685       121,419       160,345       190,690       223,456  
    Consumer loans     426,167       417,161       416,132       417,542       416,436       422,505       421,734  
    Total loans     11,491,921       11,483,921       11,364,284       11,366,989       11,300,292       11,369,639       11,395,241  
    Allowance for credit losses – loans     (131,428 )     (125,863 )     (123,096 )     (120,865 )     (123,360 )     (120,287 )     (117,613 )
    Residential mortgage loans held for sale     21,489       18,961       16,627       10,836       19,235       21,476       16,262  
    SBA loans held for sale     425       —       —       —       —       —       —  
    Investment securities     1,440,488       1,401,511       1,405,490       1,414,453       1,392,078       1,463,554       1,528,336  
    Total assets     14,383,073       14,008,343       13,888,133       14,028,172       14,135,085       13,994,545       14,129,007  
    Noninterest-bearing demand deposits     2,903,063       2,931,405       2,817,928       2,914,161       3,013,905       3,079,896       3,228,678  
    Total deposits     11,737,694       11,340,228       11,227,200       10,996,538       11,151,012       10,958,922       11,075,991  
    Customer repurchase agreements     70,767       75,038       71,529       75,032       66,581       74,510       47,627  
    Total stockholders’ equity     1,628,837       1,599,004       1,589,364       1,588,142       1,537,914       1,539,032       1,536,865  
    Quarterly average balance sheets:                        
    Commercial investor real estate loans   $ 4,874,003     $ 4,964,406     $ 5,057,334     $ 5,125,028     $ 5,125,459     $ 5,146,632     $ 5,136,204  
    Commercial owner-occupied real estate loans     1,741,663       1,734,106       1,746,042       1,755,048       1,769,717       1,773,039       1,769,680  
    Commercial AD&C loans     1,253,035       1,133,506       1,030,763       960,646       995,682       1,057,205       1,082,791  
    Commercial business loans     1,579,001       1,551,798       1,508,336       1,433,035       1,442,518       1,441,489       1,444,588  
    Residential mortgage loans     1,526,445       1,518,748       1,491,277       1,451,614       1,406,929       1,353,809       1,307,761  
    Residential construction loans     64,684       86,638       110,456       142,325       174,204       211,590       223,313  
    Consumer loans     421,003       417,206       417,539       419,299       421,189       423,306       424,122  
    Total loans     11,459,834       11,406,408       11,361,747       11,286,995       11,335,698       11,407,070       11,388,459  
    Residential mortgage loans held for sale     19,889       14,497       8,142       10,132       13,714       17,480       8,324  
    SBA loans held for sale     65       —       —       —       —       —       —  
    Investment securities     1,531,378       1,538,624       1,536,127       1,544,173       1,589,342       1,639,324       1,679,593  
    Interest-earning assets     13,474,697       13,292,995       13,411,810       13,462,583       13,444,117       13,423,589       13,316,165  
    Total assets     14,136,037       13,956,261       14,061,935       14,090,423       14,086,342       14,094,653       13,949,276  
    Noninterest-bearing demand deposits     2,783,906       2,790,620       2,730,295       2,958,254       3,041,101       3,137,971       3,480,433  
    Total deposits     11,483,524       11,245,476       11,086,145       11,089,587       11,076,724       10,928,038       11,049,991  
    Customer repurchase agreements     63,436       62,161       72,836       66,622       67,298       58,382       60,626  
    Total interest-bearing liabilities     9,600,905       9,441,015       9,583,074       9,418,666       9,332,617       9,257,652       8,806,720  
    Total stockholders’ equity     1,607,377       1,579,582       1,584,902       1,546,312       1,538,553       1,535,465       1,491,929  
    Financial measures:                            
    Average equity to average assets     11.37 %     11.32 %     11.27 %     10.97 %     10.92 %     10.89 %     10.70 %
    Average investment securities to average earning assets     11.36 %     11.57 %     11.45 %     11.47 %     11.82 %     12.21 %     12.61 %
    Average loans to average earning assets     85.05 %     85.81 %     84.71 %     83.84 %     84.32 %     84.98 %     85.52 %
    Loans to assets     79.90 %     81.98 %     81.83 %     81.03 %     79.94 %     81.24 %     80.65 %
    Loans to deposits     97.91 %     101.27 %     101.22 %     103.37 %     101.34 %     103.75 %     102.88 %
    Assets under management   $ 6,567,752     $ 6,215,697     $ 6,165,509     $ 5,999,520     $ 5,536,499     $ 5,742,888     $ 5,477,560  
    Capital measures:                            
    Tier 1 leverage (1)     9.59 %     9.70 %     9.56 %     9.51 %     9.50 %     9.42 %     9.44 %
    Common equity tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Total regulatory capital to risk-weighted assets (1)     15.53 %     15.49 %     15.05 %     14.92 %     14.85 %     14.60 %     14.43 %
    Book value per common share   $ 36.10     $ 35.45     $ 35.37     $ 35.36     $ 34.26     $ 34.31     $ 34.37  
    Outstanding common shares     45,125,078       45,109,671       44,940,147       44,913,561       44,895,158       44,862,369       44,712,497  

    (1) Estimated ratio at September 30, 2024.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    LOAN PORTFOLIO QUALITY DETAIL – UNAUDITED

          2024     2023
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,   June 30,   March 31,
    Non-performing assets:                            
    Loans 90 days past due:                            
    Commercial real estate:                            
    Commercial investor real estate   $ —   $ —   $ —   $ —   $ —   $ —   $ 215
    Commercial owner-occupied real estate     —     —     —     —     —     —     —
    Commercial AD&C     —     —     —     —     —     —     —
    Commercial business     —     —     20     20     415     29     3,002
    Residential real estate:                            
    Residential mortgage     399     338     340     342     —     692     352
    Residential construction     —     —     —     —     —     —     —
    Consumer     —     —     —     —     —     —     —
    Total loans 90 days past due     399     338     360     362     415     721     3,569
    Non-accrual loans:                            
    Commercial real estate:                            
    Commercial investor real estate     57,578     55,498     55,579     58,658     20,108     20,381     15,451
    Commercial owner-occupied real estate     9,639     9,403     4,394     4,640     4,744     4,846     4,949
    Commercial AD&C     31,816     2,127     556     1,259     1,422     569     —
    Commercial business     9,044     8,455     7,164     10,051     9,671     9,393     9,443
    Residential real estate:                            
    Residential mortgage     11,996     12,228     11,835     12,332     10,766     10,153     8,935
    Residential construction     539     539     542     443     449     —     —
    Consumer     4,258     4,400     4,011     4,102     4,187     3,396     4,900
    Total non-accrual loans     124,870     92,650     84,081     91,485     51,347     48,738     43,678
    Total non-performing loans     125,269     92,988     84,441     91,847     51,762     49,459     47,247
    Other real estate owned (OREO)     3,265     2,700     2,700     —     261     611     645
    Total non-performing assets   $ 128,534   $ 95,688   $ 87,141   $ 91,847   $ 52,023   $ 50,070   $ 47,892
        For the Quarter Ended,
    (Dollars in thousands)   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      June 30,
    2023
      March 31,
    2023
    Analysis of non-accrual loan activity:                            
    Balance at beginning of period   $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678     $ 34,782  
    Non-accrual balances transferred to OREO     (565 )     —       (2,700 )     —       —       —       —  
    Non-accrual balances charged-off     (787 )     —       (1,550 )     —       (183 )     (2,049 )     (126 )
    Net payments or draws     (3,095 )     (1,427 )     (4,017 )     (7,619 )     (1,545 )     (1,654 )     (10,212 )
    Loans placed on non-accrual     36,667       10,038       1,490       47,920       4,967       9,276       19,714  
    Non-accrual loans brought current     —       (42 )     (627 )     (163 )     (630 )     (513 )     (480 )
    Balance at end of period   $ 124,870     $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678  
                                 
    Analysis of allowance for credit losses – loans:                            
    Balance at beginning of period   $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613     $ 136,242  
    Provision/ (credit) for credit losses – loans     6,310       2,961       3,331       (2,574 )     3,171       4,454       (18,945 )
    Less loans charged-off, net of recoveries:                            
    Commercial real estate:                            
    Commercial investor real estate     397       (3 )     (2 )     (3 )     (3 )     (14 )     (5 )
    Commercial owner-occupied real estate     (27 )     (27 )     (27 )     (27 )     (25 )     (27 )     (26 )
    Commercial AD&C     111       (23 )     (283 )     —       —       —       —  
    Commercial business     250       (28 )     1,550       (105 )     15       363       (127 )
    Residential real estate:                            
    Residential mortgage     (35 )     39       (6 )     (6 )     (4 )     35       21  
    Residential construction     —       —       —       —       —       —       —  
    Consumer     49       236       (132 )     62       115       1,423       (179 )
    Net charge-offs/ (recoveries)     745       194       1,100       (79 )     98       1,780       (316 )
    Balance at the end of period   $ 131,428     $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613  
                                 
    Asset quality ratios:                            
    Non-performing loans to total loans     1.09 %     0.81 %     0.74 %     0.81 %     0.46 %     0.44 %     0.41 %
    Non-performing assets to total assets     0.89 %     0.68 %     0.63 %     0.65 %     0.37 %     0.36 %     0.34 %
    Allowance for credit losses to loans     1.14 %     1.10 %     1.08 %     1.06 %     1.09 %     1.06 %     1.03 %
    Allowance for credit losses to non-performing loans     104.92 %     135.35 %     145.78 %     131.59 %     238.32 %     243.21 %     248.93 %
    Annualized net charge-offs/ (recoveries) to average loans     0.03 %     0.01 %     0.04 %     — %     — %     0.06 %   (0.01 )%

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Three Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
      Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,874,003     $ 58,133   4.74 %   $ 5,125,459     $ 60,482   4.68 %
    Commercial owner-occupied real estate loans     1,741,663       21,609   4.94       1,769,717       20,865   4.68  
    Commercial AD&C loans     1,253,035       24,553   7.80       995,682       20,503   8.17  
    Commercial business loans     1,579,001       26,953   6.79       1,442,518       23,343   6.42  
    Total commercial loans     9,447,702       131,248   5.53       9,333,376       125,193   5.32  
    Residential mortgage loans     1,526,445       14,223   3.73       1,406,929       12,550   3.57  
    Residential construction loans     64,684       876   5.39       174,204       1,680   3.83  
    Consumer loans     421,003       8,653   8.18       421,189       8,491   8.00  
    Total residential and consumer loans     2,012,132       23,752   4.71       2,002,322       22,721   4.52  
    Total loans (2)     11,459,834       155,000   5.38       11,335,698       147,914   5.18  
    Residential mortgage loans held for sale     19,889       364   7.32       13,714       238   6.93  
    SBA loans held for sale     65       2   11.28       —       —   —  
    Taxable securities     1,197,301       7,440   2.49       1,239,564       6,682   2.16  
    Tax-advantaged securities     334,077       2,222   2.66       349,778       2,269   2.59  
    Total investment securities (3)     1,531,378       9,662   2.52       1,589,342       8,951   2.25  
    Interest-bearing deposits with banks     463,531       6,191   5.31       505,017       6,371   5.00  
    Federal funds sold     —       —   —       346       5   5.38  
    Total interest-earning assets     13,474,697       171,219   5.06       13,444,117       163,479   4.83  
                             
    Less: allowance for credit losses – loans     (125,962 )             (122,348 )        
    Cash and due from banks     82,172               93,354          
    Premises and equipment, net     58,035               71,956          
    Other assets     647,095               599,263          
    Total assets   $ 14,136,037             $ 14,086,342          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,427,739     $ 6,256   1.74 %   $ 1,419,934     $ 4,229   1.18 %
    Regular savings deposits     1,718,475       15,341   3.55       861,634       5,571   2.57  
    Money market savings deposits     3,018,799       28,999   3.82       2,866,744       25,122   3.48  
    Time deposits     2,534,605       28,691   4.50       2,887,311       28,180   3.87  
    Total interest-bearing deposits     8,699,618       79,287   3.63       8,035,623       63,102   3.12  
    Repurchase agreements     63,436       334   2.09       67,298       356   2.10  
    Federal funds purchased and Federal Reserve Bank borrowings     8,543       118   5.53       300,435       3,726   4.92  
    Advances from FHLB     458,152       5,001   4.34       558,696       6,200   4.40  
    Subordinated debt     371,156       3,946   4.25       370,565       3,946   4.26  
    Total borrowings     901,287       9,399   4.15       1,296,994       14,228   4.35  
    Total interest-bearing liabilities     9,600,905       88,686   3.68       9,332,617       77,330   3.29  
                             
    Noninterest-bearing demand deposits     2,783,906               3,041,101          
    Other liabilities     143,849               174,071          
    Stockholders’ equity     1,607,377               1,538,553          
    Total liabilities and stockholders’ equity   $ 14,136,037             $ 14,086,342          
                             
    Tax-equivalent net interest income and spread       $ 82,533   1.38 %       $ 86,149   1.54 %
    Less: tax-equivalent adjustment         1,121             1,068    
    Net interest income       $ 81,412           $ 85,081    
                             
    Interest income/earning assets           5.06 %           4.83 %
    Interest expense/earning assets           2.62             2.28  
    Net interest margin           2.44 %           2.55 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $1.1 million and $1.1 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Nine Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
      Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,964,914     $ 176,504   4.75 %   $ 5,136,059     $ 177,067   4.61 %
    Commercial owner-occupied real estate loans     1,740,608       63,090   4.84       1,770,812       61,038   4.61  
    Commercial AD&C loans     1,139,517       68,779   8.06       1,044,907       61,005   7.81  
    Commercial business loans     1,546,498       79,026   6.83       1,442,858       68,258   6.33  
    Total commercial loans     9,391,537       387,399   5.51       9,394,636       367,368   5.23  
    Residential mortgage loans     1,512,209       41,968   3.70       1,356,530       35,925   3.53  
    Residential construction loans     87,177       3,208   4.92       202,856       5,302   3.49  
    Consumer loans     418,591       25,693   8.20       422,861       24,403   7.72  
    Total residential and consumer loans     2,017,977       70,869   4.69       1,982,247       65,630   4.42  
    Total loans (2)     11,409,514       458,268   5.36       11,376,883       432,998   5.09  
    Residential mortgage loans held for sale     14,197       801   7.52       13,192       697   7.04  
    SBA loans held for sale     22       2   11.28       —       —   —  
    Taxable securities     1,195,481       21,319   2.38       1,275,407       20,538   2.15  
    Tax-advantaged securities     339,881       6,785   2.66       360,348       6,727   2.49  
    Total investment securities (3)     1,535,362       28,104   2.44       1,635,755       27,265   2.22  
    Interest-bearing deposits with banks     434,083       17,401   5.35       368,829       13,979   5.07  
    Federal funds sold     288       8   3.79       433       13   4.00  
    Total interest-earning assets     13,393,466       504,584   5.03       13,395,092       474,952   4.74  
                             
    Less: allowance for credit losses – loans     (122,971 )             (125,558 )        
    Cash and due from banks     83,265               94,960          
    Premises and equipment, net     59,124               70,130          
    Other assets     638,838               609,301          
    Total assets   $ 14,051,722             $ 14,043,925          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,467,517     $ 18,858   1.72 %   $ 1,413,876     $ 10,465   0.99 %
    Regular savings deposits     1,602,997       42,597   3.55       660,211       7,831   1.59  
    Money market savings deposits     2,847,006       79,190   3.72       3,067,810       68,976   3.01  
    Time deposits     2,586,639       86,417   4.46       2,658,225       67,943   3.42  
    Total interest-bearing deposits     8,504,159       227,062   3.57       7,800,122       155,215   2.66  
    Repurchase agreements     66,134       1,043   2.11       62,126       561   1.21  
    Federal funds purchased and Federal Reserve Bank borrowings     99,303       3,847   5.17       264,580       9,816   4.96  
    Advances from FHLB     501,277       16,394   4.37       637,015       21,623   4.54  
    Subordinated debt     371,009       11,839   4.25       370,412       11,839   4.26  
    Total borrowings     1,037,723       33,123   4.26       1,334,133       43,839   4.39  
    Total interest-bearing liabilities     9,541,882       260,185   3.64       9,134,255       199,054   2.91  
                             
    Noninterest-bearing demand deposits     2,768,331               3,218,226          
    Other liabilities     150,827               169,291          
    Stockholders’ equity     1,590,682               1,522,153          
    Total liabilities and stockholders’ equity   $ 14,051,722             $ 14,043,925          
                             
    Tax-equivalent net interest income and spread       $ 244,399   1.39 %       $ 275,898   1.83 %
    Less: tax-equivalent adjustment         3,359             3,044    
    Net interest income       $ 241,040           $ 272,854    
                             
    Interest income/earning assets           5.03 %           4.74 %
    Interest expense/earning assets           2.59             1.99  
    Net interest margin           2.44 %           2.75 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $3.4 million and $3.0 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    The MIL Network –

    January 24, 2025
  • MIL-OSI Russia: Rosneft Improves Carbon Management System

    MILES AXLE Translation. Region: Russian Federation –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The 7th scientific and practical conference “Environmental Safety. Current Issues of Law Enforcement Practice and Improvement of Activities in the Sphere of Environmental Protection” was held in Samara. The conference was organized by the Rosneft Scientific Institute.

