Category: Economy

MIL-OSI USA News: FACT SHEET: President Joe Biden Announces $3 Billion to Strengthen Port Infrastructure, Create Good-Paying and Union Jobs, Bring Cleaner Air to Communities
Source: The White House

President Biden will travel to the Port of Baltimore to announce $147 million in awards, which will support up to 2,000 good-paying and union jobs at the Port

Today, President Biden will travel to the Port of Baltimore to announce a $3 billion investment from his Inflation Reduction Act to improve and electrify port infrastructure, support an estimated 40,000 good-paying and union jobs, reduce pollution, and combat the climate crisis. The announcement includes $147 million in awards for the Maryland Port Administration, which will support over 2,000 good-paying and union jobs by enabling the purchase and installation of zero-emission port equipment, charging infrastructure, and power improvements. During the visit, President Biden will highlight how his Investing in America agenda is making an historic impact on communities and workers in Baltimore and across the country.

$3 Billion Investment to Strengthen Port Infrastructure

Today, President Biden is announcing $3 billion in Environmental Protection Agency Clean Ports grants, funded by the Inflation Reduction Act, to 55 selectees across 27 states and territories, including $147 million in implementation and planning grants for the Maryland Port Administration. The nation’s ports are the lynchpin of our nation’s supply chains and employ over 100,000 union workers across the United States.

This funding will protect and create good-paying and union jobs and better working conditions by upgrading port operations and infrastructure to cleaner equipment, while ensuring cleaner air for port workers and nearby communities. The Clean Ports program will support an estimated 40,000 jobs across the economy, including over 6,500 manufacturing jobs, and is expected to increase demand for American manufactured electric cargo handling equipment at least six-fold over the life of the program.

While a major economic driver, our nation’s ports are a major source of pollution for workers and surrounding communities. Communities living near ports and other transportation corridors are exposed to toxic pollution which can cause respiratory and cardiovascular harm, especially in children. The Clean Ports program will improve air quality at ports across the country by installing clean, zero-emission freight and ferry technologies along with associated infrastructure, eliminating more than 3 million metric tons of carbon pollution over the first ten years of implementation, equivalent to 391,220 homes’ energy use for one year. The funds announced today will support the purchase of battery-electric and hydrogen-powered human-operated and human-maintained equipment, including over 1,500 units of cargo handling equipment, 1,000 drayage trucks, 10 locomotives, and 20 vessels, as well as shore power systems for ocean-going vessels, battery-electric and hydrogen vehicle charging and fueling infrastructure, and solar power generation. The Clean Ports program advances the President’s Justice40 Initiative and aligns with the Biden-Harris Administration’s goal for a zero-emission freight sector.

Investing in the Port of Baltimore

President Biden will announce the funding at the Port of Baltimore in Maryland. The Port of Baltimore is one of the busiest ports on the East Coast and is a major hub for the import and export of vehicles. More than 20,000 workers support daily Port operations, including unionized longshoreman and truckers. Each day the Port’s economic impact represents $192 million or more than $70 billion a year, representing 13% of Maryland’s gross domestic product.

The Maryland Port Administration’s Equipment Electrification and Terminal Decarbonization project has been selected to receive over $145 million to purchase zero-emission cargo handling equipment and drayage trucks and facilitate the transition of the port to a zero-emission facility, as well as a nearly $2 million planning grant to help the port chart a path to greater emissions reductions in the future, delivering cleaner air for the port and neighboring communities. The port is a major economic engine for the region, providing thousands of jobs and contributing billions of dollars to the local economy—and this new investment will support over 2,000 jobs, including more than 350 manufacturing jobs.

Creating Good Paying, Union Jobs in Baltimore and Across the Country

President Biden is the most pro-union president in history. He’s the first and only president to walk a picket line, and under his Administration, unions have secured historic labor wins. Last month, President Biden signed an Executive Order that calls on agencies to promote strong labor standards such as family-sustaining wages, workplace safety, and the free and fair choice to join a union, and encourages agencies to implement these standards through their Investing in America programs. This builds on a record of pro-worker accomplishments throughout the Biden-Harris Administration. For example:
- Workers are filing for union representation at twice the rate they were at the start of the Biden-Harris Administration—the first Administration in five decades to have an increase in union petitions. In Maryland, union petitions increased by 55% percent. The National Labor Relations Board has met this historic moment by reducing unnecessary delays in union representation elections and by expanding remedies available to workers when their employers engage in unionbusting.
- The vast majority of Investing in America programs require grantees to pay Davis-Bacon prevailing wages for workers. The Administration also published the first update to Davis-Bacon prevailing wages in nearly 40 years, which will increase pay for one million construction workers over time.
- The Department of the Treasury finalized a rule implementing prevailing wage and apprenticeship bonus credits for certain clean energy projects funded by the President’s Inflation Reduction Act to ensure clean energy workers are paid good wages and that these projects create equitable pipelines to these good jobs.
Building on Historic Investments in Maryland’s Infrastructure and Economy

Today’s announcement builds on a historic investment in the state of Maryland under the Biden-Harris Administration. To date, the Investing in America agenda has delivered over $13 billion for over 970 projects in Maryland, spurring over $3 billion in private sector investments.

This includes a number of projects in Baltimore, for example:
- $4.7 billion for Amtrak’s Frederick Douglass Tunnel—which will replace the 150-year-old Baltimore and Potomac tunnel that is currently one of the largest rail bottlenecks on the Northeast Corridor;
- $213 million to replace the Maryland Transit Administration’s entire fleet of 52 aging light rail vehicles with new, modern rail cars;
- $80 million for interchange improvements at the I-895 Baltimore Harbor Tunnel;
- $68 million for upgrades at Baltimore Washington International Thurgood Marshall airport;
- $43 million to identify and replace toxic lead pipes across Maryland;
- $31 million to rehabilitate a section of the Dundalk Marine Terminal at the Port; and
- $9 million to Baltimore City Public Schools for clean school buses.
Baltimore was also named an Investing in America Workforce Hub, where the Administration is bringing together industry, government, educators, non-profits and unions to help workers in Maryland access good jobs created by private and public sector investments in the state. In November 2023, Hub partners announced new efforts to train and hire local residents to support major infrastructure projects. These commitments include one from the State of Maryland to incorporate a Project Labor Agreement in the bidding process for nine projects covering $9 billion in investment and 11,000 jobs—including 7,000 construction jobs. One of these commitments includes Amtrak promising to invest at least $5 million in funding received through the Bipartisan Infrastructure Law to create recruitment and training programs for new jobs for Baltimore residents as part of the Frederick Douglass Tunnel Program.

The Department of Commerce also awarded the Maryland Department of Labor $23 million through the Economic Development Administration’s Good Jobs Challenge to create a new apprenticeship model for the growing offshore wind industry in Maryland, working with leading employers and local unions to develop a training model focused on underserved populations. The Maritime Administration is further supporting the Maryland offshore wind industry through a $47 million grant to Sparrows Point Steel to retool, a former Bethlehem Steel mill in Baltimore, to establish an offshore wind logistics and manufacturing hub in partnership with the United Steelworkers.

The Biden-Harris Administration’s Investing in America agenda has also unleashed $3 billion in private sector manufacturing and clean energy investments in Maryland, including:
- A $350 million investment by United Safety Technology in Baltimore to produce critical medical supplies, including personal protective equipment.
- A $300 million investment by AstraZeneca in a state-of-the-art facility in Rockville to launch life-saving cell therapy platforms for cancer trials.
- A $230 million investment by Catalent to expand its advanced gene therapy manufacturing campus in Harmans.
The Administration’s Investing in America agenda continues to make critical investments that will improve the lives and futures of all Marylanders.

The Biden-Harris Administration’s Ongoing Support for Baltimore

President Biden was last in Baltimore in the immediate aftermath of the tragic collapse of the Francis Scott Key bridge, which claimed the lives of six construction workers and closed ship traffic in and out of the Port of Baltimore. There, he said his Administration would move heaven and earth to reopen the Port of Baltimore as quickly as possible to support Maryland’s workers and economy. A Unified Command led by the United States Coast Guard and the Army Corps of Engineers cleared 50,000 tons of wreckage from the channel, allowing the Port to fully reopen 78 days after the bridge collapse. The Department of Labor and Small Business Administration mobilized quickly to support workers and small businesses impacted by the port closure, including thousands of Longshoremen and Teamsters who rely on the port for their livelihood. And the Department of Transportation and the Supply Chain Disruptions Task Force worked to limit supply chain disruptions, keep costs down, and ensure cargo quickly returned to the Port once it reopened. Today, port workers are back on the job, once again moving more than 100,000 tons of cargo per day.

The President also committed to rebuilding the bridge as quickly as possible. Thanks to close collaboration with the Department of Transportation, Maryland is on the fast track to rebuild the bridge. In July, the Federal Highway Administration issued a Categorical Exclusion, allowing the project to clear a critical permitting milestone. And in August, Maryland selected a contractor to design and build the new bridge. Immediately following the bridge collapse, President Biden called on Congress to fully fund the replacement bridge and his Administration reiterated this request in July.

The Biden-Harris Administration also committed to holding the owners of the DALI cargo ship accountable for the disaster. Just last week, the Department of Justice announced a settlement of over $100 million with the owners of the DALI to cover federal government costs incurred in responding to the collapse. While the State of Maryland continues to pursue a separate lawsuit for damages incurred to the local economy, community, and families impacted by the collapse, the Biden-Harris Administration remains committed to working with Baltimore and the State of Maryland to ensure the city’s long-term recovery and success.

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MIL OSI USA News –
January 25, 2025
MIL-OSI Africa: African countries push for $25 billion replenishment of the African Development Fund as Sudan tops up its pledge

Source: Africa Press Organisation – English (2) – Report:

ABIDJAN, Ivory Coast, October 29, 2024/APO Group/ —

Sudan has increased its pledged contribution to the replenishment of the African Development Fund to $3 million, its Minister for Finance and Economic Planning Dr Gebreil Ibrahim Mohamed Fediel announced.

Fediel made the announcement during a meeting with his Sierra Leonean counterpart, Sheku Ahmed Fantamadi Bangura, Gambian Finance Minister Seedy Keita, Liberian Minister for Agriculture, Dr Alexander Nuatah and African Development Bank President Akinwumi Adesina. The ministers and Adesina met on the sidelines of the World Bank and International Monetary Fund’s annual meetings in Washington DC.

The governments of the Gambia, Liberia, Sierra Leone and Sudan are supporting efforts by the African Development Bank Group to push for a $25 billion replenishment of the African Development Fund, its concessional window.

The four countries, together with Ghana, last year pledged to contribute a minimum of $1 million each to the African Development Fund’s 17th replenishment scheduled for 2025.

Adesina praised Sudan’s “incredible show of solidarity for increasing its contribution to the Fund and for continuing to honour its financial commitments to the Bank despite facing difficult challenges.”

The current $8.9 billion three-year financing cycle or the 16th replenishment, which ends in 2025, was the largest ever in the history of the African Development Fund.

The Bank Group president spoke about the African Development Fund’s impressive record as the largest financier of regional transport infrastructure corridors and regional energy connectivity and power pools across its 37 member countries.

Adesina said the Fund beneficiaries need “concessional resources more than just grants and that is why our goal is to triple ADF to $25 billion. That is the reason I fought for ADF, from the first day of my leadership of the Bank, to be allowed to go to the capital markets to raise additional resources.”

“ADF going to capital markets will help generate up to $27 billion additional resources starting from ADF 17th Replenishment,” said Adesina.

Sudan’s decision to top up its contribution to the African Development Fund comes a fortnight after Benin announced a $2 million pledge to the next replenishment.

The African Development Bank Group’s Executive Director for The Gambia, Ghana, Liberia, Sierra Leone, and Sudan, Rufus Darkortey termed the increase by Sudan a powerful demonstration of their steadfast commitment to a bigger ADF-17 Replenishment.

“I commend President Adesina and the leadership of our governors and heads of state for championing the call for a bold $25 billion ADF-17 Replenishment. This unified effort reflects Africa’s determination to lead its transformation,” Dakortey said.

Last May, Kenya’s President William Ruto pledged $20 million to the Fund.

MIL OSI Africa –

January 25, 2025
MIL-OSI United Kingdom: Social landlords continue to build new homes, according to RSH statistics
Source: United Kingdom – Executive Government & Departments

Today (29 October 2024) the Regulator of Social Housing published statistics about the social housing sector.
Today the Regulator of Social Housing published statistics about the social housing sector, including stock ownership and rents as of 31 March 2024.

Returns from all private and local authority registered providers show that the sector provides around 4.5 million homes across England, with a net increase of nearly 43,000 social homes since 2023.

This overall increase has been driven by approximately 24,800 more Affordable Rent homes and 17,300 more low cost home ownership homes. There was also a small increase of roughly 700 social rent homes.

Private registered providers had a net gain of around 5,200 social rent homes, although this was partially offset by a decrease of around 4,500 social rent homes for local authorities (likely to be driven by right to buy sales and other schemes).

Private registered providers built, purchased or acquired the majority of new homes in the sector, accounting for 85% of the total increase in Affordable Rent and 96% for low cost home ownership properties.

The statistics show that 82% of social homes in England are general needs (social rent and Affordable Rent), while supported housing makes up 11% and Low Cost Home Ownership 6%.

Private registered providers also reported that 71% of homes had an energy efficiency certificate rating of EPC-C or above, and a further 22% had a rating of EPC-D.

Just over 511,000 homes were surveyed by landlords during the year. Over the year, these surveys and other provider activity identified nearly 42,000 homes which did not meet the Decent Homes Standard; 37,500 properties were remediated to bring them up to the DHS and 1,800 were sold or demolished.

A further 5,200 buildings were excluded from having to meet DHS requirements due to circumstances which prevent or limit remediation works.

As expected, rents increased over the year. The average increase in general needs (social rent) average weekly net rents was 7.2% between 31 March 2023 and 31 March 2024 (in line with the limit set for 2023/24 ). The average weekly general needs rent in England was £105.22, though this varied across the country. Average rents were lowest in the North East (£88.11) and highest in London (£129.83).

Rents for local authorities are lower on average than for housing associations.

Will Perry, Director of Strategy at RSH, said:

It is reassuring to see the sector continuing to build and acquire much-needed new social homes across the country, despite a challenging economic environment.

This data provides a rich source of insight into the sector as a whole, helping us understand the challenges facing both landlords and tenants.

Landlords should ensure they hold accurate, up-to-date data to inform strategic decisions, especially around rents and the condition of homes.

Notes to editors

Local authority social housing data was formerly collected through the Local Authority Housing Survey. Since 1 April 2020 it has been collected by RSH through the Local Authority Data Return, when RSH took on the responsibility for regulating local authority rents. Private registered provider data has been collected by RSH though the Statistical Data Return since 2012.

Both local authority and private registered provider stock and rents statistics are designated as Accredited Official Statistics by the UK Statistics Authority.

There were 1,592 providers on RSH’s register on 31 March 2024. Of these, 226 were local authorities and 1,366 were private registered providers.

Homes include self-contained units such as houses and flats and non-self-contained bed spaces, referred to collectively as units in the data.

Of the c. 4.5 million units of social housing stock owner by registered providers, private registered providers own 2.9m homes while local authority registered providers own 1.6m homes.

The limit on annual general needs rent increases between 2023 and 2024 was 7.0%. Additions to stock, units with exceptions and PRPs setting set rents in line with the prevailing formula rent rate when re-letting units can lead to the average year-on-year change being higher.

The Regulator of Social Housing promotes a viable, efficient and well-governed social housing sector able to deliver and maintain homes of appropriate quality that meet a range of needs. It does this by undertaking robust economic regulation focusing on governance, financial viability and value for money that maintains lender confidence and protects the taxpayer. It also sets consumer standards and may take action if these standards are breached and there is a significant risk of serious detriment to tenants or potential tenants.

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Published 29 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Supporting food and drink businesses

Source: Scottish Government

New funding to promote regional products.

Projects from across Scotland are being awarded grants of up to £5,000 to help to promote regional food and drink products and open up new markets.

Food festivals, workshops and markets celebrating produce from shellfish to whisky are among the 17 local and collaborative projects to receive support from the latest round of the Scotland Food & Drink Partnership’s Regional Food Fund.

The Fund, managed by Scotland Food & Drink, supports regional growth by backing projects to promote and sell produce from their areas.

Rural Affairs Secretary Mairi Gougeon said:

“We have some of the best food and drink in the world – the industry is worth £15 billion to our economy, supports thousands of jobs and businesses and is a success story at home and internationally. The Regional Food Fund is providing much-needed support to local businesses, producers and community groups to showcase the best products that their regions have to offer.

“Through this fund we have seen more than £750,000 awarded from the available funding to successful projects across Scotland. This round of funding celebrates some incredible produce at some wonderful locations that mean people will benefit from it all across the country, whether taking part in cookery events on Arran, learning about wild food in Glasgow or improving their culinary skills at Fife’s Cambo Snowdrop Festival.

“I look forward to hearing how each of these exciting projects develops.”

Scotland Food & Drink Head of Regional Food Fiona Richmond said:

“It’s truly exciting to support 17 more collaborative food and drink projects through this latest round of the Regional Food Fund. The quality of the applications reflects the passion and commitment to enhancing local food and drink initiatives, which are vital to the continued growth of Scotland’s food, drink, and tourism sectors.

“We congratulate all this year’s recipients and are eager to watch these projects unfold in the coming months, knowing they will leave a lasting and positive impact on communities across the country.”

Background

Regional Food Fund | Scotland Food & Drink (foodanddrink.scot)

In 2018, the Connect Local Regional Food Fund was launched consisting of 4 funding rounds, which saw more than £350,000 awarded across 78 projects. In 2021, the Scotland Food & Drink Partnership’s Regional Food Fund was launched in place of the previous Connect Local Regional Food Fund. This will be the fifth round of the fund under Scotland Food & Drink which has seen more than £400,000 awarded across 87 projects to date.

The successful applicants in this round are:

Bellevue Farm, Arran. Development of Eating Facility          £5,000

In collaboration with Arran’s Food Journey regional food group, project will create a catering facility within Bellevue Barn which can be used to showcase local produce & offer unique eating experiences.

Cambo Heritage Trust, Fife. Made in Fife at the Cambo Snowdrop Festival £4,989

Project builds on success of the café, snowdrop festival and Green Market programme to host market events with cookery workshops featuring ‘root to stalk’ methods and provide a space for other regional food and drink traders with the opportunity to showcase their products in a range of markets called ‘Made in Fife’ at Cambo Gardens.

Clyde Fishermen’s Trust/Clyde Fishermen’s Association, Glasgow. Festival of the Sea £5,000

Winter festival of the Sea, building on track record of delivering seafood festivals. Event will provide a collaborative showcase that brings together West Coast fishermen, seafood producers, and culinary experts to celebrate Scotland’s rich fishing heritage and exceptional produce.

Dornoch BID, Highlands. Food on the Firth £1,300

Series of out of season, food-focused weeks in Dornoch covering different sectors such as meat and shellfish.

East Lothian Food and Drink, East Lothian. East Lothian Food and Drink Recipe Book £5,000

East Lothian Project will create a recipe book that features East Lothian Food and Drink members. From cocktails from Buck & Birch to non- alcoholic mocktails featuring Brose Oats. From our East coast seas to our rolling hills and farmland.

Essential Edinburgh, Edinburgh. Eat Out Edinburgh £5,000

Eat Out Edinburgh will be celebrating all things food and drink at a quieter time of the year, encouraging locals to eat out in the city centre supporting their local producers, suppliers, hospitality businesses and the local economy. Funds will support a promotional campaign to achieve this.

Falkirk Delivers, Falkirk. Falkirk Producers Market Growth Initiative       £4,725

Project aims to expand the reach and impact of the market by attracting new food and drink vendors and enhancing their promotional capabilities. Fund will support free stalls for 15 producers and digital campaign.

Fife Whisky Festival Ltd, Fife. Fife Whisky Festival £4,985

New Sunday event to showcase smaller, local food and drink producers under the festival umbrella. Event will provide cross-selling and marketing opportunities.

Food Lochaber (part of Lochaber Environmental Group), Highlands. Food Lochaber £5,000

Project aims to encourage Lochaber producers to work together to sell to local customers and, where appropriate, increase their production of food by giving them access to an online market place run by the producers.

Forth Valley Food & Drink. Flavours of Forth Valley £5,000

Forth Valley Development project to support growth & sustainability of the group. Activities include strategic review; member showcase and local food film screening events.

Galloway Food Hub CIC, Dumfries and Galloway. Galloway Food Hub PR Campaign £5,000

PR & digital campaign to promote this online marketplace for local producers.

Granton Project CIC, Edinburgh. The Pitt Market £5,000

Creation of first collaborative market with local producers, street food traders and the community. This event will showcase the best of regional produce and local entrepreneurs and startups.

Great Perthshire. Perth & Kinross Farmers Markets          £5,000

Project will bring the existing four Perth & Kinross farmers’ markets together to present a shared proposition to their customers & shoppers, collaborate on good practice & common objectives. Working group, shared information strategy & forum are amongst some of the activities planned.

Rosemains Steading CIC, Midlothian. Rosemains Steadings Markets £5,000

Creation of regular markets at this collaborative hub for entrepreneurs, featuring new stalls, tastings & demonstrations.

Scottish Food & Drink Histories Partnership Lab (University of Glasgow), Glasgow. Scottish Food Heritage Symposium: Tea £5,000

In partnership with Mackintosh at the Willow, project will debut a one-day symposium of history talks, live demonstrations, tasting sessions & panel discussions.

Scottish Maritime Museum, Ayrshire. Christmas Market £5,000

Expansion of Christmas market to include food and drink producers in collaboration with Ayrshire Food An’ A’ That regional food group

Scottish Wild Food Festival, Glasgow. Wild Food Producers Showcase, £5,000

Various initiatives to increase promotion & sales of wild food products/wild food tourism experiences such as wild food directory; digital activities & market stalls at events

TOTAL         17 Applicants                  TOTAL GRANT CLAIM FUNDING   £80,999

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Asia-Pac: SJ attends 14th China-ASEAN Prosecutors-General Conference in Singapore (with photos)

Source: Hong Kong Government special administrative region

SJ attends 14th China-ASEAN Prosecutors-General Conference in Singapore (with photos)
SJ attends 14th China-ASEAN Prosecutors-General Conference in Singapore (with photos)
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The Secretary for Justice, Mr Paul Lam, SC, attended the 14th China-ASEAN Prosecutors-General Conference in Singapore today (October 29) and delivered a speech at the plenary session. The conference, organised by the Attorney-General’s Chambers of Singapore, brought together officials, prosecutors and legal experts from 13 delegations to share their views on the conference’s theme – “Fostering Co-operation on Combating Financial Crimes”. Addressing the plenary session of the conference, Mr Lam elaborated that Hong Kong has been adopting a multipronged approach in combating financial crimes with international elements, including adopting international regulatory standards, establishing a collaborative network for effective prosecution and asset recovery, making better use of emerging technologies and encouraging knowledge and experience sharing, in order to build a trustworthy and secure financial environment. He also mentioned that Hong Kong has established a comprehensive co-operation regime for the mutual legal assistance and surrender of fugitives, and that geopolitical considerations should not be allowed to hinder international co-operation in fighting financial crimes. The fight against financial crimes with international elements is a daunting and ongoing challenge. He expressed hope that Hong Kong and all other jurisdictions will continue to strengthen collaboration to jointly combat related crimes. At the closing session of the conference, Mr Lam remarked that the 15th China-ASEAN Prosecutors-General Conference will be held in Hong Kong next year. During his visit to Singapore, Mr Lam attended other related activities. As a member of the Chinese delegation, he attended bilateral meetings between the delegation and member states of the Association of Southeast Asian Nations, namely Singapore, Myanmar, Vietnam, Brunei, Laos and Thailand, to exchange views with them on issues of mutual interest. He also attended a lecture given yesterday (October 28) by the Prosecutor-General of the Supreme People’s Procuratorate, Mr Ying Yong, on “The Chinese Prosecutorial System in the Process of Comprehensive Implementation of the Rule of Law”. Mr Lam will conclude his visit to Singapore tomorrow morning (October 30) and return to Hong Kong.

