Category: Economy

  • MIL-OSI Europe: Answer to a written question – Disasters in Chios and need for full compensation for mastic producers and all those affected – E-001760/2024(ASW)

    Source: European Parliament

    Member States may provide support for restoration of agricultural potential damaged by natural disasters and for preventive actions in accordance with Regulation (EU) 2021/2115[1].

    It is up to Member States to plan those interventions in their CAP Strategic Plan (CSP) and eventually support investments to restore agricultural production potential of mastic crops. Eligible investments may be funded entirely (up to 100%) by EU resources, under the European Agricultural Fund for Rural Development (EAFRD).

    The CSP may also offer financial support in form of loans, guarantees or working capital to help farmers restore agricultural potential after such events.

    Member States may benefit from exceptional market measures including support packages to address economic difficulties of farmers financed from the agricultural reserve according to the regulation (EU) 1308/2013[2].

    In the case of adverse climatic events which can be assimilated to a natural disaster, national authorities may also grant support to farmers from their national budget in line with EU State aid rules[3].

    According to the Floods Directive[4], the objectives for risk reduction are determined at national level by the Member States based on local and regional circumstances[5]. The same applies to the selection and prioritisation of measures aiming to reduce the risk from flooding.

    For the period 2021-2027, Cohesion Policy supports Greece with some EUR  379 million (public expenditure), to invest on risk prevention and management of floods through targeted measures under the sectoral programmes ‘Environment and climate change’ and ‘Civil Protection’.

    Under the regional programme ‘Voreio Aigaio’, EUR 13 million (public expenditure) are granted to flood protection actions.

    • [1] Article 73 of Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013, OJ L 435/1, 6.12.2021.
    • [2] Regulation (EU) 1308/2013 European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007, OJ L 347/671, 20.12.2013.
    • [3] Guidelines for state aid in the agricultural and forestry sectors and in rural areas 2022/C 485/01, OJ C 485, 21.12.2022, p. 1; Commission Regulation (EU) 2022/2472 declaring certain categories of aid in the agricultural and forestry sectors and in rural areas compatible with the internal market in application of Articles 107 and 108 of the Treaty on the Functioning of the European Union, OJ L 327, 21.12.2022, p. 1; Commission Regulation (EU) No 1408/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid in the agriculture sector, OJ L 352, 24.12.2013 p. 9.
    • [4] Directive 2007/60/EC of the European Parliament and of the Council of 23 October 2007 on the assessment and management of flood risks, OJ L 288, 6.11.2007, p. 27-34.
    • [5] https://environment.ec.europa.eu/topics/water/water-framework-directive/implementation-reports_en#ref-6th-implementation-report-2021
    Last updated: 4 November 2024

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Stage set for 76th Republic Day Celebrations at Kartavya Path

    Source: Government of India (2)

    Stage set for 76th Republic Day Celebrations at Kartavya Path

    Indonesian President Mr Prabowo Subianto to be the Chief Guest

    The ceremony to showcase India’s rich cultural diversity, unity, equality, development & military prowess; Special focus on 75 years of enactment of the Constitution

    Around 10,000 Special Guests from different walks of life to witness the parade

    31 Tableaux to roll down Kartavya Path on the theme ‘Swarnim Bharat: Virasat aur Vikas’; In a first, a Tri-services tableau to display the spirit of jointness & integration among the Armed Forces

    Cultural performance by 5,000 artists to cover entire Kartavya Path for the first time

    Posted On: 25 JAN 2025 2:58PM by PIB Delhi

    President Smt Droupadi Murmu will lead the Nation in celebrating the 76th Republic Day from Kartavya Path in New Delhi on January 26, 2025. With special focus on 75 years of enactment of the Constitution and Jan Bhagidari, the celebrations this year will be a unique blend of India’s rich cultural diversity, unity, equality, development and military prowess. President of the Republic of Indonesia Mr Prabowo Subianto will be the Chief Guest.

    Around 10,000 Special Guests have been invited to witness the parade, in line with the Government’s objective to increase ‘Jan Bhagidari’ in events of national importance. These Special Guests from different walks of life are the architects of ‘Swarnim Bharat’. They include best performers in various fields and those who have made best use of the schemes of the Government.

    The parade

    The Republic Day parade will start at 1030 hrs and run for a duration of approx. 90 minutes. The ceremony will commence with the visit of Prime Minister Shri Narendra Modi to the National War Memorial, where he will lead the nation in paying solemn tributes to the fallen heroes by laying a wreath. Thereafter, the Prime Minister and other dignitaries will head to the saluting dais at Kartavya Path to witness the parade.

    The arrival of the President of India and her Indonesian counterpart will be escorted by the President’s Bodyguard, the senior most Regiment of the Indian Army. The two Presidents will arrive in the ‘Traditional Buggy’, the practice which made a comeback in 2024 after a gap of 40 years.

    As per tradition, the National Flag will be unfurled followed by the National Anthem with a thunderous 21-gun salute using 105-mm Light Field Guns, an indigenous weapon system. 

    The parade will be heralded by 300 cultural artists playing ‘Sare Jahan Se Achha’ with musical instruments of different parts of the country. This indigenous mix of instruments would resonate with the melody, beat and hopes of a billion Indians hearts. The ensemble of instruments includes Shehnai, Sundari, Nadaswaram, Been, Mashak Been, Ransingha – Rajasthan, Flute, Karadi Majalu, Mohuri, Sankha, Tutari, Dhol, Gong, Nishan, Chang, Tasha, Sambal, Chenda, Idakka, Lezim, Thavil, Gudum Baza, Talam and Monbah.

    Showering of flower petals will be carried out by Mi-17 1V helicopters from 129 Helicopter Unit in the Dhwaj Formation. Trooping the National Flag, this formation of helicopters will be led by Group Captain Alok Ahlawat.

    The parade will then begin with the President taking the salute. The parade will be commanded by Parade Commander Lieutenant General Bhavnish Kumar, General Officer Commanding, Delhi Area, a second-generation officer. Major General Sumit Mehta, Chief of Staff, HQ Delhi Area will be the Parade Second-in-Command.

    The proud winners of the highest gallantry awards will follow. They include Param Vir Chakra winners Subedar Major (Honorary Captain) Yogendra Singh Yadav (Retd) & Subedar Major Sanjay Kumar (Retd), and Ashok Chakra winner Lt Col Jas Ram Singh (Retd). The Param Vir Chakra is awarded for the most conspicuous act of bravery and self-sacrifice in the face of the enemy, while the Ashok Chakra is awarded for similar acts of valour and self-sacrifice but, other than, in the face of the enemy.

     

    Indonesian Contingent

    Kartavya Path will be witness to a march past by the Marching Contingent of Indonesian National Armed Forces and Military Band of Indonesia’s Military Academy. The marching contingent will consist of 152 members, with 190 members in the military band.

     

    Indian Army Contingent

    The first Army contingent leading the Mounted Column will be of 61 Cavalry, led by Lt Ahaan Kumar. Raised in 1953, the 61 Cavalry is the only serving active Horsed Cavalry Regiment in the world, with the amalgamation of all the ‘State Horsed Cavalry Units’. It will be followed by nine Mechanised Columns and nine marching contingents.

    Tank T-90 (Bhishma); NAG Missile System along with BMP-2 Sarath; BrahMos; Pinaka Multi-launcher Rocket System, Agnibaan Multi-barrel Rocket Launcher; Akash Weapon System; Integrated Battlefield Surveillance System; All-Terrain Vehicle (Chetak), Light Specialist Vehicle (Bajrang), Vehicle Mounted Infantry Mortar System (Airawat), Quick Reaction Force Vehicles (Nandighosh & Tripurantak) and Short-Span Bridging System will also be on display at the Kartavya Path.

    Marching down the Kartavya Path will be the contingents of Brigade of the Guards, The Jat Regiment, The Garhwal Rifles, The Mahar Regiment, The Jammu & Kashmir Rifles Regiment, the Corps of Signals, among others.

     

    Tri-Services Tableau

    For the first time, a Tri-services tableau will roll down on Kartavya Path, displaying the spirit of jointness and integration. With the theme ‘Shashakt aur Surakshit Bharat’, the tableau will depict a Joint Operations Room facilitating networking and communication among the  three Services. It would display a battlefield scenario demonstrating a synchronised operation in land, water and air with the indigenous Arjun Main Battle Tank, Tejas MKII fighter aircraft, Advanced Light Helicopter, destroyer INS Visakhapatnam & a Remotely Piloted Aircraft, reflecting the Tri-services synergy in multi-domain operations. These platforms exemplify the vision to achieve ‘Aatmanirbharta’ in defence.

     

    Veterans’ Tableau

    Another highlight would be the Veterans’ Tableau on the theme ‘Viksit Bharat ki Ore Sadaiv Agrasar’, a heartfelt tribute to the unwavering spirit of our veterans, who are the symbols of discipline, resilience, and unyielding dedication.

    Adding to the display of honor will be the esteemed veterans who have brought glory to India in sports. Among them are Padma Shri awardees Subedar Murlikant Petkar, whose story inspired the Bollywood film Chandu Champion, and Honorary Captain Jitu Rai. Arjuna and Khel Ratna awardees Colonel Balbir Singh Kular, Captain (IN) Homi Motivala, Master Chief Petty Officer Tajinder Toor, Master Warrant Officer Ram Mehar Singh, and Wing Commander Gurmeet Sandhu will also be present.