    The event was attended by more than 120 representatives of industrial enterprises and research institutes, higher education institutions, large engineering and manufacturing companies.

    Traditionally, one of the most important areas of work of the scientific forum is the development of carbon management in the oil and gas industry.

    Since 2021, the Company’s Samara scientific institute has been conducting an inventory of greenhouse gas emissions; during this time, work has been completed for more than 50 Rosneft enterprises.

    Samara specialists are creating a database of low-carbon technologies and decarbonization methods, conducting research and development work and feasibility studies of measures to reduce greenhouse gas emissions. The institute has proposed a number of solutions to reduce methane emissions at flare units to minimize the impact of technological processes at oil and gas producing enterprises on the environment.

    Responsible attitude to the environment is an integral part of the corporate culture and one of the key principles of Rosneft. The Company’s strategic focus is to achieve net carbon neutrality by 2050. The strategy’s goals are planned to be achieved through measures to reduce emissions, use low-carbon generation, develop energy-saving technologies, carbon capture and storage technologies, use the potential of natural absorption, and others.

    The scientific conference also considered issues of land reclamation, waste disposal, and practical aspects of obtaining permits in the field of environmental protection. The company is constantly improving approaches to managing environmental protection activities, increasing the scale of environmental measures and providing the necessary investments. Rosneft is focused not only on improving the environmental friendliness of its business and minimizing its impact on the environment, but also on achieving a total positive impact on ecosystems.

    Reference:

    Since 2016, a specialized expert center has been operating on the basis of the Rosneft Scientific Institute in Samara, which is engaged in the development and implementation of relevant environmental protection design products for Rosneft enterprises.

    Department of Information and Advertising of PJSC NK Rosneft October 21, 2024

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

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

    http://vvv.rosneft.ru/press/nevs/item/220930/

    MIL OSI Russia News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Shri Dharmendra Pradhan meets Singapore’s Prime Minister H.E. Lawrence Wong: India and Singapore strengthening partnership through ‘Talent, Resource & Market’

    Source: Government of India

    Shri Dharmendra Pradhan meets Singapore’s Prime Minister H.E. Lawrence Wong: India and Singapore strengthening partnership through ‘Talent, Resource & Market’

    Indian Education Minister pushes for Overseas Internships and Research Collaboration with Singapore

    Shri Dharmendra Pradhan strengthens India-Singapore ties, sets stage for educational collaborations and internships

    India looks at Singapore as trusted knowledge partner in furthering mutual priorities – Shri Dharmendra Pradhan

    Posted On: 21 OCT 2024 2:46PM by PIB Delhi

    Union Minister for Education, Shri Dharmendra Pradhan met the Prime Minister of Singapore, H.E. Lawrence Wong today.

    The Ministers had meaningful conversations on elevating and expanding the bilateral cooperation in school education, vocational education and research, between the two nations. The discussions focused on strengthening the partnership through three key pillars—‘Talent, Resource & Market.’

     

    Shri Pradhan emphasized that India views Singapore as a trusted knowledge partner, particularly in advancing deep tech, startups, and innovation ecosystems. 

     

    Shri Pradhan also highlighted that Prime Minister Narendra Modi and Prime Minister Mr. Wong have outlined a robust framework to elevate India-Singapore cooperation into a comprehensive partnership, including collaboration in critical and emerging sectors.

    Earlier in the day, Shri Pradhan met his counterpart, Singapore’s Minister for Education, Mr. Chan Chun Sing, to discuss strengthening bilateral cooperation across various areas of education. Shri Pradhan emphasized the significance of the National Education Policy 2020 in facilitating the internationalization of India’s education system. The two ministers explored avenues for overseas internship programs, allowing Indian students to gain practical experience in Singaporean companies.

     

    To further strengthen cultural connect between students of both countries the possibility of twinning of schools in India and Singapore was discussed. Joint Research collaboration in areas of mutual interest like deep tech, medicine, advance materials, etc. was also discussed.

    They also deliberated on fostering academic and research collaboration through the twinning of schools and universities in both countries. Shri Pradhan highlighted opportunities for collaboration between Singapore’s National Institute of Education and NCERT in areas such as curriculum development, pedagogy, and teacher capacity-building.

    Extending an invitation to Minister Chan to visit India, Shri Pradhan expressed his commitment to advancing shared goals and enhancing educational ties between the two nations.

     

    Shri Pradhan also met with Singapore’s Minister for Foreign Affairs, Mr. Vivian Balakrishnan, to discuss deepening the India-Singapore Knowledge Partnership.

     

     

    Both leaders emphasized the importance of working closely to elevate bilateral cooperation in education and expand collaborative efforts to achieve shared objectives.

    Shri Pradhan also visited the National University of Singapore and met with Prof. Tan Eng Chye, President of the university. They discussed leveraging complementary strengths to build knowledge bridges, strengthen academic and research collaborations, and deepen engagements between NUS and top Indian higher education institutions across all academic fronts.

     

     

    Shri Pradhan emphasized that NUS and Indian HEIs can collaborate to create value in areas such as deep start-ups, healthcare, advanced materials, digitalization, and sustainability, among others. The Minister also highlighted that a key focus area of NEP 2020 is enhancing access to quality higher education for the youth of India and the internationalization of its education system.

    On the first day of his visit on 20th October 2024, Shri Pradhan had engaged with the members of the Indian diaspora in Singapore. He highlighted NEP 2020’s role in upskilling India’s youth and the enormous scale and magnitude of education in India.

    The Minister’s visit to Singapore, followed by a trip to Australia, from 20 to 26 October 2024, aims to foster collaboration, participation, and synergy in critical areas of mutual interest in education.

    *****

    SS/AK

    (Release ID: 2066652) Visitor Counter : 28

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Text of Vice-President’s address at the first convocation ceremony of Raja Mahendra Pratap Singh State University, Aligarh, Uttar Pradesh (Excerpts)

    Source: Government of India (2)

    Posted On: 21 OCT 2024 2:21PM by PIB Delhi

    Smt. Anandiben Patel, Hon’ble Governor of Uttar Pradesh, and chancellor of this university, Raja Mahendra Pratap Singh State University. The Governor exemplifies passionate commitment to education. She has brought about big change and I have seen one here, names and certificates and mark sheets all electronically uploaded.

    She is very forward looking and handheld me when I was governor of West Bengal, when it came to the role of Chancellor. The Hon’ble Governor defines the role of chancellor with exemplification of highest virtuosity and commitment. She has been here twice and the state of Uttar Pradesh is lucky to have such an educationist, such a motivational, inspirational governor, particularly for the field of education.

    When I stepped into the premises हमने सबसे पहले एक काम किया महामहिम राज्यपाल ने और मैने ‘मां के नाम एक पेड़’ और जब यहां आकर देखा how thoughtful it was, Vedic chanting related to environment.

    हमें याद रखना पड़ेगा हमारे पास रहने के लिए पृथ्वी के अलावा कोई दूसरी जगह नहीं है इसी का सृजन करना पड़ेगा

    I therefore appeal to every student, every member of the staff, member of the faculty, everyone present here इस premises के अंदर इस प्रांगण में मां के नाम पेड जरूर लगाए यहां देखा है मैंने सब ठीक उन्नति के ऊपर है पर यह पक्ष कमजोर है यह अति शीघ्र होना चाहिए climate change time bomb is ticking we have to act while there is a time.

    Friends, it is an honour to be present at this convocation and for a very special reason. It is named after Raja Mahendra Pratap Singh, a patriot, national hero and freedom fighter. Another very fascinating aspect is being in Brijbhoomi is always spiritually rewarding. My congratulations to all the graduating students, medalists their proud parents also and more importantly, my greetings and congratulations to the members of the faculty.

    My young friends, your high academic qualifications are an asset to the country. In whatever field you work, and the number of fields is now increasing day by day, you will be part of India’s developing growth story. This story of Bharat is full of promises. The next 25 years are with immense potential which you all are required to exploit.

    Friends, the most important component of our youth with high qualifications like you are our spinal strength.

    Our national ambitions are well defined. Our national ambition is well set out and that is to be a developed nation, develop Bharat by 2047.

    Young minds are the most vital stakeholders in this journey. You will define this journey, you will fuel this journey and you will make everyone proud. You are the future leaders, you are the creators of positive change, driving economic, technological and social progress.

    Our national ambitions are well defined, our national ambition is well set out, and that is to be a developed nation, developed part at 2047. Young minds are the most vital stakeholders in this journey, you will define this journey, you will fuel this journey and we will make everyone proud. You are the future leaders, you are the creators of positive change, driving economic, technological, and social progress. You have to be the change you believe in. Don’t be swept by the change. Bring about the change you want as per your aptitude and attitude.

    Friends it is a testament present governance that this university has emerged so well in a such short time with the foundation stone being led by our visionary Prime Minister just 3 years ago.

    This achievement alongside exemplary law and order, highways, infrastructure august well for its northward progress and rise.

    it is a historical fact – Civilizations survive by institutions and ordering their heroes. Imagine in the field of education, Nalanda, Takshashila and many more global beacon of knowledge and education. This university establishment is a step in the right direction to befittingly immortalise Raja Mahendra Pratap Singh, a hero like others who ought to have been given space in our independence movement history, he should have occupied huge space. In 1915, he established first provisional Government of India in Kabul that was two decades before the Britishers could even imagine of the 1935 Government of India Act. It was a very great attempt. It was a thought to proclaim freedom, which we got later on and he had the good occasion to be a Member of Parliament. We thrive in an independent environment today because of sacrifices made by heroes like him.

    These inspiring stories of such great heroes unfortunately have had so far brief or no mention in our textbooks. A painful aberration is the history of independence was manipulated with credit being denied to those undeterred.

    It is our bounden ordainment to make aware our youth of our real heroes of freedom struggle. The next generation of historians should ensure that the sacrifice of multitude freedom fighters inspired this generation. It is soothing in recent times, vigorously we are celebrating all over the country our unsung heroes or well sung heroes.

    Belated conferment of the highest civilian award to Bharat Ratan to Dr. B.R. Ambedkar in 1990, to Chaudhary Charan Singh and Karpoori Thakur in 2023 are steps in the right direction. I was privileged on both the occasions to be in the theatre of parliament. In 1990 I was a union minister and now Vice-President, Chairman Rajya Sabha.

    I feel blessed but a cause of concern. Why it took us so long to recognise our heroes?

    Similarly, very good developments have taken place recently. We celebrate 15th November Janjatiya Gaurav Divas to pay tributes to Bhagwan Birsa Munda on his birth anniversary. A great tribal freedom fighter, know about him. You will be enthused, motivated, inspired. In the prime of youth he went away but left indelible mark on our freedom movement struggle. The day is dedicated to the memory of brave tribal freedom fighters so that our coming generations and this generation know about their sacrifices, about this country.

    Similarly, another great hero who was denied rightful space. Netaji Subhash Chandra Bose, gifted with indomitable spirit and selfless service to the nation. The government has decided to celebrate his birthday 23rd January every year as Prakram Diwas and rightly so. I was again privileged and honoured when the main function was held.

    In Kolkata, I happened to be governor of the state of West Bengal. The honourable Prime Minister inaugurated this great day remembering one of the finest human beings, finest souls, visionary who laid down everything, all comforts to serve the nation.

    Friends, our youth must always remember The fortitude these people exhibited in the face of grave adversity, this will infuse in all of you a fervour for nationalism.

    “शहीदों की चिताओं पर जुड़ेंगे हर बरस मेले।

    वतन पर मरनेवालों का यही बाक़ी निशाँ होगा॥

    कभी वह दिन भी आएगा जब अपना राज देखेंगे।

    जब अपनी ही ज़मीं होगी और अपना आसमाँ होगा॥“

    यह आज चरितार्थ हो रहा है आजादी के लंबे समय बाद इसको हर पल महसूस किया जा रहा है हर दृष्टि से किया जा रहा है।

    My young friends, I have adverted to some of such recent steps to remind you all that our commitment to nationalism should ever be unflinching and uppermost. राष्ट्र से ऊपर कुछ नहीं है। राष्ट्रवाद हमारा धर्म है, निजी हित या कोई भी हित हो राष्ट्रहित से ऊपर नहीं रख सकते यही हमारा संकल्प होना चाहिए, यही हमारी संस्कृति का निचोड़ है।

    Raja Mahendra Pratap Singh was also a visionary educationist who foresaw the need for technical education establishing the Prem Mahavidyalaya.

    Friends, history is proof of it. No country has excelled without being at the forefront of technological revolution. If we want to see Pax Indica becoming a reality, we must lead in technology.

    We are living virtually in the fourth industrial revolution where information is key to all our activities, from agriculture to education to communication. Everything is around communication these days. Technology is a game-changer.

    In our country, it has affected very fortunately, much-needed, transparent, accountable governance, ease of service delivery, and accomplishment of the last in the row, getting benefits.

    As we march towards Viksit Bharat@2047, driven by a knowledge economy, our goal should be to create institutions of excellence, rivalling the best in the world. Because this country had institutions of global excellence and eminence, people from all over the planet swarmed to get enlightenment.

    I appeal to industries and corporates to invest in India’s educational ecosystem. Investment in education is investment in your present, investment in your future, investment for economic growth, investment for peace, investment for harmony.

    This endeavour should be driven, now here is a word of caution by me. I can call it a caveat. We should never make education a commodity, we should never make education commerce. This endeavour, this enterprise, this spirit should not be driven by commodification and commercialisation of education but it should align with our traditional Gurukul system. गुरुकुल में क्या होता था कोई फीस नहीं होती थी, कोई रोक-टोक नहीं होती थी और यही कारण है कि भारत के संविधान निर्माता ने बहुत सोच समझकर जो 22 चित्र संविधान में रखे हैं आपसे अपील करूंगा उन चित्रों का आप अध्ययन कीजिए। आजकल सोशल मीडिया गूगल सब आपकी मदद करेगा उसमें जहां सिटीजनशिप है वहां गुरुकुल का चित्र है, शिक्षा को क्या इंपोर्टेंस दी गई है। They have to be crucibles of character formation, they have to inflame us with the spirit of commitment to our Bharat.

    To those shaping curricula, those who are devising curricula, the members of the faculty, I urge you to make the National Education Policy a success. The honourable Governor and myself have been associated at various stages in the evolution of National Education Policy. Thousands of stakeholders’ inputs have been considered. We have it after more than three decades, it presents a visionary roadmap for transforming our education system. It promotes multidisciplinary learning, skill development, innovation. It does not need a great emphasis on degrees. I want every teacher, every professor, every person associated with education to please go through National Education Policy. You can’t implement it unless you understand it, you have to understand it with a mindset to implement it.

    Our Bharat today, fortunately, and a great development for the world, is emerging as an intellectual powerhouse in terms of technology. My young friends, boys and girls, will know about it.  We rank fifth in terms of patents filed. You know the importance of patents, you know its economic results.  You can realise how it’s a soft diplomatic weapon also and with a significant increase of 25% year-on-year growth, our annual growth in terms of filing patents is 25%.

    In artificial intelligence, India with its dense human interaction and deep technological penetration is poised to lead data set creation. As a matter of fact, our digitisation, our technological penetration, utilisation for service delivery has been accoladed by global institutions, the World Bank, that India is a role model when it comes to service delivery by digitisation but India’s accomplishments in six years are normally not attainable even in more than four decades.

    Friends, we are entering the Amrit Kaal of technological revolution. That has to be driven by young minds, ignited minds like yours. Be the change makers, lead innovation, and find Indian solutions to Indian problems and make available also to the global fraternity.

    To the graduating class of 2024, congratulations on your success. Be inspired by heroes like Radha Mahendra Pratap Singh, who placed national interest above everything else. Exploit the opportunities that new Bharat presents, use your education wisely and for greater good.

