Category: housing

MIL-OSI: Bilibili Inc. Announces Repurchase Right Notification for 0.50% Convertible Senior Notes due 2026

Source: GlobeNewswire (MIL-OSI)

SHANGHAI, Oct. 21, 2024 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it is notifying holders of its 0.50% Convertible Senior Notes due 2026 (CUSIP No. 090040AF3) (the “Notes”) that, pursuant to the Indenture dated as of November 23, 2021 (the “Indenture”) relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trustee, each holder has the right, at the option of such holder, to require the Company to repurchase all of such holder’s Notes or any portion thereof that is an integral multiple of US$1,000 principal amount for cash on December 1, 2024 (the “Repurchase Right”). Holders of the Notes may exercise the Repurchase Right from 12:01 a.m., New York City time, on Tuesday, October 29, 2024 until 5:00 p.m., New York City time, on Wednesday, November 27, 2024.

As required by rules of the United States Securities and Exchange Commission (the “SEC”), the Company will file a Tender Offer Statement on Schedule TO today. In addition, documents specifying the terms, conditions, and procedures for exercising the Repurchase Right will be available through the Depository Trust Company and the paying agent, which is Deutsche Bank Trust Company Americas. None of the Company, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Repurchase Right.

The Repurchase Right entitles each holder of the Notes to require the Company to repurchase all of such holder’s Notes, or any portion thereof that is an integral multiple of US$1,000 principal amount. The repurchase price for such Notes will be an amount in cash equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, December 1, 2024, which is the date specified for repurchase in the Indenture (the “Repurchase Date”), subject to the terms and conditions of the Indenture and the Notes. The Repurchase Date is an interest payment date under the terms of the Indenture and the Notes. As December 1, 2024 is a Sunday, pursuant to the Indenture and the Notes, on Monday, December 2, 2024, which is the next succeeding business day, the Company will pay accrued and unpaid interest on all of the Notes through November 29, 2024 to all holders who were holders of record as of close of business on Friday, November 15, 2024, regardless of whether the Repurchase Right is exercised with respect to such Notes, with the same force and effect as if paid on December 1, 2024 and no interest shall accrue in respect of the delay. As a result, on the Repurchase Date, there will be no accrued and unpaid interest on the Notes. As of October 21, 2024, there was US$432,407,000 in aggregate principal amount of the Notes outstanding. If all outstanding Notes are surrendered for repurchase through exercise of the Repurchase Right, the aggregate cash purchase price will be US$432,407,000.

In order to exercise the Repurchase Right, a holder must follow the transmittal procedures set forth in the Company’s Repurchase Right Notice to holders (the “Repurchase Right Notice”), which is available through the Depository Trust Company and Deutsche Bank Trust Company Americas. Holders may withdraw any previously tendered Notes pursuant to the terms of the Repurchase Right at any time prior to 5:00 p.m., New York City time, on Wednesday, November 27, 2024, which is the second business day immediately preceding the Repurchase Date. If a holder has tendered any Notes pursuant to the Repurchase Right, such Notes cannot be converted unless the holder withdraws the tender in accordance with the terms of the Indenture.

This press release is for information only and is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell the Notes or any other securities of the Company. The offer to purchase the Notes will be only pursuant to, and the Notes may be tendered only in accordance with, the Company’s Repurchase Right Notice dated October 21, 2024 and related documents.

Holders of the Notes should refer to the Indenture for a complete description of repurchase procedures and direct any questions concerning the mechanics of repurchase to the Trustee by contacting Deutsche Bank Trust Company Americas. Holders of Notes may request the Company’s Repurchase Right Notice from the paying agent, at Deutsche Bank Trust Company Americas, c/o DB Services Americas Inc., 5022 Gate Parkway Suite 200, MS JCK01-218, Jacksonville, FL 32256.

HOLDERS OF NOTES AND OTHER INTERESTED PARTIES ARE URGED TO READ THE COMPANY’S TENDER OFFER STATEMENT ON SCHEDULE TO, REPURCHASE RIGHT NOTICE, AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BILIBILI INC. AND THE REPURCHASE RIGHT.

Materials filed with the SEC will be available electronically without charge at the SEC’s website, http://www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company’s investor relations website, http://ir.bilibili.com.

About Bilibili Inc.

Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high- quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.

For more information, please visit: http://ir.bilibili.com.

For investor and media inquiries, please contact:

In China:
Bilibili Inc.
Juliet Yang
Tel: +86-21-2509-9255 Ext. 8523
E-mail: ir@bilibili.com

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: bilibili@tpg-ir.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: bilibili@tpg-ir.com

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi inaugurates RJ Sankara Eye Hospital in Varanasi, Uttar Pradesh

Source: Government of India

Prime Minister Shri Narendra Modi inaugurates RJ Sankara Eye Hospital in Varanasi, Uttar Pradesh

The Hospital will remove darkness from the lives of many people in Varanasi and the region, leading them towards light: PM

Kashi is also now becoming famous as a big health center and healthcare hub of Purvanchal in UP: PM

Today, India’s health strategy has five pillars – Preventive healthcare, Timely diagnosis of disease, Free and low-cost treatment, Good treatment in small towns and Expansion of technology in healthcare: PM

Posted On: 20 OCT 2024 5:24PM by PIB Delhi

The Prime Minister, Shri Narendra Modi inaugurated RJ Sankara Eye Hospital in Varanasi, Uttar Pradesh today. The hospital offers comprehensive consultations and treatments for various eye conditions. Shri Modi also took a walkthrough of the exhibition showcased on the occasion.

Addressing the occasion, the Prime Minister said that visiting Kashi during this auspicious period is an opportunity to experience virtue. He noted the gracious presence of the people of Kashi, saints and philanthropists and mentioned performing darshan and receiving prasadam and blessings with Param Pujya Shankaracharya ji. The Prime Minister emphasized that Kashi and Uttaranchal have been blessed with another modern hospital today and mentioned the dedication of RJ Sankara Eye Hospital in the land of Lord Shankar. Shri Modi congratulated the people of Kashi and Uttaranchal on the occasion.

Giving an analogy of a quote mentioned in the ancient scriptures of India, the Prime Minister remarked that RJ Sankara Eye hospital would wipe out the darkness and lead many people towards light. Shri Modi said that having just visited the eye hospital, he felt it was an amalgamation of spirituality and modernity and the hospital would serve both the old and young in giving eyesight. He added that the poor would be getting free treatment in the hospital in large numbers. Shri Modi noted that the eye hospital would also create new job avenues for many youths as well as job and internship opportunities for medical students along with jobs for the support staff as well.

The Prime Minister recalled his association with Sankara Eye Foundation during his time as the Chief Minister of Gujarat and mentioned inaugurating Sankara Eye Hospital in the presence of Sri Shankara Vijayendra Saraswathi’s guru. He said that it is a matter of great contentment to receive the blessings of Sri Kanchi Kamakoti Peethadipathi, Jagadguru Shankaracharya Chandrashekharendra Saraswati Swamigal and mentioned accomplishing several tasks under the guidance of Param Pujya Jagadguru Sri Jayendra Saraswati Referring to today’s occasion, the Prime Minister said that it is a matter of personal satisfaction being associated with three different traditions of Gurus. The Prime Minister thanked Sri Shankara Vijayendra Saraswathi for blessing the occasion and welcomed him as the people’s representative of Varanasi.

Shri Modi also reminisced about the service and work of noted entrepreneur, Late Shri, Rakesh Jhunjhunwala. He also lauded the latter’s wife Smt Rekha Jhunjhunwala for continuing the heritage and legacy of Shri Jhunjhunwala. The Prime Minister recalled that he had requested both Sankara Eye Hospital and Chitrakoot Eye Hospital to set up their establishments in Varanasi and was thankful to both organizations that both had respected the request of people of Kashi. He noted that in the past, thousands of people from his parliamentary constituency had been treated at Chitrakoot Eye Hospital and now there were two new state-of-the-art eye hospitals within their reach in Varanasi.

Noting that from time immemorial, Varanasi was identified as the religious and cultural capital, the Prime Minister remarked that now Varanasi was becoming famous as UP and Purvanchal’s healthcare hub as well. Be it the BHU Trauma Center or superspeciality hospital or Deen Dayal Upadhyay Hospital or strengthening the facilities at Kabir Chaura Hospital or a speciality hospital for the senior citizens and government servants or medical colleges, Shri Modi said there was a lot of work done in the healthcare sector in the last decade. He added that there was a modern health facility even for the treatment of cancer patients in Varanasi. Shri Modi highlighted that the patients were getting good medical treatment in Varanasi itself today as against the visit to Delhi or Mumbai previously. He added that thousands of people from Bihar, Jharkhand and other places were coming to Varanasi for treatment. The Prime Minister remarked that the erstwhile “Mokshadayini” (Salvation giver) Varanasi was transitioning to a “NavJeevandayini” (New Life giver) Varanasi as well with new energy and resources.