Ends/Tuesday, October 29, 2024Issued at HKT 17:42

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI United Kingdom: York care leavers celebrate award nomination

Source: City of York

Young care leavers from York’s Care Leavers Forum ‘I Still Matter’ are celebrating being nominated for a prestigious national award this Care Leavers’ Week (28 October-3 November).

The group, which represents care leavers across the city, and City of York Council’s Pathway Team, which supports care leavers, have been shortlisted for the National Voice Awards 2024 in The Collaboration Award category.

The shortlisting highlights the work the team and ‘I Still Matter’ group have been doing to work together to reshape and design the new local offer for care leavers. The project included consultations with wide groups of care leavers to ensure the new offering was designed around lived experiences, and includes increase support for care leavers who are parents and improvements to financial support, leisure and travel offering and wellbeing support. The awards will be announced on 30 October.

National Care Leavers’ Week gives young care leavers the opportunity to challenge the perceptions given to them and raise awareness of the issues those in care face, whilst also celebrating the incredible things many go on to achieve. The theme this year will be: All of us, we are one.

Events are being organised across the city to celebrate care leavers and the family, carers, friends, and mentors who support them.

The council is also launching its new Care Leavers’ Offer during Care Leavers’ Week. The document sets out what young people leaving care can expect from the council and how they can access help and support.

Danielle Johnson, the council’s, Director of Safeguarding, Children’s Services said:

We want to support our young people as they make the transition from care through to independent living and beyond, just as most parents support their children well into adulthood.

“In York, we’re incredibly fortunate to have the support of some fabulous businesses and partners who help support our care leavers, through opportunities or Christmas gifts, work experience placements or apprenticeships. I’d like to thank all those who have helped support our care leavers over the last year. It really does take a village – or in our case, a city – to raise a child.”

Abbie, a care leaver, said:

We’ve spent a lot of time working with the pathway team to co-produce the new offer.

“We wanted an offer that was tailored more to the individual rather than a blanket offer – because we all need different things at different times.”

Find more information on helping care leavers.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Australia: Better protection of Australians’ privacy
Source: Australian Executive Government Ministers

The Albanese Government has today introduced landmark legislation to strengthen privacy protections for all Australians and outlaw doxxing.

Strong privacy laws are essential to Australians’ trust and confidence in the digital economy and digital services provided by governments and industry.

Australians have a right to have their privacy respected, and when they are asked to hand over their personal data they have a right to expect it will be protected.

The Privacy Act 1988 has not kept pace with changes in the digital world. Recent large-scale data breaches were distressing for millions of Australians, with their most sensitive personal information exposed by criminals.

Following previous data breaches the Albanese Government acted swiftly to significantly increase penalties under the Privacy Act for serious or repeated privacy breaches and give the Office of The Australian Information Commissioner (OAIC) improved and new powers.

The Privacy and Other Legislation Amendment Bill 2024 represents a significant step forward in the Government’s commitment to bring the Privacy Act into the digital age.

The Bill implements a first tranche of agreed recommendations from the Privacy Act Review, including:
- a new statutory tort to address serious invasions of privacy;
- development of a Children’s Online Privacy Code to better protect children from a range of online harms, supported by an additional $3 million over three years to the OAIC for it to develop this important Code
- greater transparency for individuals regarding automated decisions that affect them
- streamlined information sharing in the case of an emergency or eligible data breach, while ensuring that information is appropriately protected; and
- stronger enforcement powers for the Australian Information Commissioner.
The Bill also introduces new criminal offences to outlaw doxxing, the malicious release of personal data online.

The Bill will impose a maximum penalty of 6 years’ imprisonment for the malicious use of personal data, and a more serious penalty of 7 years’ imprisonment, where a person or group is targeted because of their race, religion, sex, sexual orientation, gender identity, intersex status, disability, nationality or national or ethnic origin.

The measures announced in this Bill build on the significant steps already taken by the Albanese Government on privacy, including:
- significantly increased penalties for repeated or serious privacy breaches;
- greater powers for the Australian Information Commissioner to resolve privacy breaches and quickly share information about data breaches;
- restoration of the standalone position of Australian Privacy Commissioner; and
- an additional $66 million towards the OAIC since coming to government.
The Government is committed to ensuring the Privacy Act works for all Australians and is fit for purpose in the digital age. This legislation is just the first stage of the Government’s commitment to provide individuals with greater control over their personal information.

We will continue targeted consultations with industry, small business, the media, consumer groups and other key stakeholders on draft provisions to ensure we strike the right balance between protecting people’s personal information and allowing it to be used and shared in ways that benefit individuals, society and the economy.

The Australian people expect greater protections, transparency and control over their personal information and this legislation begins the process of delivering on those expectations.

MIL OSI News –
January 25, 2025
MIL-OSI Australia: Second reading speech – Privacy and Other Legislation Amendment Bill 2024
Source: Australian Executive Government Ministers

Check Against Delivery

Introduction

The digital economy has unleashed enormous benefits for Australians. But it has also increased the privacy risks we face through the collection and storage of enormous amounts of our personal data.

The Privacy Act 1988 represented the first time that a comprehensive, integrated set of legal rules protecting interests in privacy existed in Australia. On introducing it, Attorney-General Lionel Bowen told the Parliament that “enormous developments in technology for the processing of information are providing new and, in some respects, undesirable opportunities for the greater use of personal information.”

In that respect, little has changed. Evolutions in technology and the way people use it continue to vex those who share information online, and those charged with regulating it. It is essential that Australians are protected by a legal framework that is flexible and agile enough to adapt to changes in the world around them.

The Privacy Act has not kept pace with the adoption of digital technologies. The vast data flows that underpin digital ecosystems have also created the conditions for significant harms – like major data breaches that have revealed the sensitive information of millions of Australians, exposing us to the risk of identity fraud and scams.

Strong privacy laws and protections are critical to building public trust and confidence in the digital economy, and driving the investments needed to keep people’s data safe.

The right to privacy is a fundamental human right. As Sir Zelman Cowen said in his 1969 Boyer Lectures, a person without privacy is a person without dignity. We must be vigilant in ensuring that evolving technology does not erode our ability to protect information about who we are, what we do and what we believe from being misused.

The Privacy and Other Legislation Amendment Bill 2024 is a significant step forward for Australian privacy law. It begins the much-needed work of updating our privacy laws to be fit-for-purpose in the digital age.

With this Bill, the Australian Government is taking the next step to ensure Australians’ privacy is respected and protected. It implements a first tranche of agreed recommendations of the Privacy Act Review, ahead of consultation on a second tranche of reforms.

It also delivers on a commitment made by the Albanese Government following the National Cabinet held in May to address gender-based violence, by outlawing the practice of “doxxing”, or the malicious release of personal data online.

Schedule 1 of the Bill will amend the Privacy Act to enhance its effectiveness, strengthen the enforcement tools available to the privacy regulator and better facilitate safe overseas data flows. It will require the development of a Children’s Online Privacy Code, streamline information-sharing in emergencies and following eligible data breaches, and increase transparency when entities are automating significant decisions which use personal information.

Schedule 2 of the Bill will introduce a new statutory tort to provide redress for serious invasions of privacy.

Schedule 3 of the Bill will amend the Criminal Code Act 1995 to introduce new criminal offences to target the harmful practice of doxxing.

Schedule 1 – Privacy Act amendments

Schedule 1 begins the work of bringing Australia’s privacy protection framework into the digital age. The amendments re-affirm the Government’s view that entities have a responsibility to protect Australians’ personal information and not treat it merely as a commercial asset.

Children’s privacy

While all Australians face privacy risks in the online environment, children are particularly vulnerable. For many Australian children, social media has been part of their lives from the time they were born. They have never lived in a world without it.

It has been estimated that by the time a child turns 13, around 72 million pieces of data will be collected about them.

This Bill will require the development of a Children’s Online Privacy Code which will apply to social media and other internet services which are likely to be accessed by children. The Children’s Online Privacy Code will specify how these entities must comply with privacy obligations in relation to children. The Code will align to the extent possible with similar codes in like-minded countries, such as the United Kingdom.

The Code will be developed by the Office of the Australian Information Commissioner, which will be provided with $3 million in funding over three years to do this important work.

Information-sharing declarations after data breaches and emergencies

Cyber incidents are growing in number, speed and sophistication. Data breaches are exposing millions of Australians to risk of fraud, identity theft and scams. This Bill will promote the importance of implementing technical and organisational controls – such as encrypting data and training staff on data protection – to address information security risks.

It will also support more effective responses to data breaches by introducing eligible data breach declarations. A declaration will permit the sharing of personal information following a notifiable data breach for the purpose of preventing or reducing the risk of harm to individuals.

Sharing information under these circumstances will enable entities such as banks to act quickly to prevent the misuse of compromised credentials. Safeguards are included to ensure that a declaration can only be made for a purpose that is related to preventing or reducing a risk of harm to individuals arising from a misuse of personal information from the eligible data breach.

An eligible data breach declaration can be issued quickly and will make clear the kinds of personal information that may be shared, and with whom they may be shared, which may include state and territory agencies.

Similarly, emergency declarations made under the Act permit personal information sharing following disasters or emergencies to support response efforts, including to assist affected individuals. The Bill will require emergency declarations to specify the kinds of personal information, types of entities permitted to share information and the purposes for which it may be shared. These changes will ensure that individuals’ privacy is protected while also addressing their broader interests, and will support enhanced coordination with states and territories in emergencies and disasters.

Overseas data flows

The flow of information across national borders is critical for international trade and services in a globalised world. To support the free flow of information with appropriate protections, the Bill provides for countries with substantially similar data privacy laws to Australia to be prescribed. Businesses and individuals will be able to have greater confidence that personal information will be kept safe. This will also reduce costs for business when entering into contracts and agreements with overseas entities.

Enforcement

Effective enforcement of the Privacy Act is essential to protect Australians’ interests. This Bill expands the suite of regulatory powers available to the Information Commissioner to effectively enforce the Act and provides a broader range of enforcement options available to do so. This will include new civil penalties and infringement notices for less serious privacy breaches.

To investigate potential privacy breaches in an increasingly complex digital landscape, the Information Commissioner requires modern investigative powers. This Bill provides the Information Commissioner with additional powers, including for search and seizure, which may be exercised under warrant when investigating breaches of the Act, and scalable enforcement options.

The Bill will empower a court to make appropriate orders where it has determined that an entity has breached a civil penalty provision, which may include compensation for loss or damage suffered.

Effective privacy protection requires proactive regulatory action. This Bill also strengthens the Information Commissioner’s capacity by expanding monitoring and assessment functions. The Bill also introduces new public inquiry powers which will enable the Information Commissioner to inquire into specified matters as directed or approved. This will enable the Information Commissioner to keep closer oversight of threats to privacy, including issues of a systemic nature, as they emerge.

Automated decision making

The safe and responsible development and deployment of automated decision making presents significant opportunities. These systems have the potential to increase the efficiency, accuracy and consistency of decisions, and they present opportunities for improved outcomes in health, environment, defence and national security.

The Bill will provide individuals with transparency about the use of their personal information in automated decisions which significantly affect their interests. Entities will need to specify the kinds of personal information used in these sorts of decisions in their privacy policies.

Importantly these requirements will apply to decisions that are wholly or substantially automated, ensuring that the new requirements cannot be avoided by ‘tokenistic’ human involvement in a decision-making process.

Schedule 2 – statutory tort for serious invasions of privacy

A statutory tort applying to breaches of privacy has been talked about in Australia for a long, long time – as early as 1969, when Sir Zelman Cowen, then Vice-Chancellor of the University of New England, endorsed legislation to create an actionable right to seek redress for breaches of privacy.

There is currently no tortious right of action for invasion of privacy under the Act or any other Commonwealth, state or territory statute. The creation of a statutory tort was recommended by the Australian Law Reform Commission in its 2014 Report “Serious Invasions of Privacy in the Digital Era”, which I commissioned in 2013. It has been recommended by many other inquiries before and since.

In its 2014 report, the Commission stated the creation of a statutory tort would “fill an increasingly conspicuous gap in Australian law, helping to protect the privacy of Australians, while respecting and reinforcing other fundamental rights and values, including freedom of expression”.

Schedule 2 to the Bill will provide a new statutory cause of action, or tort, for individuals who have suffered a serious invasion of their privacy. This will include an intrusion on a person’s physical privacy, so the tort will complement the Privacy Act, which focusses on the narrower concept of information privacy.

There are parts of our lives that we reasonably expect to be able to keep to ourselves. The freedom to enjoy a private and family life, and express ourselves and our beliefs in safety, is critical to our wellbeing and dignity.

Ensuring that individuals have a clear right to seek a legal remedy against people or entities who seriously invade their privacy is a key part of ensuring that our privacy laws keep pace with community expectations and advances in technology.

Schedule 2 to the Bill provides that an individual has a cause of action for serious privacy invasions, either by an intrusion upon the individual’s seclusion – for example by physically intruding into their private space – or by misuse of their information, in circumstances where the individual had a reasonable expectation of privacy.

A plaintiff will have a cause of action without having to prove that any damage arose from the invasion of privacy. The damage or harm a plaintiff suffers will be a relevant factor in assessing the seriousness of the invasion, and the remedies that may be awarded.

For a claim to succeed, the plaintiff will need to demonstrate the public interest in protecting their privacy outweighs any competing public interest raised by the defendant.

In addition to the public interest balancing test, a range of defences will apply, including where the conduct of the defendant was required or authorised by law or was necessary because of a serious threat to life, health or safety.

The Bill will provide specific exemptions from liability under the tort, including for journalism, enforcement bodies and intelligence agencies. These exemptions are important to protect press freedom and ensure that legitimate activities of government can be delivered effectively.

The journalism exemption provides that invasions of privacy which occur in the course of the collection, preparation or publication of journalistic material, by a journalist, their employer, or someone assisting them, would not be liable under the tort. The Bill requires that to be considered a ‘journalist’, the person must work in that professional capacity and be subject to applicable standards of professional conduct or a code of practice.

The journalism exemption also operates in addition to the requirement that a court balance the public interest in the plaintiff’s privacy with other public interests. This may involve consideration of the public interest in freedom of the media, or freedom of expression.

A court will have the flexibility to choose the remedy or remedies that are most appropriate in the circumstances. This may include compensation for non-economic loss or an order requiring the defendant to apologise to the plaintiff.

Schedule 3 – doxxing criminal offences

Schedule 3 of the Bill will amend the Criminal Code 1995 to create new criminal offences targeting the release of personal data in a manner that is menacing or harassing—a practice known as ‘doxxing’.

The prevalence of social media and online platforms has rapidly increased the capacity of malicious individuals to obtain personal data, and to release that online—either to the public at large on social media platforms, or to their associates on forum and messaging platforms.

Doxxing exposes victims to significant and enduring harm, including public embarrassment, humiliation, shaming, discrimination, stalking and identify theft and financial fraud. It can lead to threats to a victim’s life and safety, and the lives and safety of their families and friends. It can inflict significant and lasting psychological harm.

Doxxing is a damaging form of abuse that can affect all Australians but is often used against women in the context of domestic and family violence.

The creation of this offence also responds to a recent, shocking incident of a group who were targeted with doxxing on the basis of their religion.

The Bill creates a new offence that applies where a person:
- uses a carriage service to make available, publish or otherwise distribute the personal data of one or more individuals; and
- the person does so in a way that reasonable persons would regard as being menacing or harassing towards those individuals.
The new offence will carry a maximum penalty of 6 years’ imprisonment.

The Bill also introduces a further offence, with a more serious maximum penalty of 7 years’ imprisonment, where a person or group is targeted because of their race, religion, sex, sexual orientation, gender identity, intersex status, disability, nationality or national or ethnic origin.

The Government recognises that there are circumstances in which people legitimately publish and distribute personal data, including individuals’ names, contact details and movements.

The new offences will apply only where a reasonable person would consider the conduct to be, in all the circumstances, menacing or harassing, to ensure that legitimate conduct is not inappropriately criminalised.

‘Personal data’, in the context of these new offences, means information about an individual that enables them to be identified, contacted or located. This includes their name, photograph, telephone number, email address, online account, residential or work address, and place of education or worship. This definition recognises that doxxing can occur in a number of different ways.

The Albanese Government is committed to the protection of Australians from online harm, and these new offences will ensure that perpetrators of doxxing are held to account.

These new offences will complement work that is underway across government, to strengthen online safety for all Australians. This includes the takedown powers of the eSafety Commissioner, the Cyberbullying Scheme and the Adult Cyber Abuse Scheme under the Online Safety Act 2021.

Conclusion

This Bill is an important first step in the Government’s privacy reform agenda, but it will not be the last. Over the coming months, the Attorney-General’s Department will develop the next tranche of privacy reform for targeted consultation, including draft provisions. The Government is approaching this important reform work carefully, to ensure increased privacy protections are balanced alongside other impacts, and that we deliver the fairest outcome for all Australians.

After many years of inaction, this Labor Government is committed to genuine privacy reform. The Australian people expect no less – for themselves and their children.

MIL OSI News –
January 25, 2025
MIL-OSI: Tropo Farms secures $10m from AgDevCo to expand tilapia fish production in Ghana

Source: GlobeNewswire (MIL-OSI)

ACCRA, Ghana and LONDON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Specialist agriculture investor AgDevCo has signed a long-term investment with Tropo Farms, the leading tilapia fish producer in West Africa and among the largest in Sub-Saharan Africa. Tropo Farms employs 917 people and supplies fish to the local market through about 3,000 market traders, the majority of whom are women.

Ghana has one of the highest fish consumption rates in Africa, consuming over 800,000 tonnes per year. This investment will boost the country’s aquaculture industry to satisfy the growing local demand for high quality, affordable fish as a sustainable alternative to wild catch and imports.

Tropo Farms is a pioneer in African aquaculture. Established by founder Mark Amechi in 1997, Tropo has developed sophisticated aquaculture practices tailored for local conditions.

AgDevCo’s investment of $10m will finance the construction of a modern processing facility and other production equipment. This will increase the company’s capacity to 30,000 tonnes within five years, contributing to improved nutrition and food security in Ghana.

Tropo sees opportunities for further aquaculture projects in West Africa, which it plans to pursue with AgDevCo and other strategic co-investors.

“Investing in Tropo Farms supports production of an important protein source in Ghana, contributes to import substitution and promotes economic growth. Our investment will enhance operational efficiency and sustainable aquaculture practices,” said Kweku Koranteng, AgDevCo’s Investment Director for West Africa.

“This loan is a major milestone for Tropo Farms. It will expand our logistics and distribution network while bringing more benefits to the communities where we operate. We are pleased to partner with AgDevCo, who brings flexible long-term capital to support our growth, as well as agribusiness expertise,” said Francisco Murillo, Tropo Farms CEO.

Mark Amechi, founder of Tropo Farms, added: “This agreement will not only enable us to scale our production volume and market share within Ghana but also represents a critical step toward realising our long-held ambitions of expanding further into the underdeveloped West African aquaculture sector.”

AgDevCo is a specialist investor in African agriculture, growing sustainable and impactful agribusiness, with $280m under management. Their vision is a thriving commercial agriculture sector, which benefits both people and planet by investing in and supporting agribusinesses to grow, create jobs, produce, and process food and link farmers to markets. They support their partners to work towards climate sustainability, and where possible, regenerative solutions. AgDevCo has made more than 65 investments to date.

Contact details for media:

Kweku Koranteng, info@agdevco.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d3424eb-7995-475e-9db9-9c4d9e33964c

The MIL Network –

January 25, 2025

MIL-OSI Europe: Euro area economic and financial developments by institutional sector: second quarter of 2024

Source: European Central Bank

29 October 2024

As of October 2024, ECB quarterly financial accounts provide more details on loans by counterpart sector granted by other financial institutions (OFIs) and information on debt securities issuance of non-financial corporations (NFCs) via financing conduits. OFIs are creditors of 23% of loans granted to NFCs by financial sector
Euro area net saving increased to €795 billion in four quarters to second quarter of 2024, compared with €787 billion one quarter earlier
Household debt-to-income ratio decreased to 83.4% in second quarter of 2024 from 87.8% one year earlier
NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 69.3% in second quarter of 2024 from 71.8% one year earlier

New details on other financial institutions and the financing of other sectors

As of October 2024, the quarterly sector accounts published by the ECB provide more detailed financial accounts data on OFIs, which constitute the second largest financial sector in the euro area after monetary financial institutions (MFIs).^[1] OFIs mainly provide financing to NFCs and to a lesser extent to households and other sectors. They also channel funds to and from the rest of the world.

This new release provides counterpart sector data, such as loans granted by the OFI subsectors to NFCs (Chart 1). The release also includes new data on euro area NFC financing conduits which are captive financial institutions that raise funds by issuing debt securities to be used by their parent corporation.^[2]

Chart 1

Loans to NFCs by financial subsector

(outstanding amounts at the of end of the second quarter of 2024, as percentages of financial sector loans to NFCs)

Source: ECB.

* Loans from NFC financing conduits to NFCs are estimated based on the financing conduits’ issuance of debt securities.

Total euro area economy

Euro area net saving increased to €795 billion (6.7% of euro area net disposable income) in the four quarters to the second quarter of 2024, compared with €787 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €440 billion (3.7% of net disposable income), mainly due to decreased investment by NFCs (Chart 2 and Table 1 in the Annex).

Euro area net lending to the rest of the world increased to €388 billion (from €336 billion previously) reflecting the increased net saving and decreased net non-financial investment. Household net lending increased to €549 billion (4.6% of net disposable income) from €501 billion. Net lending of NFCs (€233 billion, 2.0% of net disposable income) and that of financial corporations (€124 billion, 1.0% of net disposable income) were broadly unchanged. Government net borrowing stood broadly unchanged at €517 billion, contributing negatively (-4.3% of net disposable income) to euro area net lending.

Chart 2

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.

* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 2)

Households

Household financial investment increased at a higher annual rate of 2.3% in the second quarter of 2024 (after 2.0% in the previous quarter). Among its components, investment in currency and deposits (2.3%, after 1.6%) and investment in shares and other equity (0.8%, after 0.4%) grew at higher rates due to investment fund shares, while investment in debt securities increased at a lower rate (27.9%, after 38.5%).

Households continued to directly buy, in net terms, mainly debt securities issued by general government and MFIs. Households were overall net sellers of listed shares, selling predominantly listed shares of non-financial corporations, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents) and MFIs (Table 1 below and Table 2.2 in the Annex).

The household debt-to-income ratio^[3] decreased to 83.4% in the second quarter of 2024 from 87.8% in the second quarter of 2023. The household debt-to-GDP ratio declined, to 52.2% in the second quarter of 2024 from 54.4% in the second quarter of 2023 (Chart 3).

Table 1

Financial investment and financing of households, main items

(annual growth rates)

	Financial transactions
	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Financial investment*	2.0	1.8	1.9	2.0	2.3
Currency and deposits	1.3	0.3	0.8	1.6	2.3
Debt securities	48.6	56.9	54.3	38.5	27.9
Shares and other equity**	1.3	1.1	0.4	0.4	0.8
Life insurance	-0.2	-0.7	-0.6	-0.2	0.0
Pension schemes	2.4	2.4	2.2	2.3	2.3
Financing***	2.4	1.6	0.9	1.1	1.4
Loans	1.8	1.0	0.5	0.6	0.6

Source: ECB.

* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

** Includes investment fund shares.

*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 3

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.

* Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
*** Outstanding amount of loan liabilities.