    Friends, as you enter and step into the world, you will have challenges, you will have serious challenges, you might get some setbacks also all these are natural.

    It will not be a dream entry for you, it will be fiercely competitive and it should be. Never fear failure. Any failure is a stepping stone to success, if you get a good idea in your mind, don’t harbour it, act on it.

    To the affiliated colleges and academics, my appeal is ensure your activities, prepare graduates for this emerging technological world. Imbibe in them a spirit of nationalism.

    It is no good, you may be brilliant, you may be technologically genius, you may be admired but if your attachment to the nationalism is fragile,

    ‘काट्यो काट्यो कपास हो जाए’ कपास को जब काटते हैं तो धागा बनता है, तो थोड़ा भी मिस डायरेक्शन हो तो वापस कपास बन जाता है। Your efforts go in vain.

    Friends, India, home to one-sixth of humanity, the oldest civilisation on the planet, with exponential economic surge. दुनिया का कोई भी देश 7.5% से 8%, GDP ग्रोथ के साथ आगे नहीं बढ़ रहा है।

    आंखों से देख रहे हैं जिसका सपना लेते हुए भी डर लगता था मेरी उम्र के लोगों को। World class infrastructure of rail, road, connectivity, waterways, digitisation all over the country is happening in this nation.

    It is time for our youth, now my special appeal to you, you are in silos. लगता है नौकरी सरकार की ही है लगता है नौकरियां कहां है थोड़ा सा देखोगे तो पता लगेगा की जो Basket of Opportunities है is enlarging.

    एक जानकारी के अनुसार सिर्फ 10% छात्रों को ही पता है कि कहां संभावनाएं हैं, 90% को नहीं पता है। Please come out of the silos.

    भारत को यदि अगर आज के दिन International Monetary Fund कह रहा है कि it’s a land of opportunity, destination and investment, क्यों? नौकरी के लिए तो नहीं कह रहा। Make most of it, look around you will find your talent can be used in blue economy in the sea, in a space economy.

    चाणक्य के शब्द बताता हूं आपको और चाणक्य का नाम आते ही चाणक्य का नाम लेते ही एक नई ऊर्जा अपने में आ जाती है जो चाणक्य का रोल करते हो वह कैसे बोलते हैं, लगता है चाणक्य कितना महान था। चाणक्य ने कहा था “Education is the best friend, an educated person is respected everywhere.”

    और स्वामी विवेकानंद जी ने कहा था “Arise, awake, and stop not until the goal is reached.” that you should never forget

    To those who are outgoing, stepping out, the cohort and the current students, my very best wishes. You couldn’t be more lucky with an ecosystem and the ecosystem is that you can fully exploit your talent and potential to realise your dreams and aspirations.

    To those who have got degrees today, my one appeal, you are in a very distinguished category, you are the first alumni of this institution. You should take a place to be ever attached to this institution, be in connect with this institution, make annual contributions. Amount does not matter, financial contribution, quantum is immaterial, making financial contribution is all important. Do it. You will find over the years, this will grow like a balloon and help students in need. This will be a great service to the field of education and your institution.

    अंत में एक बात कहूंगा आपको सदैव सचेत रहने के लिए एक सिख दे रहा हूं उसी को सदा याद रखना ‘नायमात्मा बलहीनेन लभ्यः’

    इसका अर्थ है अंग्रेजी में self realisation cannot be achieved by weak willed. हम रिलाइज करना चाहते हैं पर अगर weak willed हैं तो हम नहीं कर पाएंगे। so be strong willed, never be in fear of failure, never suffer from stress and tension because of the fear of failure. It is the earnestness and commitment in efforts that is all important and that was the lesson imparted by Lord Krishna to Arjun at Kurukshetra that should be guiding star for your future working.

    I am honoured to deliver the first lecture, the first convocation address. It will ever be etched in my memory. It is an occasion for me to pay tribute to one of the greatest sons of this soil.

    ****

    JK/RC/SM

    (Release ID: 2066642) Visitor Counter : 25

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses NDTV World Summit 2024 in New Delhi

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi addresses NDTV World Summit 2024 in New Delhi

    When the world is immersed in worry, India is spreading hope: PM

    Today India is working in every sector, in every area with unprecedented speed : PM

    India today is both a developing country and an emerging power: PM

    India is one of the youngest countries in the world with the potential of achieving great heights: PM

     India is now moving ahead with a forward looking thinking: PM

    140 crore people of India have joined the resolution of Viksit Bharat , they themselves are driving it: PM

    India has the advantage of double AI power, First AI, Artificial Intelligence, Second AI, Aspirational India: PM

    India does not believe in taken for granted relationships, the foundation of our relations is trust and reliability: PM

    India has shown the world a new path to digital public infrastructure by democratizing technology: PM

    India has shown that digital innovation and democratic values ​​can coexist: PM

    Posted On: 21 OCT 2024 12:18PM by PIB Delhi

    The Prime Minister Shri Narendra Modi addressed the NDTV World Summit 2024 in New Delhi today. Addressing the gathering, the Prime Minister welcomed all dignitaries and said that discussions on a multitude of issues would take place at the Summit. He also acknowledged the presence of global leaders from different sectors who would put forth their views.

    Reflecting on the past 4-5 years, the Prime Minister pointed out that discussions on the concerns of the future have been a common theme. He mentioned that the recent challenges of Covid pandemic, post covid economic stress, inflation & unemployment, climate change, ongoing wars, disruption of supply chains, death of innocents, geopolitical tensions and conflicts had become a point of discussions in all global summits. Drawing parallels with the discussions taking place in India at the time, the Prime Minister underlined that India is deliberating its century. “India has become a ray of hope in this era of global turmoil. When the world is worried, India is spreading hope”, the Prime Minister remarked. He underlined that even though India is affected by the global situation and the challenges before it, there is a sense of positivity that can be experienced.

    “Today, India is working in every sector and area with unprecedented speed”, the Prime Minister said. Noting the completion of 125 days of the third term of the government, Shri Modi threw light on the work done in the country. He mentioned the government’s approval for 3 crore new pucca houses for the poor, initiation of infrastructure projects worth Rs 9 lakh crore, flagging off of 15 new Vande Bharat Trains, foundation stone laying of 8 new airports, a 2 lakh crore package for the youth, Rs 21,000 crore transferred into the bank accounts of farmers, free treatment scheme for citizens above 70 years of age, installation of rooftop solar plants in about 5 lakh homes, plantation of 90 crore saplings under Ek Ped Maa ke Naam campaign, approval for 12 new industrial nodes, SENSEX and NIFTY growing about 5-7 percent, and India’s forex rising to USD 700 billion dollars among others. The Prime Minister also touched upon the global events taking place in India in the past 125 days and mentioned International SMU, Global Fintech Festival, discussion on Global Semiconductor Ecosystem, International Conference for Renewable Energy and Civil Aviation. “This is not merely a list of events but a list of hope associated with India that shows the country’s direction and the world’s hopes”, the Prime Minister said, underlining that these are issues which will shape the future of the world and these are being discussed in India.

    The Prime Minister stated that in the third term, India’s growth has accelerated to such an extent that many rating agencies have raised their growth forecasts. He also pointed out the enthusiasm of experts like Mark Mobius, who advised global funds to invest at least 50% of their funds in India’s share market. “When such seasoned experts advocate for major investments in India, it sends a strong message about our potential”, he added.

    “India of today is both a developing nation and an emerging  power”, the Prime Minister emphasized, stressing that India understands the challenges of poverty and knows how to pave the path of progress. He highlighted the government’s fast-paced policy-making and decision-making processes and new reforms. Addressing the issue of complacency, the Prime Minister said that this mindset does not drive a nation forward. He underlined that 25 crore people have come out of poverty over the past 10 years and 12 crore toilets have been built and 16 crore gas connections have been provided, but it is not enough.

    The Prime Minister further informed that in the last 10 years, India has built over 350 medical colleges and more than 15 AIIMS, established over 1.5 lakh startups and handed out Mudra loans to 8 crore young people. “This is not enough”, the Prime Minister stressed, emphasizing the need for continuous progress of India’s youth. He underlined that India’s potential as one of the world’s youngest nations can take us to great heights, and we have much more to achieve quickly and efficiently.

    Highlighting the nation’s shift in mindset, the Prime Minister noted that Governments often compare their achievements with previous administrations, considering surpassing them as success looking back 10-15 years. He emphasized that India is changing this approach and success is no longer measured by achievements but by course of the future’s direction. The Prime Minister further remarked on India’s forward-looking vision and said that India is now moving ahead with a future-focused approach. “Our goal of a Viksit Bharat by 2047 is not just a vision of the government but reflects the aspirations of 140 crore Indians. It’s no longer just a campaign for public participation, but a movement of national confidence”, Shri Modi remarked. He mentioned that lakhs of citizens contributed their suggestions when the government began working on the vision document for Viksit Bharat. He informed that debates and discussions were held in schools, colleges, universities and various organizations and the government set the goals for the next 25 years based on these inputs. “Today, discussions on Viksit Bharat are part of our national consciousness and have become a true example of transforming public power into national strength”, he added.

    Talking about AI, the Prime Minister said this is the era of AI and the present and future of the world is linked to AI. He said  India has the advantage of double AI power, the first AI, Artificial Intelligence and the second AI,Aspirational India. Shri Modi said when the power of Aspirational India and Artificial Intelligence combines then it is natural for the pace of development to be faster. Shri Modi underlined that artificial intelligence is not just a technology for India, but a gateway to new opportunities for India’s youth. He mentioned the launch of India AI Mission this year and laid emphasis on increasing the use of AI across sectors like healthcare, education and startups. “India is committed to delivering world-class AI solutions, and through platforms like Quad, we are taking significant initiatives to drive this forward”, he said. Focusing on Aspirational India, the Prime Minister said that the middle class, general citizens, enhancing the quality of life, empowering small businesses, MSMEs, youth, and women is at the heart of the government’s policy making process. The Prime Minister pointed to India’s remarkable progress in connectivity as a prime example of fulfilling national aspirations and said that the government has focused on fast, inclusive physical connectivity which is essential for a developing society, especially in a vast and diverse country like India. Due to this, the Prime Minister said that air travel was given special emphasis. Recalling his vision of affordable air travel, he said those wearing ‘hawai chappal’ should be able to afford air travel and mentioned the UDAN scheme which has completed 8 years in operation. He informed that new airport networks in Tier-2 and Tier-3 cities have made air travel affordable for the masses. Highlighting the success of UDAN scheme, the Prime Minister mentioned that around 3 lakh flights have operated under UDAN, carrying 1.5 crore common citizens so far. He further added that there are over 600 routes under this initiative most connecting smaller towns. He pointed out that the number of airports in India have grown to more than 150 compared to around 70 airports in 2014.

    The Prime Minister emphasized the government’s commitment to empowering India’s youth to become a driving force for global growth and highlighted the government’s focus on education, skill development, research, and employment. He said that the result of the efforts in the last 10 years are now visible and mentioned India’s highest improvement globally in research quality as reflected in the latest Times Higher Education ranking. He noted that the participation of Indian universities in international rankings has grown from 30 to over 100 in the past 8–9 years. The Prime Minister  underlined that India’s presence in the QS World University Rankings has increased by more than 300% in the last ten years while the number of patents and trademarks filed in India is at an all-time high. He said that India is fast becoming a global hub for research and development where over 2,500 companies worldwide now have research centers in India, and the country’s startup ecosystem is undergoing unprecedented growth.

    Highlighting India’s rising global prominence as a trusted friend,  Shri Modi said India is taking the lead in providing direction to global future in several areas. Reflecting on the Covid-19 pandemic, Shri Modi said that India could have earned millions of dollars from its capacity of essential medicines and vaccines. “India would have benefited from that but humanity would have lost. These are not our values. We supplied medicines and life-saving vaccines to hundreds of countries during these challenging times,’ he said, adding,” I am satisfied that India was able to help the world in difficult moments.” Reinforcing India’s commitment towards building strong international relations, the Prime Minister said that the foundation of India’s relationships is trust and reliability ,it does not believe in taking relationships for granted and the world is also understanding this. Referring to India’s harmonious ties with the rest of the world, Shri Modi said, “India is a country whose progress does not invoke envy or jealousy from others. “The world rejoices from our progress because the entire world benefits from it.” Reflecting on India’s rich contribution to the world, Shri Modi said that in the past Bharat has played a positive role in increasing global growth, adding that its ideas, innovations and products left an indelible mark on the world for centuries. The Prime Minister said that Bharat could not take advantage of the industrial revolution due to colonization. “This is the era of Industry 4.0. India is no longer a slave. It has been 75 years since we gained independence, and therefore, now we are ready with our belts tightened,” Shri Modi added. 

    The Prime Minister emphasized that India is working swiftly on the skill sets and infrastructure required for Industry 4.0. He noted that during the past decade, he has participated in various global platforms, including G-20 and G-7 summits significant discussion about India’s Digital Public Infrastructure have taken place. “Today, the whole world is looking at India’s DPI,” he stated, referencing his discussions with Paul Romer, who praised India’s innovations like Aadhaar and DigiLocker. “India did not have the first-mover advantage in the era of the internet”, Shri Modi pointed out, noting that private platforms led the digital space in countries with the advantage. He said that India has provided a new model to the world by democratizing technology and highlighted the JAM trinity—Jan Dhan, Aadhaar, and Mobile which provides a robust system for faster and leakage-free service delivery. He also touched on UPI facilitating over 500 million daily digital transactions and said that the driving force behind this is not corporations but our small shopkeepers and street vendors. He also mentioned the PM Gati Shakti platform created to eliminate silos in infrastructure project construction which is now helping to transform the logistics ecosystem. Similarly, the ONDC platform is proving to be an innovation that democratizes and enhances transparency in online retail. Shri Modi underlined that India has demonstrated that digital innovation and democratic values can coexist and reinforced the notion that technology is a tool for inclusion, transparency, and empowerment, rather than control and division.

    Shri Modi stated that the 21st century is the most significant period in human history, emphasizing the urgent needs of today’s era: Stability, Sustainability, and Solutions. He noted that these elements are essential for a better future for humanity, with India striving to address them. He noted the unwavering support of the Indian public and said that the people have given a government their mandate for a third consecutive term, sending a strong message of stability for the first time in six decades referring to the recent elections in Haryana where the public reinforced this sentiment.

    The Prime Minister highlighted the global crisis of climate change, stating that this is a crisis faced by all of humanity. Despite India’s minimal contribution to the global climate challenge, the country is taking the lead in addressing it, he said. Shri Modi explained that the government has made green transition a key driver of growth adding that sustainability is at the core of India’s development planning. He gave examples of this commitment and mentioned PM Suryagarh Free Electricity Scheme and solar pump schemes for agriculture, EV revolution, Ethanol Blending Program, large wind energy farms, the LED light movement, solar Powered Airports and Biogas Plants. He further added that every program reflects the strong commitment to a green future and green jobs.

    The Prime Minister highlighted that alongside Stability and Sustainability, India is also focusing on providing Solutions to address global challenges. He said that over the past decade, India has worked on numerous initiatives essential for tackling these challenges, including the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure, the India-Middle East Economic Corridor, the Global Biofuel Alliance, as well as efforts in Yoga, Ayurveda, Mission Life, and Mission Millets. “All these initiatives represent India’s commitment to finding solutions to the world’s pressing issues” he stated.

    Expressing pride in India’s growth, the Prime Minister remarked, “As India progresses, the world will benefit even more.” He envisions a future where India’s century becomes a victory for all of humanity. He said that India’s century thrives on everyone’s talent and is enriched by innovations. Shri Modi stressed the significance of India’s efforts in promoting global stability and peace. “This is a century in which India’s initiatives contribute to a more stable world and enhance global peace”, Shri Modi concluded.