Talking about previous governments, the Prime Minister remarked that healthcare facilities in Purvanchal including Varanasi were neglected. He added that the situation was such that 10 years ago, there were no block-level treatment centers for brain fever in Purvanchal leading to the death of Children causing hue and cry in the media. Shri Modi expressed satisfaction that in the last decade, there had been an unprecedented expansion of health facilities not only in Kashi but in the entire region of Purvanchal. He noted that today there were more than 100 such centers working to treat brain fever in Purvanchal and more than 10 thousand new beds have been added in the primary and community centers of Purvanchal in the last decade. He further noted that in 10 years, more than 5 and a half thousand Ayushman Arogya Mandirs were built in the villages of Purvanchal. The Prime Minister also said that there were more than 20 dialysis units working today which were providing free treatment to patients as compared to 10 years ago when there were no dialysis facilities in the district hospitals of Purvanchal.

The Prime Minister emphasized that India of the 21st century has shed the old mentality and approach pertaining to healthcare. He underlined the five pillars of India’s healthcare strategy namely preventive healthcare, timely diagnosis, free medicines and treatment, better healthcare facilities and adequate doctors in small towns and lastly expansive use of technology in healthcare services.

Underlining that preventing people from ailments is the highest priority and a first pillar of India’s healthcare policy, the Prime Minister pointed out that diseases tend to make people poorer. Noting that 25 crore people have risen out of poverty in the last 10 years, Shri Modi said that one serious ailment can push them back towards poverty. Therefore, said the Prime Minister, the Government is paying special attention to cleanliness, Yoga, ayurveda and nutrition. Highlighting the expansive reach of the vaccination drive, the Prime Minister pointed out that vaccination coverage remained only around 60 percent ten years ago when crores of children were left out. He lamented the scope of vaccination increasing at a rate of only one to one and a half percent every year and said that it would have taken another 40-50 years to bring every area and every child under the vaccination coverage. He said that the present government prioritized increasing the coverage of vaccination among children and mentioned Mission Indradhanush which involved many ministries working together resulting in an increase in vaccination coverage rate and taking the services to crores of pregnant women and children. He said that the benefits of the Government’s emphasis on vaccination were visible during the covid pandemic while today, this vaccination campaign is going on rapidly across the country.

The Prime Minister underlined the importance of early detection of disease and mentioned the establishment of lakhs of Ayushman Arogya Mandirs across the country to detect many diseases like cancer and diabetes at the very beginning. He said that a network of critical care blocks and modern labs are also being built in the country today. “This second pillar of the health sector is saving the lives of lakhs of people”, he added.

Explaining the third pillar of health being low-cost treatment and cheap medicines, the Prime Minister underlined that the average expenditure on the treatment of diseases has been reduced by 25 percent and also mentioned PM Jan Aushadhi Kendras where medicines are available at 80 percent discount. He informed that the price of heart stents, knee implants and cancer medicines have been significantly reduced while Ayushman Yojana provides free treatment for the poor up to Rs 5 lakh proving to be a lifesaver. He informed that more than 7.5 crore patients have so far availed the benefit of free treatment under Ayushman Yojana.

Elaborating the fourth pillar of the health sector. Shri Modi noted that it was going to reduce the dependence on big cities like Delhi-Mumbai for treatment. He added that the Government had established hospitals like AIIMS, medical colleges and super speciality hospitals in small cities in the last decade. The Prime Minister also noted that thousands of new medical seats were added in the last decade to overcome the shortage of doctors in the country. He added that the Government had decided to add 75 thousand more seats in the next 5 years.

The Prime Minister explained the fifth pillar of the health sector was to make health facilities more accessible through technology. He added that today digital health IDs were being created and patients were provided the facility of consultation at home through means like e-Sanjeevani app. Expressing happiness, Shri Modi noted that till now more than 30 crore people had been consulted with the help of e-Sanjeevani app. He added that India was also moving towards connecting health services with drone technology.

Concluding the address, the Prime Minister expressed confidence that a healthy and capable young generation will fulfill the resolve of a Viksit Bharat. Shri Modi conveyed his best wishes, especially to India’s doctors, paramedics and other staff.

Governor of Uttar Pradesh, Smt Anandiben Patel and Chief Minister of Uttar Pradesh, Shri Yogi Adityanath and Jagadguru Peethadipathi of Kanchi Kamakoti Peetham, Kanchipuram, Sri Shankara Vijayendra Saraswathi were present on the occasion among others.

Speaking at inauguration of RJ Sankara Eye Hospital in Varanasi.https://t.co/kpDbp32Dk9

— Narendra Modi (@narendramodi) October 20, 2024

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आरजे शंकरा नेत्र अस्पताल वाराणसी और इस क्षेत्र के अनेकों लोगों के जीवन से अंधकार दूर करेगा, उन्हें प्रकाश की ओर ले जाएगा: PM @narendramodi pic.twitter.com/EalXLdszX5

— PMO India (@PMOIndia) October 20, 2024

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अब काशी, यूपी के, पूर्वांचल के बड़े आरोग्य केंद्र, हेल्थकेयर हब के रूप में भी विख्यात हो रहा है: PM @narendramodi pic.twitter.com/CREvZYYnrW

— PMO India (@PMOIndia) October 20, 2024

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आज आरोग्य से जुड़ी भारत की रणनीति के पांच स्तंभ हैं… pic.twitter.com/gzSbbpie4F

— PMO India (@PMOIndia) October 20, 2024

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MIL-OSI Asia-Pac: World Iodine Deficiency Day

Source: Government of India (2)

World Iodine Deficiency Day

Strengthening Public Health through Awareness and Action

Posted On: 20 OCT 2024 4:15PM by PIB Delhi

Introduction

World Iodine Deficiency Day, also known as Global Iodine Deficiency Disorders Prevention Day, is observed annually on 21st October. The day aims to raise awareness about the essential role of iodine in maintaining good health and to emphasize the consequences of iodine deficiency. This document outlines the importance of iodine in daily nutrition and its crucial significance in preventing iodine deficiency disorders.

What is Iodine?

Iodine is an essential component of the thyroid hormones, thyroxine (T4) and triiodothyronine (T3), which regulate metabolism and are crucial for fetal and infant development. Found in foods and iodized salt, iodine exists in several forms, including sodium and potassium salts, inorganic iodine (I2), iodate, and iodide. Iodide, the most common form, is quickly absorbed in the stomach and used by the thyroid for hormone production. Most excess iodide is excreted through urine.

What happens in Iodine Deficiency?

Iodine deficiency has multiple adverse effects on growth and development and is the most common cause of preventable intellectual disability in the world. Iodine deficiency disorders result from inadequate thyroid hormone production secondary to insufficient iodine. During pregnancy and early infancy, iodine deficiency can cause irreversible effects.

If a person’s iodine intake falls below approximately 10–20 mcg/day,

hypothyroidism occurs, a condition that is frequently accompanied by goitre.

Goitre is usually the earliest clinical sign of iodine deficiency.

In pregnant women, iodine deficiency of this magnitude can cause major

neurodevelopmental deficits and growth retardation in the fetus as well as

miscarriage and stillbirth.

Chronic, severe iodine deficiency in utero causes cretinism, a condition

characterized by intellectual disability, deaf mutism, motor spasticity,

stunted growth, delayed sexual maturation, and other physical and

neurological abnormalities.

In infants and children, less severe iodine deficiency can also cause

neurodevelopmental deficits such as somewhat lower than average intelligence

as measured by IQ.

Mild to moderate maternal iodine deficiency has also been associated with an

increased risk of attention deficit hyperactivity disorder in children.

In adults, mild to moderate iodine deficiency can cause goiter as well as

impaired mental function and work productivity secondary to hypothyroidism.

Chronic iodine deficiency may be associated with an increased risk of the

follicular form of thyroid cancer.

National Efforts to Eradicate Iodine Deficiency

Recognizing the serious health implications of iodine deficiency, the Government of India initiated national efforts to combat the problem through the National Goitre Control Programme (NGCP) in 1962. This program marked a significant step toward addressing iodine deficiency, which was linked to conditions such as mental and physical retardation, cretinism, and stillbirths.

In 1992, the program was broadened and renamed the National Iodine Deficiency Disorders Control Programme (NIDDCP) to cover a wider range of iodine deficiency disorders (IDD) and ensure its implementation across all States and Union Territories.

Primary goals of NIDDCP include:

Reducing the prevalence of IDD to below 5% nationwide.
Achieving 100% consumption of adequately iodized salt (with 15 ppm of iodine) at the household level.

To accomplish these goals, the programme focuses on several key objectives:

Conducting surveys to assess the magnitude of IDD in different districts.
Replacing common salt with iodized salt in affected regions.
Conducting resurveys every five years to measure the impact of iodized salt on IDD.
Monitoring iodized salt quality and urinary iodine excretion through laboratory testing.
Promoting health education and public awareness about iodine’s role in preventing IDD.

