Category: China

  • MIL-OSI China: Hezbollah confirms attack on Israeli military company

    Source: China State Council Information Office 3

    Hezbollah said it attacked on Wednesday night the Israel Military Industries Ltd., also referred to as Ta’a, in the suburbs of Tel Aviv with missiles.

    Hezbollah, in a statement, said the strike “hit its targets accurately.”

    The Israel Defense Forces (IDF) said earlier in the day that four projectiles were launched on Wednesday evening from Lebanon towards central Israel, adding two of them were intercepted and two others fell, with no casualties reported.

    Meanwhile, Israel’s state-owned Kan TV news, citing Palestinian sources, reported that one projectile fell near Qalqilya city in the West Bank, slightly injuring a man and damaging a car.

    Since Sept. 23, the Israeli army has been launching intensive airstrikes on Lebanon in a dangerous escalation with Hezbollah. In early October, Israel also launched a ground operation near the southern Lebanese border, allegedly to further cripple Hezbollah’s capabilities.

    MIL OSI China News

  • MIL-OSI China: War knocks Gaza back to 1950s: UNRWA chief

    Source: China State Council Information Office 3

    People fleeing from the northern Gaza Strip town of Beit Lahia are seen on a street in Gaza City, on Oct. 22, 2024. [Photo/Xinhua]

    One year of the war between Israel and Hamas has set the Gaza Strip back to the early 1950s, the UN agency for Palestine refugees said on Wednesday.

    The war has devastated the Palestinian economy and left nearly all of Gaza’s population in poverty, with life indicators like health and education regressing by 70 years, Philippe Lazzarini, commissioner-general of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) said on social media platform X, citing a latest UN study.

    “The longer this goes on, the longer it takes to bring back hundreds of thousands of girls and boys to a learning environment, the more extreme the challenges will be to undo these huge losses,” he added.

    Israel has been launching a large-scale offensive against Hamas in Gaza to retaliate against a Hamas rampage through the southern Israeli border on Oct. 7, 2023, during which about 1,200 people were killed and around 250 taken hostage.

    The Palestinian death toll from ongoing Israeli attacks in the Gaza Strip has risen to 42,792, the Gaza-based health authorities said in a statement on Wednesday.

    MIL OSI China News

  • MIL-OSI China: Israeli airstrikes kill 1 soldier, injure 7 in Syria

    Source: China State Council Information Office 3

    Israel launched airstrikes on the Syrian capital Damascus and a military site in the central province of Homs before daybreak Thursday, killing one soldier and wounding seven others, the Syrian Defense Ministry said.

    The attacks, which occurred around 3:40 a.m. local time (0040 GMT), were launched from the direction of the occupied Golan Heights and northern Lebanon, hitting two sites in Damascus’ Kafr Sousa neighborhood and one military site in the countryside of Homs, the ministry said in a statement.

    The strikes caused material damage, the statement added without elaborating.

    Huge explosions were heard in Damascus earlier in the day.

    Earlier reports said a residential building in Kafr Sousa was targeted.

    Israel has been carrying out strikes against what it said were Iranian-linked targets in Syria for years. However, both Syrian and Iranian governments have denied the existence of Iranian military forces or base in Syria.

    Israel has ramped up attacks on Syria with the escalation of Israel-Lebanon conflicts.

    MIL OSI China News

  • MIL-OSI China: BRICS leaders adopt joint declaration

    Source: China State Council Information Office 3

    Leaders of BRICS countries pose for a group photo during the 16th BRICS Summit in Kazan, Russia, Oct. 23, 2024. The summit was hosted by Russian President Vladimir Putin, and attended by Chinese President Xi Jinping, Brazilian President Luiz Inacio Lula da Silva (via video conference), Egyptian President Abdel-Fattah al-Sisi, Ethiopian Prime Minister Abiy Ahmed, Indian Prime Minister Narendra Modi, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa and President of the United Arab Emirates (UAE) Sheikh Mohamed bin Zayed Al Nahyan. [Photo/Xinhua]

    BRICS leaders have issued a joint declaration covering a wide range of issues from the reform of the United Nations (UN) to ongoing global conflicts, following the association’s summit that took place on Wednesday in Kazan.

    The declaration included 134 provisions in total, one of which addressed the reform of the UN.

    “We reaffirm our support for a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient,” the document read. This involves expanding the representation of developing countries to better respond to global challenges.

    In addition, leaders reiterated their absolute condemnation of terrorism in all its forms and called for the prompt adoption of the Comprehensive Convention on International Terrorism within the UN.

    Alongside essential reforms, BRICS members called for the UN to play an important role in the global governance of artificial intelligence.

    The declaration also focused on global conflicts including those in the Middle East and Ukraine.

    “We remain concerned about at the rise of violence and continuing armed conflicts in different parts of the world,” the declaration read. BRICS leaders reaffirmed their commitment to resolving dispute peacefully through diplomacy.

    Leaders expressed deep concern about the ongoing tensions in the Gaza Strip and called for an immediate ceasefire and a cessation of all hostilities.

    The leaders noted the importance of the establishment of a sovereign and independent State of Palestine within the internationally recognized borders of June 1967, and expressed support for Palestine’s full membership in the UN.

    Member states also recalled national positions on the Ukrainian crisis, and “noted with appreciation relevant proposals” aimed at a peaceful settlement of the conflict through diplomacy.

    The BRICS leaders further expressed grave concern over the harmful impact of illegal unilateral sanctions on the global economy, noting that they negatively affect economic growth, energy, food security, and exacerbate poverty.

    BRICS members stressed the need to prevent an arms race in space and called for the creation of a document ensuring space security.

    The provisions included various economic initiatives designed to strengthen the role of developing countries in the global economy and promote equitable conditions for all.

    BRICS members called for the reform of the Bretton Woods institutions to increase the contribution of the developing countries to the global economy.

    They welcomed the establishment of a new BRICS investment platform, which will use the existing institutional infrastructure of the New Development Bank to boost investment flows into BRICS countries and countries of the Global South.

    They called for the reform of the current international financial architecture so it can “meet the global financial challenges” and become more inclusive and just.

    Member countries also supported Russia’s proposal on the creation of a BRICS grain exchange, adding that the trading platform could later be expanded to include other agricultural sectors.

    MIL OSI China News

  • MIL-OSI China: Xi says urgency of reforming international financial architecture increasingly prominent

    Source: China State Council Information Office

    Chinese President Xi Jinping said on Wednesday that the urgency of reforming the international financial architecture is becoming increasingly prominent in the current situation.

    Xi made the remarks when addressing the 16th BRICS Summit.

    He also called for strengthening the New Development Bank and urged BRICS countries to take the lead in promoting a better alignment of the international financial system with the changing dynamics of the global economy.

    MIL OSI China News

  • MIL-OSI China: ​Themed Sci-fi awards highlight China’s nuclear exploration

    Source: China State Council Information Office 3

    The N Universe Science Fiction Awards, established by the China National Nuclear Corporation (CNNC), announced its winners on Oct. 19 in Chengdu, Sichuan province, promoting China’s atomic energy vision to domestic and international audiences.

    Pan Jianming, board secretary and spokesperson for the China National Nuclear Corporation, speaks at the N Universe Conference and Science Fiction Awards ceremony in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    CNNC Board Secretary and spokesperson Pan Jianming emphasized that nuclear science development relies on the support of popular science. Similarly, the growth of popular science needs input from nuclear science experts. He said that strong and efficient coordination between these two creates powerful results.

    “The N Universe is an important popular science brand created by CNNC,” Pan said. “Only with continuous technological innovation can science fiction truly shine, and promoting innovation helps turn these ideas into reality. This is why CNNC is hosting these nuclear science fiction awards.”

    The awards ceremony featured four major award categories: best sci-fi novel, best sci-fi novella, best sci-fi short story, and top 10 imaginative works. The novel category awarded one first prize, one second prize, and three third prizes. Both novella and short story categories named one grand award winner, one first prize winner, two second prize winners, and three third prize winners. Ten works were recognized in the imaginative category.

    Author Wang Jianhua secured first prize in the novel category for “The Observer Plan: Children of Eternity.” Wang praised the N Universe platform for supporting science fiction writers, calling the award a milestone in his career.

    Best science fiction novel winners pose with award presenters at the N Universe Science Fiction Awards ceremony in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    Wu Hong, who won the grand award in the best sci-fi short story category for “As Wished,” noted in her acceptance speech that China’s nuclear industry development provides a solid foundation for imagination.

    “In my heart, nuclear energy is mysterious and possesses infinite power. Nuclear technology can change China, the world, humanity, the future and the universe,” she said. “I firmly believe that the universal truth we seek — and humanity’s ultimate truth — might be found in the vast sea of stars, but it could also be discovered within the tiny atom.”

    The event coincided with the inaugural Tianwen Chinese Science Fiction Literature Contest award ceremony last weekend. Both events are part of this year’s Tianwen Program activities, which launched last year during the 81st World Science Fiction Convention (Worldcon) in Chengdu. More than 400 science fiction writers, industry insiders, collaborators and enthusiasts attended the N Universe activities.

    Since its debut in 2019, the N Universe Science Fiction Awards, now in its fourth edition, has attracted nearly 1,000 writers. It has become a prominent brand that educates the public to learn more about China’s nuclear industry and nuclear science. The fifth edition of the awards was launched during the Chengdu event.

    “Western nuclear science fiction has developed for over 60 years, and in China, I see a brand-new direction for development,” said Ben Yalow, co-chair of the 2023 Chengdu Worldcon and vice chairman of the Tianwen contest jury. He expressed deep appreciation for Chinese nuclear science fiction stories and noted how Chinese writers address the shared future of mankind and reflect on future energy sources in their works.

    At the N Universe Conference, the Beijing Institute of Technology Press launched a new book featuring award-winning works from the first three editions of the N Universe Science Fiction Awards. CNNC also signed a strategic cooperation agreement with the publisher.

    Fan Hongliang, editor-in-chief of the Beijing Institute of Technology Press, said that through science fiction, CNNC has demonstrated the broad prospects of nuclear science and technology, stimulating public interest in scientific exploration. He added that it has provided valuable inspiration for science fiction creators, fostering positive interaction between fictional works and real-world technology.

    Science fiction writers, experts and scientists participate in panel discussions at the N Universe Conference in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    The conference showcased not only authors but also prominent CNNC scientists and engineers, including Liu Weiping, Zhang Donghui, Huang Yanping and Zhong Wulu. They delivered keynote speeches and participated in themed panel sessions, offering attendees a deeper understanding of nuclear science and technology.

    Huang revealed that China has made significant breakthroughs in developing fourth-generation reactors, adding that establishing nuclear reactors on other planets could become a reality. He said the diverse applications of atomic energy await exploration by both technology professionals and science fiction writers.

    Hou Zhiming, executive vice chairman of the Sichuan Writers Association, said the N Universe brand bridges science fiction and reality, reflecting China’s cultural confidence in nuclear technology while attracting writers and enthusiasts worldwide.

    “This will inspire more people to engage in science fiction writing, collectively promoting the development of science fiction literature and exploring humanity’s unlimited possibilities,” Hou said.

    MIL OSI China News

  • MIL-OSI Asia-Pac: SDEV to attend 2024 World Cities Day China Observance in Weihai

    Source: Hong Kong Government special administrative region

    SDEV to attend 2024 World Cities Day China Observance in Weihai
    SDEV to attend 2024 World Cities Day China Observance in Weihai
    ***************************************************************

         The Secretary for Development, Ms Bernadette Linn, will depart for Weihai in Shandong Province tomorrow (October 25) to attend the 2024 World Cities Day China Observance.     Upon her arrival, Ms Linn will attend a welcome dinner and cultural exchange activities. She will attend the opening ceremony of the 2024 World Cities Day China Observance and deliver a keynote speech at the Mayors’ Forum on Sustainable Development in Global Cities the following day (October 26).     The 2024 World Cities Day China Observance is organised by the Ministry of Housing and Urban-Rural Development, the United Nations Human Settlements Programme, the Shandong Provincial People’s Government and the Shanghai Municipal People’s Government. This year’s theme is “Build a People-oriented City and Share a Better Life”.     Ms Linn will return to Hong Kong on the evening of October 26. During her absence, the Under Secretary for Development, Mr David Lam, will be the Acting Secretary for Development.

     
    Ends/Thursday, October 24, 2024Issued at HKT 18:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Rosneft Supports Project to Create Genomic Database of Arctic Organisms

    Source: Rosneft

    Headline: Rosneft Supports Project to Create Genomic Database of Arctic Organisms

    Rosneft, together with Innopraktika, a non-governmental development institute, and the Centre for Whole-Genome Sequencing, has launched a unique project to create a genomic database of living organisms in the Russian Arctic. This information is essential for long-term planning for the sustainable development of the region and the conservation of its fragile ecosystems.

    In the first phase, specialists in different taxonomic groups will analyse the biodiversity of the Arctic and select the most valuable species for study.

    Priority work includes the assembly of the complete polar bear genome, which will be carried out by staff from the Centre for Whole-Genome Sequencing. The high-performance computing cluster, one of the top 20 supercomputers in Russia, enables fast and high-quality processing of huge amounts of information and obtaining the most accurate data for subsequent interpretation.

    Specialists from Lomonosov Moscow State University and other leading research institutes in the country were also involved to create a roadmap for the new project and identify priority research areas. Using cutting-edge genetic technologies, scientists will study the mechanisms of speciation and the ability of Arctic animals to adapt to harsh environmental conditions, clarify the taxonomic status of individual species, and develop recommendations for monitoring the health of Arctic ecosystems.

    The new environmental initiative is part of Rosneft’s comprehensive research programme in the Russian Arctic. The Company’s Arctic Research Centre is carrying out the most ambitious programme of research in the region since Soviet times, with more than 50 major expeditions over the past 10 years and unprecedented geographical coverage of hydrometeorological, geological and biological research.

    Reference:

    The creation of genetic databases and whole-genome sequencing are designed to preserve genetic information to protect endangered species. Scientists are studying their evolution and characteristics, investigating the extent of anthropogenic impacts on ecosystems, and calculating ways to mitigate potential threats.

    In recent years, many projects have been launched to analyse genomic data (Bird 10,000 Genomes Project (B10K) in China, international mammalian genome analysis project Zoonomia Project, etc.), but this is the first initiative to study the genomes of organisms from the Russian Arctic.

    Rosneft
    Information Division
    September 11, 2024

    Keywords: Environmental news 2024

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN attends the 7th AMCA + China Meeting

    Source: ASEAN

    Secretary-General of ASEAN Dr. Kao Kim Hourn today attended the 7th AMCA + China Meeting held in Melaka, Malaysia. The meeting acknowledged the deepening cultural ties between ASEAN and China, with 2024-2025 designated as the ASEAN-China Years of People-to-People Exchanges. The meeting was also apprised of the implementation of joint initiatives especially in the areas of heritage preservation and human resource development under the ASEAN Plus China Cooperation Work Plan in Culture and the Arts (2022-2025).

    The post Secretary-General of ASEAN attends the 7th AMCA + China Meeting appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI: Sapphire Technologies and CCYS Partner to Drive Energy Efficiency in Asia’s Natural Gas Sector

    Source: GlobeNewswire (MIL-OSI)

    CERRITOS, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — Sapphire Technologies, a developer of energy recovery systems for hydrogen and natural gas industrial applications, is expanding into new markets in Asia through a partnership with CCYS, a leading Chinese enterprise in green energy recovery. As carbon emissions are projected to peak in China by 2030, the partnership seeks to reverse that trajectory. Sapphire’s advanced FreeSpin® In-line Turboexpander technology will be integrated into key infrastructure projects. This cutting-edge technology captures and converts wasted pressure energy into clean electricity, improving the efficiency of natural gas use and supporting China’s broader emissions reduction objectives.

    BP projects that China’s natural gas consumption will rise to 550 billion cubic meters by 2030, up from approximately 395 billion cubic meters in 2023, increasing its global energy share from 6% to over 10%. If the available natural gas pressure in China (1.6-4.0 MPa) is fully utilized using Sapphire’s FreeSpin® In-line Turboexpander, it could recover 13 million MWh of pressure energy, enabling the installation of at least 1,517.7 MW of power generation capacity. This advancement would contribute to annual CO2 reductions of up to 12 million tons.

    “Our partnership with CCYS marks an exciting step forward for both companies as we work together to meet China’s growing demand for sustainable energy solutions,” said Freddie Sarhan, CEO of Sapphire Technologies. “By leveraging our turboexpander technology, we are expanding into new markets and helping enhance the efficiency of natural gas operations all while contributing to the country’s environmental goals.”

    “This partnership allows us to leverage Sapphire Technologies’ energy recovery systems to significantly improve the efficiency of our infrastructure projects,” said Changgang Guo, CEO of CCYS. “With this advanced technology, we are now able to capture and repurpose energy that would otherwise be wasted, directly supporting China’s transition to a greener, more sustainable energy landscape.”

    This partnership will initially focus on deploying Sapphire’s technology across multiple projects in China’s natural gas sector, including energy recovery systems at gas city gate stations, and LNG regasification facilities. Notable projects include those with Beijing Gas and Heating Engineering Design Institute, CNPC Lanzhou Petrochemical Equipment Company, and ENN Energy. Overall, this collaboration sets the stage for broader implementation of Sapphire’s solutions, helping drive China’s move toward a more energy-efficient future.

    About Sapphire Technologies
    Sapphire Technologies is driving global decarbonization through developing and manufacturing energy recovery systems that harness the power of gas expansion to produce reliable and clean electricity. Sapphire Technologies’ systems are designed to convert energy wasted in pressure reduction processes into electric power without interrupting operations. By recovering this wasted pressure energy, Sapphire Technologies helps customers maximize efficiencies, improve productivity, reduce carbon emissions, offset electrical costs and achieve substantial financial returns. For additional information visit: https://www.sapphiretechnologies.com

    About CCYS
    Over the past decade, CCYS has focused on the R&D, production, sales, and service of thermal insulation products. In 2023, the company expanded a new branch company, CCYS(Beijing), to focus on green energy recovery, leveraging advanced technologies in the Oil & Gas, hydrogen, air, and CO2 sectors. It now specializes in pressure energy recovery and waste heat recovery, continually enhancing the efficient closed-loop utilization of zero-carbon electricity and cooling energy across these areas to help meet the “China 3060” Carbon Peak/Neutral target. For additional information, please visit: http://www.ccysnh.com/

    Media Contact:
    Kite Hill PR
    Lara Schembri Sant
    lara@kitehillpr.com

    The MIL Network

  • MIL-OSI United Kingdom: Joint statement on the human rights situation in Xinjiang and Tibet

    Source: United Kingdom – Government Statements

    Joint statement delivered by Australia, Canada, Denmark, Finland, France, Germany, Iceland, Japan, Lithuania, Kingdom of the Netherlands, New Zealand, Norway, Sweden, United Kingdom and the United States of America in the UN Third Committee General Discussion.

    I have the honour of delivering this joint statement on behalf of Canada, Denmark, Finland, France, Germany, Iceland, Japan, Lithuania, Kingdom of the Netherlands, New Zealand, Norway, Sweden, United Kingdom, United States of America, and my own country, Australia.

    These countries are all committed to universal human rights and have ongoing concerns about serious human rights violations in China.

    Two years ago, the United Nations Office of the High Commissioner for Human Rights’ assessment on Xinjiang concluded that serious human rights violations had been committed in Xinjiang, and that the scale of the arbitrary and discriminatory detention of Uyghurs and other predominantly Muslim minorities in Xinjiang “may constitute international crimes, in particular crimes against humanity”. 

    Subsequently, United Nations Treaty Bodies have taken similar views and made similar recommendations, including the CERD in November 2022 through its concluding observations and Urgent Action Decision on Xinjiang; and the CRPD, CESCR and CEDAW in their September 2022, March 2023 and May 2023 Concluding Observations.

     The Working Group on Arbitrary Detention has issued communications concerning multiple cases of arbitrary detention and enforced disappearances, and over 20 Special Procedure Mandate Holders have expressed concern about systemic human rights violations in Xinjiang.