    Representing Nari Shakti will be veteran women officers from all three services – Lieutenant Colonel Ravinderjeet Randhawa, Lieutenant Commander Mani Agarwal, and Flight Lieutenant Ruchi Saha, showcasing the pivotal role of women in shaping our armed forces.

     

    Indian Navy Contingent

    The Indian Navy contingent will consist of 144 personnel, led by Lt Cdr Sahil Ahluwalia as Contingent Commander and Lt Cdr Indresh Choudhary, Lt Cdr Kajal Anil Bharani & Lt Devender as Platoon Commanders. It will be followed by the Naval Tableau, depicting a strong ‘Aatmanirbhar’ Navy capable of protecting India’s maritime interests.

    The tableau showcases the newly-commissioned indigenous frontline state-of-the-art combatants including the Destroyer INS Surat, Frigate INS Nilgiri and Submarine INS Vaghsheer, highlighting India’s rapid progress in indigenous warship design and construction and reinforcing Indian Navy’s commitment to build a robust and self-sufficient defence eco system.

     

    Indian Air Force Contingent

    The Indian Air Force contingent will comprise four officers and 144 personnel, led by Sqn Ldr Mahender Singh Garati, with Flt Lt Nepo Moirangthem, Flt Lt Damini Deshmukh & Fg Offr Abhinav Gorsi being supernumerary officers. It will be followed by a fly-past by three MiG-29 aircraft in ‘Baaz Formation’.

     

    Indian Coast Guard

    The Indian Coast Guard (ICG) contingent will be led by Deputy Commandant Navita Thakran followed by three officers of the guard – Deputy Commandant Sumit Kumar, Deputy Commandant Pankaj Saini and Assistant Commandant Priya Balurkar.

    It will be followed by a tableau of ICG focussing on coastal security and maritime search and rescue. The theme is ‘Swarnim Bharat: Heritage and Progress’.

     

    DRDO Tableau & Equipment

    DRDO will display some path-breaking innovations for national security during the parade. The DRDO Tableau, with the theme ‘Raksha Kavach – Multi-layer Protection against Multi-domain Threats’ will feature Quick Reaction Surface-to-Air Missile; Airborne Early Warning & Control System; 155 mm/52 Cal Advanced Towed Artillery Gun System; Drone Detect, Deter & Destroy; Satellite-Based Surveillance System; Medium Power Radar – Arudhra; Advanced Light Weight Torpedo; Electronic Warfare System – Dharashakti; Laser-Based Directed Energy Weapon; Very Short Range Air Defence System; Indigenous Unmanned Aerial System; V/UHF Manpack Software Defined Radio for Land Forces; Indigenous Secure Satellite Phone and UGRAM Assault Rifle.

    Apart from this, DRDO’s major landmarks of 2024 will also be showcased in the tableau posters namely Long Range Hypersonic Anti-Ship Missile; Light Weight Bullet Proof Jacket ‘ABHED’; Divyastra – Multiple Independently Targetable Re-entry Vehicle; ‘Zorawar’ Light Tank and the Dornier Mid-Life Upgrade with radar, Electronic Warfare System, Software Defined Radio etc.

     

    Contingents of paramilitary & other auxiliary civil forces

    Among the contingents marching down the Kartavya Path will be a 148-member all-women marching contingent of Central Reserve Police Force, led by Assistant Commandant Aishwarya Joy M. The marching contingent of Railway Protection Force will be led by Divisional Security Commissioner Aditya.

    The Assam Rifles contingent will be led by Captain Karanveer Singh Kumbhavat of 29 Assam Rifles. It will comprise soldiers recruited from all over the country.

    The Delhi Police marching contingent will be led by Additional Deputy Commissioner of Police Rishi Kumar Singh. The Delhi Police all-women band will be participating for the second time, led by Band Master Ruyangunuo Kense.

    The Camel contingent of Border Security Force will be under the command of Deputy Commandant Manohar Singh Kheechee.

    The all-girls marching contingent of NCC – SW (Girls) – will be led by Senior Under Officer Ekta Kumari of Jammu Kashmir & Ladakh Directorate. The all-boys marching contingent – SD (Boys) – will be led by Senior Under Officer Prasad Prakash Waikul of Maharashtra Directorate. The National Service Scheme (NSS) marching contingent of 148 volunteers will be led by Mr Deepak from Punjab.

     

    Tableaux

    Tableaux from 16 State Government/Union Territories and 10 Ministries/Departments of the Central Government highlighting ‘Swarnim Bharat: Virasat aur Vikas’, will participate in the parade this year. These tableaux would showcase India’s diverse strengths and its constantly-evolving cultural inclusiveness marching into a glorious future. The details of the participating tableaux of States/UTs are as follows:

    States/UTs

    Cultural Heritage of Goa

    Uttarakhand

     

    Uttarakhand: Cultural Heritage and Adventure Sports

    Haryana

     

    Showcasing Bhagwad Gita

    Jharkhand

     

    Swarnim Jharkhand: A Legacy of Heritage and Progress

    Swarnim Bharat: Virasat Aur Vikas

    Andhra Pradesh
     

    Etikoppaka Bommalu- Eco-Friendly Wooden Toys

    Punjab as the land of knowledge and wisdom

    Uttar Pradesh

    Mahakumbh 2025 – Swarnim Bharat Virasat aur Vikas

    Swarnim Bharat: Virasat Aur Vikas (Nalanda Vishwavidyalya)

    Madhya Pradesh
     

    Madhya Pradesh’s Glory: Kuno National park- The land of CHeetahs

    Tripura

     

    Eternal Reverence: The worship of 14 Deities in Tripura – Kharchi Puja

    Karnataka

     

    Lakkundi: Cradle of Stone craft

    West Bengal

    The ‘Lakshmir Bhandar’ & ‘Lok Prasar Prakalpa’ – Empowering Lives and Fostering Self-Reliance in Bengal

    Chandigarh

    Chandigarh: A Harmonious Blend of Heritage, Innovation and Sustainability

    Quality Education

    Dadra Nagar Haveli and Daman and Diu

    Daman Aviary Bird Park along with Kukri Memorial- a tribute to the valiant sailors of the Indian Navy

    The details of tableaux of Ministries/Departments are as follows:

    Departments/Ministries

    Department of Social Justice and Empowerment

    The Constitution of India, a cornerstone of our Virasat (Heritage), Vikas and Path-Pradarshak

    Ministry of Tribal Affairs

    Janjatiya Gaurav Varsh

    Ministry of Women & Child Development

    Multifaceted journey of women and children nurtured under the Ministry’s comprehensive schemes

    Ministry of New & Renewable Energy

    Swarnim Bharat: Heritage and Development

    Ministry of Rural Development

    Lakhpati Didi

    Department of Financial Services

    India’s remarkable journey in financial evolution

    Ministry of Earth Sciences (IMD)

    Modern Science forecasting extreme weather conditioning- saving lives and livelihood

    Department of Animal Husbandry and Dairying

    Golden India Heritage and Development Honouring India’s Indigenous Bovine Breeds as Icons of Sustainable Rural Growth

    Ministry of Culture

    Swarnim Bharat: Heritage and Development

    75 Years of Constitution of India through flower tableau

             

    Cultural Performance

    This year, 5,000 artists in a title of ‘Jayati Jaya Mamaḧ Bharatam’ will perform over 45 dance forms from different part of the country in a 11-minute cultural performance. For the first time, the performance will cover the entire Kartavya Path – from Vijay Chowk to C hexagon – to ensure that all guests get the same viewing experience.

     

    Motorcycle Display

    The Corps of Signals Motorcycle Rider Display Team, famously known as ‘The Dare Devils’, will carry out breath-taking stunts during the motorcycle display. The team will showcase their bravery and determination through a number of formations, including Bullet Salute, Tank Top, Double Jimmy, Devils Down, Ladder Salute, Shatrujeet, Shraddhanjali, Mercury Peak, Info Warriors, Lotus and Human Pyramid.

     

    Fly-past

    One of the most eagerly-awaited events of the parade, the ‘Fly-past’ will witness a breath-taking air show by 40 aircraft/helicopters – 22 fighter jets, 11 transport aircraft and seven helicopters – of IAF. These include Rafale, Su-30, Jaguar, C-130, C-295, C-17, AWACS, Dornier-228 & An-32 aircraft and Apache & Mi-17 helicopters. They will display a variety of formations including Dhwaj, Ajay, Satluj, Rakshak, Arjan, Netra, Bheem, Amrit, Vajrang, Trishul and Vijay. The concluding Vertical Charlie maneuver will be performed by a Rafale fighter aircraft.

    The ceremony will culminate with the national anthem and the release of balloons carrying banners with the official logo depicting 75 years of enactment of the Constitution in both English and Hindi.

    A number of unique activities have been carried out as part of the celebrations. These include:

     

    Rashtraparv Portal & Mobile App

    ‘Rashtraparv Portal’ portal and mobile App (Apple play and Msewa) have been launched to facilitate access to information related to national events such as Republic Day, Beating Retreat Ceremony, Independence Day; live streaming, purchase of tickets, provide information related to seating arrangements & route-maps of events etc.

