Category: Finance

  • MIL-OSI Security: Simpson County Sheriff’s Deputy Indicted for Using Excessive Force Against a Handcuffed Arrestee

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Jackson, Miss. – A Simpson County Sheriff’s Deputy appeared for an arraignment today following an Indictment filed in Jackson on criminal charges related to his use of excessive force against an arrestee.

    According to court documents, Adrian Durr, 43, of Magee, used excessive force against an arrestee in the custody of the Simpson County Sheriff’s Office. The Indictment alleges that while the arrestee was handcuffed to a bench that was bolted to the floor and shackled with leg irons on his ankles, Durr struck the arrestee in the head with the handgrip of his taser. After striking the arrestee with his taser, Durr kicked the arrestee in the head rendering him unconscious. At all times, the arrestee was handcuffed and hobbled with leg irons on his ankles. 

    “Law enforcement officers in Mississippi and throughout the nation are required to take care of the safety and welfare of the people they arrest,” said U.S. Attorney Todd Gee. “Unlawful physical assaults on arrestees are federal crimes that the Justice Department will prosecute.”

    “Our citizens deserve credible law enforcement to safeguard the community from crime,” said FBI Special Agent in Charge Robert A. Eikhoff. “The actions of Mr. Durr significantly deprived the citizens of that protection and eroded the trust earned each day by honest law enforcement officers throughout the nation. The FBI is committed to aggressively investigating those who misuse their authority and violate individual’s rights in the execution of their sworn duties.”

    Durr is charged by Indictment with Deprivation of Civil Rights Under Color of Law. If convicted, he faces a maximum penalty of 10 years in prison.

    U.S. Attorney Todd W. Gee and Special Agent in Charge Robert A. Eikhoff of the Federal Bureau of Investigation made the announcement.

    The Federal Bureau of Investigation is investigating the case.

    Assistant U.S. Attorney Samuel Goff is prosecuting the case.

    MIL Security OSI

  • 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 Security: Owner of Tax Preparation Company Sentenced to More Than Four Years in Prison for Bank Fraud and $2.1 Million COVID Relief Fraud

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Defendant fled the United States after being indicted and remained a fugitive for 19 months

    BOSTON – A Lawrence woman was sentenced in federal court in Boston for using stolen identities of taxpayers and businesspeople to defraud the Internal Revenue Service (IRS), a bank, and the Small Business Administration (SBA).

    Luz Paulino, 42, was sentenced by U.S. District Court Judge Richard G. Stearns to 54 months in prison, four years of supervised release, and ordered to pay $37,056 in restitution to MetaBank and $456,300 to the Small Business Administration. In June 2024, Paulino pleaded guilty to one count of bank fraud conspiracy, one count of bank fraud, two counts of wire fraud and two counts of aggravated identity theft.

    Paulino was arrested in December 2020 and indicted by a federal grand jury in January 2021. While on pretrial release, Paulino fled the United States and remained a fugitive for 19 months.  Panamanian authorities ultimately returned her to the United States, where she was arrested for a second time.

    Paulino owned and operated Agape Financial Services, a Lowell-based company that provided tax preparation and notary services. In 2019 and early 2020, Paulino filed false and fraudulent federal tax returns using the stolen identities, names and Social Security numbers of individual victims. The fraudulent tax returns reported false information regarding wages, employers and dependents, among other things, to claim tax refunds. To conceal her involvement, Paulino falsely represented to the IRS that the returns had been prepared by two former employees of Agape. Paulino then used the fraudulent returns to obtain Refund Advance Loans from a bank in the names of her victims.  Paulino and others she recruited then cashed the loan checks using false identification documents and forged signatures.  

    Paulino separately used stolen identities of businesspeople living in California, Michigan, Indiana and elsewhere to apply to the SBA for $2.1 million in COVID-19 Emergency Injury Disaster Loans. Between June 2020 and October 2021, Paulino’s false applications listed fictitious companies that purportedly lost revenue during the pandemic. She used the fraudulently obtained loan proceeds to wire more than $395,000 to the Dominican Republic and to buy a 2020 Cadillac for $86,000, among other purchases.
        
    Acting United States Attorney Joshua S. Levy; Jodi Cohen, Special Agent in Charge, Federal Bureau of Investigation, Boston Field Division; Harry Chavis, Jr., Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations; and Melix Bonilla, Acting Chief of the Lawrence Police Department made the announcement today. Assistant U.S. Attorney Victor A. Wild of the Securities, Financial & Cyber Fraud Unit prosecuted the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit Justice.gov/Coronavirus and Justice.gov/Coronavirus/CombatingFraud.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form.

    MIL Security OSI

  • MIL-OSI Security: Falmouth Woman Pleads Guilty to Embezzling More Than $1.3 Million

    Source: Federal Bureau of Investigation (FBI) State Crime News

    BOSTON – The former bookkeeper of a Falmouth flooring company pleaded guilty to embezzling more than $1.3 million from her employer.  

    Susan Figuerido, 73, of Falmouth, pleaded guilty to wire fraud and filing a false tax return. U.S. District Court Judge Leo T. Sorokin scheduled sentencing for Jan. 15, 2025.

    Between June 2015 and February 2023, Figuerido embezzled more than $1.3 million from her employer by writing checks to herself drawn on her employer’s bank account. To conceal her scheme, Figuerido did not record the checks that she wrote to herself in her employer’s accounting system. Figuerido did not report or include the funds that she embezzled on her federal income tax filings, resulting in a tax loss of approximately $353,000.  

    The charge of wire fraud provides a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss. The charge of filing a false tax return provides for a sentence of up to three years in prison, one year of supervised release and a fine of $250,000 or twice the gross gain or loss. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

    Acting U.S. Attorney Joshua S. Levy; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Harry T. Chavis Jr., Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston made the announcement today. The Falmouth Police Department provided valuable assistance with the investigation. Assistant U.S. Attorney Kristen A. Kearney of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.
     

    MIL Security OSI

  • MIL-OSI Security: Teva Pharmaceuticals Agrees to Pay $425 Million to Resolve Kickback Allegations

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Settlement resolves allegations that the company funneled kickbacks through co-pay assistance foundations

    BOSTON – Teva Pharmaceuticals USA, Inc. and Teva Neuroscience, Inc. (collectively Teva) have agreed to pay $425 million to resolve allegations that Teva paid kickbacks via two co-pay assistance foundations in violation of the Anti-Kickback Statute (AKS) and False Claims Act.

    The government’s complaint, filed in 2020, alleged that from 2006 to 2017, Teva manipulated the co-pay foundation assistance system by conspiring with multiple third parties, including a specialty pharmacy and two allegedly independent co-pay assistance foundations, to direct its supposed charitable payments specifically to patients taking its own multiple sclerosis drug, Copaxone. At the same time, Teva steadily raised Copaxone’s price by thousands of dollars. The United States alleges that this conduct violated the AKS and caused the submission of false claims to Medicare. The settlement was reached after the government’s review of Teva’s financial disclosures concerning its financial condition.

    This settlement is the latest in a string of enforcement actions against pharmaceutical companies that allegedly used third-party foundations as conduits to pay kickbacks. Since 2017, the United States Attorney’s Office in Massachusetts has collected over $1.4 billion from this enforcement initiative. The U.S. Attorney’s Office has also settled with four of the third-party foundations that participated in this conduct and a specialty pharmacy.  Today’s resolution with Teva is the largest co-pay assistance settlement to date.

    When a Medicare beneficiary obtains a prescription drug covered by Medicare Part B or Part D, the beneficiary is often required to make a partial payment, which may take the form of a co-payment, co-insurance, or deductible (collectively “co-pays”). These co-pay obligations may be substantial for expensive medications. Congress included co-pay requirements in these programs, in part, to encourage market forces to serve as a check on health care costs, including the prices that pharmaceutical manufacturers can demand for their drugs. The AKS prohibits pharmaceutical companies from offering or paying, directly or indirectly, any remuneration – which includes money or any other thing of value – to induce Medicare patients to purchase the companies’ drugs.

    “For far too long, Teva gamed the charitable foundation process by paying kickbacks through two foundations, and with the aid of a specialty pharmacy. Those kickbacks undermined the purpose of the Medicare co-pay system and violated the Anti-Kickback Statute,” said Acting United States Attorney Joshua S. Levy. “This Office has taken the leading role in cracking down on these highly lucrative schemes that drive up the cost of essential drugs by bringing multiple enforcement actions that have returned more than $1 billion to the Medicare system. We will continue to pursue these actions to ensure that all pharmaceutical companies play by the rules and to protect the American taxpayers.

    “Kickbacks designed to induce referrals or purchases of healthcare goods or services distort physician and patient decision-making, thwart competition and bypass controls put in place to protect federal health care programs,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “The Justice Department is committed to pursuing those who engage in kickback violations, including drug manufacturers, to ensure that federal health care programs continue to serve the interests of taxpayers and program beneficiaries.”

    “Pharmaceutical companies that disguise kickbacks as charitable donations to subsidize co-pays for their own drugs undermine a critical safeguard against the excessive inflation of drug prices.  The costs of these schemes are ultimately passed on to consumers and taxpayers,” said Roberto Coviello, Special Agent in Charge of the U.S. Department of Health and Human Services, Office of Inspector General. “Such conduct cannot be tolerated within our health care system, and we will continue to vigorously pursue such allegations.”

    “Today’s record-breaking settlement with Teva Pharmaceuticals is a victory for the public and highlights the FBI’s commitment to safeguarding the financial integrity of the Medicare program,” said Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Pharmaceutical companies that look to bolster their drug prices by paying illegal kickbacks – whether directly or indirectly – undermine taxpayer funded healthcare programs and compromise patient care. The FBI will continue to pursue these investigations until pharmaceutical companies stop engaging in this conduct.”