A major policy decision was made in 1984 to iodize all edible salt in India, which became a phased initiative starting in 1986. By 1992, the country aimed to fully transition to iodized salt. Today, India produces 65 lakh metric tonnes of iodized salt annually, which is sufficient to meet the needs of its population. This ongoing national effort underscores the government’s commitment to eradicating iodine deficiency and improving public health.

Achievements of the National Iodine Deficiency Disorders Control Programme (NIDDCP)

The implementation of the National Iodine Deficiency Disorders Control Programme (NIDDCP) has led to significant achievements in the reduction of iodine deficiency disorders (IDD) across India:

Reduction in Total Goiter Rate (TGR): The programme has substantially reduced the Total Goiter Rate, a key indicator of iodine deficiency, across the country.
Increased Iodized Salt Production & Consumption: The production of iodized salt has reached 65 lakh metric tonnes (MT) annually, which is sufficient to meet the dietary needs of the Indian population.
Regulatory Measures: Under Regulation 2.3.12 of the Food Safety and Standards (Prohibition and Restriction on Sales) Regulation, 2011, the sale of common salt for direct human consumption is prohibited unless the salt is iodized, ensuring nationwide use of iodized salt.
Establishment of Monitoring Laboratories: A National Reference Laboratory for monitoring iodine deficiency disorders has been established at the National Centre for Disease Control (NCDC), Delhi, along with four regional laboratories at NIN, Hyderabad, AIIH&PH, Kolkata, AIIMS, and NCDC, Delhi. These laboratories conduct training, monitoring, and quality control of salt and urine testing for iodine levels.
State-Level Implementation: 35 States/UTs have set up IDD Control Cells within their respective State Health Directorates, and an equal number have established State IDD Monitoring Laboratories to ensure effective implementation of the programme.
Information, Education, and Communication (IEC) Activities: Extensive IEC campaigns have been carried out to raise public awareness about the importance of regularly consuming iodized salt to prevent IDD.

Global efforts to combat iodine deficiency

Global efforts to combat iodine deficiency have been significant, with initiatives like Iodine Deficiency Day focusing on raising awareness about the critical role iodine plays in thyroid function, growth, and development. Globally, an estimated 1.88 billion people are at risk of inadequate iodine intake, impacting nearly 30% of school-aged children. The World Health Organization (WHO) and UNICEF have championed universal salt iodization since 1993, resulting in over 120 countries adopting iodization programs.

These concerted efforts have led to a significant reduction in iodine deficiency disorders across India, contributing to the improvement of public health.

Conclusion

In conclusion, World Iodine Deficiency Day serves as a reminder of the progress made in preventing iodine deficiency disorders through national initiatives like NIDDCP and global efforts spearheaded by WHO and UNICEF. Continued and monitoring will ensure sustained success, ultimately contributing to healthier populations and improved quality of life worldwide!

References

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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).

MIL-OSI Submissions: Health – Viet Nam eliminates trachoma as a public health problem – WHO

Source: World Health Organization

In a significant health milestone, Viet Nam has successfully eliminated trachoma. This remarkable achievement was validated by the World Health Organization (WHO) and a plaque was presented to the Vice Minister of Health of Viet Nam, Associate Professor Nguyen Thi Lien Huong, during the seventy-fifth session of the WHO Regional Committee for the Western Pacific, which opened today in Manila.

Trachoma is the leading infectious cause of blindness globally. It is a preventable disease of the eye caused by Chlamydia trachomatis bacteria. Trachoma is spread by flies and people can also become infected through direct contact with discharge from the eyes or nose of an infected person. With repeated infections, the eyelashes may be drawn in so that they rub on the surface of the eye, causing pain and damaging the cornea. Some affected individuals must undergo surgery to prevent blindness from the disease.

Decades of concerted efforts

Over the past 70 years, Viet Nam has worked tirelessly to combat trachoma, treating hundreds of thousands of people and implementing rigorous control measures. These efforts were significantly strengthened with the implementation of WHO’s SAFE strategy, which stands for surgery, antibiotics, facial cleanliness and environmental improvement.

Past surveys indicated that trachoma was a public health problem in four provinces in Viet Nam. Thirty years ago, 1.7% of people living in these high-risk provinces required surgery to prevent blindness from trachoma. However, by 2023 the proportion of adults with the blinding form of the disease had fallen below 0.2%, which is the threshold required for WHO validation of elimination of trachoma as a public health problem. Continuous monitoring and the focused implementation of the SAFE strategy in the country, starting in 1999, have been instrumental in this decline.

Trachoma elimination in Viet Nam was made possible through collaboration among several government agencies including the Ministry of Health, the Ministry of Education and Training and the Ministry of Agriculture and Rural Development, with the support of WHO and international health partners including the Australian Department of Foreign Affairs and Trade (DFAT), the Fred Hollows Foundation, the International Trachoma Initiative (ITI), RTI International, UNICEF and the United States Agency for International Development (USAID). Viet Nam was one of the first group of countries to receive Pfizer-donated azithromycin for trachoma elimination purposes through ITI, a donation that has been critical to global progress against trachoma.

“Elimination of trachoma as a public health problem in Viet Nam is a monumental achievement for the country and for the global fight against the disease,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “This milestone is a testament to the unwavering dedication of Viet Nam’s health workers, including many working at community level. It underscores the power of collective action, innovative thinking and a shared commitment to a healthier future for all. I commend Viet Nam for its dedication and success in safeguarding the vision of millions.”

“The elimination of trachoma in Viet Nam demonstrates the commitment of the Government, health workers and communities across the country,” said Dr Saia Ma’u Piukala, WHO Regional Director for the Western Pacific, praising the achievement. “It is a shining example of how targeted interventions, strong partnerships and sustained effort can bring about real change in the health of populations.”

A trachoma-free future

WHO Representative to Viet Nam, Dr Angela Pratt, described trachoma as a disease of poverty. “Communities in remote areas without good access to safe water and sanitation were the worst affected. But Viet Nam has demonstrated that it is possible to reach the hardest-to-reach populations, make the right investments to protect people’s health and ensure a trachoma-free future.”

Reflecting on this historic achievement, Associate Professor Nguyen Thi Lien Huong said that the elimination of trachoma was a proud moment for Viet Nam. “The combined efforts of many agencies and communities, with the support of WHO and partner organizations, have saved thousands of people from lifelong blindness and economic disadvantage. Our children can now grow up safe from this painful and potentially blinding disease. This is a wonderful achievement for our people, which will pay dividends for decades to come. In this happy moment, on behalf of the Vietnamese people, I want to express our sincere thanks to all international partners who contributed great support to trachoma elimination in Viet Nam.”

In 2018, Viet Nam eliminated lymphatic filariasis. The country has also made tremendous progress on combating malaria, which is now only found in pockets of areas and is close to being eliminated.

Viet Nam’s success is part of broader progress in disease prevention in the WHO Western Pacific Region. Since the launch of WHO’s first road map for the prevention and control of neglected tropical diseases (NTDs) in 2012, the Region has made significant strides in eliminating trachoma. Between 2016 and 2022, four out of the Region’s 11 trachoma-endemic countries were validated for trachoma elimination. Viet Nam becomes the fifth, joining Cambodia, China, the Lao People’s Democratic Republic and Vanuatu in recording this achievement, highlighting the importance of sustained efforts in tackling NTDs.

WHO continues to support countries in the Region to eliminate trachoma and other NTDs as part of the global effort to improve health and well-being for all.

Notes

A certificate and plaque were presented to Viet Nam in recognition of this achievement during the seventy-fifth session of the Western Pacific Regional Committee taking place from Monday, 21 October, through Friday, 25 October, at the WHO Regional Office for the Western Pacific in Manila, Philippines. The agenda and timetable of the Regional Committee meeting are available online. A livestream of proceedings, 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 its 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).

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 –

MIL-OSI United Kingdom: New affordable homes to be available in the district

Source: City of Winchester

Winchester City Council’s cabinet has agreed the purchase of 10 new affordable homes in the village of Twyford.

Winchester City Council is committed to providing homes for all and delivering 1000 new homes across the district. The scheme in Hazeley Road, Twyford will be developed by Alfred Homes. The 10 homes that the city council has agreed to buy, will provide a mix of affordable rented and shared ownership homes which will be offered first to people who have a connection with the local area.

The homes are part of a 22 unit scheme which falls within the South Downs National Park (who are also the Local Planning Authority.) It is a site that is allocated for housing in the Twyford Neighbourhood Plan. Planning permission was granted on 10th October this year and it is expected they will be completed in late 2026.

Cabinet Member for Housing, Cllr Chris Westwood said

‘This is a really good example of how the city council is exploring different ways of ensuring delivery of new affordable council homes for local people across the district. I’m especially pleased to see these new homes in Twyford, where we know from speaking to local people that they would like their families to be able to remain living in the immediate area. I’d like to thank district and parish councillors for their support in getting us here. We’re confident the homes will be built to a high standard and will be energy efficient which will result in both reduced carbon emissions and save people money on running costs – these properties will make lovely homes and I look forward to people moving into them.’