     

    Ease of Access

     

    • Metro Services: Free Metro ride will be provided to Invitees/Ticket holders of RDP-2025 at entry point of the Metro Stations across Delhi. Delhi Metro operations will begin at 4:00 AM on January 26, 2025 across Delhi. Parking spaces of Delhi Metro in Across Delhi will be opened on chargeable basis at regular rates.
    • Park and Ride Scheme: Park and Ride Scheme will be available. Under this scheme, invitees will park their vehicle at Palika Parking, Connaught Place and Jawaharlal Nehru Stadium’s parking area (Gate -14 & 15). From there, they can avail the ferry services (pick and drop) through the hired DTC buses. The ferry services will start at 6:00 AM and stop at 8:30 AM.
    • All enclosures are accessible and Divyang friendly with ramp facility. There will also be youth volunteers from NCC with wheelchairs for assistance.
    • Although the list of prohibited items are communicated well in advance, a cloak room facility will also be available.

     

    Special Guests

    Approximately 10,000 Special Guests in 34 categories, including the Sarpanches from villages excelling in key government schemes, have been invited as Special Guests to witness the parade this year. Details are as follows:

     

    S No

    Category

    No of Guests

    1.  

    Sarpanches

    500

    1.  

    Sarpanches from top performing village

    200

    1.  

    Disaster Relief Workers

    300

    1.  

    Guests from Vibrant Villages

    300

    1.  

    Best performing Water Warriors

    400

    1.  

    Primary Agriculture Credit (PAC) Societies

    200

    1.  

    Pani Samitee

    400

    1.  

    Community Resource Person (Krishi Sakhi, Udhyog Sakhi etc.)

    400

     

    1.  

    SHG members

    200

    1.  

    Trainees of DGT got training under National Skill Development Corporation

    200

    1.  

    PM YASASVI Scheme

    400

    1.  

    Forest & Wildlife conservation volunteers/workers

    200

    1.  

    Handloom Artisans

    200

    1.  

    Handicraft Artisans

    200

    1.  

    Special Achievers and Tribal beneficiaries of various schemes

    500

     

    1.  

    ASHA (Accredited Social Health Activist)

    500

    1.  

    Mann Ki Baat Participants

    400

    1.  

    My Bharat Volunteers

    400

    1.  

    Paralympic Contingent & winners of International Sports events

    200

    1.  

    Agriculture Infrastructure Fund scheme, Farmers Producing Organisation, Padma Awardee Farmers, PMKISAN, PMFBY, PMKSY

    800

    1.  

    PM Surya Ghar Yojna

    400

    1.  

    Renewable Energy workers

    200

    1.  

    Beneficiaries of PM KUSUM scheme

    200

    1.  

    Anganwadi Workers

    400

     
    1.  

    Road Construction Workers

    300

    1.  

    Best Start-Ups

    100

    1.  

    Best Patent Holders

    100

    1.  

    PM-VISHWAKARMA yojana Beneficiaries

    200

    1.  

    PM Matasya Sampada Yojana Beneficiaries

    200

    1.  

    Rashtriya Gokul Mission beneficiaries

    200

    1.  

    Guests from North Eastern States

    200

    1.  

    Foreign Cadets of Youth Exchange Programme/NCC

    250

     
    1.  

    Finalist of the National School Band Competition

    600

     
    1.  

    Winners of Veer Gatha 4.0

    100

     

     

    Beating Retreat Ceremony

    RDC comes to a close with the ‘Beating Retreat Ceremony’, which is held every year on the 29th January at Vijay Chowk. It marks a centuries old military tradition, when the troops ceased fighting, sheathed their arms, withdrew from the battlefield and returned to the camps at sunset at the sounding of the Retreat. Colours and Standards are cased and flags lowered. During the Beating Retreat Ceremony 2025, only Indian Tunes will be played by all the participating bands.

     

    Bharat Parv

    ‘Bharat Parv’ will be organised at the Red Fort, Delhi from January 26-31, 2025 by the Ministry of Tourism. It will showcase Republic Day Tableaux, performances by the Military Bands (Static), cultural performances, Food Courts serving pan India cuisines and Crafts Bazaar.

     

    PM’s NCC Rally

    PM’s NCC rally, with the theme of ‘Yuva Shakti-Viksit Bharat’ is scheduled to be organised at Cariappa Parade Ground, Delhi Cantt. on January 27, 2025. During the event, Prime Minister Shri Narendra Modi will review the multifarious activities of the NCC.

    ****

    VK/SR/Savvy/KB

    (Release ID: 2096097) Visitor Counter : 47

    MIL OSI Asia Pacific News

  • MIL-OSI USA: NASA Invites Media to Expedition 71 Crew Visit at Marshall

    Source: NASA

    NASA will host four astronauts at 9 a.m. CDT Wednesday, Jan. 29, for a media opportunity at the agency’s Marshall Space Flight Center in Huntsville, Alabama.
    NASA astronauts Matt Dominick, Mike Barratt, Jeanette Epps, and Tracy C. Dyson served as part of Expedition 71 and will discuss their recent missions to the International Space Station.
    Dominick, Barratt, and Epps launched aboard NASA’s SpaceX Crew-8 mission in March 2024 and returned to Earth in October 2024 after spending nearly eight months aboard the orbiting complex. Dyson launched aboard a Roscosmos Soyuz spacecraft also in March 2024 and returned in September 2024 after completing a six-month research mission aboard the space station.
    Media are invited to attend the event and visit with the astronauts as they discuss their science missions aboard the microgravity laboratory and other mission highlights. Media interested in participating must confirm their attendance by 12 p.m., Monday, Jan. 27, to both Lance D. Davis – lance.d.davis@nasa.gov – and Joel Wallace – joel.w.wallace@nasa.gov –  in Marshall’s Office of Communications. 
    Media must arrive by 8 a.m., Wednesday, to the Redstone Arsenal Joint Visitor Control Center Gate 9 parking lot, located at the Interstate 565 interchange on Research Park Boulevard. The event will take place in the NASA Marshall Activities Building 4316. Vehicles are subject to a security search at the gate, so please allow extra time. All members of the media and drivers will need photo identification. Drivers will need proof of insurance if requested.
    The Expedition 71 crew conducted hundreds of technology demonstrations and science experiments, including the bioprinting of human tissues. These higher-quality tissues printed in microgravity could help advance the production of organs and tissues for transplant and improve 3D printing of foods and medicines on future long-duration space missions. The crew also looked at  neurological organoids, created with stem cells from patients to study neuroinflammation, a common feature of neurodegenerative conditions such as Parkinson’s disease. The organoids provided a platform to study these diseases and their treatments and could help address how extended spaceflight affects the brain.
    As part of Crew-8, Dominick served as commander, Barratt served as pilot, and Epps served as a mission specialist. Dyson launched aboard a Soyuz space as part of an international crew and served as a flight engineer on a six-month research mission. The expedition to the space station was the first spaceflight for Dominick, third for Barratt, first for Epps, and third for Dyson.
    The International Space Station is a convergence of science, technology, and human innovation that enables research not possible on Earth. For more than 24 years, NASA has supported a continuous human presence aboard the orbiting laboratory, through which astronauts have learned to live and work in space for extended periods of time. The space station is a springboard for developing a low Earth economy and NASA’s next great leaps in exploration, including missions to the Moon under Artemis and, ultimately, human 
    Learn more about the International Space Station, its research, and its crew, at:
    https://www.nasa.gov/station
    Lance D. DavisMarshall Space Flight Center, Huntsville, Ala.256-640-9065lance.d.davis@nasa.gov
    Joel WallaceMarshall Space Flight Center, Huntsville, Ala.256-786-0117joel.w.wallace@nasa.gov

    MIL OSI USA News

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

    Source: Government of India

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

    My Dear Fellow Citizens,

    Namaskar!

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

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

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

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

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

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

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

    Dear Fellow Citizens,

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

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

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

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

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

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

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

    Dear Fellow Citizens,

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

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

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

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

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

    Dear Fellow Citizens,

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

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

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

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

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

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

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

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

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

    Dear Fellow Citizens,

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

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

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

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

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

    Dear Fellow Citizens,

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

    Thank you.

    Jai Hind!

    Jai Bharat!

    ***

    MJPS/SR/SKS

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  • MIL-OSI USA: Working together for fire survivors, Governor Newsom welcomes President Trump to Los Angeles

    Source: US State of California 2

    Jan 24, 2025

    What you need to know: Governor Newsom welcomed President Trump to Los Angeles and pledged to work together to support survivors and secure federal assistance. 

    LOS ANGELES – Today, Governor Gavin Newsom met with President Trump on the tarmac at Los Angeles International Airport. The President is in Los Angeles to survey areas destroyed by firestorms earlier this month. 

    Next to Air Force One, the Governor welcomed the President to California and emphasized areas of collaboration and coordination with the federal government. Governor Newsom urged President Trump to support Los Angeles recovery and rebuilding efforts. 

    We welcome President Trump to California with an open hand. Just as President Trump supported California during the pandemic, we will work together again for firestorm survivors and communities across Los Angeles who deserve all the help they can get from federal, state and local governments. 

    While we work on recovery, we’re also deploying crews across the region to protect against potential mudslides from the rains expected this weekend. We’re not out of the woods but the people of Los Angeles should know we’re not leaving your side.

