Category: Entertainment

  • MIL-OSI USA: Sols 4343-4344: Late Slide, Late Changes

    Source: NASA

    4 min read

    Earth planning date: Wednesday, Oct. 23, 2024

    Curiosity is driving along the western edge of the Gediz Vallis channel, heading for a good vantage point before turning westward and leaving the channel behind to explore the canyons beyond. The contact science for “Chuck Pass” on sol 4341 and backwards 30-meter drive (about 98 feet) on sol 4342 completed successfully. 

    This morning, planning started two hours later than usual. At the end of each rover plan is a baton pass involving Curiosity finishing its activities from the previous plan, transmitting its acquired data to a Mars-orbiting relay satellite passing over Gale Crater, and having that satellite send this data to the Deep Space Network on Earth. This dataset is crucial to our team’s decisions on Curiosity’s next activities. It is not always feasible for us to get our critical data transmitted before the preferred planning shift start time of 8 a.m. This leads to what we call a “late slide,” when our planning days start and end later than usual. 

    Today’s shift began as the “decisional downlink” arrived just before 10 a.m. PDT. The science planning team jumped into action as the data rolled in, completed plans for two sols of science activities, then had to quickly change those plans completely as the Rover Planners perusing new images from the decisional downlink determined that the position of Curiosity’s wheels after the drive would not support deployment of its arm, eliminating the planned use of APXS, MAHLI, and the DRT on interesting rocks in the workspace. However, the science team was able to pivot quickly and create an ambitious two-sol science plan for Curiosity with the other science instruments.

    On sols 4343-4344, Curiosity will focus on examining blocks of finely layered or “laminated” bedrocks in its workspace. The “Backbone Creek” target, which has an erosion resistant vertical fin of dark material, will be zapped by the ChemCam laser to determine composition, and photographed by Mastcam. “Backbone Creek” is named for a stream in the western foothills of the Sierra Nevada of California flowing through a Natural Research Area established to protect the endangered Carpenteria californica woodland shrub.  Curiosity is currently in the “Bishop” quadrangle on our map, so all targets in this area of Mount Sharp are named after places in the Sierra Nevada and Owens Valley of California. A neighboring target rock, “Fantail Lake,” which has horizontal fins among its layers, will also be imaged at high resolution by Mastcam. This target name honors a large alpine lake at nearly 10,000 feet just beyond the eastern boundary of Yosemite National Park. A fractured rock dubbed “Quarter Dome,” after a pair of Yosemite National Park’s spectacular granitic domes along the incomparable wall of Tenaya Canyon between Half Dome and Cloud’s Rest, will be the subject of mosaic images for both Mastcam and ChemCam RMI to obtain exquisite detail on delicate layers across its broken surface (see image).  The ChemCam RMI telescopic camera will look at light toned rocks on the upper Gediz Vallis ridge. Curiosity will also do a Navcam dust devil movie and mosaic of dust on the rover deck, then determine dust opacity in the atmosphere using Mastcam. 

    Following this science block, Curiosity will drive about 18 meters (about 59 feet) and perform post-drive imaging, including a MARDI image of the ground under the rover. On sol 4344, the rover will do Navcam large dust devil and deck surveys. It will then use both Navcam and ChemCam for an AEGIS observation of the new location. Presuming that Curiosity ends the drive on more solid footing than today’s location, it will do contact science during the weekend plan, then drive on towards the next fascinating waypoint on our journey towards the western canyons of Mount Sharp.

    Written by Deborah Padgett, OPGS Task Lead at NASA’s Jet Propulsion Laboratory

    MIL OSI USA News

  • MIL-OSI Australia: Service station robbed at Evandale

    Source: South Australia Police

    Police are investigating a robbery at an Evandale service station this morning.

    About 7.15am on Saturday 26 October, a man entered the Portrush Road, Evandale service station, threatened the attendant and demanded money.

    No weapons were sighted.

    The suspect stole the till containing and ran off north along Portrush Road, heading towards Payneham Road.

    He is described as of Caucasian appearance, tall, slim build, wearing a cap, with a light-coloured hoodie up over the cap, blue medical mask, black pants, white sneakers and carrying a black and white backpack.

    Police searched the area with the assistance of Police Dog Chaos but have not located the offender.

    Anyone with information, dashcam or CCTV footage of the suspect can contact Crime Stoppers on 1800 333 000 or online at http://www.crimestopperssa.com.au

    MIL OSI News

  • MIL-OSI Asia-Pac: KEYNOTE ADDRESS BY MINISTER FOR HEALTH MR ONG YE KUNG AT THE BERITA HARIAN ACHIEVER OF THE YEAR 2024 AWARDS PRESENTATION, 25 OCTOBER 2024

    Source: Asia Pacific Region 2 – Singapore

    Mr Chan Yeng Kit, Chief Executive Officer, SPH Media 

    Mr Wong Wei Kong, Editor-in-Chief of the English, Malay and Tamil Media Group 

    Mr Nazry Mokhtar, Editor, Berita Harian 

    Ladies and gentlemen, distinguished guests 

               Good evening. Let me begin with a few words in Malay.

    Speech in Malay

    2       Saya berbesar hati dapat hadir di majlis malam ini untuk menyampaikan Anugerah Jauhari Berita Harian yang kedua puluh enam. Kita berkumpul pada hari ini untuk meraikan kecemerlangan, untuk memberikan penghormatan kepada mereka yang memberikan inspirasi, dan untuk merenung kesan sumbangan setiap suri teladan dalam masyarakat dan negara kita.

    3      Setiap pemenang Anugerah Jauhari Berita Harian telah mencerminkan keberanian untuk merintis perjalanan baru walaupun berhadapan dengan cabaran. Mereka merebut peluang untuk mencapai kejayaan dalam bidang masing-masing.

    4        Mereka merupakan tunjang harapan dan wira yang akan mencipta sejarah bagi golongan muda. Walaupun kita boleh merumuskan ciri-ciri ideal seseorang individu melalui buku atau pengajaran formal di sekolah, tidak ada yang lebih berkesan daripada mengenali suri teladan yang nyata. Mereka mencerminkan nilai-nilai murni yang segera difahami oleh kanak-kanak – ‘Inilah yang saya ingin tiru dan capai’.

    5       Suri teladan ini bukan sahaja menjadi sumber inspirasi, tetapi juga menerangi jalan ke hadapan bagi masyarakat kita. Melalui teladan mereka, kita dapat melihat cara nilai-nilai murni dan cita-cita luhur boleh diamalkan ke dalam realiti kehidupan seharian.

    6      Saya berterima kasih kepada Berita Harian kerana menganjurkan Anugerah ini selama dua pulu enam tahun yang lalu sebagai inspirasi kepada masyarakat Melayu/Islam, dan juga kepada semua warga Singapura.

    7     Tahniah kepada para pemenang pada tahun ini! Izinkan saya untuk teruskan ucapan saya dalam Bahasa Inggeris.

    The Need for Role Models

    8      I said in my Malay speech that every society needs role models.

    9      Throughout history, figures like Martin Luther King Jr, Yue Fei, Mahatma Gandhi, Leif Erikson and Prince Diponegoro have shaped our world through their vision, conviction, courage, patriotism and dedication to their causes. Their stories, documented in museums and woven into school curricula, remind us of what humanity can achieve, especially when inspired by the extraordinary deeds of individuals.

    10       In our modern world, we continue to find inspiration in diverse personalities. They may or may not become historical figures, but when we hear their stories, we feel a sense of awe, admiration and even feel hope for the future.

    11      For example, Malala Yousafzai. She was prepared to risk her life to champion education for young girls. Lionel Messi and Cristiano Ronaldo, two of the greatest footballers of our times, work very hard and rose to the pinnacle of the footballing world. What impresses me most is that they exude so much humility. Taylor Swift inspired many young fans, not just because of her creativity and her clever and poetic lyrics, but her courage and acumen to take on big businesses and give the younger generation a voice through her music.  

    12     Closer to home, we also have many local role models. They are in public service, business, social, education, and healthcare spheres. I started my career as a public servant and learnt about the legendary deeds, actions and decisions of certain Ministers and Permanent Secretaries that inspire me to continue to be in the Public Service.

    13      Most recently, Singaporeans were inspired by our sportsmen and women like Loh Kean Yew, Max Maeder, Yip Pin Xiu and Shanti Pereira, who did our nation proud with composed and excellent performance under extreme pressure.

    14      I have named many famous personalities, but role modelling is more than that. The truth is, how many of us really get to meet and know these famous people? I have not met Taylor Swift before, nor Martin Luther King Jr, and we don’t get to see them face to face, much less know them and learn from them first hand.

    15      What we need more are everyday role models who may or may not be famous – loving parents, nurturing teachers, good friends, selfless caregivers, exemplary social worker, famous chefs. All of them can be our day-to-day role models. Their contributions often go unseen and unrecognised, but their impact on individual lives and communities is profound.

    16      This is why we make the effort to identify and recognise outstanding individuals within our communities, organisations and professions. For example, we have the President’s Award for Nurses and Teachers. We also have the Anugerah Jauhari Berita Harian, which is the reason why we are gathered here tonight.

    Akmal and Zulayqha

    17      Tonight, we celebrate two remarkable individuals. We have heard about them from the citations earlier but let me talk a little bit more about them.

    18      First, Chef Akmal Anuar. From humble beginnings, he worked at his parents’ Nasi Padang stall. I reminded him that while he skipped school, he was out there doing things and learning from the university of life. From the video clip that was played just now, I can tell that Akmal is very passionate about what he is good at, and you can see that he talks with a sparkle in his eyes. He has a certain view and conviction about cooking and what it should be about. What is beyond the taste but also the culture that we need to bring across. All his hard work has led him to placing Singapore on the world culinary map. I know a number of chefs, and I have no doubt Chef Akmal is totally passionate about his craft and his skills have become an art. He has transformed himself from a cook, to a chef, to an artisan.

    19     Akmal makes time to volunteer at community centres to teach cooking classes. That is something I find amazing about successful people. They are often simultaneously performing at the international level, and contributing at the kampung level. When I read about Cristiano Ronaldo, he is either scoring goals and winning championships or somehow appearing in one of our schools in Singapore. So they are like helicopters – rising to the top and coming to the bottom, constantly moving up and down.

    20     Next, Zulayqha Zulkifli, who also overcame significant challenges from a very young age, facing homelessness and taking on the responsibility of caring for her siblings. Zulayqha’s burdens were heavy, but she was not alone. With emotional and social support from those around her, she excelled academically. I was very happy that she did her Degree in Social Work at the Singapore University of Social Sciences (SUSS), because I was the Minister for Education and we started that course. Social workers only had a Diploma course at Nanyang Polytechnic, but we made sure social workers can upgrade to a degree programme at SUSS.

    21     Zulayqha’s story shows that when we share our burdens, even the heaviest loads can be carried. And people who received help when in difficulty will often pay back to society, as Zulayqha is now doing.

    22      It is important that we have come together tonight to honour Akmal and Zulayqha as role models. In identifying and recognising them, we, as a society, collectively decide what success should look like, what achievements are valued, and most importantly, what values we uphold.

    From Role Models to Values

    23      What values do our awardees uphold and reinforced for us tonight? I would say first and foremost, the most obvious is resilience and hard work. No one is really born with superpowers – we only see that in Marvel movies. Every successful athlete, artist, professional, chef, social worker, became good at what they are doing through constant practice, learning from others, learning through mistakes and gaining experience.

    24      Second, success is never fully achieved alone. Every successful person received help, support and care from others to help them overcome the obstacles or lighten their burdens. As the peribahasa goes: ‘berat sama dipikul, ringan sama dijinjing’. This was taught to me by Mdm Rahayu Mahzam. Whether the burden is heavy or light, we carry them together.

    25      The final important value that our awardees remind us to uphold, is to respect every trade and profession, and ensure that there are many pathways to success in Singapore, and many definitions of achievements. If success in the jungle is only defined by how fast an animal climbs a tree, then all the lions, tigers, cheetahs, leopards, elephants and eagles are all failures. The only success is the monkey.

    26      That said, to deliver multiple paths to success, our system of education will need to continue to evolve, so that it opens up opportunities for all, and nurtures craftsmen and experts in every field. As another peribahasa goes, which Mdm Rahayu Mahzam also taught me: ‘hanya jauhari mengenal manikam’ – only a jeweller recognises a gem. I suppose this is where this Award got its name.

    27       That is why we have been witnessing a major transformation of our education system into a lifelong learning system. Our schools lay a strong foundation in our young people upon which they develop diverse skills in our institutes of higher learning – ITE, Polytechnics, Arts Colleges and Autonomous Universities – from engineering, cybersecurity, business to healthcare, culinary arts and sports science. There are now so many options.

     Closing

    28     I would like to thank Berita Harian for taking on the role of this ‘jeweller’, spotlighting Malay/Muslim role models through the Anugerah Jauhari Berita Harian Awards every year.

    29     More broadly, Editor Nazry Mokhtar has spoken about how the newsroom has been transformed. When I visited the newsroom, I was very surprised about the changes that had taken place. Berita Harian has played a crucial role in engaging the Malay/Muslim community. For 67 years, Berita Harian has strived to evolve and stay relevant, even in this really fast-moving world as a trusted source that brings comprehensive coverage of news and issues from home, the region and the world to the community.

    30     As we gather here tonight, let us remember that each of us, in our own way, has the potential to be a role model – to embody the values that make our society strong, to support those around us, and to inspire others to reach for their dreams. I think we all know that there are some families in Singapore where the kids grow up without role models, like in broken families. This is unlike the kampung where my father lived and I used to spend a lot of time in. In a kampung, you still see other role models. But today, we all live in our own apartment, sometimes from a broken home, and they really have no role models. We can all be that role model even if it is for one kid. That is a meaningful contribution.

    31      Thank you, and congratulations to our deserving Achievers of the Year. 

    MIL OSI Asia Pacific News

  • MIL-OSI USA: SUNDAY: Governor Newsom to unveil major proposal to bolster California’s film and TV industry

    Source: US State of California Governor

    Oct 25, 2024

    LOS ANGELES COUNTY – Sunday, in Los Angeles County, Governor Newsom will unveil a major proposal to bolster the state’s film and television industry.