    Addressing the #NDTVWorldSummit. @ndtvhttps://t.co/92yfOt9vBF

    — Narendra Modi (@narendramodi) October 21, 2024

    जब दुनिया चिंता में डूबी है, तब भारत आशा का संचार कर रहा है: PM @narendramodi pic.twitter.com/1vHKLPq8Tc

    — PMO India (@PMOIndia) October 21, 2024

    आज भारत हर सेक्टर में, हर क्षेत्र में जिस तेजी से काम कर रहा है, वो अभूतपूर्व है: PM @narendramodi pic.twitter.com/FdVDGvAWXZ

    — PMO India (@PMOIndia) October 21, 2024

    भारत आज एक विकासशील देश भी है और उभरती हुई शक्ति भी है: PM @narendramodi pic.twitter.com/EutjT37shN

    — PMO India (@PMOIndia) October 21, 2024

    आज भारत दुनिया के सबसे युवा देशों में से एक है।

    इस युवा देश का पोटेंशियल…हमें आसमान की ऊंचाई पर पहुंचा सकता है: PM @narendramodi pic.twitter.com/k7jJwR72O6

    — PMO India (@PMOIndia) October 21, 2024

    अब भारत forward looking सोच के साथ आगे बढ़ रहा है: PM @narendramodi pic.twitter.com/nidsZlucxi

    — PMO India (@PMOIndia) October 21, 2024

    विकसित भारत के संकल्प से आज भारत के 140 करोड़ लोग जुड़ गए हैं। वो खुद इसे ड्राइव कर रहे हैं: PM @narendramodi pic.twitter.com/zEN8jVWFCO

    — PMO India (@PMOIndia) October 21, 2024

    भारत के पास डबल AI पावर की एडवांटेज है।

    पहली AI…Artificial Intelligence…

    दूसरी AI…Aspirational India… pic.twitter.com/KBpMnmSNNB

    — PMO India (@PMOIndia) October 21, 2024

    भारत टेकन फॉर ग्रांटेड रिश्ते नहीं बनाता… हमारे रिश्तों की बुनियाद- विश्वास और विश्वसनीयता है: PM @narendramodi pic.twitter.com/XllkeZclgh

    — PMO India (@PMOIndia) October 21, 2024

    भारत ने टेक्नॉलॉजी को डेमोक्रटाइज़ करके डिजिटल पब्लिक इंफ्रास्ट्रक्चर का नया रास्ता दुनिया को दिखाया है: PM @narendramodi pic.twitter.com/gTzgttGegN

    — PMO India (@PMOIndia) October 21, 2024

    भारत ने दिखाया है कि digital innovation और democratic values, coexist कर सकती हैं: PM @narendramodi pic.twitter.com/OewYyydqcQ

    — PMO India (@PMOIndia) October 21, 2024

    *****

    MJPS/TS/RT

    (Release ID: 2066613) Visitor Counter : 11

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Asia-Pac: English rendering of PM’s address at the inauguration of RJ Sankara Eye Hospital in Varanasi

    Source: Government of India

    Posted On: 20 OCT 2024 6:13PM by PIB Delhi

    Har Har Mahadev!

    Shankaracharya of the Sri Kanchi Kamakoti Peetham, venerable Jagatguru Sri Shankar Vijayendra Saraswati; Governor of Uttar Pradesh, Anandiben Patel; Chief Minister, Shri Yogi Adityanath; Deputy Chief Minister, Brajesh Pathak ji; RV Ramani of the Sankara Eye Foundation; Dr. SV Balasubramaniam; Shri Murali Krishnamurthy; Rekha Jhunjhunwala; and all other distinguished members of the organization, ladies and gentlemen!

    Visiting Kashi during this sacred month is, in itself, a profound spiritual experience. Present here are not only the residents of Kashi but also saints and philanthropists, making this occasion a truly blessed convergence! I am fortunate to meet and receive the prasad and blessings of the revered Shankaracharya ji. It is through his blessings that Kashi and the Purvanchal region have been bestowed with another modern hospital today. In this divine city of Lord Shankar, the RJ Sankara Eye Hospital is dedicated to the people from today. I extend my heartfelt congratulations to all the families of Kashi and Purvanchal.

    Friends,
    Our scriptures proclaim: “तमसो मा ज्योतिर्गमय:” – meaning, lead us from darkness to light. This RJ Sankara Eye Hospital will remove the darkness from the lives of countless people in Varanasi and this region, guiding them towards the light. I have just returned from visiting this eye hospital, and in every sense, it represents a fusion of spirituality and modernity. This hospital will serve the elderly and give new sight to children. A significant number of poor people will receive free treatment here. Moreover, this eye hospital has created new employment opportunities for the youth. Medical students will be able to do internships and practise here, and numerous individuals will find work as support staff.

    Friends,

    I have had the privilege of being associated with the noble endeavours of the Sankara Eye Foundation in the past as well. During my tenure as Chief Minister of Gujarat, I was involved in the inauguration of the Sankara Eye Hospital there. I had the honour of undertaking that work under the guidance of your revered Guruji. Today, I once again have the opportunity to contribute under your guidance, and this fills me with immense satisfaction. In fact, Pujya Swami Ji reminded me that I have been blessed in another way. I was fortunate to have received the blessings of Shri Kanchi Kamakoti Peethadheepati Jagatguru Shankaracharya Chandrashekharendra Saraswati Mahaswamigal. I had the privilege of sitting at the feet of Param Acharya Ji on numerous occasions and received immense affection from Param Pujya Jagatguru Shankaracharya Shri Jayendra Saraswati Swamigal Ji. I have completed several important projects under his guidance, and now I am blessed with the company of Jagatguru Shankaracharya Shri Shankar Vijayendra Saraswati Ji. In a way, being connected with three Guru traditions is one of life’s greatest blessings. This is something that gives me deep personal satisfaction. Today, Jagatguru has kindly taken time out to come to my parliamentary constituency for this programme. As the representative of the people here, I extend my heartfelt welcome to you and express my profound gratitude.

    Friends,

    On this occasion, it is only natural to remember my dear friend, Rakesh Jhunjhunwala Ji. The world is well aware of his stature in the business community, and much has been said about him in that regard. However, his dedication to social causes is evident here today. His family is now continuing his legacy, and Rekha Ji is devoting considerable time to this noble work. I am pleased to have had the opportunity to meet Rakesh Ji’s entire family today. I recall requesting both the Sankara Eye Hospital and the Chitrakoot Eye Hospital to establish themselves in Varanasi, and I am deeply grateful to both institutions for honouring the wishes of the people of Kashi. In the past, thousands of individuals from my parliamentary constituency have received treatment at Chitrakoot Eye Hospital. Now, the people of this region will benefit from two new modern institutions right here in Varanasi.

    Friends,

    Kashi has long been recognized as a centre of religion and culture. Now, it is also gaining recognition as a major healthcare hub for Uttar Pradesh and the Purvanchal region. Whether it is the trauma centre at BHU, the super-specialty hospital, the enhanced facilities at Deendayal Upadhyay Hospital and Kabirchaura Hospital, specialised hospitals for the elderly and government employees, or the medical college – many healthcare advancements have been made in Kashi over the past decade. Today, Banaras also boasts a modern cancer treatment facility, enabling patients who once had to travel to Delhi or Mumbai to receive quality care locally. Thousands of people from Bihar, Jharkhand, Chhattisgarh, and other parts of the country now come here for treatment. Our Mokshadayini Kashi is evolving into a centre of new vitality, offering fresh energy and enhanced healthcare resources.

    Friends,

    During the tenure of previous governments, the healthcare infrastructure in Purvanchal, including Varanasi, was grossly neglected. The situation was so dire that, just 10 years ago, there were no block-level treatment centres for brain fever in Purvanchal. Children would tragically lose their lives, and the media would be filled with reports of this distress. Yet, the former governments did nothing to address the issue. I am gratified that over the past decade, we have seen an unprecedented expansion of healthcare facilities, not only in Kashi but across the entire Purvanchal region. Today, more than 100 centres are operational, providing treatment for brain fever throughout Purvanchal. Over the last 10 years, more than 10,000 new hospital beds have been added to primary and community health centres across the region. In the same period, over 5,500 Ayushman Arogya Mandirs have been established in the villages of Purvanchal. A decade ago, there were no dialysis facilities in the district hospitals of Purvanchal. Today, more than 20 dialysis units are functioning, offering patients these services free of charge.

    Friends,

    The new Bharat of the 21st century has transformed the outdated thinking and approach to healthcare. Today, Bharat’s healthcare strategy is built on five key pillars. The first is preventive healthcare – taking steps to prevent illness before it occurs. The second is timely diagnosis of diseases. The third is providing free and affordable treatment, including access to inexpensive medicines. The fourth is ensuring quality medical care in smaller towns, addressing the shortage of doctors. And the fifth pillar is the expansion of technology in healthcare.

    Friends,

    Protecting individuals from disease is a top priority of Bharat’s health policy and forms the first pillar of the health sector. Illness only deepens the poverty of the disadvantaged. As you know, over the past 10 years, 250 million people have been lifted out of poverty. However, a serious illness could easily push them back into the depths of poverty. This is why the government is placing significant emphasis on disease prevention. Our government is focusing particularly on cleanliness, yoga and Ayurveda, nutritious food, and related areas. We have also extended the vaccination campaign to as many households as possible. Just 10 years ago, the country’s vaccination coverage stood at only around 60 percent, leaving crores of children unvaccinated. Furthermore, the rate of increase in vaccination coverage was a mere 1 to 1.5 percent annually. At that pace, it would have taken another 40 to 50 years to achieve universal vaccination coverage for every child and every region. You can imagine the great injustice this was doing to the younger generation of the nation. Therefore, upon forming the government, we prioritised child vaccination and expanding its coverage. We launched Mission Indradhanush, involving multiple ministries in this effort simultaneously. As a result, not only did the vaccination rate rise significantly, but crores of pregnant women and children who were previously excluded from it were vaccinated. The strong emphasis Bharat placed on vaccination proved highly beneficial during the COVID-19 pandemic. Today, the vaccination campaign continues to progress rapidly across the country.

    Friends,

    In addition to disease prevention, timely detection of illnesses is equally important. For this reason, lakhs of Ayushman Arogya Mandirs have been established nationwide, enabling early detection of diseases such as cancer and diabetes. Today, we are also building a network of critical care units and modern laboratories across the country. This second pillar of the health sector is saving the lives of lakhs of people.

    Friends,

    The third pillar of healthcare is affordable treatment and inexpensive medicines. Today, the average medical expenditure for every citizen in the country has reduced by 25 percent. People are now able to purchase medicines at an 80 percent discount through PM Jan Aushadhi Kendras. Whether it be heart stents, knee implants, or cancer medicines, the prices of these essential treatments have been significantly reduced. The Ayushman Yojana, which offers free treatment up to Rs 5 lakh for the poor, has become a lifesaver for many. So far, more than 7.5 crore patients across the country have benefited from free treatment under this scheme. Moreover, this service is now being extended to the elderly in every family throughout the nation.

    Friends,

    The fourth pillar of healthcare aims to reduce the dependency on major cities like Delhi and Mumbai for treatment. Over the past decade, we have established AIIMS, medical colleges, and super-specialty hospitals in smaller cities. To address the shortage of doctors in the country, thousands of new medical seats have been added in the last decade. Looking ahead, we have decided to add 75,000 more seats in the next five years.

    Friends,

    The fifth pillar of healthcare is increasing access to health services through technology. Today, digital health IDs are being created, and patients can receive consultations from the comfort of their homes through platforms like the e-Sanjeevani app. I am pleased to share that over 30 crore people have already taken advantage of consultations via the e-Sanjeevani app. We are also advancing towards integrating drone technology with healthcare services.

    Friends, 

    A healthy and capable young generation is essential for achieving the vision of a developed Bharat. I am immensely pleased that in this mission, we are blessed with the support of the revered Pujya Shankaracharya Ji. I pray to Baba Vishwanath that this mission for a healthy and capable Bharat continues to grow stronger. Today, as I sit at the feet of Pujya Shankaracharya Ji, I am reminded of memories from my childhood. When I was young, a doctor from my village would travel to Bihar for a month each year with a group of volunteers. There, he would conduct a large-scale cataract surgery campaign, which he referred to as “Netra Yagna.” He dedicated one month every year to this cause, and many people from my village would accompany him as volunteers. Even as a child, I was aware of the immense need for such services in Bihar. Therefore, today, I make a heartfelt request to Pujya Shankaracharya Ji to consider opening a similar Sankara Eye Hospital in Bihar. Those memories from my childhood remind me of how impactful such a service would be for the people of Bihar. Maharaj Ji has a vision of reaching every corner of the country, and I am confident that Bihar will be given priority and receive your blessings. It would be a tremendous honour to serve the diligent and hardworking people of Bihar, and contributing to their well-being would bring us great fulfilment in life. Once again, I extend my best wishes to all of you, especially our dedicated doctors, paramedical staff, and all the brothers and sisters working in this noble mission. With deep reverence, I bow before Pujya Jagatguru Ji, offering my heartfelt prayers for his continued blessings and guidance. With gratitude in my heart, I conclude my speech.

    Har-Har Mahadev!

     

    ***

    MJPS/ST/IG

    (Release ID: 2066527) Visitor Counter : 427

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi inaugurates Saharanpur, Rewa and Ambikapur airports under RCS-UDAN

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi inaugurates Saharanpur, Rewa and Ambikapur airports under RCS-UDAN

    RCS-UDAN celebrates 08 Years in service of the Nation

    1.44 crore people already flown under RCS-UDAN

    601 UDAN routes operationalized so far

    RCS key element of NCAP 2016 to promote Regional Air Connectivity

    Posted On: 20 OCT 2024 6:17PM by PIB Delhi

    Prime Minister Shri Narendra Modi today inaugurated three airports, developed under the  Regional Connectivity Scheme (RCS) – UDAN (Ude Desh Ka Aam Nagrik), from Varanasi in Uttar Pradesh. These airports are: Rewa in Madhya Pradesh, Ambikapur in Chhatisgarh and Saharanpur in UP. Flights under RCS-UDAN will begin from these airports shortly.

    The RCS- UDAN, a government-backed initiative to improve infrastructure and connectivity in India, especially in remote and underserved regions, completes seven years. It is a vital component of India’s National Civil Aviation Policy (NCAP) 2016, launched by the Ministry of Civil Aviation (MoCA) on October 21, 2016, with a 10-year vision.

    The first RCS-UDAN flight was inaugurated by Prime Minister Shri Narendra Modi on April 27, 2017, connecting Shimla to Delhi. The scheme focuses on improving unserved air routes in underserved regions of the country and fulfilling the aspirations of the common citizens.

    So far, the RCS-UDAN has facilitated travel of more than 144 lakh passengers, demonstrating its success in enhancing air travel accessibility.

    Over the period of 7 years, various versions of UDAN Scheme were launched, as follows:

     

    • UDAN 1.0: Five airlines companies were awarded 128 flight routes to 70 airports (including 36 newly made operational airports)
    • UDAN 2.0: 73 underserved and unserved airports were announced and for the first time, helipads were also connected.
    • UDAN 3.0: In coordination with the Ministry of Tourism, Tourism Routes were included. In addition to Seaplanes for connecting Water Aerodromes, several routes in the North-East Region came under the ambit of the scheme.
    • UDAN 4.0: Gave impetus to North-Eastern Regions, Hilly States, and Islands. The operation of helicopters and seaplanes incorporated.

     

    UDAN Version 5 – 5.0, 5.1, 5.2, 5.3 &5.4

    Following the four successful rounds of bidding, the Ministry of Civil Aviation launched the 5thversion of RCS-UDAN with numerous improvements based on stakeholder feedback.

    UDAN 5.0 where the focus is on Category-2 (20-80 seats) and Category-3 (>80 seats) aircraft. Similarly, the cap of 600 km has been removed and there is no restriction on the distance between the origin and destination of the flight. This round prioritizes the routes that will connect the airports that are ready for operations or will be ready soon, which will lead to quicker operationalization of awarded routes. Consequently, Airlines would now be required to commence operations within 4 months of the award of the route, and they are welcoming this change as this helps them to better plan their operations.

    This was soon followed by UDAN 5.1, This round of RCS-UDAN is designed specifically for helicopter routes by increasing the scope of operations for helicopter operators, enhancing VGF and reducing Airfare Caps. The Scheme will now allow operations on routes provided that at least one origin or destination is in a priority area and at least one origin or destination is a heliport, thereby enhancing the potential range of connectivity. VGF caps have been enhanced to improve viability for operators and airfare caps have been reduced to make flying more affordable for passengers respectively.

    Later, bidding for UDAN 5.2 was launched to further enhance the connectivity to remote and regional areas of the country, achieve last-mile connectivity, and provide impetus to the tourism sector through small aircraft (<20 seats). The Scheme will provide greater operational flexibility to the small aircraft operators, by allowing them to operate a maximum of 40% of annually quoted RCS seats and a minimum of 10% of annually quoted RCS seats in any given quarter.

    The Ministry of Civil Aviation further launched special bidding rounds to operationalize the routes those have been discontinued before completion of tenure or cancelled/terminated due to multiple reasons. In order to further enhance point-to-point air connectivity on such previously identified routes, bids under UDAN 5.3 and UDAN 5.4 were invited from all categories of airline operators. Consequently, UDAN 5.3 was launched in January 2024, while UDAN 5.4 is underway.