    Governor Gavin Newsom

    Yesterday, Governor Newsom was joined by legislative and local leaders as he signed a $2.5 billion disaster relief package for Los Angeles. Already, nearly $118 million of this funding has gone out the door to augment state agencies and departments supporting response and recovery efforts.

    Deploying crews to protect communities from potential mudslides

    The state began prepositioning flood resources and conducting educational outreach to local communities earlier this week. DWR has 10 flood fight material stockpiles located in Southern California with materials at the ready to deploy 5,650 super sacks, 271,000 burlap sandbags, 777 plastic sheeting rolls, 17,790 wood stakes, among other items.

    More than 400 members from the California Conservation Corps will be working on watershed protection at firestorm burn scar areas to place silt fencing, straw wattles, and compost socks to act as physical barriers to filter contaminants found in rainwater runoff. In addition, over 80 California National Guard service members from the 649th Engineering Company are working 24-hour operations at the Sierra Madre Villa debris basin to protect communities from potential mudslides. They are directly supporting LA County Department of Public Works and DWR.

    Supporting recovery, protecting survivors

    Governor Newsom has issued a number of executive orders in response to the Los Angeles firestorms to help aid in rebuilding and recovery, create more temporary housing, and protect survivors from exploitation and price gouging:

    • Providing tax relief to those impacted by the fires. California postponed the individual tax filing deadline to October 15 for Los Angeles County taxpayers. Additionally, the state extended the January 31, 2025, sales and use tax filing deadline for Los Angeles County taxpayers until April 30 — providing critical tax relief for businesses. Governor Newsom suspended penalties and interest on late property tax payments for a year, effectively extending the state property tax deadline.
    • Rebuilding Los Angeles faster and stronger. Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act.
    • Fast-tracking temporary housing and protecting tenants and homeowners. To help provide necessary shelter for those immediately impacted by the firestorms, the Governor issued an executive order to make it easier to streamline construction of accessory dwelling units, allow for more temporary trailers and other housing, and suspend fees for mobile home parks. Governor Newsom also issued an executive order that prohibits landlords in Los Angeles County from evicting tenants for sharing their rental with survivors displaced by the Los Angeles-area firestorms. For homeowners, California has worked with five major lenders, as well as 270 financial institutions, to provide mortgage relief to their customers.
    • Mobilizing debris removal and cleanup. With an eye toward recovery, the Governor directed fast action on debris removal work and mitigating the potential for mudslides and flooding in areas burned. He also signed an executive order to allow expert federal hazmat crews to start cleaning up properties as a key step in getting people back to their properties safely. The Governor also issued an executive order to help mitigate risk of mudslides and flooding and protect communities by hastening efforts to remove debris, bolster flood defenses, and stabilize hillsides in affected areas. 
    • Safeguarding survivors from price gouging. Governor Newsom expanded restrictions to protect survivors from illegal price hikes on rent, hotel and motel costs, and building materials or construction. Report violations to the Office of the Attorney General here.
    • Directing immediate state relief. The Governor signed legislation providing over $2.5 billion to immediately support ongoing emergency response efforts and to jumpstart recovery efforts for Los Angeles. California quickly launched CA.gov/LAfires as a single hub of information and resources to support those impacted and bolsters in-person Disaster Recovery Centers.  
    • Getting kids back in the classroom. Governor Newsom signed an executive order to quickly assist displaced students in the Los Angeles area and bolster schools affected by the firestorms.
    • Protecting victims from real estate speculators. The Governor issued an executive order to protect firestorm victims from predatory land speculators making aggressive and unsolicited cash offers to purchase their property.

    Get help today

    Californians can go to CA.gov/LAfires – a hub for information and resources from state, local and federal government.  

    Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:

    • Online at DisasterAssistance.gov
    • By calling 800-621-3362
    • By using the FEMA smart phone application
    • Assistance is available in over 40 languages
    • If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.

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  • MIL-OSI Asia-Pac: Lok Sabha Speaker greets the nation on the eve of 76th Republic Day of India

    Source: Government of India

    Posted On: 25 JAN 2025 8:29PM by PIB Delhi

    Lok Sabha Speaker Shri Om Birla has greeted the nation on the eve of 76th Republic Day of India.

    In his message, Shri Birla has said,

    “Many congratulations and best wishes to all of you on the 76th Republic Day of India.

    The modern Republic of India has completed a glorious journey of 75 years. In these years, our Republic has become stronger and more prosperous. The country has touched many dimensions of progress. From agriculture to sports; from land to space – India has achieved many glorious achievements.

    In these 75 years, with the collective efforts of all, India has moved forward in the direction of self-reliance. Our youth have taken the country forward on the strength of new thinking and innovation. From education to defence and from sports to space, women are progressing rapidly in every field. Our farmers, labourers, MSME sector, small and big businessmen, every person is becoming a partner in the progress of the country. As a result of these collective efforts, India has become the 5th largest economy inworld and is soon going to achieve the third position.

    Every citizen of the country should take a pledge today that we will increase our participation in the democratic process. We will strengthen our ideals of freedom, equality, justice and fraternity so that our Republic prospers even more. On this day, let us also remember those great personalities who played a role in achieving independence of the country and contributed tirelessly in the making of the Constitution. With this message, many best wishes to you once again on Republic Day.

    Jai Hind.”

    ***

    AM

     

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    MIL OSI Asia Pacific News

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

    ****

    Raj Kumar / Vivek Vaibhav / Priyabhanshu / Pankaj

    (Release ID: 2096281) Visitor Counter : 52

    Read this release in: Hindi

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    MG/KSR 

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Ministry of Tourism, Government of India participates in World Travel Market (WTM), London 5-7 November 2024

    Source: Government of India (2)

    Posted On: 04 NOV 2024 3:01PM by PIB Delhi

    The Ministry of Tourism, Government of India, is participating at World Travel Market (WTM) London, being held from 5th – 7th November, 2024 at Excel London. United Kingdom is the second largest source market for inbound tourists to India. With a strong diaspora population of almost 1.9 million, United Kingdom has one of the biggest Indian diaspora. Ministry is participating at WTM with a delegation of almost 50 stakeholders including State Governments, inbound tour operators, airlines, hoteliers from the Indian travel industry to showcase India’s vibrant cultural diversity and the vast range of tourism products and immersive experiences. This initiative aligns with India’s strategic goal to enhance inbound tourism and position the country as a premier global travel destination.

    The India Pavilion at WTM 2024 showcases the India’s rich kaleidoscope of cultures, languages, and traditions, each contributing not only to its rich tourism landscape but also the gamut of niche tourism experiences such as spiritual & wellness, wedding, adventure, ecotourism and gourmet. The focus of this year`s India pavilion is Wedding Tourism, MICE and Mahakumbh. A special mock Mandapam in the Pavilion has been created to give the look and feel of an Indian wedding.

    Besides Ministry of Tourism, Government of India, several other stakeholders including State Tourism Departments, tour operators, airlines, PSUs etc is participating in the India Pavilion at WTM.  The co-participants include State Tourism Departments from Uttarakhand, Jammu& Kashmir, Puducherry, Dadra & Nagar Haveli and Daman & Diu, tour operators / Destination Management Companies, airline, resorts and IRCTC.  Other State Tourism Departments of Goa, Odisha, Kerala, Tamil Nadu, Telangana, Karnataka, Rajasthan, Uttar Pradesh and Madhya Pradesh are also participating to showcase their unique tourism experiences and connect with potential clients and partners. The India pavilion was jointly inaugurated by the High Commissioner of India, Shri Vikram Doraiswami and Director General, Ministry of Tourism, Government of India, Ms Mugdha Sinha in the presence of Smt Parvati Parida, Deputy Chief Minister of Odisha, Shri Juapally Rao, Tourism Minister of Telengana and Tourism Ministers from other States.

    A total number of 9.5 million foreign tourists visited India during 2023 out of which 0.92 million visits were from UK, making it the third largest source market for inbound tourists to India.  The Chalo India initiative was launched by the Hon`ble Prime Minister of India to engage the Indian diaspora for promoting India to their non-Indian friends. As part of this initiative, the Indian diaspora will invite their non-Indian friends to explore the grandeur of Incredible India. The Ministry of Tourism has developed the Chalo India portal where the diaspora can register and refer their non Indian friends to visit India. Gratis e tourist visa to the visiting foreign guests is also been given as an incentive under the program. Through this initiative, the Indian diaspora will play a vital role in promoting the country as a premier global tourist destination, showcasing its rich heritage and diverse culture to the world. In order to populate this initiative on a larger scale, and in view of UK having the 2nd largest Indian diaspora community, Ministry is kicking off the program under Chalo India initiative from London.

    Among its other initiatives, Ministry of Tourism has recently launched the ‘Incredible India Content Hub and Digital Portal’ on the revamped Incredible India digital portal on the World Tourism Day, 27th September 2024.  The Incredible India Content Hub is a comprehensive digital repository for the use of diverse range of stakeholders including government officials, ambassadors, tour operators, journalists, students, researchers, film makers, authors and content creators. The Incredible India Digital Portal is a tourist-centric one stop digital solution designed to enhance the travel experience for visitors to India.