    California is home to the largest share of the film and TV economy in the United States. Film and TV production in California supports over 700,000 jobs and nearly $70 billion in wages for in-state workers.

    WHEN: Sunday, October 27th at 1:45pm PT 
    LIVESTREAM: CA Governor Twitter page, CA Governor Facebook page, and the CA Governor YouTube page.

    **NOTE: This press event will be open to credentialed media only. Media interested in attending must RSVP to govpressoffice@gov.ca.gov by no later than 11 a.m., October 27. Information will be provided in the RSVP confirmation note.

    Media Advisories

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    MIL OSI USA News

  • MIL-OSI Asia-Pac: Care centres operating on Saturdays remain open

    Source: Hong Kong Government special administrative region

    Attention duty announcers, radio and TV stations:

    Please broadcast the following special announcement immediately, and repeat it at frequent intervals:

         “The Social Welfare Department announces that while Tropical Cyclone Warning Signal No. 3 has been issued, child care centres, centres providing after school care programmes, elderly services centres and day rehabilitation units including sheltered workshops, integrated vocational rehabilitation services centres, integrated vocational training centres and day activity centres, which normally operate on Saturdays, remain open during their normal operating hours. If necessary, members of the public can contact the centres to make arrangements for the safe return home of their children and family members.”

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: LCSD’s “Cheers!” Series to present family entertainment programmes from December to March next year (with photos)

    Source: Hong Kong Government special administrative region

    LCSD’s “Cheers!” Series to present family entertainment programmes from December to March next year (with photos)
    LCSD’s “Cheers!” Series to present family entertainment programmes from December to March next year (with photos)
    ******************************************************************************************

      The “Cheers!” Series, presented by the Leisure and Cultural Services Department, will be held from December to March next year. Eight local and visiting performing groups are invited to give audiences fabulous family entertainment programmes, covering dance, music, puppetry and music theatre performances, which are ideal for friends and families to celebrate fun-filled winter festivities together.    ”Släpstick” from the Netherlands will make its Hong Kong debut with “Schërzo”, a performance blending music and comedy elements. With virtuosic musicianship and hilarious physical language, the five musicians of the troupe will deliver an absurd and entertaining musical feast for all ages. Australia’s Windmill Theatre Company will present the puppetry show “Grug and the Rainbow”. Grug is a character from the much-loved picture books by the Australian writer Ted Prior. The grassy little friend will return to Hong Kong to meet his fans and toddlers and embark on a heart-warming adventure full of surprises.  The performances prepared by local performing groups are also exciting. Local a cappella group Boonfaysau will kick off the series with a new a cappella musical, “Peter and the Wolf”, featuring a rearranged version of Prokofiev’s classic symphonic tale for children by local composer Austin Leung, as well as original Cantonese songs with lyrics written by renowned lyricist and film director Norris Wong, to delight the audience. In the Musical Fairy Tales: “Goldipegs & The Three Cellos”, Premiere Performances of Hong Kong will bring together local music ensembles and musicians to present three musical fairy tales, from Ferdinand the Bull who enjoys flowers, to the Frog Prince awaiting his royal kiss, and Goldipegs who enters the home of a family of cellos and discovers amazing music.   ”The Snowman & The Bear” concert will return this winter, with the City Chamber Orchestra of Hong Kong performing live on stage alongside the screening of the two Christmas animated films accompanied by storytelling and singing, bringing audiences into a dreamlike winter world. In the “A Christmas Wish for Peace On Earth” concert, the Hong Kong Oratorio Society will collaborate with Hong Kong Strings and a number of musicians to present a variety of classical Christmas pieces, classic Christmas carols, and a new Christmas suite by local composer Alfred Wong.   Local puppet theatre troupe Make Friends With Puppet will stage a children’s puppet musical “Winter in Sweetyland 2024 – Snowy Dreams”, which uses cute puppets and original music to tell a touching story of Cotton Candy, who decides to find winter for saving Sweetyland, sending audiences into a sweet and cosy world of candy. Featuring dancers from the professional tap dance company R&T (Rhythm & Tempo) and child performers, “Papa is My New Classmate” is a tap theatre show that combines tap dance and local folk songs to bring back memories and feelings for grown-ups while introducing children to the music of an earlier era.  For programme dates, venues and ticket prices of the “Cheers!” Series, please see the Annex. Tickets will be available from October 28 (Monday) onwards at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. Various discount schemes, such as package discount and family package discount, will be offered. For programme enquiries and discount schemes, please call 2268 7323 or visit www.lcsd.gov.hk/CE/CulturalService/Programme/en/f_entertainment/groups_1809.html.

     
    Ends/Saturday, October 26, 2024Issued at HKT 11:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Red flags hoisted at Deep Water Bay Beach and Hung Shing Yeh Beach

    Source: Hong Kong Government special administrative region

    Attention TV/radio announcers:

    Please broadcast the following as soon as possible:

         Here is an item of interest to swimmers.

         The Leisure and Cultural Services Department announced today (October 26) that due to big waves, red flags have been hoisted at Deep Water Bay Beach in Southern District, Hong Kong Island; and Hung Shing Yeh Beach in Islands District. Beachgoers are advised not to swim at these beaches.

    MIL OSI Asia Pacific News

  • MIL-OSI China: New ‘Venom’ movie knocks out China’s box office

    Source: China State Council Information Office 3

    “Venom: The Last Dance,” the newest and final installment in the “Venom” trilogy, hit the Chinese movie market on Wednesday, raking in 67.3 million yuan and setting a record for Marvel movies since the 2019 summer movie season when “Spider-Man: Far From Home” opened to 247 million yuan on its first day. 

    A still image from “Venom: The Last Dance.” [Photo courtesy of Sony Pictures Entertainment]  

    Directed and written by Kelly Marcel, “Venom: The Last Dance” is the latest anti-superhero story to hit Chinese theaters and features beleaguered journalist Eddie Brock and his alien symbiote buddy, Venom. In this final installment, Eddie and Venom are frantically on the run, pursued by adversaries including Marvel villain Knull and Xenophage, the deadly insect-like alien species that Knull controls. 

    Besides Knull and his minions, the anti-hero duo are also wanted by law enforcement and military forces experimenting with symbiotes in a massive underground lab within the notorious Area 51, a military base in America that is connected to many extraterrestrial urban legends.

    As the storyline unfolds, the film builds to a climactic battle where either Eddie or Venom must make a sacrifice to save the universe. This theme is encapsulated in the film’s tagline, “till death do they part,” as teased in promotional materials.

    “Venom: The Last Dance” premiered in Chinese theaters on Oct. 23, two days before its North American debut. Amid a prolonged cold period within the Chinese film market, the film impressively grossed over 66.9 million yuan on its opening day. 

    This strong opening highlights the continued charm of the “Venom” series within China, where the first installment of the trilogy earned a staggering 1.87 billion yuan in 2018. While the final performance of this new film remains uncertain, this robust start suggests a significant swift at a time when Hollywood blockbusters have generally been losing traction in the country.

    A Venom horse installation set up as a photo op for guests at the Chinese premiere of “Venom: The Last Dance” in Beijing, Oct. 23, 2024. [Photo courtesy of Sony Pictures Entertainment] 

    At the Chinese premiere for “Venom: The Last Dance,” that was held on Tuesday in Beijing, the audience responded warmly after the advanced screening, as the film is visually exciting, action-packed and strikes an emotional chord with moviegoers as the final chapter in the “Venom” trilogy. 

    Inspired by the comics and valuing fans’ input, director Marcel recognized that with “Venom: The Last Dance” being the trilogy’s conclusion it was crucial to deepen the relationship between Eddie and Venom, enriching the film with profound emotional elements. The filmmaker also noted that the duo’s escape journey infuses the movie with cinematic motifs that are usually attributed to road trip movies. 

    To appeal more to the Chinese audience, Sony Pictures Entertainment hired Chinese actor Jia Bing to voice Venom in the Chinese release of the film. They also created promotional materials that were inspired by Chinese culture, such as a poster for the film that is reminiscent of traditional Chinese art and based on the legend of Hou Yi, a divine archer from Chinese mythology who shot down nine of the ten suns, and an animated short produced using AI tools that was in the style of water-ink painting. 

    Besides Jia Bing as the voice of Venom, the film also stars Chiwetel Ejiofor, Juno Temple, Rhys Ifans, Andy Serkis and Peggy Lu, an Asian-American actor who plays Mrs. Chen, a Chinese convenience store owner who befriends Eddie and Venom.

    Caption: A special poster for “Venom: The Last Dance” created for the Chinese market that resembles traditional Chinese painting and is based on the myth of Hou Yi, a divine archer in Chinese mythology. [Photo courtesy of Sony Pictures Entertainment] 

    The film’s protagonist Eddie (Venom) was once again played by actor Tom Hardy, who also took up the roles of writer and producer for the film. Although “Venom: The Last Dance” is intended to be the finale of the “Venom” trilogy, Hardy offered the following tease during a recent press event in Mexico: “Will we ever meet Spider-Man? You know… there are always possibilities. I couldn’t possibly say anything because this is the last movie. Yeah, I would love that.”

    MIL OSI China News

  • MIL-OSI New Zealand: Police to increase presence on Auckland public transport

    Source: New Zealand Government

    Aucklanders will see a greater Police presence on public transport services to boost safety and reassure public transport workers and passengers, Police Minister Mark Mitchell and Transport and Auckland Minister Simeon Brown say. 

    “Minister Brown and I are working together, alongside Police and Auckland Transport in response to the horrific attack that took place in Onehunga,” Mr Mitchell says.

    “I want to acknowledge the outstanding Police work in identifying, locating and arresting the alleged offender.

    “This attack has shaken Aucklanders, and particularly public transport users. The Government utterly condemns this senseless and horrific loss of life, and is taking action to make public transport safer for workers and passengers alike,” Mr Mitchell says. 

    To increase safety and provide reassurance to public transport workers and users, Police have increased staff presence and visibility across public transport modes in the city.  

    “Kiwis deserve to be able to get on a bus, train or ferry and be safe doing so. That is why the Government is determined to create a safer environment for everyone on public transport.” 

    Transport and Auckland Minister Simeon Brown says he will be asking the Justice Select Committee to explore if changes are needed to the Sentencing (Reform) Amendment Bill for an expansion of aggravating factors to include offences to all public transport users 

    “An expansion could include making offences against all public transport users an aggravating factor, ensuring greater protection for those who rely on buses, trains, and ferries. The Bill already provides for a new aggravating factor for offences against public transport workers. 

    “This is about making sure that public transport remains safe for everyone, whether you are a worker or a passenger. It sends a clear message that violence and abuse in these spaces will not be tolerated,” Mr Brown says.

    In addition, the Government will ensure that the $15 million in Budget 2024 funding for bus driver safety and work conditions is provided to Public Transport Authorities by the end of 2024. This funding will be used for safety improvements, including retrofitted safety screens and real-time CCTV monitoring.

    “Our Government is committed to delivering practical, long-term improvements to ensure safer and more secure conditions for public transport workers and passengers. Whether it’s tougher sentencing or immediate safety upgrades, we are working to ensure that everyone who uses or works in public transport can do so with confidence,” Mr Brown says. 

    The Ministry of Transport and NZTA are also working together to ensure there is a consistent policy across New Zealand for how public transport workers can address anti-social or violent behaviour aboard public transport services. 

    Discussions will continue with Police and Public Transport Authorities about other measures may be needed for Kiwis to have greater assurance to use public transport.  

    MIL OSI New Zealand News

  • MIL-OSI Economics: AI-powered drone swarms transform industries beyond defense, reveals GlobalData’s Technology Foresights

    Source: GlobalData

    AI-powered drone swarms transform industries beyond defense, reveals GlobalData’s Technology Foresights

    Posted in Disruptor

    While drone swarms have been an area of technological development for many years, their practical applications have only recently gained significant momentum, particularly following increased attention during the Russia-Ukraine war, as reflected in Google search trends. The rapid advancement in AI technologies has further accelerated drone swarm control capabilities, enabling the integration of computer vision algorithms and geospatial data to recognize patterns and automate previously impossible operations. This evolution has led to drone swarms finding diverse applications across multiple industries, earning recognition as a high-impact innovation, according to Technology Foresights, an innovation intelligence platform by GlobalData, a leading data and analytics company.

    The latest advancement in drone swarm technology significantly enhances operational efficiency by eliminating the traditional requirement of one operator per drone. This breakthrough achieves advanced autonomy through onboard intelligent agents, developed using human-in-loop and trustworthy AI systems. These agents can independently assess their surroundings, exchange target data with other drones, and make mission-priority decisions without requiring constant communication with the control station. This innovation addresses a critical weakness in swarm-based warfare systems, where electronic warfare tactics frequently overwhelm communication systems and disrupt the data connection between drones and their control stations.

    Sourabh Nyalkalkar, Practice Head of Innovation Products at GlobalData, comments: “In an era marked by escalating geopolitical tensions, drone warfare has emerged as a pivotal element in modern military operations, with armed forces globally embracing unmanned aerial vehicles for a diverse range of tactical and reconnaissance missions. In a significant development, defense industry major Thales recently showcased a full-scale demonstration of drone swarm deployment, featuring multiple autonomy levels that significantly reduce operator cognitive burden. The company’s expertise in this domain has not gone unnoticed, as Thales has been recognized as one of the leaders in drone swarm control innovation, according to Technology Foresights.”

    In response to the current geopolitical climate and growing military demand for advanced drone capabilities, drone swarm control technology is expected to experience significant growth. Patent analysis reveals that over 50% of technology patents in this field have been granted within the past three years, with major corporations holding the majority share.

    Though smaller in proportion, startup-owned patents are rapidly increasing, accompanied by growing investment activity in the sector. Recent developments highlight this trend, as demonstrated by Ukrainian startup Swarmer securing $2.7mn in funding for the development and commercialization of its AI-based swarm control technology, Styx, while another US-based startup, EchelonAI, entered into M&A with Skyfire.