Last Updated: Monday 21 October 2024

MIL OSI United Kingdom –

https://www.imf.org/en/News/Articles/2024/10/18/pr-24382-sao-tome-and-principe-imf-reaches-staff-level-agreement-on-an-ecf-arrangement

MIL-OSI Russia: IMF Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with São Tomé and Príncipe

Source: IMF – News in Russian

October 21, 2024

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

IMF staff and the São Toméan authorities have reached staff-level agreement on economic policies and reforms to be supported by a new 40-month arrangement under the Extended Credit Facility (ECF), updating the agreement reached last year. This renewed staff-level agreement is subject to IMF Management approval and IMF Executive Board consideration, contingent on the implementation of the agreed prior actions and the timely confirmation of the necessary financing assurances from the country’s development partners.
The authorities’ ambitious reform program aims at restoring macroeconomic stability while laying the foundations for faster and more inclusive growth. This includes a sizable and front-loaded fiscal adjustment while protecting the vulnerable. The program includes decisive near-term reforms in the electricity sector and medium-term structural reforms to facilitate the green energy transition and unleash the country’s growth potential.

Washington, DC: An International Monetary Fund (IMF) team led by Mr. Slavi Slavov, Mission Chief for São Tomé and Príncipe, visited São Tomé during May 23 – June 5, 2024, and held virtual discussions in the recent months, to discuss with the São Toméan authorities IMF support for their policies and reform plans.

At the end of the mission, Mr. Slavov issued the following statement:

“The São Toméan authorities and the IMF team have reached a renewed staff-level agreement to support the authorities’ economic adjustment and reform policies with a new 40-month program supported by an arrangement under the Extended Credit Facility (ECF). The agreement is subject to approval by IMF’s Management and Executive Board in the period ahead, and is contingent on the implementation of prior actions by the authorities and the timely confirmation of the necessary financing assurances from the country’s development partners to cover the external financing gap.

“São Tomé and Príncipe faced a very challenging 2023 and continues to struggle with high fuel import needs and depleted international reserves. Over the past few years, the country has been hit by multiple shocks, whose impact on the economy continues to reverberate. This includes the massive external shock in early 2023 when a major fuel exporter stopped supplying fuel on credit, opening a large external financing gap.

“These factors, along with energy shortages, contributed to a slowdown of real GDP growth to 0.2 percent in 2022 and 0.4 percent in 2023. Inflation accelerated to 19.2 percent in April 2024 before declining to 12 percent in August, year-on-year. International reserves fell sharply.

“The authorities’ program aims to restore macroeconomic stability, improve the living conditions of the population, foster the economic recovery, and promote sustainable and inclusive growth. The necessarily ambitious and front-loaded fiscal adjustment is crucial to lowering the high public debt and rebalancing the economy under a pegged exchange rate, but is designed with care to protect the vulnerable.

“The authorities have already implemented significant reforms. They launched the Value-Added Tax in June 2023 and implemented a large fiscal adjustment in 2023. Fuel prices were adjusted, and explicit fuel subsidies have been eliminated in the aggregate. The central bank (Banco Central de São Tomé e Príncipe or BCSTP) ended monetary financing of the budget and implemented tightening measures.

“The authorities will make further efforts to strengthen tax and customs administration and to rationalize budgetary expenditures. These efforts will create the fiscal space for implementing growth-enhancing development programs that will help put public debt on a downward trajectory. In addition, the authorities will strengthen social safety nets and reinforce the existing targeted cash-transfer program for vulnerable households. Given the country’s high public debt, ensuring that new financing takes the form of highly concessional loans or ideally grants will be vital to ensure sustainability and also meet vital spending needs.

“Moreover, the program will urgently implement near-term reforms to address the crisis in the electricity sector. This would alleviate pressures on public debt and foreign exchange reserves. To prevent implicit fuel subsidies and contain fiscal risks, the authorities will apply the fuel price adjustment mechanism in a truly automatic way on a monthly basis. The government will strengthen transparency and address governance weaknesses to reduce vulnerabilities to corruption. Finally, the authorities will strengthen the BCSTP, ensuring its autonomy and appropriate governance arrangements.

“Over the medium term, structural reforms will unleash the country’s growth potential. These include the reform strategy for the energy sector with a focus on shifting towards renewable sources, encouraging domestic food production, fostering the tourism sector, adapting to climate change, and empowering women.

“During the visit and subsequent virtual discussions, the mission met with President Carlos Vila Nova; Prime Minister Patrice Émery Trovoada; Minister of Planning and Finance Ginésio Valentim Afonso da Mata; Minister of Economy Disney Leite Ramos; Governor of the Central Bank Américo D’Oliveira dos Ramos; President of the Court of Auditors Ricardino Costa Alegre; other government officials; representatives of the private sector including banks; and development partners. The mission expresses its deep appreciation to the authorities for their cooperation and constructive policy dialogue.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

MIL OSI

MIL OSI Russia News –

MIL-OSI: Prospect Capital Corporation Upsizes Preferred Stock Offering to $2.25 Billion

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) announced today an upsize to Prospect’s preferred stock offering (the “Preferred Stock” or the “Offering”) with Preferred Capital Securities (”PCS”). The Offering has seen strong demand from the private wealth, institutional, and Registered Investment Advisor channels, with $1.8 billion in aggregate liquidation preference issuances since the initial closing in the quarter ending December 31, 2020.

“Prospect’s non-traded preferred stock offers investors recurring cash income with a stable stated value, ongoing liquidity, management alignment, leverage caps, and over $3.7 billion of junior common equity credit support,” said Grier Eliasek, President of Prospect. “Prospect is the number one market share issuer of non-traded preferred stock in 2023 and 2024 year-to-date, with each of institutional, registered investment advisor, wirehouse, independent private wealth, and international investor channels having invested in Prospect’s preferred stock. With interest rates declining, we believe our A4/M4 preferred stock series, with a current 7.28% annualized floating rate dividend structure and 6.50% dividend rate floor, offers an attractive option for income-oriented investors.”

PCS is a securities broker dealer and the dealer manager for the ongoing offering of the Series A4 and M4 Preferred Stock. PCS has raised $5.0 billion of capital since its formation in 2011.

This press release is for informational purposes and is not an offer to purchase or sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The ongoing offering of the Series A4 and M4 Preferred Stock is being made only by means of the prospectus supplement and the accompanying prospectus, copies of which may be obtained by writing to PCS at 3290 Northside Parkway NW, Suite 800, Atlanta, GA 30327. Investors are advised to carefully consider the investment objective, risks, charges and expenses of Prospect and the Preferred Stock before investment. The prospectus supplement and accompanying prospectus contain this and other important information about Prospect and the Preferred Stock and should be read carefully before investing.

About Prospect Capital Corporation

Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

For further information, contact:
Grier Eliasek, President and Chief Operating Officer
grier@prospectcap.com
Telephone (212) 448-0702

MIL-OSI United Kingdom: Up to £600 cash boost for Britain’s lowest paid to help kickstart the economy

Source: United Kingdom – Executive Government & Departments

Ten million working people across the country to benefit from an overhaul of workers’ rights as the Government’s landmark Employment Rights Bill returns to Parliament.

Impact assessment shows the Employment Rights Bill will have a positive direct impact on economic growth
Reforms means extra 30,000 new dads qualify for paternity leave
Positive impacts set out include the Employment Rights Bill delivering up to £600 income savings for workers in the lowest paid, insecure jobs

Ten million working people across the country will benefit from an overhaul of workers’ rights as the Government’s landmark Employment Rights Bill returns to Parliament today (Monday 21 October).

The Bill will support employers, workers and unions to get Britain growing again as shown by its Impact Assessment published today, setting out how it could boost productivity, create better working conditions and move more people into secure work while improving living standards for families and communities across the UK.

The analysis shows “many of the policies within the Employment Rights Bill could help support the Government’s Mission for Growth.” It concludes that the package could have “a positive but small direct impact on economic growth” and will “help to raise living standards across the country and create opportunities for all.”

Poor productivity, insecure work, and broken industrial relations have been holding back the British economy for too long. Last year the country saw the highest number of working days lost to strikes since the 1980s – costing the economy millions of pounds. This has entrenched a culture of brinkmanship that only serves to damage public services, public finances, and public faith in institutions. Today is a significant step in putting an end to that – as the Employment Rights Bill reaches its second reading, alongside a package of consultations to help inform its next steps. This includes a consultation on our new approach to Statutory Sick Pay, where the Bill will be removing the waiting period and the Lower Earnings Limit.

The Bill is expected to benefit people in some of the most deprived areas of the country by saving them up to £600 in lost income from the hidden costs of insecure work. Around 2.4 million people in the UK work irregular patterns like zero or low hours contracts or agency jobs, where insecure hours can mean forking out on expensive childcare or transport to cover last-minute shifts – or losing out altogether if work is changed or cancelled at short notice.

New protections like guaranteed hours and giving reasonable notice or compensation for lost work will help shift workers keep up to £600 a year, including workers in the North and Midlands where irregular work is highest.