    India remains the world’s fastest growing major economy and is committed to ensure that its continued growth path is equipped to deal with the challenges of climate change, its goal of achieving net-zero emission by 2070 etc. The G20 leadership year has showcased the diversity and capacity of the tourism potential of India to the world. The improvement in tourism infrastructure such as hospitality network, aviation India is poised for a leap in tourism. At the same time India is committed to the G20 Goa Roadmap for developing sustainable and nature positive, pro planet and green tourism destinations.

    *****

    Sunil Kumar Tiwari/

    (Release ID: 2070571) Visitor Counter : 40

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Text of Vice-President’s address at 70th Annual Meeting of the General Body of Indian Institute of Public Administration (IIPA) in New Delhi

    Source: Government of India

    Very good morning to all of you.

    Distinguished members of the Executive Council, esteemed faculty, dedicated officers, and valued members of the IIPA, the 70th year is special and is special for an institution.

    It is both a moment of celebration, introspection, and reflection. Celebration because it is a significant milestone in the journey towards serving the country that is home to one-sixth of humanity. Introspection and reflection so as to move ahead with greater vigour and dedication, aligning with the emerging aspirations of Bharat.

    Over the last decade, spurred by a series of people-centric policies and initiatives, there has been in place a mood of hope and possibility, high expectancy, and aspirations. Institutions such as the IIPA, with a rich canvas of experienced human resource have to be in a high state of proactive role. Undoubtedly, IIPA has advanced governance, domestically and championed international cooperation and knowledge exchange.

    This institution has enriched the discourse around public administration, ensuring that our civil servants are equipped with a broad, forward-looking outlook that encompasses both national and international best practices. As indicated on earlier occasions by me from this platform, IIPA must deliberate the purpose of its coming into being, the goal, the achievements thus far, and how to optimise its performance and relevance in the journey ahead.

    A fundamental premise of the IIPA was that Indian public administration should have Indian characteristics distanced from colonial mindset, aligning with our aspirations post-independence. This is a time to take a stock of the progress on this anvil. We are indeed proud when we look at the overall trajectory, more so in the last decade. We are now defying the earlier defied colonial ideas and symbols. Kingsway has transformed itself to now Kartavya Path and Racecourse is Lok Kalyan Marg.

    Netaji Bose stands in the canopy where once King George’s statue was there. The ensign of the Indian Navy was changed to include our tricolour and we now have 1500 colonial era statutes that are not on the book anymore.

    The new criminal laws, Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhitaand Bharatiya Sakshya Adhiniyam have unshackled Indian criminal justice system from colonial legacy. It is a monumental and revolutionary change and now Dand Vidhan has become Nyaya Sanhita, Nyaya Vidhan, effecting improvements to protect victims’ interests, carry out prosecution efficiently and amongst many other much needed wholesome changes.

    Friends, Bharat is quickly jettisoning the colonial mindset, now we do not need English to learn medicine or technology. The question that we all must think is this is public administration marching in the right direction.

    On the 75th anniversary our Prime Minister reminded us that we need to build an India free of colonial mindset. On this momentous occasion in our post-independence journey the Prime Minister gave ‘Panch Pran’ or five resolves. These are worth taking by one and all as they need action at the level of one and all.

    One, a resolve of developed India, there can be no difference on this.  Removing any trace of the colonial mindset, taking pride in our legacy, our strength of unity and lastly fulfilling the duties of citizen with honesty.

    Our public administration would be out of sync with national good and spirit if it does not imbibe these values. People in public administration should be invariably committed to the values of nationalism, the idea of a developed and united India and to serving all Indian citizens without fear or favour.

    It is IIPA’s responsibility to infuse these values in the steel frame of Bharat. Distinguished audience, IIPA can massively contribute in fructifying these goals. IIIPA is immediately befitting platform for ideation and innovation when it comes to policy evolution and implementation.

    The democratic fabric of this country is amply reflected in the preamble of the Indian constitution, its fundamental rights in part three and fundamental duties in part four, capital A of the constitution. Rights blossom with a proactive public administration, visionary policies and expressions must be transformed into reality ensuring people aware in fullness their rights. This is ongoing process, it needs to fast track, ensuring rights is much beyond just having an intent about it. It is a matter of capabilities and competence. The world is changing too fast. We have to keep pace with it and so must our public administration.

    Friends, as we stand at the significant juncture, public administration faces unprecedented challenges as also opportunities. The rapidly evolving digital landscape, the imperatives of climate change and ever-rising aspirations of our citizens demand impactful, transformative, effective governance approaches. In today’s context, digital transformation is not just an option, it is beyond necessity, it is beyond flight with us. It is absolute necessity.

    India’s success with digital public goods and platforms has been globally acknowledged by global institutions and the countries as a role model for the developing world. In this sphere, we have shown the world how technology can be leveraged for inclusive governance for 1.4 billion people, even in the remotest corner. Through our India is Tech programme, we are setting a template for the global South to emulate and implement technological solutions for governance.

    The world is fast adopting India model, seeking our assistance and giving India a soft diplomacy cutting edge. IIPA must continue to play a pivotal role in preparing civil servants and public administrators for this fast changing digital age. Our training programmes and research initiatives are required to focus on emerging technologies like artificial intelligence, blockchain, data analytics, machine learning and the kind while ensuring their ethical and responsible implementation in public service delivery. The cornerstone of effective public administration is continuous learning and capacity building. IIPA has a great role to play on these aspects.

    Distinguished audience, however, while embracing technology, we must also ensure it does not create further divisions. Rapidly advancing technology can exclude the most vulnerable section of the society. Therefore, our approach should be inclusive, a hallmark of our 5,000 year old civilisational ethos and we need to be inspired as we are at the moment by Antyodaya ensuring that technological advancements reach all corners of our population.

    As we integrate technology, we must prioritise cyber security and data privacy. These are emerging areas of great concern for ordinary citizens. An environment of trust must be fostered where citizens feel that their information is secure and used responsibly by all institutions concerned.

    Distinguished audience, as we progress into a new era of governance, data must be at the forefront of our decision-making process. Evidence-based studies are essential to understand the impact of various welfare policies. Data is bedrock, fundamental premise of assessing needs of the society. It is data that dispels myth, makes us aware of the ground reality and therefore, it is quiescence to any governance at the heart of which is welfare of the people.

    Assessments based on empirical evidence will not only enhance the credibility of our institutions but also build public trust in governance. I emphasise this because in a country like ours, we may have to be empirical on occasions on account of mass data that has to be analysed. It will also give a befitting reply to those who are not ready to accept the phenomenal rise of Bharat and leave no effort to taint and tarnish our institutions.

    On various occasions, I have expressed my concern over emerging worrisomely alarming scenario where some within, some without are engaged in a structured manner with evil design that is inimical to Bharat’s interest to run down our institutions, taint them differently and make all efforts that our progress be not recognised but the country has moved forward with speed. As we discuss the transformative power of public administration, there has been recognition of the immense power of the half of humanity, our mothers and sisters. Women have demonstrated exemplary administrative acumen managing households with a high degree of efficiency, foresight and resilience. People present here particularly in the front row are aware how top positions that of the Chief Secretary and DGP and Secretaries in Government of Indian States are being occupied very ably by this gender.

    Friends, imagine the quantum leap our economy could take if women were equally represented, if their representation was uniform in all domains of public service, policy making. After nearly three decades of consistent and delayed efforts, the long-anticipated justice was finally delivered with the Parliament passing Women’s Reservation Bill, providing one-third reservation for women in state legislatures and Lok Sabha, a game changer. This will have geometric impact on our harmony, policy making, societal growth and overall development.

    This decision not only acknowledges the leadership potential of women but also fulfils a profound aspect of social justice. I strongly believe increasing participation of women in policy making will promote an empathetic and sensitive governance.

    Friends, India is a land of fairs and festivals with frequent religious congregations dotting our landscape over the year. These celebrations on occasions are overshadowed and marred by mishaps that are avoidable. I had reflected this on two earlier occasions also. IIPA has a huge role to play in this, sensitising district administration at the national level, all over the country, needs to pick up.

    Surely anticipatory steps can avoid most of these mishaps. Just imagine what a long way we have come when we look at the technological aspect of IMD. When we have natural disasters, cyclones of gravity, human lives are saved. Property destruction is also saved. In this backdrop there is no reason why when we have fairs and festivals and congregations all over the country, well in advance the information is known. A country that is known to the world to have organised Kumbh Mela without any problem.

    I am sure IIPA will take a step to ensure that district administration in the country is abling sensitise to have a calendar so that these events are well planned. Right from making amenities to the people who congregate and sensitise the administration that handles sometimes delicate situations same goes about dilapidated buildings, bridges. Surely IIPA can step in and sensitise on these and related aspects. I have only reflected illustratively, IIPA can get as exhaustive as possible.

    Democracy gets strengthened with people’s commitment to discipline and nationalistic thoughts going up. Democracy has to be nurtured, it has to blossom. Every citizen’s participation has to be there. That is reflected in PART IVA of the constitution, fundamental duties, we have to inculcate in by a spirit of nation first. Nation always first, nation above personal or other interest. Development has to be addressed in a bipartisan manner, development has to be away from routine aspects of politicking.