    Acting U.S. Attorney Levy, Principal Deputy AAG Boynton, HHS-OIG SAC Coviello and FBI SAC Cohen made the announcement today. The matter was handled by Assistant U.S. Attorney Abraham R. George, Chief of the Civil Division; Assistant U.S. Attorneys Diane Seol and Evan Panich of the U.S. Attorney’s Office for the District of Massachusetts; and Trial Attorneys Douglas Rosenthal and Nelson Wagner of the Justice Department’s Civil Division.

    The civil action in Massachusetts is captioned United States v. Teva Pharmaceuticals USA, Inc., et al., No. 20-cv-11548 (D. Mass.). 

    MIL Security OSI

  • MIL-OSI Security: Magellan Diagnostics Sentenced for Concealing Malfunction in Lead Testing Devices

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Company failed to notify FDA about serious malfunction in lead testing devices that resulted in inaccurately low blood level results in children and adults

    BOSTON –Magellan Diagnostics, Inc., a medical device company headquartered in Billerica, Mass., was sentenced yesterday in federal court in Boston for criminal charges related to the concealment of a device malfunction that produced inaccurately low lead test results for tens of thousands of children and other patients.

    Magellan has been ordered to pay a $21.8 million fine, $10.9 million in forfeiture and a minimum of $9.3 million to compensate patient victims. Magellan pleaded guilty to two counts of introducing a misbranded medical device into interstate commerce. Magellan was charged criminally on May 21, 2024

    “Keeping the people of Massachusetts safe takes a variety of forms. In the case of Magellan Diagnostics, it means protecting children who may have been exposed to dangerous levels of lead that can lead to serious health consequences. This company has admitted that it left lead blood level monitoring devices in pediatricians’ offices that it knew were providing inaccurately low readings, putting thousands of kids at risk of not having their elevated lead levels accurately diagnosed. In addition to holding the company accountable, this criminal sentence requires the company to undertake an extensive effort to identify and compensate victims.”

    “Medical device makers have an obligation to provide truthful information to protect patients. By deliberately concealing and consistently misleading consumers and the FDA about device malfunctions, Magellan acted with gross disregard for its responsibility to comply with FDA requirements and put patients at risk,” said Fernando McMillian, Special Agent in Charge, FDA Office of Criminal Investigations, New York Field Office. “We will continue to thoroughly investigate those whose actions undermine the integrity of the FDA regulatory process which exists to protect consumer health.”

    “It’s absolutely appalling that Magellan Diagnostics was more concerned about its bottom line than it was about coming clean to their customers and the FDA about a serious malfunction in its lead testing devices that we believe unnecessarily endangered the health of incredibly vulnerable victims,” said Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “When you’re not feeling well, and you’re trying to find out why, the last thing you should have to worry about is whether the diagnostic test you’re relying on lives up to its manufacturer’s claims. The FBI is grateful to see that the victims affected by Magellan’s actions in this case are one step closer to being compensated.”

    “Magellan concealed a serious flaw in its lead testing devices while ignoring the well-being of patients and knowingly providing inaccurate results of lead levels in the blood,” said Roberto Coviello, Special Agent in Charge of the U.S. Department of Health and Human Services, Office of Inspector General. “This type of egregious conduct, which only sought to benefit the corporate bottom line, can erode the public’s trust in our nation’s health care system. Today’s sentencing should send a clear message that any company engaging in such dangerous activity will be held accountable.”

    Magellan’s LeadCare Ultra and LeadCare II devices detected lead levels and lead poisoning in the blood of children and adults using either venous (blood draws through the arm) or fingerstick samples. LeadCare II, which was predominantly used to test fingerstick samples, accounted for more than half of all blood lead tests conducted in the United States from 2013 through 2017. LeadCare Ultra was predominantly used to test venous samples.

    According to court documents, Magellan failed to timely notify the FDA about a serious malfunction that caused the company’s LeadCare devices to produce inaccurate blood lead level results when used to test venous blood samples. Magellan also changed the user instructions for the LeadCare devices without prior FDA notice or approval.

    Magellan first learned that a malfunction in its LeadCare Ultra device could cause inaccurate lead test results – specifically, lead test results that were falsely low – during the FDA clearance process in June 2013. Magellan, however, released LeadCare Ultra to the market in late 2013 without informing customers or the FDA of the malfunction. In August 2014, LeadCare Ultra customers independently discovered the malfunction and complained about inaccurate results. FDA regulations required the company to file a medical device report about the malfunction within 30 days, but Magellan did not do so.

    In November 2014, Magellan sent a letter to its LeadCare Ultra customers advising them of the malfunction and recommending that they wait 24 hours before running their tests. This contradicted the instructions for use approved by the FDA. Magellan did not, however, report the malfunction to the FDA or advise the FDA of its change to the instructions until April 2015, nearly 21 months after Magellan discovered the malfunction and almost 8 months after customers discovered the malfunction on their own. In August 2015, Magellan changed the label instructions for the LeadCare Ultra device to require users to wait 24 hours before using the device to test blood samples, rather than testing the samples immediately. FDA regulations required the company to provide advance notice of the label change and file necessary reports of device correction, but Magellan did neither.  

    Magellan’s testing in 2013 also indicated that the same malfunction affected the LeadCare II device when it was used to test venous samples. Magellan, however, did not notify the FDA about the LeadCare II malfunction until November 2016.

    The FDA ultimately found that the LeadCare devices could not accurately test venous samples, leading to a recall of all LeadCare devices using venous samples and a warning to the public not to use LeadCare Ultra, LeadCare II or LeadCare Plus for testing venous blood samples because of the malfunction and a recommendation that doctors retest certain patients.

    According to the Centers for Disease Control and Prevention, there is no safe level of lead in the blood. Lead exposure may cause irreversible lifelong physical and mental health problems. Young children and pregnant women are most vulnerable to lead exposure, especially those from low-income households and those who live in housing built before 1978 because those homes are more likely to contain lead-based paint and have fixtures containing lead.

    As part of the criminal resolution, Magellan has agreed to compensate patients who were demonstrably harmed for the economic damages they suffered as a result of the malfunction in Magellan’s blood lead testing devices. If you or a family member believe you received an inaccurate blood lead test result from a LeadCare device between 2013–2017, please complete the questionnaire located on the FBI’s website at http://www.fbi.gov/MagellanCaseInquiry. Information about the status of the case is located on the U.S. Attorney’s Office website: https://www.justice.gov/usao-ma/victim-and-witness-assistance-program/magellan-diagnostics-inc.

    Acting U.S. Attorney Levy; FDA SAC McMillan; FBI SAC Cohen; and HHS-OIG SAC Coviello made the announcement today. Assistant U.S. Attorneys James Herbert, Kelly Lawrence and Leslie Wright of the Health Care Fraud Unit prosecuted the case.

    MIL Security OSI

  • MIL-OSI Security: Lynn Man Charged with Threatening an Elected Official

    Source: Federal Bureau of Investigation (FBI) State Crime News

    BOSTON – A Lynn man was arrested and charged for allegedly making threats to an elected official.

    Justin David Gaglio, 50, was charged by criminal complaint with one count of transmitting interstate threats. Gaglio was arrested on Sept. 27, 2024 made an initial appearance in federal court in Boston later that day. The defendant remains in federal custody following a detention hearing held on Sept. 30, 2024, as the Court took the matter of detention under advisement.

    According to the charging document, beginning in or around January 2023, Gaglio began contacting the victim via online submissions through the victim’s website. Between January 2023 and September 2024, Gaglio allegedly submitted over 80 separate messages to the victim via the website – sometimes sending multiple messages within minutes of each other.  

    It is further alleged that, on or about Sept. 8, 2024, Gaglio submitted a contact request to the victim’s website in which he threatened to murder the victim and their family.

    The charge of transmitting interstate threats carries a maximum penalty of 20 years in prison, three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    Acting United States Attorney Joshua S. Levy and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Valuable assistance was  provided by the United States Capital Police, the Massachusetts State Police and the Lynn and Salem Police Departments. Assistant U.S. Attorney Alathea E. Porter of the National Security Unit is prosecuting the case.

    The details contained in the charging document are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: Spokane Dermatologist Indicted for Using Approximately $1.5 Million in COVID-19 Relief Funds to Buy Arizona Home, Sports Cars, and Other Properties

    Source: Office of United States Attorneys

    Spokane, Washington – Vanessa R. Waldref, United States Attorney for the Eastern District of Washington, announced a federal grand jury has an indicted a Spokane dermatologist, and his associated businesses, for fraudulently obtaining and using approximately $1.5 million dollars in COVID-19 relief funds to purchase luxury sports cars, buy real estate, and pay off personal debt.

    On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act provided a number of programs through which eligible small businesses could request and obtain relief funding intended to mitigate the economic impacts of the pandemic for small and local businesses. One such program, the Economic Injury Disaster Loan (EIDL) program, provided low interest loans that could be deferred until the conclusion of the pandemic to provide “bridge” funding for small businesses to maintain their operations during shutdowns and other economic circumstances caused by the pandemic.  EIDL funds were to be used solely as working capital to alleviate economic injury to a business caused by the COVID-19 disaster, such as paying payroll, health insurance premiums, rent, utilities, and fixed debt payments.  EIDL funds were not to be used for personal purposes or to obtain real property or to pay off debts that were not yet due and owing, such as paying more than a fixed monthly payment on a mortgage or other loan.

    The Indictment announced today charges William Philip Werschler, age 66, of Spokane, Washington, along with his businesses Spokane Dermatology Clinic, Premier Clinical Research L.L.C., and 3rd and Sherman Plaza L.L.C., with 23 counts of fraud in connection with how Werschler and his businesses allegedly spent EIDL loans.