    Nyalkalkar continues: “The innovation landscape in drone swarm control technologies extends well beyond the defense sector, with significant developments emerging from the communications and networking industry. Telecommunication companies are rapidly adopting drone swarms for various applications, including network optimization, infrastructure monitoring, and emergency coverage deployment in critical areas.”

    The technology’s development ecosystem is diverse and competitive, with over 100 companies actively innovating in this space. While defense industry leaders like Thales, RTX, Northrop Grumman, and BAE Systems continue to advance military applications, specialized drone manufacturers such as SZ DJI, Skydio, and Tevel are making significant contributions.

    Additionally, major telecommunications players including Qualcomm, Ericsson, Verizon, and AT&T are developing their own drone swarm solutions, while geospatial solution providers like Here and Geofrenzy are expanding the technology’s capabilities.

    Nyalkalkar concludes: “The rapid advancement of AI technology has catalyzed unprecedented growth in drone swarm applications across diverse sectors. Retail and logistics giants such as Amazon, Walmart, and UPS are developing autonomous master-slave drone networks for last-mile delivery, while agritech companies such as Nileworks are creating innovative solutions for crop monitoring.

    “As drone swarm control technologies continue to evolve beyond traditional entertainment and light shows, this dynamic field promises exciting developments and transformative applications across multiple industries in the coming years.”

    MIL OSI Economics

  • MIL-OSI China: Strong explosions heard in Iran’s capital

    Source: China State Council Information Office

    The powerful explosions heard around Iran’s capital, Tehran, early Saturday were linked to air defense responses against attempted Israeli airstrikes on three locations outside the city, according to state-run IRIB TV.

    The dimensions and details of the air defense responses are under investigation, according to a statement by the Tehran Province Air Defense’s public relations, as reported by IRIB TV.

    The source of the blasts has not yet been identified and seemed to have originated in the suburbs of Tehran, said IRIB TV.

    The TV quoted security sources as saying that some of the explosions pertained to the activities of the air defense systems deployed near the capital.

    The situation remains normal in the capital, according to the semi-official Tasnim news agency report.

    Israel confirmed it had launched “precise strikes on military targets in Iran” early Saturday morning local time, with the Israel Defense Forces saying that the strikes were in response to “months of continuous attacks” from Iran.

    The Israeli military said later that it had completed its “targeted” attacks against military targets in Iran after three waves of strikes.

    On Oct. 1, Iran fired approximately 180 missiles at Israeli targets, describing the action as retaliation for the assassinations of several leaders of regional resistance groups, among other grievances.

    In response, Israeli Prime Minister Benjamin Netanyahu warned that Iran had made a “grave mistake” and vowed retaliation.

    Iran’s aviation authority announced that it had suspended all flights until further notice. The air defense headquarters of Iran said that it had successfully countered the Israeli attack, with only “limited damage” to some areas, according to Tasnim news agency.

    MIL OSI China News

  • MIL-OSI China: Israel completes strike on Iranian targets

    Source: China State Council Information Office

    Israel has completed what it called a retaliatory attack on military targets in Iran, said the Israel Defense Forces (IDF) early Saturday morning.

    The IDF launched “precise and targeted” air strikes on targets in several areas in Iran, in response to the attacks from Iran in recent months, it said in a statement.

    The IDF statement was issued about three and a half hours after it announced the start of the operation.

    Israeli aircraft struck missile manufacturing facilities, surface-to-air missile arrays, and additional Iranian aerial capabilities, according to the statement.

    Israel’s state-owned Kan TV News reported that dozens of jets, including F35, F16 and F15, attacked 20 military targets in Iran.

    IDF spokesman Daniel Hagari said in a video statement that the operation has foiled immediate threats to Israel, warning Iran against further response if there’s a new round of escalation.

    Iranian eyewitnesses said early Saturday that big explosions were heard around the country’s capital Tehran. Shortly afterward, Iranian state-run IRIB TV reported that Iran’s air defense was engaged against Israeli strike attempts.

    On Oct. 1, Iran fired approximately 180 missiles at Israeli targets, describing the action as retaliation for the assassinations of several leaders of regional resistance groups, among other grievances.

    MIL OSI China News

  • MIL-Evening Report: UN experts ‘alarmed’ by Kanaky New Caledonia deaths as Pacific fact-finding mission readies

    By Stefan Armbruster of BenarNews

    France has been criticised for the “alarming” death toll in New Caledonia during recent protests and its “cold shower” approach to decolonisation by experts of the UN Human Rights Committee.

    The UN committee met this week in Geneva for France’s five-yearly human rights review with a focus on its Pacific territory, after peaceful protests over electoral changes turned violent leaving 13 people dead since May.

    French delegates at the hearing defended the country’s actions and rejected the jurisdiction of the UN decolonisation process, saying the country “no longer has any international obligations”.

    A delayed fact-finding mission of Pacific Islands Forum leaders is due to arrive in New Caledonia this weekend to assess the situation on behalf of the region’s peak regional inter-governmental body.

    Almost 7000 security personnel with armoured vehicles have been deployed from France to New Caledonia to quell further unrest.

    “The means used and the intensity of their response and the gravity of the violence reported, as well as the amount of dead and wounded, are particularly alarming,” said committee member Jose Santo Pais, assistant Prosecutor-General of the Portuguese Constitutional Court.

    “There have been numerous allegations regarding an excessive use of force and that would have led to numerous deaths among the Kanak people and law enforcement,” the committee’s vice-chair said on Wednesday.

    Months of protests
    Violence erupted after months of protests over a unilateral attempt by President Emmanuel Macron to “unfreeze” the territory’s electoral roll. Indigenous Kanaks feared the move would dilute their voting power and any chance of success at another independence referendum.

    Eleven Kanaks and two French police have died. The committee heard 169 people were wounded and 2658 arrested in the past five months.

    New Caledonia’s economy is in ruins with hundreds of businesses destroyed, tens-of-thousands left jobless and the local government seeking 4 billion euros (US$4.33 billion) in recovery funds from France.

    France’s reputation has been left battered as an out-of-touch colonial power since the deadly violence erupted.

    Santos Pais questioned France’s commitment to the UN Declaration on Indigenous People and the “sufficient dialogue” required under the Nouméa Accord, a peace agreement signed in 1998 to politically empower Kanak people, that enabled the decolonisation process.

    “It would seem that current violence in the territory is linked to the lack of progress in decolonisation,” said Santos Pais.

    Last week, the new French Prime Minister announced controversial electoral changes that sparked the protests had been abandoned. Local elections, due to be held this year, will now take place at the end of 2025.

    Pacific mission
    Tomorrow, Tonga’s prime minister Hu’akavameiliku Siaosi Sovaleni will lead a Pacific “observational” mission to New Caledonia of fellow leaders from Cook Islands, Fiji and Solomon Islands Minister for Foreign Affairs, together known as the “Troika-Plus”.

    The PIF leaders’ three-day visit to the capital Nouméa will see them meet with local political parties, youth and community groups, private sector and public service providers.

    “Our thoughts have always been with the people of New Caledonia since the unrest earlier this year, and we continue to offer our support,” Sovaleni said in a statement on Friday.

    The UN committee is a treaty body composed of 18 experts that regularly reviews compliance by 173 member states with their human rights obligations and is separate from the Human Rights Council, a political body composed of states.

    Serbian committee member Tijana Surlan asked France for an update on investigations into injuries and fatalities “related to alleged excessive use of force” in New Caledonia. She asked if police firearms use would be reviewed “to strike a better balance with the principles of absolute necessity and strict proportionality.”

    France’s delegation responded saying it was “committed to renewing dialogue” in New Caledonia and to striking a balance between the right to demonstrate and protecting people and property with the “principle of proportionality.”

    Alleged intimidation by French authorities of at least five journalists covering the unrest in New Caledonia was highlighted by committee member Kobauyah Tchamdja Kapatcha from Togo. France responded saying it guarantees freedom of the press.

    French Ambassador for Human Rights Isabelle Rome addresses the UN Human Rights Committee meeting in Geneva, pictured on 23 October 2024. Image: UNTV

    France rejects ‘obligations’
    The French delegation led by Ambassador for Human Rights Isabelle Rome added it “no longer administers a non-self-governing territory.”

    France “no longer has any international obligations in this regard linked to its membership in the United Nations”, she told the committee on Thursday.

    New Caledonia voted by modest majorities to remain part of France in referendums held in 2018 and 2020 under a UN-mandated decolonisation process. Three referendums were part of the Nouméa Accord to increase Kanaks’ political power following deadly violence in the 1980s.

    A contentious final referendum in 2021 was overwhelmingly in favor of continuing with the status quo. Supporters of independence rejected its legitimacy due to a very low turnout — it was boycotted by Kanak political parties — and because it was held during a serious phase of the covid-19 pandemic, which restricted campaigning.

    “France, through the referendum of September [2021], has therefore completed the process of decolonisation of its former colonies,” ambassador Rome said. She added that New Caledonia was one of the most advanced examples of the French government recognising indigenous rights, with a shared governance framework.

    Another of its Pacific territories — French Polynesia — was re-inscribed on the UN decolonisation list in 2013 but France refuses to recognise its jurisdiction.

    No change in policy
    After a decade, France began attending General Assembly Decolonisation Committee meetings in 2023 to “promote dialogue” and that it was not a “change in [policy] direction”, Rome said.

    “There is no process between the French state and the Polynesian territory that reserves a role for the United Nations,” she added.

    Santos Pais responded saying, “what a cold shower”.

    “The General Assembly will certainly have a completely different view from the one that was presented to us,” he said.

    Earlier this month pro-independence French Polynesian President Moetai Brotherson told the UN Decolonisation Committee’s annual meeting in New York that “after a decade of silence” France must be “guided” to participate in “dialogue.”

    The Human Rights Committee is due to meet again next month to adopt its findings on France.

    Copyright ©2015-2024, BenarNews. Republished with the permission of BenarNews.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)

    Source: Hong Kong Government special administrative region

    HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)
    HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)
    ***************************************************************************************

         The Hong Kong Economic and Trade Office in Jakarta (HKETO Jakarta) and the Asian Film Awards Academy are jointly presenting the “Made in Hong Kong” film series at Jakarta Film Week in Jakarta, Indonesia, to promote the Hong Kong film industry.      Speaking at the “Hong Kong Night” this evening (October 26), the Director-General of HKETO Jakarta, Miss Libera Cheng, said that the Government of the Hong Kong Special Administrative Region is committed to bolstering its cultural and creative industries, with a view to facilitating Hong Kong’s development as an East-meets-West centre for international cultural exchange.      She highlighted the initiatives in promoting the development of the arts and culture and creative industries as announced in “The Chief Executive’s 2024 Policy Address” delivered by the Chief Executive last week, including subsidising around 50 projects under the CreateSmart Initiative per year, rolling out the Hong Kong‑Europe‑Asian Film Collaboration Funding Scheme, and continuing to implement the 10‑year development blueprint for arts and cultural facilities for their improvement and development.        With support from the Film Development Fund and the Cultural and Creative Industries Development Agency, the “Made in Hong Kong” film series features four Hong Kong movies and four Hong Kong short films, including “Time Still Turns the Pages”, “Twilight of the Warriors: Walled In”, “Love Lies” and “The Remnant”.      Hong Kong film directors including Nick Cheuk of “Time Still Turns the Pages”, winner of the Best New Director Award at the 17th Asian Film Awards, Ho Miu-ki of “Love Lies”, along with several short-film directors, also attended the post-screening sharing session.

     
    Ends/Saturday, October 26, 2024Issued at HKT 22:40

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning: Shri Shivraj Singh Chouhan

    We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management: Union Minister

    The department has approved the National Geo-Spatial Knowledge Based Land Survey of Urban Habitations pilot project for creation of land records in urban areas: Shri Chouhan

    Posted On: 21 OCT 2024 5:19PM by PIB Delhi

    Union Minister for Rural Development Shri Shivraj Singh Chouhan inaugurated the International Workshop on the use of “Modern Technologies in Survey-Resurvey for Urban Land Records” at Dr. Ambedkar International Centre in New Delhi today through video conferencing. Shri Shivraj Singh Chouhan, in his keynote address as the Chief Guest reaffirmed the commitment of Govt. of India in boosting digitization and maintenance of land records under the Digital India Land Records Modernization Programme (DILRMP). Highlighting the importance of the quality land records, Minister stated that digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning. He elaborated that for a robust property record and tax administration, seamless access to land records is crucial to enhance the effectiveness and efficiency of public service delivery through various schemes of the Centre and States. Minister emphasized the need for close coordination in the Central and State Governments and requested the Department of Land Resources and State Governments to work in close coordination.  

    He also discussed the steps taken by the Government of Madhya Pradesh in creating urban land records and informed that drone flying has been completed in 34 towns and Orthorectified Imagery (ORI) production is complete in 12 towns. He expressed his happiness on the pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” of the Department of Land Resources with a view to create Land Records in Urban Areas. The Pilot project will be started in more than 100 cities/towns in all the States / UTs and it is expected to be completed in one year’s time. This will be followed by full-fledged survey which would cover the entire urban area in the country within a period of 5 years.   Shri Chouhan added that he is happy to report that aerial photography with 3D imagery is a powerful tool for urban planning. Considering the rainfall and flood situation at the local level, it is very important to develop better drainage and flood management. Aerial photography with accurate GPS coordinates will help in accelerating the speed of land survey, which will ultimately be useful in property tax assessment, better transport system, planning of drainage and flood management and preparation of master plans for our urban areas. 

    Shri Shivraj Singh Chouhan said that he is happy to inform that his department is making tireless efforts in this direction.  He wanted to consult with experts from other countries on creation and reconciliation of land records and this two-day conference is an effort to discuss and understand global best practices in the use of new and emerging technologies in this regard. He is sure that the distinguished participants will put forth their views which will be discussed in detail during the sessions. He requests the representatives of the State Governments present here to actively participate in the discussions, because only with the cooperation of the States will we be able to integrate modern technologies in urban land administration and improve efficiency and transparency in land management systems. We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management.