Data for debt ratios of households and NFCs (Chart 3)

Non-financial corporations

Financing of NFCs increased at a higher annual rate of 1.0% in the second quarter of 2024 (after 0.8% in the previous quarter), as financing via debt securities (2.9% after 1.9%), shares and other equity (0.8% after 0.4%) and trade credits (1.8% after 0.6%) all grew at higher rates, while loan financing increased at a broadly unchanged rate (1.3%). Loans granted by other NFCs increased at a broadly unchanged rate (3.7%), while loans granted by MFIs grew at a higher rate (1.3% after 1.1%). Loans granted by the OFI subsector captive financial institutions (-2.9% after 0.5%) and the rest of the world (-2.2% after -2.7) decreased (Table 2 below and Table 3.2 in the Annex).

NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 69.3% in the second quarter of 2024, from 71.8% in the second quarter of 2023; the non-consolidated, wider debt measure decreased to 134.4% from 137.6% (Chart 3).

Table 2

Financing and financial investment of NFCs, main items

(annual growth rates)

	Financial transactions
	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Financing*	1.7	1.2	0.8	0.8	1.0
Debt securities	0.7	1.5	1.3	1.9	2.9
Loans	3.8	1.9	1.7	1.4	1.3
Shares and other equity	-0.0	0.4	0.3	0.4	0.8
Trade credits and advances	5.2	2.2	1.2	0.6	1.8
Financial investment**	2.9	2.4	1.8	1.9	2.1
Currency and deposits	-0.6	-1.2	-1.2	0.5	2.9
Debt securities	23.3	27.9	23.0	10.6	7.8
Loans	5.9	5.2	5.1	4.4	4.5
Shares and other equity	1.2	1.2	1.0	1.4	1.3

Source: ECB.

* Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.

** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

Data for financing and financial investment of NFCs (Table 2)

For queries, please use the statistical information request form.

Notes

These data come from a second release of quarterly euro area sector accounts for the second quarter of 2024 from the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 4 October 2024. The non-financial accounts are revised from the first quarter of 1999, and the financial accounts from the first quarter of 2013, reflecting in both cases also the impact of the benchmark revision 2024 implemented in the EU. For further information see the related Eurostat webpage.
The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters to the reference quarter for both numerator and denominator.
The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
The ECB publishes experimental Distributional Wealth Accounts (DWA) for the household sector. The release of results for the second quarter of 2024 is planned for 29 November 2024 (tentative date).

MIL OSI Europe News –

January 25, 2025

MIL-OSI United Kingdom: Mayor convenes emergency rough sleeping summit, as he warns rough sleeping in the capital will get worse before it gets better
Source: Mayor of London
- Sadiq convenes emergency roundtable with the Minister for Homelessness and Rough Sleeping, boroughs, leaders and experts in the sector to find long-term solutions to the capital’s rough sleeping crisis
- Sadiq announces new ‘Homes off the Streets’ initiative, with £4.8m investment providing support for people previously sleeping rough in 3,500 long-term homes
- The Mayor reiterates his mission to end rough sleeping by 2030 but warns the scale of the challenge and legacy of previous Government underinvestment means things could get worse before they get better
- City Hall’s rough sleeping budget has quadrupled since Sadiq has been Mayor
- Around 17,600 people have been helped off the capital’s streets since Sadiq was first elected through the Mayor’s services alone, with 75 per cent staying off the streets for good
The Mayor of London, Sadiq Khan, has today renewed his ambition to work closely with the new Government, London’s homelessness sector and experts to tackle the rising numbers of people ending up on the streets as he warned ‘the situation will get worse before it gets better.’

Sadiq is convening an emergency roundtable with the Minister for Homelessness and Rough Sleeping, Rushanara Ali MP, boroughs and leaders from the NHS, local government, homelessness charities and former rough sleepers to officially launch a call for evidence that will inform his plan of action on rough sleeping in London.

The Mayor’s plan of action, due to be launched next year, will establish a shared mission for ending rough sleeping, including the scale of funding required and the best mechanisms for achieving this ambition by 2030.

Whilst Sadiq is optimistic that rough sleeping can be ended with strong leadership, sufficient resources and the right strategy, he is warning that the scale of the challenge and the legacy of years of underinvestment from the previous Government in housing and support means that things could get worse this winter before they get better.

Sadiq is also today announcing a new ‘Homes off the Streets’ initiative, which builds on the Mayor’s Clearing House scheme and is being delivered by City Hall, with funding for support to help more Londoners in their recovery from homelessness.

The £4.8m funding will ensure that former rough sleepers at 3,500 properties across the capital can support themselves and stay off the streets for good. It will provide advice and support in areas such as accessing financial advice, applying for benefits and using public services.

The Mayor also intends to work with social landlords to increase the number of properties available in the future through his ‘Homes off the Streets’ initiative to ensure as many rough sleepers as possible can stay off the streets for good.

London has long been at the forefront of delivering innovative long-term solutions to homelessness and rough sleeping and was one of the early adopters of a housing-led approach to tackling rough sleeping. Sadiq’s Homes off the Streets scheme builds on this legacy and is a pillar of his wider ambition to end rough sleeping for good by 2030.

Rough sleeping has been rising in London and across the country, with London hit hard by previous Government cuts to key services and a national slowdown in housebuilding. Latest figures collated by City Hall for 2023/23 show the total number of people sleeping rough in London has continued to rise, with a 20 per cent increase in the number of new rough sleepers compared to the same period last year. [1]

In response to the capital’s worsening crisis in rough sleeping, the Mayor has delivered record funding to homelessness charities and service providers and significantly increased City Hall’s rough sleeping budget. At £36.3 million, the budget in 2023/24 is now more than four times the £8.45 million a year it was when Sadiq took office in 2016. Around 17,600 people have been helped off the capital’s streets since 2016 through the Mayor’s services alone, with 75 per cent staying off the streets for good.

Sadiq is clear that ending rough sleeping in London for good will require every sector to step up and play their part – from health to housing, and social care to wider society – backed by greater investment.

The Mayor of London, Sadiq Khan, said: “We know we can bring down rough sleeping – it’s exactly what was done during the pandemic, and also two decades ago.

“However, with rough sleeping in London and across the country on the rise, the reality is that the situation will get worse before it gets better.

“Today I am bringing together Ministers, boroughs and leaders from the NHS, local government, homelessness charities and former rough sleepers, so we can work hand-in-hand to tackle this growing emergency. Providing funding to get vulnerable people off the streets and helping them to start rebuilding their lives is at the centre of our plan.

“There’s so much more we need to do at all levels of Government and wider society – as we work together to build a better, fairer, more prosperous London for everyone.”

The Minister for Homelessness, Rushanara Ali said: “To end homelessness for good we must tackle its root causes, not just its symptoms. We can only do this by working together across government, with councils, charities, experts, and front-line services.

“This is why the summit is so important because not only will it bring all these stakeholders together, but we will also hear from those with first-hand experience of homelessness to help inform the Government’s long-term strategy to get us back on track to ending homelessness for good.”

Filmmaker Lorna Tucker-McGarvey, who slept on the streets of London for 18 months as a teenager said: “I strongly believe that we can end rough sleeping with the right support, so I’m really pleased that the Mayor of London has convened today’s emergency rough sleeping summit.

“It is powerful to have a seat at the table alongside others with lived experience of homelessness, and I hope our stories will drive forward the goal of ending rough sleeping in London by 2030.”

Cllr Grace Williams, London Councils’ Executive Member for Housing & Regeneration, said: “Rough sleeping is the most visible form of London’s homelessness emergency.

“Tackling rough sleeping requires a range of policy measures, as well as close partnerships between different agencies and investment in the frontline services keeping people off the streets.

“London boroughs play a pivotal role. We are proud to be working alongside the Mayor, the voluntary sector, and other partners in tackling this crisis. Together we can make faster progress towards ending rough sleeping for good.

Charlie Culshaw, Director of L&Q Living, said: “We’ve been a key partner in the Clearing House initiative since its inception and, with significant funding from the Mayor’s Office, we have seen it go from strength to strength. Adopting a housing-led approach to homelessness has the benefit of ensuring access to expert advice from those with unrivalled experience of helping people transition from rough sleeping to having a roof over their heads.

“As one of the UK’s leading housing associations we’re proud to support the Homes off the Street initiative to build on this success. We’re committed to continuing our support for the Mayor’s mission of bringing an end to rough sleeping by 2030 and ensuring that more people have a home to call their own.”
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Russia: Polytechnic Day at Engineering and Technology School No. 777

Translation. Region: Russian Federation –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

On the eve of the autumn holidays, Engineering and Technology School No. 777 held a University Day with representatives of the Polytechnic University.

The event began with a “Dialogue Without Ties” — a meeting of representatives of leading enterprises, universities and other organizations. Together with Natalia Mokhova, an assistant at the Higher School of Automation and Robotics, the schoolchildren discussed modern engineering competencies, the development plan for mechanical engineering, and robotics and safety issues.

Throughout the day, students of all ages attended a variety of workshops and lectures from university students and teachers.

For students in grades 1-2, active breaks were organized to create a team spirit. Children from grades 3-4 learned about coding at the “Mathematical ABC” master class, created an embroidery logo of the Polytechnic University, depicted the Hydrotower, created a paint-by-numbers project, and learned about the historical buildings of the Polytechnic University.

The fifth-graders took quizzes on “Science and Technology”. They also solved logical problems and participated in the training game “Team Power: Together to Success”. The sixth-graders competed in an intellectual game and learned the basics of science.

Seventh-graders learned about the sociotechnical boundaries of progress from associate professor of the Humanitarian Institute Ivan Kolomeitsev. Teachers of the Higher School of Technosphere Safety held a lesson for eighth-graders with situational tasks on life safety. There were also master classes on financial literacy and intellectual quizzes “Own Game”. Ninth-graders were told about the features of the profession “Cybersecurity Specialist” and how light and heat appear in homes.

Associate Professor of the Higher School of Biomedical Systems and Technologies Ivan Sukhov presented high school students with the work of specialists in the field of bioengineering, bioinformatics and biophysics. Students in grades 10 and 11 launched the process of managing a “smart home” at a master class from senior lecturer of the Higher School of Engineering and Physics Vadim Panevin and observed the behavior of liquid nitrogen. An interactive lecture by Associate Professor of the Higher School of Software Engineering Alexander Shchukin was devoted to a current review of professions in the field of information technology.

In addition, the schoolchildren learned about the areas of training in the programs of secondary vocational education, bachelor’s, master’s and postgraduate studies, about the conditions of admission and study at the Polytechnic. During the breaks, the children visited an exhibition dedicated to the 125th anniversary of the university.

The event ended with a concert in which the students performed vocal numbers.

Such events allow schoolchildren to get to know the educational institution and its specialties better, which will help them decide on their future profession. This is an important step in attracting talented young people to the Polytechnic University and providing it with qualified personnel in the future, – noted Elizaveta Lapshina, manager of the Center for Work with Educational Organizations of SPbPU.

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI Australia: Introduction of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024

Source: Australian Executive Government Ministers

The Albanese Government is today taking a critical step to strengthen Australia’s protections against money laundering and counter-terrorism financing, and tackling a key resource stream for organised crime.

Each year billions of dollars are generated from illegal activities such as drug trafficking, tax evasion, cybercrime, human trafficking and arms trafficking. The proceeds from these crimes are used to fund further serious crimes such as terrorism and child abuse.

In 2015, the Financial Action Task Force (FATF), the global financial watchdog, found that Australia had failed to comply with a number of critical standards. In particular, Australia had failed to extend our anti-money laundering and counter-terrorism financing regime to ‘tranche-two’ entities including lawyers, accountants and real estate agents.

Despite these clear warnings that our economy was at risk of being exploited by criminal gangs and terrorists, the former government failed to do anything of substance for nearly a decade, leaving Australia dangerously vulnerable.

The Albanese Government’s Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 introduces significant, long overdue reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.

The Bill will close a significant regulatory gap in Australia by expanding the regime to address vulnerabilities within ‘tranche-two’ entities, including lawyers, accountants, real estate professionals and dealers in precious stones and metals. AUSTRAC’s recent Money Laundering National Risk Assessment noted criminals are increasingly exploiting these sectors to conceal illicit wealth and launder money.

The Bill will also help bring Australia into line with international standards set by the Financial Action Task Force (FATF). Australia is now one of only five jurisdictions out of more than 200 that do not regulate these tranche-two entities or ‘gatekeeper’ professions. It means Australia is at serious risk of being ‘grey-listed’ by the FATF, which would not only be damaging to our international reputation but could result in significant economic harm to Australians and businesses.

The Government is taking the opportunity to simplify, clarify and streamline the AML/CTF regime. This will reduce the regulatory burden on businesses and make it easier to understand and implement effective measures to combat financial crime. The reforms will allow businesses to take a risk-based approach, allowing industry to prioritise their resources. The reforms will also lead to better quality financial data and make it easier for businesses to protect themselves from misuse by criminals.

The Government thanks the representatives of ‘tranche two’ entities who engaged constructively in consultations on this Bill.

The Bill will modernise Australia’s AML/CTF system to ensure it keeps pace with our global financial system – closing the gaps that increasingly sophisticated and professional criminal organisations can exploit. This includes extending the current regulation of virtual asset service providers, that are exploited by serious and organised crime groups to launder the profits of their crimes and hide the origin of funds.

The Albanese Government is taking up the fight against money laundering and terrorism financing in Australia. The Government looks forward to all members of the Australian Parliament joining us in supporting the passage of this Bill.

MIL OSI News –

January 25, 2025
MIL-OSI: CECO Environmental to Acquire Profire Energy for $125 Million
Source: GlobeNewswire (MIL-OSI)
- Expands CECO’s leadership position in niche energy and industrial markets with expanded environmental solutions for mission critical applications
- Provides cost synergies and enhances Profire’s strategic growth by utilizing CECO’s established international operations and customer relationships
- CECO to host its Quarterly Earnings call today at 8:30 a.m. ET including further commentary regarding the transaction
DALLAS and LINDON, Utah, Oct. 29, 2024 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, and Profire Energy, Inc. (NASDAQ: PFIE) (“Profire”), a technology company providing solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances, today announced a definitive agreement where CECO will acquire Profire, in an all-cash transaction.

Profire is a leader in burner management technology and combustion control systems that provide mission-critical combustion automation and control solutions and services to improve environmental efficiency, safety and reliability for industrial thermal applications globally. Profire estimates its 2024 sales to be greater than $60 million with adjusted EBITDA margins of approximately 20 percent.

“I am excited to announce the acquisition of Profire and we look forward to welcoming their tremendous organization to our portfolio of leading solution companies,” said Todd Gleason, CECO’s Chief Executive Officer. “With an installed base approaching 100,000 burner management systems and a growing industrial market product offering, we look forward to accelerating their global market expansion and introducing their high-efficiency solutions to more customers in industrial air and water. We are also confident that the increased scale and combined corporate organizations will generate meaningful efficiencies and synergies. The addition of Profire is another important step in our ongoing execution of programmatic M&A and we expect it will further advance our position as the leading environmental solutions provider in industrial markets.”

“We are extremely pleased to announce this transaction with CECO which is a testament to the value that has been created for Profire employees, customers and shareholders,” said Cameron Tidball and Ryan Oviatt, co-CEOs of Profire. “The combination of our well-established leadership in niche energy and industrial mission critical applications with CECO’s proven track record of acquiring and investing in companies to enhance their growth and create scale will unlock even more value for all constituents.”

Transaction Details and Timing

Under the terms of the agreement, a subsidiary of CECO (“Merger Sub”) will commence a tender offer to acquire all issued and outstanding shares of Profire common stock at a price of $2.55 per share, in cash, without interest and subject to applicable withholding tax. The tender offer will initially remain open for 20 business days from the date of commencement of the tender offer, subject to extension under certain circumstances. The transaction, which has been unanimously approved by Profire’s Board of Directors, implies an equity value of approximately $125 million and a total enterprise value for Profire of approximately $108 million.

The tender offer is subject to customary closing conditions, including that at least a majority of the outstanding shares of Profire’s common stock are tendered and not withdrawn in the tender offer and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The price represents a 46.5% premium over Profire’s closing share price of $1.74 on October 25, 2024 and a premium of 60.3% to Profire’s 30-day volume weighted average share price on October 25, 2024.
Following a successful completion of the tender offer, including the satisfaction of certain customary conditions, CECO will acquire all remaining untendered shares of Profire common stock at the same price of $2.55 per share in cash through a merger of Merger Sub with Profire, with Profire continuing as the surviving corporation.

Upon completion of the transaction, Profire will become a wholly-owned subsidiary of CECO and shares of Profire’s common stock will no longer be listed on any public market. The parties anticipate that the combination will be completed in the first quarter of 2025.

Advisors

Stephens Inc. is serving as financial advisor and Mayer Brown LLP is serving as legal counsel to Profire.
CECO Environmental Corp. is being advised by Foley & Lardner LLP (Legal), and KPMG (tax).

ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets across the globe through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom solutions for applications including power generation, petrochemical processing, general industrial, refining, midstream oil and gas, electric vehicle production, polysilicon fabrication, battery recycling, beverage can, and water/wastewater treatment along with a wide range of other applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Dallas, Texas. For more information, please visit www.cecoenviro.com.

ABOUT PROFIRE ENERGY, INC.
Profire Energy is a technology company providing solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances while mitigating potential environmental impacts related to the operation of these devices. It is primarily focused in the upstream, midstream, and downstream transmission segments of the oil and gas industry. However, in recent years, Profire has completed many installations of burner-management solutions in other industries that will be applicable to expand the addressable market over time. Profire specializes in the engineering and design of burner and combustion management systems and solutions used on a variety of natural and forced draft applications. Its products and services are sold primarily throughout North America. It has an experienced team of sales and service professionals that are strategically positioned across the United States and Canada. Profire has offices in Lindon, Utah; Victoria, Texas; Midland-Odessa, Texas; Homer, Pennsylvania; Greeley, Colorado; Millersburg, Ohio; and Acheson, Alberta, Canada. For additional information, visit www.profireenergy.com.

SAFE HARBOR STATEMENT
Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance and include, but are not limited to, statements regarding CECO’s full year 2024 outlook, statements about CECO’s expectations regarding the integration of Profire Energy, Inc., into CECO; the benefits of the acquisition of Profire Energy, Inc., and the expectations regarding the transaction’s impact on CECO’s strategic growth plan. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties that could cause actual results to differ materially include risks regarding the parties’ ability to complete the proposed transactions in the anticipated timeframe or at all, the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement between the parties, the effect of the announcement or pendency of the proposed transaction on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the proposed transaction, diversion of management’s attention from ongoing business operations, the outcome of any legal proceedings that may be instituted related to the proposed transaction, the amount of the costs, fees, expenses and other charges related to the proposed transaction, the risk that competing offers or acquisition proposals will be made, the achievement of the anticipated benefits of the acquisition, the ability of Profire to achieve its 2024 earnings guidance, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in our service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases, if any; our ability to successfully realize the expected benefits of our restructuring program; our ability to successfully integrate acquired businesses and realize the synergies from strategic transactions; the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors; and our ability to remediate our material weakness, or any other material weakness that we may identify in the future that could result in material misstatements in our financial statements. Additional risks and uncertainties are discussed under “Part I – Item 1A. Risk Factors” of CECO’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and may be included in subsequently filed Quarterly Reports on Form 10-Q. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information about the Transaction and Where to Find It

The tender offer has not yet commenced. This communication is neither an offer to buy nor a solicitation of an offer to sell any securities of Profire Energy, Inc., nor is it a recommendation by Profire Energy, Inc., its management or board of directors that any investors sell or otherwise tender any securities of Profire Energy, Inc. in connection with the transactions described elsewhere in this communication. The solicitation and the offer to buy shares of Profire Energy, Inc.’s common stock will only be made pursuant to a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that a subsidiary of CECO Environmental Corp. intends to file with the SEC. In addition, Profire Energy, Inc. will file with the SEC a Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain the tender statement on Schedule TO, the offer to purchase, the Recommendation Statement of Profire Energy, Inc. on Schedule 14D-9 and related materials filed with the SEC with respect to the tender offer and the merger, free of charge at the website of the SEC at www.sec.gov or from the information agent named in the tender offer materials. Investors are advised to read these documents when they become available, including the Recommendation Statement of Profire Energy, Inc. and any amendments thereto, as well as any other documents relating to the tender offer and the merger that are filed with the SEC, carefully and in their entirety prior to making any decisions with respect to whether to tender their shares in the tender offer because such documents contain important information, including the terms and conditions of the tender offer.

CECO Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670

PFIE Company Contact:
Ryan Oviatt
Co-CEO & CFO
(801) 796-5127

Investor Relations Contact:
Steven Hooser
Three Part Advisors
214-872-2710
Investor.Relations@OneCECO.com

The MIL Network –
January 25, 2025
MIL-OSI: UP Fintech Announces Full Exercise of Over-Allotment Option in Follow-on Public Offering of American Depositary Shares

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 29, 2024 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that the underwriters of the Company’s follow-on public offering have fully exercised their option to purchase an aggregate of 2,250,000 additional American Depositary Shares (“ADSs”), each representing 15 Class A ordinary shares of the Company, from the Company at the public offering price of US$6.25 per ADS.

Deutsche Bank AG, Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited and US Tiger Securities, Inc. acted as the joint bookrunners for the ADS offering.

The ADS offering has been made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at http://www.sec.gov. The ADS offering has been made only by means of a prospectus supplement and an accompanying prospectus included in the Form F-3. The Form F-3 and the prospectus supplement are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement has been filed with the SEC and is available on the SEC’s website at: http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may be obtained by contacting Deutsche Bank AG, Hong Kong Branch, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong; China International Capital Corporation Hong Kong Securities Limited 29/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong; or, US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, NY 10022, United States of America.

This announcement shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About UP Fintech Holding Limited

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

For more information on the Company, please visit: https://ir.itigerup.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

For investor and media inquiries please contact:

Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com

The MIL Network –

January 25, 2025
MIL-OSI: Blockchain Reaction Unveils FiatGate, A Non-Custodial White-Label Web3 Wallet and Exchange Solution
Source: GlobeNewswire (MIL-OSI)

STOCKHOLM, Oct. 29, 2024 (GLOBE NEWSWIRE) — Blockchain Reaction, a company at the forefront of Web3, announced the launch of FiatGate, a user-friendly white-label non-custodial wallet & exchange platform designed to seamlessly bridge the gap between traditional finance and the world of cryptocurrencies.

FiatGate is the result of a strategic collaboration between Blockchain Reaction and its sister company EBANQ, renowned for its successful track record in delivering user-friendly white-label online banking software for over a decade. This partnership ensures that FiatGate is not only innovative but also built on a solid foundation of expertise and track record when it comes to performance and security.

FiatGate enables end-users to buy, sell and swap cryptocurrencies through pre-integrated regulated onramp and offramp providers and without the need for the company operating the platform to obtain a crypto license, since wallets are non-custodial and the integrated and regulated providers handle all KYC and AML compliance.

Key features of FiatGate include:
- White label: Go live with your Web3 White-Label Non-Custodial Wallet & Exchange Platform under your own branding in under 72 hours.
- Ironclad Security: Built on industry leading technologies and ISO 27001 certified cloud infrastructure powered by Magic and Vercel.
- Out-of-the-box payment rails: Access to integrated onramp and offramp providers facilitating deposits and withdrawals using traditional payment rails such as SWIFT, SEPA, FPS, ACH, Fedwire, Apple Pay, Google Pay, VISA and Mastercard*.
- Comprehensive Support: backed by the experienced EBANQ team, ensuring top-notch customer support and technical assistance.
“FiatGate represents a significant step forward in our mission to make DeFi and Web3 accessible and practical for everyday use. Our white-label self-custody platform brings ownership and asset control back to the end-users, without compromising user-friendliness” said Mikael Magnusson, CEO of Blockchain Reaction.