    Friends, with constant I need to indicate to you there are forces both in Bharat and abroad that want to impede Bharat from moving forward on the path of economic upsurge. An upsurge that is exponential, an upsurge that is unprecedented, an upsurge that is unrivalled amongst large economies, an upsurge the world is stunned with. The rise of Bharat as a favourite global destination of opportunity and investment in the accolades emanating from IMF and the world bank. Some people seek to impede these then our rise in strategic and diplomatic spheres where our voice is being heard at the moment as never before. When India is emerging through able leadership at global level as a centre that stands for dialogue and diplomacy.

    India that is credited in the world for bringing Global South on the central stage and getting inclusion of African Union in G20. When we find these forces, we have to get into a mode to be committed passionately with a mission to ensure that Bharat’s rejuvenation and resurgence is fast-tracked rather than impeded.

    In this also administration has to play a pivotal role and guidance must emanate from the IIPA. I emphasise this because our bureaucracy by its very nature has a potential to be transformative to any degree. They are role model in the district and elsewhere for the people at large.

    Particularly impressionable minds and therefore, if IIPA takes steps how these role models are more exposed to our impressionable minds in schools and colleges. How they inculcate a sense of discipline by impactful presence on the road. How they make our institutions effective by visiting a school or a primary health centre. These are aspects on which I am sure IIPA will look into.

    Distinguished audience, as we work towards the vision of a developed Bharat@2047 and that’s a challenge. We are proud of our accomplishments being placed at the moment as the fifth largest global economy on way to becoming third one. But there has to be eight-fold rise in our per capita income that is a challenge we have to meet and therefore, I would urge IIPA has already been aligning its programmes with national priorities.

    Its training programmes have evolved significantly incorporating modern pedagogical methods and practical case studies. The institute needs to further strengthen these initiatives to enhance problem-solving capacities among civil servants, promote evidence-based policy making and strengthen ethical leadership and governance. Our civilisation is synonymous with ethical standards. Ethics always has played a key role over thousands of years of existence of our civilisation, ethics binds us, ethical standards can never be compromised. But these have to be nurtured, these have to be nurtured constantly by ensuring that where temptation is too tempting, one would normally yield. The spinal strength has to emanate from the courses that have to be spread from institutions like IIPA.

    Friends, now entering eighth decade, the institution will surely focus more on emotional intelligence of the trainees. Developing soft skills, emotional intelligence and cultural competence among public officials is crucial so that officials can understand the struggles of the marginalised and the underprivileged, design and implement policies that truly address those challenges. I have had the occasion in my position to address probationers. The kind of satisfaction and happiness they will get to serve one-sixth of humanity in this position is not available elsewhere. That confidence has to be imparted by bodies like IIPA.

    Whatever you deliberate in the meeting today, I would appeal it should revolve around this central idea, effective and efficient public administration is the very basis of our development journey.

    Friends, we all in togetherness are vectors of development of the this Amrit Kaal. When I see talent before me, the people in the first row and subsequent rows, I feel humbled because I don’t have to speak to them what should be done. I have to learn from their experience what should be done and the organisation is indeed blessed to have such a reservoir of talent, of experience, exposure, commitment. I am sure it will optimally perform.

    I wish this meeting and the team here all the very best. I am confident that with your continued dedication IIPA will scale new heights of excellence in the years to come.

    Thank you. Jai Hind!

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India launches updated National Biodiversity Strategy and Action Plan (NBSAP) at COP 16 to the Convention on Biological Diversity (CBD), in Colombia

    Source: Government of India (2)

    India launches updated National Biodiversity Strategy and Action Plan (NBSAP) at COP 16 to the Convention on Biological Diversity (CBD), in Colombia

    India adopted ‘Whole-of-Government’ and ‘Whole-of-Society’ approach in updating its NBSAP, outlining strategies to address environmental challenges through ecosystem restoration, species recovery programmes, and community-driven conservation efforts: MoS Shri Kirti Vardhan Singh

    Posted On: 03 NOV 2024 9:19AM by PIB Delhi

    Union Minister of State for Environment, Forest and Climate Change, Shri Kirti Vardhan Singh, released India’s updated National Biodiversity Strategy and Action Plan (NBSAP), at the 16th meeting of the Conference of Parties (COP 16) to the Convention on Biological Diversity (CBD). The document was released during a special event called ‘Roadmap for achieving the Kunming-Montreal Global Biodiversity Framework (KMGBF) targets and release of India’s updated NBSAP’, on 30th October 2024, in Cali, Colombia.

    The event witnessed the distinguished presence of Mauricio Cabrera, Vice-Minister of Environment and Sustainable Development, Colombia; Ms. Kandya Obezo, Vice-Minister of Multilateral Affairs, Colombia; and Ms. Astrid Schomaker, Executive Secretary, CBD; Shri Tanmay Kumar, Special Secretary, Ministry of Environment, Forest and Climate Change, Government of India, and Shri C. Achalender Reddy, Chairman, National Biodiversity Authority.

    During the event, Shri Kirti Vardhan Singh stated that the updated NBSAP, aligned with the KMGBF, is a vital roadmap to address the strategies to halt and reverse biodiversity loss by 2030, with a longer-term vision of living in harmony with nature by 2050. He highlighted that India had adopted the ‘Whole-of-Government’ and ‘Whole-of-Society’ approach in updating its NBSAP. The Minister further highlighted that the updated NBSAP acknowledges environmental challenges and outlines strategies to address them through ecosystem restoration, species recovery programmes, and community-driven conservation efforts focusing on the restoration of degraded ecosystems, the protection of wetlands, and the sustainable management of marine and coastal areas.

    Special Secretary, MoEFCC, emphasized India’s governance framework for biodiversity conservation, exemplified by the Biological Diversity Act of 2002 and its amendments of 2023. This framework includes a three-tier institutional structure comprising the National Biodiversity Authority, State Biodiversity Boards, and local Biodiversity Management Committees, ensuring effective implementation at all levels. The MoEFCC serves as the central agency responsible for coordinating biodiversity conservation efforts across India. The NBSAP update was driven by an extensive consultative process, led by MoEFCC and involving 23 central Ministries, multiple Departments, State-level organizations, communities, and other stakeholders. The updated NBSAP aligns with the Kunming-Montreal Global Biodiversity Framework, setting 23 national biodiversity targets through an extensive consultative process involving diverse stakeholders.

    It was further informed that India’s updated National Biodiversity Strategy and Action Plan (NBSAP) had been prepared under the able and constant guidance of Shri Bhupender Yadav, Union Minister for Environment, Forest and Climate Change, and Ms. Leena Nandan, Secretary, MoEFCC. The updated NBSAP emphasizes the adoption of a transformative approach and focuses on an ecosystem-based management approach, a bottom-up approach for implementation, mainstreaming biodiversity, sectoral integration, and inter-agency cooperation. It also provides insight into the current status of biodiversity across India and trends therein, existing policy and institutional framework, biodiversity expenditure, and potential biodiversity finance solutions.

    Link to the Updated NBSAP:

    https://ort.cbd.int/nbsaps/my-country/8D6F8524-3F89-5B94-FC00-2927C0F47AF9/view#0.53/45.8/-124.4

     

    *****

    VM

    (Release ID: 2070401) Visitor Counter : 15

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Vigilance awareness week-2024 valedictory function held at RINL

    Source: Government of India (2)

    Posted On: 02 NOV 2024 6:50PM by PIB Delhi

    RINL Visakhapatnam Steel Plant held a grand valedictory function, marking the successful conclusion of the Vigilance Awareness Week (VAW-2024) as per the guidelines set forth by the Central Vigilance Commission (CVC) under the able leadership of Chief Vigilance Officer (CVO) Dr. S. Karuna Raju, IAS at the L&DC Auditorium of RINL, today.

    The ceremony commenced with a warm welcome extended to the esteemed guests, including the Chief Guest, Dr. Abraham Varughese, Director, NSTL Visakhapatnam, along with RINL Directors, CISF Commandant, and representatives from various associations, RINL employees, school children, and their parents.

    The Chief Guest, Dr. Abraham Varughese, Director NSTL, Visakhapatnam, along with Chief Vigilance Officer (CVO) Dr. S. Karuna Raju, IAS and RINL Directors inaugurated the celebrations by lighting the ceremonial lamp. Following this, students from Chinmaya Bal Vihar School presented a heartfelt prayer song, setting a reflective tone for the event.

     

    Messages from the President, Vice-President, Prime Minister, and the CVC were read aloud, reinforcing the importance of integrity in governance.

    In his address, Dr. S. Karuna Raju, Chief Vigilance Officer (CVO), RINL delivered an impactful speech emphasizing the critical need to foster a culture of integrity within government organizations. Dr. S Karuna Raju articulated the importance of commitment to integrity, stressing that transparency and accountability are essential for building public trust. He addressed the profound effects on organizations when integrity is compromised, highlighting the necessity for ethical behaviour among leaders and integrity in public procurement processes. Dr. S Karuna Raju, IAS declared anti-corruption a national imperative and urged everyone to be vigilant in every sphere of life.

    Addressing the senior officials of RINL, the Chief Guest Dr. Abraham Varughese, Director NSTL, highlighted on this year’s theme “Culture of Integrity for Nation’s Prosperity.” He emphasized the profound connection between integrity, personal ethics, and moral behaviour, illustrating how these elements contribute to effective governance and sustainable economic growth.