    Union minister extended his best wishes for successful organization of this event and he hope that the information gained from the workshop will help the government in formulating policies to further strengthen the urban local bodies.

    Secretary, Department of Land Resources, Ministry of Rural Development, Shri Manoj Joshi said that this international workshop has been organized and along with this we have started a pilot program to conduct surveys in urban areas. For this, Survey of India is our technical partner so that drone flying can be done in all the cities. From the images obtained from drone flying, the revenue and urban departments of the states will prepare urban land records, master plans and drainage records of cities. The objective of this workshop is that foreign experts in land records can take advantage of the experts in software. States which have done the land record survey work. They will be able to share information with each other. We will be able to complete this work of land records in one year.

    In the inaugural session, Shri Kunal Satyarthi, Joint Secretary, Department of Land Resources, Govt. of India welcomed the participants and set the agenda of the workshop. Shri Abedelrazq Khalil, World Bank’s Practice Manager for Urban and Land, South Asia Infrastructure Department highlighted the importance of land records in Urban area. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Govt. of India shared experience of SVAMITVA Scheme and stressed the urgent need for digital land records for urban area too.

    The first session of the Workshop on International Best Practices in Establishing and Maintaining Urban Digital Land Record was chaired by Shri Manoj Joshi, Secretary, Department of Land Resources and moderated by Mr. Klaus Deininger, Lead Economist, World Bank. This session had global participation from the land registration/survey departments of South Korea, Spain, Netherlands, France, United Kingdom, Australia, Japan, USA, Germany.  The importance of registration laws, land surveying, aerial mapping and the integration and implementation of GIS was discussed extensively, during this session.

    The workshop is a unique gathering of the stakeholders from the Ministries/Departments of the Government of India, Revenue and Urban Development Secretaries of 34 States/UTs, the Municipal Commissioners, international experts, Municipal officers /CEOs of around 120 Urban Local Bodies which are taking part in the Pilot programme National Geospatial Knowledge based Survey of habitations (NAKSHA) for Modernization of Urban Land records and industry &technology partners from India and abroad.

    Further, a Technology Exhibition on survey and resurvey featuring more than 30 Technology Companies from India as well as abroad was inaugurated by Shri Manoj Joshi, Secretary, Department of Land Resources, Govt. of India.

    *****

     

    SS

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    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI: ARC Capital Venture LLC Highlights Growing Investor Confidence in U.S. Fixed Income Market

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — ARC Capital Venture LLC has highlighted a renewed wave of investor optimism in the U.S. fixed income market, driven by positive economic indicators and a growing belief in the Federal Reserve’s ability to guide the economy toward a “soft landing.” With inflows into fixed-income assets reaching record highs, this revival underscores the strength and stability of bonds as a viable investment strategy.

    The latest data shows that leading financial institutions, including BlackRock, JPMorgan Chase, and Pimco, have experienced unprecedented growth in their bond portfolios. In the third quarter alone, U.S. bond funds saw an impressive $123 billion in inflows, with $93 billion directed towards exchange-traded funds (ETFs). These figures reflect the renewed confidence of investors who are seeking reliable returns and a hedge against potential stock market volatility.

    ARC Capital has observed similar trends among it’s clients, many of whom are shifting from cash savings to fixed income, recognizing bonds as a key component of their portfolios. This trend is largely fuelled by the Federal Reserve’s recent easing of interest rates and the broader realization that high-quality bonds provide essential diversification in periods of economic stress.

    “The current bond market is demonstrating remarkable resilience and appeal,” said Nicos Kezarides, Chief Executive Officer at ARC Capital Venture LLC. “We’re seeing more investors re-enter the fixed-income space as interest rates decline, with bonds offering competitive yields that are particularly attractive compared to traditional savings products. This environment is creating an ideal opportunity for investors to benefit from the stability and potential returns offered by bonds.”

    The market’s positive momentum is further supported by the fact that, despite global uncertainties, major financial institutions have continued to report strong inflows. Pimco, for instance, recently reached $2 trillion in assets under management for the first time since 2022, marking a significant milestone for the bond giant.

    As the Federal Reserve continues to adjust its policies, ARC Capital anticipates that the fixed-income market will see sustained growth, particularly for longer-duration bonds that offer attractive yields in a normalized rate environment. The broad appeal of both active and passive bond strategies underscores the democratization of fixed-income investing, making it accessible to a wider range of investors.

    “Bonds are increasingly being seen as a crucial tool for portfolio diversification, and we expect this trend to accelerate as the economy stabilizes,” added Nicos Kezarides. “At ARC Capital, we are committed to helping our clients navigate this evolving landscape, providing them with the insights and investment opportunities needed to succeed in the fixed income space.”

    For more information on ARC Capital services and market insights, please visit http://www.arc-capital.com or contact our team at info@arc-capital.com.

    This press release does not provide general or personal financial product advice, nor does it constitute a recommendation to engage in transactions or invest in fixed income securities. It should not be considered as a solicitation. Before making any investment decisions related to fixed-income securities, investors are advised to consult with their financial adviser and seek independent tax advice, considering their individual needs and financial circumstances.

    Media Relations
    ARC Capital Venture LLC
    Max Harrington, Head of Marketing
    max.harrington@arc-capital.com
    +1 (312) 820-1040
    10 South Riverside Plaza
    Suite 875
    Chicago, IL 60606

    The MIL Network

  • MIL-OSI: Trustco Reports Third Quarter 2024 Net Income of $12.9 Million; Skillful Application of Strong Fundamentals Produce Solid Results

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Average Loan portfolio continues to grow:
      • On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023
    • Continued solid financial results:
      • Key metrics for third quarter 2024:
        • Net income of $12.9 million versus $12.6 million for the second quarter 2024
        • Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
        • Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
    • Capital continues to grow:
      • Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
      • Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024

    GLENVILLE, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to net income of $14.7 million or $0.77 diluted earnings per share for the third quarter 2023; and net income of $37.6 million or $1.97 diluted earnings per share for the nine months ended September 30, 2024, compared to net income of $48.9 million or $2.57 diluted earnings per share for the nine months ended September 30, 2023. Average loans increased $127.0 million or 2.6% for the third quarter 2024 over the same period in 2023.   TrustCo was able to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of the higher rates on other products.  The objective was to meet customer needs and encourage increased utilization through existing HECLs.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “Hard, consistent work on the fundamentals of banking once again have served the Trustco Bank team well and enabled us to post strong results under challenging circumstances. Our bankers posted one modest success after another – which accumulated into solid performance. We continued to hold the line on demand accounts and capitalized on strong customer relationships which enabled us to direct the flow into competitively-priced CDs, rather than to non-bank investment products. Not having to purchase expensive deposits or pay excessive rates, helped keep interest expense down, contributing to increased net interest income. We have continued to sell home equity products at favorable rates where origination of purchase mortgages lagged due to lack of sales volume. We booked these new loans at higher interest rates, also boosting net interest margin. Once again, loans reached a new all-time high. All of these efforts by our team resulted in net income of $12.9 million for the quarter.”

    Details

    Average loans were up $127.0 million or 2.6% in the third quarter 2024 over the same period in 2023. Average residential loans and home equity lines of credit, our primary lending focus, were up $50.4 million, or 1.2%, and $60.0 million, or 18.7%, respectively, in the third quarter 2024 over the same period in 2023. Average commercial loans also increased $18.1 million, or 6.9%, in the third quarter 2024 over the same period in 2023. Average deposits were up $15.3 million, or 0.3% for the third quarter 2024 over the same period in 2023. We believe the increase in time deposits compared to the prior year continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate. As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

    Net interest income was $38.7 million for the third quarter 2024, an increase of $883 thousand, or 2.3%, compared to the prior quarter, driven by loan growth at higher interest rates and lower cost of deposits, partially offset by lower investment earnings and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the third quarter 2024 was 2.61%, up 8 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.11%, up 5 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.94% in the third quarter 2024 from 1.97% in the second quarter 2024. The Bank has seen success in retaining deposits while lowering the rates on time deposits, and still being competitive in the markets it serves. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters. Non-interest expense decreased $259 thousand over the prior quarter as a result of the Bank’s ongoing efforts to control expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $500 thousand in the third quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand, and provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.95% as of September 30, 2024 and 2023, respectively. The allowance for credit losses on loans was $50.0 million at September 30, 2024, compared to $47.2 million at September 30, 2023. Nonperforming loans (NPLs) were $19.4 million at September 30, 2024, compared to $17.9 million at September 30, 2023. NPLs were 0.38% and 0.36% of total loans at September 30, 2024 and 2023, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 256.9% at September 30, 2024, compared to 264.2% at September 30, 2023. Nonperforming assets (NPAs) were $21.9 million at September 30, 2024, compared to $19.1 million at September 30, 2023.  

    At September 30, 2024, our equity to asset ratio was 10.95%, compared to 10.31% at September 30, 2023. Book value per share at September 30, 2024 was $35.19, up 7.3% compared to $32.80 a year earlier.

    A conference call to discuss third quarter 2024 results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814.   The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2024.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the growth of loans and deposits throughout our branch network. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

     
    TRUSTCO BANK CORP NY
    GLENVILLE, NY
             
    FINANCIAL HIGHLIGHTS
             
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended        
        9/30/2024   6/30/2024   9/30/2023        
    Summary of operations                    
    Net interest income   $ 38,671     $ 37,788     $ 42,221              
    Provision for credit losses     500       500       100          
    Net gains on equity securities     23       1,360                
    Noninterest income, excluding net gains on equity securities     4,908       4,291       4,574          
    Noninterest expense     26,200       26,459       27,460          
    Net income     12,875       12,551       14,680          
                         
    Per share                    
    Net income per share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.77          
    – Diluted     0.68       0.66       0.77          
    Cash dividends     0.36       0.36       0.36          
    Book value at period end     35.19       34.46       32.80              
    Market price at period end     33.07       28.77       27.29          
                         
    At period end                    
    Full time equivalent employees     735       753       764          
    Full service banking offices     138       138       143          
                         
    Performance ratios                    
    Return on average assets     0.84   %   0.82   %   0.96   %      
    Return on average equity     7.74       7.76       9.32          
    Efficiency ratio (1)     59.65       62.84       58.33          
    Net interest spread     2.17       2.09       2.55          
    Net interest margin     2.61       2.53       2.85          
    Dividend payout ratio     53.16       54.57       46.65              
                             
    Capital ratios at period end                        
    Consolidated equity to assets     10.95   %   10.73   %   10.31   %          
    Consolidated tangible equity to tangible assets (2)     10.94   %   10.72   %   10.30   %      
                         
    Asset quality analysis at period end                    
    Nonperforming loans to total loans     0.38   %   0.38   %   0.36   %      
    Nonperforming assets to total assets     0.36       0.35       0.31          
    Allowance for credit losses on loans to total loans     0.99       0.99       0.95          
    Coverage ratio (3)   2.6x   2.6x   2.6x        
                         
                         
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
    (2) Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
    (3) Calculated as allowance for credit losses on loans divided by total nonperforming loans.
                         
                         
    FINANCIAL HIGHLIGHTS, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Summary of operations                    
    Net interest income $   113,037       133,238              
    Provision (Credit) for credit losses     1,600       (100 )            
    Net gains on equity securities     1,383                    
    Noninterest income, excluding net gains on equity securities     14,042       13,841              
    Noninterest expense     77,562       82,466              
    Net income     37,552       48,798              
                         
    Per share                    
    Net income per share:                    
    – Basic $   1.97       2.57              
    – Diluted     1.97       2.57              
    Cash dividends     1.08       1.08              
    Book value at period end     35.19       32.80              
    Market price at period end     33.07       27.29              
                         
    Performance ratios                    
    Return on average assets     0.82   %   1.08              
    Return on average equity     7.68       10.57                  
    Efficiency ratio (1)     60.80       55.70                  
    Net interest spread     2.08       2.78                  
    Net interest margin     2.52       3.01            
    Dividend payout ratio     54.70       42.11                  
                             
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME
                         
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Interest and dividend income:                    
    Interest and fees on loans   $ 52,112     $ 50,660     $ 49,804     $ 49,201     $ 47,921  
    Interest and dividends on securities available for sale:                    
    U. S. government sponsored enterprises     718       909       906       750       672  
    State and political subdivisions           1             1        
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     1,397       1,451       1,494       1,533       1,485  
    Corporate bonds     361       362       476       477       473  
    Small Business Administration – guaranteed                    
    participation securities     90       94       100       102       107  
    Other securities     2       2       3       3       2  
    Total interest and dividends on securities available for sale     2,568       2,819       2,979       2,866       2,739  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     62       65       68       70       73  
    Total interest on held to maturity securities     62       65       68       70       73  
                         
    Federal Home Loan Bank stock     153       147       152       149       131  
                         
    Interest on federal funds sold and other short-term investments     6,174       6,894       6,750       6,354       6,688  
    Total interest income     61,069       60,585       59,753       58,640       57,552  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     311       288       240       165       102  
    Savings     770       675       712       707       639  
    Money market deposit accounts     2,154       2,228       2,342       2,500       2,384  
    Time deposits     18,969       19,400       19,677       16,460       11,962  
    Interest on short-term borrowings     194       206       204       201       244  
    Total interest expense     22,398       22,797       23,175       20,033       15,331  
                         
    Net interest income     38,671       37,788       36,578       38,607       42,221  
                         
    Less: Provision for credit losses     500       500       600       1,350       100  
    Net interest income after provision for credit losses     38,171       37,288       35,978       37,257       42,121  
                         