    Relying extensively on China’s own records, these comprehensive findings and recommendations by independent human rights experts from all geographic regions detail evidence of large-scale arbitrary detention, family separation, enforced disappearances and forced labour, systematic surveillance on the basis of religion and ethnicity; severe and undue restrictions on cultural, religious, and linguistic identity and expression; torture and sexual and gender-based violence, including forced abortion and sterilisation; and the destruction of religious and cultural sites. 

    China has had many opportunities to meaningfully address the UN’s well-founded concerns.

    Instead, China labelled the Office of the High Commissioner for Human Rights’ assessment as “illegal and void” during its Universal Periodic Review adoption in July.

    According to the Office of the High Commissioner for Human Rights’ statement in August, the problematic laws and policies in Xinjiang continue to remain in place. The statement again called on China to undertake a full review, from the human rights perspective, of the legal framework governing national security and counterterrorism.

    Chair, as with our concerns for the situation in Xinjiang, we are also seriously concerned about credible reports detailing human rights abuses in Tibet.  

    United Nations Human Rights Treaty Bodies and United Nations Special Procedures have detailed the detention of Tibetans for the peaceful expression of political views; restrictions on travel; coercive labour arrangements; separation of children from families in boarding schools; and erosion of linguistic, cultural, educational and religious rights and freedoms in Tibet.

    We urge China to uphold the international human rights obligations that it has voluntarily assumed, and to implement all UN recommendations including from the Office of the High Commissioner for Human Rights’ assessment, Treaty Bodies and other United Nations human rights mechanisms.

    This includes releasing all individuals arbitrarily detained in both Xinjiang and Tibet, and urgently clarifying the fate and whereabouts of missing family members.

    Transparency and openness are key to allaying concerns, and we call on China to allow unfettered and meaningful access to Xinjiang and Tibet for independent observers, including from the United Nations, to evaluate the human rights situation.

    No country has a perfect human rights record, but no country is above fair scrutiny of its human rights obligations.

    It is incumbent on all of us not to undermine international human rights commitments that benefit us all, and for which all states are accountable.

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Security: Defense News: Navy Warfare Center Drives First Over-the-Horizon Install, Naval Strike Missile Launch Demonstration From Destroyer

    Source: United States Navy

    PORT HUENEME, California – Among the flurry of fleet activities in the recent Rim of the Pacific (RIMPAC) exercise in Hawaii was a milestone that Naval Surface Warfare Center, Port Hueneme Division (NSWC PHD) spearheaded — the first demonstration firing of a Naval Strike Missile (NSM) from a U.S. Navy destroyer.

    Working under a compressed timeline, NSWC PHD and its partners installed the first Over-the-Horizon (OTH) Weapon System on a destroyer, USS Fitzgerald (DDG 62), in time for it to launch an NSM at a decommissioned ship on July 18 during RIMPAC.

    Other major players in the effort included Program Executive Office Integrated Warfare Systems (PEO IWS) 3H, Naval Air Warfare Center Weapons Division (NAWCWD) China Lake, General Dynamics Mission Systems and Kongsberg Defence & Aerospace AS.

    “This was a high-visibility requirement for the Navy,” said Eric Romero, customer advocate for OTH with NSWC PHD in Port Hueneme, California.

    OTH is a long-range surface-to-surface warfare system that launches NSMs, which are anti-ship guided missiles. The Navy has added the system to about a dozen Independence-variant littoral combat ships over the past five years.

    In late September 2023, the Office of the Chief of Naval Operations challenged PEO IWS, which in turn tasked NSWC PHD, with installing an OTH on Arleigh Burke-class destroyer USS Fitzgerald in time to demonstrate it at RIMPAC 2024. That left only about nine months before the biennial international fleet exercise.

    “We knew we were working on an aggressive schedule, but we had all the right personnel on the team to make sure we were successful in executing it,” Romero said.

    NSWC PHD employees took on various projects to pull off the endeavor at this accelerated pace, from developing ship installation drawings to getting cybersecurity approval to installing and testing the equipment.

    The overall effort encompassed nearly 20 organizations, including five program offices, four warfare centers and a dozen external entities, according to Todd Jenkins, platform integration lead with NSWC PHD in San Diego.

    “We were expecting a great deal of roadblocks due to the compressed timeline, but everyone came together to accomplish this monumental event,” Jenkins said.

    Typically, this type of first-of-class installation takes at least two years, according to Robert “Tony” Honeycutt, Alteration Installation Team manager at NSWC PHD’s Virginia Beach Detachment in Virginia. A key factor in speeding up the process was proposing the OTH as a temporary change to USS Fitzgerald, which reduced the requirements for documentation and drawings compared to a permanent change.

    Beyond streamlining the paperwork, Honeycutt and Jenkins met frequently with stakeholders from PEO IWS 3H and NAWCWD China Lake to overcome obstacles and stay on schedule.

    “Basically, we were just driving it as hard as we could,” Honeycutt said. “As soon as we ran into a problem, we had a group powwow and figured out the solution.”

    Another task that the team sped up was securing the cybersecurity accreditation known as authority to operate (ATO) for the OTH software that would be installed on the ship. The rigorous six-step process typically takes about a year, but in this case it had to be completed much quicker so the installation could start.

    “We had to do the cyber ATO in two months,” Romero said.

    The team installed the OTH on USS Fitzgerald at Naval Base San Diego from mid-March to late May. The main components of the system are the launcher and an operator interface console. To make it compatible with the destroyer, the system also required a navigation adapter.

    After installing the OTH, NSWC PHD trained crew members and helped them test the system while underway.

    “We made sure they were trained up, such as to be self-sustaining as operators,” Romero said.

    In Hawaii for RIMPAC in July, USS Fitzgerald participated with other ships and aircraft in a sinking exercise, known as a SINKEX. The target was a decommissioned amphibious ship about 50 nautical miles off the coast of Kauai.

    With NSWC PHD team members monitoring remotely, USS Fitzgerald launched its first NSM from the OTH. The NSM successfully searched the target area, detected and prosecuted the target.

    “It was a successful NSM live-fire shot launched from the OTH Weapon System,” Romero said.

    Following the inaugural firing at RIMPAC, NSWC PHD personnel will help prepare USS Fitzgerald to go on deployment with the OTH.

    While the new weapon system is still authorized as a temporary installation on USS Fitzgerald, the team is working to secure approval for it to stay on the ship indefinitely.

    “We’re migrating the ship change document to a permanent change, as we want to keep the system aboard DDG 62,” Romero said.

    The work done on DDG 62 will help inform the way forward on providing this capability to other DDGs.

    MIL Security OSI

  • MIL-OSI Canada: Bank of Canada reduces policy rate by 50 basis points to 3¾%

    Source: Bank of Canada

    The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization.

    The Bank continues to expect the global economy to expand at a rate of about 3% over the next two years. Growth in the United States is now expected to be stronger than previously forecast while the outlook for China remains subdued. Growth in the euro area has been soft but should recover modestly next year. Inflation in advanced economies has declined in recent months, and is now around central bank targets. Global financial conditions have eased since July, in part because of market expectations of lower policy interest rates. Global oil prices are about $10 lower than assumed in the July Monetary Policy Report (MPR).

    In Canada, the economy grew at around 2% in the first half of the year and we expect growth of 1¾% in the second half. Consumption has continued to grow but is declining on a per person basis. Exports have been boosted by the opening of the Trans Mountain Expansion pipeline. The labour market remains soft—the unemployment rate was at 6.5% in September. Population growth has continued to expand the labour force while hiring has been modest. This has particularly affected young people and newcomers to Canada. Wage growth remains elevated relative to productivity growth. Overall, the economy continues to be in excess supply.

    GDP growth is forecast to strengthen gradually over the projection horizon, supported by lower interest rates. This forecast largely reflects the net effect of a gradual pick up in consumer spending per person and slower population growth. Residential investment growth is also projected to rise as strong demand for housing lifts sales and spending on renovations. Business investment is expected to strengthen as demand picks up, and exports should remain strong, supported by robust demand from the United States.

    Overall, the Bank forecasts GDP growth of 1.2% in 2024, 2.1% in 2025, and 2.3% in 2026. As the economy strengthens, excess supply is gradually absorbed.

    CPI inflation has declined significantly from 2.7% in June to 1.6% in September. Inflation in shelter costs remains elevated but has begun to ease. Excess supply elsewhere in the economy has reduced inflation in the prices of many goods and services. The drop in global oil prices has led to lower gasoline prices. These factors have all combined to bring inflation down. The Bank’s preferred measures of core inflation are now below 2½%. With inflationary pressures no longer broad-based, business and consumer inflation expectations have largely normalized.

    The Bank expects inflation to remain close to the target over the projection horizon, with the upward and downward pressures on inflation roughly balancing out. The upward pressure from shelter and other services gradually diminishes, and the downward pressure on inflation recedes as excess supply in the economy is absorbed.

    With inflation now back around the 2% target, Governing Council decided to reduce the policy rate by 50 basis points to support economic growth and keep inflation close to the middle of the 1% to 3% range. If the economy evolves broadly in line with our latest forecast, we expect to reduce the policy rate further. However, the timing and pace of further reductions in the policy rate will be guided by incoming information and our assessment of its implications for the inflation outlook. We will take decisions one meeting at a time. The Bank is committed to maintaining price stability for Canadians by keeping inflation close to the 2% target.

    Information note

    The next scheduled date for announcing the overnight rate target is December 11, 2024. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on January 29, 2025.

    MIL OSI Canada News

  • MIL-OSI United Kingdom: Westminster launches latest round of Community Priorities Programme funding | Westminster City Council

    Source: City of Westminster

     

    Provider Name 

     Amount awarded

    Project Name 

    Project Description

     

    Individual Provider  

    £10,000

    Westminster Throws 

    Judo project offering structured activities to promote physical fitness, mental well-being, and community development among children in Westminster.

     

    Happy Lizzy​  

    £32,000

    Happy Hub Holiday Clubs & ​ Wild Kittens Wild Cats 

    Holiday clubs every school holiday. During the Summer the club is for children aged 7 and over. Play, explore, plant gardens, build LEGO, learn chess and hold community events.

     

    WECH​ 

    £28,960 (Health and Well-being project)

    £28,960 (Foodbank)

    £13,816 (Welfare Benefits Service)

    The Maida Hill Foodbank, Maida Hill Health & Well- Being Project​​, Harrow Road Welfare Benefits Service  

    Sustain the weekly Foodbank from Nov 24 for a year, to continue providing food to 50 families per week for 46 weeks, benefiting at least 300 families over the year. approx. Also engaging 15 residents as volunteers and support staff.

    sustain delivery of the health and well-being activities.

     

    Next Generation CIC​ 

    £31,040

    Next Gen Intense Mentoring/ Business mentoring​  

    We aim to work with 50 young people (ages 11-25) and their support networks, focusing on those at risk or involved in SYV. Our goal is to encourage them to pursue their dreams and career aspirations while steering them away from antisocial behaviour. We take a holistic mentoring approach, emphasizing diverse career pathways, particularly entrepreneurship.
     

     

    The Flourish Group​ 

    £30,000

    Creativity Calling​  

    Creativity Calling’ is the first project of its kind in London. At its core are the Flourish-Banks, that act like food banks only donating and distributing art and craft materials to those that need them. Circular and sustainable, Flourish-Bank ‘bins’ positioned throughout Westminster allow the community to donate unwanted creative resources to be redistributed.

     

    The Pepper Pot Centre ​ 

    £30,000

    Harrow Road Elderly African and Caribbean Health & Wellbeing Project​  

    Stimulate Creativity: encourage participants to express themselves through art and creative materials.

     

    Westbourne Park Family Centre​ 

    £16412.80

    £10,000

    Parent Power​ & Westbourne Park Pantry

    A 36-week programme to help young people to tackle issues on bullying, boundaries, stop & search, drugs and alcohol, peer pressure and gangs (Parent Power).

    The pantry stocks a range of fresh, cupboard essentials and toiletries (fruit, vegetables, dairy, pasta, rice, cereals, toilet paper, soap etc.) The pantry provides a service for those impacted by the cost-of-living crises and may not qualify for a food bank, or who prefer to choose their food selection.

     

    Paddington Arts​ 

    £24,000

    Every Child Matters​  

    Dance activities for age groups 6-10; 11-15; 16-22, Emotional support programme for age 8 – 18, Wellbeing programme for girls’ group, Health advice and signposting for children and families.

     

    The Grove Think Tank​ 

    £38,000

    Westbourne Holistic & Development Project​  

    Boxing and basketball sessions for young people targeting 24-30 participants.

     

    In Deep​ 

    £24923.86

    In – Deep music therapy for children with send​ & Music Therapy &   Art therapy for People with SEND 

    free weekly group music therapy sessions in Edward Wilson Primary School, senior street, w2 for children with special needs.

     

    Abundance Arts​ 

    £21,000

    Community Unity – SEND Wellbeing, Music and Art project​  

    Interactive drumming and percussion games and stories incorporating basic sign language, enhancing sensory engagement and communication skills, including multicultural music, sign language, performances and community events.

     

    Fun4over 50’s 

    £41819.32

    Zumba Gold Over 50’s & Fun Social Events​  

    Zumba Gold: specialised version of Zumba fitness program designed for older adults or those with physical limitations including community events.

     

    Urban wise​ 

    £27397.60

    Discover and Share!​  

    Project consists of some short arts, culture and heritage courses, discovery walks and visits to places of cultural interest to build connections between people.

     

    Blind Aid​ 

    £25,365

    Reducing isolation and improving wellbeing of blind and visually impaired adults in Westminster​  

    Blind Aid’s flagship Sight Support Project provides free ongoing home-based support to isolated, blind and visually impaired residents of Westminster.

     

    Adebo Stitch​ 

    £29999.40

    Adebo Stitch​  

    Weekly sewing, knitting and crochet sessions for 15-20 participants per week.

     

    Dutch Pot​ 

    £20,736

    Dutch Pot Lunch & Social Club phase 2​ 

    professional wellbeing activities – chair & gentle exercises, special events for birthdays & other special days, signposting & visits from other services in Westminster and a minibus pick up door to door for the most vulnerable operates one day a week. Hand crafts, music, bingo with prizes is the highlight of the day, seaside visits and other places of interest. Cultural dancers & musical entertainers are invited to perform.

     

    London Disability Network​ 

    £35,844

    LDN London Community Hub​  

    We run group activities and workshops for people with learning disabilities.

     

    Kulan Somali Organisation​ 

    £29,985

    SAAXIB​  

    Weekly cultural activities/workshops such as cultural dancing, poetry, singing, cookery activities, telephone befriending service, physical activities and Nutrional meals.

     

    Avenues​ 

    £27,750

    Friday Night Seniors – The Avenues Youth Project​  

    Youth club providing a range of activities designed to enhance health and wellbeing including sports activities – dance, basketball, MMA, table tennis and teq ball. We provide balanced nutritious meals and a space to decompress. Socially the connections are strong, and we frequently run workshops on mental health, sexual health and managing emotions.

     

    Treasure Sports​ 

    £30,000

    Making Westminster Healthier​  

    The main activity of the project is to help uplift the most disadvantaged and vulnerable in Westminster through sports and exercise.

     

    All Stars Youth Club 

    £35,552

    Community Active 

    Kids boxing, female only boxing, Muay Thai and kickboxing.

     

    Adventure Play Hub 

    £16,453.20

    Saturday Play Days at Adventure Play Hub 

    Main activities of the project are to help uplift the most disadvantaged and vulnerable in Westminster through exercise classes as well as financial literacy and community engagement classes for children, young people and female only.

     

    Unfold​ 

    £29,992.66

    Peer Support Groups and Mentoring Programme for Women​ 

    Weekly peer support group for women in the local community in the North of the borough.

     

    Women’s Trust​ 

    £24,000

    Specialist Domestic Abuse Counselling Project​ 

    We offer an initial assessment session (IS) and then up to 18 weekly counselling sessions per client, which is longer than statutory provision (IAPT is usually 6 sessions).

     

    The Floating Classroom​ 

    £12,618.60

    Community Trips on the Floating Classroom (FC)​ 

    We are applying for funding to offer 20 trips on our electric canal barge for community groups and people accessing services provided by organizations.

     

    St Andrew’s Club 

    £55,188

    Active at the Andrew’s – Sports and Physical Activity Programme​ 

    St Andrew’s will support up to 150 children and adults to stay physically active, including football, basketball, yoga and other various physical activities.

     

    Make it Happen​ 

    £7,500

    Carers Mental Health​ 

    Bi-weekly group counselling sessions to provide emotional support and coping strategies. Those session are tailored for Parent Carers and offered by a credited counsellor who is a parent carer herself. The sessions will cover topics such as acceptance, managing feeling, anxiety and low mood. Other topics voted for by parents will be added.

     

    Echo of Hope​ 

    £10,718

    Strive Together​ 

    EOH will bring together leading experts, organization leaders, and housing specialists to offer invaluable advice and workshops.

     

    Individual​ 

    £20,000

    Carlys Angels Stay and Play​ 

    Activities for the stay and play sessions will include outdoor play and exploration, creative arts and crafts, music and movement, storytelling and literacy, physical activities, educational and social play, healthy eating, mindfulness and relaxation and parent engagement. These activities aim to provide a balanced mix of physical, creative, educational and social experiences, supporting children’s overall development and preparing them for future educational settings. I plan to deliver the sessions weekly, dependant on how much funding is awarded, but at least once a week session. Number of participants will be 15-30 to begin with to offer a more personal approach and avoid overwhelming families.

     

    St Vincent’s Family Project​ 

    £20,000

    SVFP Drop-In and Lunch​ 

    Our charity targets young vulnerable families on low incomes. The drop in will provide two main responses to help families affected by this, including the cost of living crises with lots of free activities for children

     

    Individual​ 

    £8,611.26

    Stay Safe Stay Creative​ 

    Intro of the project for 30 minutes, partnership delivery with STREETDOCTORS for 1 hour to empower individuals affected by violence to keep themselves and others safe and in charge of delivering FREE Knife Wound 1st Aid Training. This also include a 1-hour art therapy through artwork craft and outdo of project.

     

    Basch Helps ​ 

    £16,598

    Angel Box​ 

    Emergency relief package which acts to alleviate conditions of distress, deprivation and disadvantage to parents, factors that contribute to social exclusion, self-harm & neglect

     

    Individual​ 

    £14,890

    Happy Feet Haven​ 

    We will offer people a programme of 6 reflexology sessions of 30-mins each. We will register 6 people for each 4-week block and deliver a total of 9 x 4 weeks sessions each year. This means we will be able to provide free reflexology sessions to 54 people each year. After the 30min reflexology session, people will have a 20-min foot spa session which will detoxify the feet and is a very relaxing experience.

     

    Sport 4 Health​ 

    £17,200

    Filipino Women Health and Support Project​ 

    Regular weekly indoor physical and social activities for improving physical health, and for mental wellbeing through creating strong friendship and support networks for Filipino Women. We will provide 2-hour activity sessions twice a week for 30 weeks per year (for 2 years) in both Pimlico South (at St. Gabriel’s Parish House) and Pimlico North (at Queen Mother Sports Centre). Activities (their choice) will include table-tennis, badminton, Pilates/stretching classes, etc and we aim to reach approx. 40 participants – mostly women.

     

    Motivez 

    £15,000

    Sustainable London​ 

    ‘Engage & Inspire’, ‘Empower’ and ‘Unleash’ using a hackathon approach to build community, strengthen confidence and increase feelings of inclusivity. Through 15+ fun activities, intimate fireside chats, team-building activities, site visits, and mentoring led by relatable and inspirational young professionals (volunteers), the students will increase their awareness of how they can solve these issues through STEM.

     

    Well Played​ 

    £17,340

    Well Played Community Hubs​  

    Invited by forthcoming ‘community hubs’ at Charing Cross/Victoria Libraries. Fulfilling established need (having completed community engagement). Increasing social barriers e.g. homelessness, isolation/mental health, increasing confidence/communication skills. Creative Writing with professional poets/writers, queer arts group and family story time.

     

    Individual​ Provider  

    £4,000

    Community Arts & Crafts Through Conversations​  

    Through arts and craft, we allow our participants to express themselves through nonverbal and verbal cues. The activity is also key to bringing the community together. We use mainly preloved materials and encourage sustainability creating sustainable art. This process is scientifically proven to enhance mental health. Single mothers, young adults, ethnic minorities who are less unaware of sustainable living and the public.