    Dr. Varughese affirmed that nurturing a culture of integrity is a shared responsibility. He expressed his belief that through such commitment, the nation can truly thrive and prosper. His speech resonated deeply with the audience, inspiring a renewed dedication to fostering integrity in all facets of public and private life.

    The Chief Guest Dr. Abraham Varughese was honoured at today’s VAW-2024 Valedictory Function by Dr. S. Karuna Raju, IAS, CVO RINL along with Sri Ch SRVGK Ganesh, Director (finance) and Sri GVN Prasad, Director (Commercial),

    The highlight of the function was the prize distribution ceremony, recognizing the winners of various competitions held during VAW-2024.

    The Prizes were awarded by the Chief Guest, CVO, RINL Directors celebrating the achievements of participants who showcased their understanding of vigilance and integrity.

     

    Earlier, through a power point presentation, the vigilance department provided an overview of various programs conducted during the three-month Vigilance awareness campaign aimed at promoting the theme, “Culture of Integrity for Nation’s Prosperity” which highlighted activities included sensitization programs, Gram Sabha, Road show, competitions for students, employees and their dependants, walkathon, social media outreach, and workshops focused on Dynamic digital presence. The initiatives were designed to build awareness and engage participants in discussions about integrity and anti-corruption.

     

    The vote of thanks was presented by Sri Dipankar Das, HOD of the Vigilance Department, RINL.

    The valedictory function not only marked the end of VAW-2024 but also served as a reaffirmation of RINL’s commitment to transparency and ethical governance, setting a precedent for future initiatives.

    *****

     

    MG/SK

    (Release ID: 2070355) Visitor Counter : 85

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Indian delegation at 352nd session of Governing Body of ILO Highlights India’s Positive Experience in Poverty Eradication, Employment and Social Protection

    Source: Government of India

    Posted On: 02 NOV 2024 11:33AM by PIB Delhi

    The 352nd Governing Body meeting of the International Labour Organisation (ILO) is being held at Geneva (Switzerland) from 28 October to 7 November 2024. The India delegation is led by Ms Sumita Dawra, Secretary, Ministry of Labour and Employment during the first week. During the discussions today, Ms. Dawra highlighted the importance of inclusive economic policies that generate quality jobs, support social protection, and promote gender equality. Our national efforts to create decent work opportunities for all segments of society, particularly women and youth, which align closely with ILO’s call for a renewed social contract was reiterated.

    Ms Dawra highlighted India’s positive experience in this regard, and informed the ILO Governing Body members on the following:

    • India’s commitment to improving living standards is reflected in significant initiatives covering all dimensions of poverty that have led to 248 million individuals escaping multidimensional poverty in the last 9 years, as measured by the multidimensional poverty index.
    • The significant employment growth over the recent years was showcased, with government policies, skilling programs, and economic growth adding around 170 million persons in economic activity during 2016-17 and 2022-23 as per provisional estimates. India’s economic trajectory demonstrates sustained job creationacross key sectors, it was underlined.
    • Besides, India has significantly expanded its social protection coverage. This is recognised by the recent ILO’s flagship World Social Protection Report 2024–26, which points out doubling of social protection coverage in India. Besides, our largest in-kind Social Protection scheme,namely the Targeted Public Distribution System, is well captured as a part of special coverage in the report, as one of the world’s largest legally binding social assistance schemes providing in-kind food security to about 800 million people.
    • Further, India’s remarkable transformation over the past decade, in terms of financial inclusion and prioritizing access to financial services for vulnerable populations, was highlighted. Thereby the Government has empowered millions of individuals and families, fostering a more inclusive and secure society.
    • Government initiatives like PM Jan Dhan Yojana bridge the financial gap for the unbanked, while PM Jeevan Jyoti Yojana and PM Suraksha Bima Yojana offer affordable life and accident insurance, the Governing Body was informed.

    On 30 October 2024, during the discussion on the proposal for greater democratisation within ILO Governing Body, India commended ILO but at the same time expressed support for comprehensive reforms in governance in not just ILO but other UN Bodies too.

    Taking the opportunity, India emphasized that a convergent approach will ensure UN bodies operate more synergistically for fulfilling the shared vision of promoting social justice and sustainable and inclusive development globally. Geographic diversity, with due consideration to population and workforce, should be the guiding principles for a fairer, more equitable and balanced geographical representation within ILO, it was stated by Secretary, Labour & Employment, GoI in India’s intervention on the issue.

    ****

    Himanshu Pathak

    (Release ID: 2070277) Visitor Counter : 18

    MIL OSI Asia Pacific News

  • MIL-OSI USA: US Department of Labor reports distressed pension assistance program has protected benefits for more than 1.2M workers, retirees, families

    Source: US Department of Labor

    WASHINGTON – The U.S. Department of Labor today announced that its Employee Benefits Security Administration has issued a report illustrating how the American Rescue Plan has protected the financially distressed pension plans of more than 1.2 million U.S. workers, retirees and their families, ensuring they receive the retirement benefits they earned. 

    The department’s report on the impact of the Butch Lewis Emergency Pension Relief Act finds that, as of October 2024, more than $69 billion in Special Financial Assistance has been approved for 98 multiemployer pension plans whose participants faced reductions in retirement benefits averaging 41 percent. The report also shows the American Rescue Plan already has provided more than $1.6 billion in restorative payments and ongoing benefit payments to more than 121,000 retirees, an average of about $13,600 per retiree. Almost half of the $1.6 billion reversed retirees’ previous benefit reductions.

    “A pension is more than a number on a sheet of paper; it’s the ability to stop working after years of making a good, honest living, to rest your aching knees and aching backs, and to go to bed without setting an alarm clock. A pension isn’t given. It’s earned,” said Acting Secretary Julie Su. “The Biden-Harris administration’s American Rescue Plan has already delivered on the promise of ensuring a secure and dignified retirement for more than 1.2 million workers and retirees, and there’s still more to come. We ultimately expect pension plans covering more than two million workers and retirees to remain solvent and able to pay out full benefits for the next several decades.”

    Special Financial Assistance has safeguarded plan benefits for union workers and retirees in many industries, including nearly 620,000 Teamsters, more than 152,000 in the United Food and Commercial Workers International, over 103,000 Bakery and Confectionery workers, more than 89,000 United Steelworkers, over 50,000 Communications Workers of America, as well as 49,000 union musicians and 29,000 carpenters.

    The pension protection legislation in the American Rescue Plan was named for the late Butch Lewis, a former Teamster who fought to protect union retirees’ pensions from harsh benefit cuts through no fault of their own. Ultimately, the act is expected to ensure roughly two million workers’ and retirees’ pension plans remain solvent and able to pay full benefits workers earn through at least 2051.

    Read the EBSA report on Special Financial Assistance

    Read a White House fact sheet on the impact of the Butch Lewis Act.
     

    MIL OSI USA News

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

    Source: US State of Hawaii

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

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

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

     

     CREATIVE INDUSTRIES DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR

    JAMES KUNANE TOKIOKA

    DIRECTOR

    GEORJA SKINNER

    CHIEF OFFICER, CREATIVE INDUSTRIES DIVISION

     

     

    FOR IMMEDIATE RELEASE

    November 1, 2024

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

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

     

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

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

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

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

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

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

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

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

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

    About Creative Industries Division (CID)  

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

    # # # 

    Media Contacts: 

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

    [email protected]

    Georja Skinner

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

    808-586-2590 
    [email protected]

    Susan Wright 

    Becker Communications 

    808-799-4293 

    [email protected]

    MIL OSI USA News

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    Forward-Looking Statements:

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

    Contact:

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    Learn more about Descartes’ Ecommerce Shipping & Fulfillment Solutions.

    About Aroma Retail

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

    About Descartes

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

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

    Cautionary Statement Regarding Forward-Looking Statements

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    Subscribe to the OTC Markets RSS Feed

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

             

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

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

    Financial Tables Follow

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

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

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

    See Notes for additional information.

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

    See Notes for additional information.

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

    Notes

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

    Forward-Looking Statements and Other Matters

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

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network

  • MIL-OSI Economics: Thales AI developments enhance operational performance of maritime mine countermeasures

    Source: Thales Group

    Headline: Thales AI developments enhance operational performance of maritime mine countermeasures

    • At the Euronaval exhibition at Paris Nord Villepinte from 4-7 November, Thales is showcasing recent advances in mine countermeasures with a presentation of its latest AI technologies implemented in the Pathmaster solution.
    • AI has a key role to play in the detection, classification, identification and neutralisation of maritime mines. With Thales’s Mi-Map sonar analysis application, sonar data can be processed up to four times faster than with conventional tools, making it possible to locate underwater mines with greater precision than ever before.
    • Thales’s Pathmaster solution draws on the latest research by cortAIx, the Group’s accelerator for trusted, cybersafe AI.
    @Thales

    At Euronaval (4-7 November 2024), Thales is showcasing recent advances in artificial intelligence with a presentation of its Pathmaster solution, which uses AI to detect and classify maritime mines with unprecedented precision for neutralisation by autonomous underwater vehicles.

    Maritime mines at any depth represent a low-cost, persistent threat to naval operations and compromise the safety of maritime shipping, which accounts for 90% of international trade. According to the latest estimates, several million maritime mines are now deployed worldwide, with particularly high densities in areas affected by major military conflicts or geopolitical tensions. As well as damaging marine ecosystems, they create a significant financial burden because of the need to re-route ships and protect shipping lanes.