For a cleaner working night shifts on an average annual wage of £21,058, a £600 saving would be worth over £250 more a year than the last two national insurance cuts.

Deputy Prime Minister Angela Rayner said:

We’re delivering real change for working people across the country, while driving our mission for growth and making people better off.

Successful firms already know that strong employee rights mean strong growth opportunities. This landmark legislation will extend the employment protections given by the best British companies to millions more workers.

We said we would get on and deliver the biggest upgrade to rights at work in a generation and the growth our economy needs – and that is exactly what we are doing.

Speaking in the House later today, Business Secretary Jonathan Reynolds will say:

From our very first day in office, this Government has moved to restore security for working people.

That principle runs throughout this legislation and ensuring that employee rights are fit for a modern economy, empower working people, and contribute to our central mission of economic growth.

Make no mistake – a pro-worker economy is a pro-business economy. This legislation will deliver a new deal for working people. It will help fix our broken labour market. And it will tackle the poor pay, poor working conditions and poor job security that have been holding our economy back.

The Plan to Make Work Pay was developed in partnership with both businesses and trade unions, and the Government will continue to work closely with all stakeholders on how best to implement these commitments. The Impact Assessment sets out further details on how the new measures will:

Create a level playing field for all businesses, raising standards and helping stop the undercutting of good employers.
Make flexible working the default, helping people achieve a better work life balance, which can lead to happier, healthier and more productive employees, which benefits both workers and businesses.
Provide a boost for business by supporting higher workforce participation and more opportunities to employ a wider pool of talent, thanks to increased flexibility and employment rights.
Bring 1.5 million workers into scope of the right to unpaid parental leave.
Allow payments to workers for short notice shift cancellation or curtailment as high as £120 million per year
Offer benefits to workers in sectors such as hospitality, which makes up around 20% of low-paying jobs and accounts for a disproportionate amount of economic activity in areas of central Scotland, North Wales and Southwest England.
Create a right to bereavement leave following the death of a loved one, which could benefit up to 2 million people a year.

The analysis also confirms costs to business will represent under 0.4% of total employment costs across the economy. The majority of this will be transferred directly into the pockets of workers – helping raise living standards and give people more money to spend on the high cost of living, which has driven up over the past 14 years.

Through new consultations launched today, the Government will be seeking views on the following four areas:

Strengthening Statutory Sick Pay through setting a new rate for those on lower earnings

As part of the Government’s Plan to Make Work Pay the waiting period for Statutory Sick Pay (SSP) will be removed as well as the Lower Earnings Limit. These changes will ensure SSP is available to employees from day one of their sickness absence and is available to all employees, regardless of their earnings. A consultation will seek views on what percentage rate should be paid for those earning below the current rate.

The UK currently has one of the least protected labour markets in the OECD and these changes will mean up to 1.3 million employees who are currently excluded from SSP will now be eligible. Further detail is available here.

Ensuring the provisions on Zero Hours Contracts apply effectively to agency workers

The Government is committed to ending one-sided flexibility for all workers, which is why this consultation wants to fully understand how the zero hours contracts measures in the Employment Rights Bill can best be applied to agency workers without causing unintended consequences. Further detail is available here.

Creating a modern framework for industrial relations

Over recent years, trade union laws have been a barrier to effective, positive industrial relations in this country. Alongside reforms in the Bill, the Government is consulting on several changes to the industrial relations framework, hardwiring a series of fundamental principles including collaboration and accountability, and enabling trade unions to represent and deliver on behalf of their workers. Further detail is available here.

Strengthening remedies against abuse of the rules on collective redundancy and fire and rehire

This consultation will ask for views on increasing the maximum period for the protective award in cases where employers haven’t complied with collective redundancy rules, and adding interim relief to collective redundancies and unfair dismissals in fire and rehire scenarios. Further detail is available here.

Work and Pensions Secretary Liz Kendall MP said:

Millions of employees across the UK who can’t immediately get sick pay if they are too unwell to work deserve better.

People should not have to choose between earning a living at work or getting better at home – the changes we want to see will allow employees to do both and businesses to get on.

We are now asking for your views on the rate of sick pay for low earners, as we fix our broken labour market and the poor pay and working conditions that have been holding our economy back.

As set out in Next Steps to Make Work Pay, this package is just the first step as we look to engage all stakeholders on how to best put our plans into practice, with further consultation to come in the months ahead. The majority of reforms are expected to take effect no earlier than 2026.

TUC General Secretary Paul Nowak said:

Everyone who works for a living deserves to earn a decent living – and to be treated with dignity and respect. The Employment Rights Bill is an opportunity to make work pay for millions and to give working people vital rights and protections.

We urge MPs from all parties to support this Bill and to be on the right side of history. It’s time to turn the page on the low-pay, low-rights and low-productivity economy of the last 14 years.

Driving up employment standards is good for workers and good for business. It will allow people more control and predictability over their working lives – and stop decent employers from being undercut by the bad.

Michelle Ovens CBE, Founder of Small Business Britain

Small business owners are rarely against additional rights for their staff, so this is unlikely to deter them from hiring. Indeed they often exceed regulations to offer flexible local employment opportunities that deliver value beyond simply creating work. It must be remembered that the proposed Employment Rights Bill does include protections for employers – such as a lighter-touch process for fair dismissal so employers can continue operating probation periods.

However, any changes must consider the squeezed budgets and resources small businesses have. We look forward to working with the Government to ensure owners have the support they need to navigate new processes and feel confident that they can meet the costs over the long term.

Neil Carberry, Chief Executive of the Recruitment and Employment Confederation (REC), said:

The Government consultations on the Employment Rights Bill offer a crucial chance for business and labour market experts to engage on the detail of how the proposals will impact flexible work.

In particular, we welcome the opportunity to offer feedback on how agency work interacts with zero hours contracts. We asked for this and the Government have listened.

In delivering the Government’s plan to Make Work Pay, we must ensure the views of the full range of workers are taken into consideration and that the protections and opportunities currently afforded to many, for example to agency workers, are in no way jeopardised or put into conflict with future legislative changes.

NOTES TO EDITORS

10 million employees benefitting is based on:
- ‘Making Unfair Dismissal a Day One’ right which will strengthen protections for all of the 9 million employees who have been with their employer for less than two years.
- The 2.4 million employees on variable hours contracts that will benefits from a right to guaranteed hours and a right to payment for shifts cancelled, moved or curtailed at short notice.
- ‘The right to Bereavement Leave’ following the death of a close family member which would benefit between 900,000 and almost 2 million people a year depending on the definition of the scope
- Bringing an extra 30,000 fathers or partners into scope of Paternity Leave and 1.5 million workers into scope of the right to Unpaid Parental Leave.
Following the consultation on Statutory Sick Pay, the government will specify the percentage rate in law and will seek to make this change through a government amendment to the Employment Rights Bill.
Employee will be entitled to a percentage of their weekly earnings or the current SSP flat rate, whichever is lower.
More information on the Plan to Get Britain Working is available here: Back to Work Plan will help drive economic growth in every region – GOV.UK (www.gov.uk)
The government’s Impact Assessment shows that around 2.4 million people in the UK are in irregular work such as zero hours or low hours contracts or agency work. This is a total 8.3% of the UK’s workforce who will benefit from strengthened basic protections like guaranteed hours and reasonable notice and compensation for cancelled or changed shifts. These changes will also benefit people in more deprived areas of the country, including the North and Midlands where oa greater proportion of employees are in irregular work.
Research by the Living Wage Foundation finds that many shift workers end up forking out on expensive childcare or transport to cover last minute shifts or losing out on this money altogether after short notice changes or cancellations. The Living Wage Foundation estimates that these workers may each save up to £600 a year on lost income, thanks to new protections in the Bill. For a cleaner working night shifts on the median wage of £21,058, a £600 saving would be worth over £250 a year more than the last two national insurance cuts.