    Beginning no later than April 2020 and continuing until at least July 2022, Werschler applied for EIDL loans for his businesses: Spokane Dermatology Clinic, Premier Clinical Research, and 3rd and Sherman Plaza L.L.C.  In total, Werschler and his businesses received more than $2.9 million in EIDL money.

    The Indictment alleges that Werschler used the EIDL funds for personal purchases including over half of the $575,000 purchase price of a house in Scottsdale, Arizona; the purchase of a 2011 Porsche 911 GT3 for $166,687; the purchase of a 1997 Porsche Carrera for $88,687; and $123,960 to pay off a loan for a storage unit at 6720 N. Pittsburg Street that was used to store automobiles, jet skis, and a boat. According to the indictment, Werschler also allegedly used EIDL money to pay off the balance of a loan for property on Grant Street in Spokane, Washington, for $286,792, and $550,000 to purchase two properties across from his Spokane Dermatology Clinic, both contrary to the proper use of EIDL funds.

    “Many small and local businesses struggled to stay afloat during the COVID-19 pandemic. The Economic Injury Disaster Loan program was designed to provide those business owners an economic lifeline,” stated U.S. Attorney Waldref. “My office has made it a priority to hold fraudsters accountable who used these critical funds to enrich themselves.”

    This case was investigated by the IRS Criminal Investigations, the FBI, and the Small Business Administration Office of Inspector General. It is being prosecuted by Assistant United States Attorney Jeremy J. Kelley.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: Waterford Woman Admits Theft from Addiction and Mental Health Services Nonprofit

    Source: Office of United States Attorneys

    Vanessa Roberts Avery, United States Attorney for the District of Connecticut, announced that MICHELE DEVINE, 50, of Waterford, pleaded guilty today before U.S. District Judge Jeffrey A. Meyer in New Haven to a fraud offense in connection with her embezzlement from the Southeastern Regional Action Council on Substance Abuse, Inc. (“SERAC”), where she was employed as its executive director.

    According to court documents and statements made in court, SERAC, headquartered in Norwich, is a 501(c)(3) organization that serves 41 towns in southeastern and northeastern Connecticut with substance abuse, problem gambling, and mental health related services.  SERAC is primarily funded through hundreds of thousands of dollars in state and federal grants from the State of Connecticut’s Department of Mental Health and Addiction Services, and the U.S. Department of Health and Human Services, Substance Abuse and Mental Health Services Administration.

    Devine was the executive director of SERAC until July 2022.  Beginning in approximately 2008, Devine spent thousands of dollars on purchases that did not relate SERAC but instead were personal expenses for Devine and her family, including thousands of dollars spent on home appliances; travel; timeshare fees at a Connecticut resort; stays at the Canyon Ranch in the Berkshires, Massachusetts; and private school donations.

    The government contends that Devine stole nearly $400,000 from SERAC.

    Devine pleaded guilty to wire fraud, an offense that carries a maximum term of imprisonment of 20 years.  Judge Meyer scheduled sentencing for January 13.

    Devine was arrested on August 3, 2023.  She is released on a $25,000 bond pending sentencing.

    This matter has been investigated by the Federal Bureau of Investigation and the U.S. Department of Health and Human Services, Office of Inspector General, with the assistance of the New London State’s Attorney’s Office and the State of Connecticut Office of the Attorney General.  The case is being prosecuted by Assistant U.S. Attorney Ray Miller.

    MIL Security OSI

  • MIL-OSI USA: Task Force Interim Staff Report Chronicles Stunning Security Failures and Key New Findings in Investigation of Trump Assassination Attempt in Butler, Pa.

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — Today, the Task Force on the Attempted Assassination of Donald J. Trump released a bipartisan interim report entitled “Interim Staff Report: Investigating the Stunning Security Failures  on July 13, 2024, in Butler, Pennsylvania.”  

    The report contains preliminary findings and includes information obtained during the initial phase of the Task Force’s investigation, which focused on the state and local law enforcement partners who assisted Secret Service at the rally. The preliminary findings in the report are based on 23 transcribed interviews with local law enforcement officials; thousands of pages of documents from local, state, and federal authorities; and testimony from the Task Force’s public hearing on September 26th.  

    Notably, the report reveals new excerpts of testimony from Butler, Pa. local law enforcement produced during closed-door transcribed interviews with the Task Force. The report also provides a glimpse into the Secret Service’s inadequate preparation and communication with local law enforcement partners prior to and during the July 13 rally.  

    The Report Contains Eight Key Findings:  

    • There was inadequate planning and coordination by the Secret Service with state and local law enforcement before and during the July 13 rally. 
    • The Secret Service did not place the AGR complex that the shooter fired from, and the surrounding area, inside of the secure perimeter. 
    • Local sniper teams positioned inside the AGR complex had a narrow field of vision and were not positioned to monitor the full AGR property. 
    • There was no unified command post to facilitate communications between the Secret Service and its state and local partners  
    • Critical pieces of information about Crooks and the escalating threat situation at the AGR complex moved slowly due to fragmented lines of communication and unclear chains of command on July 13.  
    • Testimony from local law enforcement indicates that they fired a shot at Crooks prior to the USSS sniper firing the kill shot. 
    • Crooks did not use a ladder to access the AGR roof. Instead, he climbed on the roof using an air conditioning unit. 
    • The autopsy report indicates a single bullet killed Crooks. 

    “Put simply, the evidence obtained by the Task Force to date shows the tragic events of July 13 were preventable,” the report states.

    You can read the full report here.

    MIL OSI USA News

  • MIL-OSI Australia: Finalists for the 62nd Australian Export Awards announced

    Source: Minister for Trade

    Congratulations to the 88 national finalists who have been recognised as winners at state and territory Export Award ceremonies for their outstanding export achievements.

    These finalists represent a diverse range of sectors and industries and have made a significant contribution to our national economy, creating jobs and opportunities in our cities, regions, and rural areas.

    Every product and service that we export to the world represents thousands of stable, well-paying Australian jobs. Collectively this year’s finalists employed more than 24,300 people and generated close to $8 billion in export earnings last financial year.

    Over half of this year’s finalists are small businesses with an annual turnover of less than $10 million.

    Small businesses who export create opportunity in every corner of the country. Whether they are based in capital cities or in regional towns, they share a common goal – to grow their business by tapping into new markets and expanding the reach of Australian goods and services.

    Since 1963, the Australian Export Awards have recognised the contribution of more than 2,000 Australian businesses to have achieved international success in a broad range of sectors.

    I look forward to celebrating the 13 award category winners and announcing the Australian Exporter of the Year at the 62nd Australian Export Awards National Ceremony on 20 November 2024.

    The Awards program is presented by the Australian Trade and Investment Commission (Austrade), in collaboration with state and territory partners and sponsors.

    For the full list of national finalists, visit: 62nd Australian Export Awards.

    MIL OSI News

  • MIL-OSI: Purpose Investments Inc. Announces October 2024 Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of October 2024 for its open-end exchange traded funds and closed-end funds (“the Funds”).        

    The ex-distribution date for all Open-End Funds is October 29, 2024. The ex-distribution date for all closed-end funds is October 31, 2024.  