    Fueling Growth in the Aviation Industry

    RCS-UDAN is contributing to the growth of the civil aviation industry as many new and successful airlines have come up in the last seven years. The scheme has helped airline operators to start up and develop a sustainable business model. Additionally, it’s providing opportunities to small regional airlines Flybig, Star Air, IndiaOne Air and Fly91 to scale up their businesses and their successful run is evidence of the fact that the scheme is creating an amiable ecosystem conducive to airline business.

    Demand for new aircraft of all sizes

    The scheme’s incremental expansion has generated an escalating demand for new aircraft, concurrently broadening the spectrum of aircraft deployed. This augmentation encompasses a comprehensive range of aircraft and encompasses helicopters, seaplanes, 3-seat propeller planes, and jet planes. Presently, a diversified fleet, including Airbus 320/321, Boeing 737, ATR 42 and 72, DHC Q400, Twin Otter, Embraer 145 and 175, Tecnam P2006T, Cessna 208B Grand Caravan EX, Dornier 228, Airbus H130, and Bell 407 is actively serving on the RCS routes. The heightened demand for aircraft is substantiated by Indian carriers’ orders, which exceed 1,000 aircraft slated for delivery over the next 10-15 years, representing a significant augmentation of India’s existing fleet, which currently comprises approximately 800 planes operated by various airlines.

    Promoting tourism

    RCS-UDAN is not solely dedicated to offering last-mile connectivity to tier-2 and tier-3 cities; it also stands as a prominent contributor to the burgeoning tourism sector. UDAN 3.0 introduced tourism routes connecting several destinations in the Northeast region, while UDAN 5.1 is dedicated to expanding helicopter services in hilly regions to stimulate tourism, hospitality, and local economic growth.

    This initiative has successfully connected destinations such as Khajuraho, Deoghar, Amritsar, and Kishangarh (Ajmer), which have substantial relevance in religious tourism. The entire Northeast region’s tourism industry is experiencing a considerable upsurge due to the introduction of Pasighat, Ziro, Hollongi, and Tezu airports, fostering greater accessibility.The Scheme also achieved another milestone by bringingAgatti Island on the Indian aviation map, further boosting tourism in Lakshadweep.

    Boosting air connectivity

    From Mundra (Gujarat) to Tezu in Arunachal Pradesh andKullu in Himachal Pradesh to Salem in Tamil Nadu, RCS-UDAN hasconnected 34 States/UTs across the length and breadth of the country. A total of 86 aerodromes have been operationalized under UDAN. Ten airports have been operationalized in the Northeast regionin addition to two heliports. Many airports that were operationalized under UDAN such as Darbhanga, Prayagraj, Hubli, Belgaum, Kannur, etc. have or may soon become sustainable with many non-RCS commercial flights operating from these airports.

    ******

    PSF/DK

    (Release ID: 2066529) Visitor Counter : 40

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI United Kingdom: Government provides certainty to horticulture and poultry businesses  

    Source: United Kingdom – Executive Government & Departments

    The Government has underlined its commitment to the horticultural and poultry sectors by confirming measures to provide stability, including the allocation for the Seasonal Worker visa route for 2025.

    A package of measures to provide certainty and stability to farmers and growers in the UK’s horticulture, poultry and sheep sectors has been announced by the government today (Monday 21 October).   
     
    Underlining the government’s commitment to the horticultural and poultry sectors, the Seasonal Worker visa route has been confirmed for 2025, with a total of 43,000 Seasonal Worker visas available for horticulture and 2,000 for poultry next year. 

    This will provide certainty and will help the sector secure the labour and skills needed to bring high quality British produce, including strawberries, rhubarb, turkey and daffodils to market.  

    Alongside this, the government is taking action to keep costs down and protect poultry farmers from the impact of avian influenza and delivering fairness in the supply chain for sheep farmers by ensuring producers receive a fair price for their livestock through legislation to mandate sheep carcase classification and price reporting.  

    Food Security Minister Daniel Zeichner said:  

    This government recognises that food security is national security, and this can only be achieved by supporting food and farming businesses.  

    Confirming the seasonal worker visa allocation for 2025 gives growers and producers certainty, allowing them to plan ahead and secure the labour they need to grow and thrive.    

    This package of measures will also support farmers by protecting our poultry producers from the impact of avian flu outbreaks and ensuring fairness in the sheep supply chain.

    As well as confirming visa numbers for 2025, Defra has also published the 2023 Seasonal Worker’s Survey report. This is an important part of Defra’s commitment to monitoring the welfare of the seasonal migrant workers who help bring home the horticulture harvest each year.

    Conducted in early 2024, the survey shows that the vast majority of respondents (91.0%) reported a positive experience from their time in the UK and 95% expressed a desire to return.  

    The government is working with industry to improve these numbers further through its farm compliance checks to ensure sponsors are adhering to their duties and undertaking welfare checks on workers, and working with international partners to ensure workers know what work to expect before they arrive and can avoid unnecessary costs and fees.  

    Measures announced on egg and poultry labelling will help farmers to deal with the impact of future avian influenza outbreaks.  

    Currently, when mandatory housing measures are introduced to protect birds from the spread of disease, eggs from free-range birds can only continue to be labelled as ‘free-range’ for 16 weeks after the housing order has come into effect – leading to significant costs to industry. The changes will mean that free-range eggs can continue to be labelled as such throughout mandatory housing measures.  

    This will be brought in through legislation due to be laid on 4 November, and is expected to take effect in January 2025, ensuring a level playing field for UK free-range egg producers against producers in the EU.    

    A consultation on introducing similar measures for the labelling of free-range poultry is also being launched – proposing the removal of the current restrictions which mean that free range poultry can only be labelled as such for 12 weeks after the introduction of housing measures, and the removal of the need for optional indicator certificates to accompany imported poultry meat.  

    The government is also taking action to ensure fairness across the food supply chain to ensure producers receive a fair price for their livestock by bringing forward legislation to mandate sheep carcase classification and price reporting, bringing the sheep sector in line with the beef and pork sectors.

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    Updates to this page

    Published 21 October 2024

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI USA: Deputy Administrator Isobel Coleman Travels to Italy

    Source: USAID

    Deputy Administrator Isobel Coleman will travel to Italy on October 21-24 to engage development partners on key priorities, as well as lead the U.S. delegation to the G7 Development Ministerial Meeting.

    The Deputy Administrator will have engagements in Rome on October 21, which will include convening donors and implementing partners to discuss the dire humanitarian conditions in Sudan, and speaking at a panel discussion on combating the ongoing crisis of child wasting. Deputy Administrator Coleman will emphasize U.S. government support for programs to prevent and treat malnutrition and continued evidence generation and learning. 

    Alongside other G7 development leaders in Pescara, Deputy Administrator Coleman will discuss approaches to mitigating the global food security crisis, the Partnership for Global Infrastructure and Investment (PGI), global health, and humanitarian needs around the world. She will also emphasize the U.S. government’s ongoing commitment to partnerships and collaboration with our allies and partners, showcase USAID’s efforts to support increased investment in sustainable infrastructure that delivers mutual economic benefits, and call for greater cooperation to increase access to quality health care for vulnerable populations around the world.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: EPA Settles with Keystone-Conemaugh Projects, LLC for Failure to Meet Coal Ash Regulations

    Source: US Environment Protection Agency

    Settlement is part of EPA’s larger initiative to protect communities from coal ash contamination

    October 18, 2024

    PHILADELPHIA – The U.S. Environmental Protection Agency (EPA) announced a settlement with Keystone-Conemaugh Projects, LLC (“KEY-CON”) of Blairsville, PA. This settlement commits KEY-CON to ensure that groundwater at its Conemaugh Generating Station (“Conemaugh”) in New Florence, PA is properly monitored and remediated, if necessary, and to pay a civil penalty of penalty of $185,927.

    The settlement is part of EPA’s National Enforcement and Compliance Initiative, Protecting Communities from Coal Ash Contamination. This Initiative is needed given the breadth and scope of observed noncompliance with the federal coal ash regulations. Coal ash, which is produced from the burning of coal for energy, is a large industrial waste stream (by volume) and contains certain contaminants known to cause cancer and other serious health effects. Prior to 2015, the management and disposal of coal ash was not regulated at the national level; instead, it was regulated to varying degrees, if at all, by some states. Historically, coal ash was typically disposed in unlined landfills and unlined surface impoundments many of which are in contact with groundwater.

    Without proper containment and management, contaminants from coal ash can pollute waterways, groundwater, drinking water and the air. The additional enforcement resources under EPA’s National Enforcement and Compliance Initiative to address this issue will help protect both water sources, including drinking water, as well as the often-overburdened communities who live near these units.

    “The Biden-Harris Administration takes seriously the threat to human health and the environment from coal ash contamination, especially in communities historically overburdened by pollution,” said EPA Region 3 Regional Administrator Adam Ortiz. “Our goal is always to bring companies into compliance and ensure that everyone, regardless of zip code, is protected.”

    Conemaugh is a coal-powered electric generation facility and has disposed of coal ash in four Ash Filter Ponds (surface impoundments). KEY-CON has made improvements at its facility, such as installing geosynthetic liners in its Ash Filter Ponds and adding additional groundwater monitoring wells. If groundwater monitoring reveals contamination above the federal groundwater protection standards, then KEY-CON will be required by regulation to design and implement a corrective action program to address the detected contamination.

    In the agreement, EPA alleges that KEY-CON did not meet certain requirements under the coal ash program, including:

    • Failure to install a groundwater monitoring system that accurately characterizes the quality of groundwater passing the waste boundary of the coal ash unit;
    • Failure to monitor all potential contaminant pathways and install a sufficient number of wells to achieve the general performance standard of accurately representing the quality of both background groundwater and groundwater passing the waste boundary of Ash Filter Ponds;
    • Failure to adequately document the basis for including the minimum number of wells in the facility’s groundwater monitoring system; and
    • Failure to perform assessment monitoring after a statistically significant increase (SSI) over background levels was detected for one or more constituents listed in Appendix III to 40 C.F.R. Part 257.

    Read EPA’s Consent Agreement and Final Order here

    Background

    In April 2015, EPA established national rules for coal ash management and disposal to address:

    • Risks from disposal and discharge of coal ash, including leaking of contaminants into groundwater,
    • blowing of contaminants into the air as dust, and
    • Catastrophic failure of coal ash surface impoundments. 

    These rules established a comprehensive set of requirements for the safe handling and disposal of coal ash from coal-fired power plants, including technical requirements for coal ash landfills and surface impoundments.

    For more information on coal ash and the Agency’s coal ash program activities, please visit EPA’s Coal Ash (CCR) website.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI China: Announcement on Open Market Operations No.207 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.207 [2024]

    (Open Market Operations Office, October 21, 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 RMB208.9 billion through quantity bidding at a fixed interest rate on October 21, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB208.9 billion

    1.50%

    Date of last update Nov. 29 2018

    2024年10月21日

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI: Correction: HSBC Bank Plc – Form 8.5 (EPT/RI) – Learning Technologies Group plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.         KEY INFORMATION

    (a) Name of exempt principal trader: HSBC Bank Plc
    (b) Name of offeror/offeree in relation to whose relevant securities this form relates:
         Use a separate form for each offeror/offeree
    Learning Technologies Group plc
    (c) Name of the party to the offer with which exempt principal trader is connected: OFFEROR: GASC APF, L.P. and certain of its managed or advised funds (including Atlantic Park), accounts and/or affiliates (collectively, General Atlantic)
    (d) Date dealing undertaken: 18 October 2024
    (e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
         If it is a cash offer or possible cash offer, state “N/A”
    N/A      

    2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(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 Purchases/ sales

     

    Total number of securities Highest price per unit paid/received
    (GBP)
    Lowest price per unit paid/received
    (GBP)
     

    Ordinary Shares

     

    Purchase

    49,342 92.802 p 91.946 p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description Nature of dealing Number of reference securities Price per unit (GBP)
    e.g. CFD e.g. opening/closing a long/short position, increasing/reducing a long/short position
    ­ Ordinary shares Swap Increasing a short position 7,115 91.840 p
    ­ Ordinary shares Swap Increasing a short position 5,154 92.802 p
    ­ Ordinary shares Swap Increasing a short position 742 92.001 p
    ­ Ordinary shares Swap Increasing a short position 8,973 92.302 p
    ­ Ordinary shares Swap Increasing a short position 1,426 92.052 p
    ­ Ordinary shares Swap Increasing a short position 751 92.802 p
    ­ Ordinary shares Swap Increasing a short position 195 92.001 p
    ­ Ordinary shares Swap Increasing a short position 1,341 92.282 p
    ­ Ordinary shares Swap Increasing a short position 2,643 92.053 p
    ­ Ordinary shares Swap Increasing a short position 1,392 92.802 p
    ­ Ordinary shares Swap Increasing a short position 362 92.001 p
    ­ Ordinary shares Swap Increasing a short position 2,485 92.282 p
    ­ Ordinary shares Swap Increasing a short position 2,053 92.053 p
    ­ Ordinary shares Swap Increasing a short position 1,081 92.802 p
    ­ Ordinary shares Swap Increasing a short position 281 92.001 p
    ­ Ordinary shares Swap Increasing a short position 1,930 92.282 p
    ­ Ordinary shares Swap Increasing a short position 2,132 92.052 p
    ­ Ordinary shares Swap Increasing a short position 1,122 92.802 p
    ­ Ordinary shares Swap Increasing a short position 292 92.001 p
    ­ Ordinary shares Swap Increasing a short position 2,004 92.282 p
    ­ Ordinary shares Swap Increasing a short position 1,004 91.920 p
    ­ Ordinary shares Swap Increasing a short position 648 92.802 p
    ­ Ordinary shares Swap Increasing a short position 115 92.001 p
    ­ Ordinary shares Swap Increasing a short position 1,138 92.297 p
    ­ Ordinary shares Swap Increasing a short position 966 91.846 p
    ­ Ordinary shares Swap Increasing a short position 691 92.802 p
    ­ Ordinary shares Swap Increasing a short position 101 92.001 p
    ­ Ordinary shares Swap Increasing a short position 1,205 92.301 p

    (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
                   

    (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)
       

     

       

    3.         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 exempt principal trader 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 exempt principal trader 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

    Date of disclosure: 21 October 2024
    Contact name: Dhruti Singh
    Telephone number: 0207 088 2000

    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 dealing disclosure requirements on +44 (0)20 7638 0129.

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

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Hyperscale Data Announces Twenty-Eight Consecutive Monthly Cash Dividend Payments Timely Paid for Series D Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that it has successfully paid twenty-eight consecutive monthly cash dividends for its 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”). Dividends on the Series D Preferred Stock are cumulative and are payable out of amounts legally available therefor at a rate equal to 13.00% per annum per $25.00 of stated liquidation preference per share, or $0.2708333 per share of Series D Preferred Stock per month.

    Milton “Todd” Ault III, Founder and Executive Chairman of the Company, stated, “We could not be happier with the Company’s progress and its commitment to the strength of the Series D Preferred Stock dividend. The Company remains committed to the long-term nature of the dividend and will continue to work towards enhancing the Company’s credit profile which should ultimately assist the Company as it transitions into a pure-play data center business.”

    Link to NYSE quote for the Company’s 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock: https://www.nyse.com/quote/XASE:GPUSpD

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at https://hyperscaledata.com/ or available at http://www.sec.gov.

    About Hyperscale Data, Inc.

    Hyperscale Data is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides mission-critical products that support a diverse range of industries, including a social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma, hotel operations and textiles. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; Hyperscale Data, Inc.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at http://www.sec.gov and on the Company’s website at http://www.hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Bilibili Inc. Announces Repurchase Right Notification for 0.50% Convertible Senior Notes due 2026

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, Oct. 21, 2024 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it is notifying holders of its 0.50% Convertible Senior Notes due 2026 (CUSIP No. 090040AF3) (the “Notes”) that, pursuant to the Indenture dated as of November 23, 2021 (the “Indenture”) relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trustee, each holder has the right, at the option of such holder, to require the Company to repurchase all of such holder’s Notes or any portion thereof that is an integral multiple of US$1,000 principal amount for cash on December 1, 2024 (the “Repurchase Right”). Holders of the Notes may exercise the Repurchase Right from 12:01 a.m., New York City time, on Tuesday, October 29, 2024 until 5:00 p.m., New York City time, on Wednesday, November 27, 2024.