    Noninterest income:                    
    Trustco Financial Services income     2,044       1,609       1,816       1,612       1,627  
    Fees for services to customers     2,482       2,399       2,745       2,563       2,590  
    Net gains on equity securities     23       1,360                    
    Other     382       283       282       299       357  
    Total noninterest income     4,931       5,651       4,843       4,474       4,574  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     12,134       12,520       11,427       12,444       12,393  
    Net occupancy expense     4,271       4,375       4,611       4,209       4,358  
    Equipment expense     1,757       1,990       1,738       1,852       1,923  
    Professional services     1,863       1,570       1,460       1,561       1,717  
    Outsourced services     2,551       2,755       2,501       2,532       2,720  
    Advertising expense     339       466       408       384       586  
    FDIC and other insurance     1,112       797       1,094       1,085       1,078  
    Other real estate expense (income), net     204       16       74       (12 )     163  
    Other     1,969       1,970       1,590       4,776       2,522  
    Total noninterest expenses     26,200       26,459       24,903       28,831       27,460  
                         
    Income before taxes     16,902       16,480       15,918       12,900       19,235  
    Income taxes     4,027       3,929       3,792       3,052       4,555  
                         
    Net income   $ 12,875     $ 12,551     $ 12,126     $ 9,848     $ 14,680  
                         
    Net income per common share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.64     $ 0.52     $ 0.77  
                         
    – Diluted     0.68       0.66       0.64       0.52       0.77  
                         
    Average basic shares (in thousands)     19,010       19,022       19,024       19,024       19,024  
    Average diluted shares (in thousands)     19,036       19,033       19,032       19,026       19,024  
                         
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Interest and dividend income:                        
    Interest and fees on loans $   152,576       138,255                  
    Interest and dividends on securities available for sale:                        
    U. S. government sponsored enterprises     2,533       2,055                  
    State and political subdivisions     1       1                  
    Mortgage-backed securities and collateralized mortgage                        
    obligations – residential     4,342       4,613                  
    Corporate bonds     1,199       1,510                  
    Small Business Administration – guaranteed                        
    participation securities     284       335                  
    Other securities     7       7                  
    Total interest and dividends on securities available for sale     8,366       8,521                  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities-residential     195       226                  
    Total interest on held to maturity securities     195       226                  
                         
    Federal Home Loan Bank stock     452       351                  
                         
    Interest on federal funds sold and other short-term investments     19,818       20,213                  
    Total interest income     181,407       167,566                  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     839       217                  
    Savings     2,157       1,824                  
    Money market deposit accounts     6,724       4,954                  
    Time deposits     58,046       26,525                  
    Interest on short-term borrowings     604       808                  
    Total interest expense     68,370       34,328                  
                         
    Net interest income     113,037       133,238                  
                         
    Less: Provision (Credit) for credit losses     1,600       (100 )                
    Net interest income after provision (credit) for credit losses     111,437       133,338                  
                         
    Noninterest income:                    
    Trustco Financial Services income     5,469       4,813                  
    Fees for services to customers     7,626       8,085                  
    Net gains on equity securities     1,383                        
    Other     947       943                  
    Total noninterest income     15,425       13,841                  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     36,081       38,798                  
    Net occupancy expense     13,257       13,218                  
    Equipment expense     5,485       5,758                  
    Professional services     4,893       4,684                  
    Outsourced services     7,807       7,507                  
    Advertising expense     1,213       1,494                  
    FDIC and other insurance     3,003       3,215                  
    Other real estate expense, net     294       536                  
    Other     5,529       7,256                  
    Total noninterest expenses     77,562       82,466                  
                         
    Income before taxes     49,300       64,713                  
    Income taxes     11,748       15,915                  
                         
    Net income $   37,552       48,798                      
                             
    Net income per common share:                    
    – Basic $   1.97       2.57              
                         
    – Diluted     1.97       2.57              
                         
    Average basic shares (in thousands)     19,019       19,024              
    Average diluted shares (in thousands)     19,034       19,024              
                         
                         
                         
                         
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    ASSETS:                    
                         
    Cash and due from banks   $ 49,659     $ 42,193     $ 44,868     $ 49,274     $ 45,940  
    Federal funds sold and other short term investments     473,306       493,920       564,815       528,730       461,321  
    Total cash and cash equivalents     522,965       536,113       609,683       578,004       507,261  
                       
    Securities available for sale:                  
    U. S. government sponsored enterprises     90,588       106,796       128,854       118,668       121,474  
    States and political subdivisions     26       26       26       26       34  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential     222,841       218,311       227,078       237,677       233,719  
    Small Business Administration – guaranteed                    
    participation securities     15,171       15,592       16,260       17,186       17,316  
    Corporate bonds     54,327       53,764       53,341       78,052       76,935  
    Other securities     701       688       682       680       657  
    Total securities available for sale     383,654       395,177       426,241       452,289       450,135  
                         
    Held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations-residential     5,636       5,921       6,206       6,458       6,724  
    Total held to maturity securities     5,636       5,921       6,206       6,458       6,724  
                         
    Federal Reserve Bank and Federal Home Loan Bank stock     6,507       6,507       6,203       6,203       6,203  
                       
    Loans:                  
    Commercial     280,261       282,441       279,092       273,515       268,642  
    Residential mortgage loans     4,382,674       4,370,640       4,354,369       4,365,063       4,343,006  
    Home equity line of credit     393,418       370,063       355,879       347,415       332,028  
    Installment loans     14,503       15,168       16,166       16,886       16,605  
    Loans, net of deferred net costs     5,070,856       5,038,312       5,005,506       5,002,879       4,960,281  
                       
    Less: Allowance for credit losses on loans     49,950       49,772       49,220       48,578       47,226  
    Net loans     5,020,906       4,988,540       4,956,286       4,954,301       4,913,055  
                         
    Bank premises and equipment, net     33,324       33,466       33,423       34,007       32,135  
    Operating lease right-of-use assets     37,958       38,376       39,647       40,542       41,475  
    Other assets     98,730       102,544       101,881       96,387       97,310  
                       
    Total assets   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                       
    LIABILITIES:                  
    Deposits:                  
    Demand   $ 753,878     $ 745,227     $ 742,997     $ 754,532     $ 773,293  
    Interest-bearing checking     988,527       1,029,606       1,020,136       1,015,213       1,033,898  
    Savings accounts     1,092,038       1,144,427       1,155,517       1,179,241       1,235,658  
    Money market deposit accounts     477,113       517,445       532,611       565,767       610,012  
    Time deposits     1,952,635       1,840,262       1,903,908       1,836,024       1,581,504  
    Total deposits     5,264,191       5,276,967       5,355,169       5,350,777       5,234,365  
                       
    Short-term borrowings     91,450       89,720       94,374       88,990       103,110  
    Operating lease liabilities     41,469       42,026       43,438       44,471       45,418  
    Accrued expenses and other liabilities     43,549       42,763       37,399       38,668       47,479  
                       
    Total liabilities     5,440,659       5,451,476       5,530,380       5,522,906       5,430,372  
                       
    SHAREHOLDERS’ EQUITY:                  
    Capital stock     20,058       20,058       20,058       20,058       20,058  
    Surplus     257,644       257,490       257,335       257,181       257,078  
    Undivided profits     442,079       436,048       430,346       425,069       422,082  
    Accumulated other comprehensive loss, net of tax     (6,600 )     (14,268 )     (14,763 )     (13,237 )     (31,506 )
    Treasury stock at cost     (44,160 )     (44,160 )     (43,786 )     (43,786 )     (43,786 )
                       
    Total shareholders’ equity     669,021       655,168       649,190       645,285       623,926  
                         
    Total liabilities and shareholders’ equity   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                         
    Outstanding shares (in thousands)     19,010       19,010       19,024       19,024       19,024  
                         
     
    NONPERFORMING ASSETS
                 
    (dollars in thousands)
    (Unaudited)
        9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial   $ 466   $ 741   $ 532   $ 536   $ 540  
    Real estate mortgage – 1 to 4 family     15,320     14,992     14,359     14,375     14,633  
    Installment     163     131     149     151     93  
    Total non-accrual loans     15,949     15,864     15,040     15,062     15,266  
    Other nonperforming real estate mortgages – 1 to 4 family                 3     5  
    Total nonperforming loans     15,949     15,864     15,040     15,065     15,271  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 18,452   $ 18,198   $ 17,374   $ 15,259   $ 16,456  
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial   $ 314   $ 314   $ 314   $ 314   $ 314  
    Real estate mortgage – 1 to 4 family     3,176     2,985     2,921     2,272     2,228  
    Installment     5     22         15     65  
    Total non-accrual loans     3,495     3,321     3,235     2,601     2,607  
    Other nonperforming real estate mortgages – 1 to 4 family                      
    Total nonperforming loans     3,495     3,321     3,235     2,601     2,607  
    Other real estate owned                      
    Total nonperforming assets   $ 3,495   $ 3,321   $ 3,235   $ 2,601   $ 2,607  
                 
    Total            
    Loans in nonaccrual status:            
    Commercial   $ 780   $ 1,055   $ 846   $ 850   $ 854  
    Real estate mortgage – 1 to 4 family     18,496     17,977     17,280     16,647     16,861  
    Installment     168     153     149     166     158  
    Total non-accrual loans     19,444     19,185     18,275     17,663     17,873  
    Other nonperforming real estate mortgages – 1 to 4 family                 3     5  
    Total nonperforming loans     19,444     19,185     18,275     17,666     17,878  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 21,947   $ 21,519   $ 20,609   $ 17,860   $ 19,063  
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial   $ 65   $   $   $   $  
    Real estate mortgage – 1 to 4 family     104     (74 )   (78 )   219     (26 )
    Installment     11     (2 )   36     23     14  
    Total net (recoveries) chargeoffs   $ 180   $ (76 ) $ (42 ) $ 242   $ (12 )
                 
    Florida            
    Commercial   $   $   $   $   $  
    Real estate mortgage – 1 to 4 family         17              
    Installment     42     7         6      
    Total net (recoveries) chargeoffs   $ 42   $ 24   $   $ 6   $  
                 
    Total            
    Commercial   $ 65   $   $   $   $  
    Real estate mortgage – 1 to 4 family     104     (57 )   (78 )   219     (26 )
    Installment     53     5     36     29     14  
    Total net (recoveries) chargeoffs   $ 222   $ (52 ) $ (42 ) $ 248   $ (12 )
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1)   $ 19,444   $ 19,185   $ 18,275   $ 17,666   $ 17,878  
    Total nonperforming assets (1)     21,947     21,519     20,609     17,860     19,063  
    Total net (recoveries) chargeoffs (2)     222     (52 )   (42 )   248     (12 )
                 
    Allowance for credit losses on loans (1)     49,950     49,772     49,220     48,578     47,226  
                 
    Nonperforming loans to total loans     0.38 %   0.38 %   0.37 %   0.35 %   0.36 %
    Nonperforming assets to total assets     0.36 %   0.35 %   0.33 %   0.29 %   0.31 %
    Allowance for credit losses on loans to total loans     0.99 %   0.99 %   0.98 %   0.97 %   0.95 %
    Coverage ratio (1)     256.9 %   259.4 %   269.3 %   275.0 %   264.2 %
    Annualized net (recoveries) chargeoffs to average loans (2)     0.02 %   0.00 %   0.00 %   0.02 %   0.00 %
    Allowance for credit losses on loans to annualized net chargeoffs (2)   56.3x N/A N/A 49.0x N/A
     
    * Includes New York, New Jersey, Vermont and Massachusetts.
    (1) At period-end
    (2) For the three-month period ended
                 
     
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                        
    (Unaudited)   Three months ended     Three months ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises   $ 95,073     $ 718 3.02 %   $ 119,406     $ 672 2.25 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     241,792       1,397 2.29       269,535       1,485 2.19  
    State and political subdivisions     26       6.75       34       6.74  
    Corporate bonds     55,041       361 2.63       80,331       473 2.36  
    Small Business Administration – guaranteed                        
    participation securities     16,663       90 2.15       19,801       107 2.15  
    Other     701       2 1.14       686       2 1.17  
                             
    Total securities available for sale     409,296       2,568 2.51       489,793       2,739 2.24  
                             
    Federal funds sold and other short-term Investments     465,922       6,174 5.27       494,597       6,688 5.37  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     5,779       62 4.29       6,877       73 4.22  
                             
    Total held to maturity securities     5,779       62 4.29       6,877       73 4.22  
                             
    Federal Home Loan Bank stock     6,507       153 9.41       6,203       131 8.45  
                             
    Commercial loans     279,199       3,807 5.45       261,061       3,398 5.21  
    Residential mortgage loans     4,375,641       41,811 3.82       4,325,219       39,321 3.64  
    Home equity lines of credit     380,422       6,245 6.53       320,446       4,946 6.12  
    Installment loans     14,443       249 6.87       15,959       256 6.37  
                             
    Loans, net of unearned income     5,049,705       52,112 4.12       4,922,685       47,921 3.89  
                             
    Total interest earning assets     5,937,209     $ 61,069 4.11       5,920,155     $ 57,552 3.88  
                             
    Allowance for credit losses on loans     (49,973 )             (47,077 )        
    Cash & non-interest earning assets     187,166               172,523          
                             
                             
    Total assets   $ 6,074,402             $ 6,045,601          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts   $ 1,000,333     $ 311 0.12 %   $ 1,050,313     $ 102 0.04 %
    Money market accounts     499,408       2,154 1.72       625,031       2,384 1.51  
    Savings     1,122,673       770 0.27       1,282,641       639 0.20  
    Time deposits     1,880,021       18,969 4.01       1,494,402       11,962 3.18  
                             
    Total interest bearing deposits     4,502,435       22,204 1.96       4,452,387       15,087 1.34  
    Short-term borrowings     87,677       194 0.88       110,018       244 0.88  
                             
    Total interest bearing liabilities     4,590,112     $ 22,398 1.94       4,562,405     $ 15,331 1.33  
                             
    Demand deposits     742,164               776,885          
    Other liabilities     80,502               81,411          
    Shareholders’ equity     661,624               624,900          
                             
    Total liabilities and shareholders’ equity   $ 6,074,402             $ 6,045,601          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)       $ 38,671           $ 42,221    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.17 %         2.55 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.61 %         2.85 %
                             
    Tax equivalent adjustment (1)                        
                             
                             
    Net interest income       $ 38,671           $ 42,221    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             
                             