    Open-End Funds Ticker Symbol Distribution per share/unit Record Date Payable Date Distribution Frequency
    Apple (AAPL) Yield Shares Purpose ETF – ETF Units APLY $0.1667 10/29/2024 11/04/2024 Monthly
    Purpose Canadian Financial Income Fund – ETF Series BNC $0.1225¹ 10/29/2024 11/04/2024 Monthly
    Purpose Global Bond Fund – ETF Units BND $0.0840 10/29/2024 11/04/2024 Monthly
    Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units BRKY $0.1000 10/29/2024 11/04/2024 Monthly
    Purpose Bitcoin Yield ETF – ETF Units BTCY $0.05250 10/29/2024 11/04/2024 Monthly
    Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units BTCY.B $0.0605 10/29/2024 11/04/2024 Monthly
    Purpose Bitcoin Yield ETF – ETF USD Units BTCY.U US $0.0510 10/29/2024 11/04/2024 Monthly
    Purpose Credit Opportunities Fund – ETF Units CROP $0.0875 10/29/2024 11/04/2024 Monthly
    Purpose Credit Opportunities Fund – ETF USD Units CROP.U US $0.0975 10/29/2024 11/04/2024 Monthly
    Purpose Ether Yield ETF – ETF Units ETHY $0.0380 10/29/2024 11/04/2024 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged Units ETHY.B $0.0470 10/29/2024 11/04/2024 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged USD Units ETHY.U US $0.0370 10/29/2024 11/04/2024 Monthly
    Purpose Global Flexible Credit Fund – ETF Units FLX $0.0461 10/29/2024 11/04/2024 Monthly
    Purpose Global Flexible Credit Fund – ETF Non-Currency Hedged Units FLX.B $0.0551 10/29/2024 11/04/2024 Monthly
    Purpose Global Flexible Credit Fund – ETF Non-Currency Hedged USD Units FLX.U US $0.0385 10/29/2024 11/04/2024 Monthly
    Purpose Global Bond Class – ETF Units IGB $0.0860¹ 10/29/2024 11/04/2024 Monthly
    Microsoft (MSFT) Yield Shares Purpose ETF – ETF Units MSFY $0.1000 10/29/2024 11/04/2024 Monthly
    Purpose Enhanced Premium Yield Fund – ETF Series PAYF $0.1375¹ 10/29/2024 11/04/2024 Monthly
    Purpose Total Return Bond Fund – ETF Series PBD $0.0590¹ 10/29/2024 11/04/2024 Monthly
    Purpose Core Dividend Fund – ETF Series PDF $0.1050¹ 10/29/2024 11/04/2024 Monthly
    Purpose Enhanced Dividend Fund – ETF Series PDIV $0.0950¹ 10/29/2024 11/04/2024 Monthly
    Purpose Real Estate Income Fund – ETF Series PHR $0.0720¹ 10/29/2024 11/04/2024 Monthly
    Purpose International Dividend Fund – ETF Series PID $0.0780 10/29/2024 11/04/2024 Monthly
    Purpose Monthly Income Fund – ETF Series PIN $0.0830¹ 10/29/2024 11/04/2024 Monthly
    Purpose Multi-Asset Income Fund – ETF Units PINC $0.0840 10/29/2024 11/04/2024 Monthly
    Purpose Conservative Income Fund – ETF Series PRP $0.0600¹ 10/29/2024 11/04/2024 Monthly
    Purpose Premium Yield Fund – ETF Series PYF $0.1100¹ 10/29/2024 11/04/2024 Monthly
    Purpose Premium Yield Fund – ETF Non-Currency Hedged Series PYF.B $0.1230¹ 10/29/2024 11/04/2024 Monthly
    Purpose Premium Yield Fund – ETF Non-Currency Hedged USD Series PYF.U US $0.1200¹ 10/29/2024 11/04/2024 Monthly
    Purpose Core Equity Income Fund – ETF Series RDE $0.0875¹ 10/29/2024 11/04/2024 Monthly
    Purpose Emerging Markets Dividend Fund – ETF Units REM $0.0950 10/29/2024 11/04/2024 Monthly
    Purpose Canadian Preferred Share Fund – ETF Units RPS $0.0950 10/29/2024 11/04/2024 Monthly
    Purpose US Preferred Share Fund – ETF Series RPU $0.0940 10/29/2024 11/04/2024 Monthly
    Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units² RPU.B / RPU.U $0.0940 10/29/2024 11/04/2024 Monthly
    Purpose Strategic Yield Fund – ETF Units SYLD $0.0970 10/29/2024 11/04/2024 Monthly
    Amazon (AMZN) Yield Shares Purpose ETF- ETF Units YAMZ $0.3500 10/29/2024 11/04/2024 Monthly
    Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units YGOG $0.2000 10/29/2024 11/04/2024 Monthly
    NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units YNVD $0.7500 10/29/2024 11/04/2024 Monthly
    Tesla (TSLA) Yield Shares Purpose ETF – ETF Units YTSL $0.3000 10/29/2024 11/04/2024 Monthly
               
    Closed-End Funds Ticker Symbol Distribution
    per share/unit
    Record Date Payable Date Distribution Frequency
    Big Banc Split Corp – Class A BNK $ 0.1200¹ 10/31/2024 11/15/2024 Monthly
    Big Banc Split Corp – Preferred Shares BNK.PR.A $ 0.0700¹ 10/31/2024 11/15/2024 Monthly

    Estimated October 2024 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

    The October 2024 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

    Fund Name Ticker Symbol Estimated Distribution per unit Record Date Payable Date Distribution Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $0.4479 10/29/2024 11/04/2024 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.3910 10/29/2024 11/04/2024 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1852 10/29/2024 11/04/2024 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $0.4275 10/29/2024 11/04/2024 Monthly

    Purpose expects to issue a press release on or about October 28, 2024, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be October 29, 2024.

    (1)  Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
    (2) Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.
       

    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network

  • MIL-OSI: LNG Energy Group Provides an Operational Update and Change of Transfer Agent

    Source: GlobeNewswire (MIL-OSI)

    Highlights:

    • LNG Energy Group expects to issue a reserves update by month-end in respect of the reserves to be acquired in Venezuela.
    • Debt Repayments – Approximately U.S.$14.7 million amortization of term-loan debt principal.
    • ESG Initiatives – Lewis Energy Colombia obtains ISO certification and dedicates property to reforestation in advance of its carbon reduction initiatives in Colombia.
    • Natural Gas Compressor – New compressor will be used to optimize production and improve reserves life.
    • Commencement of new Oilfield Services Division.
    • Gas Sales Agreements – Amendments with off-takers allow for temporary lower nominations to facilitate maintenance and workover program.
    • Capital Expenditures – Expecting to drill a development and a re-entry at an existing development well in the fourth quarter of 2024.

    TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FWB: E26) (the “Company” or “LNG Energy Group”) is pleased to an operational update on its projects in Venezuela and Colombia.

    Corporate

    Since August 2023, the Company has been able to repay approximately U.S.$14.7 million in amortization on its long-term bank debt.

    Colombia

    Environmental, Health and Safety and sustainability Practices

    The Company is pleased to announce that its wholly owned subsidiary, Lewis Energy Colombia, Inc. (“LEC”), has successfully completed the following ISO recertifications, after an audit performed by Bureau Veritas:

    • 9001:2015  Quality Management System (QMS): this certification recognizes LEC for its successful implementation and continual improvement of its QMS.
    • 14001:2015 – Environmental Management Systems (EMS): this certification recognizes LEC’s commitment to take proactive measures to minimize its environmental footprint, comply with relevant legal requirements and achieve their environmental objectives.
    • 45001:2018 – Occupational Health and Safety (OH&S) Management System: this certification recognizes LEC’s commitment to systematically assess hazards and implement risk control measures, leading to reduced workplace injuries, illnesses and incidents.

    LEC is also in the process of assigning 25 hectares (62 acres) to the Corporación Autónoma Regional del Atlántico (“CRA”), the environmental agency for the Atlántico state in northern Colombia. This land will be used for reforestation projects and for the purpose of protecting the local watershed. Currently, LEC has approximately 360 hectares (900 acres) in the area and this is land that will be used for environmental compensation purposes, contributing to a reduction in LEC’s carbon footprint.

    Compressor at the Bullerengue Field

    The Company is pleased to announce the completion of its new compressor project at the Bullerengue field. The compressor recently began operation and will be instrumental in increasing the reserves life of the field while facilitating access to an additional 1.67 Bcf of natural gas at the north side of the field. The compressor will also serve to increase LEC’s ability to respond to regulatory requirements and improve general operational efficiencies.

    Source: Company images of the new compressor and facilities at the Bullerengue field.

    Oilfield Services Division

    LEC is continuing studies to offer drilling rig services to third parties in Colombia, as a way of optimizing resource use to increase company income, while allowing us to maintain a strong core rig crew, which helps improve our operational efficiency.

    LEC has three rigs on the ground in its Sinú-San Jacinto Norte-1 Block (the “SSJN-1 block”) near Barranquilla, Colombia. They include one 1,600 HP top-drive drilling rig, one 1,000 HP top-drive drilling rig and one 550 HP workover rig. These rigs come complete with generators, pumps, BOPs, mud systems, tanks and other equipment needed to fully execute drilling and workovers operations. Together, the rigs and associated equipment have an estimated value of approximately U.S.$10 million.

    The Company looks to mobilize its equipment and personnel in the fourth quarter of 2024 to pursue workover and drilling activities.

    Gas Sales Agreements

    As a result of unexpected production restrictions at certain wells in the Bullerengue natural gas field, the Company has had to limit natural gas deliveries under certain gas sales agreements dedicated to supplying natural gas demand. As a result of careful review of the legal, social and security circumstances, the natural gas supply needs of the Colombian gas market, and the Company’s commitment to meet its commercial obligations with its off-takers and strategic partner contracts, the Company considers it prudent to pursue short term volume delivery amendments reducing volumes by 5.0 MMbtu/d for a period of four months with no significant changes to LEC’s average natural gas sales price.

    The Company is presently working on remediating this disruption and expects to have production back to normal levels upon execution of well maintenance and drilling activity. The Company is working on workover and drilling initiatives to make up for these sales volumes in the future and meet its average production and long-term valuation creation objectives and therefore does not expect this situation to have a long-term material impact on its operations and results.

    Capital Expenditures

    For the remainder of 2024, the Company expects to drill at least one additional development well and conduct a re-entry at an existing well at the SSJN-1 block onshore in Colombia in addition to its remaining workover campaign. The workover campaign is designed to address maintenance declines in production as well as increase production from the Company’s existing wells.

    Venezuela

    On April 17, 2024, LNG Energy Group’s wholly own subsidiary, LNGEG Growth I Corp. (“LNG Venezuela”) was conditionally entered into a binding agreement with PDVSA Petroleo S.A. (“PPSA”), a subsidiary of Petroleos de Venezuela S.A., the Venezuelan national oil company, for the operation of the Nipa-Nardo-Niebla and the Budare-Elotes CPPs in onshore Venezuela (collectively, the “Venezuela Blocks”). The Venezuela Blocks are currently producing 3,000 bbl/d of light and medium oil.

    The Company is preparing a baseline to understand the work program and activities required to take over operations of these fields and optimize production and is in the process of certifying the reserves at certain of the Venezuela Blocks in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The disclosure of these reserves is subject to review and approval of PPSA.

    The CPPs were executed within the term of General License 44 issued by the US Office of Foreign Assets Control (OFAC). License 44 has been replaced by License 44A, and the Corporation is following the applicable regulatory procedures to operate in full compliance with the applicable sanction regimes. LNG Venezuela and PPSA have mutually agreed to extend the outside date of the CPPs to November 30, 2024.

    Transfer Agent

    LNG Energy Group announces that Odyssey Trust Company (“Odyssey”) has replaced Computershare Investor Services Inc. (“Computershare”) as the registrar and transfer agent of the Company effective September 11, 2024. Shareholders need not take any action in respect of the change in transfer agent.