About Blockchain Reaction
Blockchain Reaction is a leading innovator in White-Label Non-Custodial Wallet & Exchange Platforms, dedicated to creating solutions that drive the adoption of decentralized systems. With a focus on security, scalability, and user experience, Blockchain Reaction is at the forefront of the Web3 and DeFi revolution.

About EBANQ
EBANQ has been a trusted provider of white label online banking software for over a decade. Their solutions are used by financial institutions worldwide and known for their reliability, scalability, security and ease of use.

Press Contact:
Anastasia Andrea
press@blockchainreaction.io

*All trademarks and brand names mentioned are the property of their respective owners. Their use does not imply or constitute any affiliation, partnership or endorsement of any kind.

Social Media Links:

https://www.facebook.com/people/FiatGate/61560833716057/

https://www.linkedin.com/company/fiatgate/

https://x.com/FiatGate_crypto

https://www.instagram.com/fiatgate_crypto/

Disclaimer: This content is provided by Blockchain Reaction. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/674fcfbc-4723-4740-86a1-1236271914df

The MIL Network –
January 25, 2025

MIL-OSI: Check Point Software Reports 2024 Third Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

REDWOOD CITY, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the third quarter ended September 30, 2024.

Third Quarter 2024:

Total Revenues: $635 million, a 7 percent increase year over year
Security Subscriptions Revenues: $277 million, a 12 percent increase year over year
GAAP Operating Income: $218 million, representing 34 percent of revenues
Non-GAAP Operating Income: $274 million, representing 43 percent of revenues
GAAP EPS: $1.83, a 4 percent increase year over year
Non-GAAP EPS: $2.25, a 9 percent increase year over year

“Check Point delivered great third quarter financial results that were bolstered by double-digit Infinity Platform growth. This success is underscored by double-digit revenue growth in Harmony Email and Infinity Global Services,” said Gil Shwed, Check Point founder and CEO. “We expanded our offerings into the Security Operation Center (SOC) market with the Cyberint acquisition that delivers proactive, AI powered threat intelligence and exposure management. We’re looking forward to continued success with our Infinity Platform and the broader adoption of our technologies as we close out the year.”

Financial Highlights for the Third Quarter of 2024:

Total Revenues: $635 million compared to $596 million in the third quarter of 2023, a 7 percent increase year over year.
GAAP Operating Income: $218 million compared to $226 million in the third quarter of 2023, representing 34 percent and 38 percent of total revenues in the third quarter of 2024 and 2023, respectively.
Non-GAAP Operating Income: $274 million compared to $269 million in the third quarter of 2023, representing 43 percent and 45 percent of total revenues in the third quarter of 2024 and 2023, respectively
GAAP Taxes on Income: $37 million compared to $39 million in the third quarter of 2023.
GAAP Net Income: $207 million compared to $205 million in the third quarter of 2023.
Non-GAAP Net Income: $255 million compared to $242 million in the third quarter of 2023.
GAAP Earnings per Diluted share: $1.83 compared to $1.75 in the third quarter of 2023, a 4 percent increase year over year.
Non-GAAP Earnings per Diluted share: $2.25 compared to $2.07 in the third quarter of 2023, a 9 percent increase year over year.
Deferred Revenues: As of September 30, 2024, deferred revenues were $1,745 million compared to $1,709 million as of September 30, 2023, a 2 percent increase year over year.
Cash Balances, Marketable Securities and Short-Term Deposits: $2,873 million as of September 30, 2024, compared to $2,989 million as of September 30, 2023.
Cash Flow: During the quarter we acquired Cyberint Ltd, a pioneering provider of External Risk Management solutions, for $186 million net cash consideration. Cash flow from operations was $249 million, and acquisition-related costs for the current quarter were insignificant. This compares to $222 million in the third quarter of 2023, which included $22 million in costs related to acquisitions.
Share Repurchase Program: During the third quarter of 2024, we repurchased approximately 1.79 million shares at a total cost of approximately $325 million.

For information regarding the non-GAAP financial measures discussed in this release, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, please see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information.”

Video Conference Information
Check Point will host a video conference with the investment community on October 29, 2024, at 8:30 AM ET/5:30 AM PT. To listen to the live video cast or replay, please visit the website: www.checkpoint.com/ir.

Fourth Quarter Investor Conference Participation Schedule:

Morgan Stanley 23^rdAnnual Asia Pacific Summit
November 20-21, 2024, Singapore

2024 UBS Global Technology Conference
December 2-3, 2024, Scottsdale, AZ – 1×1’s
Wells Fargo TMT Summit
December 4, 2024, Rancho Palos Verdes, CA – 1×1’s
FBN Virtual Silicon Valley Tech Tour
December 6, 2024, Virtual
Nasdaq 50^thInvestor Conference
December 10, 2024, London, UK

Members of Check Point’s management team anticipate attending these conferences and events to discuss the latest company strategies and initiatives. Check Point’s conference presentations, if applicable, will be available via webcast on the company’s web site. To hear these presentations and access the most updated information please visit the company’s web site at www.checkpoint.com/ir. The schedule is subject to change.

To follow this and other Check Point news visit:

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Core Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding our products and solutions, and our participation in investor conferences and events during the fourth quarter of 2024. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; competition from other products and services; the appointment of our new CEO, the transition of our CEO into the role of Executive Chairman; and general market, political, economic, and business conditions, including acts of terrorism or war. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of operating income, net income, and earnings per diluted share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets and acquisition related expenses and the related tax affects. Check Point’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of Check Point’s ongoing core operations and prospects for the future. Historically, Check Point has also publicly presented these supplemental non-GAAP financial measures to assist the investment community in visualizing the Company “through the eyes of management,” and thereby enhance understanding of its operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating the business internally and has determined that it is important to provide this information to investors.

CHECK POINT SOFTWARE TECHNOLOGIES LTD. CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions, except per share amounts)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2024		2023		2024		2023
Revenues:
Products and licenses	$	118.9	$	114.2	$	337.3	$	339.1
Security subscriptions		276.9		248.3		812.0		715.4
Total revenues from products and security subscriptions		395.8		362.5		1,149.3		1,054.5
Software updates and maintenance		239.3		233.8		712.0		696.7
Total revenues		635.1		596.3		1,861.3		1,751.2

Operating expenses:
Cost of products and licenses		24.3		22.5		68.2		71.3
Cost of security subscriptions		19.6		13.9		52.9		39.8
Total cost of products and security subscriptions		43.9		36.4		121.1		111.1
Cost of Software updates and Maintenance		30.2		27.7		90.5		81.8
Amortization of technology		5.8		3.0		17.4		8.2
Total cost of revenues		79.9		67.1		229.0		201.1

Research and development		97.5		90.0		293.8		268.9
Selling and marketing		208.9		183.3		630.8		546.6
General and administrative		30.3		29.8		86.0		87.3
Total operating expenses		416.6		370.2		1,239.6		1,103.9

Operating income		218.5		226.1		621.7		647.3
Financial income, net		25.3		17.7		71.6		58.1
Income before taxes on income		243.8		243.8		693.3		705.4
Taxes on income		36.9		38.8		105.1		114.3
Net income	$	206.9	$	205.0	$	588.2	$	591.1
Basic earnings per share	$	1.87	$	1.77	$	5.28	$	5.01
Number of shares used in computing basic earnings per share		110.5		116.0		111.4		117.9
Diluted earnings per share	$	1.83	$	1.75	$	5.16	$	4.96
Number of shares used in computing diluted earnings per share		113.4		117.3		114.1		119.2

CHECK POINT SOFTWARE TECHNOLOGIES LTD. SELECTED FINANCIAL METRICS (Unaudited, in millions, except per share amounts)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2024		2023		2024		2023

Revenues	$	635.1	$	596.3	$	1,861.3	$	1,751.2
Non-GAAP operating income		274.0		269.0		791.1		770.5
Non-GAAP net income		255.4		242.4		735.9		698.6
Diluted Non-GAAP Earnings per share	$	2.25	$	2.07	$	6.45	$	5.86
Number of shares used in computing diluted Non-GAAP earnings per share		113.4		117.3		114.1		119.2

CHECK POINT SOFTWARE TECHNOLOGIES LTD. RECONCILIATION OF GAAP TO NON GAAP FINANCIAL INFORMATION (Unaudited, in millions, except per share amounts)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2024			2023			2024			2023

GAAP operating income	$	218.5		$	226.1		$	621.7		$	647.3
Stock-based compensation (1)		39.0			36.5			119.9			105.4
Amortization of intangible assets and acquisition related expenses (2)		16.5			6.4			49.5			17.8
Non-GAAP operating income	$	274.0		$	269.0		$	791.1		$	770.5

GAAP net income	$	206.9		$	205.0		$	588.2		$	591.1
Stock-based compensation (1)		39.0			36.5			119.9			105.4
Amortization of intangible assets and acquisition related expenses (2)		16.5			6.4			49.5			17.8
Taxes on the above items (3)		(7.0	)		(5.5	)		(21.7	)		(15.7	)
Non-GAAP net income	$	255.4		$	242.4		$	735.9		$	698.6

Diluted GAAP Earnings per share	$	1.83		$	1.75		$	5.16		$	4.96
Stock-based compensation (1)		0.34			0.31			1.04			0.88
Amortization of intangible assets and acquisition related expenses (2)		0.14			0.06			0.44			0.15
Taxes on the above items (3)		(0.06	)		(0.05	)		(0.19	)		(0.13	)
Diluted Non-GAAP Earnings per share	$	2.25		$	2.07		$	6.45		$	5.86

Number of shares used in computing diluted Non-GAAP earnings per share		113.4			117.3			114.1			119.2

(1) Stock-based compensation:
Cost of products and licenses	$	0.1		$	0.1		$	0.3		$	0.3
Cost of software updates and maintenance		1.8			1.9			6.2			4.9
Research and development		14.0			12.1			42.3			34.5
Selling and marketing		15.4			15.0			46.2			41.1
General and administrative		7.7			7.4			24.9			24.6
		39.0			36.5			119.9			105.4

(2) Amortization of intangible assets and acquisition related expenses:
Amortization of technology-cost of revenues		5.8			3.0			17.4			8.2
Research and development		1.6			1.1			4.8			5.0
Selling and marketing		9.1			2.3			27.3			4.6
		16.5			6.4			49.5			17.8
(3) Taxes on the above items		(7.0	)		(5.5	)		(21.7	)		(15.7	)
Total, net	$	48.5		$	37.4		$	147.7		$	107.5

CHECK POINT SOFTWARE TECHNOLOGIES LTD. CONDENSED CONSOLIDATED BALANCE SHEET DATA (In millions) ASSETS
	September 30,		December 31,
	2024 (Unaudited)		2023 (Audited)
Current assets:
Cash and cash equivalents	$	543.8	$	537.7
Marketable securities and short-term deposits		925.6		992.3
Trade receivables, net		391.9		657.7
Prepaid expenses and other current assets		90.9		70.0
Total current assets		1,952.2		2,257.7

Long-term assets:
Marketable securities		1,403.4		1,429.7
Property and equipment, net		80.6		80.4
Deferred tax asset, net		76.5		81.8
Goodwill and other intangible assets, net		1,900.4		1,748.5
Other assets		99.5		97.4
Total long-term assets		3,560.4		3,437.8

Total assets	$	5,512.6	$	5,695.5

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Deferred revenues	$	1,270.2		$	1,413.8
Trade payables and other accrued liabilities		446.0			502.3
Total current liabilities		1,716.2			1,916.1

Long-term liabilities:
Long-term deferred revenues		474.8			493.9
Income tax accrual		457.8			436.1
Other long-term liabilities		35.2			28.4
		967.8			958.4

Total liabilities		2,684.0			2,874.5

Shareholders’ equity:
Share capital		0.8			0.8
Additional paid-in capital		3,019.4			2,732.5
Treasury shares at cost		(13,946.7	)		(13,041.2	)
Accumulated other comprehensive loss		(1.2	)		(39.2	)
Retained earnings		13,756.3			13,168.1
Total shareholders’ equity		2,828.6			2,821.0
Total liabilities and shareholders’ equity	$	5,512.6		$	5,695.5
Total cash and cash equivalents, marketable securities and short-term deposits	$	2,872.8		$	2,959.7

CHECK POINT SOFTWARE TECHNOLOGIES LTD. SELECTED CONSOLIDATED CASH FLOW DATA (Unaudited, in millions)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2024			2023			2024			2023
Cash flow from operating activities:
Net income	$	206.9		$	205.0		$	588.2		$	591.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		5.2			5.2			17.7			17.4
Amortization of intangible assets		13.4			4.6			40.4			10.8
Stock-based compensation		39.0			36.5			119.9			105.4
Realized loss on marketable securities		*)			6.0			*)			6.7
Decrease in trade and other receivables, net		67.8			38.1			258.2			263.3
Decrease in deferred revenues, trade payables and other accrued liabilities		(91.6	)		(75.8	)		(213.3	)		(205.1	)
Deferred income taxes, net		8.2			2.7			(1.3	)		9.3
Net cash provided by operating activities		248.9			222.3			809.8			798.9

Cash flow from investing activities:
Payment in conjunction with acquisitions, net of acquired cash		(185.8	)		(455.0	)		(185.8	)		(455.0	)
Investment in property and equipment		(4.8	)		(6.1	)		(17.7	)		(13.9	)
Net cash used in investing activities		(190.6	)		(461.1	)		(203.5	)		(468.9	)

Cash flow from financing activities:
Proceeds from issuance of shares upon exercise of options		45.4			32.6			249.6			117.7
Purchase of treasury shares		(325.0	)		(324.6	)		(975.0	)		(974.4	)
Payments related to shares withheld for taxes		(3.9	)		(2.1	)		(17.1	)		(9.8	)
Net cash used in financing activities		(283.5	)		(294.1	)		(742.5	)		(866.5	)

Unrealized gain on marketable securities, net		40.1			6.1			49.3			22.0

Decrease in cash and cash equivalents, marketable securities and short term deposits		(185.1	)		(526.8	)		(86.9	)		(514.5	)

Cash and cash equivalents, marketable securities and short term deposits at the beginning of the period		3,057.9			3,515.5			2,959.7			3,503.2

Cash and cash equivalents, marketable securities and short term deposits at the end of the period	$	2,872.8		$	2,988.7		$	2,872.8		$	2,988.7

*) represents an amount lower than 0.1

The MIL Network –

January 25, 2025

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi launches, inaugurates and lays the foundation stone of multiple projects related to health sector worth over Rs 12,850 crore

Source: Government of India (2)

Prime Minister Shri Narendra Modi launches, inaugurates and lays the foundation stone of multiple projects related to health sector worth over Rs 12,850 crore

Augmenting the healthcare infrastructure is our priority, Initiatives relating to the sector launched today will make top-quality and affordable facilities available to the citizens:PM

It is a matter of happiness for all of us that today Ayurveda Day is being celebrated in more than 150 countries: PM

Government has set five pillars of health policy:PM

Now every senior citizen of the country above the age of 70 years will get free treatment in the hospital,Such elderly people will be given Ayushman Vaya Vandana Card:PM

Government is running Mission Indradhanush campaign to prevent deadly diseases: PM

Our government is saving the money of the countrymen by making maximum use of technology in the health sector: PM

Posted On: 29 OCT 2024 3:09PM by PIB Delhi

On the occasion of Dhanvantari Jayanti and 9th Ayurveda Day, the Prime Minister, Shri Narendra Modi today launched, inaugurated and laid the foundation stone for multiple projects related to the health sector worth around Rs 12,850 crore at All India Institute of Ayurveda (AIIA) in New Delhi.

Addressing the gathering, the Prime Minister noted the occasion of Dhanvantari Jayanti and Dhanteras and conveyed his best wishes on the occasion. He conveyed his wishes to all business owners of the country as most people tend to buy something new for their homes, and also extended advanced greetings for Diwali.

The Prime Minister underlined that this Diwali is a historic one as Lord Shri Ram’s temple in Ayodhya will be lit up with thousands of diyas, making the celebrations unprecedented. “Lord Ram has once again returned to his abode in this year’s Diwali”, the Prime Minister remarked, adding that this wait is finally over not after 14 but 500 years.

Shri Modi said that it is no coincidence that this year’s festival of Dhanteras is an amalgamation of prosperity and health but a symbol of India’s culture and philosophy of life. Quoting sages and saints, the Prime Minister explained that health is considered supreme wealth and this ancient notion is finding acceptance across the world in the form of Yoga. Shri Modi expressed happiness that Ayurveda Diwas is being celebrated in more than 150 countries today and said that it is proof of the growing attraction towards Ayurveda, and India’s contribution to the world from its ancient past.

The Prime Minister underscored that in the past decade, the country had witnessed the beginning of a new chapter in the health sector with the amalgamation of knowledge of Ayurveda with Modern medicine. He added that All India Institute of Ayurveda had been a focal point of this chapter. Shri Modi remarked that seven years ago on Ayurveda day, he was fortunate to dedicate the first phase of the institute to the country and today with the blessings of Lord Dhanvantri, he was inaugurating the second phase of the institute. He noted that it would be possible to see the ancient techniques like Panchakarma infused with modern technology in this institute along with advanced research studies in the fields of Ayurveda and medical science. Shri Modi congratulated the citizens of India for this advancement.

Noting that the progress of a nation is directly proportional to the health of its citizens, the Prime Minister highlighted the government’s priority to the health of its citizens and outlined the five pillars of health policy. He listed the five pillars as preventive healthcare, early detection of ailments, free and low-cost treatment and medicines, availability of doctors in small towns and lastly expansion of technology in health services. “India is looking at the health sector as holistic health”, Shri Modi said, adding that the projects of today provide a glimpse of these five pillars. Touching upon the inauguration and foundation stone laying of projects worth more than Rs 13,000 crore, the Prime Minister mentioned creation of 4 centers of excellence under Ayush Health scheme, expansion of health services with the use of drones, helicopter service in AIIMS, Rishikesh, new infrastructure in AIIMS, New Delhi and AIIMS, Bilaspur, expansion of services in five other AIIMS in the country, establishment of medical colleges, bhoomi pujan of nursing colleges and other projects related to the health sector.The Prime Minister expressed happiness with several hospitals being established for the treatment of shramiks and said that it would become a center of treatment for shramiks. He also touched upon the inauguration of pharma units that would play a key role in manufacturing of advanced medicine and high quality stents and implants and further India’s growth.

The Prime Minister noted that most of us come from a background where illness meant a lightning strike on the entire family and especially in a poor household if a person is down with serious ailment, every member of the family was deeply affected. He added that there was a time when people would sell their houses, lands, jewelry, everything for treatment and be unable to bear the huge out-of-pocket expenditure while poor people had to make a choice between healthcare and other priorities of family. Shri Modi underlined that to overcome the despair of the poor, our Government introduced the Ayushman Bharat Yojana, where the government would bear the cost of hospitalization of the poor up to Rs. 5 lakh. The Prime Minister expressed satisfaction that about 4 crore poor people in the country have benefited from the Ayushman Yojana by getting treated without having to pay a single rupee. Shri Modi remarked that when he meets the beneficiaries of Ayushman Yojana in different states of the country, he feels satisfied that the scheme was a blessing for every person associated with it, be it a doctor or a paramedical staff.

Expressing satisfaction on the expansion of Ayushman Yojana, Shri Modi said that every elderly person was looking forward to it and the poll guarantee, if elected for the third term, of bringing all the elderly above 70 years of age under the ambit of Ayushman Yojana was being fulfilled. He added that every elderly person above 70 years of age in the country will get free treatment in the hospital by a Ayushman Vaya Vandana Card. Shri Modi highlighted that the card was universal and there was no restriction on income, be it poor or middle class or upper class. Informing that the scheme would prove to be a milestone for its universal applicability, Shri Modi remarked that with a Ayushman Vaya Vandana card for an elderly in the house, the Out-of-Pocket expenditure will be reduced to a great extent. He congratulated all the countrymen for this scheme and also informed that the scheme was not implemented in Delhi and West Bengal.

Reiterating the government’s priority to reduce the cost of treatment, be it the poor or middle class, the Prime Minister mentioned the launch of more than 14,000 PM Jan Aushadhi Kendras across the country where medicines are available at 80 percent discount. He informed that the poor and middle class have managed to save Rs 30,000 crore due to availability of cheap medicines. He further added that prices of devices like stents and knee implants have been reduced, therefore, preventing a loss of more than Rs 80,000 crores rupees by the common citizens. He also mentioned the free dialysis scheme and Mission Indradhanush campaign to prevent fatal diseases and saving the lives of pregnant women and newborn babies. The Prime Minister assured that he will not rest until the poor and middle class of the country are free from the burden of expensive treatment.

The Prime Minister emphasized the importance of timely diagnosis in reducing the risks and inconveniences associated with illnesses. He highlighted that over two lakh Ayushman Arogya Mandirs have been established across the country to facilitate early diagnosis and treatment. He said that these Arogya Mandirs enable crores of citizens to easily check for diseases like cancer, hypertension, and diabetes. He said that timely diagnosis leads to prompt treatment, ultimately saving costs for patients. The Prime Minister explained that the government is leveraging technology to enhance healthcare and save citizens’ money under the e-Sanjeevani scheme where over 30 crore people have consulted doctors online. “Free and accurate consultations from doctors have significantly reduced healthcare expenses”, he added. Shri Modi announced the launch of the U-win platform which will provide India with a technologically advanced interface in the health sector. “The world witnessed the success of our Co-win platform during the pandemic, and the success of the UPI payment system has become a global story,” he said, adding that India aims to replicate this success in the healthcare sector through Digital Public Infrastructure.

The Prime Minister highlighted the unprecedented progress made in India’s healthcare sector over the past decade, contrasting it with the limited achievements in the previous six to seven decades and said, “In the last 10 years, we have seen a record number of new AIIMS and medical colleges being established”. Referring to today’s occasion, the Prime Minister said that hospitals were inaugurated in Karnataka, Uttar Pradesh, Madhya Pradesh, and Andhra Pradesh. He also mentioned the foundation stone laying for new medical colleges in Narsapur and Bommasandra in Karnataka, Pithampur in Madhya Pradesh, Achitapuram in Andhra Pradesh, and Faridabad in Haryana. “Additionally, work has begun on the new ESIC Hospital in Meerut, Uttar Pradesh, and a new hospital was inaugurated in Indore”, he added. The Prime Minister emphasized that the increasing number of hospitals reflects a proportional rise in medical seats. He affirmed that no poor child’s dream of becoming a doctor would be shattered, and no middle-class student would be forced to study abroad due to lack of options in India. Shri Modi informed that nearly 1 lakh new MBBS and MD seats have been added over the past 10 years and reiterated the commitment to announcing another 75,000 seats in the next five years.

The Prime Minister informed that 7.5 lakh registered AYUSH practitioners are already contributing to the nation’s healthcare. He stressed on increasing this number further and highlighted the growing demand for medical and wellness tourism in India. He stressed the need for the youth and AYUSH practitioners to prepare for expanding fields such as preventive cardiology, Ayurvedic orthopedics, and Ayurvedic rehabilitation centers, both in India and abroad. “Immense opportunities are being created for AYUSH practitioners. Our youth will not only progress themselves through these opportunities but will also render a great service to humanity”, he added.

PM Modi noted the rapid progress in medicine during the 21st century, with breakthroughs in treatments for previously incurable diseases. He said, “As the world places importance on wellness along with treatment, India has thousands of years of knowledge in this area.” The Prime Minister announced the launch of the Prakriti Parikshan Abhiyan aimed at designing ideal lifestyles and risk analysis for individuals using Ayurveda principles. He emphasized that this initiative can redefine the healthcare sector globally and provide a new perspective for the entire world.