     

    WBWT​ 

    £25,000

    Stitch, Shuttle, and Soar​  

    The main activities of the “Stitch, Shuttle, and Soar” project include sewing classes, badminton sessions, 2 summer trips per year, along with two additional day outings for volunteers per year. The sewing classes will cater to 10-15 participants per session, with a total of 40 sessions held throughout the year. These classes provide a creative and cost-saving skill, enhancing mental well-being and community ties. Badminton sessions will host 10-12 participants per session, totalling 60 sessions over 2 years.

     

    Chinese Community Council​ 

    £7,632

    Outreach to the vulnerable​  

    Social “hub” for older Chinese people who either live or work in Chinatown as it is a service-providing charity organisation.   This fact affords us with daily face-to-face interactions with the community and hours spent building organic relationships with the people we serve, consequently developing deep insight into the complex and diverse views of disadvantaged people.  

     

    Bear Fitness​ 

    £29,659.20

    Bear Fitness Street Homelessness Programme​  

    Bear Fitness provides twice weekly fitness classes (~1 hour in length) in The Passage for people experiencing homelessness.

     

    Pro Touch SA CIC​ 

    £37,000

    Inspiring Youths in Health & Wellbeing ​ 

    Physical activities programme, mental health workshops, nutritional education sessions, community engagement events.

     

    Hotel School ​ 

    £30,000

    Hotel School 10-week programme​  

    Hotel School teaches hospitality skills to people experiencing homelessness and those who are vulnerable.

     

    Volta Theatre​ 

    £15,014

    Bright Lights​  

    Provide a 1hr after-school class three times per week, including yoga, pilates bodywork, fitness, stretching, breathing exercises, voice technique, yoga, bodyweight exercises, object-work, visualisation relaxation technique, stress management and performance science theory.

     

    Shop and Donate​ 

    £25,000

    Shop And Donate – Strengthening and Building Resilient Communities​  

    providing residents and families with essential food and goods which will help them with their health, diet and nutrition.  

     

    Individual provider ​ 

    £10,000

    Lunchtime Meals for Homeless​  

    The main activities are: preparing/sourcing the lunchtime meals

     

    Age UK, Westminster​ 

    £15,000

    Maintenance Cognitive Stimulation Therapy (MCST) & Outreach Project​ 

    Over 24-months deliver 2 MCST sessions weekly for Westminster residents aged 60+ and family/carers. Each 2-hour session provides structured, and cognitively stimulating activities.

     

    The Feathers Association​ 

    £40,000

    Community Inclusion Project​ 

    Youth club, cultural events, residentials, vocational traing, including first aid, food sfety, & sports development.

     

    Mala CHERGA Theatre​ 

    £59,732

    Yoga and Dance for Adults and Children ​ 

    Mixed yoga class for men & women in the evenings, yoga class for women only in the mornings.

             49

    Photojournalism Hub CIC​ 

    £19,218

    Seeing the Green​  

    A nine-month project for 20 beneficiaries, each session will include learning documentary photography, followed by practical photography and group activities.

             50

    Creative Futures Ltd (London)​ 

    £20,000

    Community Families​  

    Community Families consists of 8 completely free music sessions every week during term-time for families with children aged 0-4 years old in north Westminster. (Nurture groups)

          51

    London Tigers​ 

    £47,398

    Tigers Connect: Supporting and empowering young people

    Sports to break down barriers of fear and distrust between communities including football, basketball, sports events, mentoring and volunteering activites.

    52

    North Paddington Youth Club​ 

    £40,000

    NPYC Intergenerational Project​  

    Youth club which provides health and fitness sessions and some therapeutic gardening sessions in our brand new 4 story building in Maida Vale.

    53

    Daily Veda​ 

    £22,260

    Little Lotus Meditation and Breathwork Sessions​  

    deliver weekly yoga sessions for 30 children which would consist of 3 x weekly sessions of 10 children per group.

    54

    Earth Living​ 

    £15,000

    Wellbeing Food Drive

    Our project supports over 70 residents who rely on our services, providing full-course meals, massage services for chronic pain relief, providing food parcels as we work with the local food banks to deliver the food parcels to the resident of Westminster.

    55

    Community for all​ 

    £30,000

    C4A’s Community Domino Effect (DE)

    DE is a bespoke culturally appropriate service that celebrates Caribbean culture whilst empowering individuals to make positive choices around health and lifestyle. DE provides a weekly social space that includes dominoes, music and food. It provides vital connections in the community for vulnerable isolated individuals as well as routine in a friendly environment.

    56

    Right at home​ 

    £6,000

    Memory Café for above 65 & carers​  

    The project aims to assist remote, localised communities by organising educational sessions on various subjects such as falls prevention, nutrition, home infection control, art, and chair exercises conducted by our team of senior physiotherapists.

    57

    West London Doulas​ 

    £26,843.5

    Free Birth Preparation Classes​ ​  

    run 8 free, 8 week antenatal courses, for expectant parents. Each weekly session is themed and led by a specialist speaker on that topic. Participants have the opportunity to ask questions and discussion is encouraged. Each session includes yoga and relaxation to promote physical and mental health and wellbeing.  

    58

    Zodiac Arts / Sports4all​ 

    £29487.30

    Bee fit ​  

    Main activities of our project is to enhance health and well-being, community safety, and community development through chair based yoga, hydro swim sessions and windrush workshops.

              59

    7 Spheres 

    £28,976

    Church Street Community Cohesion Project 

    Yoga & Mindfulness and chess club

           60

    Individual 

    £19,010

    Dodge the Laziness 

    Dodgeball sessions for children and young people

            61

    Individual 

    £15,450

    Exploring Themes and Cultures through mosaics 

    Aims to reconnect children through 20 mosaic sessions, offering a fun environment to learn new skills/techniques. The final goal is for children to create a collaborative artwork for donation to hospitals/hospices/care homes.

           62

    Financial Harmony  

    £14,402

    Thrive & Tribe: Building Strong Futures Together  

    Fun workshops for young people to learn about financial concepts like budgeting and credit management.

          63

    Harrow Road Soup Kitchen

    £18,730

     HRSK Mentoring

    Training and mentoring for young people confidence-building, career exploration, and gaining real-world experience.

          64

    Plant Environment  

    £20,250

    What’s Growing On  

    Gardening and environmental awareness for the community

          65

       Cartoon Studios 

    £23,400

    JKCS: Arty and Wellbeing Wednesdays 

    Health and wellbeing workshops and events through art for mum’s, young & vulnerable people.

         66

       Vital Connections 

    £12,600

    “I Am – A Woman’s Voice” 

    67

    ESP Foundation 

    £30,000

    Girls Allowed 

    Sports and wellbeing activities for young girls.

    68

    Family Friends UK 

    £9,898

    Family Friends Befriending 

    Befriending and mentoring service for families from disadvantaged communities.

    69

    Jojays 

    £14,000

    Jojays Community Lunch Club 

    Help the local community improve their physical health and tackle social isolation through healthy meals.

    70

    MEWSO 

    £21,480

    Women’s Circle II 

    Sewing classes and walk & talk sessions for women – predominantly from the middle eastern background.

    71

    PACE 

    £18,984

    PACE Boccia at Beethoven 

    Bespoke physical activity programmes, including coaching in Boccia for all.

    72

    Progressay 

    £4,384

    Girl Power – Football for Girls 

    Football sessions for girls, including information and advice, parent support group and tuition classes

    73

    Queen’s Park Bangladeshi Association 

    £20,222

    Let’s Get Moving! 

    Sports & physical activities programmes to increase participation amongst the BME communities.

    74

    Queen’s Park Community Council 

    £20,000

    Queen’s Park Youth Holiday Camps 

    Youth activities for youths during the school holidays.

    75

    GarmHub

    £15,158

    GarmHubs – Clothes Bank

    Clothes Bank

               

    MIL OSI United Kingdom

  • MIL-OSI USA: Dingell Commends Department of Commerce Action on Foreign Connected Vehicle Technology, Requests Congressional Briefing and Prompt Final Rule

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Congresswoman Debbie Dingell (MI-06) today sent a letter to Department of Commerce Secretary Gina Raimondo thanking the Department for its efforts to address the risks posed by connected vehicle technology from China and Russia, and urging the Department to finalize its rule prohibiting the sale and import of these vehicles without delay and provide a briefing to the relevant Congressional caucuses on the rulemaking status and implementation strategy.

    “I am writing to express my strong support for the Department of Commerce Bureau of Industry and Security’s (BIS) Notice of Proposed Rulemaking (NPRM) aimed at prohibiting the sale and import of connected vehicles incorporating specific hardware and software components with a sufficient nexus to the People’s Republic of China (PRC) or Russia,” Dingell writes. “As our vehicles become smarter and more connected, it is crucial that we address the national security risks posed by these components. This initiative directly addresses significant national security concerns stemming from the increasing prevalence of Chinese Original Equipment Manufacturers (OEMs) in the global automotive market.” 

    “Nearly 70% of vehicles on American roads are now connected — they rely on internet-enabled services and advanced software to manage functions such as navigation, vehicle diagnostics, and even autonomous driving features,” Dingell continues. “The data these connected vehicles and their technologies generate also include highly sensitive information. When this technology is manufactured or controlled by companies with close ties to the CCP, our data becomes vulnerable to foreign access and exploitation.”

    “Given the gravity of these implications, I ask if the Department would provide a briefing to the relevant Congressional caucuses, such as the Auto Caucus and the Autonomous Vehicle (AV) Caucus on the NPRM, its implementation strategy, and the ongoing assessment of risks posed by Chinese and Russian-controlled components in connected vehicles. This briefing would allow Members of Congress to better understand the nuances of the rule and offer any potential assistance,” Dingell concludes. “I also strongly encourage the Department to finalize this rulemaking process without delay, given the urgency of the threat posed by these technologies. The potential threats require a swift response, and I am ready to assist in any way possible to streamline the process and ensure its effective enforcement. Should any legislative support be required to strengthen or clarify the rule’s provisions, I am committed to working collaboratively with both parties in both chambers of Congress to ensure its success.”

    View the full text of the letter here. 

    Dingell wrote to the Department of Commerce in August urging the Administration to take action to address the privacy and security risks and trade implications posed by connected vehicle technology manufactured and controlled by foreign adversaries, including China.

    MIL OSI USA News

  • MIL-OSI: Oriental Rise Holding Limited Announces Full Exercise of Underwriter’s Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    Ningde, China, Oct. 23, 2024 (GLOBE NEWSWIRE) — Oriental Rise Holding Limited (“Oriental Rise” or the “Company”) (NasdaqCM: ORIS), an integrated supplier of tea products in mainland China, today announced US Tiger Securities, Inc. (“US Tiger”), who acted as the underwriter and sole book-runner of the Company’s underwritten initial public offering (“IPO”), has exercised the full over-allotment option and purchased an additional 262,500 ordinary shares of the Company at the IPO price of $4.00 per share. As a result, the Company has raised $8.05 million in gross proceeds, before underwriting discounts and other related expenses, through the issuance of a total of 2,012,500 ordinary shares in the IPO.

    US Tiger acted as sole book runner for the Offering. The Crone Law Group served as counsel to the Company. VCL Law LLP served as counsel to the underwriter.

    A registration statement on Form F-1, as amended (File No. 333-274976) relating to the Offering was previously filed with the Securities and Exchange Commission (“SEC”) by the Company, and subsequently declared effective by the SEC on September 30, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering was filed with the SEC on October 17, 2024 and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained, when available, from US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022, or by telephone at +1 646-978-5188.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, 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 any such state or jurisdiction.

    About Oriental Rise Holding Limited

    Oriental Rise Holding Limited is an integrated supplier of tea products in mainland China. Our major tea products include (i) primarily-processed tea consisting of white tea and black tea, and (ii) refined white tea and black tea. Our business operations are vertically integrated, covering cultivation, processing of tea leaves and the sale of tea products to tea business operators (such as wholesale distributors) and end-user retail customers in mainland China. We operate tea gardens located in Zherong County, Ningde City in Fujian Province of mainland China. For more information, visit the Company’s website at https://ir.mdhtea.cn/.

    Forward-Looking Statements

    All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:

    Investor Relations:
    Sherry Zheng
    Weitian Group LLC
    Phone: 718-213-7386
    Email: shunyu.zheng@weitian-ir.com

    The MIL Network

  • MIL-OSI Russia: Baranki, kokoshniks, bast dolls: Russian Culture Day held at HSE

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    At the end of October, the Russian Culture Day festival was held in the HSE building on Pokrovsky Boulevard. The traditional holiday, organized by Directorate for Internationalization of the National Research University Higher School of Economics, is designed to help foreign and Russian students learn more about our country and its color, make new acquaintances and get a boost of emotions.

    Today, almost 5,000 foreign students study at the HSE Moscow campus. To help them adapt to a new country, HSE offers them the opportunity to get to know multicultural Russia as part of the Russian Culture Day festival. On October 17, in the atrium on Pokrovka, participants had the opportunity to take part in master classes on assembling and painting a wooden hut, making a bast doll and wax candles, and also take lessons on playing the button accordion, balalaika, and wooden spoons. In addition, they could enjoy pies, bagels, and drinks in a Russian teahouse, play quizzes on Russian literature and music, cuisine, and geography, and guess the paintings and meanings of rare Russian words.

    Foreign students studied each topic with interest and took souvenir photos wearing kokoshniks. Edna Jacob came to Russia from Tanzania as part of the HSE International Preparatory Year program (International Prep Year). “A teacher from HSE told us about today’s event, and we were all excited. I’ve already made a wooden hut and painted it,” she shared. “I’ve fallen madly in love with HSE, there are wonderful people and teachers here. I see that they teach us with a special passion for their work.”

    Zhang Yifan came to HSE from China. “This is my second month at HSE, and I will be studying for a total of four months as part of an exchange program. I am studying sociology here as a postgraduate. HSE is different from my university. I was a little worried before coming to Moscow, but now I am very inspired, I like it here,” she said.

    Other HSE students also shared their impressions of the festival.

    Ilya Shevchenko, OP “Economics”, 1st year

    — I can study history in lectures, or I can sit here and make dolls out of bast, immersing myself in the atmosphere. It’s great that HSE organizes such festivals. One of the best things about HSE is that there is constant life here, something is always happening, and every time you want to stop and participate.

    Elena Hassan, MP “Pedagogical Education”, 2nd year

    — I have already managed to make a candle from wax with my own hands, decorated it, I am thinking of using it in the interior of my home. A good and interesting event, everyone here is involved in the process of creating different products, very soulful.

    Alina Asanalieva, OP “Economy”, 4th year

    — It’s atmospheric and cozy, everyone here is cheerful, playing something. I took part in all the activities: guessing cities, famous people, books. HSE is distinguished by such events, every day is a holiday. They help you relax between classes, thanks to HSE for such an opportunity.

    Taisiya Gavrishchuk, MP “Pedagogical education”, 1st year

    — I played the accordion here. I can play the piano, but the accordion is completely different, you can’t even see the keys where to press. It was an unforgettable experience, I really liked it. I also tried to play the spoons and bells, it was also fun. The mood is positive, I like it here.

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

    MIL OSI Russia News

  • MIL-OSI Global: Cuba’s power grid collapse reveals the depth of the country’s economic crisis

    Source: The Conversation – UK – By Nicolas Forsans, Professor of Management and Co-director of the Centre for Latin American & Caribbean Studies, University of Essex

    Cuba’s national grid collapsed four times in as many days last week, after the island’s largest power plant, Antonio Guiteras, failed. Millions of Cubans are still without power, with food rotting in powerless fridges and many lacking access to clean water.

    The Communist government closed schools on October 18 and ordered non-essential public sector activities to stop as work began on restoring the grid. But this was hindered by the arrival of Hurricane Oscar on Sunday night, which unleashed heavy rain and strong winds across eastern Cuba.

    Antonio Guiteras is now back online, and Cuban energy officials say electricity has been restored in most of the capital city, Havana, and some outlying areas. But they have warned against too much optimism.

    Cuba’s five thermoelectric power plants are obsolete and crumbling. And with oil products accounting for over 80% of power generation, the island depends on Venezuela for fuel shipments. But shipments have been cut in half this year as Venezuela struggles to ensure its own supply, forcing the Cuban government to seek far more expensive fuel on the spot market.

    The problem is that the Cuban government is running out of money as it grapples with the island’s worst economic crisis in 30 years, so power cuts of up to 20 hours a day are now common. Indeed, Lazaro Guerra, Cuba’s top electricity official, has said that Cubans “should not expect that when the system comes back online the blackouts will end”.

    How did Cuba get here?

    The roots of this crisis can be traced back to the cold war when Fidel Castro overthrew the US-backed government of Fulgencio Batista in January 1959. Convinced that the Cuban revolution was the most advanced among all far-left movements in Latin America, the former Soviet Union sided with the island and provided it with industrial goods and technical assistance.

    Cuba’s relations with the US worsened dramatically, and by July 1960 it had announced the expropriation of US industrial, banking and commercial operations on the island. Within a few months, the Cuban state had taken over all sugar mills, most industry and trade, half of the land, and every bank and communication network in the country.

    Retaliation swiftly followed. The US introduced its first embargo on all exports to Cuba in 1960, with exceptions for food and medicine. And this was followed in 1962 by a ban on all trade and financial transactions with the island. In 1964, the then US president, Lyndon B. Johnson, ordered a multilateral policy of “economic denial”, severely inhibited Cuba’s efforts to foster economic relations with other countries.

    The island would receive considerable amounts of aid from the Soviet bloc over the next 30 years. But this only deepened Havana’s dependence on a single export product: sugar, which was purchased at an inflated price as part of the aid programme. In return, Cuba purchased the crude oil it needed to operate its electricity plants.

    But, by the time the Soviet Union disintegrated in 1991, Cuba had failed to diversify its industrial structure and move away from its low productivity, monocultural economy. The country enjoyed limited self-sufficiency even in the production of food, with all means of production in the state’s hands.

    With the disappearance of its main oil supplier, Cuba was also forced to increase its domestic oil production and turn to Venezuela to meet its energy needs. The US embargo, which has been in place for 62 years, has cost Cuba an estimated US$130 billion (£100 billion), and has limited its access to basic goods and services.

    During Barack Obama’s second term as US president, there was a step change in relations between the two countries. Diplomatic relations resumed from 2014 and the embargo was eased, including restrictions on the ability of Cuban-Americans to travel back to the island and send remittances.

    In March 2016, Barack Obama became the first US president to visit Cuba since Calvin Coolidge in 1928.
    Kimberly Shavender / Shutterstock

    This kicked off a boom in private sector activities in Cuba and prompted reforms by the Cuban government aimed at restructuring the economy. However, the government was unwilling to reduce its grip on the centrally planned economy, and the reforms moved too slowly to produce any meaningful improvement.

    Then, in his final week in office in 2021, Donald Trump reimposed trade restrictions targeting tourism, remittances, and energy supplies, as well as adding Cuba to the list of “state sponsors of terrorism”. The move led to severe shortages and inflation, both of which were worsened by the pandemic.

    Logistical bottlenecks disrupted supplies and inflated shipping costs further. Heavily dependent on tourism, Cuba suffered a severe depletion of its foreign currency reserves.

    Patience is running out

    The economic situation has continued to decline. Export earnings in 2023 were still US$3 billion short of their pre-pandemic level, and Cuba’s economic output is not expected to return to its level before the pandemic until after 2025.

    Half a million people – most of whom were young – left the country for the US between 2021 and 2022. And thousands more have made their way to Brazil, Russia, Uruguay and elsewhere in an exodus that is unprecedented in the history of the island.

    The future outlook looks bleak, yet the government is keen to quash dissent. Speaking during the latest blackouts, Cuba’s current president, Miguel Díaz-Canel, said: “We will not accept or allow anyone to act by provoking acts of vandalism, and much less disturbing the civil tranquillity of our people … And that is a principle of our revolution.”

    Díaz-Canel was reelected by lawmakers in April 2023 for a second and final term. But the weak state of Cuba’s economy will pose significant challenges for his government, testing its strength and the legitimacy of its hold on power.