    As required by rules of the United States Securities and Exchange Commission (the “SEC”), the Company will file a Tender Offer Statement on Schedule TO today. In addition, documents specifying the terms, conditions, and procedures for exercising the Repurchase Right will be available through the Depository Trust Company and the paying agent, which is Deutsche Bank Trust Company Americas. None of the Company, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Repurchase Right.

    The Repurchase Right entitles each holder of the Notes to require the Company to repurchase all of such holder’s Notes, or any portion thereof that is an integral multiple of US$1,000 principal amount. The repurchase price for such Notes will be an amount in cash equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, December 1, 2024, which is the date specified for repurchase in the Indenture (the “Repurchase Date”), subject to the terms and conditions of the Indenture and the Notes. The Repurchase Date is an interest payment date under the terms of the Indenture and the Notes. As December 1, 2024 is a Sunday, pursuant to the Indenture and the Notes, on Monday, December 2, 2024, which is the next succeeding business day, the Company will pay accrued and unpaid interest on all of the Notes through November 29, 2024 to all holders who were holders of record as of close of business on Friday, November 15, 2024, regardless of whether the Repurchase Right is exercised with respect to such Notes, with the same force and effect as if paid on December 1, 2024 and no interest shall accrue in respect of the delay. As a result, on the Repurchase Date, there will be no accrued and unpaid interest on the Notes. As of October 21, 2024, there was US$432,407,000 in aggregate principal amount of the Notes outstanding. If all outstanding Notes are surrendered for repurchase through exercise of the Repurchase Right, the aggregate cash purchase price will be US$432,407,000.

    In order to exercise the Repurchase Right, a holder must follow the transmittal procedures set forth in the Company’s Repurchase Right Notice to holders (the “Repurchase Right Notice”), which is available through the Depository Trust Company and Deutsche Bank Trust Company Americas. Holders may withdraw any previously tendered Notes pursuant to the terms of the Repurchase Right at any time prior to 5:00 p.m., New York City time, on Wednesday, November 27, 2024, which is the second business day immediately preceding the Repurchase Date. If a holder has tendered any Notes pursuant to the Repurchase Right, such Notes cannot be converted unless the holder withdraws the tender in accordance with the terms of the Indenture.

    This press release is for information only and is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell the Notes or any other securities of the Company. The offer to purchase the Notes will be only pursuant to, and the Notes may be tendered only in accordance with, the Company’s Repurchase Right Notice dated October 21, 2024 and related documents.

    Holders of the Notes should refer to the Indenture for a complete description of repurchase procedures and direct any questions concerning the mechanics of repurchase to the Trustee by contacting Deutsche Bank Trust Company Americas. Holders of Notes may request the Company’s Repurchase Right Notice from the paying agent, at Deutsche Bank Trust Company Americas, c/o DB Services Americas Inc., 5022 Gate Parkway Suite 200, MS JCK01-218, Jacksonville, FL 32256.

    HOLDERS OF NOTES AND OTHER INTERESTED PARTIES ARE URGED TO READ THE COMPANY’S TENDER OFFER STATEMENT ON SCHEDULE TO, REPURCHASE RIGHT NOTICE, AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BILIBILI INC. AND THE REPURCHASE RIGHT.

    Materials filed with the SEC will be available electronically without charge at the SEC’s website, http://www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company’s investor relations website, http://ir.bilibili.com.

    About Bilibili Inc.

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

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

    For investor and media inquiries, please contact:

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

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

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

    The MIL Network –

    January 24, 2025
  • MIL-OSI Economics: AI-driven Attacks Targeting Retailers Ahead of the Holiday Shopping Season

    Source: Thales Group

    Headline: AI-driven Attacks Targeting Retailers Ahead of the Holiday Shopping Season

    21 Oct 2024

    Share this article

    Imperva, a Thales company, the cybersecurity leader that protects critical applications, APIs, and data, anywhere at scale, warns that as generative AI tools and Large Language Models (LLMs) continue to proliferate and advance, cybercriminals are increasingly using these technologies to enhance the scale and sophistication of their attacks on eCommerce platforms.

    With sales beginning as early as October and extending through late December, the holiday shopping season represents a critical time for online retailers. The surge in activity not only drives substantial revenue but also attracts malicious actors targeting retailers at a time when they can least afford downtime or a security incident. As this crucial period approaches, retailers must prepare for a range of AI-driven threats, including bots, distributed denial of service (DDoS) attacks, API violations, and business logic abuse.

    “While cybersecurity threats are a concern year-round, they become even more pronounced during the holiday shopping season, when retailers often experience record-breaking sales,” says Nanhi Singh, General Manager of Application Security at Imperva, a Thales company. “Cybercriminals recognize this and are using generative AI tools and LLMs to capitalize on the increased volume of digital transactions, limited-time promotions, and the gift cards and loyalty points stored in customer accounts.”

    In a recent 6-month analysis (April 2024 – September 2024), data from Imperva Threat Research reveals that, on average, retail sites collectively experience 569,884 AI-driven attacks each day. These attacks originate from AI tools like ChatGPT, Claude, and Gemini, alongside specialized bots that are designed to scrape websites for LLM training data. An analysis of these attacks shows that cybercriminals are primarily using the AI tools to carry out the following types of attacks.

    • Business Logic Abuse: The most common AI-driven attack (30.7%), business logic abuse involves exploiting the legitimate functionalities of an application or API to carry out malicious actions, such as manipulating prices, bypassing authentication, or abusing discount codes. AI enables attackers to automate these exploits at scale, making them harder to detect. To protect against these attacks, retailers should implement strict validation on all user inputs, employ anomaly detection systems to identify unusual activities, and regularly audit their business processes to identify functionalities that could be abused.
    • DDoS Attacks: Representing 30.6% of all AI-driven threats to retailers, DDoS attacks aim to overwhelm a website’s resources, resulting in downtime that can lead to lost sales and reputational damage—especially during peak shopping periods. Cybercriminals are now leveraging AI to coordinate large botnets more efficiently, enhancing the effectiveness of these attacks. Retailers should invest in a DDoS protection solution that utilizes machine learning to identify and mitigate malicious traffic in real time, ensuring that legitimate customers are not impacted.
    • Bad Bot Attacks: Attacks from bad bots account for 20.8% of AI-driven threats targeting retailers. These automated threats engage in disruptive activities such as scraping pricing data, credential stuffing, and inventory hoarding (scalping). The infamous Grinch bot, in particular, is notorious for its inventory hoarding during the holiday shopping season, making it increasingly difficult for consumers to purchase high-demand items. With advancements in AI, ​ operators can now create bots that convincingly mimic human behavior, allowing them to evade traditional security measures. To combat this threat, retailers should implement bot management solutions that utilize behavioral analytics to differentiate between genuine users and sophisticated bots.
      ​
    • API Violations: As eCommerce platforms increasingly expose APIs for mobile applications and third-party integrations, API violations are on the rise, accounting for 16.1% of AI-driven attacks on retailers. Cybercriminals exploit vulnerabilities in APIs to gain unauthorized access to sensitive data or functionality. With the assistance of AI, attackers can quickly identify weak points in API implementations, making these threats particularly challenging to mitigate. To safeguard their APIs, retailers should enforce strict authentication and authorization protocols, implement rate limiting to prevent abuse, and regularly conduct comprehensive security assessments and penetration testing.

    These AI-driven attacks pose significant risks not only for retailers but also for consumers. Cybercriminals are leveraging AI to conduct bot attacks, abuse business logic, and disrupt systems, putting sensitive personal information—including credit card details, addresses, and account information—at increased risk. Successful attacks can lead to identity theft, financial loss, and a loss of trust in eCommerce platforms, with fraudulent charges and unauthorized account access negatively affecting consumers’ shopping experiences.

    “In previous years, we’ve seen security threats like Grinch bots and DDoS attacks cause major disruptions during the holiday shopping season, affecting both retailers and consumers alike. Now, with the widespread availability of generative AI tools and LLMs, retailers are contending with a new wave of sophisticated cyberthreats,” adds Singh. “Without robust defenses, retailers risk facing a perfect storm of AI-driven attacks that could disrupt operations, compromise customer data, and tarnish their reputations during the most critical time of the year. To effectively mitigate these threats, retailers must adopt a comprehensive strategy that not only defends against these attacks but also allows them to respond swiftly without disrupting the shopping experience.”

    Additional Information:

    • Read “Seven Cybersecurity Tips to Protect Your Retail Business This Holiday Season”.
    • Learn how Imperva products and solutions help retailers protect their applications, APIs, and data from security risks.
    • Read the Imperva Blog for the latest product and solution news, and threat intelligence from Imperva Threat Research.

    About Imperva

    Imperva, a Thales company, is the cybersecurity leader that helps organizations protect critical applications, APIs, and data, anywhere, at scale, and with the highest ROI. With an integrated approach combining edge, application security, and data security, Imperva protects companies — ranging from cloud-native start-ups to global multinationals—through all stages of their digital journey. Imperva Threat Research and our global intelligence community enable Imperva to stay ahead of the threat landscape and seamlessly integrate the latest security, privacy, and compliance expertise into our solutions.

    MIL OSI Economics –

    January 24, 2025
  • MIL-OSI Economics: Advanced Trading System Group (ATS Group): BaFin warns consumers about the website advtradegroup.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The operators of the website refer to themselves only as Advanced Trading System Group (ATS Group) without stating the company’s legal form. They do not provide any information about their registered office and the website contains no legal notice.

    Anyone conducting banking business and providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

    January 24, 2025
  • MIL-OSI Asia-Pac: EPFO Adds 18.53 Lakh Net Members During August 2024

    Source: Government of India (2)

    EPFO Adds 18.53 Lakh Net Members During August 2024

    9.3 Lakh New Members Enrolled with EPFO during August 2024

    Posted On: 20 OCT 2024 4:07PM by PIB Delhi

    The Employees’ Provident Fund Organisation (EPFO) has released provisional payroll data for August 2024, revealing a net addition of 18.53 lakh members in the month of August 2024. This represents a 9.07% year-on-year growth compared to August 2023, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives.

    New Membership:

    EPFO enrolled around 9.30 lakh new members in August 2024, representing an increase of 0.48% in the new members from the previous year in August 2023. This surge in new memberships can be attributed to growing employment opportunities, increased awareness of emp1oyee benefits, and EPFO ‘s successful outreach programs.

    Group 18-25 Leads New Membership:

    A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 59.26% of the total new members added in August 2024. In addition, the net payroll data for the age group 18-25 for August 2024 is 8.06 lakhs. This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.

    Rejoining Members:

    The payroll data highlights that approximately 13.54 lakh members exited and subsequently rejoined EPFO. This figure depicts year-over-year growth of 14.03% compared to August 2023. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.

    Growth in Female Membership:

    Gender-wise analysis of payroll data unveils that out of the new members added during the month, around 2.53 lakhs are new female members. This figure exhibits year-over-year growth of 3.75% compared to August 2023. Also, the net female member addition during the month stood at around 3.79 lakh. It reflects a year over year growth of 10.41% compared to August 2023. The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.

    State-wise Contribution:

    State-wise analysis of payroll data denotes that net member addition in the top five states/ UTs constitutes around 59.17% of net member addition, adding a total around 10.97 lakh net members during the month. Of all the states, Maharashtra is leading by adding 20.59% of net members during the month. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana and Uttar Pradesh individually added more than 5% of the total net members during the month.

    Industry-wise Trends:

    Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in the industries viz. Trading – commercial establishments, Engineers – engg. contractors, Building and construction industry, Agriculture farms, Beedi making etc. Of the total net membership, around 40.36% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).

    The above payroll data is provisional since data generation is a continuous exercise, as updating employee record is a continuous process. The previous data gets updated every month. From the month of April 2018, EPFO has been releasing payroll data covering the period October 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll.

    *****

    Himanshu Pathak

    (Release ID: 2066506) Visitor Counter : 6

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Asia-Pac: India Chem 2024 concludes today in Mumbai

    Source: Government of India (2)

    India Chem 2024 concludes today in Mumbai

    India’s chemical and petrochemical industry is projected to surpass $300 billion by 2028 and is on track to reach $1 trillion by 2040: Shri Jagat Prakash Nadda, Union Minister for Health & Family Welfare and Chemicals & Fertilizers

    Posted On: 20 OCT 2024 2:06PM by PIB Delhi

    The three-day event ‘India Chem-2024’ which was inaugurated on 17th concludes in Mumbai today.

    Shri Jagat Prakash Nadda, Union Minister for Health & Family Welfare, and Chemicals & Fertilizers, Government of India, while addressing the keynote session in the august presence of the Chief Ministers of Gujarat, Madhya Pradesh and Odisha, highlighted the key role of the chemical and petrochemical sector in the economy, contributing over 9% to manufacturing gross value added and 7% to total exports. Shri Nadda stipulated that India’s chemical and petrochemical industry is projected to surpass $300 billion by 2028 and is on track to reach $1 trillion by 2040. He added that the sector will play a key role towards Prime Minister Shri Narendra Modi’s goal of ‘ViksitBharat@2047”. He emphasized the importance of reducing reliance on imported feedstocks and focusing on alternative feed stocks, while also ensuring that India leads the global shift toward greener technologies. He noted that sustainability is the future of the industry and that India must take the lead in the adoption of circular economy principles. Referring to the need for more emphasis on R&D, safety and skilling, he elaborated upon the various steps being taken by the Government to boost innovation and investment. He assured the industry that the Government shall leave no stone unturned in realizing the full potential of the Indian Chemical and Petrochemical industry.

    Shri Bhupendra Rajnikant Patel, Chief Minister of Gujarat, remarked on Gujarat’s leadership in exports of chemicals and petrochemicals, and referred to the Government’s efforts to establish India as a leading destination for the chemical industry, fostering collaboration and excellence for a prosperous future. Shri Mohan CharanMajhi, Chief Minister of Odisha, highlighted Odisha’s strategic position as a rising hub for the chemical industry. Alluding to the strong infrastructure and highly skilled workforce available in Odisha, he invited industry leaders to explore the vast opportunities offered by the State. Shri Mohan Yadav, Chief Minister of Madhya Pradesh, while speaking about his State’s leadership in the sector, highlighted the efforts being made by the State Government to further boost the development of the sector and create more employment opportunities.

    Ms. Anupriya Patel, Minister of State for Health & Family Welfare, and Chemicals & Fertilizers, Government of India, formally inaugurated the exhibition, which brought together over 150 exhibitors, from different industry segments. In her address at the keynote session, she mentioned that India’s manufacturing sector has shown remarkable growth, fueled by progressive policy reforms and rising domestic demand and that FDI has played a pivotal role in enhancing the growth and competitiveness of India’s chemical sector, which includes petrochemicals and specialty chemicals. The country has become an attractive destination for Foreign Direct Investment (FDI), allowing 100% FDI in manufacturing through the automatic route. Over the past decade, she mentioned that the sector has attracted US $12.48 billion in investments in this sector alone.

    Ms. Nivedita Shukla Verma, Secretary, Department of Chemicals & Petrochemicals, Government of India elaborated on the event theme of ‘Advantage Bharat’ and how the Indian Chemical and Petrochemical sector has been paving the future of the Indian economy towards the goal of Viksit Bharat@2047. She drew attention to the various measures undertaken by the Government towards boosting infrastructure, including railways, roads and ports, logistics infrastructure as well as digital infrastructure as also initiatives to promote green economy and circularity.  All these measures would enhance productivity and boost exports. In this context, she referred to various policy initiatives undertaken by the Department such as the Scheme for Centers of Excellence, PCPIRs, Quality Control Orders etc.,

    Shri Deepak Mehta, Chairman, FICCI National Chemical Committee, stated that India is at a pivotal point of growth, with the chemical industry set to expand significantly. Shri Nikhil Meswani, Executive Director, Reliance Limited, highlighted the importance of chemicals to modern life, stating that it is the backbone of future development in agriculture, electronics, and beyond.

    This was followed by a Global CEOs’ Conclave, presided over by the Union Minister for Chemicals & Fertilizers, wherein industry leaders from across the globe discussed the opportunities and challenges of the Indian chemical industry. The session witnessed insightful discussions and knowledge sharing, addressing key challenges and opportunities within the sector, with discussion on the meaningful discussion on the strengths of the Indian economy and possible interventions which may help propel the sector forward in the coming years.