    “With the proliferation and growing sophistication of maritime mines, advanced data gathering and analytics capabilities have an increasingly important role to play in countering this global threat. Autonomous mine countermeasures systems implementing artificial intelligence algorithms are now capable of processing data more efficiently and at lower cost than ever before while protecting human operators from the dangers of maritime minefields. Thales’s trusted AI augments the capabilities of its Pathmaster solution to significantly improve sonar data analysis and provide operators with valuable decision support during critical phases of their missions,” said Gwendoline Blandin-Roger, Vice President, Underwater Systems, Thales.

    Pathmaster uses AI to support the key tasks of mine detection and classification, while the Mi-Map application enables operators to analyse high-resolution sonar data covering hundreds of square kilometres, either in real time or after the mission, with greater efficiency than ever before. AI algorithms analyse sonar images to detect and classify potential mines much more accurately and over significantly larger areas. Thales’s Mi-Map solution is up to four times faster than conventional sonar data analysis tools as well as reducing the cognitive load on operators.

    Thales’s AI-augmented Pathmaster system has been proven in comprehensive sea trials conducted for the Franco-British MMCM programme and was certified in 2024 to the International Maritime Organization’s degree 3 autonomy by the Naval Authority Group within the UK MoD’s Defence, Equipment and Support (DE&S) organisation.

    AI at Thales

    Thales is a major player in trusted, cybersafe, transparent, explainable and ethical AI for armed forces, aircraft manufacturers and critical infrastructure providers. The Group employs over 600 engineers specialising in AI and around 100 doctoral candidates are conducting their AI research with Thales. Organised within Thales’s AI accelerator for research (AI Lab), systems, including decision support systems, (AI Factory) and sensors, including sonar, radar, radios and optronics, (AI Sensors), these experts are helping to incorporate AI into over 100 of Thales’s products and services. Thales’s AI capabilities draw on the most advanced sensor and system technologies to address the full spectrum of user requirements in the defence, aviation, space, cybersecurity and digital identity industries. Trusted AI is designed to meet the specific security and sovereignty needs of Thales’s customers. It brings greater efficiency to data analysis and decision support and speeds up the detection, identification and classification of objects of interest and target scenes, while taking account of specific constraints such as cybersecurity, embeddability and frugality in critical environments.

    In 2023, the Group was Europe’s top patent applicant in the field of AI for mission-critical systems. Also in 2023, the Group’s Friendly Hacker Unit demonstrated its credentials at the CAID challenge (Conference on Artificial Intelligence for Defence) organised by the French defence procurement agency (DGA), which involved finding AI training data even when it had been deleted from the system to preserve confidentiality.

    About Thales

    Thales (Euronext Paris: HO) is a global technology leader serving the Defence & Security, Aerospace & Space and Cybersecurity & Digital Identity markets.

    The Group develops products and solutions that help make the world safer, greener and more inclusive.

    Thales invests close to €4 billion a year in Research & Development, particularly in key areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    MIL OSI Economics

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

    Source: Offshore Energy UK

    Headline: OEUK news

    OEUK responds to Autumn Budget

    30 October 2024

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

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

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

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

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

    David Whitehouse, CEO Offshore Energies UK comments:

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

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

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

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

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

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

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

    Notes to editors:

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

    Did you know?

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

    Share this article

    MIL OSI Economics

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

    Source: United Kingdom – Executive Government & Departments 3

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

    Artist impression of Juno

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

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

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

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

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

    Minister for Defence Procurement and Industry Maria Eagle said: 

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

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

    Air Chief Marshal Sir Rich Knighton said:

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

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

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

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

    Andrew Cawthorne, Managing Director, SSTL, said:

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

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

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

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

    Updates to this page

    Published 4 November 2024

    MIL OSI United Kingdom

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

    Source: Reserve Bank of India

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

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

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

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1423

    MIL OSI Economics

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

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

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

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

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

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

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

    There was certainly no shortage of people seeking solutions.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Whole of society, all of government?

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

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

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

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

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

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



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

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


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

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

    MIL OSI – Global Reports

  • MIL-OSI Economics: RBI imposes monetary penalty on The Jambusar People’s Co-operative Bank Ltd., Dist. Bharuch, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 28, 2024, imposed a monetary penalty of ₹10,000/- (Rupees Ten Thousand only) on The Jambusar People’s Co-operative Bank Ltd., Bharuch, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under section 25 of the Credit Information Companies (Regulation) Act, 2005.

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

    The bank failed to submit data to any of the CICs.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1424

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on The Rander People’s Co-operative Bank Ltd., Surat, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 28, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Rander People’s Co-operative Bank Ltd., Surat, Gujarat (the bank) for contravention of provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

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

    The bank had not:

    1. transferred eligible amounts to the Depositor Education and Awareness Fund within the prescribed period;

    2. carried out risk-based updation of KYC of its customers; and

    3. put in place a system of periodic review of risk categorisation of accounts at least once in six months.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1425

    MIL OSI Economics

  • MIL-OSI Banking: RBI imposes monetary penalty on Mehmadabad Urban People’s Co-operative Bank Ltd., Mehmadabad, Dist. Kheda, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 28, 2024, imposed a monetary penalty of ₹60,000/- (Rupees Sixty Thousand only) on Mehmadabad Urban People’s Co-operative Bank Ltd., Mehmadabad, Dist. Kheda, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 and section 25 of the Credit Information Companies (Regulation) Act, 2005.

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

    The bank had failed to:

    1. submit data to three CICs and submitted incomplete data to one CIC; and

    2. carry out periodic review of risk categorisation of accounts at least once in six months.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1426

    MIL OSI Global Banks

  • MIL-OSI China: China’s import expo attracts record-breaking participating countries, exhibitors

    Source: People’s Republic of China – State Council News

    SHANGHAI, Nov. 4 — On Tuesday morning, the Chinese commercial hub of Shanghai will once again assume its role as the host for the newest edition of the globe’s first national-level exposition dedicated to imports.

    Now, the China International Import Expo (CIIE) stands as a telling example of China’s steadfast opening up and an unmissable opportunity for foreign enterprises to tap into the Chinese market.

    Despite challenges and uncertainties in the global economic landscape, over the past seven years, CIIE has steadily grown.

    The first six editions of CIIE have generated a total intended transaction amount exceeding 420 billion U.S. dollars. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country.

    This year, the business exhibition will be held at the National Exhibition and Convention Center (Shanghai), covering more than 360,000 square meters — equivalent to 50 standard soccer fields — and hosting 3,496 exhibitors from 129 countries and regions.

    Both the number of participating countries and exhibitors have surpassed previous records.

    Notably, 297 exhibitors from Fortune Global 500 companies and industry leaders will attend, marking a historic high. Among all participants, 186 enterprises and institutions have achieved full attendance across all seven editions of the expo.

    Besides, this year’s event is also commanding the attention of global journalism. More than 400 media outlets are participating in the coverage of this event, including 220 foreign media organizations.

    China’s vast market has become one of the most attractive destinations for global players, with the CIIE serving as the “golden gateway” to this opportunity.

    For the CIIE frequenter of Japanese cosmetics giant Shiseido, the event serves as a second-to-none magnet.

    “Over the past years of participating in CIIE, we have seen firsthand just how influential the expo can be for our business,” said Toshinobu Umetsu, president and CEO of Shiseido China.

    According to the company, visitors will be able to see over 30 new product debuts from 12 different brands in their portfolio.

    Umetsu described the expo as a boon for their growth in China’s thriving market, noting that many new skincare technologies, brands, and products have gained substantial attention and recognition from consumers after being featured at CIIE.

    “CIIE successfully transformed our ‘exhibits’ to ‘products,’” Umetsu added.

    Seizing the opportunity, new participants are eager to try their luck. Among the trendsetters is Canadian sportswear magnate Lululemon.

    “A digital innovation here is leading the world, quite frankly, in terms of adoption and opportunities,” said Calvin McDonald, CEO of Lululemon during an interview with Xinhua.

    Impressed by the market’s speed, agility and resilience, McDonald said the opportunity to move fast and accomplish big initiatives in the market is incredibly exciting, seeing CIIE as a precious opportunity to bring awareness to the brand.

    “In the dynamic and healthy market, we are learning not just how we drive and see success here,” he said, adding that what Lululemon learned from the Chinese mainland consumers and innovation can help their business in other markets as well.

    After years of development, the CIIE has become a symbol of China’s new development pattern, a platform for high-level opening-up, and an international public good shared by the world.

    At its third plenum, the 20th Central Committee of the Communist Party of China renewed the country’s commitment to the basic state policy of opening to the outside world and continuing to promote reform through opening up.

    Serving as another fine example, China removed all market access restrictions for foreign investors in the manufacturing sector on Nov. 1, a landmark move made by the world’s second-largest economy as it opens its doors wider.

    “Reflecting on the past six editions of the CIIE, ‘high-level opening up’ has been a consistent theme. The expo has continually showcased an image of an ‘open China’ that shares opportunities and future with the world,” said Wu Zhengping, deputy director general of the CIIE Bureau.

    MIL OSI China News