                             
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                             
    (dollars in thousands)                        
    (Unaudited)   Nine Months Ended     Nine Months Ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises $   111,570       2,533 3.03 % $   120,243       2,055 2.28 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     250,343       4,342 2.31       278,252       4,613 2.21  
    State and political subdivisions     26       1 6.80       34       1 6.74  
    Corporate bonds     61,221       1,199 2.61       83,732       1,510 2.41  
    Small Business Administration – guaranteed                        
    participation securities     17,438       284 2.17       20,876       335 2.14  
    Other     697       7 1.34       686       7 1.02  
                             
    Total securities available for sale     441,295       8,366 2.53       503,823       8,521 1.69  
                             
    Federal funds sold and other short-term Investments     489,934       19,818 5.40       540,570       20,213 5.00  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     6,053       195 4.29       7,205       226 4.18  
                             
    Total held to maturity securities     6,053       195 4.29       7,205       226 4.18  
                             
    Federal Home Loan Bank stock     6,350       452 9.49       5,957       351 5.89  
                             
    Commercial loans     278,981       11,232 5.37       249,738       9,716 5.19  
    Residential mortgage loans     4,364,821       123,046 3.76       4,269,494       114,227 3.57  
    Home equity lines of credit     365,932       17,522 6.40       305,075       13,598 5.96  
    Installment loans     15,319       776 6.76       15,015       714 6.35  
                             
    Loans, net of unearned income     5,025,053       152,576 4.05       4,839,322       138,255 3.81  
                             
    Total interest earning assets     5,968,685       181,407 4.05       5,896,877       167,566 3.79  
                             
    Allowance for credit losses on loans     (49,419 )             (46,812 )        
    Cash & non-interest earning assets     187,963               173,521          
                             
                             
    Total assets $   6,107,229           $   6,023,586          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts $   999,839       839 0.11 % $   1,088,859       217 0.03 %
    Money market accounts     522,636       6,724 1.72       613,119       4,954 1.08  
    Savings     1,142,313       2,157 0.25       1,363,052       1,824 0.18  
    Time deposits     1,881,027       58,046 4.12       1,343,762       26,525 2.64  
                             
    Total interest bearing deposits     4,545,815       67,766 1.99       4,408,792       33,520 1.02  
    Short-term borrowings     91,551       604 0.88       121,911       808 0.89  
                             
    Total interest bearing liabilities     4,637,366       68,370 1.97       4,530,703       34,328 1.01  
                             
    Demand deposits     734,604               793,890          
    Other liabilities     82,233               81,771          
    Shareholders’ equity     653,026               617,224          
                             
    Total liabilities and shareholders’ equity $   6,107,229           $   6,023,588          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)         113,037             133,238    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.08 %         2.78 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.52 %         3.01 %
                             
    Tax equivalent adjustment (1)                        
                             
                             
    Net interest income         113,037             133,238    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets. Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets. We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

    The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.

     
    NON-GAAP FINANCIAL MEASURES RECONCILIATION
                   
    (dollars in thousands)              
    (Unaudited)              
        9/30/2024 6/30/2024 9/30/2023      
    Tangible Book Value Per Share              
                   
    Equity (GAAP)   $ 669,021   $ 655,168   $ 623,926        
    Less: Intangible assets     553     553     553        
    Tangible equity (Non-GAAP)   $ 668,468   $ 654,615   $ 623,373        
                   
    Shares outstanding     19,010     19,010     19,024        
    Tangible book value per share     35.16     34.44     32.77        
    Book value per share     35.19     34.46     32.80        
                   
    Tangible Equity to Tangible Assets              
    Total Assets (GAAP)   $ 6,109,680   $ 6,106,644   $ 6,054,298        
    Less: Intangible assets     553     553     553        
    Tangible assets (Non-GAAP)   $ 6,109,127   $ 6,106,091   $ 6,053,745        
                   
    Tangible Equity to Tangible Assets (Non-GAAP)     10.94 %   10.72 %   10.30 %      
    Equity to Assets (GAAP)     10.95 %   10.73 %   10.31 %      
                   
        Three months ended   Nine Months Ended
    Efficiency Ratio   9/30/2024 6/30/2024 9/30/2023   9/30/2024 9/30/2023
                   
    Net interest income (GAAP)   $ 38,671   $ 37,788   $ 42,221     $ 113,037   $ 133,238  
    Taxable equivalent adjustment                        
    Net interest income (fully taxable equivalent) (Non-GAAP)     38,671     37,788     42,221       113,037     133,238  
    Non-interest income (GAAP)     4,931     5,651     4,574       15,425     13,841  
    Less: Net gains on equity securities     23     1,360           1,383      
    Revenue used for efficiency ratio (Non-GAAP)   $ 43,579   $ 42,079   $ 46,795     $ 127,079   $ 147,079  
                   
    Total noninterest expense (GAAP)   $ 26,200   $ 26,459   $ 27,460     $ 77,562   $ 82,466  
    Less: Other real estate expense, net     204     16     163       294     536  
    Expense used for efficiency ratio (Non-GAAP)   $ 25,996   $ 26,443   $ 27,297     $ 77,268   $ 81,930  
                   
    Efficiency Ratio     59.65 %   62.84 %   58.33 %     60.80 %   55.70 %
                   
       
    Subsidiary: Trustco Bank
       
    Contact: Robert Leonard
    Executive Vice President
    (518) 381-3693

    The MIL Network

  • MIL-OSI: SHAREHOLDER INVESTIGATION: The M&A Class Action Firm Investigates the Merger of Zoura, Inc. – ZUO

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Zuora Inc. (NYSE: ZUO), relating to its proposed merger with Silver Lake Group, L.C.C. Under the terms of the agreement, all ZUO shares will be automatically converted into the right to receive $10.00 in cash per share.

    Click here for more information https://monteverdelaw.com/case/zuora-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (http://www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network

  • MIL-OSI Security: Orlando Middle School Employee Arrested For Possessing Child Sex Abuse Material

    Source: Office of United States Attorneys

    Ocala, Florida – United States Attorney Roger B. Handberg announces the arrest of Mitchell Regan (36, Leesburg) on a criminal complaint charging him with possession of child sex abuse material. If convicted, Regan faces a maximum penalty of 20 years in federal prison.   

    According to the complaint, Homeland Security Investigations (HSI) executed a search warrant at Regan’s residence on October 17, 2024. During a search of Regan’s cellphone, an HSI computer forensic agent located an image of child sex abuse material in his photo gallery. Regan admitted to agents that he had sent and received child sex abuse material using an online social media application. Regan also advised law enforcement that he is currently employed at a middle school and the Boys and Girls Club and that he teaches chess club and music lessons. 

    A complaint is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

    This case is investigated by Homeland Security Investigations and the Orange County Sheriff’s Office. It will be prosecuted by Assistant United States Attorney Sarah Janette Swartzberg.

    This is another case brought as part of Project Safe Childhood, a nationwide initiative launched in 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue child victims. For more information about Project Safe Childhood, please visit http://www.justice.gov/psc.

    MIL Security OSI

  • MIL-OSI New Zealand: Govt confirms details of abuse in care national apology

    Source: New Zealand Government

    The Government has confirmed further details about the national apology to survivors of abuse in care.

    “On November 12 Parliament will apologise on behalf of the nation for the failures of the State across many governments. Following a mihi whakatau, proceedings will begin mid-morning with survivor voices and apologies from some government agency Chief Executives.

    “The Prime Minister will deliver the national apology in the House of Representatives at 11.30am. This will be followed by a statement from the Leader of the Opposition,” Lead Coordination Minister Erica Stanford says.

    Proceedings will be streamed online and to concurrent events at Due Drop Events Centre in Auckland, Shed 6 in Wellington, and the Christchurch Town Hall. The apology will also screen on Parliament TV.

    “Around 1200 survivors, support people and other invited guests are expected to be at events across the country. Every person who registered an interest has received an invitation to attend. The Government will have representation at all events, I understand other political parties will do the same. We are also supporting the survivor-led event at Pipitea Marae in Wellington.

    “This will be a very significant day for survivors which is why the Government is taking a trauma informed approach throughout. We have structured the morning to ensure survivors feel supported to attend what is most meaningful to them.”

    Wellbeing support will also be available at every location. This includes mental health nurses, Rongoā Māori providers, counsellors, social workers and abuse in care specialist care.

    “The Government will also detail more of its response to the Royal Commission’s final report. We know there is no apology that can ever reflect the severity of harm that was suffered. We remain committed to responding with respect and dignity,” Ms Stanford says.

    “I would like to acknowledge the Labour Party, Green Party, and Te Pāti Māori for supporting the arrangements of this significant occasion.”

    Note for editors: 

    • The livestream will be available here.
    • For people wanting to access wellbeing support prior to and after the apology event, a helpline, Safe to Talk is available 24/7:
    • Approximate timings for the morning are:
    8.45am-9.30am Mihi Whakatau Parliament and concurrent locations
    10am-11am Pre-apology event featuring CE apologies and survivor contributions Livestreamed from Parliament
    11.30am-12.30pm

    Formal apology by Prime Minister with supporting statement by Leader of Opposition

    Formalities closed

    House of Representatives

    12.45pm Lunch Parliament and concurrent locations

    MIL OSI New Zealand News

  • MIL-OSI Australia: Revive Live to rock music industry

    Source: Australian Ministers 1

    Australia’s live music industry will receive targeted funding to help festivals and venues continue operating under tough conditions.

    Through Revive Live, the Australian Government is providing grants of $7.7 million to 110 organisations including 61 festival-based activities and 49 live music venues. 

    The program is providing critical support to the sector, with grants helping recipients to adapt to market pressures and improve the sustainability of their operations as the sector continues to face challenges across the country. 

    The funding also has a strong focus on activities that improve accessibility at venues or festivals so that more people with disabilities can participate as a performer, arts worker, or audience member.

    The grants announced today will support live music in regional, remote and metropolitan areas across the country, reflecting a diverse range of genres, organisations and audiences including First Nations, LGBTQI+, and all age events. 

    Among the successful applicants are:

    • Gympie Music Muster in Queensland – receiving $60,00 to showcase First Nations Artists and Emerging Artists at the 2025 event.
    • Party in the Paddock in Tasmania – supporting local and national artists, the four-day festival will receive $168,121 to increase accessibility.
    • The Howler in Victoria – the iconic Brunswick venue will receive more than $60,000 for sound system and facility upgrades and marketing for the future.

    Minister for the Arts, Tony Burke, said the funding was being delivered at a crucial time for the industry. 

    “It’s no secret that the live music industry has been facing many challenges.

    Revive Live will alleviate some of the additional costs that festivals and venues are facing right now ensuring artists are paid, venues stay open and audiences can continue to enjoy live music into the future.”

    Established in the 2024-25 Budget, Revive Live aligns with the Government’s National Cultural Policy, Revive, which recognises the Australian music sector as a vibrant part of our arts and cultural landscape.

    Through Revive, the Government last year established Music Australia within Creative Australia, with new funding of more than $69 million to support and promote the Australian contemporary music industry to increase discoverability and develop markets and audiences.

    More information about Revive Live including successful applicants can be found here.

    MIL OSI News

  • MIL-OSI China: Israel claims major blow to Hezbollah’s rocket capabilities, financial network

    Source: China State Council Information Office

    Israel’s military said on Monday that it had destroyed about 70 percent of Hezbollah’s rocket capabilities, dismantled parts of its financial network, and killed a senior Hezbollah official in Syria who oversaw the group’s money transfers.

    In a statement, the Israel Defense Forces (IDF) said that it had killed seven Hezbollah brigade commanders, 21 battalion commanders, and 24 company commanders.

    The IDF added that since the beginning of its ground offensive in Lebanon in early October, it had struck more than 3,200 sites in the country, including hundreds of weapons storage facilities, rocket launchers, anti-tank positions, and command and control centers.

    Roughly 300 of those targets were hit in the last 24 hours alone, according to the military.

    Citing senior security officials, Israel’s Channel 13 TV news reported that Hezbollah retains about 30 percent of its rocket capabilities, a significant reduction from the beginning of the conflict in October.

    Later in a press briefing, IDF spokesman Daniel Hagari said Israeli warplanes had bombed around 20 Hezbollah sites linked with financial network overnight from Sunday to Monday, with most of the strikes focused on Beirut. The strikes, Hagari said, are expected to resume tonight.

    Among the targets was an underground warehouse belonging to the Al-Qard Al-Hasan Association, a Hezbollah-affiliated financial organization operating primarily in Lebanon with headquarters in Beirut’s southern suburb, where Hezbollah’s headquarters are located.

    According to Hagari, Hezbollah had stockpiled cash and gold worth “tens of millions of dollars, intended for living expenses and post-war reconstruction” in this underground warehouse.

    Hagari also said that under Al-Sahel Hospital, in Beirut’s southern suburb, Hezbollah had built an underground bunker storing “at least half a billion dollars in cash and gold.”

    The bunker, described as a central financial hub, was not struck, but Hagari warned that Israeli aircraft were monitoring the site closely. “We will continue to track it,” he added.

    According to the spokesman, Hezbollah has established a financial network involving Yemen, Lebanon, Türkiye, and Syria. The network was managed by Mohammad Jaafar Qasir and Sheikh Salah, the head of Unit 4400, which is responsible for financial transfers and the financial management of Hezbollah.

    Qasir was killed by Israel in Beirut in early October, and according to Hagari, his successor was also killed in an Israeli airstrike in Syria on Monday.

    The crackdown on Hezbollah’s financial network, Hagari added, aims to “deal a blow to its primary financial centers, making it difficult for the group to restore its capabilities.”

    Also on Monday, Israeli Defense Minister Yoav Gallant signed an order designating the Al-Qard Al-Hasan Association as a terrorist organization. The decision, Gallant said in a statement, was due to “the financing of terrorism through the purchase of weapons, payment of salaries to terrorists, and the storage of Hezbollah funds within the association’s facilities.”

    The confrontation between the Israeli army and Hezbollah, since its onset on Oct. 8, 2023, has killed more than 2,300 people, injured over 11,000 others, and displaced about 1.2 million residents in Lebanon, according to Lebanese authorities.