Published 21 October 2024

MIL OSI United Kingdom –

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

Source: Government of India

Ministry of Communications

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

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

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

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

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

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

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

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

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

S. N.	Study Group	Leadership Position	Chair/Vice-Chair
1	SG2: Operational aspects	Vice-Chair	Premjit Lal, DDG(IR), DoT
2	SG3: Economic & policy issues	Vice-Chair	Sathish Kumar MC, Deputy Administrator, USOF
3	SG5: Environment, EMF & circular economy	Vice-Chair	Neha Upadhyay, Director, TEC
4	SGC [Merger of SG9: Broadband cable & TV and SG16: Multimedia & digital technologies]	Vice-Chair	Avinash Agarwal, DDG, TEC
5	SG11: Protocols, testing & combating counterfeiting	Chair	Tejpal Singh, Advisor, TRAI
6	SG12: Performance, QoS & QoE	Vice-Chair	Abdul Kayum, Advisor, TRAI
7	SG13: Future networks	Vice-Chair	Abhijan Bhattacharyya, TCS
8	SG15: Transport, access & home	Vice-Chair	Sudipta Bhaumik, STL
9	SG17: Security	Vice-Chair	Preetika Singh, Director, TEC
10	SG20: IoT, smart cities & communities	Vice-Chair	Ravi A Robert Jerard, CMD, BSNL
11	SCV [Standardization Committee for Vocabulary]	Vice-Chair	Hemendra K Sharma, DDG(Media), DoT

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

About Study Groups

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

SG2: Operational aspects

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

SG3: Economic & policy issues

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

SG5: Environment, EMF & circular economy

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

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

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

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

SG11: Protocols, testing & combating counterfeiting

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

SG12: Performance, QoS & QoE

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

SG13: Future networks

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

SG15: Transport, access & home

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

SG17: Security

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

SG20: IoT, smart cities & communities

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

SCV [Standardization Committee for Vocabulary]

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

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

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SB/DP/ARJ

(Release ID: 2066369)

MIL-OSI Europe: AMERICA/USA – US Presidential election: Trump and Harris’ positions on abortion

Source: Agenzia Fides – MIL OSI

Washington (Agenzia Fides) – “Both are against life – the one who throws out migrants and the one who kills children”. “I cannot decide. I am not American and I will not go to vote there. But let it be clear: sending migrants away, denying them the ability to work and refusing them hospitality is a sin, and it is grave.” Abortion, on the other hand, means “killing a human being. Whether you like the word or not, it is murder”. This was Pope Francis’ response to a question about the moral dilemmas posed to American Catholic voters about who to vote for in the upcoming US presidential elections. On abortion and immigration, Donald Trump and Kamala Harris seem to hold opposing positions: the former is against abortion and supports draconian measures against illegal immigrants, the latter is for abortion and a policy of greater openness towards immigrants. But is this really the case? To understand the subject of the current abortion debate in the United States, it is necessary to take a step back. On June 24, 2022, the Federal Supreme Court overturned the 1973 Roe vs. Wade decision, which stated that the U.S. Constitution recognizes the right to abortion even in the absence of health problems of the woman or fetus and in the absence of circumstances other than the woman’s free choice. The 2022 ruling de facto rejected the right to abortion at the federal level and returned the issue to state legislatures. Trump, on the one hand, cites the fact that he appointed three Supreme Court justices who were part of the majority of the court that voted in 2022 to abolish the constitutional right to abortion, and on the other hand, he says he wants to leave the decision on this to individual states. “My view is now that we have abortion where everybody wanted it from a legal standpoint, the states will determine by vote or legislation, or perhaps both, and whatever they decide must be the law of the land”, he said. In the controversy with the Democratic candidate, who accused him during the September 10 TV debate that Trump would “sign a national abortion ban” if re-elected, the former president responded: “That’s a lie. I’m not signing a ban, and there’s no reason to sign a ban, because we’ve gotten what everybody wanted, Democrats, Republicans and everybody else, and every legal scholar wanted it to be brought back into the states.” When asked by moderator Linsey Davis whether he would veto a national ban, he replied: “I don’t have to,” but did not say that he would veto a national abortion ban if it were passed by Congress. But then he stressed, “Everyone knows that I would not support a federal ban on abortion under any circumstances, and I would even veto it because it is up to the states to decide based on the will of their voters.” Trump also wrote this in an all-caps message posted on social media when his vice presidential candidate JD Vance (R-Ohio) was asked about the issue during the vice presidential debate. The former president, meanwhile, also criticized some of the state’s more restrictive abortion laws, particularly Florida’s six-week clause, and said he favors exceptions in cases of rape, incest or when the mother’s life is in danger. Trump called the Florida ban a “terrible thing and a terrible mistake.” In an interview with NBC News in September, he reiterated that six weeks is “too short” and said he would “vote that we need more than six weeks.” Because of these comments, Trump was criticized by the most conservative part of his electorate for supporting a referendum to approve an amendment to Florida’s constitution, scheduled for November. The constitutional amendment proposed by Florida’s reproductive rights advocates does not specify the number of weeks within which an abortion can be performed, but provides that access to abortion in the state is available until the fetus is viable, i.e., approximately 23-25 weeks of pregnancy. Trump quickly backtracked, saying he would vote “no” on the abortion amendment, meaning that if it is rejected in November, Florida’s six-week ban would remain in place. Trump’s wife has since publicly stated that she supports women’s freedom of choice. “Without a doubt, there is no room for compromise when it comes to this essential right that all women possess from birth, individual freedom. What does ‘my body, my choice’ really mean?” she said in a video posted on social media. Democratic candidate Kamala Harris said at a campaign event in Savannah that her fight was “a fight for the future and it is a fight for freedom, like the freedom of a woman to make decisions about her own body and not have her government tell her what to do.” On her campaign website, Harris promises that if elected president, she will “never allow a national abortion ban to become law.” And “when Congress passes a bill to restore reproductive freedom nationwide, she will sign it”. Specifically, she supports the passage by Congress of a federal law to protect abortion rights, to counteract the Supreme Court’s 2022 decision that overturned the historic Roe v. Wade ruling recognizing the constitutional right to abortion. (L.M.) (Agenzia Fides, 21/10/2024)
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MIL OSI Europe News –

MIL-OSI Asia-Pac: Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

Source: Government of India

Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

Education Minister to meet Singapore’s Prime Minister, Deputy Prime Minister and senior leaders

Education Minister to meet his Australian Counterpart to foster collaboration and synergy in critical areas of mutual interest in education

Shri Dharmendra Pradhan will address Australian International Education Conference

Posted On: 19 OCT 2024 4:45PM by PIB Delhi

In a significant move to enhance bilateral cooperation in the education sector, Union Minister for Education Shri Dharmendra Pradhan will visit Singapore and Australia from 20 to 26 October 2024. The visit is expected to foster collaboration, participation, and synergy in critical areas of mutual interest in education.

During the two day visit in Singapore, Shri Dharmendra Pradhan will address the members of Indian diaspora on 20^th October 2024. The next day, Shri Dharmendra Pradhan will meet the Prime Minister of Singapore, H.E. Lawrence Wong; Deputy Prime Minister, H.E. Gan Kim Yong; Education Minister, H.E. – Chan Chun Sing; and Foreign Minister H.E. Vivian Balakrishnan. Shri Pradhan will visit the National University of Singapore ranked No.1 in Asia. He will also visit a local secondary school to discuss the scope of syllabus integration, keeping AI in focus. He will meet academicians, eminent representatives from alumni of IITs and IIMs and engage in discussions related to the education ecosystem of both countries.

During the 3-day visit to Australia, on 23^rd October 2024, the Minister, in Melbourne, will meet Hon. Jason Clare MP, Minister for Education. Shri Pradhan will also deliver the Plenary address at the Australian International Education Conference. The Minister will be visiting the South Melbourne Primary School which is known for integrated approaches to learning.

He will visit ‘Discovery to Device’ at RMIT University which is a unique centre for MedTech prototyping and manufacturing. The visit will explore collaborative approaches to the commercialisation of medical technologies and role of industry-academia linkages in driving innovation..

Shri Pradhan will meet Hon. Jacinta Allan MP, Premiere of Victoria along with Australian Education Minister Hon Jason Clare MP. He will also visit Monash University to observe their Innovation Lab and Centre for Nano-fabrication.During his stay in Melbourne, Shri Pradhan will also interact with senior academics of Indian origin.

To explore opportunities for partnerships in educating early childhood education workforces, Shri Pradhan will visit Auburn Long Day Child Care Centre in Sydney on 24^th October 2024. The Minister will interact with the representatives of the Innovative Research Universities (IRU) and will attend the 2nd Australia India Education and Skills Council.

On 25^th October 2024, he will visit the Granville South Creative and Performing Arts High School.Shri Pradhan will visit the site of the Macquarie Park Innovation District (MPID). As home to over 180 multinational companies, MPID facilitates the practical application of research across telecommunications, digital industries, medical technology and pharmaceuticals for economic benefit.

Later in the day, Shri Pradhan will interact with Indian research students hosted by the Group of Eight, Australia’s most research intensive universities.

Shri Pradhan will visit the UNSW Energy Institute and the Trailblazer for Recycling and Clean Energy (TraCE) at the Tyree Energy Technologies Building, Kensington. Here, he will observe real-world examples of practical research applications with commercial impact through the UNSW Energy Institute, which brings together world-leading researchers and the energy industry.

He will also visit UTS Moore Park Sports and Exercise Precinct to explore cooperation in sports education and sports research. UTS’s Moore Park Precinct is a state-of-the-art teaching, research and sporting facility.

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MV/AK

(Release ID: 2066326) Visitor Counter : 39

MIL-OSI: Marquette National Corporation Declares a Dividend of $0.28 per Share

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.28 per share. The dividend will be payable on January 2, 2025 to shareholders of record on December 20, 2024. As of September 30, 2024, Marquette National Corporation had 4,372,352 shares issued and outstanding.