Prime Minister Modi underscored the importance of validating traditional herbs like Ashwagandha, turmeric, and black pepper through high-impact scientific studies. “Lab validation of our traditional healthcare systems will not only increase the value of these herbs but also create a significant market”, he remarked, pointing to the rising demand for Ashwagandha, which is projected to reach $2.5 billion by the end of this decade.

Underlining that the success of AYUSH is transforming not only the health sector but also the economy, the Prime Minister informed that the AYUSH manufacturing sector has grown from $3 billion in 2014 to nearly $24 billion today, an 8-fold increase in just 10 years. He added that over 900 AYUSH start-ups are now operational in India, creating new opportunities for the youth. The Prime Minister highlighted the global export of AYUSH products to 150 countries, benefiting Indian farmers by turning local herbs and superfoods into global commodities. He also pointed out initiatives like the Namami Gange project, which promotes natural farming and herb cultivation along the Ganga river.

Reflecting on India’s commitment to health and well-being, Shri Modi said that it is the soul of India’s national character and social fabric. He emphasized that the government in the last 10 years has aligned the nation’s policies with the philosophy of ‘Sabka Saath, Sabka Vikas.’ “In the next 25 years, these efforts will lay a strong foundation for a developed and healthy India”, Shri Modi concluded.

Union Minister for Health and Family Welfare & Chemicals & Fertilizers, Shri J P Nadda, and Minister of Labour and Employment & Youth Affairs and Sports, Dr Mansukh Mandaviya were present on the occasion among others.

Background

As a major addition to the flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY), the Prime Minister launched expansion of health coverage to all senior citizens aged 70 years and above. This will help provide health coverage to all senior citizens regardless of their income.

It has been the constant endeavor of the Prime Minister to provide quality healthcare services all across the country. In a major boost to healthcare infrastructure, the Prime Minister inaugurated and laid the foundation stone of multiple healthcare institutions.

The Prime Minister inaugurated Phase II of India’s First All India Institute of Ayurveda. It includes a Panchakarma hospital, an Ayurvedic pharmacy for drug manufacturing, a sports medicine unit, a central library, an IT and start-ups incubation center and a 500-seat auditorium among others. He also inaugurated three medical colleges at Mandsaur, Neemuch and Seoni in Madhya Pradesh. Further, he inaugurated facility and service extensions at various AIIMS in Bilaspur in Himachal Pradesh, Kalyani in West Bengal, Patna in Bihar, Gorakhpur in Uttar Pradesh, Bhopal in Madhya Pradesh, Guwahati in Assam and in New Delhi, which will also include a Jan Aushadhi Kendra. The Prime Minister also inaugurated a Super Speciality Block in Government Medical College at Bilaspur in Chhattisgarh and a Critical Care Block in Bargarh, Odisha.

The Prime Minister also laid the foundation stone of five Nursing Colleges in Shivpuri, Ratlam, Khandwa, Rajgarh and Mandsaur in Madhya Pradesh; 21 Critical Care Blocks at Himachal Pradesh, Karnataka, Manipur, Tamil Nadu and Rajasthan under Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) and several facilities and service extensions at AIIMS in New Delhi and in Bilaspur, Himachal Pradesh.

The Prime Minister also inaugurated an ESIC Hospital at Indore in Madhya Pradesh, and lay the foundation stone for ESIC hospitals at Faridabad in Haryana, Bommasandra and Narasapur in Karnataka, Indore in Madhya Pradesh, Meerut in Uttar Pradesh, and Atchutapuram in Andhra Pradesh. These projects will bring healthcare benefits to around 55 lakh ESI beneficiaries.

The Prime Minister has been a strong proponent of expanding the usage of technology to enhance service delivery across sectors. In an innovative usage of drone technology to enhance service delivery to make healthcare more accessible, the Prime Minister launched drone services at 11 Tertiary Healthcare Institutions. These are AIIMS Rishikesh in Uttarakhand, AIIMS Bibinagar in Telangana, AIIMS Guwahati in Assam, AIIMS Bhopal in Madhya Pradesh, AIIMS Jodhpur in Rajasthan, AIIMS Patna in Bihar, AIIMS Bilaspur in Himachal Pradesh, AIIMS Raebareli in Uttar Pradesh, AIIMS Raipur in Chhattisgarh, AIIMS Mangalagiri in Andhra Pradesh and RIMS Imphal in Manipur. He will also launch Helicopter Emergency Medical Services from AIIMS Rishikesh, which will help deliver speedy medical care.

The Prime Minister launched the U-WIN portal. It will benefit pregnant women and infants by fully digitalizing the vaccination process. It will ensure timely administration of life-saving vaccines to pregnant women and children (from birth to 16 years) against 12 vaccine-preventable diseases. Further, the Prime Minister also launched a portal for allied and healthcare professionals and institutes. It will act as a centralized database of existing healthcare professionals and institutes.

The Prime Minister launched several initiatives to strengthen the R&D and testing infrastructure to improve the healthcare ecosystem in the country. The Prime Minister inaugurated a Central Drugs Testing Laboratory in Gothapatna in Bhubaneswar, Odisha.

He laid the foundation stone of two Central Research Institutes in Yoga and Naturopathy at Khordha in Odisha, Raipur in Chhattisgarh. He also laid the foundation stone of four Centres of Excellence at NIPER Ahmedabad in Gujarat for medical devices, NIPER Hyderabad in Telangana for bulk drugs, NIPER Guwahati in Assam for phytopharmaceuticals, and NIPER Mohali in Punjab for anti-bacterial anti-viral drug discovery and development.

The Prime Minister launched four Ayush Centres of Excellence, namely Centre of Excellence for diabetes and metabolic disorders at Indian Institute of Science, Bengaluru; Centre of Excellence in sustainable Ayush for advanced technological solutions, start-up support and net zero sustainable solutions for Rasaushadhies at IIT Delhi; Centre of Excellence for fundamental and translational research in Ayurveda at Central Drug Research Institute, Lucknow; and Centre of Excellence on Ayurveda and Systems Medicine at JNU, New Delhi.

In a major boost to Make in India initiative in the healthcare sector, Prime Minister inaugurated five projects under the Production Linked Incentive (PLI) scheme for medical devices and bulk drugs at Vapi in Gujarat, Hyderabad in Telangana, Bengaluru in Karnataka, Kakinada in Andhra Pradesh and Nalagarh in Himachal Pradesh. These units will manufacture high-end medical devices, such as body implants and critical care equipment, along with important bulk drugs.

The Prime Minister also launched a nationwide campaign, “Desh Ka Prakriti Parikshan Abhiyan,” that aims to raise health awareness among the citizens. He also launched the State specific Action Plan on Climate Change and Human Health for each state and UT which will lay out adaptation strategies towards developing climate resilient healthcare services.

Augmenting the healthcare infrastructure is our priority. Initiatives relating to the sector launched today will make top-quality and affordable facilities available to the citizens.https://t.co/eqbS0KJjE2

— Narendra Modi (@narendramodi) October 29, 2024

हम सबके लिए खुशी की बात है कि आज 150 से ज्यादा देशों में आयुर्वेद दिवस मनाया जा रहा है: PM @narendramodi pic.twitter.com/8fKNt6ssSb

— PMO India (@PMOIndia) October 29, 2024

केंद्र सरकार ने स्वास्थ्य नीति के पांच स्तंभ तय किए हैं… pic.twitter.com/YPJEOaiEfR

— PMO India (@PMOIndia) October 29, 2024

अब 70 वर्ष से अधिक उम्र के देश के हर बुजुर्ग को अस्पताल में मुफ्त इलाज मिलेगा।

ऐसे बुजुर्गों को आयुष्मान वय वंदना कार्ड दिया जाएगा। pic.twitter.com/hiToKZdFO0

— PMO India (@PMOIndia) October 29, 2024

हमारी सरकार जानलेवा बीमारियों से रोकथाम के लिए मिशन इंद्रधनुष अभियान चला रही है: PM @narendramodi pic.twitter.com/iFe51I0OoN

— PMO India (@PMOIndia) October 29, 2024

हमारी सरकार स्वास्थ्य क्षेत्र में टेक्नोलॉजी का ज्यादा से ज्यादा इस्तेमाल करके भी देशवासियों के पैसे बचा रही है: PM @narendramodi pic.twitter.com/2cuObnOOQS

— PMO India (@PMOIndia) October 29, 2024

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Pradhan Mantri Mudra Yojana
Source: Government of India (2)

Pradhan Mantri Mudra Yojana

Loan Limit Raised to ₹20 Lakh from ₹10 Lakh

Posted On: 29 OCT 2024 3:00PM by PIB Delhi

“Millions of common men and women of this country, who run small business, have almost remained outside the net of formal institutional finance, in spite of their large contribution to the economy. MUDRA is our innovation of funding the unfunded.”

~ Prime Minister Narendra Modi

The Pradhan Mantri MUDRA Yojana (PMMY), launched by the Prime Minister on April 8, 2015, has played a pivotal role in empowering non-corporate, non-farm small and micro enterprises by providing loans of up to ₹10 lakh. To strengthen support for aspiring entrepreneurs, the finance minister announced an increase in the loan limit to ₹20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit took effect on October 24, 2024.

This announcement also introduces a new loan category, Tarun Plus, designed specifically for those who have previously availed and successfully repaid loans under the Tarun category, allowing them to access funding between ₹10 lakh and ₹20 lakh. Additionally, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide guarantee coverage for these enhanced loans, further reinforcing the government’s commitment to nurturing a robust entrepreneurial ecosystem in India.

Mudra Yojana

MUDRA,³ which stands for Micro Units Development & Refinance Agency Ltd, is a financial institution set up by the Government of India under PMMY for development and refinancing micro unit enterprises. PMMY aims to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. PMMY has given wings to the dreams and aspirations of millions, along with a feeling of self-worth and independence.

Need for the MUDRA Yojana

India is a young country brimming with youthful enthusiasm and aspirations. In order to provide a fertile ground for sowing the seeds of India’s development it is very important to harness this innovative zeal of young India which can provide new age solutions to existing gaps in the economic ecosystem of the country. Understanding the need to harness the latent potential of entrepreneurship in India, the Union Government launched the Pradhan Mantri MUDRA Yojana.

MUDRA Loans: Categories

Under PMMY collateral free loans up to Rs. 20 Lakh are extended by Member Lending Institutions (MLIs) viz Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc. The loans are given for income generating activities in manufacturing, trading and services sectors and for activities allied to agriculture.

MUDRA loans now will be offered in four categories namely, ‘Shishu’, ‘Kishore’and ‘Tarun’ and newly added category ‘Tarun Plus’ which signifies the stage of growth or development and funding needs of the borrowers:-
- Shishu: covering loans upto Rs. 50,000/-
- Kishore: covering loans above Rs. 50,000/- and up to Rs. 5 lakhs
- Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakhs
- Tarun Plus: Rs. 10 lakh and up to Rs. 20 lakhs
Achievements of PMMY

Under Pradhan Mantri Mudra Yojana (PMMY) amount sanctioned and disbursed in the financial year 2023-24 under various categories:[4]
- Women Borrowers: A total of ₹1,08,472.51 crore was disbursed under the Shishu category, ₹1,00,370.49 crore under Kishore, and ₹13,454.27 crore under the Tarun category.
- Minority Borrowers: The disbursements amounted to ₹15,759.66 crore under Shishu, ₹20,766.3 crore under Kishore, and ₹8562.27 crore under Tarun.
- New Entrepreneurs / Accounts:
  - Shishu category: 88,49,101 accounts with a sanctioned amount of ₹29,445.41 crore and disbursed amount of ₹28,839.75 crore.
  - Kishore category: 34,06,239 accounts with ₹62,290.58 crore sanctioned and ₹60,407.02 crore disbursed.
  - Tarun category: 7,57,456 accounts with a sanctioned amount of ₹70,294.35 crore and ₹68,861.13 crore disbursed.
- Unique Borrowers (from 8th April 2015 to 31st March 2024):
  - ₹44,891.82 crore was sanctioned under Shishu.
  - ₹24,575.57 crore was sanctioned under Kishore.
  - ₹19,120.58 crore was sanctioned under Tarun.
Mudra Card

MUDRA Card[5] is an innovative credit product wherein the borrower can avail of credit in a hassle free and flexible manner. It provides a facility of working capital arrangement in the form of an overdraft facility to the borrower. Since MUDRA Card is a RuPay debit card, it can be used for drawing cash from ATM or Business Correspondent or make purchase using Point of Sale (POS) machine. Facility is also there to repay the amount, as and when, surplus cash is available, thereby reducing the interest cost.

MUDRA App- “MUDRA MITRA”

MUDRA MITRA is a mobile phone application available in Google Play Store and Apple App Store, providing information regarding ‘Micro Units Development and RefinanceAgency Ltd. (MUDRA)’ and its various products/ schemes. It will guide a loan seeker to approach a Banker in availing MUDRA loan under PMMY. Users can also access useful loan related material including sample loan application forms in this app.

Steps taken to improve implementation of the Scheme:[6]
- Handholding support for facilitating submission of loan applications
- Provision for online applications through PSBloansin59minutes and Udyamimitra portal
- Intensive publicity campaigns for increased visibility of the scheme amongst the stakeholders
- Simplification of application forms
- Nomination of MUDRA Nodal Officers in Public Sector Banks (PSBs)
- Periodic monitoring of performance of PSBs with regard to PMMY
- Interest Subvention of 2% on prompt repayment of Shishu loans extended under PMMY for a period of 12 months to all eligible borrowers.
- Announced by Union Finance Minister on 14.05.2020 under Aatmanirbhar Bharat Package, the scheme has been formulated as a specific response to an unprecedented situation and aims to alleviate financial stress for borrowers at the ‘bottom of the pyramid’ by reducing their cost of credit.
Conclusion

The Pradhan Mantri MUDRA Yojana (PMMY) has fundamentally reshaped the landscape of entrepreneurship in India, driving significant progress in financial inclusion. By providing critical funding support, the scheme has enabled countless new entrepreneurs to turn their business ideas into reality. Over the years, it has also empowered women and minority communities, creating opportunities for economic upliftment and fostering a more inclusive growth environment. As the loan limit expands to ₹20 lakh, PMMY continues to play a vital role in nurturing small businesses and fueling the nation’s journey toward a more equitable and prosperous future.

References:

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MIL OSI Asia Pacific News –
January 25, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses Rozgar Mela

Source: Government of India (2)

Prime Minister Shri Narendra Modi addresses Rozgar Mela

It is a matter of great joy to have handed over appointment letters for government jobs to 51 thousand youth in the Rozgar Mela, Best wishes to all the youth who are taking a step towards nation building:PM

It is our commitment that the youth of the country should get maximum employment: PM

Today India is moving towards becoming the third largest economy in the world: PM

We promoted Make in India in every new technology,We worked on self-reliant India: PM

Under the Prime Minister’s Internship Scheme, provision has been made for paid internships in the top 500 companies of India: PM

Posted On: 29 OCT 2024 11:53AM by PIB Delhi

The Prime Minister Shri Narendra Modi addressed the Rozgar Mela and distributed more than 51,000 appointment letters to newly appointed youth in Government departments and organizations via videoconferencing today. Rozgar Mela highlights the Prime Minister’s commitment to prioritizing employment generation. It will empower the youth by providing them with meaningful opportunities to contribute to nation-building.

Addressing the occasion, the Prime Minister noted the auspicious occasion of Dhanteras and conveyed his best wishes on the occasion. Underlining that this year’s Diwali would be a special one, the Prime Minister said that it is the first Diwali since Lord Shri Ram has been seated in his magnificent temple in Ayodhya after 500 years. He said that several generations have waited for this Diwali, while many have sacrificed their lives for it or faced adversities. The Prime Minister emphasized that the present generation is extremely fortunate to witness and become a part of such celebrations. In the atmosphere of festivity, said the Prime Minister, 51,000 youth are being handed out recruitment letters for government jobs. He congratulated the new recruits and conveyed his best wishes to them.

The Prime Minister highlighted that offering permanent Government jobs to lakhs of youths has been a legacy which is continuously going on. He added that lakhs of youths were handed appointment letters even in the states being governed by BJP and NDA allies. Shri Modi emphasized that in Haryana there is a festive atmosphere with 26,000 youths getting jobs by the newly formed government . Shri Modi said their Government in Haryana had a special identity of giving jobs without any expense or recommendation. He greeted the 26,000 youths of Haryana who will be handed over their appointment letters today apart from 51,000 jobs in today’s Rozgar Mela.

The Prime Minister reiterated the government’s commitment that the youth of the country should get maximum employment. Noting that the policies and decisions of the government have a direct impact on job creation, the Prime Minister highlighted the development of expressways, highways, roads, rail, ports, airports, laying of fiber cables, setting up of mobile towers and expansion of new industries in all parts of the country. Referring to laying of water and gas pipelines, establishing of new schools, colleges and universities and reducing logistics cost by spending on infrastructure, Shri Modi said that it is not only benefitting the citizens but also creating new job opportunities.

Recalling his visit to Vadodara in Gujarat yesterday, the Prime Minister mentioned inaugurating an aircraft manufacturing facility for the defence sector. He said that thousands of citizens would get direct employment while MSME industries would hugely benefit from the manufacturing of spare parts and other equipment, creating a huge network of supply chains. Noting that a single aircraft comprises 15,000 to 25,000 parts, Shri Modi emphasized that thousands of smaller factories would play an active role in fulfilling the demands of a mega factory, thereby benefiting India’s MSMEs.

The Prime Minister remarked that whenever a scheme is launched, the focus is not just only on the benefits accrued to the citizens, but also develop an entire ecosystem of employment generation using it as a medium by thinking in a broader scope. Citing an example of PM Suryaghar Muft Bijli Yojana, he said in the last 6 months, around 2 crore customers had registered for the scheme, more than 9,000 vendors were associated with scheme, solar panels were already installed in more than 5 lakh houses and in the near future, there was a plan to create 800 Solar villages as model under this scheme. He also noted that 30,000 people had undergone training for roof-top solar installation as well. Therefore, he added, this one scheme of PM Suryaghar Muft Bijli Yojana has created a host of employment opportunities for manufacturers, vendors, assemblers and repairers across the country.

Noting that the Khadi industry of India has been transformed by the policies of the government in the last 10 years and impacted the people in the villages, the Prime Minister informed that Khadi Gram Udyog’s business has surpassed 1.5 lakh crores today. Drawing parallels from 10 years ago, the Prime Minister exclaimed that the sale of Khadi has grown up to 400 percent, thereby benefiting artists, weavers and businesses and also creating new employment opportunities. Shri Modi also touched upon the Lakhpati Didi scheme where new employment and self-employment opportunities are provided to rural women. “More than 10 crore women have joined self-help groups in the last decade”, he added, noting that 10 crore women are now engaged in economic activities. He credited the support provided by the government in every step and reiterated the commitment to creating 3 crore lakhpati didis. “More than 1.25 crore women have already become Lakhpati Didis so far making their annual income above Rs 1 lakh”, he added.

The Prime Minister stated that India is moving towards becoming the world’s third-largest economy. Reflecting on the country’s progress, he noted the inquisition by the youth of India who often ask why the country didn’t achieve this pace earlier. Underlining that the answer lies in the lack of clear policies and intent in previous governments, the Prime Minister pointed out that India had been lagging behind in several sectors, particularly technology. He recalled that India used to wait for new technologies from around the world and what was considered outdated in the West would eventually reach the nation. He pointed out the long withstanding belief that modern technology could not be developed in India not only set India back in terms of growth but also deprived the country of crucial job opportunities.

Highlighting the steps taken to free the country from this old thinking, the Prime Minister stated that efforts were initiated to break free from this old mindset in sectors like space, semiconductors, electronics and electric vehicles by promoting Make in India. The Prime Minister underscored the importance of technological advancement and investment, adding that the PLI scheme was launched to bring new technology and foreign direct investment to India, which has accelerated job creation when combined with the Make in India initiative. He noted that every sector is now receiving a boost providing opportunities for youth across different fields. “Today, India is witnessing massive investment, and record opportunities are being created”, he said, adding that in the last eight years, over 1.5 lakh startups have been launched, making India the world’s third-largest startup ecosystem. He further added that these sectors are offering our youth a chance to grow and gain employment.

The Prime Minister reiterated that the government is very focused on skill development today to increase the capacity of the youth of India. Therefore, he added, Government started missions like Skill India and youth were being trained in many skill development centers. Shri Modi remarked that arrangements were made to ensure that India’s youth need not have to wander for experience and opportunity. Citing the Pradhan Mantri Internship Yojana, Shri Modi said provisions were made for paid internships in the top 500 companies of India, where every intern would be given Rs 5,000 per month for one year. He added the Government’s target was to ensure one crore youth get internship opportunities in the next 5 years. This, he said, would give the youth a chance to connect with the real-life business environment in different sectors and add a beneficial experience to their career.

The Prime Minister remarked that the Indian government was creating new opportunities to make it easier for Indian youth to get jobs abroad. Citing the recently released Germany’s Skilled Labour Strategy for India, Shri Modi informed that Germany had increased the number of visas given to skilled Indian youth every year from 20 thousand to 90 thousand. He added that India’s youth will benefit greatly from this. Shri Modi also mentioned that India had signed agreements related to migration and employment with 21 countries in recent years, including countries like Japan, Australia, France, Germany, Mauritius, Israel, UK and Italy, apart from Gulf countries. He noted that every year 3 thousand Indians can get a 2-year visa to work and study in the UK while 3 thousand Indian students will get the opportunity to study in Australia. “India’s talent will not only give direction to India’s progress but also to the world’s progress”, exclaimed Shri Modi. He added that India was moving ahead in that direction.

Shri Modi emphasized that the role of the government today was to create a modern system where every youth gets an opportunity and can fulfill their aspirations. Therefore, he urged the newly appointed youths in various positions that their goal should be to provide maximum facilities to the youth and citizens of India.

The Prime Minister emphasized the crucial role of taxpayers and citizens in securing government jobs and stated that the government exists because of the citizens and is appointed to serve them. He reiterated that the primary duty is to serve the nation, be it in the position of a postman or a professor. Shri Modi underlined that the new recruits have joined the government at a time when the country has resolved to become developed. Therefore, said the Prime Minister, to achieve this goal, we must excel in every sector and contribute fully. He urged the new recruits to not only perform well but to strive for excellence. “Government employees in our country should set an example recognized worldwide”, he asserted. The Prime Minister stressed that the nation has high expectations from them and said that these expectations must be met to deliver on the commitments.

The Prime Minister remarked on the new journey that appointees are embarking on with their positions, urging them to always remain humble and to maintain the habit of learning throughout their journey. He highlighted the availability of various courses for government employees on the iGOT Karmayogi platform and encouraged them to utilize this digital training module at their convenience. “Once again, I congratulate the candidates receiving their appointment letters today”, the Prime Minister concluded.

Background

Rozgar Mela is being organized at 40 locations across the country with new recruits joining the Central Government across various Ministries and Departments such as the Department of Revenue, Department of Higher Education, Ministry of Home Affairs, Ministry of Defence, Ministry of Health and Family Welfare among others.

Newly appointed recruits will have the opportunity to undertake foundational training through ‘Karmayogi Prarambh,’ an online module available on the iGOT Karmayogi portal. Over 1400 e-learning courses are available which will equip recruits with essential skills to serve in their roles effectively and work towards building a Viksit Bharat.