    All inquiries and correspondence relating to shareholders’ records, transfer of shares, lost certificates, or change of address should now be directed to Odyssey as follows:

    Odyssey Trust Company
    Trader’s Bank Building
    702 – 67 Yonge Street
    Toronto ON M5E 1J8

    Phone: 1-587-885-0960
    Fax:1-800-517-4553
    Email: clients@odysseytrust.com
    Website: http://www.odysseytrust.com/contact

    As of the date hereof, Computershare remains the trustee of any applicable warrants and escrow arrangements.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    About LNG Energy Group

    The Company is focused on the acquisition and development of oil and gas exploration and production assets in Latin America.

    For more information, please see below:

    Website:
    http://www.lngenergygroup.com

    Investor Relations:
    James Morris, Vice-President, Business Development and Investor Relations
    Email: investor.relations@lngenergygroup.com
    Telephone: 205-835-0676

    Find us on social media:
    LinkedIn: https://www.linkedin.com/company/lng-energy-group-inc/
    Instagram: @lngenergygroup

    X: @LNGEnergyCorp

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “should”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, factors may occur which impede or prevent LNG Energy Group’s future business plans; and other factors beyond the control of LNG Energy Group. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, LNG Energy Group assumes no obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

    CPPs

    Please see the Company’s news release dated April 24, 2024 for additional information with respect to the CCPs. There can be no guarantee that the Company or LNG Venezuela shall be able to complete the acquisition terms required by PPSA.

    The CPPs were executed within the term of General License 44 issued by the US Office of Foreign Assets Control (OFAC). License 44 has been replaced by License 44A requiring US persons to wind down oil operations in Venezuela before May 31, 2024. License 44 has been replaced by License 44A, and the Corporation is following the applicable regulatory procedures to operate in full compliance with the applicable sanction regimes.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2891cdb5-62b8-4666-80a7-49014f2eb929

    The MIL Network

  • MIL-OSI Australia: Upgrades continue on Great Eastern Highway

    Source: Australian Ministers 1

    Safety upgrades to the Great Eastern Highway are continuing with a $23 million contract awarded for works in the Wheatbelt Region.

    The upgrades form part of the Australian and Western Australian Government’s $250 million Great Eastern Highway Upgrades, delivering improvements to various sections of the highway through the Wheatbelt and Goldfields-Esperance Regions.

    Fulton Hogan received the contract to deliver three sections of road reconstructions, widenings and sealings including:

    • 4.4km between Carrabin and Bodallin
    • 4.6km between Nulla Nulla South Road and approximately 700m west of Liddell Road (west of Moorine Rock)
    • 2.4km between Liddell Road and Granich Road (west of Moorine Rock)

    The project also includes upgrades to the intersections of Great Eastern Highway with Smyth Road, Nulla Nulla North Road, Bin Road and Granich Road and the installation of new safety barriers, kerbs, signs and audible edge and wide centre line road markings.

    The upgrades follow the completion of major works on the highway including:

    • Widening and sealing between Stephen Road and Noongar South Road
    • Realignment through the Bodallin townsite
    • Intersection upgrades at Penton Road, Ivey Road, Blyth Road, Bodallin South Road and Bodallin North Road
    • Construction of an eastbound passing lane between Bodallin and Moorine Rock
    • Construction of a westbound rest area between Bodallin and Moorine Rock

    The works funded under the $23 million contract are expected to be completed in late 2025 with the staged upgrade program continuing along the highway until 2028.

    Quotes attributed to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “Investment in the Great Eastern Highway is essential to keep communities in the Wheatbelt and Goldfields thriving.

    “Our Government understands the critical importance of road transport for our freight industry and its many workers.

    “From the Bass Highway in Tasmania, to the Bruce Highway in Queensland, and the Great Eastern Highway in Western Australia – we’re prioritising upgrades that keep Australians safer and the economy moving.”

    Quotes attributed to WA Transport Minister Rita Saffioti:

    “This $250 million joint project between the State and Australian Governments is helping to improve road safety along this critical road.

    “The Great Eastern Highway is an important transport link to the eastern states, as well as for local communities in the Wheatbelt, which makes this program of work absolutely critical.

    “The works are also providing a critical source of employment in these local communities, helping drive economic growth in Wheatbelt towns.

    “Our Government will continue to invest in initiatives that improve the safety of our road network, make them more efficient and cut down travel times for road users.”

    Quotes attributed to Senator for Western Australia Glenn Sterle:

    “The Great Eastern Highway upgrades continue to deliver the improvements that will keep locals, tourists and truckies safe on our roads.

    “This $23 million is part of a much larger investment across numerous programs that prove to Australian drivers that we’re invested in their safety.

    “Whether it’s rest stops, guardrails, or wider bridges, we’re working with state and local governments across the country to make each drive as safe as possible.”

    Quotes attributed to WA State Member for Kalgoorlie Ali Kent:

    “Kalgoorlie locals and businesses use the Great Eastern Highway every day to commute to and from Perth, so it’s fantastic to see this significant investment to make the journey safer.

    “These upgrades will make the trip to and from Perth easier, faster and safer for Kalgoorlie residents long into the future.”

    MIL OSI News

  • MIL-OSI Banking: APEC Finance Ministers Issue Joint Statement Lima, Peru | 21 October 2024 Issued by the APEC Finance Ministers’ Process

    Source: APEC – Asia Pacific Economic Cooperation

    Finance Ministers from the 21 APEC member economies released a joint statement at the conclusion of their meeting in Lima on Monday under the theme, “Sustainable + Digital + Resilient = APEC.”

    The statement reflects the outcomes of the 2024 APEC Finance Ministers’ Meeting chaired by José Arista Arbildo, Peru’s Minister of Economy and Finance. It describes joint actions to be taken forward by APEC member economies in the following priority areas:

    • Global and Regional Economy
    • Sustainable Finance
    • Domestic Carbon Pricing and Non-pricing Measures
    • Sustainable Energy Transitions
    • Sustainable Infrastructure Financing
    • Open Finance to Enhance Competition and Foster Innovation
    • Digital Financial Inclusion
    • Hydrometeorological Risk Financing
    • Modernization of the Finance Ministers’ Process

     

    View the 2024 APEC Joint Finance Ministerial Statement

    and accompanying Chair’s Statement

    Finance Ministers also launched the Sustainable Finance Initiative for the coordination and promotion of voluntary information sharing and capacity building on sustainable finance issues. They further welcomed the adoption of the guidance document for developing a new roadmap and endorsed a strategy to modernize the Finance Ministers’ Process.

    Read the accompanying annexes to the joint statement:

    Annex A. Sustainable Finance Initiative

    Annex B. Guidance Document for Developing a New Finance Ministers’ Process Roadmap

    Annex C. Second Strategy for Modernization of the Finance Ministers’ Process

    For further details, please contact:

    APEC Media at [email protected]

    MIL OSI Global Banks

  • MIL-OSI Australia: Community disturbance – Jilkminggan

    Source: Northern Territory Police and Fire Services

    Northern Territory Police responded to large disturbances in the remote community of Jilkminggan yesterday.

    Around 7:30pm, police received reports of large groups fighting with weapons, with a male observed driving dangerously throughout the community.

    Mataranka Police attended the area and located the 48-year-old male offender.

    The man allegedly threatened members with a claw hammer, refusing to follow directions. An officer deployed a taser and the man was apprehended and conveyed to the local clinic for assessment.

    He has since been transferred to the watch house and charged with Assault Police and Go Armed in Public.

    Police also located a woman who had been assaulted by up to 6 unknown offenders. She was also conveyed to the local clinic for treatment.

    Investigations into the disturbances remain ongoing.

    Commander Kylie Anderson said “There is no excuse for the behaviour we saw overnight.

    “Local police will be facilitating mediation talks and anyone with information is urged to contact police on 131 444 or visit your local station. You can make an anonymous report through Crime Stoppers on 1800 333 000.”

    MIL OSI News

  • MIL-OSI Australia: Port of Burnie shiploader complete, doubling capacity

    Source: Australian Ministers for Regional Development

    Tasmania’s largest cargo port has doubled its loading capacity, supporting 500 jobs and boosting the state’s economy.

    The Albanese Government provided $82 million to fully fund the new Shiploader and expanded bulk minerals export facility at the Port of Burnie, which opens today.

    This is a significant investment in North-West Tasmania, strengthening supply chains, reducing operating costs and increasing freight productivity.

    Thproject has installed a new Shiploader along with a new wharf gallery conveyor that connects the existing Bulk Minerals Export Facilitiy (BMEF) to rail and road networks for the transfer of products for export.  

    These upgrades enable the handling of increasing freight volumes, securing the state’s export supply chain for the future. 

    The old Shiploader at the Port of Burnie was built in 1969 and had been operating for well over 50 years, making a new structure vital. 

    The upgraded shiploader is now operational and has loaded over 40,000 tonnes of freight. 

    Expansion of the BMEF will be the final component of works to complete the upgrades, planning for which is well underway.

    The project is creating over 140 direct and indirect jobs during construction and will support an estimated 425 ongoing jobs in related industries.

    The Australian Government’s $82 million investment includes an extra $16 million from the 2024-25 Budget. 

    While this is fully funded by the Australian Government, it is the culmination of many years of hard work and strong collaboration with TasRail. 

    It is one of a number of projects that the Australian Government and TasRail have worked effectively on in recent times.

    Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “Replacing aging infrastructure at the Port of Burnie will dramatically boost ship loading rates, creating jobs across Tasmania.

    “The vital upgrades will make port operations more reliable and cost effective, securing the State’s minerals export supply chain.

    “Investments like these deliver on our commitment to building strong and sustainable regions through support for local industries.”