    Cuba’s relations with the US are also likely to remain strained. In an attempt to curb Cuba’s outreach to Russia and China for predominantly economic assistance, the US president, Joe Biden, has loosened some sanctions. But this could all change with a Republican victory in the upcoming US election.

    Nicolas Forsans does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Cuba’s power grid collapse reveals the depth of the country’s economic crisis – https://theconversation.com/cubas-power-grid-collapse-reveals-the-depth-of-the-countrys-economic-crisis-241819

    MIL OSI – Global Reports

  • MIL-OSI Economics: As US election nears, Russia, Iran and China step up influence efforts

    Source: Microsoft

    Headline: As US election nears, Russia, Iran and China step up influence efforts

    With two weeks until Election Day 2024, the Microsoft Threat Analysis Center (MTAC) observes sustained influence efforts by Russia, Iran, and China aimed at undermining U.S. democratic processes. Since our last two reports, the U.S. government has taken many actions revealing cyber and influence activity from foreign adversaries related to election 2024. Most recently, that includes revealing malicious Iranian cyber actors’ sending of “stolen, non-public material from former President Trump’s campaign” to both individuals then associated with President Biden’s campaign and U.S. media organizations, and the indictment of three Iranian actors for the hack-and-leak operation targeting the Trump-Vance campaign. 

    We also noted in our last report that while Iranian actors have focused their cyber-influence operations on the Trump campaign, Russian actors decisively pivoted toward the Harris campaign once she entered the race. Since then, Russian actors continue to integrate generative AI into their content, Iranian groups ramp up their preparations to enable cyber-influence operations, while Chinese actors shift focus to several down-ballot candidates and members of Congress. Russian actors have notably attempted to target the Harris-Walz campaign by attacking the candidates’ characters.  

    History has shown foreign actors’ ability to rapidly distribute deceptive content can significantly impact public perception and electoral outcomes. With a particular focus on the 48 hours before and after Election Day, voters, government institutions, candidates, and parties must remain vigilant against deceptive and suspicious activity online. Early detection and fact-checking remain essential to countering these efforts and maintaining election integrity.  

    We discuss this activity in our fifth election report by the Microsoft Threat Analysis Center (MTAC) released today.

    Russia stays focused on the Harris-Walz campaign

    Russian operatives continue to take steps to undermine the Harris-Walz campaign. Russian actors continue to create AI-enhanced deepfake videos about Vice President Harris. In one video, Harris is depicted as allegedly making derogatory comments about former President Donald Trump. In another from a Kremlin-aligned troll farm we track as Storm-1516, Harris is accused of illegal poaching in Zambia. Finally, another video spreads disinformation about Democratic vice president nominee Tim Walz, gaining more than 5 million views on X in the first 24 hours.  

    While most of these videos received minimal engagement, they underscore Russia’s ongoing use of both traditional and AI-generated content to influence U.S. audiences and stoke political discord. We have also seen some actors shifting their content publishing strategy from Telegram to X to reach U.S. audiences. 

    Escalating hostilities in the Middle East have not slowed Iran’s cyber-influence operations

    Iran has proved that it can run multiple operations against varying targets simultaneously. Despite escalating tensions with Israel, Iran continues its efforts to influence U.S. audiences. Most recently, MTAC observed Iranian activity, disguised as “Bushnell’s Men,” calling on Americans to boycott the elections due to the candidates’ support for Israel. The group’s previous efforts to incite anti-Israeli protests at universities further illustrate their use of divisive social issues to sow conflict among communities in the U.S.  

    Additionally, the Iranian cyber group Microsoft tracks as Cotton Sandstorm has been actively scouting election-related websites and media outlets, suggesting preparations for more direct influence operations as Election Day nears. The actor’s history of election interference and their pattern of cyber-influence operations underscores the persistent threat they pose. 

    China targets down-ballot candidates and members of Congress

    Chinese influence operations have focused on down-ballot Republican candidates and members of Congress that advocate for anti-Chinese policies. This includes campaigns against Rep. Barry Moore, Sen. Marsha Blackburn, and Sen. Marco Rubio (not currently up for re-election this cycle). Actors have parroted antisemitic messages, amplified accusations of corruption, and promoted opposition candidates. While not always resulting in high levels of engagement, these efforts demonstrate China’s sustained attempts influence U.S. politics across the board 

    Remaining vigilant to online threats.

    During times of heightened emotion, conflict, and competition, manipulated images, audio, and video often travel further and faster across audiences than during an average news cycle. Foreign actors have proven nimble and capable of inserting deceptive content and distributing it rapidly during these moments. We expect Russia, Iran, and China to continue their efforts, including using AI, and may employ tactics that seek to cast doubt about the integrity of the election’s outcome. MTAC will continue to monitor this activity and provide updates publicly to promote education and protect institutions from any form of foreign interference.

    Microsoft will not endorse a candidate or political party. 

    Previous MTAC Election Reports:

    Tags: AI, China, cyber influence, deepfakes, election, elections, generative ai, Iran, Microsoft Threat Analysis Center, MTAC, Russia

    MIL OSI Economics

  • MIL-OSI USA: Beatty & Waters Lead Call for Stronger, More Accountable IFIs

    Source: United States House of Representatives – Congresswoman Joyce Beatty (3rd District of Ohio)

    WASHINGTON, DC  Today, Congresswoman Joyce Beatty (D-OH), the Ranking Member of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions, and Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee announced plans this week to introduce a legislative package aimed at strengthening and reforming the International Financial Institutions. With the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group underway, this bill will help initiate reforms related to transparency, accountability, and institutional management. Specifically, this bill seeks to hold accountable the persons involved in the child sexual abuse scandal at the Bridge Academies project in Kenya, eliminate onerous loan conditions on developing or distressed countries, improve the debt forgiveness efforts of the IFIs, reduce reliance on Russian agriculture, combat corruption, and more.

    “Countries around the world continue to face significant social and economic challenges, from corruption and human rights abuses to debt sustainability crises and the disastrous effects of climate change,” said Congresswoman Beatty. “International Financial Institutions (IFIs) have done substantial work to promote financial stability, poverty reduction, and economic development, but they can do more to address systemic inequities and facilitate debt relief for distressed countries. I am proud to join Ranking Member Waters in introducing this package of meaningful reforms to increase transparency and accountability at the IFIs, strengthen support for low-income countries, and establish robust human rights protections.”

    “Over the years, our International Financial Institutions (IFI) have played a crucial role in establishing international order and addressing some of the most pressing economic challenges across the globe,” said Congresswoman Waters. “Despite this success, there have been troubling instances of child abuse, corruption, discrimination, and mismanagement that has hindered IFIs from reaching their full potential. I am eager to advance this bill to the President’s desk and look forward to working across the aisle on ways to strengthen the IMF, World Bank and other Development Banks so that they can create a more equitable and prosperous global economy.”

    Key provisions in the legislative package include:

    • Treasury Report on Accountability of the World Bank in Child Sexual Abuse – This provision would mandate that Treasury report to Congress on a quarterly basis on actions completed by the World Bank to compensate survivors of child sexual abuse, including with financial compensation and other relief, and to hold accountable those involved in the Bridge Academies project. The quarterly report to Congress must also include details of reforms adopted by the International Finance Corporation (IFC) to prevent such failures in the future, as well as any steps taken by the IFC to impede Treasury from sharing any information around this report or the Bridge Academies case with Congress.
    • Anti-corruption measures in lending agreements – This provision states that the US press for the incorporation of anti-corruption measures in lending agreements at the IMF to build sustainable economies. Such measures must include ensuring that governments receiving loans make specific, measurable, and time-bound commitments as part of the loan agreements, with consequences for noncompliance. 
    • Protections for human rights, including LGBTQ+ persons – This provision would mandate that Treasury oppose the World Bank providing financial assistance to countries that engage in the human rights abuses as reported in the State Department’s Annual Country Reports on Human Rights Practices, including those of people who identify as LGBTQ+.
    • Loan Conditions – This provision states that the U.S. encourage the reduction or elimination of loan conditions that: limit spending on key social needs such as health, education, or climate action; weaken environmental, labor, public health regulations; or increase taxes or reduce subsidies in such a way that falls regressively on recipient country populations.
    • Reporting on Human Rights Abuses in For-Profit Healthcare – This provision mandates that Treasury report to Congress on a biannual basis on any known accusations made by community groups, CSOs, media, or other credible actors, of human rights abuses at MDB-funded, for-profit hospitals, included those funded by the IFC, and on actions completed by the MDB private sector arms to investigate and address or respond to these accusations. This provision also mandates that the U.S. advocate for the MDBs to examine their investments in healthcare to determine contribution to universal health coverage, the strengthening of national health systems, and the reduction of health inequities.
    • Resilience and Sustainability Trust (RST) Financing – This provision would amend the most recent appropriations law so that U.S. money could be used to finance loans to the RST in addition to the Poverty Reduction and Growth Trust. This is important because the Republicans cut the RST out from potentially receiving loans. 
    • Quota Increase – This provision would authorize an equiproportional increase in quota at the IMF consistent with the increase Treasury negotiated with the IMF Member countries. If Congress passes this provision the US would retain its veto power and percent of shareholding at the IMF and China’s share would not increase (even though it probably should based on its growth). At the IMF, Member countries’ maximum financial commitments to the Fund are called “quota.” Quota is broadly matched to a Member country’s relative position in the world’s economy, and voting shares at the IMF are in line with how much quota a country pays. This was in President Biden’s most recent budget request.

    Read the full bill here.
    Read the Section by Section here.

    For media inquiries, please contact Cassandra.Johnson@mail.house.gov.

     

    ###

     

     

    MIL OSI USA News

  • MIL-OSI China: China becomes largest online retail market for 12 years

    Source: China State Council Information Office

    A press conference on ensuring market supply and promoting consumption during the Spring Festival is held by the State Council Information Office in Beijing, capital of China, Jan. 24, 2025. (Xinhua/Pan Xu)

    China has become the world’s largest online retail market for 12 consecutive years, with online retail sales reaching 15.5 trillion yuan (about 2.16 trillion U.S. dollars) in 2024, the Ministry of Commerce said Friday.

    China’s wholesale and retail industries have made steady progress driven by various policies, providing strong support for expanding domestic demand and forging a new development paradigm, Vice Commerce Minister Sheng Qiuping told a press conference.

    Sheng said that the added value of the wholesale and retail industries reached 13.8 trillion yuan in 2024, accounting for 10.2 percent of the GDP and playing a vital role in smoothing circulation, creating jobs and reducing logistics costs.

    The ministry will work with relevant departments to further enrich supporting policies, implement detailed measures and accelerate the promotion of high-quality development of wholesale and retail industries, so as to further smooth the circulation of the national economy, Sheng added. 

    MIL OSI China News

  • MIL-OSI Security: Defense News: Secretary Del Toro As-Written Remarks at Future Nuclear-Powered Attack Submarine USS Atlanta (SSN 813) Naming Ceremony

    Source: United States Navy

    Introduction/Thank You

    Good morning, everyone!

    It is an honor to be with you this morning in Atlanta.

    Dr. Evans, thank you for that kind introduction and for the important work you are doing here at the Jimmy Carter Presidential Library and Museum.

    Mayor Dickens, thank you for welcoming us to Atlanta and for your service to the people of this great city.

    Congresswoman Williams, thank you for your presence today, and for your partnership and support of our men and women in uniform.

    Mr. Carter, thank you for sharing your family’s stories and carrying on their legacy of service.

    Mr. McLaurin, thank you for the work you do, preserving and sharing the rich history of the White House.

    I also want to extend a warm welcome to our state and local leadership, including Senator Orrock, Representative Jones, Representative Evans, Representative Miller, Council President Shipman, and Council Member Amos. Thank you for being here with us today.

    Superintendent Stuckey, thank you for your work at the Jimmy Carter National Historical Park.

    President Cabrera, thank you for your leadership of the students of Georgia Tech and your partnership with the Department of the Navy in moving our Navy and Marine Corps’ technological innovations forward.

    Captain Hollenbach, I thank you for all you’ve done as the Virginia-class program manager, ensuring our Navy’s warfighting excellence for years to come.

    To all of our service members, distinguished guests and visitors here with us today—welcome and thank you for joining us.

    World Today

    The world is undeniably complex, and while military power helps advance our national security interests abroad, President Jimmy Carter recognized that diplomacy should always play a leading role in achieving lasting peace.

    Our world today looks to the United States as a beacon of hope and freedom around the world.

    We face challenges in every corner of the world—from the Indo-Pacific, to Europe, and in the Red Sea.

    In Europe, we are approaching the third anniversary of Russia’s full-scale and illegal invasion of Ukraine.

    For the first time since World War II, we face a comprehensive maritime power in the Indo-Pacific.

    The People’s Republic of China continues to exert its excessive maritime claims through their navy, coast guard, and maritime militia.

    In the Red Sea and Gulf of Aden, we have been working tirelessly alongside our NATO allies and Middle Eastern partners to protect innocent civilian mariners and commercial shipping form Iranian-aligned Houthi attacks.

    Following the October 7th attacks in Israel one year ago this month, our Navy and Marine Corps were swiftly deployed to the region, forming an integrated force capable of responding to any threat.

    And earlier this month, two of our highly capable destroyers, the USS Cole (DDG 67)—a warship which carries a legacy of standing tall to acts of terrorism—and the USS Bulkeley (DDG 84)—which will always have a special place in my naval carer as her first Commanding Officer—aided our Israeli allies in shooting down Iranian ballistic missiles. 

    I am incredibly proud of the professionalism, dedication, and resilience shown by our Cole and Bulkeley Sailors.

    These brave young men and women illustrate the consistent excellence and effectiveness expected of our United States Navy.

    And we mourn the loss of two trailblazing, combat-decorated naval aviators from the Eisenhower Carrier Strike Group who passed away during a training event last week: Lieutenant Commander Lyndsay “Miley” Evans and Lieutenant Serena “Dug” Wileman.

    Our thoughts are with their families and friends as they cope with the loss of their loved ones—a loss which serves as a poignant reminder that what we ask of our Sailors and Marines is anything but routine, and in many cases dangerous.

    We honor their service and sacrifice by reaffirming our commitment to the ideals that inspire us to serve.

    City of Atlanta

    The city of Atlanta shares a storied and historic relationship with the United States Navy.

    Since the very founding of our Nation, Atlantans from all walks of life have answered the call to service.

    The Marine Corps’ first aviator, Lieutenant Colonel Alfred Cunningham, was born in Atlanta in 1882 and pioneered early aviation at a time when there were great risks and little appreciation for the danger involved in flying.

    Launched in 1943, Naval Air Station Atlanta trained Navy and Marine Corps squadrons from Reserve Carrier Air Wing 20 and Marine Aircraft Group 42.

    While Naval Air Station Atlanta no longer serves the Navy, the airfield continues to serve as the General Lucius D. Clay National Guard Center.

    Atlanta is, of course, home to the Jimmy Carter Presidential Library and Museum and the Carter Center, named after the former Naval Officer, Senator, Governor, and President, Jimmy Carter.

    As a Naval Officer, Lieutenant Carter helped advance our nuclear submarine program alongside Admiral Hymen Rickover, the “Father of the Nuclear Navy.”

    While in office, President Carter advocated for a more robust Navy—growing our submarine, aviation, and surface forces.

    He also fiercely advocated for the recruitment of Hispanic Americans into the Navy and nominated the first Hispanic American to serve as Secretary of the Navy—Edward Hidalgo.

    As Secretary of the Navy, I had the opportunity to rename a building at the Naval Academy after President Carter last year.

    Carter Hall will be a place of learning for Midshipmen at the Naval Academy for generations to come.

    And the city of Atlanta has had five previous Navy ships named after her legacy.

    The first USS Atlanta served the Union Navy throughout the Civil War after being captured from the Confederate Navy.

    The second USS Atlanta served in the Atlantic Ocean and Gulf of Mexico as a barracks ship.

    The third USS Atlanta (CL 51) served as the lead ship of the Atlanta-class of light cruisers and was laid down at the start of the Second World War.

    Weeks after Japan attacked Pearl Harbor and brought the United States into war, USS Atlanta commissioned at New York Navy Yard and later served as part of Admiral Halsey’s Fleet.

    Light cruiser USS Atlanta (CL 104) served in World War II with Fast Carrier Task Force where she conducted shore bombardment missions.

    The fifth USS Atlanta (SSN 712) commissioned in 1982, completing multiple deployments and fleet readiness exercises during the Cold War before being decommissioned in 1999.

    Ship Naming and Sponsor Announcement

    For 25 years, the Navy has been without a ship named after the proud legacy of the city of Atlanta.

    And so, it is my honor and privilege to name the next Virginia-class submarine, SSN 813, USS Atlanta.

    Our Navy’s submarine force is a lethal combination of one of the most powerful platforms available today manned by our Nation’s best and brightest—people like President Carter.

    The Virginia-class Fast Attack Submarines bring tremendous firepower to our Fleet and provide our commanders a valuable asset which strengthens our national security.

    And wherever she sails, she will represent not only the legacy of the proud ships who bore the name USS Atlanta before her, but also the thousands of Atlantans who have honorably and faithfully served the United States in uniform, as civil servants, and as activists to better our great Nation.

    And I am also proud to announce that the ship sponsor of the future USS Atlanta is former Atlanta Mayor Keisha Lance Bottoms.

    The ship’s sponsor fills a vital role throughout the life of a warship, serving as the bond between the ship, her crew, and the nation they serve.

    I am honored that Mayor Bottoms accepted the invitation to serve as ship sponsor. As a leader and champion for the people of Atlanta, she represents the best of our Nation, and I thank her for her lifelong commitment to our Navy, to our service men and women, and to the United States of America.

    Closing

    Our maritime services are indeed the most powerful and capable force this world has ever seen.

    Before I close my remarks today, I wanted to draw your attention to the portrait on the stage.

    It is Mr. Evan Karanovich’s grandfather’s portrait of USS Atlanta (CL 51), the lead ship of the Atlanta-class of eight light cruisers.

    On November 13th, 1942, the third USS Atlanta sank while escorting ships during the war.

    The portrait hung in his grandfather’s office for years until Mr. Karanovich received it as a commissioning gift.

    And he always wondered why, of all the pictures, he received this one.

    His grandfather said that despite the ship being lost in battle—like Atlanta, our Navy, and our Nation—we are resilient.

    Atlanta’s motto is “Resurgens,” which means “to rise again.”

    What better mantra for us to embrace as we move forward?

    Mr. Karanovich, thank you for sharing this beautiful portrait and story with all of us to enjoy.

    I thank all of you here for your support of our maritime services—you ensure that America remains the greatest nation in the world.

    And now, it is my great pleasure to introduce a leader who was born in this great state.

    She currently serves Georgia’s 5th Congressional District and is a member of several caucuses including the Congressional Black Caucus, Democratic Women’s Caucus, Congressional Progressive Caucus, Voting Rights Caucus, LBGTQ+ Equality Caucus, and the HBCU Caucus.

    Ladies and Gentlemen, please welcome Congresswoman Nikema Williams.