    The Petrochemicals Forum was presided over by Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas, Government of India. The session was participated in by leading Indian and global industry leaders including Exxon Mobil, Reliance Limited, IOCL and SABIC, amongst others. The Minister said India’s per capita petrochemical consumption is far below developed nations, offering significant opportunities for higher investment in the sector. Stating that Indian companies have committed investments of more than $ 50 billion in the near future, he opined that India’s petrochemicals production is projected to increase from 29.62 million tons to 46 million tons by 2030.

    This event, organized jointly by the Department of Chemicals & Petrochemicals and FICCI, provided a platform for brainstorming discussions amongst industry leaders and Government representatives on specific topics of relevance to the sector, facilitating dialogue on investment prospects, regulatory frameworks, and strategic challenges.

    One of the largest exhibition cum conferences for chemical and petrochemical industries not just in India, but in Asia, this edition of India-Chem was held with the theme of “Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future”.

    The exhibition consisted of pavilions from leading Indian and global companies in the sector, several Indian States including Madhya Pradesh, Odisha, Gujarat and Andhra Pradesh, and also saw international participation from about 22 countries, including Belarus, Saudi Arabia, Germany and the Netherlands, with a footfall over more than 7,500 people across 3 days. Netherlands, with whom India shares a robust trade relationship, particularly in the chemical and petrochemical sector, was a partner country for the event.

    There were several sessions on issues ranging from dyes, and agrochemicals, to petrochemicals, which saw discussions on the latest developments in the field, as well as on the importance of innovation and adoption of sustainable practices. Besides, there were dedicated sessions focusing on geography-specific issues including the India-EU, India-East Asia, and India-US Chemicals & Petrochemicals Forums, bringing together key stakeholders from each of these regions. These sessions enabled in-depth discussions on market insights, regulatory landscapes, and investment trends shaping the future of the sector, while also providing an opportunity to the participants to forge possible strategic partnerships which transcend geographical boundaries, thereby exploring new avenues to accelerate growth in the chemical and petrochemical sector.

    On its third and final day, the event hosted an engaging job fair featuring 14 leading chemical companies from different sectors  such as  ABB Instruments Pvt Ltd., Aarti Industries, Dhanuka Agrotech, Atul Limited, Crystal Crop Care, etc. and students from CIPET – Central Institute of Plastic Engineering and Technology, which functions under the ambit of the Department of chemicals and petrochemicals, Ministry of Chemicals and Fertilisers. Institute is responsible for providing skilling through various undergraduate and postgraduate courses to almost 65,000 students per year.  During the job fair, the students of CIPET got an opportunity to interact with the industry to explore possible career prospects. This served as an exciting platform bringing together students and potential employers in the chemical industry, helping the students gain insights into the future of the sector.

     

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    MV/AKS

    (Release ID: 2066478) Visitor Counter : 21

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Submissions: Health – WHO welcomes health ministers to Manila to consider a new vision and actions to improve health in the Region

    Source: World Health Organization (WHO)

    The World Health Organization (WHO) Regional Office for the Western Pacific today welcomed ministers, other senior health officials and key partners from across the Western Pacific to the seventy-fifth session of its Regional Committee. WHO’s governing body for the Region convenes every year to formulate policies, adopt resolutions and make decisions to improve the health of more than 1.9 billion people living in the Western Pacific.

    WHO’s Regional Director for the Western Pacific, Dr Saia Ma’u Piukala – the first Pacific islander to be elected to the position – welcomed health leaders to the first Regional Committee under his tenure.

    “As the first Regional Director from the Pacific, the challenges we’re discussing – such as rising sea levels and increasingly frequent disasters – are realities that my loved ones and fellow Pacific islanders live with every day,” said Dr Piukala. “I’m keenly aware of the enormity of the work ahead of us, but with mutual trust and support we can meet these challenges.”

    Dr Piukala’s address covered key updates on WHO’s work with countries and partners across the Region from July 2023 to June 2024. He also introduced a draft vision for improving health in the Region, to guide WHO’s work with Member States over the coming five-year period.

    “This vision, jointly developed by WHO and Member States, is a testament to the beauty, strength and diversity of this Region,” said Dr Piukala. “Guided by this vision, we will work together and with our partners to build a sustainable, resilient and healthy future for all people in the Western Pacific.”

    Cook Islands Minister of Health, the Honourable Vainetutai Rose Toki Brown, was elected Chairperson of this year’s session of the Regional Committee. Viet Nam Vice Minister of Health, Associate Professor Nguyen Thi Lien Huong, was elected Vice-Chairperson.

    Hon. Toki Brown thanked the delegates for their trust and confidence in electing her as Chairperson, and she added: “This is a special year. It is the first Regional Committee meeting with the new Regional Director, Dr Saia Ma’u Piukala, at the helm, and we have a lot of important ground to cover.”

    She went on to say, “I know that you are all committed to the health of this Region, and I know you agree on the value of us convening here as members of the World Health Organization. The success of our new regional vision relies upon the mutual accountability of Member States and WHO. Thank you again for your confidence in electing me as Chair of this important meeting. I am very much looking forward to our discussions.”

    A new vision for health in the Region

    The new vision, Weaving Health for Families, Communities and Societies in the Western Pacific Region (2025−2029): Working together to improve health, well-being and save lives, is being presented to Member States for their endorsement. The vision centres on the analogy of the weaving of a mat − a traditional activity across Asia and the Pacific – symbolizing the collaborative efforts required by WHO, governments and partners to improve the health and well-being of the people of the Region. The vision comprises five vertical strands of action led by governments, interwoven with three horizontal strands of action by WHO over the coming five years.

    The five vertical strands of action led by governments, working with WHO and other stakeholders, include:

    1. Transformative primary health care for universal health coverage

    2. Climate-resilient health systems

    3. Resilient communities, societies and systems for health security

    4. Healthier people throughout the life course

    5. Technology and innovation for future health equity.

    The three horizontal strands of action by WHO are:

    1. Country offices equipped with skills for scaling up and innovation

    2. Nimble support teams in the Regional Office

    3. Effective communication for public health.

    Action frameworks and panel discussions on priority issues

    The Regional Committee will also consider new regional action frameworks on digital health and on health financing to achieve universal health coverage and sustainable development. There will be panel discussions on climate resilient health-care facilities, transformative primary health care and oral health. In addition, there will be side events on topics including One Health, tobacco control and the Investment Round to resource WHO’s work over the next four years.

    Building climate-resilient health-care facilities

    Countries in the WHO Western Pacific Region are at risk from climate change and climate-related disasters. The health impacts of these vary depending on the resilience of communities and the health facilities that serve them.

    During a panel discussion at the Regional Committee today, delegates from Fiji, the Lao People’s Democratic Republic, the Commonwealth of the Northern Mariana Islands and Viet Nam emphasized the need to protect health by ensuring hospitals and clinics are climate resilient. The benefits of joining the Alliance for Transformative Action on Climate and Health (ATACH) were highlighted as it provides a platform for countries to accelerate transformative action in building climate-resilient and low-carbon health systems by leveraging the collective expertise and resources of WHO Member States and other stakeholders.

    WHO is working with countries and areas across the Western Pacific to track progress in protecting health from climate change, helping with vulnerability assessments, developing and updating adaptation plans, and implementing climate-resilient and environmentally sustainable health facility initiatives.

    Exhibitions to highlight health issues and WHO’s work

    Outside of the main agenda, a series of seven exhibitions was unveiled today on themes relevant to health and WHO’s work in the Region.

    An exhibit on health equity profiles allows delegates to view information on a particular country’s health indicators and explore their intricate association with social and geospatial factors. This should give users a better understanding of how to prioritize and implement strategies to achieve health for all.

    A special exhibit features collaborative art pieces made by staff at the WHO Western Pacific Regional Office to mark World Sight Day 2024 and World Mental Health Day 2024. The paintings, representing an eye and a heart, symbolize what people most love to see in their lives and the importance of promoting mental health at work. WHO’s ongoing efforts to improve both eye health and mental health for all rely on an integrated approach, a theme central to the draft regional vision.

    The future of health museum exhibit showcases 15 “future artefacts” such as the “morning mat”, where communities would be encouraged to gather each morning to talk about their health and well-being, and the climate-controlled tuk-tuk, a futuristic three-seater electric vehicle that emits clean air rather than toxic exhaust. These were co-created through foresight activities involving WHO staff and partners. There are also 15 historical artefacts that celebrate public health milestones from the past 75 years.

    A series of models of climate-resilient and environmentally sustainable health-care facilities will inform a panel discussion enabling delegates to explore innovative solutions to make health facilities more climate resilient and environmentally sustainable.

    An exhibit about strengthening health emergency response capacities shows WHO’s support for health emergency responses in the Region. It depicts operations support and logistics, emergency medical teams that can be deployed with field hospitals, the Global Outbreak Alert and Response Network of experts, and public health emergency operations centres.

    The reaching the unreached map explorer in the Western Pacific Region features an interactive web-based map app that helps users find geographically underserved populations across the Region, shedding light on the health inequities they face. This exhibit emphasizes the critical role of data-driven health interventions to reach unreached populations.

    Finally, an exhibit about the dangers of new and emerging tobacco and nicotine products showcases examples of these products, describing the tactics used by the tobacco and related industries to entice children and young people to take up smoking and undermine tobacco control efforts. The exhibition also offers information on how countries and partners can prevent uptake of these products.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee will run from Monday, 21 October, through Friday, 25 October, at the WHO Regional Office for the Western Pacific in Manila, Philippines. The agenda and timetable are available online. A livestream of proceedings and all other official documents, as well as fact sheets and videos on the issues to be addressed, can be accessed here. For real-time updates, follow @WHOWPRO on Facebook, X, Instagram and YouTube and the hashtag #RCM75.

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has a regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Island (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    Related links:

    Report of the Regional Director The work of WHO in the Western Pacific Region, 1 July 2023 – 30 June 2024
    Draft vision Weaving health for families, communities and societies in the Western Pacific Region (2025−2029): Working together to improve health and well-being and save lives
    Building climate resilience in health-care facilities (fact sheet, video)
    https://www.who.int/westernpacific/publications/m/item/building-climate-resilience-in-health-care-facilities

    MIL OSI – Submitted News –

    January 24, 2025
  • MIL-OSI Submissions: Africa – Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

    SOURCE: African Development Bank Group (AfDB)

    Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024

    TOKYO, Japan, October 21, 2024/

    MIL OSI – Submitted News –

    January 24, 2025
  • MIL-OSI Submissions: Africa – SHAFDB Wins Pan-African Development Bank Leadership Award

    Source: Media Fast

    Zanzibar, Tanzania: 21 October 2024 – Shelter Afrique Development Bank (ShafDB), a leading Pan-African multilateral development bank, dedicated to financing and promoting housing, urban & related infrastructure development across the African continent, has been honored with the prestigious “Pan-African Development Bank Leadership Award – A Pioneer in Housing Finance” for its outstanding contributions to the development of the continent.

    The award, presented during the 40th Anniversary Gala of the African Union for Housing Finance (AUHF) and the International Secondary Mortgage Market Association (ISSMA), recognized Shelter Afrique Development Bank for its pioneering leadership and 42 years unwavering commitment to advancing sustainable development in Africa’s housing sector. This prestigious honor was conferred by Ambassador Sharon Trail, founder of the AUHF 40 years ago, who was also honored with a lifetime achievement award at the same event.

    Receiving the award, Shelter Afrique Development Bank Managing Director, Thierno-Habib Hann expressed gratitude for the recognition, stating, “This honor is a testament to our mission of transforming Africa’s housing and urban landscape. We are proud of the work we’ve done in collaboration with governments, development finance institutions (DFIs), private developers, and financial institutions across Africa to provide affordable housing solutions.”

    The award highlights the transformative changes taking place at ShafDB, driven by its visionary leadership and the ‘New Dawn’ strategy now coming to light.

    Last month, ShafDB was designated as the anchor resource mobilization partner at the African Union’s Inaugural Africa Urban Forum in its Addis Ababa Declaration, further solidifying the Bank’s central role in shaping Africa’s urban development and housing landscape.

    Shaping the housing agenda

    Over the past four decades, ShafDB has spearheaded various affordable housing projects in over 40 African countries, playing a crucial role in shaping the housing agenda by providing long-term financing solutions, promoting green building initiatives, and supporting the construction of inclusive communities.

    Going forward, the institution aims to build on its success by leveraging its expertise and resources to address Africa’s housing and urban challenges, focusing on scalable, sustainable, inclusive, and impactful solutions.

    “We dedicate this award to our shareholders, partners, clients, and the communities we serve. It is through these collaborations that we will continue to make a lasting impact on Africa’s development. My thanks go to our esteemed Board Members who have shown relentless support to our transformation, and to our bold staff at Shelter Afrique Development Bank. They are the reason for our success. For it is only through teamwork, passion, and dedication that we can elevate ShafDB to fulfill its mission for Africa,” Mr. Hann concluded.

    MIL OSI – Submitted News –

    January 24, 2025
  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with São Tomé and Príncipe

    Source: IMF – News in Russian

    October 21, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the São Toméan authorities have reached staff-level agreement on economic policies and reforms to be supported by a new 40-month arrangement under the Extended Credit Facility (ECF), updating the agreement reached last year. This renewed staff-level agreement is subject to IMF Management approval and IMF Executive Board consideration, contingent on the implementation of the agreed prior actions and the timely confirmation of the necessary financing assurances from the country’s development partners.
    • The authorities’ ambitious reform program aims at restoring macroeconomic stability while laying the foundations for faster and more inclusive growth. This includes a sizable and front-loaded fiscal adjustment while protecting the vulnerable. The program includes decisive near-term reforms in the electricity sector and medium-term structural reforms to facilitate the green energy transition and unleash the country’s growth potential.

    Washington, DC: An International Monetary Fund (IMF) team led by Mr. Slavi Slavov, Mission Chief for São Tomé and Príncipe, visited São Tomé during May 23 – June 5, 2024, and held virtual discussions in the recent months, to discuss with the São Toméan authorities IMF support for their policies and reform plans.

    At the end of the mission, Mr. Slavov issued the following statement:

    “The São Toméan authorities and the IMF team have reached a renewed staff-level agreement to support the authorities’ economic adjustment and reform policies with a new 40-month program supported by an arrangement under the Extended Credit Facility (ECF). The agreement is subject to approval by IMF’s Management and Executive Board in the period ahead, and is contingent on the implementation of prior actions by the authorities and the timely confirmation of the necessary financing assurances from the country’s development partners to cover the external financing gap.

    “São Tomé and Príncipe faced a very challenging 2023 and continues to struggle with high fuel import needs and depleted international reserves. Over the past few years, the country has been hit by multiple shocks, whose impact on the economy continues to reverberate. This includes the massive external shock in early 2023 when a major fuel exporter stopped supplying fuel on credit, opening a large external financing gap.

    “These factors, along with energy shortages, contributed to a slowdown of real GDP growth to 0.2 percent in 2022 and 0.4 percent in 2023. Inflation accelerated to 19.2 percent in April 2024 before declining to 12 percent in August, year-on-year. International reserves fell sharply.

    “The authorities’ program aims to restore macroeconomic stability, improve the living conditions of the population, foster the economic recovery, and promote sustainable and inclusive growth. The necessarily ambitious and front-loaded fiscal adjustment is crucial to lowering the high public debt and rebalancing the economy under a pegged exchange rate, but is designed with care to protect the vulnerable.

    “The authorities have already implemented significant reforms. They launched the Value-Added Tax in June 2023 and implemented a large fiscal adjustment in 2023. Fuel prices were adjusted, and explicit fuel subsidies have been eliminated in the aggregate. The central bank (Banco Central de São Tomé e Príncipe or BCSTP) ended monetary financing of the budget and implemented tightening measures.  

    “The authorities will make further efforts to strengthen tax and customs administration and to rationalize budgetary expenditures. These efforts will create the fiscal space for implementing growth-enhancing development programs that will help put public debt on a downward trajectory. In addition, the authorities will strengthen social safety nets and reinforce the existing targeted cash-transfer program for vulnerable households. Given the country’s high public debt, ensuring that new financing takes the form of highly concessional loans or ideally grants will be vital to ensure sustainability and also meet vital spending needs.

    “Moreover, the program will urgently implement near-term reforms to address the crisis in the electricity sector. This would alleviate pressures on public debt and foreign exchange reserves. To prevent implicit fuel subsidies and contain fiscal risks, the authorities will apply the fuel price adjustment mechanism in a truly automatic way on a monthly basis. The government will strengthen transparency and address governance weaknesses to reduce vulnerabilities to corruption. Finally, the authorities will strengthen the BCSTP, ensuring its autonomy and appropriate governance arrangements.