    Quotes attributable to Senator for Tasmania Anne Urquhart:

    “Today’s official opening of the Shiploader is testament to the importance of collaboration, with this opening marking the culmination of many years of hard work and strong collaboration between TasRail and the Australian Government.”

    “This project will see Tasmania’s largest cargo port doubling its loading capacity in a major boost for the State’s economy, thanks to the Australian Government that fully funded the $82 million project.”

    Quotes attributable to TasRail CEO Steven Dietrich:

    “TasRail is proud to have facilitated this project for the Tasmanian mining industry. Our facility at the Port of Burnie has been the primary export gateway for many of the West Coast mines for more than 50 years.

    “In the last financial year, TasRail shiploaded 575,047 thousand tonnes of concentrate for export. 

    “Our new shiploader provides certainty to TasRail’s existing customers and will help to attract investment into new mining projects in Tasmania. 

    “We thank the Australian Government for its on-going support for rail infrastructure in Tasmania and all of the contractors and stakeholders who have helped to ensure the project’s success.”

    MIL OSI News

  • MIL-OSI USA: Remarks as Prepared for Delivery by Dr. Liz Sherwood-Randall for the Eradicate Hate Global Summit | Pittsburgh,  PA

    US Senate News:

    Source: The White House
    Pittsburgh, Pennsylvania
    Thank you to each of the speakers, including the survivors, who preceded me. You are each both humbling and inspiring, and I am deeply grateful to have listened to what you have shared with us.
    It is an honor to be here with you at the fourth convening of the Eradicate Hate Global Summit.
    Thank you, Brette for your generous words — and thank you for taking on this vital leadership role. 
    The Summit has convened thousands of experts and developed multiple innovative approaches – including the “Up End Hate” campaign that empowers young people to prevent violence.  And that is just the most recent example of the impact this solutions-oriented Summit has delivered.    
    Sunday, October 27th, will mark the sixth anniversary of the horrific day when a white supremacist who hated Jews and immigrants went to the Tree of Life synagogue here in Pittsburgh and attacked the innocent human beings who were worshipping during morning Shabbat services.
    He murdered eleven people that day, robbing the world of their futures. 
    For each of them, their loved ones still grieve, and in solidarity we each can say:  May their memories be a blessing.
    The phrase is a resonant and powerful one. It invites us all not just to remember those we have lost, but to honor them by continuing to pursue justice and heal our broken world in their names.
    Looking at this week’s agenda and each of you in this room, remembering them is indeed proving to be a blessing, by motivating this hard work to translate ideas into action.
    In the aftermath of that terrible and tragic day, this community and this city have shown that an act of terror should and can unite us rather than divide us. In the Summit, you have shown the world how you have taken the emotions and prayers that arose and the actions you are undertaking and channeled them into meaningful deeds.
    It is in that spirit of moving from hope to action that I come to you today.
    I will speak to you about three topics: the threat we face now, the responses we are pursuing to address that threat, and the actions we are taking to reduce that threat in the future.
    First, we unfortunately have to acknowledge that current forms of domestic terrorism and hate have fueled a dynamic threat landscape that is even more daunting following the savage Hamas attack on Israel one year ago and its ongoing aftermath.
    These threats present a new set of challenges that we must do everything we can to prevent, to disrupt, and to prepare for if they cannot be stopped.  
    Indeed, the Biden-Harris Administration’s response to hate and domestic terrorism is outlined in a series of innovative strategies and implementation plans that harness the full force of the Federal government of the United States. 
    But critically, they depend on intensive, enduring cooperation with civic, religious, private sector and international partners like you to generate a comprehensive response.
    And although it may not feel that way every day, this model is delivering results. I am the first to admit that the challenges are immense, and even growing.  But I also fervently believe that combining our full strengths, we can come together to make a difference. 
    The Normalization of Hate and Violence
    Let me begin with the threat landscape: As the White House Homeland Security Advisor over the past four years, I have seen firsthand that a fundamental threat to our democracy is the normalization of hate-fueled violence.
    Domestic terrorist movements, including racially and ethnically motivated violent extremists, continue to advocate for widespread violence on the premise that it would lead to outcomes they seek, including chaos and societal collapse among other dystopian ends.
    These dark minds celebrate attacks in El Paso, Buffalo, Poway, Colorado Springs, Charleston, and yes, just east of here, in Squirrel Hill — as well as numerous attacks abroad that they ascribe to their twisted worldview.
    The proliferation of these ideologies online reflects this trend, and its purveyors are reaching a growing number of people, including teenagers and even younger children.
    And as this threat has evolved both in the United States and especially online, we have seen its “domestic” dimensions become increasingly global.
    Let me give you one example of what I mean.  On September 9th of this year, the Federal Bureau of Investigation and the Department of Justice arrested and charged two leaders of the Terrorgram Collective in the United States.
    These two individuals created a global community of white supremacists to communicate online with like-minded people, disseminate violent propaganda, and encourage physical attacks on minority communities and government officials.
    The amplification of hate online has corresponded with a growth in antisemitism and other forms of hate, particularly in the wake of the October 7th Hamas attacks. 
    By just one measure, between October 7th, 2023, and January 30th of this year, the FBI opened over three times more anti-Jewish hate crimes investigations than in the four months prior to the October 7th attacks. I will return to the meaningful outcomes from these investigations in a moment. 
    And October 7th has had ramifications beyond the rise in hate. We have observed terrorist groups from across the ideological spectrum seeking to exploit the attack for their own goals. Images and messaging emerging from the conflict are expanding the pool of individuals susceptible to mobilization to violent acts, and causing terrorist groups that previously disdained each other to form common cause.
    And these effects are likely to persist long after hostilities cease— and will interact with future flashpoints and activating events, which could drive terrorist attacks against the United States and Israel, as well as against Jewish, Muslim, Arab, and other communities.  
    And it is not just terrorist organizations that are of high concern. The behavior of lone actors can have significant ramifications, even when they do not commit mass violence.
    For example, in February 2024, a joint investigation between the FBI and Florida authorities led to the arrest of a 17-year-old for swatting—which is the practice of making false reports to 9-1-1 to induce a law enforcement response at a residence or workplace.
    Over a two-year span, this particular young person targeted a Florida mosque and hundreds of high schools, historically black colleges and universities, and even the homes of FBI agents.
    Swatting distracts and drains valuable law enforcement resources, exposes police to a potentially life-threatening response, and traumatizes citizens, including students and worshippers, who experience these events.
    And as if this wasn’t bad enough, it emerged that the young suspect was selling swatting as a service on Telegram— which is another way in which that platform is being exploited for dangerous purposes.
    Now, some look at today’s threat landscape and assume the worst, and conclude that there is little if anything that can be done to stop the growth of these threats. 
    But I am here today to tell you that, like all of you, we do not see it that way.    
    The Biden-Harris Administration’s Strategic Approach
    Clearly what I have described is not how we wish our world had evolved. But we have come together here to affirm that we are not powerless in the face of hate and violence.
    From day one, President Biden and Vice President Harris have pursued a rigorously calibrated, integrated approach to countering hate and domestic terrorism that is aligned with our values and complements our broader national security interests.
    This is built on their core belief that domestic terrorism and hate strike at the very foundation of our democracy.
    Indeed, President Biden decided to run for the White House back in 2017 after men with tiki torches emerged from the shadows in Charlottesville spewing the same Antisemitic bile we heard in Germany in the 1930s. 
    That’s why, on his first day in office, President Biden directed me to lead a 100-day comprehensive review of U.S. Government efforts to address domestic terrorism.  This resulted in the development and release of the first-ever National Strategy for Countering Domestic Terrorism in June of 2021.
    We went to work immediately on implementing that strategy.  And to complement it, recognizing how critical our partners beyond the Federal government would be to our success, in September of 2022, President Biden hosted the United We Stand Summit to mobilize communities to work with us in advancing an inclusive and bipartisan vision for a more united America and to push back against the growing normalization of hate in our society.
    In December of that year, Susan Rice – then the President’s Domestic Policy Advisor – and I launched an initiative to specifically tackle Antisemitism, Islamophobia and related forms of bias and discrimination.
    This led to our releasing, in May 2023, the first-ever U.S. National Strategy to Counter Antisemitism. And we have been working to develop a complementary strategy to address Islamophobia. 
    Importantly, our approach not only tackles the threats of today but prepares for emerging and future threats. 
    So I want to focus here on three key elements of the strategy: first, our efforts to hold accountable those who engage in hate-fueled violence and hate crimes; second, our efforts to protect vulnerable communities; and third, our efforts to prevent such acts from occurring in the first place.
    Accountability Measures
    Our Administration has prioritized the use of our legal authorities and tools to expand investigations and prosecutions. 
    As a result, from 2020 to 2022, the number of FBI domestic violent extremism and domestic terrorism investigations more than doubled to over 2,700. 
    In 2022, the Department of Justice also created a specific domestic terrorism unit within its National Security Division to handle these investigations and prosecutions.
    And a similar dynamic is occurring in our efforts to address hate crimes. The FBI has published and widely disseminated information about what constitutes a hate crime and how to report them, and reinforced this by conducting over 70 meetings with faith-based organizations since October 7th.
    These efforts, combined with the FBI’s tireless work to investigate every lead they receive, have delivered results.  Let me describe a few.  
    In November of 2023, a Tampa, Florida, resident was arrested by the FBI for allegedly leaving threatening voicemails at two Jewish organizations in New York.
    In January 2024, a Massachusetts man was arrested for threatening to kill members of the Jewish community and bomb places of worship.
    And just last month, the Department of Justice announced criminal charges against a Pakistani national arrested in Canada who was planning to travel to New York City to attack a Jewish Community Center on the anniversary of October 7th.
    Protection Measures
    We have also driven efforts to enhance the safety and security of Jewish and other communities targeted for hate and violence. For example, President Biden worked with Congress to secure an additional $400 million for the Department of Homeland Security’s (DHS’s) Nonprofit Security Grant Program in February of this year.
    This grant program funds security improvements and training for nonprofits and houses of worship, including campus organizations and community centers.
    For example, the same program paid to install cameras and boost other security measures in Congregation Beth Israel in Colleyville, Texas—actions that the congregation’s Rabbi credited with avoiding loss of life when a terrorist took hostages in the synagogue in January 2022. 
    We have also worked in partnership with a wide range of state and local leaders and non-governmental partners to help communities and institutions protect themselves against and prevent hate.
    As just one example, this past summer we provided 5,000 campus leaders all across the country with a detailed list of the federal resources available to help them establish safer and more secure learning environments for their students, faculty, and staff.  
    We sent Federal experts to campuses, hosted a variety of convenings to discuss challenges and identify solutions, and released updated toolkits to enhance their preparations for the new academic year that began in August.
    This effort is ongoing, and the fear and anxiety of those who feel threatened on campuses persists. But it is clear that the resources and toolkits we have shared align with the changes that many campuses have successfully implemented this Fall.  
    Prevention
    And this brings me to the third element of our response—the actions we are taking now to prevent hate-fueled violence and domestic terrorism in the future, before they occur. 
    We know that a complex process brings an individual to pursue targeted violence or terrorism. But we also know that there are behaviors and other signs that people see that are clues that an individual might be trending toward or contemplating an act of targeted violence or terrorism.   
    We have elevated the prevention of targeted violence and terrorism as a strategic priority for countering terrorism, antisemitism, and related forms of hate. 
    Our goal has been to build a prevention architecture that supports nation-wide state and local efforts to intervene and “offramp” individuals who appear to be moving toward committing acts of targeted violence and terrorism.
    At the Federal level, we have surged support to state and local behavioral Threat Assessment and Management, or “TAM” teams as we refer to them.
    For example, the FBI’s Behavioral Analysis Unit has embedded specifically trained agents who are called “threat management coordinators” in their field offices and is working to ensure that each of their field offices are participating in the local Threat Assessment and Management teams. Some of these coordinators are here with us today.   
    Likewise, the U.S. Secret Service’s National Threat Assessment Center recently released a six-step guide for state and local law enforcement about how they can most efficiently establish a TAM team that can assess and intervene with individuals identified as posing a risk of violence.
    And there is the DHS Center for Prevention Programs and Partnerships, which I know is well represented here in the room.  Among their many accomplishments, I want to highlight their work creating and curating the online Prevention Resource Finder, which you can Google at that name—literally a one-stop shop that lists all Federal resources available to help state and local governments prevent acts of targeted violence and terrorism. We recently expanded the website, and it now offers nearly 150 resources.
    It’s important to say again here that the Federal government cannot effectively tackle this metastatic challenge alone.
    Indeed, all of the evidence shows that prevention is most effective when led by our state and local partners, who are on the ground, embedded in our communities. This is especially true for TAM teams, which often operate at the county or municipal level.
    The good news is that we know state and local partners can do this quickly and successfully in partnership with Federal expertise and assistance. Let me give you an example.
    In the days and weeks following the appalling May 14th, 2022, domestic terrorist attack at the Tops Supermarket in Buffalo, the state of New York quickly reached out to the Federal Department of Homeland Security and other Federal agencies to explore how to expand existing partnerships and build a statewide prevention effort.
    To be clear, this was led by and implemented by the State of New York, but the Federal government offered substantial assistance to the State of New York.
    And by 2023, New York had launched a statewide targeted violence prevention strategy that included placing at least one TAM team in every county.
    Just two years after the Buffalo attack, New York had established TAM teams in forty-three counties and the City of New York.
    In May, New York noted that their TAM teams were collectively intervening in more than one thousand two hundred cases.
    And, more important, these TAM teams are saving lives, taking action with respect to certain individuals who were clearly planning acts of targeted violence.  
    This is critical, painstaking, lifesaving work, and I am encouraged to see that many more states are responding to our calls to move in this direction.
    This is progress, and if we persist, these efforts will reduce violence in our Homeland.  
    Closing
    In closing, I want to thank each of you for the work you do every day to prevent, to prepare, and to respond to this phenomenon that is tragically impacting so many of our communities and leaving families and neighborhoods devastated. 
    Your partnership with us is vital to stopping the normalization of hate-fueled violence that threatens our democracy. 
    Again, I want commend the work of this Summit. You are the embodiment of what I have spoken about today.  And there is a real feeling of solidarity in a group like this, and we can and must draw strength from one another.
    For a moment, I will take you back to another very dark time in our Nation’s history — the days and weeks after 9/11. Then I had very young children — and to focus them on the positive in a time of terror I would say to them, “look at all the helpers — there are so many people who are helping other people.”
    You are the helpers today, the doers, the healers in these times, and your work to scale up prevention efforts – and to mobilize the youth of our country to be a part of the solution to hate – are two of the numerous examples of how the agenda for the coming three days will build a stronger and safer America for all of us, and set an example for the world. 
    I salute you for all your commitment, your dedication, and everything you are doing — 
    And I will end where I began. While the threats are real and pernicious, we take inspiration from each other and from those we have lost.  
    May each of their memories be a blessing – and may our work together light the way to a brighter and more secure future.     