रोजगार मेले में 51 हजार नौजवानों को सरकारी नौकरी के नियुक्ति पत्र सौंप कर हर्ष की अनुभूति हो रही है। राष्ट्र निर्माण में कदम रखने वाले सभी युवाओं को ढेर सारी शुभकामनाएं।https://t.co/VijSRzGpZV

— Narendra Modi (@narendramodi) October 29, 2024

आज भारत दुनिया की तीसरी सबसे बड़ी अर्थव्यवस्था बनने की दिशा में आगे बढ़ रहा है: PM @narendramodi pic.twitter.com/IglW9zAgdB

— PMO India (@PMOIndia) October 29, 2024

हमने हर नई तकनीक में Make in India को आगे बढ़ाया।

हमने आत्मनिर्भर भारत पर काम किया: PM @narendramodi pic.twitter.com/vvMH2nJ0Ju

— PMO India (@PMOIndia) October 29, 2024

प्रधानमंत्री इंटर्नशिप योजना के तहत भारत की टॉप 500 कंपनीज में पेड इंटर्नशिप का प्रावधान किया गया है: PM @narendramodi pic.twitter.com/9Otush3bDw

— PMO India (@PMOIndia) October 29, 2024

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: English rendering of PM’s address at the laying of foundation stone and inauguration of development works in Amreli, Gujarat

Source: Government of India (2)

Posted On: 28 OCT 2024 10:47PM by PIB Delhi

Bharat Mata ki – Jai!

Bharat Mata ki – Jai!

Present on the dais are Honorable Governor of Gujarat, Acharya Devvrat ji, Chief Minister of Gujarat, Bhupendrabhai Patel ji, my colleague in the Union government, C. R. Patil ji, my brothers and sisters of Gujarat, and especially my brothers and sisters of Amreli.

Diwali and Dhanteras are around the corner. This is a time of auspicious occasions. On one side, we have the celebration of ‘Sanskriti’ (culture); on the other, a celebration of ‘Vikas’ (progress)—this is the new mark of Bharat. The work of ‘Virasat’ (preserving heritage) and ‘Vikas’ (fostering development) goes hand in hand. Today, I had the opportunity to lay the foundation and inaugurate several development projects related to Gujarat. Before coming here, I was in Vadodara, where we inaugurated Bharat’s first factory of its kind, which will produce ‘Made in India’ aircraft for our Air Force right here in Gujarat, in Vadodara. Our Amreli belongs to the Gaekwads, and Vadodara also belongs to the Gaekwads. It’s a moment of pride! And today, here, I had the chance to inaugurate Bharat Mata Sarovar, and from this platform, we have laid the foundation stones and inaugurated multiple long-term projects related to water, roads, and railways. All these projects are intended to ease the lives of people in Saurashtra and Kutch and these projects will propel development forward. The projects that we inaugurated and laid the foundation for today are for the welfare of our farmers, for the prosperity of those in agriculture, and for job opportunities for our youth. My best wishes to all my brothers and sisters in Kutch, Saurashtra, and Gujarat for these many projects.

Friends,

The land of Saurashtra and Amreli has given birth to many gems. Whether historically, culturally, in literature, or politics, Amreli’s past has been glorious. This is the land that gave us Yogi ji Maharaj, the same land that gave us Bhoja Bhagat, and it is rare for a single evening to pass in Gujarat without the mention of Dula Bhaya Kag. Every folk tale and poetry remembers Kag Bapu. And today, the soil here, which holds memories of poet Kalapi and his famous line रे पंखीडा सुखथी चणजो (Fly freely, little bird), finds fulfillment with the arrival of water. This is Amreli, a magical land that has produced K. Lal, poet Rameshbhai Parekh, and our first Chief Minister of Gujarat, Jivrajbhai Mehta. The children here have faced challenges and have stood strong in the face of adversities. Those who choose the path of strength instead of bowing to natural disasters are the children of this earth. Some of them have emerged as entrepreneurs who not only made their district proud but also Gujarat and Bharat. And they have tried to do whatever they can for the society. And our Dholakia family continues to carry forward this legacy.

With the government’s 80/20 water scheme, the BJP government in Gujarat has prioritised water from the very beginning. These efforts include 80/20 scheme and public participation, building check dams, building farm ponds, deepening lakes, building water temples, digging ponds, etc. I remember when I would go to attend meetings in Delhi as Chief Minister and mention how a significant portion of our budget goes toward water resources, chief ministers and leaders from other states would look at me with surprise. I would tell them that Gujarat has many people who are awash with talents and if we get water once, Gujarat will flourish. This tradition belongs to our Gujarat. Many people have joined the 80/20 scheme. Everyone, including communities and villages, participated; my Dholakia family adopted it on a large scale, bringing the rivers to life. And this is the way to keep the rivers alive. We were connected to 20 rivers from the Narmada River. And the idea came to our minds to create small ponds in the rivers, so we could conserve water for miles. And once the water seeps into the ground, it will not remain without turning into nectar, brothers. The people of Gujarat, Saurashtra or Kutch don’t need books to explain the importance of water; they have experienced the hardships firsthand. They know exactly their problems; they know what types of problems there are. We have seen people from Saurashtra and Kutch migrating due to lack of water. We have seen the days when eight-eight people were forced to share a room in the cities. And now, we have created the country’s first Ministry of Jal Shakti because we know its importance. Today, we see the fruits of years of effort as the water from Narmada reaches every village.

I remember a time when one would gain ‘punya’ from the Narmada Parikrama (circumambulation). The era has changed, and Mother Narmada herself is going from village to village, distributing ‘punya’ and water. The water conservation schemes, such as the SAUNI Yojana, which I launched, were met with disbelief and skepticism. Nobody was ready to believe that it could be possible. Some crooked people even criticised it as a publicity stunt by Modi ahead of elections. But all these schemes have breathed new life into Kutch and Saurashtra, allowing people to witness their dreams of green fields come true. This is an example of how a resolution made with sacred spirit gets fulfilled. I remember when I talked about laying pipes large enough for a Maruti car to pass through; people were astonished. Today, those pipes carry water throughout Gujarat. This is what Gujarat has accomplished. We need to increase the depth of the river, so we have to build check dams, or at the very least, create barrages. We need to go to that extent to save water. The people of Gujarat have wholeheartedly embraced water conservation, and this has led to improvements in drinking water quality, health, and the ambitious goal of supplying water to every home and farm. This is a fact which is very satisfying. The 18-20-year-olds today may not even realize how difficult life was without water. Turning on the tap to shower is routine for them, unlike the past when mothers had to walk several kilometers with utensils to fetch water.

The work done by Gujarat is now proving to be an example for the entire country. The campaign to bring water to every home and every field in Gujarat is still being carried out with such dedication and purity. Today, projects are being inaugurated and their foundations laid with hopes of benefiting millions. The Navda-Chavand Bulk Pipeline Project will bring water to around 1,300 villages and over 35 towns. People from Amreli, Botad, Rajkot, Junagadh, and Porbandar will benefit from an additional 30 crore liters of water every day. Today the foundation stone for the second phase of the Pasvi Augmentation Water Supply Scheme has also been laid. Mahuva, Talaja, and Palitana are the three talukas which will benefit largely from this scheme. Palitana is a significant pilgrimage and tourist site that sustains the state’s economy. Over 100 villages will directly benefit from these projects.

Friends,

Today, the inauguration and foundation laying of water projects symbolize the partnership between government and society. This is a remarkable example, and we emphasize public participation because water initiatives will only succeed through collective efforts. When we celebrated 75 years of independence, the government could have organized numerous events, placing boards with Modi’s name on them, but we chose not to. Instead, we launched a plan to create “Amrit Sarovars” (lakes) in villages, aiming to build 75 lakes in each district. As per the latest information, work is underway on nearly 75,000 such lakes, with over 60,000 lakes already brimming with life. Serving future generations in this way has significantly helped raise the water table in neighbouring areas. We ran the “Catch the Rain” campaign. When I went to Delhi, this experience was very useful. Today it has become a successful model. To encourage water conservation, be it at the family, village, or colony level, people must be inspired to save water. We are fortunate to have C.R. Patil in our cabinet now, who brings his expertise in water management from Gujarat. Now this is being followed in the entire country. He has made “Catch the Rain” one of his key initiatives, and thousands of recharge wells have already been constructed with public involvement in states like Gujarat, Rajasthan, MP, and Bihar. Recently, during a video conference program in Surat, South Gujarat, we saw people building recharge wells in their ancestral villages, that restores some family wealth to the village. This is an exciting new initiative: keeping the village’s water within the village and the border’s water within the border. These campaigns are significant steps forward. These efforts to retain local water are part of a broader mission, as seen in other countries with minimal rainfall, where they conserve every drop of water. If you visit Mahatma Gandhi’s home in Porbandar, you’ll find a 200-year-old underground water storage tank, showing how our ancestors valued water centuries ago.

Friends,

The availability of water has made farming easier. Our motto is “Per Drop More Crop.” In Gujarat, we promoted micro-irrigation, especially sprinklers, which farmers of Gujarat welcomed. Today, wherever Narmada water has reached, farmers can reap three crops in areas where cultivating even one crop was once difficult. This has brought happiness and prosperity to households. Amreli district is advancing in agriculture, with crops like cotton, peanuts, sesame, millet, and bajra (pearl millet) from Jafrabad. I appreciate this initiative during my meetings in Delhi. Amreli’s Kesari mango has now received a GI tag, giving it a unique identity worldwide. Amreli is also gaining recognition for its natural farming, and our governor is working on this mission mode. Farmers in Amreli are dedicated to this experiment, committed to producing quick, viable crops. In our Halol, different universities for natural farming have been developed. The first college for natural farming under that university has been established in Amreli. The reason for this is that the farmers here are committed to this new experiment. Therefore, if they conduct experiments here, their crops will be ready immediately. Our goal is for farmers to engage more in animal husbandry, particularly cattle farming, benefiting from natural farming. In our Amreli, regarding the dairy industry, I remember that there used to be laws that considered setting up a dairy as a crime. We removed restrictive laws on dairy farming, facilitating the establishment of the dairy industry in Amreli, leading to rapid growth through cooperative efforts. I remember when Amar Dairy was founded in 2007, only 25 cooperative societies were part of it. Today, over 700 villages have joined, collecting around 1.25 lakh liters of milk daily, reflecting a true revolution and the adoption of various development pathways.

Friends,

I have another joy; I mentioned this many years ago, said it in front of everyone, and I called for a white revolution, a green revolution, but now we need to have a sweet revolution. We need to produce honey; honey should not just be something to talk about at home, brothers. We need to produce honey in the fields so that farmers can earn more. Our Dilip Bhai and Rupala ji raised this issue in the Amreli district, and now beekeeping has started in the fields, and people have learned about it. Now, the honey here is establishing its own identity. This is a joyful thing. Environmental efforts, like tree planting under the ‘Ek Ped Maa Ke Naam’ campaign, have been embraced nationwide and even globally, with admiration for this unique approach. Everybody is associating with this campaign. This is a great effort as far as environment is concerned. And second important work relating to environment is that we are striving to eliminate electricity bills by implementing the PM Surya Ghar Muft Bijli Yojana, a free solar electricity scheme that can save families Rs. 25,000 to Rs. 30,000 annually. Not only that they are earning additional income by selling the electricity which they are saving. Nearly 1.5 crore families have registered for this initiative, and over 200,000 homes in Gujarat now have rooftop solar panels, producing electricity and selling the surplus electricity. Amreli district has also made significant progress in energy, with Dudhda village, led by Govindbhai, close to becoming a solar-powered village. Six months ago, Govindbhai told me that he has to make his village ‘Surya Ghar’ (solar-powered village) and this is nearing completion. This initiative is expected to save the village Rs. 75,000 per month in electricity bills, with each household saving Rs. 4,000 annually. Congratulations to Govindbhai and Amreli for making Dudhda the first solar village in the district.

Friends,

Water and tourism are closely linked; where there is water, tourism naturally follows. Just now, while looking at Bharat Mata Sarovar, I thought that migratory birds that usually visit Kutch may find a new address here this December. When the Flamingos start coming here, it will attract more tourists. Amreli district is blessed with several pilgrimage sites that people visit with devotion. We saw the potential in the Sardar Sarovar Dam, which was initially built for water storage. By adding the world’s tallest statue of Sardar Patel, we created a monument that attracted nearly five million visitors last year, not just for the dam but to pay homage to the statue. With Sardar Patel’s 150th birth anniversary approaching on October 31, I will return to Gujarat soon to pay my respects. I will return to Delhi today, but will come back again day after tomorrow to pay my obeisance at the feet of Sardar Sahab. As usual, we celebrate his birth anniversary with a Unity Run, but this year, as Diwali falls on October 31, we have scheduled it for October 29. I hope that the Unity Run events will be held widely across Gujarat, and I will be attending the National Unity Parade in Kevadia.

Friends,

In the coming days, the newly established Kerly Recharge Reservoir is set to become a significant centre for eco-tourism, as I predict today. I see a great potential for adventure tourism there. Kerly Bird Sanctuary will gain international recognition, attracting birdwatchers and nature lovers from across the globe. Birdwatchers often spend days with cameras in hand, immersed in forests, creating an income source through tourism. Gujarat’s coastline, once known for its salty waters and seen as a challenge, is being transformed into a gateway to prosperity. We are prioritizing work to make Gujarat’s coastline not only a regional asset but a national hub for wealth and development. Our fishing communities will benefit greatly, as will our ports, steeped in centuries of heritage, which we are revitalizing. Lothal—an ancient city, over 5,000 years old— has not gained prominence after Modi came to power. It has always held a special place in my vision since I became Chief Minister of Gujarat, and I wanted to bring it to the world map of tourism. And now we are establishing the world’s largest maritime museum there. When we go from Amreli to Ahmedabad, it comes on the way, it is not very far, we have to go a little further.

Our attempt is to showcase Bharat’s maritime heritage to the world, highlighting the legacy of our ancient seafarers. Our efforts are also aligned with the Blue Revolution to enhance marine resource development, and port-led development is playing a crucial role in advancing the vision of a ‘Viksit Bharat’ (Developed India). Infrastructure in places like Jafrabad and Shiyal Bet is being enhanced, turning Amreli into a prominent regional hub. The modernization of Pipavav port has opened new avenues for thousands of jobs and increased capacity for handling over a million containers and thousands of vehicles. We aim to connect all of Gujarat’s ports with the rest of the country, fostering a seamless network that benefits the economy nationwide.

On the other hand, there is equal concern about the life of a common man. Our infrastructure initiatives extend to providing affordable housing, electricity, railways, roads, gas pipelines, telecommunications, optical fibers, and hospitals. In our third term, because after 60 years the country has given an opportunity to any Prime Minister to serve as Prime Minister for the third time. I cannot be thankful enough for the cooperation with Gujarat in this. We have seen this holistic approach to connectivity has already yielded tremendous results in Saurashtra, attracting large-scale industries. As the infrastructure improves, large-scale industries come in; we have seen the benefits of the RoRo ferry service. I used to hear about it in school: ‘Goga’s ferry, Goga’s ferry,’ but no one had done anything about it. We got the opportunity, and now over 700,000 people have used this RoRo ferry service. More than 100,000 vehicles and over 75,000 trucks and buses have benefited from it. It has saved countless people time and money, and so much petrol smoke has been avoided. If you calculate that, we would all be surprised why such a significant work wasn’t done earlier. I believe such good works were destined for me.

Today, the work is underway to create the Amritsar-Bhatinda Economic Corridor from Jamnagar. The biggest benefits will be gained from it. The states from Gujarat to Punjab will also benefit from it. There are large economic zones being established along that route. Major projects are coming up, and with the inauguration of the road project, the Jamnagar-Morbi area is being developed. I have always said that the Rajkot-Morbi-Jamnagar triangle has the potential to be recognized as Bharat’s manufacturing hub. It has the power to be a mini Japan. When I mentioned this 20 years ago, everyone was mocking it. But today it is happening, and the connectivity work is now associated with it. As a result, the connectivity of the cement manufacturing area will also improve. In addition to this, the pilgrimage sites of Somnath, Dwarka, Porbandar, and the Gir Lions are set to become more accessible and magnificent as tourism destinations. Today, the rail connectivity in Kutch has expanded; this connectivity project for Saurashtra and Kutch has made Kutch a national attraction for tourism. People across the country are worried that there will be delays for tourism and industries in Kutch, and they are rushing to explore it.

As Bharat develops, its pride in the world is increasing. The entire world is looking at Bharat with new hope, and a new perspective is emerging to view Bharat. People are beginning to recognize Bharat’s potential. Today, the whole world is listening to Bharat seriously and attentively. Everyone is discussing the possibilities within Bharat. Gujarat plays a significant role in this; Gujarat has shown the world how much potential lies in the villages of Bharat’s cities. A few days ago, I attended the BRICS summit in Russia, where I had the opportunity to engage in peaceful conversations with many prime ministers and presidents from different countries. The common sentiment among all was that they want to connect with Bharat and be partners in Bharat’s journey of development. All the countries are asking about the investment possibilities in Bharat. When I returned from Russia, the Chancellor of Germany came to Delhi with a large delegation. He brought along industrialists from Germany who invest across Asia. He told them to listen to Modi ji and decide what they want to do in Bharat. This means that Germany is also eager to invest significantly in Bharat. Not only that, he made an important announcement that will benefit our youth. Previously, Germany issued 20,000 visas; he announced that they will now issue 90,000 visas and that they need young people for their factories. The strength of Indian youth is immense, and the people of Bharat are law-abiding and live peacefully together. They stated that they need 90,000 people here and have announced the issuance of 90,000 visas every year. Now it is an opportunity for our youth to prepare according to this need. Today, the President of Spain was here, and Spain plans to invest significantly in Bharat. This will greatly benefit small industries in Gujarat, especially with the establishment of a transport aircraft manufacturing factory in Vadodara. The small factories in Rajkot that produce various tools will also contribute to this aircraft production. People working on small lathe machines from every corner of Gujarat will provide small parts, as thousands of components are needed in an aircraft, and each factory specialises in specific parts. This work will be beneficial for the entire Saurashtra region, where the structure of small industries exists. This opens up numerous employment opportunities.

Friends,

When I had the opportunity to serve Gujarat, my mission was to drive both Gujarat’s and Bharat’s development. My guiding principle was that Gujarat’s progress leads to Bharat’s progress. By building a ‘Viksit Gujarat’ (Prosperous Gujarat), we pave the way for a ‘Viksit Bharat’ (Developed India).

Friends,

Today, after a long time, I find myself among many familiar faces, and it fills me with joy to see everyone smiling and happy. Once again, I encourage my dear friend Savjibhai to shift his focus from Surat and instead, focus on ensuring water reaches every corner of Gujarat. Let’s bring the full benefits of the 80/20 schemes to Gujarat. My best wishes to all of you.

Join me in saying:

Bharat Mata ki – Jai!

Bharat Mata ki – Jai!

Bharat Mata ki – Jai!

Thank you, friends.

(Disclaimer – Original speech is in Gujarati. This is the approximate translation in English language).

***

MJPS/VJ/VK

(Release ID: 2069053) Visitor Counter : 550

Read this release in: Hindi

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Marching Towards Atmanirbharta: India’s Defence Revolution
Source: Government of India (2)

Marching Towards Atmanirbharta: India’s Defence Revolution

Domestic production hit ₹1.27 lakh crore in FY 2023-24, with exports growing 30x in a decade

Posted On: 29 OCT 2024 11:21AM by PIB Delhi

Introduction

The recent inauguration of the TATA Aircraft Complex at the TATA Advanced Systems Limited (TASL) Campus in Vadodara, Gujarat, on October 28, 2024, marks a key milestone in India’s journey toward Atmanirbharta in defence. This facility, dedicated to manufacturing C-295 military transport aircraft, becomes the first private sector Final Assembly Line (FAL) for military aircraft in India, underscoring the government’s commitment to enhancing indigenous production capabilities. Under the program, 56 C-295 aircraft will be delivered, with the initial 16 arriving from Airbus in Spain and the remaining 40 produced domestically. This initiative exemplifies India’s shift toward self-reliance in defence manufacturing, aimed at strengthening operational readiness and reducing dependency on foreign imports.

India’s commitment to Atmanirbharta in defence is further evidenced by its transformation from a major arms importer to an emerging centre for indigenous production. Driven by strategic government policies, this shift reached a landmark in FY 2023-24, with the Ministry of Defence reporting an unprecedented ₹1.27 lakh crore in domestic defence production. Once reliant on foreign suppliers, India now places a high priority on self-reliant manufacturing to meet its security needs, reinforcing its vision to strengthen national resilience and reduce dependency on external sources.

Rise in India’s Defence Production

India has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, driven by the successful implementation of government policies and initiatives led by Prime Minister Shri Narendra Modi, focusing on attaining
Atmanirbharta. According to data from all Defence Public Sector Undertakings (DPSUs), other public sector units manufacturing defence items, and private companies, the value of defence production has surged to a record high of ₹1,27,265 crore, representing an impressive increase of approximately 174% from ₹46,429 crore in 2014-15.

Historically, India relied heavily on foreign countries for its defence needs, with about 65-70% of defence equipment being imported. However, this landscape has dramatically shifted, with around 65% of defence equipment now manufactured within India. This transformation reflects the country’s commitment to self-reliance in this critical sector and underscores the strength of its defence industrial base, which comprises 16 Defence Public Sector Units (DPSUs), over 430 licensed companies, and approximately 16,000 Micro, Small, and Medium Enterprises (MSMEs). Notably, 21% of this production comes from the private sector, bolstering India’s journey toward self-reliance.

As part of the Make in India initiative, major defence platforms such as the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Combat Aircraft (LCA) Tejas, submarines, frigates, corvettes, and the recently commissioned INS Vikrant have been developed, reflecting the growing capabilities of India’s defence sector.

Consequently, the annual defence production has not only crossed ₹1.27 lakh crore but is also on track to reach a target of ₹1.75 lakh crore in the current fiscal year. With aspirations to achieve ₹3 lakh crore in defence production by 2029, India is solidifying its position as a global manufacturing hub for defence.

India’s Defence Exports Surge

India’s defence exports have reached an all-time high, surging from ₹686 crore in FY 2013-14 to ₹21,083 crore in FY 2023-24, reflecting a remarkable increase of over 30 times in export value over the past decade.

This achievement is driven by effective policy reforms, initiatives, and improvements in the ease of doing business implemented by the government, all aimed at attaining self-reliance in defence. Notably, defence exports also experienced a substantial growth of 32.5% over the previous fiscal year, rising from ₹15,920 crore.

India’s export portfolio boasts a diverse range of advanced defence equipment, including bulletproof jackets and helmets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes. A noteworthy highlight is the inclusion of ‘Made in Bihar’ boots in the Russian Army’s equipment, marking a significant milestone for Indian products in the global defence market and showcasing the country’s high manufacturing standards.

Currently, India exports to over 100 nations, with the top three destinations for defence exports in 2023-24 being the USA, France, and Armenia. According to Raksha Mantri Shri Rajnath Singh, the target is to further increase defence exports to ₹50,000 crore by 2029. This expanding international footprint underscores India’s commitment to becoming a reliable defence partner globally while bolstering its economic growth through enhanced defence production and exports.