    MIL OSI China News

  • MIL-Evening Report: With AI translation tools so powerful, what is the point of learning a language?

    Source: The Conversation (Au and NZ) – By Elba Ramirez, Senior Lecturer and Programme Leader BA International Studies, Auckland University of Technology

    In the age of artificial intelligence (AI), foreign language learning can seem like it’s becoming obsolete. Why invest the time and effort to learn another language when technology can do it for you?

    There are now translation tools to understand song lyrics, translate websites and to enable automated captions when watching foreign videos and movies. Our phones can instantly translate spoken words.

    At the same time, foreign language programmes are closing at New Zealand and Australian universities.

    But while technology can translate messages, it misses an important component of human communication – the cultural nuances behind the words.

    So, while AI translation might bridge language barriers and promote communication because of its accessibility, it’s important to be clear about the benefits and challenges it presents. Merely relying on technology to translate between languages will ultimately lead to misunderstandings and a less rich human experience.

    The rise of translation technology

    Translation technology has rapidly grown since its emergence between the 1950s and 1960s. This progress was bolstered by the commercialisation of computer-assisted translation systems in the 1980s.

    But recent advances in generative AI have led to significant breakthroughs in translation technologies.

    Google Translate has dramatically changed since its launch in 2006. Initially developed as a limited statistical translation machine, it has evolved into a “portable interpreter”.

    AI translation is useful in some circumstances. For example, helping teachers communicate with parents who speak a different language, or when travelling.

    Translation technology may even play a role in the preservation of Indigenous and minority languages on the verge of disappearing by supporting online collections of literature. Incorporating AI-powered technology in these digital libraries can help users access and understand these texts.

    But the new technology also comes with limitations.

    In 2019, staff at an Immigration and Customs Enforcement detention centre in the United States used AI translation to process an asylum application. The voice-translation tool was unable to understand an applicant’s regional accent or dialect, leading to the asylum seeker spending six months in detention without being able to meaningfully communicate with anyone.

    In 2021, a court in the US determined Google Translate wasn’t reliable enough to ensure someone’s consent. A trooper had used the translation app to ask a Spanish-speaking suspect if he could search her car. Google Translate used the word “registrar” (which translates as “register” but can be used to say “examine”) when, in fact, the word “buscar” (to search) would have been more appropriate.

    Brain health and other benefits

    Learning additional languages also stands out as one of the best ways to improve ourselves, with benefits for brain health, social skills, cultural understanding, empathy and career opportunities.

    An analysis of studies from 2012 to 2019 found speaking more than one language can enhance the brain’s flexibility, delay the onset of dementia, and improve cognitive health later in life. The analysis also recommended starting language learning early.

    In 2022, the Council of Europe emphasised the significance of plurilingual and intercultural education for fostering democratic culture, noting its cognitive, linguistic and social benefits.

    And this year, the council launched the “Language education at the heart of democracy” programme. The goal is to highlight the importance of learning language for a fairer society.

    Lost in translation

    In Aotearoa New Zealand, English is widely used. Te reo Māori and New Zealand Sign Language are also recognised as official languages. Some 29% of citizens are born overseas. There are more than 150 languages spoken, with at least 24 spoken by more than 10,000 people.

    But interest in learning languages has fallen. In 2021, 980 full-time equivalent students studied a language other than Māori or New Zealand Sign Language at one of the country’s eight universities, falling from 1,555 less than a decade earlier.

    As a consequence, a number of universities have closed, or announced plans to close, their language programmes.

    While AI-powered translation technology has its uses, a great deal can be lost if we rely solely on it to communicate. The nuances of languages, and what they say about different cultures, are difficult to communicate via translation tools.

    And the benefits of being bilingual or multilingual – both personally and for the wider community – risk being lost if we don’t support second language learning.

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

    ref. With AI translation tools so powerful, what is the point of learning a language? – https://theconversation.com/with-ai-translation-tools-so-powerful-what-is-the-point-of-learning-a-language-238068

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Appointment – Associate Member of the Australian Competition and Consumer Commission

    Source: Australian Treasurer

    The Albanese Government has today reappointed Ms Nerida O’Loughlin PSM as a part‑time associate member of the Australian Competition and Consumer Commission.

    Ms O’Loughlin is the Chair of the Australian Communications and Media Authority (ACMA) and has been reappointed as an ACCC associate member until 13 October 2027.

    Cross appointments between the ACMA and the Australian Competition and Consumer Commission commenced in 2007 to help ensure a consistent approach is taken when competition and communications matters intersect.

    Ms O’Loughlin commenced as Chair of the ACMA on 14 October 2017 and was previously a Deputy Secretary in the Department of Communications from 2011. Ms O’Loughlin led the Digital Television Switchover Program until 2013 and has been responsible for a diverse range of policy, program and project areas.

    This reappointment will continue the high level of skills and experience available to the ACCC, to ensure that the key sectors of our economy are effectively regulated.

    Ms O’Loughlin’s reappointment also continues the Government’s strong record of identifying capable women for senior public sector roles.

    MIL OSI News

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    *****

    MJPS/TS/RT

    (Release ID: 2066613) Visitor Counter : 11

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Shri Sarbananda Sonowal Dedicates Key Maritime Projects at 2nd Indian Lighthouse Festival

    Source: Government of India

    Shri Sarbananda Sonowal Dedicates Key Maritime Projects at 2nd Indian Lighthouse Festival

    Steps to Enable Coastal Communities around Lighthouses to Preserve, Protect & Promote as Tourist Hubs: Shri Sonowal

    The Union Minister announced Two New Lighthouses at Chaumuck and Dhamra on Odisha’s Coastline

    Shri Sarbananda Sonowal dedicates ‘New Kalwan Lighthouse’ in Jamnagar, Gujarat along with Stacker-cum-Reclaimant & a Flyover at the Paradip Port Authority, Odisha, to the nation

    Under the Visionary leadership of PM Shri Narendra Modi ji, Lighthouse Tourism soared by more than 400% since 2014: Shri Sonowal

    Shri Sonowal inaugurates multifaceted celebration with beach activities like Sand Art, Boat Art competition, Yoga session

    Shri Sarbananda Sonowal leads Swachhata Abhiyan at Niladri Beach, lauds efforts of people’s Participation

    2nd edition of Indian Lighthouse Festival witnessed electrifying performances by noted singers like Papon, Sona Mohapatra among others

    The Chief Minister of Odisha, Mohan Charan Majhi joined Union Minister Shri Sarbananda Sonowal at the Valedictory Session of the Festival

    Assam & Odisha share a close spiritual, historical, cultural, commercial ties as Srimanta Sankardeva, Lakshminath Bezbarua & Bholanath Barooah strengthened it over the years: Shri Sonowal

    Posted On: 20 OCT 2024 7:21PM by PIB Delhi

    The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal dedicated key maritime projects to the nation during the 2nd Indian Lighthouse Festival here today. At the valedictory session here, the Union Minister Sarbananda Sonowal also announced that the Ministry of Ports, Shipping & Waterways (MoPSW), Govt of India, would take necessary steps to enable coastal communities around the Lighthouses in order to empower them to preserve & promote the lighthouses – the rich heritage of India’s marine sector. The Union Minister also announced two new lighthouses on Odisha’s coastline – one at Chaumuck at Narayanpur in Balasore district and another at Dhamra in Bhadrak district of the state. The Chief Minister of Odisha, Mohan Charan Majhi joined Sonowal as the second edition of Indian Lighthouse Festival draws a closure here today.

    The Union Minister Sarbananda Sonowal announced that the coastal communities of the country would be developed as societies in order to enable and empower the communities within the vicinity of lighthouses. The effort is aimed at community engagement to take pride in the lighthouses for their preservation, protection, and promotion. A central association of all these societies would be created to give a national momentum to celebrate the lighthouse as national icons as cultural heritage & legacy of India’s rich maritime sector.

    The new Kalwan reef Lighthouse at Jamnagar in Gujarat as well as two projects in Padadip Port, Odisha; i.e., Stacker-cum-Reclaimant & a Flyover bridge, were inaugurated. The Union Minister Sarbananda Sonowal also inaugurated Sand Art Competition, Boat Art Competition, Beach run, Beach Yoga and many other activities at the second day of the 2nd edition of multifaceted Indian Lighthouse Festival. Sonowal also led a Swachata Abhiyan at the Niladri beach where the collective effort led to removal of garbage.

    Speaking on the occasion, the Union Minister, Sarbananda Sonowal, said, “The Indian Lighthouse Festival or Bharatiya Prakash Sthamb Utsav has been receiving laurels from all quarters of the country as we continue our effort to further bolster facilities for the tourists – both domestic and foreign – for a memorable experience at these wonderful monuments. Under the visionary leadership of Prime Minister Shri Narendra Modi ji, the government is taking all steps to realise the full potential of India’s rich cultural heritage as well as its historical legacy in propelling the economic growth of the country. Modiji’s call for an Atmanirbhar Bharat has resonated well with people and we, the Ministry, remain committed to usher in a new chapter of growth in India’s blue economy. Lighthouse Tourism is part of this vision of Modi ji. It gives me immense pleasure to inform you that a rise of more than 400% footfall of tourists in the lighthouses since 2014. From 4 lakhs in 2014, it reached 16 lakhs tourists in the last fiscal. We have already crossed 9 lakhs in the first half of the current fiscal, and it is evident, that the growing trend of lighthouses as tourists hotspots to continue. For years, the guardians of our shores have remained unnoticed, even while they guided vessels and seafarers through the most challenging nights. The ‘Lighthouse Festival’ is our effort to shift this perception. Our goal is to raise awareness, foster involvement, and enlighten people about the significant contribution these iconic structures have made to our country’s maritime legacy.”

    Highlighting the importance of coastal communities in preservation of the Lighthouses, the Union Minister Sarbananda Sonowal announced, “In order to rope in the coastal community, the government is keen to enable and empower them to preserve, conserve, and promote these iconic structures. A national framework is being mooted to ensure that a well thought out system is in place for the coastal communities to preserve, protect & promote the lighthouses as the torchbearers of India’s rich maritime history and legacy.”

    During the festival, the Chief Minister of Odisha, Mohan Charan Majhi and the Union Minister Sarbananda Sonowal felicitated eminent personalities from the fields of education, sports and culture. Among them, Odishi dancer, Mamta Ojha; artist Dr Ramesh Prasad Panigrahi; sand sculptor, Om Prakash Sahu; Mariner Nividita Acharya; Oriya Literary figure & poet, Dr Haldar Nath; footballer Sasmita Malik and social worker Sujit Mahapatra, were felicitated. Eight employees of the Directorate General of Lighthouse & Lightships (DGLL) were also felicitated for their good performance.

    Earlier, the 2nd edition of Indian Lighthouse Festival was inaugurated by the Union Minister Sarbananda Sonowal. The festival, in its second avatar here, aimed at rejuvenating the rich maritime history of India iconic lighthouses in a culturally vibrant atmosphere. The festival showcased rich flavours of coastal cuisine, amusement park, folk dance & music, coastal hut among many other interesting performances.

    On the historic relationship between Assam and Odisha, Sarbananda Sonowal added, “Assam & Odisha have always shared a close spiritual, historical, cultural, commercial ties through the lives of great saint Srimanta Sankardeva, literary genius Lakshminath Bezbarua & visionary trader Bholanath Barooah which has only strengthened over the years. It is heartening to witness cultural show by the artists of both Assam and Odisha here today celebrating the vibrancy of this festival.”

    The Chief Minister of Odisha, Mohan Charan Majhi joined the Union Minister Sarbananda Sonowal at the valedictory session of the festival. The event was also attended by Shantanu Thakur, Union Minister of State, MoPSW; Pravati Parida, the Deputy Chief Minister, Odisha; Suresh Gopi, the Union Minister of State of Tourism & Petroleum and Natural Gas; Sambit Patra, MP as well as TK Ramachandran, IAS, Secretary, MoPSW among others.

    During the first day, the festival witnessed sessions on ‘Lighthouse Tourism & Heritage,’ ‘Preservation and conservation of Lighthouse.’

    The festivities began with the invocation dance, Ganesh Vandana, followed by a captivating medley of traditional Assamese performances, showcasing the rich cultural heritage of Assam. The concluding performance began with the invocation dance, Shiva Stuti, followed folk dance. The festival was enthralled by some electrifying performances by noted singer Papon on the first night of the festival while Sona Mahapatra was slated to perform on the concluding night.

    With an investment of ₹60 crore, 75 iconic lighthouses across 9 coastal states and 1 union territory have been developed under the visionary leadership of the Hon’ble Prime Minister. Each lighthouse has become a beacon of both heritage and recreation, with modern amenities such as museums, amphitheaters, children’s parks, and more. In Odisha, five lighthouses—Gopalpur, Puri, Chandrabhaga, Paradip, and False Point—have been developed as part of this initiative to promote lighthouse tourism.

     

    In the fiscal year 2023-24 alone, the 75 dedicated lighthouses attracted an impressive 16 lakh visitors. As of September 2024, the current fiscal year 2024-25 has already welcomed more than 10 lakh visitors. These developments have also resulted in job creation, with 150 direct and 500 indirect employment opportunities emerging in nearby hotels, restaurants, tour operators, transportation services, and local shops and artisans.

    In 2023, the maiden edition of Indian Lighthouse Festival took place in Goa with a spotlight on 75 historical sites to be developed into tourists destinations. The ‘Bharatiya Prakash Sthamb Utsav’ was conceived with an intent to transform these historical sites into tourist destinations with the help of Public Private Partnerships. The key highlights of India’s First Lighthouse Festival were cultural exhibitions, session highlighting maritime history and culture, classical performances, light and sound shows, melodious evenings with celebrity singers, flavours of the coast and community engagements.