    MIL Security OSI

  • MIL-OSI Europe: JOINT MOTION FOR A RESOLUTION on the misinterpretation of UN resolution 2758 by the People’s Republic of China and its continuous military provocations around Taiwan – RC-B10-0134/2024

    Source: European Parliament

    Michael Gahler, Miriam Lexmann, Sebastião Bugalho, Rasa Juknevičienė, Danuše Nerudová
    on behalf of the PPE Group
    Yannis Maniatis, Kathleen Van Brempt, Tonino Picula
    on behalf of the S&D Group
    Joachim Stanisław Brudziński, Adam Bielan, Mariusz Kamiński, Charlie Weimers, Michał Dworczyk, Alexandr Vondra, Veronika Vrecionová, Ondřej Krutílek, Rihards Kols, Maciej Wąsik, Sebastian Tynkkynen, Alberico Gambino, Bert‑Jan Ruissen, Carlo Fidanza
    on behalf of the ECR Group
    Engin Eroglu, Petras Auštrevičius, Helmut Brandstätter, Dan Barna, Veronika Cifrová Ostrihoňová, João Cotrim De Figueiredo, Bernard Guetta, Svenja Hahn, Ľubica Karvašová, Karin Karlsbro, Moritz Körner, Nathalie Loiseau, Jan‑Christoph Oetjen, Ana Vasconcelos, Dainius Žalimas
    on behalf of the Renew Group
    Markéta Gregorová
    on behalf of the Verts/ALE Group

    European Parliament resolution on the misinterpretation of UN resolution 2758 by the People’s Republic of China and its continuous military provocations around Taiwan

    (2024/2891(RSP))

    The European Parliament,

     having regard to its previous resolutions on the People’s Republic of China (PRC) and Taiwan,

     having regard to its resolution of 16 September 2021 on a new EU-China strategy[1],

     having regard to its recommendation of 21 October 2021 to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy on EU-Taiwan political relations and cooperation[2],

     having regard to its resolution of 7 June 2022 on the EU and the security challenges in the Indo-Pacific[3],

     having regard to its resolution of 15 September 2022 on the situation in the Strait of Taiwan[4],

     having regard to its resolution of 13 December 2023 on EU-Taiwan trade and investment relations[5],

     having regard to the Strategic Compass for Security and Defence, approved by the Council on 21 March 2022,

     having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 16 September 2021 entitled ‘The EU strategy for cooperation in the Indo-Pacific’ (JOIN(2021)0024),

     having regard to the EU’s ‘One China’ policy,

     having regard to the EU-China summit of 7 December 2023,

     having regard to the European Council conclusions on China of 30 June 2023,

     having regard to the visits of the Committee on Foreign Affairs of 25 to 27 July 2023 and of the Committee on International Trade of 19 to 21 December 2022 to Taiwan,

     having regard to the statement of 1 September 2024 by the Spokesperson of the High Representative of the Union for Foreign Affairs and Security Policy on the latest dangerous actions in the South China Sea,

     having regard to the statements by the Spokesperson of the High Representative of the Union for Foreign Affairs and Security Policy on China’s military drills around Taiwan, including the most recent statement of 14 October 2024,

     having regard to the G7 Foreign Ministers’ statements of 18 April 2023 and of 3 August 2022 on preserving peace and stability across the Taiwan Strait,

     having regard to the statement by the Chair of the G7 Foreign Ministers’ Meeting of 23 September 2024,

     having regard to the joint declaration by the G7 Defence Ministers of 19 October 2024,

     having regard to the urgency motion on Taiwan passed by the Australian Senate on 21 August 2024,

     having regard to UN General Assembly Resolution 2758 (XXVI) of 25 October 1971,

     having regard to the motion on UN Resolution 2758 passed by the Dutch House of Representatives on 12 September 2024,

     having regard to the press statement by the US Department of State of 13 October 2024,

     having regard to the UN Convention on the Law of the Sea (UNCLOS),

     having regard to Article 7 of the UN Framework Convention on Climate Change (UNFCCC), concluded on 9 May 1992,

     having regard to Rule 5 of the Standing Rules of Procedure of the Assembly of the International Civil Aviation Organization (ICAO),

     having regard to Article 4 of the Constitution of the International Criminal Police Organization (Interpol),

     having regard to Article 8 and Article 18(h) of the Constitution of the World Health Organization (WHO),

     having regard to Rules 136(2) and (4) of its Rules of Procedure,

    A. whereas UN Resolution 2758 was passed by the UN General Assembly on 25 October 1971 and shifted the official recognition from the Republic of China (Taiwan) to the People’s Republic of China (PRC); whereas today Taiwan, while not being a member of the United Nations, maintains diplomatic relations with 11 of the 193 United Nations member states, as well as with the Holy See;

    B. whereas the EU and Taiwan are like-minded partners that share the common values of freedom, democracy, human rights and the rule of law; whereas Taiwan is a vibrant democracy, with a flourishing civil society; whereas Taiwan held peaceful and well-organised elections on 13 January 2024;

    C. whereas following the adoption of UN Resolution 2758, Taiwan lost its access to participation in multilateral forums, such as the WHO;

    D. whereas Taiwan has never been part of the PRC; whereas the Republic of China was established in 1912 and the PRC in 1949;

    E. whereas UN Resolution 2758 addresses the status of the PRC, but does not determine that the PRC enjoys sovereignty over Taiwan, nor does it make any judgement on the future inclusion of Taiwan in the UN or any other international organisation; whereas, however, the PRC continues to misinterpret UN Resolution 2758 to block Taiwan’s meaningful participation in international organisations and unilaterally change the status quo; whereas these actions highlight the PRC’s ambition to alter the existing multilateral international order and undermine international law, and can be seen as an expression of systemic rivalry;

    F. whereas the EU continues to maintain its own ‘One China’ policy, which is different from the PRC’s ‘One China’ principle; whereas the EU’s long-standing position has been to support the status quo and a peaceful resolution of differences across the Taiwan Strait, while encouraging dialogue and constructive engagement;

    G. whereas through their statement of 23 September 2024 the G7 members, among other things, underlined their support for ‘Taiwan’s meaningful participation in international organizations as a member where statehood is not a prerequisite and as an observer or guest where it is’;

    H. whereas supporting Taiwan’s participation in international organisations does not undermine the EU’s commitment to its ‘One China’ policy, which remains the political foundation of EU-China relations;

    I. whereas over the past decade the PRC has persistently tried to increase its influence over international institutions, using this to sideline Taiwan and prevent Taiwanese passport holders, including journalists, non-governmental organisation workers and political activists, from accessing international institutions; whereas the PRC exercises transnational repression by misusing extradition treaties to target Taiwanese people abroad and therefore put them at risk of arbitrary persecution and human rights abuses;

    J. whereas the statutes of most international organisations tasked to address global issues, including the WHO, the UNFCCC, Interpol and the ICAO, provide opportunities for entities such as Taiwan to participate without infringing on the rights of member states;

    K. whereas Taiwan has consistently demonstrated a peaceful and cooperative attitude globally, has significantly enhanced global developments and thus could contribute greatly to the work of various international organisations;

    L. whereas the PRC is a one-party state that is entirely controlled and ruled by the Chinese Communist Party;

    M. whereas in a speech on Taiwan’s national day of 10 October 2024, Taiwan’s President Lai Ching-te stated that the PRC has ‘no right to represent Taiwan’ and reiterated that the two sides are ‘not subordinate’ to each other; whereas the PRC has justified its recent military exercise by claiming that President Lai Ching-te is pursuing a separatist strategy;

    N. whereas on 14 October 2024 the PRC launched a large-scale military drill, named Joint Sword-2024B, that simulated a blockade of Taiwan; whereas during this exercise a record number of 153 PRC aircraft,18 warships and 17 PRC coastguard ships were detected around Taiwan;

    O. whereas during the exercises four formations of the PRC coastguard patrolled the island and briefly entered its restricted waters; whereas the very frequent deployment of the coastguard by the PRC in the Strait in what the PRC considers ‘law enforcement’ missions is putting constant pressure on the Taiwanese authorities and causing a dangerous increase in the risk of collisions, in what is one of the most concrete indications of the PRC’s intention to erode the status quo; whereas the exercises launched on 14 October 2024 were the fourth round of large-scale war games by the PRC in just over two years;

    P. whereas these activities were condemned by Taiwan as an ‘unreasonable provocation’ and are the latest in a series of war games conducted by the PRC against Taiwan; whereas these military drills came days after Lai Ching-te, Taiwan’s new president, gave a speech vowing to protect Taiwan’s sovereignty in the face of challenges from the PRC;

    Q. whereas the median line, which was set up in a decades-old tacit agreement between both sides of the Taiwan Strait, was designed to reduce the risk of conflict by keeping the military aircraft from both sides of the Strait at a safe distance and thus prevent fatal miscalculations; whereas the PRC’s People’s Liberation Army violated the median line only four times between 1954 and 2020, but now routine incursions reflect Beijing’s intent to irreversibly reset long-standing benchmarks;

    R. whereas the press statements by the High Representative of the Union for Foreign Affairs and Security Policy and the US Department of State reaffirm that peace and stability in the Taiwan Strait are of strategic importance for regional and global security and prosperity; whereas the High Representative’s statement recalls the need to preserve the status quo in the Taiwan Strait, opposes any unilateral actions that change the status quo by force or coercion and calls on all parties to exercise restraint and avoid any actions that may further escalate cross-Strait tensions;

    S. whereas on 23 May 2024 the PRC launched a military drill called Joint Sword-2024A, just days after the inauguration of Lai Ching-te as the new President of Taiwan;

    T. whereas over the past few years the PRC has held similar military drills around Taiwan; whereas these military drills have increased in intensity and have been moved closer and closer to Taiwan’s mainland; whereas during a previous drill in August 2022 the PRC also fired missiles into Japan’s exclusive economic zone;

    U. whereas on top of military pressure the PRC has long been pursuing a sophisticated strategy of targeting Taiwan with foreign information manipulation and interference (FIMI), including hybrid and cyberattacks with the goal of undermining Taiwan’s democratic society;

    V. whereas the PRC, under the leadership of Xi Jinping, has said that it will not renounce the use of force to seek unification with Taiwan;

    W. whereas the PRC’s 2005 Anti-Secession Law includes the use of non-peaceful means, triggered by ambiguous thresholds, to achieve what the PRC calls ‘unification’ with Taiwan; whereas such military action is a grave threat to the security and stability of the entire region, with potentially dire global consequences; whereas EU and US deterrence is of strategic importance to dissuade the PRC from undertaking any unilateral action against Taiwan;

    X. whereas the PRC’s increasingly aggressive behaviour, in particular in its own neighbourhood, such as the Taiwan Strait and the South China Sea, poses a risk to regional and global security; whereas since 2019 the PRC has violated the Taiwanese air defence identification zone (ADIZ) with increasing regularity; whereas the PRC has been behaving aggressively across vast areas of the Indo-Pacific and exerting varying degrees of military or economic coercion, which has led to disputes with neighbours such as Japan, India, the Philippines and Australia;

    Y. whereas the EU has condemned the dangerous actions conducted by Chinese coastguard vessels against lawful Philippine maritime operations in the South China Sea on 31 August 2024; whereas this incident is the latest in a series of actions endangering the safety of life at sea and violating the right to freedom of navigation and overflight in compliance with international law; whereas maritime security and freedom of navigation must be ensured in accordance with international law and, in particular, UNCLOS;

    Z. whereas the PRC is supporting Russia’s war of aggression against Ukraine, in particular through the export of dual-use goods to Russia and the ongoing involvement of PRC-based companies in sanctions evasion and circumvention;

    AA. whereas as a permanent member of the UN Security Council, the PRC has a responsibility to work for peace and stability in the region, and particularly in the Taiwan Strait;

    AB. whereas through its 2021 strategy for cooperation in the Indo-Pacific, the EU and its Member States increased their presence in the region, including through a higher military presence of certain Member States and the continued passage of military ships through the Taiwan Strait;

    AC. whereas Taiwan is located in a strategic position in terms of trade, notably in high-tech supply chains; whereas the Taiwan Strait is the primary route for ships travelling from China, Japan, South Korea and Taiwan towards Europe; whereas Taiwan dominates semiconductor manufacturing markets, as its producers manufacture around 50 % of the world’s semiconductor output; whereas the EU’s strategy for cooperation in the Indo-Pacific argues for increasing trade and investment cooperation with Taiwan;

    AD. whereas the EU is Taiwan’s fourth largest trading partner after the PRC, the United States and Japan; whereas in 2022 Taiwan was the EU’s 12th largest trading partner; whereas the EU is the largest source of foreign direct investment in Taiwan; whereas Taiwanese investments in the EU remain below their potential;

    AE. whereas members of the Australian Senate and of the Dutch House of Representatives have recently adopted motions concerning the distortion of UN Resolution 2758 by the PRC and called for support for Taiwan’s greater participation in multilateral organisations;

    1. Reiterates that Taiwan is a key EU partner and a like-minded democratic friend in the Indo-Pacific region; commends Taiwan and the Taiwanese people for their strong democracy and vibrant civil society, demonstrated once more by the peaceful and well-organised elections of 13 January 2024;

    2. Opposes the PRC’s constant distortion of UN Resolution 2758 and its efforts to block Taiwan’s participation in multilateral organisations; calls for the EU and its Member States to support Taiwan’s meaningful participation in relevant international organisations such as the WHO, the ICAO, Interpol and the UNFCCC; further calls on the UN Secretariat to grant Taiwanese nationals and journalists the right to access UN premises for visits, meetings and newsgathering activities;

    3. Strongly condemns the PRC’s unwarranted military exercises of 14 October 2024, its continued military provocations against Taiwan and its continued military build-up, which is changing the balance of power in the Indo-Pacific, and reiterates its firm rejection of any unilateral change to the status quo in the Taiwan Strait; lauds the restraint and disciplined reaction of the Taiwanese authorities and calls for regular exchanges between the EU and its Taiwanese counterparts on relevant security issues;

    4. Reaffirms its strong commitment to the status quo in the Taiwan Strait; underlines that any attempt to unilaterally change the status quo in the Taiwan Strait, particularly by means of force or coercion, will not be accepted and will be met with a decisive and firm reaction;

    5. Underlines that UN Resolution 2758 takes no position on Taiwan; strongly rejects and refutes the PRC’s attempts to distort history and international rules;

    6. Reiterates the EU’s commitment to its ‘One China’ policy as the political foundation of EU-China relations; recalls that the EU’s China strategy emphasises that constructive cross-strait relations are part of promoting peace and security in the whole Asia-Pacific region and that the EU supports initiatives aimed at dialogue and confidence-building;

    7. Underlines that in Taiwan it is up to the people to democratically decide how they want to live and that the status quo in the Taiwan Strait must not be unilaterally changed by the use or threat of force;

    8. Reiterates its strong condemnation of statements by Chinese President Xi Jinping that the PRC will never renounce the right to use force with respect to Taiwan; underlines that the PRC’s use of force or threats or other highly coercive measures to achieve unification is incompatible with international law; expresses grave concern over the PRC’s use of hostile disinformation to undermine trust in Taiwan’s democracy and governance; reiterates its previous calls for the EU and its Member States to cooperate with international partners in helping to sustain democracy in Taiwan, keeping it free from foreign interference and threats; underlines that only Taiwan’s democratically elected government can represent the Taiwanese people on the international stage;

    9. Condemns the PRC’s systematic grey-zone military actions, including cyber and disinformation campaigns against Taiwan, and urges the PRC to halt these activities immediately; calls, in this regard, for cooperation between the EU and Taiwan to be deepened further to enhance structural cooperation on countering disinformation and foreign interference; welcomes the posting of a liaison officer at the European Economic and Trade Office in Taiwan to coordinate joint efforts to tackle disinformation and interference as a first important step towards deeper EU-Taiwan cooperation, and calls for the EU to further deepen cooperation with Taiwan in this key area; praises the courage of the Taiwanese people and the proportionate and dignified reactions of the Taiwanese authorities and institutions in the face of intensifying Chinese threats and activities;

    10. Firmly rejects the PRC’s economic coercion against Taiwan and other countries, as well as against EU Member States, and underlines that such practices are not only illegal under World Trade Organization rules, but that they also have a devastating effect on the PRC’s reputation around the world and will lead to a further loss of trust in the PRC as a responsible actor; stresses the independent right of the EU and its Member States to develop relations with Taiwan in line with their interests and shared values of democracy and human rights without foreign interference; calls on EU and Member State missions abroad to address and provide alternatives to malign PRC business practices, especially in the Global South;

    11. Is very concerned at the adoption of the so-called guidelines for punishing ‘diehard Taiwan independence separatists’ for committing crimes of secession and the incitement of secession jointly announced by the Supreme People’s Court, the Supreme People’s Procuratorate, the ministries for public security and state security and the justice ministry in June 2024, which could lead to harsh punishments for the crime of secession, up to and including the death penalty; strongly condemns the sentencing of one Taiwanese activist to nine years in prison in September 2024 after his arrest in the PRC in 2022, as well as the constant harassment of Taiwanese people working and living in the PRC;

    12. Is seriously concerned about the situation in the East and South China Seas; recalls the importance of respecting international law, including UNCLOS and, in particular, its provisions on the obligation to settle disputes by peaceful means and on maintaining the freedom of navigation and overflight; calls on all countries that have not done so to swiftly ratify UNCLOS; calls for the EU and its Member States to step up their own maritime capacities in the region; reminds the PRC of its responsibilities, as a permanent member of the UN Security Council, to uphold international law and emphasises the obligation to resolve disputes peacefully;

    13. Reaffirms its grave concerns about China’s increasing military investments and capabilities; expresses grave concerns about the renewed Chinese and Russian commitment to further strengthen their military ties and condemns the Chinese supply of components and equipment to Moscow’s military industry; welcomes the Council decision to impose sanctions on Chinese companies for supporting Russia’s war against Ukraine; deplores the ‘no limits’ partnership between Russia and the PRC; welcomes the increasing commitment and military presence of the United States in the Indo-Pacific; reiterates its calls for a coordinated approach to deepening EU-US cooperation on security matters, including through transatlantic parliamentary dialogue;

    14. Strongly welcomes the close cooperation and alignment of Taiwan with the EU and the United States in responding to Russia’s war against Ukraine and issuing sanctions in response to this blatant violation of international law; recalls Taiwan’s help in addressing the humanitarian crisis caused by Russia’s war of aggression against Ukraine and its continuous involvement and support for the Ukrainian government and countries hosting Ukrainian refugees;

    15. Highlights that the PRC’s various actions in the field of cognitive and legal warfare are slowly undermining the status quo, as well as intensifying grey-zone activities that are intended to circumvent detection, existing laws and response thresholds; calls for the EU to establish and enforce its redlines through its toolbox of sanctions, including sectoral sanctions, against hybrid activities and cyberthreats, and to coordinate strong diplomatic and economic deterrence measures with liked-minded partners;

    16. Expresses its gratitude for Taiwan’s help and assistance during the COVID-19 pandemic;

    17. Recognises the importance of Taiwan in securing global supply chains, especially in the high-tech sector where Taiwan is the leading producer of semiconductors, and calls for the EU and its Member States to engage in closer cooperation with Taiwan;

    18. Calls on the Commission to launch, without delay, preparatory measures for negotiations on a bilateral investment agreement, or other kinds of agreement, with Taiwan; highlights the potential for cooperation on foreign direct investment screening policy and on tackling economic coercion and retaliation;

    19. Applauds the increase in freedom of navigation exercises conducted by several EU countries, including France, the Netherlands and Germany; notes that these activities are in line with international law and calls for more cooperation and coordination with regional partners in order to increase freedom of navigation operations in the region;

    20. Welcomes visits by former and current Taiwanese politicians to Europe, including the recent visit of former President Tsai Ing-wen to the European Parliament on 17 October 2024; welcomes, furthermore, continued exchanges of its Members with Taiwan and encourages further visits of official European Parliament delegations to Taiwan; additionally encourages further exchanges between the EU and Taiwan at all levels, including political meetings and people-to-people encounters;

    21. Encourages, in this light, increased economic, scientific and cultural interactions and exchanges, focusing, among other areas, on youth, academia, civil society, sports, culture and education, as well as city-to-city and region-to-region partnerships; reiterates its call on the Member States to engage in meaningful and structural technical cooperation with Taiwan’s National Fire Agency and National Police Agency and with local administrations in the field of civil protection and disaster management;

    22. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy and the governments of the People’s Republic of China and Taiwan.

     

     

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: English translation of Opening Remarks by Prime Minister during bilateral meeting with President of the People’s Republic of China on the sidelines of the 16th BRICS Summit

    Source: Government of India

    Posted On: 23 OCT 2024 7:35PM by PIB Delhi

    Excellency,

    I am pleased to meet you. And like you have said, we are meeting formally after 5 years.

    We believe that the importance of India-China relations is not just for our people.

    Our relations are also important for global peace, stability and progress.

    Excellency,

    Mutual Trust, Mutual Respect, and Mutual Sensitivity should continue to be the basis of our relations.

    Today we have got an opportunity to discuss all these issues.

    I am confident that we will talk with an open mind, and our discussion will be constructive.

    Thank you .

    DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Meeting of Prime Minister with Mr. Xi Jinping, President of the People’s Republic of China on the margins of the 16th BRICS Summit

    Source: Government of India (2)

    Posted On: 23 OCT 2024 7:14PM by PIB Delhi

    Prime Minister Shri Narendra Modi met with Mr. Xi Jinping, President of the People’s Republic of China, on the sidelines of the 16th BRICS Summit at Kazan on 23 October 2024.

    Welcoming the recent agreement for complete disengagement and resolution of issues that arose in 2020 in the India-China border areas, Prime Minister Modi underscored the importance of properly handling differences and disputes and not allowing them to disturb peace and tranquility. The two leaders agreed that the Special Representatives on the India-China boundary question will meet at an early date to oversee the management of peace & tranquility in border areas and to explore a fair, reasonable and mutually acceptable solution to the boundary question. The relevant dialogue mechanisms at the level of Foreign Ministers and other officials will also be utilized to stabilize and rebuild bilateral relations.

    The two leaders affirmed that stable, predictable, and amicable bilateral relations between India and China, as two neighbors and the two largest nations on earth, will have a positive impact on regional and global peace and prosperity. It will also contribute to a multi-polar Asia and a multi-polar world. The leaders underlined the need to progress bilateral relations from a strategic and long-term perspective, enhance strategic communication and explore cooperation to address developmental challenges.

     

    ****

    MJPS/SR

    (Release ID: 2067439) Visitor Counter : 53

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: AI to be instrumental in realizing Prime Minister’s vision of a “Viksit Bharat” by 2047: Minister Hardeep S Puri at ENRich 2024

    Source: Government of India (2)

    AI to be instrumental in realizing Prime Minister’s vision of a “Viksit Bharat” by 2047: Minister Hardeep S Puri at ENRich 2024

    Potential economic impact of AI is immense; AI adoption can generate Rs 33.8 Cr of economic value in country by 2030: Hardeep Puri

    Shri Puri highlights role of AI in Transformation of Energy Sector

    Posted On: 23 OCT 2024 6:09PM by PIB Delhi

    Addressing the ENRich 2024, KPMG’s Annual Innovation and Energy Conclave, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored the pivotal role of artificial intelligence (AI) in transforming the energy sector. With the theme “AI for Energy,” the Minister described the convergence of AI and energy as both timely and transformative, marking a critical step in shaping the future of the industry. He emphasized that AI is set to revolutionize operations, drive efficiency, and accelerate the shift towards a more sustainable energy landscape.

     

    The Minister highlighted how AI is rapidly being adopted across industries and will be instrumental in realizing the  Prime Minister’s vision of a “Viksit Bharat” by 2047.

    Focusing on the oil and gas sector, Shri Puri shared how AI and generative AI (GenAI) are optimizing operations by leveraging real-time data and insights. He pointed out that international oil companies are making significant investments in AI to enhance operational efficiency, improve safety, and contribute to the transition towards a low-carbon future.

    Shri Puri noted that the Indian Public Sector Undertakings (PSUs) in the energy domain are also harnessing AI and Machine Learning (ML) to improve safety, security, and operational efficiencies at various locations. Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector.

    In the upstream oil and gas sector, the Minister said, AI-enabled mechanisms such as deep learning are being used to analyze complex seismic data for identifying potential hydrocarbon reservoirs. Additionally, he said, AI-based prediction of drilling complications and real-time optimization of drilling parameters has proven effective in improving drilling efficiency and reducing operational costs.

    Shri Puri noted the comprehensive integration of AI tools across the energy value chain, from upstream exploration and production to midstream storage and downstream refining and distribution. He observed that this shift marks a departure from the traditional engineering mindset that has long dominated the industry.

    As an example, he pointed to the modernization of India’s National Data Repository, now upgraded to a cloud-based platform. This platform supported by a government investment of Rs. 7,500 crore, enables instant access to seismic and production data, he noted.

    Citing research by J.P. Morgan, the Minister discussed the potential of generative AI to increase global GDP by $7–10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.

    Shri Puri further emphasized that India, with its growing economy, youthful population, and thriving tech ecosystem, is poised to benefit greatly from AI. Reports suggest that AI adoption could contribute at least Rs. 33.8 lakh crore to India’s economy by 2030, he said.

    He also highlighted the success of the Universal Connectivity and Digital India initiatives, which have driven a dramatic increase in internet subscribers from 251.59 million in 2014 to 954.40 million in 2024, achieving a CAGR of 14.26%.

    The Minister applauded KPMG’s efforts to foster entrepreneurship and support the start-up ecosystem through initiatives like “ENRich Labs” for innovation and co-creation with the industry.

    Highlighting India’s booming start-up ecosystem, the Minister noted that India is now the world’s third-largest hub for unicorn start-ups, following the USA and China, with a combined valuation of approximately USD 350 billion. He emphasized that these start-ups are reshaping the Indian economy and transforming markets.

    Stressing on the oil and gas sector, Shri Puri shared that Oil and Gas PSUs have set up startup funds totaling Rs. 505 crore. So far, 287 start-ups have received funding, with Rs. 271 crore already disbursed to promote innovation and growth in the sector.

    The Minister also talked about the Avinya’25, launched recently based on the overwhelming success of Avinya’24. The initiative aims to encourage entrepreneurs, researchers, academicians, and students to propose innovative solutions that can shape the future of the energy sector. The application period for Avinya’25 opened on 30thSeptember 2024, with a submission deadline of 2ndDecember 2024. Shri Puri urged everyone to actively participate and contribute to the event’s success

    Shri Puri concluded by urging stakeholders to explore the untapped potential in India’s energy sector, stressing the importance of sustainable business practices that align with societal and environmental goals.

    ****

    MN

    (Release ID: 2067399) Visitor Counter : 62

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister Shri Jayant Chaudhary to felicitate WorldSkills 2024 winners tomorrow

    Source: Government of India

    Posted On: 23 OCT 2024 5:45PM by PIB Delhi

    Minister of State (I/C), Ministry of Skill Development and Entrepreneurship (MSDE) and MoS, Ministry of Education Shri Jayant Chaudhary to honor the outstanding achievements of the Indian delegation at the WorldSkills 2024 competition during a  Felicitation Ceremony in New Delhi tomorrow.

    India has made a remarkable mark on the global stage at WorldSkills 2024 at Lyon in France, by winning four Bronze medals in different categories. These are: Ashwitha Police in Patisserie and confectionery; Dhrumil Kumar Dhirendra Kumar Gandhi and Sathyajith Balakrishnan in Industry 4.0; Joethir Adithya Krishnapriya Ravikumar in Hotel Reception and Amaresh Kumar Sahu in Renewable Energy category.

    In addition, the Indian delegation earned 12 Medallions of Excellence, a testament to their exceptional skills and consistent performance across various trades. India’s performance at WorldSkills 2024 was a strong showing on the global stage, with the country competing against other global giants like China, Japan, Germany, and the USA.

    The event will also be graced by Shri Atul Kumar Tiwari, Secretary, MSDE, and Shri Ved Mani Tiwari, CEO, NSDC, Sector Skill Council Experts and Industry/Academia Partners for WorldSkills 2024.

    WorldSkills Lyon 2024 saw more than 1,400 participants from over 70 countries competing in diverse skill categories, and the Indian competitors stood its ground among the best in the world, showcasing their talent and innovation in front of an international audience. India competed in 52 skills against countries like China, Japan, Korea, Singapore, Germany, Brazil, Australia, Columbia, Denmark, France, UK, South Africa, Switzerland, USA, etc.

    The Indian contingent’s success at WorldSkills 2024 is a significant milestone in the country’s journey toward becoming a global skills leader. Winning the Bronze medal in Patisserie and Confectionery in France, the global epicenter of fine pastry and baking, is an extraordinary achievement. It signifies India’s rising prowess in culinary arts, proving that Indian talent can stand shoulder-to-shoulder with the best in a country renowned for its mastery in this craft.

    India’s 12 Medallions of Excellence at WorldSkills 2024 highlight the nation’s prowess across a range of traditional and emerging skills, from Mechatronics and Cyber Security to Jewellery and Beauty Therapy. These achievements underscore India’s leadership in both innovation-driven fields like Additive Manufacturing and Web Technology, as well as craftsmanship in areas like Cabinet Making and Cooking.

    The success of the Indian competitors at WorldSkills 2024 is a testament to the rigorous preparation and industry support they received throughout their journey. Each participant underwent extensive training, supported by industry experts, mentors, and the best-in-class infrastructure provided by organizations across various sectors.

    ****

    PSF/DK

    (Release ID: 2067389) Visitor Counter : 51

    MIL OSI Asia Pacific News

  • MIL-OSI: Hanover Bancorp, Inc. Reports Third Quarter 2024 Results and Declares $0.10 Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Performance Highlights

    • Net Income: Net income for the quarter ended September 30, 2024 totaled $3.5 million or $0.48 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding severance and retirement expenses) was $3.7 million or $0.50 per diluted share for the quarter ended September 30, 2024.
    • Record Non-interest Income: The Company reported record non-interest income of $4.0 million for the quarter ended September 30, 2024, an increase of $0.3 million or 9.17% from the quarter ended June 30, 2024 and $0.2 million or 6.66% from the quarter ended September 30, 2023.
    • Net Interest Income: Net interest income was $13.1 million for the quarter ended September 30, 2024, an increase of $1.3 million, or 11.04% from the September 30, 2023 quarter.
    • Net Interest Margin: The Company’s net interest margin during the quarter ended September 30, 2024 increased to 2.37% from 2.29% in the quarter ended September 30, 2023.
    • Strong Liquidity Position: At September 30, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $637.1 million or approximately 240% of uninsured deposit balances.
    • Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased $71.0 million or 5.14% from December 31, 2023. Total deposits increased $52.9 million or 2.78% from December 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 86% of total deposits at September 30, 2024.
    • Loan Growth: Loans totaled $2.01 billion, a net increase of $48.6 million or 3.31% annualized, from December 31, 2023. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 397% of capital at September 30, 2024 from 432% of capital at December 31, 2023 and 448% of capital at September 30, 2023. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans, which strategically enhances our management of liquidity and capital while producing additional non-interest income.
    • Asset Quality: At September 30, 2024, the Bank’s asset quality remained solid with non-performing loans totaling $15.5 million, representing 0.77% of the total loan portfolio, and the allowance for credit losses equaling 1.17% of total loans. Loans secured by office space accounted for 2.27% of the total loan portfolio with a total balance of $45.5 million, of which less than 1% is located in Manhattan.
    • Banking Initiatives: At September 30, 2024, the Company’s banking initiatives reflected continuing momentum:
      • SBA & USDA Banking: Gains on sale of SBA loans totaled $2.4 million for the quarter ended September 30, 2024, representing a 63.83% increase over the comparable 2023 quarter. Total SBA loans sold were $27.1 million for the quarter ended September 30, 2024, representing a 47.00% increase over the comparable 2023 quarter. Premiums earned on the sale of SBA loans increased to 9.59% for the quarter ended September 30, 2024 from 8.66% for the quarter ended September 30, 2023.
      • C&I Banking/Hauppauge Business Banking Center: The C&I Banking Team and the Hauppauge Business Banking Center increased deposits to $96.0 million as of September 30, 2024 from $36.1 million at September 30, 2023. Loan originations tied to this office were $8 million during the quarter. Momentum continues to build with current deposits of $105 million and deposit and C&I loan pipelines related to this office of $43 million and $104 million, respectively.
      • Residential Lending: The Bank continues to originate loans for its portfolio while developing the flow origination program launched in late 2023. Of the $27.3 million in closed loans originated in the quarter ended September 30, 2024, $7.4 million were originated for the Bank’s portfolio and reflected a weighted average yield of 7.59% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 61%.
    • Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.28 at September 30, 2024 compared to $22.51 at December 31, 2023.  
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on November 13, 2024 to stockholders of record on November 6, 2024.
    • Port Jefferson Branch: The Company has received regulatory approval for the opening of a full-service branch in Port Jefferson, New York. Business development staff have already joined the Company in anticipation of the opening of this location. The Bank expects this site to be fully operational in the first quarter of 2025.

    MINEOLA, N.Y., Oct. 23, 2024 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended September 30, 2024 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on November 13, 2024 to stockholders of record on November 6, 2024.

    Earnings Summary for the Quarter Ended September 30, 2024

    The Company reported net income for each of the quarters ended September 30, 2024 and 2023 of $3.5 million or $0.48 per diluted share (including Series A preferred shares). The Company recorded adjusted (non-GAAP) net income (excluding severance and retirement expenses) of $3.7 million or $0.50 per diluted share in the quarter ended September 30, 2024, versus adjusted (non-GAAP) net income (excluding a litigation settlement payment) of $2.8 million or $0.38 per diluted share in the comparable 2023 quarter. Returns on average assets, average stockholders’ equity and average tangible equity were 0.62%, 7.35% and 8.19%, respectively, for the quarter ended September 30, 2024, versus 0.66%, 7.58% and 8.47%, respectively, for the comparable quarter of 2023.   Adjusted (non-GAAP) returns, exclusive of severance and retirement expenses on average assets, average stockholders’ equity and average tangible equity were 0.65%, 7.69% and 8.56%, respectively, in the quarter ended September 30, 2024, versus 0.53%, 6.00% and 6.71%, respectively, in the comparable 2023 quarter, exclusive of a litigation settlement payment.

    While net interest income and non-interest income increased during the quarter ended September 30, 2024 compared to the September 30, 2023 quarter, this was offset by an increase in non-interest expenses, particularly compensation and benefits, resulting in flat earnings between these periods.   The increase in non-interest income is primarily related to the increase in the gain on sale of loans held-for-sale which was partially offset by a decrease in other operating income. In the September 30, 2023 quarter, the Company settled ongoing litigation and received a settlement payment of $975 thousand which was recorded in other operating income. Included in compensation and benefits expense in the third quarter of 2024 was expense related to additional staff for the SBA, C&I Banking and Operations teams and severance payments in August 2024 paid in connection with a loan personnel restructuring initiative. These expenses were offset by lower incentive compensation expense resulting from reduced projected lending activity and lower deferred loan origination costs.

    Net interest income was $13.1 million for the quarter ended September 30, 2024, an increase of $1.3 million, or 11.04%, versus the comparable 2023 quarter due to improvement of the Company’s net interest margin to 2.37% in the 2024 quarter from 2.29% in the comparable 2023 quarter. The yield on interest earning assets increased to 6.17% in the 2024 quarter from 5.61% in the comparable 2023 quarter, an increase of 56 basis points that was partially offset by a 58 basis point increase in the cost of interest-bearing liabilities to 4.53% in 2024 from 3.95% in the third quarter of 2023.

    Earnings Summary for the Nine Months Ended September 30, 2024

    For the nine months ended September 30, 2024, the Company reported net income of $8.4 million or $1.14 per diluted share (including Series A preferred shares), versus $9.8 million or $1.33 per diluted share (including Series A preferred shares) in the comparable 2023 nine-month period.   The Company recorded adjusted (non-GAAP) net income (excluding severance and retirement expenses) of $8.6 million or $1.16 per diluted share for the nine months ended September 30, 2024, versus adjusted (non-GAAP) net income (excluding severance and retirement expenses and a litigation settlement payment) of $9.4 million or $1.27 per diluted share in the comparable 2023 nine-month period.

    The decrease in net income recorded for the nine months ended September 30, 2024 from the comparable 2023 period resulted from an increase in the provision for credit losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income, consisting primarily of gain on sale of loans held-for-sale. The increase in non-interest expense was primarily attributed to additional staff for the SBA, C&I Banking and Operations teams.   The Company’s effective tax rate decreased to 24.50% for the nine months ended September 30, 2024 from 26.03% in the comparable 2023 period.

    Net interest income was $39.3 million for the nine months ended September 30, 2024, a slight increase of $0.1 million, or 0.14% from the comparable 2023 period. The Company’s net interest margin was 2.41% in the 2024 period and 2.65% in the comparable 2023 period. The yield on interest earning assets increased to 6.14% in the 2024 period from 5.58% in the comparable 2023 period, an increase of 56 basis points that was offset by a 95 basis point increase in the cost of interest-bearing liabilities to 4.45% in 2024 from 3.50% in the comparable 2023 period due to the rapid and significant rise in interest rates.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with third-quarter results, which reflect the benefits of our diversified revenue streams. Strategic expansion of our C&I banking and government guaranteed lending initiatives continue to deliver sustained results. The success of our Hauppauge Business Banking Center over the last 16 months has yielded exceptional results as evidenced by over $100 million in deposits. Our investment in diversifying our residential lending activities from portfolio originations to including flow originations is gaining momentum. The continued decline in interest rates forecast by many economists is expected to provide sustained net interest margin expansion over the near term, having an anticipated positive impact on earnings. We believe these factors, coupled with our commitment to efficiency across our organization, position us for continued growth and opportunity, particularly in a market with continued consolidation. We continue to strategically seek opportunities to recruit talent and expand our footprint in the underserved Long Island community and wider New York City markets.”

    Balance Sheet Highlights

    Total assets at September 30, 2024 were $2.33 billion versus $2.27 billion at December 31, 2023. Total securities available for sale at September 30, 2024 were $98.4 million, an increase of $36.9 million from December 31, 2023, primarily driven by growth in U.S. Treasury securities, corporate bonds and mortgage-backed securities.

    Total deposits at September 30, 2024 were $1.96 billion, an increase of $52.9 million or 2.78%, compared to $1.90 billion at December 31, 2023. Our loan to deposit ratio was 102% at September 30, 2024 and 103% at December 31, 2023.

    Although core deposits, comprised of Demand, NOW, Savings and Money Market, grew to $1.45 billion as of September 30, 2024 from $1.38 billion as of December 31, 2023, Demand deposit balances decreased from $207.8 million to $206.3 million during the same period. This decrease was confined to deposits made by residential loan borrowers in anticipation of residential loan closings. These funds comprise the equity residential borrowers are required to contribute to residential loan closings. The volume of these deposits rise and fall in proportion to the volume of anticipated residential loan closings. As the pace of residential lending increases, the volume of Demand deposits will increase accordingly. Demand deposits, net of balances related to residential loan closings, grew to $181.8 million as of September 30, 2024 from $166.4 million as of December 31, 2023, an increase of 9.28%, underscoring the continued success of our C&I Banking vertical.

    The Company had $366.2 million in total municipal deposits at September 30, 2024, at a weighted average rate of 4.24% versus $528.1 million at a weighted average rate of 4.62% at December 31, 2023. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings.   The Company continues to broaden its municipal deposit base and currently services 39 customer relationships.

    Total borrowings at September 30, 2024 were $125.8 million, with a weighted average rate and term of 4.25% and 22 months, respectively. At September 30, 2024 and December 31, 2023, the Company had $107.8 million and $126.7 million, respectively, of term FHLB advances outstanding. The Company had $18.0 million of FHLB overnight borrowings outstanding at September 30, 2024 and none at December 31, 2023. At September 30, 2024 and December 31, 2023, the Company’s borrowings from the Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) were $0 and $2.3 million, respectively.   The Company had no borrowings outstanding under lines of credit with correspondent banks at September 30, 2024 and December 31, 2023.   The Company utilizes a number of strategies to manage interest rate risk, including interest rate swap agreements which currently provide a benefit to net interest income.

    Stockholders’ equity was $192.3 million at September 30, 2024 compared to $184.8 million at December 31, 2023. The $7.5 million increase was primarily due to an increase of $6.2 million in retained earnings and a decrease of $0.3 million in accumulated other comprehensive loss. The increase in retained earnings was due primarily to net income of $8.4 million for the nine months ended September 30, 2024, which was offset by $2.2 million of dividends declared. The accumulated other comprehensive loss at September 30, 2024 was 1.10% of total equity and was comprised of a $1.0 million after tax net unrealized loss on the investment portfolio and a $1.1 million after tax net unrealized loss on derivatives.

    Loan Portfolio

    For the nine months ended September 30, 2024, the Bank’s loan portfolio grew to $2.01 billion, for an increase of $48.6 million or 3.31% annualized. Growth was concentrated primarily in residential, SBA and C&I loans. At September 30, 2024, the Company’s residential loan portfolio (including home equity) amounted to $745.9 million, with an average loan balance of $483 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate and multifamily loans totaled $1.09 billion at September 30, 2024, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, only approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 397% of capital at September 30, 2024 from 432% of capital at December 31, 2023, with loans secured by office space accounting for 2.27% of the total loan portfolio and totaling $45.5 million. The Company’s loan pipeline with executed term sheets at September 30, 2024 is approximately $142 million, with approximately 97% being niche-residential, conventional C&I and SBA and USDA lending opportunities.  