Key Government Initiatives

In recent years, the Indian government has implemented a series of transformative initiatives aimed at bolstering the country’s defence production capabilities and achieving self-reliance. These measures are designed to attract investment, enhance domestic manufacturing, and streamline procurement processes. From liberalizing foreign direct investment (FDI) limits to prioritizing indigenous production, these initiatives reflect a robust commitment to strengthening India’s defence industrial base. The following points outline the key government initiatives that have been pivotal in driving growth and innovation in the defence sector.
- Liberalized FDI Policy: The Foreign Direct Investment (FDI) limit in the defence sector was raised in 2020 to 74% through the Automatic Route for companies seeking new defence industrial licenses and up to 100% through the Government Route for those likely to result in access to modern technology. As of February 9, 2024, ₹5,077 crore worth of FDI has been reported by companies operating in the defence sector.
- Budget Allocation: The allocation for the Ministry of Defence for the financial year 2024-25 is ₹6,21,940.85 crore, as part of the “Demand for Grant” presented in Parliament during the ongoing Budget Session.
- Priority for Domestic Procurement: Emphasis is placed on procuring capital items from domestic sources under the Defence Acquisition Procedure (DAP)-2020.
- Positive Indigenization Lists: Notification of five ‘Positive Indigenization Lists’ totalling 509 items of services and five lists of 5,012 items from Defence Public Sector Undertakings (DPSUs), with an embargo on imports beyond specified timelines.
- Simplified Licensing Process: Streamlining the industrial licensing process with a longer validity period.
- iDEX Scheme Launch: The Innovations for Defence Excellence (iDEX) scheme was launched to involve startups and Micro, Small, and Medium Enterprises (MSMEs) in defence innovation.
- Public Procurement Preference: Implementation of the Public Procurement (Preference to Make in India) Order 2017 to support domestic manufacturers.
- Indigenization Portal: Launch of the Self-Reliant Initiatives through Joint Action (SRIJAN) portal to facilitate indigenization by Indian industry, including MSMEs.
- Defence Industrial Corridors: Establishment of two Defence Industrial Corridors, one each in Uttar Pradesh and Tamil Nadu, to promote defence manufacturing.
- Opening Defence R&D: Defence Research & Development (R&D) has been opened up for industry and startups to foster innovation and collaboration.
- Domestic Procurement Allocation: Out of the total allocation of ₹1,40,691.24 crore under the Capital Acquisition (Modernization) Segment, ₹1,05,518.43 crore (75%) has been earmarked for domestic procurement in the Budget Estimates for 2024-25.
Conclusion

India’s journey toward Atmanirbharta in defence reflects a transformative shift from reliance on imports to becoming a self-sufficient manufacturing hub. The record achievements in domestic production and exports underscore the government’s commitment to enhancing national security and bolstering economic growth through robust defence initiatives. With strategic policies in place, a growing emphasis on indigenization, and a vibrant defence industrial base, India is poised to not only meet its own security needs but also emerge as a key player in the global arms market. The ambitious targets set for future production and exports signify a strong resolve to reinforce the country’s position as a reliable defence partner worldwide. As India continues to innovate and collaborate across sectors, it is well on its way to solidifying its status as a formidable force in global defence manufacturing.

References:

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Santosh Kumar/ Ritu Kataria/ Saurabh Kalia

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MIL OSI Asia Pacific News –
January 25, 2025

MIL-OSI: CECO Environmental Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Company Produces Record Q3 Bookings and Highest-Ever Backlog
Q3 Revenue and Income Impacted by Customer-Driven Project Delays
Announced the Acquisition of Profire Energy (Nasdaq: PFIE) for $125 Million
Completed Acquisition of WK, in Early October
Updates FY24 Guidance and Introduces 2025 Outlook

DALLAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), (the “Company”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the third quarter of 2024. In addition, CECO, announces it has completed the acquisition of WK, an Industrial Air company headquartered in Germany, in early October. Additionally, the Company announced the acquisition of Profire Energy, Inc. (NASDAQ: PFIE) (“Profire”), a leader in burner management technology and combustion control systems that provide mission-critical combustion automation and control solutions and services to improve environmental efficiency, safety and reliability for industrial thermal applications globally.

Third Quarter Summary⁽¹⁾

Orders of $162.3 million, up 12 percent
Backlog of $437.5 million
Revenue of $135.5 million, down 9 percent
Gross profit of $45.3 million, up 5 percent; Gross margin of 33.4 percent, up 460 basis points
Net income of $2.1 million, down 36 percent; non-GAAP net income of $5.2 million, down 32 percent
GAAP EPS (diluted) of $0.06; non-GAAP EPS (diluted) of $0.14, down 36 percent
Adjusted EBITDA of $14.3 million, down 5 percent
Free cash flow of $11.1 million, down $17.4 million

Subsequent to the Quarter

Completes the acquisition of WK in early October
Announces the acquisition of Profire; expected to close by January 2025

⁽¹⁾ All comparisons are versus the comparable prior year period, unless otherwise stated.
Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.

Todd Gleason, CECO’s Chief Executive Officer commented, “While our third quarter produced very strong orders and a new record backlog, we were disappointed that we fell short of the anticipated quarterly revenue and income outlook as a handful of customer-driven delays in larger projects could not be overcome by continued progress with margin expansion and other actions. These delayed projects are expected to begin activity over the coming months and the impact is reflected in our updated full year 2024 and newly introduced full year 2025 outlook. We are excited to have been awarded several large energy transition and general industrial orders in the quarter and we anticipate this trend to continue as we are forecasting a very strong fourth quarter bookings period.”

Third quarter operating income was $7.2 million, down $0.7 million or 9 percent when compared to $7.9 million in the third quarter 2023. On an adjusted basis, non-GAAP operating income was $11.0 million, down $1.8 million or 14 percent when compared to $12.8 million in the third quarter of 2023. Net income was $2.1 million in the quarter, down $1.2 million or 36 percent when compared to $3.3 million in the third quarter of 2023. Non-GAAP net income was $5.2 million, down $2.4 million or 32 percent when compared to $7.6 million in the third quarter of 2023. Adjusted EBITDA of $14.3 million, reflecting a margin of 10.6 percent, was down 5 percent compared to $15.1 million in the third quarter of 2023. Free cash flow in the quarter was $11.1 million, down $17.4 million compared to $28.5 million in the third quarter of 2023.

Completes Acquisition of WK

CECO today announced that in early October it completed the acquisition of Germany-based, WK – a leading industrial air business with well-established global customers and a strong Asia-Pacific presence, based out of Singapore. WK designs, engineers and supplies a broad range of cutting-edge technical equipment and systems for process and environmental and surface technology applications, as well as innovative sustainable solutions. This acquisition strengthens CECO’s footprint and capabilities within the industrial processing solutions segment and further advances the Company’s Industrial Air and leadership positions. WK is expected to deliver full year 2024 sales of approximately $15 million with the potential for high-teen EBITDA margins.

“I would like to welcome the WK organization to our portfolio of leading industrial air solutions businesses,” said Mr. Gleason. “Together we will advance our joint capabilities to better serve global customers while penetrating markets with solutions and services from across our diverse enterprise.”

Announces Acquisition of Profire Energy, Inc. (Nasdaq: PFIE)

“I am excited that today we announced the acquisition of Profire in an all-cash transaction that we expect will close in January 2025. Profire expects to generate approximately $60 million in revenues with adjusted EBITDA margins of approximately 20 percent in the full year 2024. With an installed base approaching 100,000 burner management systems and a growing industrial market product offering, we look forward to accelerating their global market expansion and introducing their high-efficiency solutions to more customers in the industrial air and water markets. We are confident the increased scale and combined corporate organizations will generate meaningful efficiencies and synergies. The addition of Profire is another important step in our ongoing execution of programmatic M&A and we expect it will further advance our position as the leading environmental solutions provider in industrial markets,” added Mr. Gleason.

Updates 2024 Full Year Guidance

The Company updated its 2024 full year revenue guidance to reflect revenue between $575 and $600 million, up approximately 10 percent year over year at the midpoint of the range, and adjusted EBITDA between $65 to $70 million, up approximately 17 percent year over year, at the midpoint of the range. The updated expected full year guidance compares to the previous outlook for revenues of between $600 to $620 million and adjusted EBITDA of between $68 to $72 million. The Company expects 2024 full year bookings guidance to reflect a book to bill rate of or in excess of 1.2x, up from a previous range of 1.05x to 1.1x. The Company maintains its full year outlook for free cash flow of 50% to 70% of adjusted EBITDA.

“Our updated full year 2024 guidance essentially mirrors the initial outlook we provided as we entered 2024. As previously mentioned, unfortunately, the customer-driven delays associated with a handful of larger projects impacted our ability to hit the raised guidance we issued mid-year. This is the first time we have reduced guidance in company history, and although this is disappointing for our short-term results, we remain very pleased with our bookings, margin expansion progress and overall execution. Additionally, the revenue and associated income from the 2024 project delays slide into upcoming quarters, so we remain focused on execution and controlling factors we can influence,” said Mr. Gleason.

Introduces 2025 Full Year Guidance

The Company introduced its 2025 full year guidance to reflect revenue between $700 and $750 million, up approximately 25 percent at the midpoint of the range, and adjusted EBITDA between $90 and $100 million, up approximately 40% at the midpoint of the range. The Company expects full year free cash flow of between 50% to 70% of adjusted EBITDA.

Mr. Gleason concluded, “Our full year 2025 outlook reflects the visibility we have with our record backlog, ongoing strong bookings, 2024 related project push outs, and the impact from already completed acquisitions and the pending transaction with Profire. We continue to drive an aggressive operating model that supports strong organic growth, coupled with steady margin expansion and additions from accretive and strategic acquisitions.”

EARNINGS CONFERENCE CALL

A conference call is scheduled for today at 8:30 a.m. ET to discuss the third quarter 2024 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/4ui844vi.

A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/4ui844vi.

ABOUT CECO ENVIRONMENTAL

CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Dallas, Texas. For more information, please visit www.cecoenviro.com.

Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670
investor.relations@onececo.com

Investor Relations Contact:
Steven Hooser and Jean Marie Young
Three Part Advisors, LLC
214-872-2710
investor.relations@onececo.com

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)	(unaudited) September 30, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	38,700		$	54,779
Restricted cash		226			669
Accounts receivable, net of allowances of $7,214 and $6,460		100,111			112,733
Costs and estimated earnings in excess of billings on uncompleted contracts		68,500			66,574
Inventories, net		37,760			34,089
Prepaid expenses and other current assets		27,143			11,769
Prepaid income taxes		3,826			824
Total current assets		276,266			281,437
Property, plant and equipment, net		32,306			26,237
Right-of-use assets from operating leases		24,690			16,256
Goodwill		220,026			211,326
Intangible assets – finite life, net		51,547			50,461
Intangible assets – indefinite life		9,598			9,570
Deferred income taxes		287			304
Deferred charges and other assets		6,792			4,700
Total assets	$	621,512		$	600,291
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of debt	$	10,580		$	10,488
Accounts payable		92,316			87,691
Accrued expenses		43,762			44,301
Billings in excess of costs and estimated earnings on uncompleted contracts		64,801			56,899
Notes payable		1,700			2,500
Income taxes payable		—			1,227
Total current liabilities		213,159			203,106
Other liabilities		10,336			12,644
Debt, less current portion		122,818			126,795
Deferred income tax liability, net		9,622			8,838
Operating lease liabilities		19,696			11,417
Total liabilities		375,631			362,800
Commitments and contingencies (See Note 14)
Shareholders’ equity:
Preferred stock, $.01 par value; 10,000 shares authorized, none issued		—			—
Common stock, $.01 par value; 100,000,000 shares authorized, 34,979,018 and 34,835,293 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		349			348
Capital in excess of par value		253,590			254,956
Retained earnings (accumulated loss)		1,692			(6,387	)
Accumulated other comprehensive loss		(14,374	)		(16,274	)
Total CECO shareholders’ equity		241,257			232,643
Noncontrolling interest		4,624			4,848
Total shareholders’ equity		245,881			237,491
Total liabilities and shareholders’ equity	$	621,512		$	600,291

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

	Three months ended September 30,						Nine months ended September 30,
(in thousands, except share and per share data)	2024			2023			2024			2023
Net sales	$	135,513		$	149,390		$	399,367		$	391,134
Cost of sales		90,247			106,269			259,921			273,303
Gross profit		45,266			43,121			139,446			117,831
Selling and administrative expenses		34,262			30,439			105,636			86,082
Amortization and earnout expenses		2,617			1,968			7,036			5,988
Acquisition and integration expenses		1,210			1,386			1,876			2,210
Executive transition expenses		—			1,258			—			1,417
Restructuring expenses		(10	)		217			544			217
Asbestos litigation expenses		—			—			225			—
Income from operations		7,187			7,853			24,129			21,917
Other expense, net		(398	)		(216	)		(2,589	)		(670	)
Interest expense		(2,648	)		(3,340	)		(9,315	)		(9,498	)
Income before income taxes		4,141			4,297			12,225			11,749
Income tax expense		1,602			585			2,664			1,577
Net income		2,539			3,712			9,561			10,172
Noncontrolling interest		(453	)		(382	)		(1,482	)		(1,140	)
Net income attributable to CECO Environmental Corp.	$	2,086		$	3,330		$	8,079		$	9,032
Earnings per share:
Basic	$	0.06		$	0.10		$	0.23		$	0.26
Diluted	$	0.06		$	0.09		$	0.22		$	0.26
Weighted average number of common shares outstanding:
Basic		34,966,625			34,771,742			34,910,165			34,612,163
Diluted		36,488,788			35,301,429			36,322,690			35,215,843

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine months ended September 30,
(in thousands)	2024			2023
Cash flows from operating activities:
Net income	$	9,561		$	10,172
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		10,536			8,769
Unrealized foreign currency gain (loss)		201			(138	)
Fair value adjustment to earnout liabilities		400			296
Gain on sale of property and equipment		135			43
Debt discount amortization		357			271
Share-based compensation expense		5,790			3,096
Bad debt expense		404			154
Inventory reserve expense		850			526
Other		77			—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		9,653			(25,961	)
Costs and estimated earnings in excess of billings on uncompleted contracts		(1,498	)		6,006
Inventories		(4,305	)		(10,395	)
Prepaid expense and other current assets		(18,059	)		(8,228	)
Deferred charges and other assets		(2,755	)		(268	)
Accounts payable		15,387			21,162
Accrued expenses		(550	)		7,868
Billings in excess of costs and estimated earnings on uncompleted contracts		7,286			19,330
Income taxes payable		(1,140	)		261
Other liabilities		(9,330	)		(3,473	)
Net cash provided by operating activities		23,000			29,491
Cash flows from investing activities:
Acquisitions of property and equipment		(11,237	)		(5,511	)
Net cash paid for acquisitions		(14,954	)		(48,102	)
Net cash used in investing activities		(26,191	)		(53,613	)
Cash flows from financing activities:
Borrowings on revolving credit lines		58,400			94,200
Repayments on revolving credit lines		(54,800	)		(63,200	)
Repayments of long-term debt		(7,843	)		(2,478	)
Payments on finance leases and financing liability		(692	)		(680	)
Deferred consideration paid for acquisitions		(2,050	)		(1,247	)
Earnout payments		(1,672	)		(1,496	)
Proceeds from employee stock purchase plan and exercise of stock options		846			1,435
Noncontrolling interest distributions		(1,707	)		(1,364	)
Common stock repurchased		(5,000	)		—
Net cash (used in) provided by financing activities		(14,518	)		25,170
Effect of exchange rate changes on cash, cash equivalents and restricted cash		1,187			703
Net (decrease) increase in cash, cash equivalents and restricted cash		(16,522	)		1,751
Cash, cash equivalents and restricted cash at beginning of period		55,448			46,585
Cash, cash equivalents and restricted cash at end of period	$	38,926		$	48,336
Cash paid during the period for:
Interest	$	9,714		$	8,531
Income taxes	$	6,779		$	8,633

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES

	Three months ended September 30,						Nine months ended September 30,
(in millions, except ratios)	2024			2023			2024			2023
Operating income as reported in accordance with GAAP	$	7.2		$	7.9		$	24.1		$	21.9
Operating margin in accordance with GAAP		5.3	%		5.3	%		6.0	%		5.6	%
Amortization and earnout expenses		2.6			2.0			7.1			6.0
Acquisition and integration expenses		1.2			1.4			1.9			2.2
Restructuring expenses		—			0.2			0.5			0.2
Executive transition expenses		—			1.3			—			1.4
Asbestos litigation expenses		—			—			0.2			—
Non-GAAP operating income	$	11.0		$	12.8		$	33.8		$	31.7
Non-GAAP operating margin		8.1	%		8.6	%		8.5	%		8.1	%

	Three months ended September 30,						Nine months ended September 30,
(in millions, except share data)	2024			2023			2024			2023
Net income as reported in accordance with GAAP	$	2.1		$	3.3		$	8.1		$	9.0
Amortization and earnout expenses		2.6			2.0			7.1			6.0
Acquisition and integration expenses		1.2			1.4			1.9			2.2
Restructuring expenses		—			0.2			0.5			0.2
Executive transition expense		—			1.3			—			1.4
Asbestos litigation expense		—			—			0.2			–
Foreign currency remeasurement		0.3			0.8			1.8			(0.1	)
Tax (benefit) expense of adjustments		(1.0	)		(1.4	)		(2.8	)		(2.4	)
Non-GAAP net income	$	5.2		$	7.6		$	16.8		$	16.3
Depreciation		1.4			1.2			4.0			3.5
Non-cash stock compensation		1.9			1.1			5.8			3.1
Other expense, net		0.1			(0.6	)		0.8			0.8
Interest expense		2.6			3.3			9.3			9.5
Income tax expense		2.6			2.0			5.6			4.0
Noncontrolling interest		0.5			0.4			1.5			1.2
Adjusted EBITDA	$	14.3		$	15.0		$	43.8		$	38.4

Earnings per share:
Basic	$	0.06		$	0.09		$	0.23		$	0.26
Diluted	$	0.06		$	0.10		$	0.22		$	0.26

Non-GAAP net income per share:
Basic	$	0.15		$	0.22		$	0.48		$	0.47
Diluted	$	0.14		$	0.22		$	0.46		$	0.46

	Three months ended September 30,						Nine months ended September 30,
(in millions)	2024			2023			2024			2023
Net cash provided by operating activities	$	15.1		$	30.1		$	23.0		$	29.5
Acquisitions of property and equipment		(4.0	)		(1.6	)		(11.2	)		(5.5	)
Free cash flow	$	11.1		$	28.5		$	11.8		$	24.0

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A “non-GAAP financial measure” is a numerical measure of a company’s historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company’s results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

SAFE HARBOR

Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: the parties’ ability to complete the proposed Profire transactions in the anticipated timeframe or at all, the occurrence of any event, change or other circumstance that could give rise to the termination of the Profire transaction agreement between the parties, the effect of the announcement or pendency of the proposed Profire transaction on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the proposed Profire transaction, diversion of management’s attention from ongoing business operations as a result of the Profire transaction, the outcome of any legal proceedings that may be instituted related to the proposed Profire transaction, the amount of the costs, fees, expenses and other charges related to the proposed Profire transaction, the risk that competing offers or acquisition proposals will be made, the achievement of the anticipated benefits of the Profire transaction, the ability of Profire to achieve its 2024 earnings guidance, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, the sensitivity of our business to economic and financial market conditions generally and economic conditions in our service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases, if any; our ability to successfully realize the expected benefits of our restructuring program; our ability to successfully identify acquisition targets, integrate acquired businesses and realize the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

The MIL Network –

January 25, 2025

MIL-OSI Video: Embargo against Cuba: Vote on draft resolution – General Assembly | United Nations

Source: United Nations (Video News)

Necessity of ending the economic, commercial and financial embargo imposed by the United States of America against Cuba.

Item 38: report of the Secretary-General (A/79/80)
● Draft resolution (A/79/L.6) ■ Continuation of the debate and action on the draft resolution

https://www.youtube.com/watch?v=ZYvBW1ka37M

MIL OSI Video –

January 25, 2025
MIL-OSI Europe: EIB approves a €300 million loan to Red Eléctrica for the construction of Salto de Chira hydroelectric power plant in the Canary Islands
Source: European Investment Bank
- Salto de Chira is a cutting-edge strategic project for the island of Gran Canaria, which combines a pumped-storage hydroelectric power plant of 200 MW installed power capacity and a desalination plant.
- It will strengthen Gran Canaria’s electricity system, providing a fundamental back-up to guarantee energy security and electricity supply, critical issues for citizens and businesses.
- The project contributes to the integration of renewable energies on the island and reflects the important role the EIB is playing in consolidating Spain as the country of renewables.
The European Investment Bank (EIB) has approved a €300 million loan to finance the construction of the Salto de Chira pumped-storage hydroelectric power plant being built by Red Eléctrica, a subsidiary of Redeia, in Gran Canaria.

The Salto de Chira power plant will use a system of two water reservoirs at different heights to store or deliver energy from renewable energies according to the needs of the electricity system. It will have a installed power capacity of 200 MW and energy storage capacity of 3,5GWh, making possible to take advantage of surplus renewable production, which would otherwise be lost, at times when the system needs it. In this way, it will contribute to the quality and security of the electricity supply and to greater integration of renewable energies into the electricity system on the island of Gran Canaria. The project also includes the construction of a seawater desalination plant to contribute to water storage, which is also expected to have a positive impact on farming communities’ access to irrigation water.

“We are delighted to join forces with Red Eléctrica to support the construction of the Salto de Chira hydroelectric power plant. This project is key to ensuring energy autonomy and driving the green transition in Gran Canaria,” said Jean-Christophe Laloux, Director General of Operations in the European Union at the EIB. “The project will improve electricity supply quality and security on the island using existing resources and reflects the EIB’s commitment to territorial cohesion and climate action, two of our strategic priorities.”

The investment takes part entirely in the Canary Islands, a cohesion and outermost region. It is expected to have a positive impact on the local economy by driving growth and job creation, and firmly backs the EIB Group’s commitment to economic, social and territorial cohesion.

Commenting on the agreement, the CEO of Redeia, Roberto García Merino, highlighted the importance of this project and of storage in advancing the penetration of renewable energies, “storage will be one of the key elements in the energy transition, providing flexibility and manageability to the electricity system to integrate large amounts of renewable energies, thus contributing to electrification and access to renewable energy, which is especially important for an electricity system like the Canary Islands, which is isolated and therefore more vulnerable’.

Once finalized, the pumped-storage hydroelectric power plant will be a fundamental tool for the operation of the system, providing it with the flexibility essential for the substitution of fossil energy sources and the safe and reliable integration of renewable resources, mitigating the interconnection difficulties of the Canary Islands’ electricity systems.

This project contributes to the decarbonisation objectives of the European Green Deal. It is also part of the EIB’s action plan to support REPowerEU in ensuring energy security and reducing EU dependence on fossil fuel imports.

Operation of the Salto de Chira pumped-storage plant

The plant will use two of Gran Canaria’s existing reservoirs, Chira and Soria, to create an electricity-generating waterfall. It will that harnesses the renewable energy stored in the form of water in the upper reservoir to produce energy through an underground hydroelectric plant, reducing its impact on the environment.

At times of peak renewable energy generation, the excess power will be used to pump water from the lower reservoir (Soria) to the upper one (Chira), storing this energy in the form of water. The water will then be used to generate electricity at times of high demand and low electricity generation from renewable sources.

The project includes the construction of a seawater desalination plant that will be used to fill the reservoirs and will directly benefit the development of farming communities in the area thanks to the water not needed for the operation of the plant.

The EIB and energy security

In 2023, the EIB Group signed more than €21 billion in financing for energy security in Europe. In the same year, it allocated €4.5 billion to this goal in Spain, financing projects in areas including renewable energy, energy efficiency, power grids and storage systems. These investments are helping Europe speed up its transition to sustainable energy and reduce its reliance on fossil fuel imports.

In July 2023, the EIB Board of Directors raised the amount earmarked for REPowerEU projects to €45 billion. REPowerEU is the plan designed to end Europe’s dependence on fossil fuel imports. To boost financing for the EU manufacturing industry, the EIB will also expand the range of eligible sectors to include leading strategic technologies with net-zero carbon emissions, as well as extraction, processing and recycling of critical raw materials. The additional financing will be disbursed between now and 2027. In total, it is expected to mobilise more than €150 billion in investment in the target sectors.

Find out more about the EIB’s support for the energy sector here.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, consisting of the EIB and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

Red Eléctrica

Red Eléctrica is the sole transmission agent and operator of the electricity system in Spain. Created in 1985, it is the first TSO in the world, being the first company dedicated exclusively to the operation of the electricity system and the transmission of electricity; a model currently implemented in 22 of the 27 countries of the EU.