    In Odisha, the Sagarmala Programme encompasses 36 projects with a total value of ₹20,200 Cr. Among these, 15 projects, valued at approximately ₹4,330 Cr., have been successfully completed, while 21 projects, totalling around ₹15,850 Cr., are currently in various stages of implementation. One standout achievement of the Sagarmala Programme is the living example of Paradip Port’s growth Story. This Port today is the number one major port in cargo handling. Paradip Port will transform into a mega port with a formidable cargo handling capacity of over 300 MTPA very soon and will exceed 500 MTPA capacity by Amrit Kaal 2047. The mammoth traffic volume growth at the port in the recent years has been due to the successful implementation of Capacity augmentation projects under the Sagarmala projects. The Sagarmala program also envisions uplifting the fishermen community with the Modernization of Paradip Fishing Harbour project, with a project cost of  ₹108 Crores. The modern fishing harbour will be a strong step towards the coastal community development initiative in Odisha. For upliftment of fishermen community, a fishing harbour at Chandipur in Odisha has also been sanctioned under Sagarmala at a cost of ₹50 Cr. Paradip port is also being developed as a green hydrogen hub in the country.

    Odisha, a principal maritime state situated on the eastern coast of India, has a coastline of about 480 km. Paradip Port (290 MTPA Capacity, Cargo handled in 2023-24 – 145.38 MTPA) is the only Major Port in the State under the control of the Government of India. The Government of Odisha has already identified 14 potential sites for the development of Non – Major Ports, out of which, Dhamra (Adani – 100 MTPA Capacity) and Gopalpur (Shapoorji Pallonji & Odisha Stevedore Ltd. – 25 MTPA capacity) are already functioning.

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  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan to inaugurate International Workshop on Modern Technologies in Survey-Resurvey for Urban Land Records on 21st October 2024 in New Delhi

    Source: Government of India

    Posted On: 20 OCT 2024 11:26AM by PIB Delhi

    Union Minister of Rural Development Shri Shivraj Singh Chouhan will inaugurate International Workshop on Modern Technologies in Survey-Resurvey for Urban Land Records on 21st October 2024 at Dr. Ambedkar International Centre (DAIC), New Delhi. The Department of Land Resources is organising this workshop. The inaugural session will include addresses from Union Minister of Rural Development Shri Shivraj Singh Chouhan,  Secretary, Department of Land Resources Shri Manoj Joshi will deliver the keynote address during inaugural session.

    The workshop will unfold over two days. The first day will feature an inaugural session led by the Union Minister Shri Shivraj Singh Chouhan  followed by presentations from experts from countries like Singapore, Korea, the UK, Spain, and the Netherlands, highlighting best practices in digital land records. There will also be a technology showcase and exhibition by leading Indian and international firms. On the second day, the agenda includes two plenary sessions: the first focusing on case studies of state urban land records and management from Karnataka, Madhya Pradesh, Tamil Nadu, and Maharashtra, and the second examining case studies from various schemes and departments in survey techniques and spatial data, including AMRUT, SMART CITIES, SVAMITVA, Haryana Space Applications Centre, IT & Communication (Jaipur), and Directorate General Defence Estates.

    Expected outcomes from the workshop include the formulation of a national program for urban land record modernization, design plans for pilot projects in selected cities, and strategies for capacity building among urban local bodies (ULBs) and state officials. Furthermore, the workshop aims to generate policy recommendations for integrating modern technologies into urban land governance, ensuring improved efficiency and transparency in land management systems. This concept note sets the stage for collaboration and innovation in improving urban land records through the application of cutting-edge technology.

    Urban land records in India face significant challenges due to fragmentation, outdated information, and maintenance across multiple agencies. These issues hinder effective urban planning, land management, and service delivery. In response, the Government of India is exploring innovative technological solutions to modernize urban land records, building on progress achieved in rural areas. Key technologies such as geospatial tools, satellite imagery, drone surveys, and GIS integration are essential for creating comprehensive, spatially enabled land ownership records. The modernization of urban land records is expected to enhance transparency and efficiency, supporting sustainable development and reducing land-related disputes.

    The workshop aims to bring together relevant stakeholders, including Ministries and Departments of the Government of India, Revenue and Urban Development Secretaries from States/UTs, International experts, and Technology Providers. The primary objectives of the workshop are to showcase global best practices in urban land record modernization, present applicable technological solutions, and facilitate pilot project planning for selected urban areas. Additionally, the workshop will address challenges such as lack of standardization, data security, and capacity building for stakeholders, while promoting collaboration among government officials, experts, and technology providers to develop actionable policy recommendations.

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  • MIL-OSI: Beamr to Present at the ThinkEquity Conference

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    About Beamr

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

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

    Forward-Looking Statements

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

     Investor Contact:

    investorrelations@beamr.com

    The MIL Network

  • MIL-OSI: Mercury Selected by NAVAIR To Continue To Provide Advanced Data Transfer Systems for Navy Aircraft

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Oct. 21, 2024 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, http://www.mrcy.com), a technology company that delivers mission-critical processing power to the edge, today announced it was awarded a five-year contract worth as much as $131.3 million from the U.S. Naval Air Systems Command (NAVAIR) to continue providing secure data transfer systems for naval aircraft.

    Mercury has been delivering Advanced Data Transfer Systems (ADTS) and components to the Navy since 2017 to support numerous rotary-wing and fixed-wing aircraft. These rugged, flexible, and proven systems simplify the secure transfer of data between planners on the ground and aircraft, significantly improving operational readiness of these airborne assets. The new indefinite delivery/indefinite quantity contract will allow Mercury to deliver upgraded power-thrifty ADTS units that incorporate the company’s JDAR encryption module.

    “Mercury has a strong partnership with the Navy, providing a range of data storage and transfer, video recorders, mission computers, and cockpit displays for the aircraft fleet,” said Roya Montakhab, Mercury’s SVP of Integrated Processing Solutions. “We are exceptionally proud to continue delivering ADTS systems that ensure critical government data is protected.”

    Mercury’s ADTS features:

    • Up to 3 TB (3 x 1 TB) solid state memory modules (each module available from 128 GB, 256 GB, or 1 TB) with up to 450/300 MB/s read/write transfer rates
    • Optional crash survivable memory module: Up to 30 GB of storage
    • 1 SATA port: optional for crash survivable flight data recorder
    • Up to 250ms of response time
    • MIL-STD-1553B, four 1,000 BASE-TX Gigabit ethernet, analog/digital video/audio, and discrete interfaces
    • External command over external communications circuit
    • Manual zeroize capabilities: via front panel switch
    • Meets information assurance requirements (S&U)

    Mercury Systems – Innovation that matters® 
    Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY) 

    Forward-Looking Safe Harbor Statement 
    This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company’s focus on enhanced execution of the Company’s strategic plan. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company’s products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

    INVESTOR CONTACT
    David Williams
    Mercury Investor Relations
    David.Williams@mrcy.com

    MEDIA CONTACT
    Turner Brinton
    Senior Director, Corporate Communications
    Turner.Brinton@mrcy.com

    The MIL Network

  • MIL-OSI Asia-Pac: India leading the standards development process at global level: India’s candidates elected in leadership positions in all 10 Study Groups (SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T)

    Source: Government of India

    Ministry of Communications

    India leading the standards development process at global level: India’s candidates elected in leadership positions in all 10 Study Groups (SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T)

    India increases its leadership positions in ITU-T to 11 positions in WTSA-2024 from 7 positions in WTSA-2022

    Study Groups are technical grouping of experts responsible for developing international standards for telecommunications technologies

    Posted On: 19 OCT 2024 6:38PM by PIB Delhi

    Keeping in view India’s vision of being a technology leader and leading the standards development process at global level, India’s candidates were elected in leadership positions in all 10 Study Groups(SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T).

    While India retained Chair position in one group, it secured Vice-Chair positions in all other 9 Study Groups and the SCV Committee, thereby increasing its leadership positions in ITU-T from 7 in WTSA-2022 to 11 positions in WTSA-2024.

    India is currently hosting the International Telecommunication Unions’ (ITU) World Telecommunication Standardization Assembly (WTSA) 2024 at Bharat Mandapam, New Delhi. It was inaugurated by the Prime Minister on 15th October and will continue till 24th October 2024. It is for the first time that WTSA is being conducted in the Asia-Pacific region and it would set the direction of standardization activities ITU-T and its work for the next four years (2024-2028). This year’s WTSA-24 witnesses more than 3700 delegates from over 160 countries, the highest ever for any WTSA assembly.

    The ongoing discussions at WTSA focus on promoting standardization activities on emerging technologies and developing new ITU-T Resolutions on topics such as Digital Public Infrastructure, Artificial Intelligence, post-quantum cryptography, Metaverse, Over-the-top (OTT) services, Sustainable Digital transformation, etc., which would be pivotal in shaping the future of technology and ensuring a connected, secure, and inclusive digital world. The existing ITU-T Resolutions are also being updated. Once the roadmap is set during the WTSA-24, the standardization activities would be taken up by the various ITU-T Study Groups in the form of development of Standards and Technical reports. The work of ITU-T will be carried out through its 10 Study Groups.

    Leadership positions: During the WTSA-24, participating countries elected leadership positions of the various Study Groups. India has significantly strengthened its position in the global telecommunication landscape, securing key leadership roles in all the ITU-T Study Groups. In the ongoing WTSA-24, India has garnered 11 leadership positions, including 1 Chair position for ITU-T SG 11 and 10 vice chair-positions as detailed below:

    S. N.

    Study Group

    Leadership Position

    Chair/Vice-Chair

    1

    SG2: Operational aspects

    Vice-Chair

    Premjit Lal, DDG(IR), DoT

    2

    SG3: Economic & policy issues

    Vice-Chair

    Sathish Kumar MC, Deputy Administrator, USOF

    3

    SG5: Environment, EMF & circular economy

    Vice-Chair

    Neha Upadhyay, Director, TEC

    4

    SGC [Merger of SG9: Broadband cable & TV and SG16: Multimedia & digital technologies]

    Vice-Chair

    Avinash Agarwal, DDG, TEC

    5

    SG11: Protocols, testing & combating counterfeiting

    Chair

    Tejpal Singh, Advisor, TRAI

    6

    SG12: Performance, QoS & QoE

    Vice-Chair

    Abdul Kayum, Advisor, TRAI

    7

    SG13: Future networks

    Vice-Chair

    Abhijan Bhattacharyya, TCS

    8

    SG15: Transport, access & home

    Vice-Chair

    Sudipta Bhaumik, STL

    9

    SG17: Security

    Vice-Chair

    Preetika Singh, Director, TEC

    10

    SG20: IoT, smart cities & communities

    Vice-Chair

    Ravi A Robert Jerard, CMD, BSNL

    11

    SCV [Standardization Committee for Vocabulary]

    Vice-Chair

    Hemendra K Sharma, DDG(Media), DoT

     

    This is a recognition of the contributions of these experts in development of global standards and a major milestone in India’s Standardisation Journey.

    About Study Groups

    Study Groups are technical grouping of experts who work for developing international standards for telecommunications technologies based on the technical inputs received from members of ITU. Chairs and Vice Chairs of these Study Groups are elected from the ITU members during the WTSA. Area of work for the Study Groups (SGs) are as below :

    SG2: Operational aspects

    • Deployment of numbering, naming, addressing and identification (NNAI) requirements and resource assignment,
    • operational and management aspects of networks

    SG3: Economic & policy issues

    Studying international telecommunication/ICT policy and economic issues and tariff and accounting matters (including costing principles and methodologies), with a view to informing the development of enabling regulatory models and frameworks.

    SG5: Environment, EMF & circular economy

    Electromagnetic fields (EMF), environment, climate action, sustainable digitalization, and the circular economy.

    SGC [Merger of SG9: Broadband cable & TV and SG16: Multimedia & digital technologies]

    • Use of telecommunication systems in the distribution of television and sound programs supporting advanced capabilities such as ultra-high definition and high-dynamic range, 3D, virtual reality, augmented reality and multiview.

     

    • Ubiquitous multimedia applications, multimedia capabilities, multimedia services and multimedia applications for existing and future networks.

    SG11: Protocols, testing & combating counterfeiting

    • signalling and protocols
    • establishing test specifications, conformance and interoperability testing for all types of networks, technologies and services that are the subject of study and standardization by all ITU-T study groups​
    • combating counterfeiting of ICT devices
    • combating the use of stolen ICT devices

    SG12: Performance, QoS & QoE

    Development of international standards (ITU-T Recommendations) on performance, quality of service (QoS) and quality of experience (QoE). This work spans the full spectrum of terminals, networks and services, ranging from speech over fixed circuit-switched networks to multimedia applications over mobile and packet-based networks.

    SG13: Future networks

    Future computing, including cloud computing and data handling in ICT networks. This work covers network capabilities and technologies to support data utilization, exchange, sharing, and data quality assessment. It also covers computing-aware networking as well as end-to-end awareness, control and management of future computing, including cloud, cloud security and data handling.

    SG15: Transport, access & home

    Development of standards for the optical transport network, access network and home network infrastructures, systems, equipment, optical fibres and cables and the related installation, maintenance, management, test, instrumentation and measurement techniques, and control plane technologies to enable the evolution toward intelligent transport networks.

    SG17: Security

    Cybersecurity, security management, security architectures and frameworks, countering spam, identity management, the protection of personally identifiable information, operational aspects of data protection, open identity trust framework; and quantum-based security; and Child Online Protection.

    SG20: IoT, smart cities & communities

    Coordinated deployment of IoT and address IoT implementation challenges related to interoperability, big data, and architectural frameworks and requirements for supporting various IoT systems. SG20 standards that set the requirements for IoT deployment also help smart cities and communities to improve the efficiency of IoT systems and smart city platforms, break down data silos, facilitate seamless data sharing among various verticals, and enhance data processing and management capacity.

    ​​​​​​​​​​​​​​​​​​​​​ SCV [Standardization Committee for Vocabulary]

    To address the need for a harmonized understanding of all terms and definitions used in standardization.

     

    About TSAG [Telecommunication Standardization Advisory Group]: TSAG acts as an advisory body and plays a crucial role in providing strategic guidance and oversight to the ITU’s standardization activities. It is called on to resolve coordination issues among the study groups, to expand electronic working methods for the ITU-T and to provide advice and procedures on relationships with other standards bodies.

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    (Release ID: 2066369)

    MIL OSI Asia Pacific News