    Historically, the Bank generated additional income by strategically originating and selling residential and government guaranteed loans to other financial institutions at premiums, while also retaining servicing rights in some sales. However, with the rapid increases in interest rates in recent years, the appetite among the Bank’s purchasers of residential loans for acquiring pools of loans declined, eliminating the Bank’s ability to sell residential loans in its portfolio on desirable terms. Commencing in late 2023, the Bank initiated development of a flow origination program under which the Bank originates individual loans for sale to specific buyers, thereby positioning the Bank to resume residential loan sales and generate fee income to complement sale premiums earned from the sale of the guaranteed portion of SBA loans. During the quarter ended September 30, 2024, the Company sold $16.5 million of residential loans under this program and recorded gains on sale of loans held-for-sale of $0.4 million. We expect the volume of activity to increase as the year progresses and our flow pipeline continues to build. Because we continue to prioritize the management of liquidity and capital, new business development is largely focused on flow originations over portfolio growth.

    The Bank’s investment in government guaranteed lending continues to yield results. During the quarters ended September 30, 2024 and 2023, the Company sold approximately $27.1 million and $18.4 million, respectively, in the government guaranteed portion of SBA loans and recorded gains on sale of loans held-for-sale of $2.4 million and $1.5 million, respectively.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $9.5 million, all at floating interest rates, and CRE-owner occupied loans have a sizable mix of floating rates. As shown below, these two portfolios have only 11% combined of loans maturing through the balance of 2024 and 2025, with 55% maturing in 2027 alone.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period
    (loan data as of
    9/30/24)
      #
    Loans
      Total O/S
    ($000’s
    omitted)
      Avg O/S
    ($000’s
    omitted)
      Avg Interest
    Rate
      Calendar Period
    (loan data as of
    9/30/24)
      #
    Loans
      Total O/S
    ($000’s
    omitted)
      Avg O/S
    ($000’s
    omitted)
      Avg Interest
    Rate
                                                     
    2024   3   $ 1,861   $ 620   7.07 %   2024   4   $ 4,014   $ 1,004   5.43 %
    2025   9     15,977     1,775   4.16 %   2025   14     19,438     1,388   4.57 %
    2026   36     119,170     3,310   3.66 %   2026   20     43,147     2,157   3.67 %
    2027   72     178,368     2,477   4.31 %   2027   53     125,417     2,366   4.22 %
    2028   18     29,980     1,666   6.16 %   2028   11     9,966     906   7.12 %
    2029+   8     5,647     706   7.32 %   2029+   5     2,326     465   6.40 %
    Fixed Rate   146     351,003     2,404   4.30 %   Fixed Rate   107     204,308     1,909   4.33 %
    Floating Rate   3     457     152   9.56 %   Floating Rate   1     1,804     1,804   6.25 %
    Total   149   $ 351,460   $ 2,359   4.32 %   Total   108   $ 206,112   $ 1,908   4.34 %
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period
    (loan data as of
    9/30/24)
      #
    Loans
      Total O/S
    ($000’s omitted)
      Avg O/S
    ($000’s omitted)
      Avg Interest
    Rate
                           
    2024   18   $ 30,965   $ 1,720   5.56 %
    2025   27     18,259     676   5.11 %
    2026   33     45,806     1,388   4.85 %
    2027   87     149,261     1,716   4.75 %
    2028   32     32,826     1,026   6.65 %
    2029+   16     6,519     407   6.15 %
    Fixed Rate   213     283,636     1,332   5.13 %
    Floating Rate   3     12,368     4,123   8.80 %
    Total CRE-Inv.   216   $ 296,004   $ 1,370   5.28 %


    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, the dominant tenant type, and both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens. 

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes   Outstanding
    Loan Balance
      % of Total
    Multi-Family
      Avg Loan
    Size
      LTV   Current
    DSCR
      Avg #
    of Units
            ($000’s omitted)         ($000’s omitted)              
                                         
    Market   149   $ 351,460   63 % $ 2,359   61.8 % 1.40   11
    Location                                    
    Manhattan   7   $ 17,911   3 % $ 2,559   52.0 % 1.63   15
    Other NYC   94   $ 246,140   44 % $ 2,619   61.5 % 1.39   10
    Outside NYC   48   $ 87,409   16 % $ 1,821   64.8 % 1.40   12
                                         
    Stabilized   108   $ 206,112   37 % $ 1,908   63.1 % 1.38   11
    Location                                    
    Manhattan   7   $ 10,892   2 % $ 1,556   53.5 % 1.49   15
    Other NYC   89   $ 176,115   32 % $ 1,979   63.5 % 1.38   11
    Outside NYC   12   $ 19,105   3 % $ 1,592   64.7 % 1.40   16


    Office Property Exposure

    The Bank’s exposure to the Office market is minor at $45 million (2% of all loans), has a 1.8x weighted average DSCR, a 54% weighted average LTV and less than $400 thousand of exposure in Manhattan. The portfolio has no delinquencies, defaults or modifications.

    Asset Quality and Allowance for Credit Losses

    The Bank’s asset quality ratios remain solid. At September 30, 2024, the Company reported $15.5 million in non-performing loans which represented 0.77% of total loans outstanding. Non-performing loans were $14.5 million at December 31, 2023 and $15.8 million at June 30, 2024.

    During the third quarter of 2024, the Bank recorded a provision for credit losses expense of $0.2 million. The September 30, 2024, allowance for credit losses balance was $23.4 million versus $19.7 million at December 31, 2023 and $23.6 million at June 30, 2024. The allowance for credit losses as a percent of total loans was 1.17% at September 30 and June 30, 2024, inclusive of a $2.5 million allowance on an individually analyzed loan, versus 1.00% at December 31, 2023, which does not include the aforementioned $2.5 million allowance.  

    Net Interest Margin

    The Bank’s net interest margin increased to 2.37% for the quarter ended September 30, 2024 from 2.29% in the quarter ended September 30, 2023. The increase from the prior year quarter was primarily related to the increase in the average yield on loans, partially offset by the increase in the average total cost of funds. The Bank’s net interest margin was 2.46% in the quarter ended June 30, 2024, inclusive of $321 thousand or 6 bps related to an interest recovery on the sale of a non-performing loan. There were no such recoveries in the current quarter. Further, contributing to the decrease from the prior linked quarter was an increase in the total cost of interest-bearing deposits primarily related to the delayed timing of the Fed rate cut and our decision to ensure deposit retention via shorter duration products. Despite the linked quarter margin compression, we believe the Company is well positioned for the current or more favorable interest rate environments.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in the first quarter of 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    HANOVER BANCORP, INC.
    STATEMENTS OF CONDITION (unaudited)
    (dollars in thousands)
                 
        September 30,   June 30,   December 31,
          2024       2024       2023  
    Assets            
    Cash and cash equivalents $ 141,231     $ 141,115     $ 177,207  
    Securities-available for sale, at fair value   98,359       98,813       61,419  
    Investments-held to maturity   3,828       3,902       4,041  
    Loans held for sale   16,721       11,615       8,904  
                 
    Loans, net of deferred loan fees and costs   2,005,813       2,012,954       1,957,199  
    Less: allowance for credit losses   (23,406 )     (23,644 )     (19,658 )
    Loans, net   1,982,407       1,989,310       1,937,541  
                 
    Goodwill     19,168       19,168       19,168  
    Premises & fixed assets   16,373       16,541       15,886  
    Operating lease assets   8,776       9,210       9,754  
    Other assets   40,951       41,424       36,140  
      Assets $ 2,327,814     $ 2,331,098     $ 2,270,060  
                 
    Liabilities and stockholders’ equity          
    Core deposits $ 1,453,444     $ 1,477,824     $ 1,382,397  
    Time deposits   504,100       464,105       522,198  
    Total deposits   1,957,544       1,941,929       1,904,595  
                 
    Borrowings   125,805       148,953       128,953  
    Subordinated debentures   24,675       24,662       24,635  
    Operating lease liabilities   9,472       9,911       10,459  
    Other liabilities   17,979       15,571       16,588  
      Liabilities   2,135,475       2,141,026       2,085,230  
                 
    Stockholders’ equity   192,339       190,072       184,830  
      Liabilities and stockholders’ equity $ 2,327,814     $ 2,331,098     $ 2,270,060  
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    (dollars in thousands, except per share data)
                       
        Three Months Ended   Nine Months Ended  
        9/30/2024   9/30/2023   9/30/2024   9/30/2023  
                       
    Interest income $ 34,113   $ 28,952   $ 99,965   $ 82,471  
    Interest expense   21,011     17,153     60,681     43,243  
      Net interest income   13,102     11,799     39,284     39,228  
    Provision for credit losses (1)   200     500     4,540     1,932  
      Net interest income after provision for credit losses   12,902     11,299     34,744     37,296  
                       
    Loan servicing and fee income   960     681     2,709     2,031  
    Service charges on deposit accounts   123     75     333     212  
    Gain on sale of loans held-for-sale   2,834     1,468     7,926     3,515  
    Gain on sale of investments           4      
    Other operating income   37     1,483     180     1,679  
      Non-interest income   3,954     3,707     11,152     7,437  
                       
    Compensation and benefits   6,840     5,351     18,901     16,320  
    Occupancy and equipment   1,799     1,758     5,412     4,882  
    Data processing   547     516     1,560     1,533  
    Professional fees   762     800     2,297     2,462  
    Federal deposit insurance premiums   360     386     1,043     1,101  
    Other operating expenses   1,930     1,506     5,499     5,152  
      Non-interest expense   12,238     10,317     34,712     31,450  
                       
      Income before income taxes   4,618     4,689     11,184     13,283  
    Income tax expense   1,079     1,166     2,740     3,457  
                       
      Net income $ 3,539   $ 3,523   $ 8,444   $ 9,826  
                       
    Earnings per share (“EPS”):(2)                
    Basic $ 0.48   $ 0.48   $ 1.14   $ 1.34  
    Diluted $ 0.48   $ 0.48   $ 1.14   $ 1.33  
                       
    Average shares outstanding for basic EPS (2)(3)   7,411,064     7,327,345     7,395,758     7,327,836  
    Average shares outstanding for diluted EPS (2)(3)   7,436,068     7,407,483     7,420,415     7,407,954  
                       
    (1) CECL was adopted effective 10/1/23. Prior periods were based on the incurred loss methodology.
    (2) Calculation includes common stock and Series A preferred stock.
    (3) Average shares outstanding before subtracting participating securities.
                       
    Note: Prior period information has been adjusted to conform to current period presentation.
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    QUARTERLY TREND
    (dollars in thousands, except per share data)
                         
        Three Months Ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
                         
    Interest income $ 34,113   $ 33,420   $ 32,432   $ 31,155   $ 28,952
    Interest expense   21,011     20,173     19,497     18,496     17,153
      Net interest income   13,102     13,247     12,935     12,659     11,799
    Provision for credit losses (1)   200     4,040     300     200     500
      Net interest income after provision for credit losses   12,902     9,207     12,635     12,459     11,299
                         
    Loan servicing and fee income   960     836     913     778     681
    Service charges on deposit accounts   123     114     96     85     75
    Gain on sale of loans held-for-sale   2,834     2,586     2,506     2,326     1,468
    Gain on sale of investments       4            
    Other operating income   37     82     61     65     1,483
      Non-interest income   3,954     3,622     3,576     3,254     3,707
                         
    Compensation and benefits   6,840     6,499     5,562     5,242     5,351
    Occupancy and equipment   1,799     1,843     1,770     1,746     1,758
    Data processing   547     495     518     530     516
    Professional fees   762     717     818     729     800
    Federal deposit insurance premiums   360     365     318     375     386
    Other operating expenses   1,930     1,751     1,818     2,048     1,506
      Non-interest expense   12,238     11,670     10,804     10,670     10,317
                         
      Income before income taxes   4,618     1,159     5,407     5,043     4,689
    Income tax expense   1,079     315     1,346     1,280     1,166
                         
      Net income $ 3,539   $ 844   $ 4,061   $ 3,763   $ 3,523
                         
    Earnings per share (“EPS”):(2)                  
    Basic $ 0.48   $ 0.11   $ 0.55   $ 0.51   $ 0.48
    Diluted $ 0.48   $ 0.11   $ 0.55   $ 0.51   $ 0.48
                         
    Average shares outstanding for basic EPS (2)(3)   7,411,064     7,399,816     7,376,227     7,324,133     7,327,345
    Average shares outstanding for diluted EPS (2)(3)   7,436,068     7,449,110     7,420,926     7,383,529     7,407,483
                         
    (1) CECL was adopted effective 10/1/23. Prior periods were based on the incurred loss methodology.
    (2) Calculation includes common stock and Series A preferred stock.
    (3) Average shares outstanding before subtracting participating securities.
                         
    Note: Prior period information has been adjusted to conform to current period presentation.
    HANOVER BANCORP, INC.
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)
    (dollars in thousands, except per share data)
                   
      Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
                   
    ADJUSTED NET INCOME:              
    Net income, as reported $ 3,539     $ 3,523     $ 8,444     $ 9,826  
    Adjustments:              
    Litigation settlement payment         (975 )           (975 )
    Severance and retirement expenses   219             219       456  
    Total adjustments, before income taxes   219       (975 )     219       (519 )
    Adjustment for reported effective income tax rate   55       (243 )     55       (138 )
    Total adjustments, after income taxes   164       (732 )     164       (381 )
    Adjusted net income $ 3,703     $ 2,791     $ 8,608     $ 9,445  
    Basic earnings per share – adjusted $ 0.50     $ 0.38     $ 1.16     $ 1.29  
    Diluted earnings per share – adjusted $ 0.50     $ 0.38     $ 1.16     $ 1.27  
                   
    ADJUSTED OPERATING EFFICIENCY RATIO(2):              
    Operating efficiency ratio, as reported   71.75 %     66.53 %     68.83 %     67.39 %
    Adjustments:              
    Litigation settlement payment   0.00 %     4.47 %     0.00 %     1.44 %
    Severance and retirement expenses   -1.28 %     0.00 %     -0.43 %     -0.98 %
    Adjusted operating efficiency ratio   70.47 %     71.00 %     68.40 %     67.85 %
                   
    ADJUSTED RETURN ON AVERAGE ASSETS   0.65 %     0.53 %     0.51 %     0.62 %
    ADJUSTED RETURN ON AVERAGE EQUITY   7.69 %     6.00 %     6.04 %     6.93 %
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   8.56 %     6.71 %     6.73 %     7.77 %
                   
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                   
    (2) Excludes gain on sale of securities available for sale.
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands)
                   
      Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
    Profitability:              
    Return on average assets   0.62 %     0.66 %     0.50 %     0.64 %
    Return on average equity (1)   7.35 %     7.58 %     5.93 %     7.21 %
    Return on average tangible equity (1)   8.19 %     8.47 %     6.60 %     8.08 %
    Pre-provision net revenue to average assets   0.85 %     0.98 %     0.94 %     1.00 %
    Yield on average interest-earning assets   6.17 %     5.61 %     6.14 %     5.58 %
    Cost of average interest-bearing liabilities   4.53 %     3.95 %     4.45 %     3.50 %
    Net interest rate spread (2)   1.64 %     1.66 %     1.69 %     2.08 %
    Net interest margin (3)   2.37 %     2.29 %     2.41 %     2.65 %
    Non-interest expense to average assets   2.15 %     1.94 %     2.08 %     2.06 %
    Operating efficiency ratio (4)   71.75 %     66.53 %     68.83 %     67.39 %
                   
    Average balances:              
    Interest-earning assets $ 2,201,068     $ 2,046,502     $ 2,175,478     $ 1,975,584  
    Interest-bearing liabilities   1,847,177       1,723,235       1,822,613       1,653,908  
    Loans   2,019,384       1,840,900       2,006,142       1,802,349  
    Deposits   1,891,132       1,638,777       1,835,862       1,644,964  
    Borrowings   150,770       259,549       181,445       186,187  
                   
                   
    (1) Includes common stock and Series A preferred stock.
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income excluding gain on sale of securities available for sale.
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands, except share and per share data)
                   
      At or For the Three Months Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Asset quality:              
    Provision for credit losses – loans (1) $ 200     $ 3,850     $ 300     $ 200  
    Net (charge-offs)/recoveries   (438 )     (79 )     (85 )     677  
    Allowance for credit losses   23,406       23,644       19,873       19,658  
    Allowance for credit losses to total loans (2)   1.17 %     1.17 %     0.99 %     1.00 %
    Non-performing loans $ 15,469     $ 15,828     $ 14,878     $ 14,451  
    Non-performing loans/total loans   0.77 %     0.79 %     0.74 %     0.74 %
    Non-performing loans/total assets   0.66 %     0.68 %     0.64 %     0.64 %
    Allowance for credit losses/non-performing loans   151.31 %     149.38 %     133.57 %     136.03 %
                   
    Capital (Bank only):              
    Tier 1 Capital $ 198,196     $ 195,703     $ 195,889     $ 193,324  
    Tier 1 leverage ratio   8.85 %     8.89 %     8.90 %     9.08 %
    Common equity tier 1 capital ratio   12.99 %     12.78 %     12.99 %     13.17 %
    Tier 1 risk based capital ratio   12.99 %     12.78 %     12.99 %     13.17 %
    Total risk based capital ratio   14.24 %     14.21 %     14.19 %     14.31 %
                   
    Equity data:              
    Shares outstanding (3)   7,428,366       7,402,163       7,392,412       7,345,012  
    Stockholders’ equity $ 192,339     $ 190,072     $ 189,543     $ 184,830  
    Book value per share (3)   25.89       25.68       25.64       25.16  
    Tangible common equity (3)   172,906       170,625       170,080       165,351  
    Tangible book value per share (3)   23.28       23.05       23.01       22.51  
    Tangible common equity (“TCE”) ratio (3)   7.49 %     7.38 %     7.43 %     7.35 %
                   
    (1) Excludes $0, $190 thousand, $0 and $0 provision for credit losses on unfunded commitments for the quarters ended 9/30/24, 6/30/24, 3/31/24 and 12/31/23, respectively.
    (2) Calculation excludes loans held for sale.
    (3) Includes common stock and Series A preferred stock.
                   