A subsidiary of Redeia, manager of essential electricity and telecommunications infrastructures, Red Eléctrica’s mission has always been to guarantee a safe and quality electricity supply and to develop a reliable electricity transmission grid to provide a service that is essential for households, companies and public services. It is now also a fundamental pillar of Spain’s ecological transition process, developing the grids necessary for this transformation and operating the system for an efficient and safe integration of renewable energies.
MIL OSI Europe News –
January 25, 2025
MIL-OSI Europe: Written question – Support for Thessaly’s tourism industry – E-002178/2024
Source: European Parliament
18.10.2024

Question for written answer E-002178/2024
to the Commission
Rule 144
Emmanouil Fragkos (ECR)

Unfortunately, Thessaly’s tourism industry became collateral damage in the catastrophic floods of September 2023. The fact that the businesses affected in Thessaly have failed to recover is taking a toll on the Greek tourism industry as a whole.

Industry representatives are calling for a specific financial instrument to provide direct financial support for tourism businesses that have suffered a huge loss of income, as well as a change in the regulatory framework governing the NSRF and the possibility of funding commensurate with that made available in 2020 as part of the amendment to address the economic crisis associated with the COVID-19 period.

In view of Article 107(2) TFEU, Member States may determine the design of State aid in compliance with EU State aid rules.

In light of the above:

1.Does the Commission not consider that reducing red tape and regulatory barriers for tourism businesses to allow them to benefit from the NSRF could help restore their competitiveness to the levels enjoyed before the catastrophic floods?

2.Does the Commission not consider that a temporary tax break for tourism businesses in Thessaly could be an effective way of supporting them with minimal red tape?

3.Provided that there is the time and money for tourism businesses in Thessaly to benefit from the Recovery and Resilience Fund, does the Commission not agree that this kind of targeted support would be fully compatible with the purpose of the Fund?

Submitted: 18.10.2024
Last updated: 29 October 2024
MIL OSI Europe News –
January 25, 2025
MIL-OSI Europe: EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance

Source: European Investment Bank

EIB

The European Investment Bank (EIB) and the European American Chamber of Commerce New York (EACCNY) signed a Memorandum of Understanding on Monday to establish the Transatlantic Resilient Infrastructure Alliance, a platform for engaging with the private sector to boost infrastructure financing in low- and middle-income countries.

This alliance will provide a new grouping for a set of actors interested in infrastructure development and financing, building a transatlantic platform with major organisations from the US and Europe. Participants will include banks, institutional investors (such as pension funds, insurers, asset managers), and industry, all of which will join in an effort to develop sustainable financing options, identify and advance priority projects, and collaborate on the promotion of resilient infrastructure to build a sustainable future.

TRIA will take as a basis the EIB’s long experience in financing infrastructure investments and complement this through dialogue with European and US businesses keen to support global sustainability goals.

Based on the MoU, the alliance will regularly convene meetings between EIB senior staff and leaders from EACCNY member companies and associated organisations to improve shared understanding of the financing needs and opportunities in infrastructure projects in developing countries. The members of the alliance will work together to identify gaps in existing financing mechanisms and seek to identify solutions.

“The initiative will allow us to build closer relationships with existing and potential clients and other partners interested in transatlantic cooperation in low- and middle-income countries,” said Markus Berndt, Head of the European Investment Bank’s Representation in Washington. “The EACCNY brings together a range of important corporates and institutions who have a lot of valuable insights, as we seek to ensure that more private sector finance reaches high priority investments.”

“Considering the enormous needs in global infrastructure development at this critical moment in time, it is essential that Europe and the United States, two major economic powerhouses, come together and strategically address this challenge,” said Yvonne Bendinger-Rothschild, Executive Director of the EACCNY. “Bringing together public and private financing and expertise will help bridge the gap and improve the speed and efficiency of infrastructure investment around the world. Our members are ready to be part of this ambitious project.”

The Transatlantic Resilient Infrastructure Alliance is aligned with the broader objectives of the EU’s Global Gateway strategy and the G7 Partnership for Global Infrastructure and Investment, aiming to promote sustainable investment in line with EU and international standards. The scope of TRIA will include all sectors of the Global Gateway strategy, namely digital, climate and energy, transport, health, and education, and their associated value chains.

The European American Chamber of Commerce New York (EACCNY) is a platform connecting public and private sector entities on both sides of the Atlantic. The goal of the EACCNY is to stimulate transatlantic investment, cross-border business development and to facilitate networking and relationships between its members. To do this, the EACCNY provides its members with access to information, resources and support, on matters affecting business activities between Europe and the US.

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.

EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance
EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance
©EIB
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EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance
EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance
©EIB
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MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: Germany: EIB supports affordable housing in Bremen
Source: European Investment Bank
- Housing company GEWOBA is building almost 500 new rental flats and is investing to decarbonise its existing housing stock.
- The EIB is providing €125 million in co-financing for the project to increase the supply of affordable housing that meets energy efficiency standards.
The European Investment Bank (EIB) is granting a €125 million loan to housing-company GEWOBA AG Wohnen und Bauen in Bremen. The loan supports an extensive €500 million building and renovation project to increase the supply of affordable and climate-friendly housing in Bremen and Bremerhaven by the company that is majority-owned by the two municipalities. The flats will meet the high energy efficiency standards set out by the European Union and at least meet the German energy standard of KfW Efficiency House 55.

According to the current plans, almost 500 new flats will be built, most of which will be accessible for people with reduced mobility. As part of the project, there will be a new kindergarten for around 60 children, as well as assisted-living communities and a day centre for 15 elderly people. In addition, over 2 000 existing flats will undergo energy-related renovation works. The price of rent per square metre for the new flats may not exceed €6.80 for subsidised flats and €9.00 for rent-capped flats.

Bremen is a growing city, with its population expected to rise from today`s 685 000 inhabitants to 705 000 by 2035. Although the state of Bremen is in good economic shape overall, it has the highest unemployment rate of all federal states of Germany at 10%, and a high proportion of its residents earn low incomes.

As in many cities in Germany, rent prices have increased in recent years. As the biggest rental housing provider in Bremen and Bremerhaven, GEWOBA is steering away from this trend, charging an average rent price of €6.94 per square metre (excluding bills) and an average of €7.94 per square metre for new rental contracts in existing flats.

“The project is helping to ensure that a vibrant city can continue to grow and be liveable for families with children and the elderly”, says EIB Vice-President Nicola Beer. “Together with our partner GEWOBA, we are facing up to the social challenge in German and European cities and continuing to create affordable and climate-friendly housing.”

The new flats are set to be highly energy efficient and will contribute to the European Union’s climate and environmental sustainability goals. They will help to reduce the amount of CO₂ emitted from buildings and will support Bremen on its path to climate neutrality. They will also encourage social inclusion, as demonstrated by the emphasis on accessibility, and will create more housing options in the city for people on low and moderate incomes.

“We are pleased to have a partner at our side in the form of the EIB, which is pursuing the same climate and social objectives as we are,” said Member of the Executive Board of GEWOBA Anja Passlack.

Background information

The EIB Group is the long-term lending institution of the European Union. It finances sound investments that contribute to EU policy objectives and works closely with other EU institutions and bodies to advance shared priorities such as equitable growth and a just transition towards climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023, of which €8.6 billion in Germany.

The EIB Group has been providing financing and advisory services to the housing sector for 25 years. In the last five years alone, it has provided around €13.4 billion to support sustainable urban development and modernisation projects. Together with the European Commission, the EIB will increase its commitment to affordable housing in the coming years.

GEWOBA AG Wohnen und Bauen in Bremen was founded in 1924 with the aim of making decent housing available for broad sections of the population – a mission that is still enshrined in its statute today. With around 43 000 rental apartments, GEWOBA is the largest rental housing provider in the state of Bremen and is majority-owned by the municipality. Its core business is value-based management and looking to the future to further develop its diverse housing portfolio. For decades, it has invested in extensive maintenance and modernisation projects, and expands its portfolio with new, high-quality buildings when required.
MIL OSI Europe News –
January 25, 2025
MIL-OSI United Kingdom: Scotland’s Redress Scheme
Source: Scottish Government
An Official Statistics Publication for Scotland.

Scotland’s Redress Scheme statistics have been published for the period from December 2021 to June 2024.

They show that over the first 30 months of the scheme:

1,585 (97%) of applications were eligible for financial redress with offers made

56 (3%) of applications were deemed not eligible

1,488 awards were made totalling £76,663,543 after deductions

971 (65%) were Individually Assessed Payments, 412 (28%) were Fixed Rate Payments and 105 (7%) were Next of Kin awards

Of the 110 apologies requested, 69 (63%) were delivered by June 2024

Background

Scotland’s Redress Scheme Statistics December 2021 – June 2024

Official statistics are produced in accordance with the Code of Practice for Statistics.

This is an Official Statistics publication providing data on applications, outcomes and payments made, fees and costs, as well as apologies made under Scotland’s Redress Scheme. It builds on last year’s publication of figures from December 2021 to June 2023.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI USA: Administrator Samantha Power at a Swearing-in Ceremony for Emily Coffman-Krunic as Mission Director for Bosnia and Herzegovina

Source: USAID

ADMINISTRATOR SAMANTHA POWER: Dobro jutro [good morning], here. Dobar dan [good evening], there.

It’s really great to be part of this event. Jim [Hope], really lovely to hear from your perspective. Jim has most recently been our Mission Director in Ukraine, and this is the first ceremony that I’ve had the chance to hear him emcee. But, it’s great to hear from a fellow Mission Director what these ceremonies mean. Certainly, they mean the world to us.

Ambassador [Michael] Murphy, as much as you think you know about Emily, you are about to learn much more. You will have a lot more ammo to use in various interagency deliberations. But, I want to thank you for joining and doing so in the spirit you did, I’ve actually – we haven’t had the chance to meet in person – but I devour your cables and your tweets. But above all, I have the greatest respect for just how you have not taken the easy path there and really stood. I think, very strongly in the face of an awful lot of resistance and many many headwinds – for not only American values but ultimately for the dignity of the people of the country and of the region. Really, really grateful to you for that. I’ve admired you from afar for a long time.

I do want to recognize – and Emily and I just talked about the tragedy of the historic floods that have really besieged really small communities in Bosnia and Herzegovina, very specifically Jablanica and Konjic. I know that Ambassador Murphy and Emily are already working with affected communities to support recovery efforts and even visited and met with the affected people. That means the world, I’m sure, to them, that someone has their back. But, our thoughts, of course, go out to those communities. There’s a lot coming at the people of Bosnia and Herzegovina, and when the floods pile on, it must be very overwhelming. So again, just a reflection of how much the American people care about the people of the country, and you all are incredible ambassadors for that.

Emily has a full house here today, in person and online, and maybe breaking some records if we add up all the miles traveled for each of the family members. But, we have her father Daniel and her mother Blanche, beaming in on the screen. And, here in the audience, we have her sisters Elizabeth, Ginny, and Julie. Ginny flew in all the way from England, and, incredibly, Julie has made the time to be here today after spending the past few weeks helping hurricane recovery efforts in western North Carolina.

And again, the parallel between what happens in Bosnia and the extremity of that and what happens here is just a reminder of the universality, sadly, of these challenges these days.

Thank you to the sisters, you seem like an incredibly close-knit group. I was like, “Are you thinking of visiting?” And they were like, “Ah, we’ve been there many times, you know!” So, I know Emily is incredibly lucky to have you in her corner.

We’re also joined by Emily’s children, of course – by Adrian, who studies engineering at the University of North Florida, and Emily’s daughter Stella, who began her own studies recently in anthropology in Amsterdam. I know that through your lives you’ve had to make big changes often to accommodate mom’s spirit of public service – leaving schools, and friends, and communities. So, thank you for your own sacrifices. You are the reason your mom does everything she does. So, thank you.

Alright, this is your life portion.

Emily was born in Jacksonville, Florida, to two parents we just got to see, who instilled in her the value of helping others. Her mom was a nurse before becoming a great caretaker for her four daughters, and then her mom worked at a local school. Emily’s dad was a pilot in the Navy and then a lawyer.

As a child, Emily was a go-getter who loved adventure, apparently. Although she was not the oldest, I’m told that she was the one who always directed the games among the girls. Emily went on to earn her degree in philosophy from Texas Christian University, before working at Merrill Lynch, where she saved up enough money to keep fueling her adventures.

She went to Guatemala for three months to learn Spanish and to Chile for six months to teach English to children of the indigenous Mapuche people, where she caught the spark, I guess, for international development work. Emily went on to earn her master’s in international peace and conflict resolution at American University, while also volunteering at the International Rescue Committee.

One day, Emily heard that the Organization for Security and Cooperation in Europe, OSCE, was looking for people to support Bosnia and Herzegovina’s very first municipal elections since the war. The country, as all of you know, had emerged from a horrific conflict with the signing of the U.S.-brokered Dayton Accords just the year before, and tensions were high as elections neared – with the question of whether the Dayton agreement could result in lasting peace and whether democracy really could be meaningfully ushered in.

Emily still had two months left in her degree program, but everyone she talked to, including the professors whose classes she would be skipping out on, said, “You have to do this. This is too important not to do.”

But, she was conflicted, because she was clearly a better student than I was. And so, she called her dad, and he was the last person she just had to make sure that she wasn’t doing something crazy. Her dad, Dan, of course, was worried about her going to war-torn Bosnia – again, the bullets had barely ceased firing, and this election was really soon after the war had ended.

But, Emily asked him, and he expressed some reluctance, you know, given that the headlines had recently been very grim. But, Emily asked him, “Dad, what exactly were you doing when you were 27?”

And his answer was, “I guess I was flying jets off aircraft carriers in the ocean…”

So, Emily went on, booked her ticket with everybody’s full support. As you heard, she went on to work in Bosnia and Herzegovina for eight years, eventually joining the World Conference of Religions for Peace, one of USAID’s partners in Bosnia and Herzegovina as the Chief of Party.

Emily knew that for development efforts to be effective there, after such vicious inter-ethnic conflict, there needed to be enhanced communication and cooperation. The demonization across lines had been very, very intense.

Muslims, Croats, Bosnian Serbs, Orthodox Christians, Catholics, Jews – everyone kind of had to come together in dialogue. So, as you heard again from Ambassador Murphy, she and her team founded this inter-religious council of Bosnia and Herzegovina, and it really has, over the years, worked to mobilize faith leaders, faith communities, in service of reconciliation and rebuilding.

The work has never been easy. The demons, not only from the wars of the 1990s, but dating even further back, loom large. The misinformation which really impedes, you know, the ability to sustain, sometimes, that trust that those encounters can breed – all of that makes it immensely challenging.

But, Emily continued to help the council members establish common ground and find productive ways to work together. Over these last decades, this Council has played an important role on everything from organizing youth reconciliation, to addressing gender-based violence, to facilitating the protection of holy sites for all groups.

I think this shows a characteristic that has defined Emily’s work over the years. Even in incredibly difficult environments where the odds seem low of succeeding, she has managed to help people see that there is a path forward, if they can come together.

In Rwanda, Emily arrived at a time when the democracy team’s funding had been nearly zeroed out for two years in a row. The Mission was actually considering stopping all democracy and governance programming. But, Emily understood that supporting democracy, again as Ambassador Murphy reinforced, was, in fact, fundamental to advancing development.

To make enduring progress on any front, developmentally, citizens have to be empowered to demand and work toward the change that they want in their own communities. They also have to be able to, through raising their voice at the ballot, be able to get rid of leaders who are corrupt or governing poorly and in a way that isn’t bettering the lives of citizens.

In the words of Joseph Rurangwa, an FSN in Rwanda, Emily “fought for DG’s identity” – fought for democracy and governance’s identity. Apparently, she worked day and night to convince partners, donors, and colleagues that democracy and governance was worth the investment.

Emily went to battle, and Emily won. The Mission in Rwanda didn’t just revitalize the small democracy team that Emily had come to lead. It created an entirely new standalone democracy and governance office. The office went from having two activities in other portfolios to an entire portfolio of 13 democracy and governance activities: from training journalists, to hosting election roundtables for citizens and human rights training for Rwandan youth, to even creating the Mission’s first-ever activity supporting the LGBTQI+ community in Rwanda. Joseph says, “Emily steered the boat in troubled waters, and with her at the helm, 800,000 flowers bloomed all at once.”

In Jordan, where Emily started as the Democracy, Rights, and Governance Office Director and ultimately became the Deputy Mission Director, she helped manage a portfolio completely unknown to her: water. Water is a huge, huge issue, as everyone knows. For Jordan, specifically, the country is the third most water scarce country in the entire world. And, while a country is considered to face water scarcity when it has less than 500 cubic meters of water per person per year, Jordan has just one-fifth of that. Just to give you a sense of the magnitude of this challenge. And water, as we know, again, all of us, from our own lives, is necessary for just about everything.

Jordan’s water portfolio is the largest budget for any single portfolio for USAID, and it is also a country – one of the few countries in the world – where USAID finances large infrastructure projects. So, it was a huge task, and though Emily had no formal background in water, she quickly became fluent in everything from project finance to major infrastructure construction. One colleague at the time says, “Emily came to the job with so much humility and curiosity. It really inspired all of us to feel like we were all in this together.”

Emily led the team as they took on two tasks. First, while Jordan had an existing water sharing agreement with its neighbor Israel, Emily knew that in spite of the complex relationship between the countries, they could and should share more water.

So, she and the team helped negotiate an agreement in which the two countries agreed to double the volume of water that they shared. This was a historic agreement that spared further water rationing in Jordan. But, Emily also knew that to meet the scale of need, Jordan needed to develop its own desalination ability, turning saltwater into drinkable water. So, she oversaw the design and procurement of the third-largest desalination project in the world, leading it through political negotiations, financial hurdles, and technical discussions, as donors, partners, diplomats, and elected officials came together to achieve a workable plan. Emily’s efforts paid off.

USAID was able to catalyze nearly $3 billion against our $300 million pledge from donors like the Development Finance Corporation, the European Union, and the Islamic Development Bank. When construction is complete, slated to be in about five years, the project will pump newly desalinated water from the south of Jordan, 280 miles uphill, to the population centers of Jordan, who need the water for daily life – through pipes that are so big that you can actually drive a car through them. This single desalination project will meet a full 40 percent of Jordan’s water needs, transforming its water security.

Emily has spent the past year, of course, applying the skills that she honed leading these kinds of ambitious projects in difficult environments in the Mission in Bosnia and Herzegovina, where she returned to serve as Deputy Mission Director. We are told that the first two weeks that Emily was back on the ground in Bosnia and Herzegovina, she met every single person at the Mission, from the Ambassador to the Foreign Service Officers to the Foreign Service Nationals to the cleaning staff, to get to know all of those who are part of her new team.

When it was announced that she was going to be the new Mission Director, her predecessor, Courtney Chubb – an extraordinary Mission Director in her own right – but as Courtney described it, when word went out that she was going to be promoted, the Ambassador was completely overjoyed. And, as Courtney put it, “I’ve never seen so many smiles on the faces of our Mission staff.”

And just to say a word about that Mission staff and having a chance to engage you all directly, you’re extraordinary. Our Foreign Service Nationals – as Courtney and I discussed when I was on the ground there on a visit, and Emily and I just discussed – you all are really some of the leading lights in the world. The amount you know, the amount you have achieved, the amount you have circumnavigated, all that stands in your way to make the peace enduring and to try to strengthen checks and balances and institutions. Many of our FSNs in Bosnia and Herzegovina have been there more than 20 years, some more than 30 years. It’s just an incredible team. And to have as a Mission Director, as you do, someone who so values you and recognizes how much she has to learn from you every day, that’s the best kind of teamwork that can be expected.

So, there is no better person, I think, in something of a returning home, second home really, to Emily but for Emily Coffman-Krunic to be taking the helm as the Mission Director in Bosnia and Herzegovina.

Bosnia and Herzegovina is a special place. It is a country whose people continue to experience incredible hardship. I talked earlier about the flooding, but there’s a lot of man-made disasters happening in Bosnia and Herzegovina, because so many elected leaders do not put their people first. Some do, and they are extraordinary, what they put up with as well.

But, when institutions don’t work always on behalf of the people, it makes what the people do to make development happen even more impressive. And, the efforts that the people of Bosnia and Herzegovina have made, initially, to rebuild, to revitalize, to grow, really speak just to the resilience of all communities, and it’s an inspiration for those of us who only get to visit every now and then.

Since 1996, the U.S. government has provided more than $2 billion, including $1.5 billion from USAID alone, in assistance in efforts to support, again, those on the ground who are building a democratic and inclusive European country. One of the most complicated government structures in the world, makes things very, very challenging. It is hard, often, for leaders to agree on the kinds of basic policies or basic initiatives that the people really expect from them. When they agree, it can be very challenging to operationalize those efforts. But nonetheless, again, there is so much good that is happening on the ground.

The virulent nationalism that lives on, usually most vocally in those who don’t know how to or don’t care to deliver basic services for the citizens of the country, continues to threaten the progress that has been made. We see the direct targeting of NGOs and development partners. We see attacks on independent media. We see, basically, threats to this effort to build a strong, independent, and vibrant European country, which is so clearly what young people in the country want.

USAID has an incredibly important role to play in support of the whole country team’s effort to push back against these challenges. We are working to counter harmful nationalistic rhetoric and narrative, with the goal of strengthening the security and the dignity for individuals and for communities within the country. We are expanding our work with independent media, with civil society, with investigative journalists. We are working to contribute to economic development, to help the private sector drive growth, and to include all groups like LGBTQI+ communities, women and Roma populations, in the progress that the people of Bosnia and Herzegovina are trying to drive.

Now, Emily, I want to end these remarks on something your son Adrian told us. We asked Adrian what it was like to grow up and to travel the world with you. And Adrian said, “I always knew that what my mom did was helping people. It made me want to be a better person.”

So, Emily, I think it’s safe to say you’ve made so many of us here want to be better people, even I, just listening to your journey, but also seeing what you’ve been doing on the grounds in Bosnia and Herzegovina, and in Jordan, just during my time here. And, what I love about your spirit is you never give up. You don’t care about the odds. You just invest body and soul, bring questions and not answers in the first instance, empower your teams, and you have one of the best teams in the world there, as you well know, and you do it all with an eye to future generations and what would mean the most.

So, we are thrilled that you’re our Mission Director in Bosnia and Herzegovina, and I look forward to making it official and swearing you in. Congratulations.

MIL OSI USA News –

January 25, 2025

Category: Economy

Notes to editors

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Introduction

Schedule 1 – Privacy Act amendments

Children’s privacy

Information-sharing declarations after data breaches and emergencies

Overseas data flows

Enforcement

Automated decision making

Schedule 2 – statutory tort for serious invasions of privacy

Schedule 3 – doxxing criminal offences

Conclusion

New details on other financial institutions and the financing of other sectors

Chart 1

Total euro area economy

Chart 2

Households

Table 1

Chart 3

Non-financial corporations

Table 2

Notes

Pradhan Mantri Mudra YojanaLoan Limit Raised to ₹20 Lakh from ₹10 Lakh

Need for the MUDRA Yojana

MUDRA Loans: Categories

MUDRA App- “MUDRA MITRA”

Steps taken to improve implementation of the Scheme:[6]

References:

Prime Minister Shri Narendra Modi addresses Rozgar MelaIt is a matter of great joy to have handed over appointment letters for government jobs to 51 thousand youth in the Rozgar Mela, Best wishes to all the youth who are taking a step towards nation building:PM

Marching Towards Atmanirbharta: India’s Defence RevolutionDomestic production hit ₹1.27 lakh crore in FY 2023-24, with exports growing 30x in a decade

Pradhan Mantri Mudra Yojana

Loan Limit Raised to ₹20 Lakh from ₹10 Lakh

Prime Minister Shri Narendra Modi addresses Rozgar Mela

It is a matter of great joy to have handed over appointment letters for government jobs to 51 thousand youth in the Rozgar Mela, Best wishes to all the youth who are taking a step towards nation building:PM

Marching Towards Atmanirbharta: India’s Defence Revolution

Domestic production hit ₹1.27 lakh crore in FY 2023-24, with exports growing 30x in a decade