    “Over the medium term, structural reforms will unleash the country’s growth potential. These include the reform strategy for the energy sector with a focus on shifting towards renewable sources, encouraging domestic food production, fostering the tourism sector, adapting to climate change, and empowering women.

    “During the visit and subsequent virtual discussions, the mission met with President Carlos Vila Nova; Prime Minister Patrice Émery Trovoada; Minister of Planning and Finance Ginésio Valentim Afonso da Mata; Minister of Economy Disney Leite Ramos; Governor of the Central Bank Américo D’Oliveira dos Ramos; President of the Court of Auditors Ricardino Costa Alegre; other government officials; representatives of the private sector including banks; and development partners. The mission expresses its deep appreciation to the authorities for their cooperation and constructive policy dialogue.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/18/pr-24382-sao-tome-and-principe-imf-reaches-staff-level-agreement-on-an-ecf-arrangement

    MIL OSI

    MIL OSI Russia News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Union Minister Dr. Virendra Kumar inaugurates the 21st Divya Kala Mela in Jabalpur, Madhya Pradesh

    Source: Government of India (2)

    Union Minister Dr. Virendra Kumar inaugurates the 21st Divya Kala Mela in Jabalpur, Madhya Pradesh

    The Event – based on Prime Minister’s Vocal for Local vision – is a unique initiative towards Empowering Divyang Entrepreneurs

    Last 20 editions of the Mela generated a combined income exceeding ₹15 crore and facilitated loans worth over ₹12 crore for participating Divyangjans till date

    Posted On: 19 OCT 2024 8:47PM by PIB Delhi

    The 21st Divya Kala Mela, a monumental fair dedicated to the economic empowerment of persons with disabilities (PwDs), is being held at Jabalpur, Madhya Pradesh, from 17th to 27th October 2024. The fair was officially inaugurated today by Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, alongside Minister of Social Justice and Empowerment, Madhya Pradesh, Shri Narayan Das Kushwaha and Shri Ashok Rohani, MLA of Jabalpur.

    Other dignitaries present at the event included senior officials from the Government of India and Madhya Pradesh, graced the occasion, with active participation from Shri Rajeev Sharma, Joint Secretary, DEPwD, Shri Naveen Shah, Managing Director of National Divyangjan Finance and Development Corporation (NDFDC), and Shri Deepak Kumar Saxena, District Collector of Jabalpur.

     

     

    The grand event is a shining example of India’s commitment to fostering inclusive growth, as it offers an exceptional platform for differently abled entrepreneurs to showcase their products, talents, and skills. With around 100 stalls, the fair has been meticulously organized to promote self-reliance, encourage business ventures, and amplify the impact of PwDs in line with Prime Minister Shri Narendra Modi’s ‘Vocal for Local’ vision.

     

     

     

    Addressing the event, Dr. Virendra Kumar informed about the tremendous success of the Divya Kala Mela since its inception in 2022, with over 20 fairs organized across the Nation, generating a combined income exceeding ₹15 crore for participating Divyangjans. He further announced a special job fair for PwDs, to be held on 25th October 2024, providing new employment avenues and reinforcing the government’s commitment to ensuring equal opportunities for all.

     

     

    It was further informed that a special highlight of the event is the distribution of loans worth ₹1.21 crore by Madhya Pradesh Gramin Bank, Union Bank, and IDBI Bank to disabled entrepreneurs, a crucial step in bolstering their businesses. To date, the Divya Kala Mela initiative has facilitated loans worth over ₹12 crore, promoting business expansion and fostering a culture of entrepreneurship among PwDs. Moreover, the distribution of essential aids and assistive devices like hearing aids, motors, and lifts has further empowered the differently abled community, he added.

     

     

    In his keynote address, Shri Narayan Das Kushwaha praised the Divya Kala Mela as a transformative initiative by the Government of India, which has paved the way for economic empowerment, recognition, and self-reliance for Divyangjan artisans and entrepreneurs. He highlighted that this platform serves not only as an economic catalyst but also as a beacon of awareness and skill recognition for PwDs across India.

    Adding a festive touch, a vibrant cultural programme titled ‘Divya Kala Shakti’, showcasing the talents of Divyang artists from across India, will be held alongside the fair. With performances already having taken place in 15 cities, ‘Divya Kala Shakti’ has become a national platform for the creative expression of PwDs, bringing their talents to the forefront.

     

    In his address, Shri Sandeep Rajak, State Commissioner for Persons with Disabilities, urged the Government to host a World Art Fair in Jabalpur, envisioning a grand collaboration between the public sector, private companies, and NGOs, united by the common goal of empowering the Divyangjans.

    CMD of NDFDC, Shri Naveen Shah, also extended a warm invitation to the citizens of Jabalpur, encouraging them to visit the fair, support the talented Divyang artisans, indulge in delectable local food, and enjoy the colorful cultural programmes. He emphasized that the fair is free and open to the public, making it a not-to-miss event for everyone.

    *****

    VM

    (Release ID: 2066409) Visitor Counter : 72

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI United Kingdom: Challenges for the Mayor’s 2025-26 budget

    Source: Mayor of London

    The Mayor of London is responsible for a total budget of £20.7 billion, but what should be his priorities for 2025-26?

    The Mayor’s Budget Guidance document highlights three issues “causing considerable uncertainty to the Greater London Authority (GLA) Group’s medium-term financial forecast”:

    • the future state of London’s economy.
    • the upcoming spending reviews for 2025-26, to be announced as part of the Autumn Budget on 30 October 2024, and for 2026-29, which is due in Spring 2025.
    • the prospect of the government introducing reforms to the local government finance system.1

    The London Assembly Budget and Performance Committee will meet tomorrow to hear from a panel of outside experts on the effectiveness of the Mayor’s current budget priorities, and also to discuss and anticipate future financial trends and challenges ahead of next year’s budget.

    Guests include:

    Panel 1 – TfL Funding (10am – 11.15am)

    • Stuart Hoggan, Associate Consultant, LG Futures
    • Antonia Jennings, CEO, Centre for London
    • Tom Pope, Deputy Chief Economist, Institute for Government
    • Tony Travers, London School of Economics (LSE) Department of Government and Director of LSE London
    • Luke Hillian, Strategic Finance Analyst, London Councils
    • Michael Roberts, CEO, London TravelWatch

    Panel 2 – Affordable Housing Delivery (11.15am – 12.10pm)

    • Stephanie Pollitt, Programme Director (Housing), BusinessLDN
    • Stuart Hoggan, Associate Consultant, LG Futures
    • Antonia Jennings, CEO, Centre for London
    • Tom Pope, Deputy Chief Economist, Institute for Government
    • Tony Travers, LSE Department of Government and Director of LSE London
    • Luke Hillan, Strategic Finance Analyst, London Councils

    Panel 3 – London Police and Crime Plan and the New Met for London Programme (12.10pm – 1pm)

    • Rick Muir, Director, Police Foundation
    • Ian Wiggett, Associate Director, World Policing Advisory

    The meeting will take place on Tuesday 22 October from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend.

    The meeting can also be viewed LIVE or later via webcast or YouTube.

    Follow us @LondonAssembly.

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI: Nicholas Wealth Announces $100,000,000 in AUM for $FIAX ETF

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Ga., Oct. 21, 2024 (GLOBE NEWSWIRE) — Nicholas Wealth, a leading provider of actively managed income ETFs, just announced that the Nicholas Fixed Income Alternative ETF (FIAX) now has $100,000,000 in assets under management.

    “We are humbled to see the incredible growth in AUM for our FIAX ETF. The success of this fund is a testament to the investors and financial advisors throughout the United States and globally who have believed in us. On behalf of the entire XFUNDS / Nicholas Wealth team, thank you! We are excited for the future of FIAX.” – David Nicholas, Portfolio Manager of FIAX

    Distribution as of 9/18/2024

    ETF Ticker Distribution
    per Share
    Distribution
    Rate
    30-Day SEC
    Yield
    Ex-Date Record Date Payment
    Date
    FIAX $0.1321 8.03%3 3.19%2 9/16/2024 9/17/2024 9/18/2024


    Inception date: 11/30/2022

    Click here to view standardized performance for FIAX.

    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (855) 563-6900.

    1Nicholas Fixed Income Alternative ETF has a gross expense ratio of 0.95%.

    2The 30-Day SEC Yield for FIAX is 3.19%. The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    3The Distribution Rate is the annual rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return.

    Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. Please see the 19a-1 notice for more information on return of investor capital. The distribution may contain a return of capital, but an estimate cannot be provided at this time.

    As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    Investors in the Fund will not have rights to receive dividends or other distributions with respect to the underlying reference asset.

    Must be preceded or accompanied by a prospectus.

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Risk Information

    Investments involve risk. Principal loss is possible.

    Investing in the Funds involves a high degree of risk.

    THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING ETF.

    Due to the Funds’ investment strategies, the Funds’ investment exposures are concentrated in the same industries that are assigned to the underlying stock or ETF. As with any investment, there is a risk you could lose all or part of your investment in the Fund. Some or all of these risks may adversely affect the Funds’ net asset value (“NAV”) per share, trading prices, yields, total returns, and/or ability to meet their objective.

    Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the Fund in creation units. Brokerage commissions will reduce returns.

    Investments involve risk. Principal loss is possible.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in option contracts which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund.

    Equity Market Risk. By virtue of the Fund’s investments in option contracts equity ETFs and equity indices, the Fund is exposed to common stocks indirectly which subjects the Fund to equity market risk.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    Hedging Transactions Risk. Hedging transactions involve risks different than those of underlying investments. In particular, the variable degree of correlation between price movements of hedging transactions and price movements in the position being hedged means that losses on the hedge may be greater than gains in the value of the Fund’s positions, opportunities for gain may be limited or that there may be losses on both parts of a transaction.

    Illiquid Investments Risk. The Fund may, at times, hold illiquid investments, by virtue of the absence of a readily available market for certain of its investments, or because of legal or contractual restrictions on sales.

    Interest Rate Risk. The value of the Fund’s investments in fixed income Treasury securities will fluctuate with changes in interest rates.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Yield to Maturity: Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures.

    Dividend Yield: The dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.

    Average Duration: A measure of a fund’s interest-rate sensitivity—the longer a fund’s duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration.

    Distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not affiliated with Tidal Financial Group

    Launch & Structure Partner: Tidal Financial Group.

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Leading Independent Proxy Advisory Firm ISS Issues New Recommendation in Support of Territorial/Hope Bancorp Combination

    Source: GlobeNewswire (MIL-OSI)

    ISS Recommends Territorial Shareholders Vote “FOR” Hope Bancorp Transaction

    ISS Recognizes Value Creation Upside of the Hope Bancorp Merger and Risks and Uncertainty Associated with Blue Hill’s Preliminary Indication of Interest

    Territorial Board Urges Shareholders to Follow ISS’s Recommendation and Vote “FOR” the Hope Bancorp Merger Today

    HONOLULU, Oct. 21, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that leading independent proxy advisory firm Institutional Shareholder Services (“ISS”) has reissued its report assessing Territorial’s proposed merger with Hope Bancorp, Inc. (NASDAQ: HOPE) (“Hope Bancorp”).

    In its report, ISS recommends that Territorial shareholders vote “FOR” the Company’s pending merger with Hope Bancorp at the Special Meeting on November 6, 2024, at 8:30 a.m., Hawai‘i Time.

    The Territorial Board of Directors also unanimously recommends that all Territorial shareholders vote “FOR” the Hope Bancorp agreement.

    Commenting on the report, Territorial issued the following statement:

    The Hope Bancorp merger is the only transaction that provides realizable value and substantial upside for Territorial shareholders. This tax-free transaction also enables our shareholders to benefit from a more than 1000% increase to Territorial’s standalone dividend. Accordingly, we strongly urge all Territorial shareholders to vote FOR the transaction today.

    ISS’s report recognizes the risks and uncertainty associated with Blue Hill’s preliminary indication of interest, including a lack of financing, failure to identify the entities behind Blue Hill and questionable ability to execute the indication of interest. These deficiencies support our belief that Blue Hill does not have the ability to complete a transaction with Territorial or to obtain the necessary regulatory approvals for the transaction in a timely manner.

    In making its recommendation, ISS stated in its October 18, 2024, reporti:

    • “A merger with HOPE is arguably a better outcome for TBNK than remaining standalone, given the strategic rationale for the combination and the issues facing the company”
    • “we find that the board’s caution [regarding Blue Hill] appears to have a reasonable basis. The request for evidence of committed financing and increased disclosure regarding the consortium, in particular, seem to be low hanging fruit that Blue Hill could provide to address these concerns.”
    • “In our engagement with the company, the board expressed a willingness to engage with Blue Hill if its concerns could be properly addressed in order to best protect shareholders.”
    • “It is unclear at this point why Blue Hill has not provided the board the details it has asked for.”

    Time is short. The Special Meeting is fast approaching. Territorial shareholders are urged to follow the recommendations from ISS and the Territorial Board by voting today FOR the transaction with Hope Bancorp.


    YOUR VOTE IS IMPORTANT NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN!

    Please take a moment to vote FOR the proposals set forth on the enclosed proxy card — by Internet, telephone toll-free or by signing, dating and returning the enclosed proxy card or voting instruction form. Vote well in advance of the Special Meeting on November 6, 2024, at 8:30 a.m. Hawaiʻi Time.

    If you have questions about how to vote your shares, please contact:

    Laurel Hill Advisory Group

    Call toll-free: (888) 742-1305
    Banks and brokers should call: (516) 933-3100


    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank/.

    Additional Information about the Hope Merger and Where to Find It

    In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at http://www.sec.gov.

    Forward-Looking Statements

    Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the low-cost core deposit base, diversification of the loan portfolio, expansion of market share, capital to support growth, strengthened opportunities, enhanced value, geographic expansion, and statements about the proposed transaction being immediately accretive. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.   

    Investor / Media Contacts:
    Walter Ida
    SVP, Director of Investor Relations
    808-946-1400
    walter.ida@territorialsavings.net


    i Permission to use quotes neither sought nor obtained

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Prospect Capital Corporation Upsizes Preferred Stock Offering to $2.25 Billion

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) announced today an upsize to Prospect’s preferred stock offering (the “Preferred Stock” or the “Offering”) with Preferred Capital Securities (”PCS”). The Offering has seen strong demand from the private wealth, institutional, and Registered Investment Advisor channels, with $1.8 billion in aggregate liquidation preference issuances since the initial closing in the quarter ending December 31, 2020.

    “Prospect’s non-traded preferred stock offers investors recurring cash income with a stable stated value, ongoing liquidity, management alignment, leverage caps, and over $3.7 billion of junior common equity credit support,” said Grier Eliasek, President of Prospect. “Prospect is the number one market share issuer of non-traded preferred stock in 2023 and 2024 year-to-date, with each of institutional, registered investment advisor, wirehouse, independent private wealth, and international investor channels having invested in Prospect’s preferred stock. With interest rates declining, we believe our A4/M4 preferred stock series, with a current 7.28% annualized floating rate dividend structure and 6.50% dividend rate floor, offers an attractive option for income-oriented investors.”

    PCS is a securities broker dealer and the dealer manager for the ongoing offering of the Series A4 and M4 Preferred Stock. PCS has raised $5.0 billion of capital since its formation in 2011.

    This press release is for informational purposes and is not an offer to purchase or sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The ongoing offering of the Series A4 and M4 Preferred Stock is being made only by means of the prospectus supplement and the accompanying prospectus, copies of which may be obtained by writing to PCS at 3290 Northside Parkway NW, Suite 800, Atlanta, GA 30327. Investors are advised to carefully consider the investment objective, risks, charges and expenses of Prospect and the Preferred Stock before investment. The prospectus supplement and accompanying prospectus contain this and other important information about Prospect and the Preferred Stock and should be read carefully before investing.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For further information, contact:
    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Beamr to Present at the ThinkEquity Conference

    Source: GlobeNewswire (MIL-OSI)

    Herzliya, Israel, Oct. 21, 2024 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, today announced the Company will present at the following investor conference:

    Event: The ThinkEquity Conference
    Date: October 30, 2024
    Time: 10:30 am ET
    Location: New York, NY
    Presenters: Sharon Carmel, Founder and Chief Executive Officer
      Danny Sandler, Chief Financial Officer

    Beamr Investors website: https://www.investors.beamr.com/

    About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit http://www.beamr.com 

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024, and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof, and the Company undertakes no duty to update such information except as required under applicable law.                                  

     Investor Contact:

    investorrelations@beamr.com

    The MIL Network –

    January 24, 2025
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