    MIL OSI USA News

  • MIL-OSI Asia-Pac: FS continues to attend APEC Finance Ministers’ Meeting in Peru (with photos/video)

    Source: Hong Kong Government special administrative region

         â€‹The Financial Secretary, Mr Paul Chan, continued his attendance at the APEC Finance Ministers’ Meeting (FMM) in Lima, Peru, yesterday (October 21, Lima time).

         This year’s APEC FMM takes the theme of “Sustainable + Digital + Resilient = APEC.” During various discussions, Mr Chan spoke on topics including global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.

         In the session on global and regional economic and financial outlooks, Mr Chan shared the latest economic situation in Hong Kong and reiterated Hong Kong’s firm support for rules-based free trade and multilateralism. As a “super connector,” Hong Kong plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development.

         In the discussion session on sustainable finance and infrastructure, Mr Chan highlighted Hong Kong’s functions as an international financial centre, facilitating the effective matching of funds with green and infrastructure projects. Through financial innovation and cooperation with international institutions, Hong Kong has been able to securitise infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges. He also shared updates and experience on Hong Kong’s efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.

         Mr Chan also participated in discussions on digital finance at the FMM, sharing Hong Kong’s experiences in developing fintech and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies. He noted that Hong Kong’s robust and internationalised financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem.

         At noon, Mr Chan attended a luncheon of the APEC Business Advisory Council, sharing Hong Kong’s experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, as well as creating a more favorable environment for micro, small and medium enterprises to embrace digital finance. He exchanged views with representatives and business leaders from other economies.

         During the FMM, Mr Chan also met with South Korea’s Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea, Mr Choi Sang-mok, and Vietnam’s Deputy Minister of Finance, Mr Vo Thanh Hung, to discuss strengthening cooperation and exchanging views on issues of mutual interest.

         In the evening, Mr Chan would depart Lima for New York, the United States, where he will attend the Bloomberg Global Regulatory Forum and deliver a speech today (October 22, New York time).               

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Money Market Operations as on October 21, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 540,586.51 6.46 5.00-6.90
         I. Call Money 9,384.15 6.50 5.10-6.90
         II. Triparty Repo 373,248.65 6.46 6.30-6.85
         III. Market Repo 156,933.71 6.46 5.00-6.85
         IV. Repo in Corporate Bond 1,020.00 6.56 6.54-6.70
    B. Term Segment      
         I. Notice Money** 141.30 6.38 6.20-6.50
         II. Term Money@@ 567.50 6.65-6.95
         III. Triparty Repo 713.00 6.62 6.43-6.74
         IV. Market Repo 1,042.10 6.63 6.60-6.75
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 21/10/2024 1 Tue, 22/10/2024 18,597.00 6.75
    4. SDFΔ# Mon, 21/10/2024 1 Tue, 22/10/2024 88,775.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -70,178.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -9,310.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -79,488.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 21, 2024 992,200.52  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 21, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1349

    MIL OSI Economics

  • MIL-OSI Economics: AIIB Commits EUR150 Million to Türkiye North Marmara Highway Project

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has signed a EUR150 million (approximately USD167 million) loan agreement to cofinance the North Marmara Highway Nakkaş-Başakşehir BOT Project.

    The Project – aimed at enhancing Istanbul’s east-west connectivity, improving road safety and reducing congestion – is being implemented under a build-operate-transfer arrangement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.

    “AIIB’s participation in this project not only enhances Türkiye’s transport infrastructure but also supports our mission to advance green finance and sustainable development,” said Konstantin Limitovskiy, AIIB Vice President for Investment Clients Region 2 and Project and Corporate Finance, Global. “By reducing emissions, improving road safety and fostering cross-border connectivity, the North Marmara Highway exemplifies the kind of ‘infrastructure for tomorrow’ that will deliver long-term positive impacts for the region and beyond.”

    “We’re proud to set a new standard for transportation in Türkiye with the Nakkaş-Başakşehir Project,” said Erman Ilıcak, President of Rönesans Holding. “We wish to thank our consortium partners, under the leadership of Samsung C&T Corporation, for their confidence in us throughout this project and their investment in Türkiye. Not only will the highway drastically cut travel times for individuals and businesses in Istanbul – it will also take the country’s sustainable development to the next level. This is a highway of the future, built with people, society and the environment in mind – elements we hope to see replicated across global infrastructure projects moving forward.”