    Note: Prior period information has been adjusted to conform to current period presentation.        
    HANOVER BANCORP, INC.
    STATISTICAL SUMMARY
    QUARTERLY TREND
    (unaudited, dollars in thousands, except share data)
                   
      9/30/2024   6/30/2024   3/31/2024   12/31/2023
                   
    Loan distribution (1):              
    Residential mortgages $ 719,037     $ 733,040     $ 730,017     $ 689,211  
    Multifamily   557,634       562,503       568,043       572,849  
    Commercial real estate   529,948       549,725       556,708       561,183  
    Commercial & industrial   171,899       139,209       123,419       107,912  
    Home equity   26,825       27,992       26,879       25,631  
    Consumer   470       485       449       413  
                   
      Total loans $ 2,005,813     $ 2,012,954     $ 2,005,515     $ 1,957,199  
                   
    Sequential quarter growth rate   -0.35 %     0.37 %     2.47 %     4.41 %
                   
    CRE concentration ratio   397 %     403 %     416 %     432 %
                   
    Loans sold during the quarter $ 43,537     $ 35,302     $ 26,735     $ 29,740  
                   
    Funding distribution:              
    Demand $ 206,327     $ 199,835     $ 202,934     $ 207,781  
    N.O.W.   621,880       661,998       708,897       661,276  
    Savings   53,024       44,821       48,081       47,608  
    Money market   572,213       571,170       493,123       465,732  
    Total core deposits   1,453,444       1,477,824       1,453,035       1,382,397  
    Time   504,100       464,105       464,227       522,198  
    Total deposits   1,957,544       1,941,929       1,917,262       1,904,595  
    Borrowings   125,805       148,953       148,953       128,953  
    Subordinated debentures   24,675       24,662       24,648       24,635  
                   
      Total funding sources $ 2,108,024     $ 2,115,544     $ 2,090,863     $ 2,058,183  
                   
    Sequential quarter growth rate – total deposits   0.80 %     1.29 %     0.67 %     9.77 %
                   
    Period-end core deposits/total deposits ratio   74.25 %     76.10 %     75.79 %     72.58 %
                   
    Period-end demand deposits/total deposits ratio   10.54 %     10.29 %     10.58 %     10.91 %
                   
    (1) Excluding loans held for sale
    HANOVER BANCORP, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)
    (dollars in thousands, except share and per share amounts)
                       
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Tangible common equity                  
    Total equity (2) $ 192,339     $ 190,072     $ 189,543     $ 184,830     $ 185,907  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (265 )     (279 )     (295 )     (311 )     (327 )
    Tangible common equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
                       
    Tangible common equity (“TCE”) ratio                
    Tangible common equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
    Total assets   2,327,814       2,331,098       2,307,508       2,270,060       2,149,632  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (265 )     (279 )     (295 )     (311 )     (327 )
    Tangible assets $ 2,308,381     $ 2,311,651     $ 2,288,045     $ 2,250,581     $ 2,130,137  
    TCE ratio (2)   7.49 %     7.38 %     7.43 %     7.35 %     7.81 %
                       
    Tangible book value per share                  
    Tangible equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
    Shares outstanding (2)   7,428,366       7,402,163       7,392,412       7,345,012       7,320,419  
    Tangible book value per share (2) $ 23.28     $ 23.05     $ 23.01     $ 22.51     $ 22.73  
                       
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                       
    (2)  Includes common stock and Series A preferred stock.
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Three Months Ended September 30, 2024 and 2023
    (unaudited, dollars in thousands)
                           
      2024
      2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,019,384   $ 31,356   6.18 %   $ 1,840,900   $ 26,059   5.62 %
    Investment securities   103,870     1,619   6.20 %     15,232     198   5.16 %
    Interest-earning cash   69,204     934   5.37 %     176,884     2,391   5.36 %
    FHLB stock and other investments   8,610     204   9.43 %     13,486     304   8.94 %
    Total interest-earning assets   2,201,068     34,113   6.17 %     2,046,502     28,952   5.61 %
    Non interest-earning assets:                      
    Cash and due from banks   9,360             6,700        
    Other assets   50,730             53,638        
    Total assets $ 2,261,158           $ 2,106,840        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,209,030   $ 13,941   4.59 %   $ 985,625   $ 10,186   4.10 %
    Time deposits   487,377     5,546   4.53 %     478,061     4,060   3.37 %
    Total savings and time deposits   1,696,407     19,487   4.57 %     1,463,686     14,246   3.86 %
    Borrowings   126,104     1,198   3.78 %     234,936     2,604   4.40 %
    Subordinated debentures   24,666     326   5.26 %     24,613     303   4.88 %
    Total interest-bearing liabilities   1,847,177     21,011   4.53 %     1,723,235     17,153   3.95 %
    Demand deposits   194,725             175,091        
    Other liabilities   27,826             23,994        
    Total liabilities   2,069,728             1,922,320        
    Stockholders’ equity   191,430             184,520        
    Total liabilities & stockholders’ equity $ 2,261,158           $ 2,106,840        
    Net interest rate spread         1.64 %           1.66 %
    Net interest income/margin     $ 13,102   2.37 %       $ 11,799   2.29 %
                           
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Nine Months Ended September 30, 2024 and 2023
    (unaudited, dollars in thousands)
                           
      2024   2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,006,142   $ 92,217   6.14 %   $ 1,802,349   $ 75,581   5.61 %
    Investment securities   99,363     4,610   6.20 %     15,837     594   5.01 %
    Interest-earning cash   60,202     2,445   5.42 %     147,423     5,673   5.14 %
    FHLB stock and other investments   9,771     693   9.47 %     9,975     623   8.35 %
    Total interest-earning assets   2,175,478     99,965   6.14 %     1,975,584     82,471   5.58 %
    Non interest-earning assets:                      
    Cash and due from banks   8,431             8,238        
    Other assets   50,593             53,720        
    Total assets $ 2,234,502           $ 2,037,542        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,162,587   $ 39,541   4.54 %   $ 1,026,164   $ 27,883   3.63 %
    Time deposits   478,581     15,418   4.30 %     441,557     9,657   2.92 %
    Total savings and time deposits   1,641,168     54,959   4.47 %     1,467,721     37,540   3.42 %
    Borrowings   156,792     4,744   4.04 %     161,588     4,732   3.92 %
    Subordinated debentures   24,653     978   5.30 %     24,599     971   5.28 %
    Total interest-bearing liabilities   1,822,613     60,681   4.45 %     1,653,908     43,243   3.50 %
    Demand deposits   194,694             177,243        
    Other liabilities   26,944             24,253        
    Total liabilities   2,044,251             1,855,404        
    Stockholders’ equity   190,251             182,138        
    Total liabilities & stockholders’ equity $ 2,234,502           $ 2,037,542        
    Net interest rate spread         1.69 %           2.08 %
    Net interest income/margin     $ 39,284   2.41 %       $ 39,228   2.65 %

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

    The MIL Network

  • MIL-OSI USA: Administrator Samantha Power at a Press Conference in Phnom Penh

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Thank you all. It is great to see everyone this evening. 

    It has been a great pleasure for me to be back in Cambodia for my fourth visit. In previous visits, of course, I have been awed by the majesty and rich culture of Angkor Wat, the incredible power and importance of the Tulsa Lang Genocide Museum, and, of course, the beauty of the Mekong River.

    Being back here and discussing the deepening engagement between our two countries has been very enlightening for me. The partnership of today builds on several decades of investment by USAID in support of the dignity and prosperity of the Cambodian people. 

    I feel, personally, very fortunate to be the first USAID Administrator to visit Cambodia while in this role, and I have taken many notes about the priorities of the Government officials, students, and civil society leaders that I’ve had the chance to engage with.

    Over the past few decades, the Cambodian people have made really remarkable strides to improve health, education, and economic growth. We, in the United States, again, have been able to support these efforts, including with a total of $3 billion in assistance over the past more-than-30 years. 

    We, in these years, supported the efforts of public health heroes like Mr. Yang Chiang, this country’s first entomologist, who I had the honor of meeting today. A man who has dedicated his life to trying to eliminate malaria here in Cambodia, and an individual who has been able to see with so many of you that Cambodia now has marked six straight years without a single death from malaria, and thus, again, is on the cusp of meeting this goal of eliminating malaria in this country.

    We also have supported Cambodia’s education system to get more kids into school. Since 2007, the number of children enrolled in preschool programs has more than doubled, and Cambodia is close, in fact, to achieving universal access to primary education. USAID programs have doubled reading scores among the children that we have worked with, and we are now seeing the Cambodian Government using these same approaches to help even more young people. 

    We worked as well to increase trade between our two countries, and today, the United States is Cambodia’s largest export market. Over the past five years, indeed, Cambodia’s exports to the United States have more than doubled. There is meaningful progress like this to celebrate, and on this trip, I am glad to announce over $50 million in new funding from across the U.S. government to try to build on some of this progress.

    With these funds, we will invest in helping Cambodian farmers connect with markets and adopt new technologies to keep producing plentiful and safe food, even as the climate changes. We will invest in keeping the Cambodian people safe by clearing landmines and other unexploded ordinances, building on decades of efforts to address the dangerous legacies of war. And importantly, we will invest in supporting civil society, labor, and independent media, investments that will not only support Cambodia’s democratic future but its economic future, as well. 

    On this visit, I have met with Cambodians from all walks of life – families fostering kids with disabilities, students and environmentalists, workers who care for some of this country’s most sacred sites, doctors, nurses and community health workers, labor activists, and brave individuals who seek to hold those with power accountable to the principles enshrined in this country’s constitution: democracy, human rights, transparency. 

    There is great potential for the relationship between the United States and Cambodia to grow stronger, and, as is the case in all of our important relationships, there are also concerns, including about unjustified arrests and threats to basic rights. We are following the case of journalist Mech Dara very closely, including some potential developments today. I had a chance to both meet with Dara’s family, and to raise this issue, along with other concerning cases, in my meeting with the Prime Minister today. 

    All of these cases are sensitive, but I will just underscore that we have emphasized our support for finding positive resolutions. More broadly, as I discussed with Prime Minister Hen Mannet earlier today, American and international companies see real opportunity here in Cambodia. But, in order to invest here, they want to see meaningful improvements in the business enabling environment, to tackle corruption, to improve respect for labor rights, and to address the cyber scam operations plaguing Cambodia’s international reputation. 

    Working toward greater transparency, accountability and protection of human rights can unlock extraordinary prosperity for the Cambodian people. That can be the promise of a new generation, and we, in the United States, will be eager partners in working together to achieve it. 

    Thank you so much, and I look forward to taking your questions.

    QUESTION: Thank you. Hi, I’m Prak Chan Thul from Kiripost. So, you said you announced $50 new million for Cambodia. What? What have you heard from the authorities of the Cambodian government that in return of this new aid and what have you – what will you promise in the case of Mech Dara, will he be released? Thank you.

    ADMINISTRATOR POWER: Thank you. I’m not going to comment further on Mech Dara’s case beyond to stress the importance of independent media, of checks and balances, and of the rule of law. 

    With regard to the new investments that have been announced. They range from an additional investment in the prevention of tuberculosis. I was able, yesterday in Siem Reap, to witness a very energetic effort to reach at least some of the Cambodians who have tuberculosis, but often do not know they have TB until it is not only too late for them, but too late for others, given how the disease spreads. So, USAID is partnering with community-based organizations that will reach citizens where they are, not expecting citizens to experience a symptom and then travel a long way to get a diagnosis, but an effort really to make the diagnostic technology more mobile and more readily available. And, this is with an eye to helping Cambodia and Cambodians reach the goal that the government has set to eliminate TB by 2030. So, this is a $4 million investment in a local organization that is driving some of this community based work to get rid of TB. 

    In addition, just to stay in the area of public health, we have announced an additional $1 million to invest in doing a survey for the Cambodian people of blood lead levels. There is significant lead poisoning among children in many developing countries, including Cambodia, but understanding exactly where those elevated levels of lead in the blood are clustered, understanding the sources of lead poisoning is absolutely critical to eliminating lead poisoning going forward. 

    And, this was something – both this and TB and, of course, all of the work we have done together on malaria, were each topics that I had a chance to discuss with the Prime Minister, and sensed a lot of enthusiasm to go forward again with the efforts to eliminate TB, and the effort now to get a handle on precisely what the sources of lead poisoning are so as to embark on a multi-faceted effort to regulate lead and to ensure that Cambodia’s children are no longer exposed to something that can be very harmful to educational attainment, and can ultimately even cause premature death. 

    We also are announcing an investment of an additional $5 million to support workers, civil society, and independent media. And here, let me just note, obviously these are investments in non-governmental actors. But, one of the topics that we discussed at length with the Prime Minister was his broad ambition to attract more foreign investment, to take steps that will ensure that the economy continues to grow and even grows more, and creates jobs for all of the young people who are looking for jobs every year. But, it is really, really important for investors to have confidence in the rule of law, for corruption to be tackled, so that, for example, American companies can feel confident that they can invest here without having to pay bribes or engage in kickbacks, which are illegal in the United States. 

    And so, these investments in civil society, in media, in the dignity of work and workers – all of these are investments as well in Cambodia’s economic development and that broad ambition that so many Cambodians have for their children to enjoy a more prosperous future than they themselves.

    QUESTION: Hi, my name is Danielle Keaton Olson. I’m a freelance journalist based in Phnom Penh, and I was wondering so, Cambodian-based labor rights organization called Central has gotten under fire for receiving foreign funding. The Cambodian government has criticized it for receiving foreign funding. And, of course, there’s been the arrest of our colleague and the U.S. recognized Trafficking-In-Persons report hero, Mech Dera. Are these raising alarms or concerns within USAID at this moment?

    ADMINISTRATOR POWER: Well, I have had the chance on this visit to sit down with individuals from Central and to hear firsthand about the experiences that they have been having, the level of the scrutiny of their operations, and the concerns that they have about being able to continue doing the work that has proven so important for workers rights here in Cambodia. I also had a chance in Siem Reap to meet with individuals who have helped organize, those who actually maintain these cherished tourist sites, and who themselves have organized in order to secure better wages, better working conditions, better hours, et cetera. 

    President Biden is laser-focused on labor rights at home and indeed has shown tremendous initiative and leadership on promoting global labor rights. And so, it was very important in having this visit for us to sit down and dig into just those issues. And, one of the arguments that I made today with the government, and it’s an argument again that U.S. officials are making all around the world, is that labor rights and workers abilities – a worker’s ability and workers’ abilities to advocate for themselves without fear of persecution, is absolutely critical to growing the economy in a manner that expands livelihoods and prosperity for all Cambodians. 

    So, this is not simply an issue of human rights, which it is, it is also absolutely critical that the freedom to organize, the freedom to associate, the freedom to express one’s concerns, be protected. And, I think that is the foundation to an economy that will not only grow but grow in an inclusive manner that benefits ordinary Cambodians and not merely those who have benefited from growth in prior generations.

    QUESTION: Sorry. Has it – just to clarify – Has it raised some concerns about USAID ability to support these values that, in terms of labor rights and independent media, that the U.S. government values?

    ADMINISTRATOR POWER: Well, as I indicated in announcing additional support, you know, when these rights are challenged, it becomes all the more important for USAID to be working in partnership with those who are bravely defending those rights. And so, I actually think it underscores the importance of these investments, and I think that is certainly the message that I heard from the labor organizers that I’ve spoken with over the last few days – is both the resources to support those who are organizing, but also what we call the development diplomacy, you know, raising these – raising with senior government officials, the importance of these rights being protected and respected. And, the United States is not alone in raising these concerns. Obviously, other democracies are intent as well in raising concerns about, again, some of what appear to be the growing pressures on workers and on unions and on labor organizers. 

    QUESTION: Good evening, madam. My name is Hul Reaksmey. I am reporter from Voice of America. My question is, what is your observation about Chinese growing in Cambodia, when you talk about Cambodia effort to improve democracy?

    ADMINISTRATOR POWER: Sorry, just a little bit hard to hear. Maybe just slow down, and I heard the first part, but just the last part of your question?

    QUESTION: Does the Chinese growing influence undermine efforts of Cambodia to improve democracy?

    ADMINISTRATOR POWER: Thank you. Well, one of the things that the United States stresses in the countries where it works around the world is the importance of transparency, a spirit of partnership, the importance of natural resources being protected and preserved. As we just discussed, the importance of civil society and non-governmental actors, holding government accountable, and maybe this is a point I would stress even the most strongly, the importance of the investments we make, strengthening a country’s path to independence, rather than any kind of dependence. And so, one of the things that really stands out for me in terms of the U.S. development model is that we provide our support by-and-large through grants. 

    It’s extremely important to us that when we invest in health programming or education programming or food security efforts, like the USDA program that I’ve announced on this visit; or demining, like the additional $12 million that I announced on this visit, that the Cambodian people understand that these resources are invested in a spirit of partnership. 

    We are listening to our Cambodian partners and trying to mobilize resources in support of their objectives. What we do not want is for Cambodia or the Cambodian people to be somehow indebted to us in a manner that actually impedes this country’s economic development. 

    So, just to give you one statistical example of this. The United States invests about nine dollars in grants for every dollar of loan that the United States provides. The PRC invests about nine dollars in loans for every dollar in grants. And, one of the challenges – and these numbers are lower, I think, than the actual number, but at least that is the ratio, at least – one of the challenges that can saddle future generations with the obligation to repay debt, often at high interest, debt that was incurred long before.

    Again, our goal is for Cambodia to move, once and for all, from aid to trade. We know the capability of the Cambodian people. We see it in the incredible economic growth that this country has enjoyed. We see it in the resilience of the people who have gone through so much over the generations. And, what we seek to do is to be catalytic and responsive to our partners objectives, but the ultimate objective is for a sovereign and independent Cambodia to make its own choices about how to deploy its own resources, including its tremendous human capital.

    QUESTION: Hello, good evening ma’am. And my name is Ko Ratha from the Cambodia-China Times, and we call in Khmer the CC-Times. And, I have some questions for you. I just would like to say, this is very busy trip to Cambodia. And my first question is, how do you think about the development in Cambodia? As you mentioned that this is your fourth trip to Cambodia. And the second one is, why Americans decided to support more aid to Cambodia? And the last one, what is your encouragement in order to use aid in the right way and now the U.S. purpose?

    ADMINISTRATOR POWER: Well, I have only been USAID Administrator now for more than three and a half years, let’s say, but one of the things that is wonderful about visiting Cambodia is to see the way in which previous investments by USAID and really from the American people, have produced such significant results here. 

    I gave the example of the elimination of malaria. The work done to eliminate malaria was done by Cambodians. It’s Cambodia that achieved, is on the verge, I should say, of achieving that very, very significant accomplishment. But USAID has been present over the last several decades in supporting that work. I mentioned in education that USAID has made investments in looking to see what forms of education are having the greatest impact with students. That’s a, you know, relatively small program, but that produced really valuable information, and now the Ministry of Education is using that information to inform its decisions about curriculum. 

    I think these are two really important examples of how this assistance can flow. It starts with respecting the judgment and the priorities of the Cambodian people. One of the things about USAID that is not well known, and even that I was not aware of before I came to USAID, is that three quarters of our staff in the countries in which we work are nationals of the countries in which we work. So, here, of course, that means that the vast majority of our staff here in Cambodia are Cambodians who live in their communities – who listen to their neighbors, who understand the importance of making health progress, and also understand the importance of fighting corruption, and ensuring that political reform and economic development go hand in hand. 

    So, I think that is our posture going forward – as we have been present in the country in some form since just after the Paris Peace Agreements, since 1993-1994 – we have learned a lot, and the people from whom we have learned the most are the Cambodian people. So, I think our presence here is not about, you know, geopolitical competition, it is about advancing the dignity, prosperity, and peace for Cambodians. 

    QUESTION: I wanted to follow up on the aid that was rescinded and then reinstated last year after the election, which the State Department called the Cambodian election last year, neither free nor fair, and then $18 million U.S. aid was withheld. Then that decision was reversed two months later. The U.S. Embassy told Cambodian news at the time that the aid was reinstated to, “encourage the new government to live up to its stated intentions to be more open and democratic.” So, a year later, I just wanted to follow up and ask, do you think it worked?

    ADMINISTRATOR POWER: Well, first, I think it’s important to discuss the aid itself, and I don’t need to repeat what we’ve already discussed here today, but when we invest $12 million in demining, that means fewer kids are going to run into unexploded ordinances. When we invest in moving diagnostic equipment that does X-rays of the lungs, that means fewer people are going to carry TB without knowing it. And, when we invest after COVID-19 and the horrible toll that that took here, not only on human health, but on the economy. When we invest in lab equipment and surveillance to prevent future global health security threats, that’s a really important investment in Cambodia’s health and stability, but also in America’s health. Every investment in global health security that we make internationally ultimately benefits us all, since we are connected. 

    So, I think that there absolutely is an effort to engage the government that has been now in office for 14 months, and to raise concerns about individuals who have, in some cases, exposed challenges in Cambodia that the Cambodian people benefit from seeing exposed like the scamming centers, like corruption, like human rights abuse by police or others. 

    We over this last or really over these last decades, but including with the new government, have made investments in labor organizing, in independent media, in these civil society organizations. At the same time, we have pressed these issues through our development diplomacy. 

    I don’t think that the United States, anywhere in the world, gives up on its efforts to promote human rights, to stress the linkage between economic progress and checks and balances, and again, the protection and promotion of human rights. And, of course, there are issues of concern, just as there were when the pause was put in place. 

    But, our programming resources do not go to the government. They go to non-governmental organizations. They go to the very organizations that, in many cases, are holding government accountable. In health, of course, goes to community based organizations that, yes, work alongside the Ministry of Health, but it is really important to take note that our assistance is to the people of this country, and that assistance, as we examine it, if it is advancing dignity, advancing checks and balances, it’s important to sustain those investments over time. 

    MIL OSI USA News