    “This project is expected to enhance economic cooperation between the two countries,” said Se Chul Oh, President and CEO of Samsung C&T. “Moreover, it holds a great significance as K-Team produces meaningful outcomes with the technique of a Korean builder and policy support from public organizations including Korean Expressway Corporation, KIND and PIS Fund. We will keep this momentum going to create additional cooperative opportunities in Turkey, CIS and Eastern European markets beyond the successful partnership with Rönesans.”

    AIIB’s EUR150 million contribution is part of a wider EUR1.04 billion senior debt financing package. The project is cofinanced by AIIB, the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank Group as anchor lenders, along with an international consortium of commercial banks and export credit agencies.

    Key components of the project include advanced tolling systems and sustainable construction techniques. The highway is expected to benefit commuters, businesses and logistics operators by reducing travel times and transportation costs, as well as improving access to Istanbul’s New Airport. AIIB has been involved in the project since 2020 in partnership with EBRD, ensuring compliance with environmental and social standards (including the Environmental and Social Impact Assessment and Resettlement Action Plan).

    This is AIIB’s second road infrastructure project in Türkiye and marks a significant milestone in AIIB’s engagement in the country’s transport sector. Earlier this year, the Bank approved a USD200 million loan under its Emergency Road Rehabilitation and Reconstruction Project to support the country’s recovery from the February 2023 earthquakes.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    About Rönesans Holding

    Rönesans Holding, a Turkish conglomerate headquartered in Ankara, is the 53rd-largest international contracting company globally and one of the largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, Rönesans has been operating successfully for 30 years in construction, energy, healthcare, real estate development and industrial investments.

    About Samsung C&T Corporation

    Samsung C&T Corporation is a South Korean construction and trading company since 1977. It’s a part of the larger Samsung Group. C&T stands for Construction and Trading, reflecting its diverse business portfolio. The company is involved in various sectors, including engineering and construction, trading and investment, fashion and resorts. Samsung C&T has played a significant role in the development of South Korea’s infrastructure and has expanded its global presence with projects worldwide. Samsung C&T is the 16th largest international contracting company globally. Currently operating in 26 countries, Samsung C&T has successfully completed 510 civil infrastructure projects worldwide, with 23 ongoing projects.

    MIL OSI Economics

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Third Quarter Highlights

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

    Balance Sheet and Credit Quality

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

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

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

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

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

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

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

    Income Statement Review

    Quarterly Results

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

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

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

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

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

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

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

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

    Year-to-Date Results

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

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

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

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

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

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

    Explanation of Non-GAAP Financial Measures

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

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

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

    Conference Call Cancelled

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

    About Sandy Spring Bancorp, Inc.

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

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

    Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    (1) Estimated ratio at September 30, 2024.

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

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

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

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

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

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

    The MIL Network

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    “शहीदों की चिताओं पर जुड़ेंगे हर बरस मेले।

    वतन पर मरनेवालों का यही बाक़ी निशाँ होगा॥

    कभी वह दिन भी आएगा जब अपना राज देखेंगे।

    जब अपनी ही ज़मीं होगी और अपना आसमाँ होगा॥“

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    ****

    JK/RC/SM

    (Release ID: 2066642) Visitor Counter : 25

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Deputy Administrator Isobel Coleman Travels to Italy

    Source: USAID

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

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

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

    MIL OSI USA News

  • MIL-OSI USA: EPA Orders the Puerto Rico Department of Transportation to Comply with the Clean Water Act in Ponce, Puerto Rico

    Source: US Environment Protection Agency

    PUERTO RICO – The Environmental Protection Agency has issued an administrative order to the Puerto Rico Department of Transportation and Public Works (DTPW) requiring them to resolve Clean Water Act violations associated with the municipality’s separate storm sewer systems (MS4) and stormwater management program. DTPW owns and operates several storm sewer systems in Puerto Rico, including those located in PR-123 Road and PR-585 Road at Playa Ward in the Municipality of Ponce.

    “Stormwater management is crucial for safeguarding people’s health and the environment. It also helps prevent flooding, especially in coastal communities like Barrio Playa,” said Lisa F. Garcia, Region 2 Administrator. “EPA’s enforcement of the Clean Water Act is addressing past issues such as poor management and flooding, and it is also ensuring a safer, healthier future for the residents of Barrio Playa.”

    EPA has received complaints from the local community about flooding events at PR-123 Road and PR-585 in Ponce Playa. EPA has been inspecting the system since 2022. EPA found that DTPW had not implemented a storm water management plan that would detect illegal discharges into their storm sewer systems at Ponce Playa. Illegal dumping and connections can result in serious pollutants like car oil and sewage getting into storm sewer systems. The most recent EPA investigation was conducted in August 2024. EPA was joined by officials from DTPW, Municipality of Ponce, Puerto Rico Aqueduct and Sewer Authority (PRASA), and Ponce Playa community leaders. The inspection revealed that DTPW’s storm sewer systems lack required operation and maintenance, and unpermitted pollutants are being discharged into the system, to the detriment of the community.

    The order requires DTPW to take a number of actions, including:

    • Develop and submit to EPA a storm sewer map depicting DTPW’s MS4s at specified segments in Ponce Playa.
    • Investigate its storm sewer systems for any connection to PRASA’s sanitary sewer systems that may cause sanitary sewer overflows and notify PRASA of the results of such investigations.
    • Develop an inventory of DTPW’s storm sewer systems discharge outfalls and interconnections in Ponce Playa.
    • Prepare a work plan to perform assessments and make improvements. Thes plan will focus on identifying illegal discharges into the system; inspecting and cleaning storm sewer systems; and replacing or constructing infrastructure, if needed. Perform outfall monitoring for specific pollutants including enterococci, fecal coliform, ammonia, surfactants, boron, pH, and total phosphorus.

    The EPA order includes a detailed schedule for the performance of compliance measures that will result in the elimination of illicit discharges into the Caribbean Sea. 

    For more about EPA’s role in helping prevent Stormwater Pollution:  https://www.epa.gov/npdes/npdes-stormwater-program.

    Follow EPA Region 2 on X and visit our Facebook page. For more information about EPA Region 2, visit our website.

    24-095

    MIL OSI USA News

  • MIL-OSI USA: FBI and CISA Issue Public Service Announcement Warning of Tactics Foreign Threat Actors are Using to Spread Disinformation in the 2024 U.S. General Election

    News In Brief – Source: US Computer Emergency Readiness Team

    WASHINGTON – The Federal Bureau of Investigation (FBI) and the Cybersecurity and Infrastructure Security Agency (CISA) issued their final four-part joint public service announcement (PSA) today titled “Just So You Know: Foreign Threat Actors Likely to Use a Variety of Tactics to Develop and Spread Disinformation During the 2024 U.S. General Election Cycle.” This PSA highlights efforts by foreign actors to spread disinformation in the lead-up to the 2024 U.S. general election with the goal of casting doubt on the integrity of the democratic process and sowing partisan discord. Foreign adversaries are using a variety of sophisticated disinformation campaigns, often leveraging new tools, such as generative artificial intelligence (AI), to craft and spread misleading content. 

    “As we approach Election Day, it is important to remember that while elections are political, election security is not. Election security is national security. Our foreign adversaries are looking to attack our democratic process to further their own objectives, and we need the help of all Americans in ensuring they are not successful,” said CISA Senior Advisor Cait Conley.  “There has been incredible effort across local, state and federal governments to ensure the security and integrity of our nation’s election infrastructure. Americans should be confident that their votes will be counted as cast.  They should also know that our foreign adversaries will try to make them believe otherwise. We encourage everyone to remain vigilant, verify the information they consume, and rely on trusted sources like their state and local election officials.” 

    The PSA highlights specific examples of tactics we have seen used by Russia and Iran during the 2024 election cycle to target all Americans. These include things from mimicking national level media outlets like the Washington Post and Fox News and creating inauthentic news sites posing as legitimate media organizations to using paid influencers to hide their hand. It is important for voters to critically evaluate information sources, particularly as disinformation campaigns evolve to use AI-generated content. Both agencies urge the American public to rely on trusted information from state and local election officials and to verify claims through multiple reliable sources before sharing them on social media or other platforms. 

    For more information on how to protect yourself from disinformation, visit the official websites of the FBI and CISA’s dedicated election security webpage, cisa.gov/Protect2024.  

    ###

    About CISA 

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on XFacebookLinkedIn, Instagram

    MIL OSI USA News

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About Hyperscale Data, Inc.

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

    Forward-Looking Statements

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

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

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

    The MIL Network

  • MIL-OSI Asia-Pac: India Chem 2024 concludes today in Mumbai

    Source: Government of India (2)

    India Chem 2024 concludes today in Mumbai

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     

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    (Release ID: 2066478) Visitor Counter : 21

    MIL OSI Asia Pacific News

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

    Source: World Health Organization (WHO)

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

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

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

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

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

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

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

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

    A new vision for health in the Region

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

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

    1. Transformative primary health care for universal health coverage

    2. Climate-resilient health systems

    3. Resilient communities, societies and systems for health security

    4. Healthier people throughout the life course

    5. Technology and innovation for future health equity.

    The three horizontal strands of action by WHO are:

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

    2. Nimble support teams in the Regional Office

    3. Effective communication for public health.

    Action frameworks and panel discussions on priority issues

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

    Building climate-resilient health-care facilities

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

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

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

    Exhibitions to highlight health issues and WHO’s work

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

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

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

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

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

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

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

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

    Notes:

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

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

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

    Related links:

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

    MIL OSI – Submitted News

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

    Source: Media Fast

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

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

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

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

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

    Shaping the housing agenda

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

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

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

    MIL OSI – Submitted News