Marquette National Corporation is a diversified bank holding company with total assets of approximately $2.20 billion. The Company’s banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers. Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois. For more information visit: https://emarquettebank.com.

Special Note Concerning Forward-Looking Statements
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including the effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of the significant rate increases by the Federal Reserve since 2022); (vi) increased competition in the financial services sector (including from non-bank competitors such as credit unions and “fintech” companies) and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; (xi) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xii) fluctuations in the value of securities held in our securities portfolio; (xiii) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xiv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xv) the level of non-performing assets on our balance sheets; (xvi) interruptions involving our information technology and communications systems or third-party servicers; (xvii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xviii) the ability of the Company to manage the risks associated with the foregoing as well as anticipated.. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

For more information:
Patrick Hunt
EVP & CFO
708-364-9019
phunt@emarquettebank.com

MIL-OSI: HBT Financial, Inc. Announces Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter Highlights

Net income of $18.2 million, or $0.57 per diluted share; return on average assets (“ROAA”) of 1.44%; return on average stockholders’ equity (“ROAE”) of 13.81%; and return on average tangible common equity (“ROATCE”)⁽¹⁾ of 16.25%
Adjusted net income⁽¹⁾ of $19.2 million; or $0.61 per diluted share; adjusted ROAA⁽¹⁾ of 1.53%; adjusted ROAE⁽¹⁾ of 14.62%; and adjusted ROATCE⁽¹⁾ of 17.20%
Asset quality remained strong with nonperforming assets to total assets of 0.17% and net charge-offs to average loans of 0.07%, on an annualized basis
Net interest margin and net interest margin (tax-equivalent basis)⁽¹⁾ expanded to 3.98% and 4.03%, respectively

BLOOMINGTON, Ill., Oct. 21, 2024 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024. This compares to net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024, and net income of $19.7 million, or $0.62 diluted earnings per share, for the third quarter of 2023.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “In the third quarter, we continued our consistently solid financial performance with net income of $18.2 million, adjusted net income⁽¹⁾ of $19.2 million, adjusted ROAA⁽¹⁾ of 1.53% and adjusted ROATCE⁽¹⁾ of 17.20%. We have also seen tangible equity continue to build, with tangible book value per share increasing 23.3% over the last year. Our net interest margin (tax-equivalent basis)⁽¹⁾ increased 3 basis points to 4.03% while funding costs remained modest, increasing 5 basis points to 1.47%. Our asset quality remains strong with net charge-offs at 0.07% of average loans on an annualized basis during the quarter and nonperforming assets to total assets at 0.17%. We have not seen any significant signs of stress in our loan portfolio, but we continue to monitor the portfolio closely. Noninterest income remained consistent and noninterest expense of $31.3 million was up only 2.1% when compared to the third quarter of 2023, as we remain focused on operational efficiency while continuing to invest in our business. Lastly, all capital ratios had solid increases and can support future organic growth or acquisitions.”
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(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Adjusted Net Income

In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024. This compares to adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024, and adjusted net income of $20.3 million, or $0.63 adjusted diluted earnings per share, for the third quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2024 was $47.7 million, an increase of 1.5% from $47.0 million for the second quarter of 2024. The increase was primarily attributable to improved loan yields which were mostly offset by an increase in funding costs.

Relative to the third quarter of 2023, net interest income decreased 1.1% from $48.3 million. The decrease was primarily attributable to higher funding costs which were partially offset by higher asset yields and an increase in interest-earning assets.

Net interest margin for the third quarter of 2024 was 3.98%, compared to 3.95% for the second quarter of 2024, and net interest margin (tax-equivalent basis)⁽¹⁾ for the third quarter of 2024 was 4.03%, compared to 4.00% for the second quarter of 2024. Higher yields on interest-earning assets, which increased by 7 basis points to 5.35%, were mostly offset by an increase in funding costs, with the cost of funds increasing by 5 basis points to 1.47%.

Relative to the third quarter of 2023, net interest margin decreased 9 basis points from 4.07% and net interest margin (tax-equivalent basis)⁽¹⁾ decreased 10 basis points from 4.13%. These decreases were primarily attributable to increases in funding costs outpacing increases in interest-earning asset yields.
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Noninterest Income

Noninterest income for the third quarter of 2024 was $8.7 million, a decrease from $9.6 million for the second quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results compared to a $0.1 million negative MSR fair value adjustment included in the second quarter 2024 results. Partially offsetting the MSR fair value adjustment was a $0.2 million increase in service charge income and a $0.2 million increase in other noninterest income, primarily attributable to swap fee income.

Relative to the third quarter of 2023, noninterest income decreased 8.3% from $9.5 million. The decrease was primarily attributable to the $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results, partially offset by the absence of $0.8 million in realized losses on the sale of securities included in the third quarter 2023 results.

Noninterest Expense

Noninterest expense for the third quarter of 2024 was $31.3 million, a 2.7% increase from $30.5 million for the second quarter of 2024. The increase was primarily attributable to a $0.5 million increase in occupancy expense, driven in part by a seasonal increase in planned building maintenance expenses, and a $0.4 million increase in marketing and customer relations expense.

Relative to the third quarter of 2023, noninterest expense increased 2.1% from $30.7 million. The increase was primarily attributable to a $0.7 million increase in salaries and a $0.4 million increase in employee benefits. Partially offsetting these increases was a $0.3 million decrease in marketing and customer relations expense.

On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the nine months ended September 30, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.

(dollars in thousands)		Nine Months Ended September 30, 2023

PROVISION FOR CREDIT LOSSES	$	5,924
NONINTEREST EXPENSE
Salaries		3,584
Furniture and equipment		39
Data processing		2,031
Marketing and customer relations		24
Loan collection and servicing		125
Legal fees and other noninterest expense		1,964
Total noninterest expense		7,767
Total acquisition-related expenses	$	13,691

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.37 billion at September 30, 2024, compared with $3.39 billion at June 30, 2024, and $3.34 billion at September 30, 2023. The $15.7 million decrease from June 30, 2024 was primarily attributable to several larger commercial real estate loan payoffs due to the sale of the property and a couple of larger one-to-four family residential loan payoffs. These decreases were partially offset by increased line usage and term originations in our agricultural and farmland portfolio.

Deposits

Total deposits were $4.28 billion at September 30, 2024, compared with $4.32 billion at June 30, 2024, and $4.20 billion at September 30, 2023. The $38.0 million decrease from June 30, 2024 was primarily attributable to lower balances maintained in retail accounts and a $18.3 million decrease in escrow balances related to seasonal tax payments, partially offset by increases in public funds and business accounts. Additionally, we continue to see a shift towards higher cost deposit products, with decreases in noninterest-bearing deposits, interest-bearing demand, and savings balances being partially offset by an increase in money market and time deposit balances.

Asset Quality

Nonperforming loans totaled $8.2 million, or 0.24% of total loans, at September 30, 2024, compared with $8.4 million, or 0.25% of total loans, at June 30, 2024, and $6.7 million, or 0.20% of total loans, at September 30, 2023. Additionally, of the $8.2 million of nonperforming loans held as of September 30, 2024, $2.0 million is either wholly or partially guaranteed by the U.S. government. The $0.2 million decrease in nonperforming loans from June 30, 2024 was primarily attributable to the payoff of $0.1 million in nonaccrual agricultural and farmland loans.

The Company recorded a provision for credit losses of $0.6 million for the third quarter of 2024. The provision for credit losses primarily reflects a $1.2 million increase in required reserves resulting from changes in economic forecasts; a $0.2 million increase in required reserves resulting from qualitative factor changes; a $0.6 million decrease in required reserves driven by decreased loan balances and changes within the loan portfolio; and a $0.2 million decrease in specific reserves.

The Company had net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2023. During the third quarter of 2024, net charge-offs were primarily recognized in the commercial and industrial category which had $0.7 million of net charge-offs.

The Company’s allowance for credit losses was 1.22% of total loans and 499% of nonperforming loans at September 30, 2024, compared with 1.21% of total loans and 484% of nonperforming loans at June 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $4.1 million as of September 30, 2024, compared with $4.3 million as of June 30, 2024.

Capital

As of September 30, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

	September 30, 2024		For Capital Adequacy Purposes With Capital Conservation Buffer

Total capital to risk-weighted assets	16.54	%	10.50	%
Tier 1 capital to risk-weighted assets	14.48		8.50
Common equity tier 1 capital ratio	13.15		7.00
Tier 1 leverage ratio	11.16		4.00

The ratio of tangible common equity to tangible assets⁽¹⁾ increased to 9.35% as of September 30, 2024, from 8.74% as of June 30, 2024, and tangible book value per share⁽¹⁾ increased by $0.91 to $14.55 as of September 30, 2024, when compared to June 30, 2024.

During the third quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2025. As of September 30, 2024, the Company had $10.6 million remaining under the stock repurchase program.
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

About HBT Financial, Inc.

HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of September 30, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 billion.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), ratio of tangible common equity to tangible assets, tangible book value per share, ROATCE, adjusted net income, adjusted earnings per share, adjusted ROAA, adjusted ROAE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks or as a result of the upcoming 2024 presidential election; (v) changes in interest rates and prepayment rates of the Company’s assets; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT:
Peter Chapman
HBTIR@hbtbank.com
(309) 664-4556

HBT Financial, Inc. Unaudited Consolidated Financial Summary

	As of or for the Three Months Ended									Nine Months Ended September 30,
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023
Interest and dividend income	$	64,117		$	62,824		$	59,041		$	188,902		$	167,588
Interest expense		16,384			15,796			10,762			47,453			23,600
Net interest income		47,733			47,028			48,279			141,449			143,988
Provision for credit losses		603			1,176			480			2,306			6,460
Net interest income after provision for credit losses		47,130			45,852			47,799			139,143			137,528
Noninterest income		8,705			9,610			9,490			23,941			26,841
Noninterest expense		31,322			30,509			30,671			93,099			100,577
Income before income tax expense		24,513			24,953			26,618			69,985			63,792
Income tax expense		6,333			6,883			6,903			18,477			16,396
Net income	$	18,180		$	18,070		$	19,715		$	51,508		$	47,396

Earnings per share – Diluted	$	0.57		$	0.57		$	0.62		$	1.62		$	1.49

Adjusted net income ⁽¹⁾	$	19,244		$	18,139		$	20,279		$	55,456		$	58,910
Adjusted earnings per share – Diluted ⁽¹⁾		0.61			0.57			0.63			1.75			1.86

Book value per share	$	17.04		$	16.14		$	14.36
Tangible book value per share ⁽¹⁾		14.55			13.64			11.80

Shares of common stock outstanding		31,559,366			31,559,366			31,774,140
Weighted average shares of common stock outstanding		31,559,366			31,579,457			31,829,250			31,600,442			31,598,650

SUMMARY RATIOS
Net interest margin *		3.98	%		3.95	%		4.07	%		3.96	%		4.14	%
Net interest margin (tax-equivalent basis) * ⁽¹⁾⁽²⁾		4.03			4.00			4.13			4.01			4.20

Efficiency ratio		54.24	%		52.61	%		51.85	%		55.00	%		57.73	%
Efficiency ratio (tax-equivalent basis) ⁽¹⁾⁽²⁾		53.71			52.10			51.25			54.45			57.04

Loan to deposit ratio		78.72	%		78.39	%		79.63	%

Return on average assets *		1.44	%		1.45	%		1.58	%		1.37	%		1.29	%
Return on average stockholders’ equity *		13.81			14.48			17.02			13.58			14.22
Return on average tangible common equity * ⁽¹⁾		16.25			17.21			20.70			16.11			17.17

Adjusted return on average assets * ⁽¹⁾		1.53	%		1.45	%		1.62	%		1.48	%		1.61	%
Adjusted return on average stockholders’ equity * ⁽¹⁾		14.62			14.54			17.51			14.62			17.68
Adjusted return on average tangible common equity * ⁽¹⁾		17.20			17.27			21.29			17.34			21.34

CAPITAL
Total capital to risk-weighted assets		16.54	%		16.01	%		15.09	%
Tier 1 capital to risk-weighted assets		14.48			13.98			13.18
Common equity tier 1 capital ratio		13.15			12.66			11.88
Tier 1 leverage ratio		11.16			10.83			10.34
Total stockholders’ equity to total assets		10.77			10.18			9.14
Tangible common equity to tangible assets ⁽¹⁾		9.35			8.74			7.64

ASSET QUALITY
Net charge-offs (recoveries) to average loans *		0.07	%		0.08	%		(0.01)	%		0.04	%		(0.01)	%
Allowance for credit losses to loans, before allowance for credit losses		1.22			1.21			1.16
Nonperforming loans to loans, before allowance for credit losses		0.24			0.25			0.20
Nonperforming assets to total assets		0.17			0.17			0.16

* Annualized measure.
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Statements of Income

	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	53,650		$	52,177		$	49, 640		$	157,753		$	138,948
Federally tax exempt		1,133			1,097			1,072			3,324			3,064
Debt Securities:
Taxable		6,453			6,315			6,402			18,972			19,460
Federally tax exempt		502			521			978			1,620			3,337
Interest-bearing deposits in bank		2,230			2,570			714			6,752			2,234
Other interest and dividend income		149			144			235			481			545
Total interest and dividend income		64,117			62,824			59,041			188,902			167,588
INTEREST EXPENSE
Deposits		14,649			14,133			7,211			42,375			13,908
Securities sold under agreements to repurchase		134			129			35			415			107
Borrowings		119			121			2,108			365			5,594
Subordinated notes		470			469			470			1,409			1,409
Junior subordinated debentures issued to capital trusts		1,012			944			938			2,889			2,582
Total interest expense		16,384			15,796			10,762			47,453			23,600
Net interest income		47,733			47,028			48,279			141,449			143,988
PROVISION FOR CREDIT LOSSES		603			1,176			480			2,306			6,460
Net interest income after provision for credit losses		47,130			45,852			47,799			139,143			137,528
NONINTEREST INCOME
Card income		2,753			2,885			2,763			8,254			8,326
Wealth management fees		2,670			2,623			2,381			7,840			6,998
Service charges on deposit accounts		2,081			1,902			2,040			5,852			5,830
Mortgage servicing		1,113			1,111			1,169			3,279			3,522
Mortgage servicing rights fair value adjustment		(1,488	)		(97	)		23			(1,505	)		(460	)
Gains on sale of mortgage loans		461			443			476			1,202			1,125
Realized gains (losses) on sales of securities		—			—			(813	)		(3,382	)		(1,820	)
Unrealized gains (losses) on equity securities		136			(96	)		(46	)		24			(61	)
Gains (losses) on foreclosed assets		(44	)		(28	)		550			15			443
Gains (losses) on other assets		(2	)		—			52			(637	)		161
Income on bank owned life insurance		170			166			153			500			415
Other noninterest income		855			701			742			2,499			2,362
Total noninterest income		8,705			9,610			9,490			23,941			26,841
NONINTEREST EXPENSE
Salaries		16,325			16,364			15,644			49,346			51,715
Employee benefits		2,997			2,860			2,616			8,662			7,658
Occupancy of bank premises		2,695			2,243			2,573			7,520			7,460
Furniture and equipment		446			548			667			1,544			2,135
Data processing		2,640			2,606			2,581			8,171			9,787
Marketing and customer relations		1,380			996			1,679			3,372			3,874
Amortization of intangible assets		710			710			720			2,130			1,950
FDIC insurance		572			565			512			1,697			1,705
Loan collection and servicing		476			475			345			1,403			971
Foreclosed assets		19			10			76			78			234
Other noninterest expense		3,062			3,132			3,258			9,176			13,088
Total noninterest expense		31,322			30,509			30,671			93,099			100,577
INCOME BEFORE INCOME TAX EXPENSE		24,513			24,953			26,618			69,985			63,792
INCOME TAX EXPENSE		6,333			6,883			6,903			18,477			16,396
NET INCOME	$	18,180		$	18,070		$	19,715		$	51,508		$	47,396

EARNINGS PER SHARE – BASIC	$	0.58		$	0.57		$	0.62		$	1.63		$	1.50
EARNINGS PER SHARE – DILUTED	$	0.57		$	0.57		$	0.62		$	1.62		$	1.49
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		31,559,366			31,579,457			31,829,250			31,600,442			31,598,650

HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Balance Sheets

(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023
ASSETS
Cash and due from banks	$	26,776		$	22,604		$	24,757
Interest-bearing deposits with banks		152,895			172,636			87,156
Cash and cash equivalents		179,671			195,240			111,913

Interest-bearing time deposits with banks		—			520			500
Debt securities available-for-sale, at fair value		710,303			669,055			753,163
Debt securities held-to-maturity		505,075			512,549			527,144
Equity securities with readily determinable fair value		3,364			3,228			3,106
Equity securities with no readily determinable fair value		2,638			2,613			2,300
Restricted stock, at cost		5,086			5,086			11,165
Loans held for sale		2,959			858			3,563

Loans, before allowance for credit losses		3,369,830			3,385,483			3,342,786
Allowance for credit losses		(40,966	)		(40,806	)		(38,863	)
Loans, net of allowance for credit losses		3,328,864			3,344,677			3,303,923

Bank owned life insurance		24,405			24,235			23,747
Bank premises and equipment, net		65,919			65,711			64,713
Bank premises held for sale		317			317			35
Foreclosed assets		376			320			1,519
Goodwill		59,820			59,820			59,820
Intangible assets, net		18,552			19,262			21,402
Mortgage servicing rights, at fair value		17,496			18,984			20,156
Investments in unconsolidated subsidiaries		1,614			1,614			1,614
Accrued interest receivable		24,160			22,425			23,447
Other assets		40,109			59,685			58,538
Total assets	$	4,990,728		$	5,006,199		$	4,991,768

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,008,359		$	1,045,697		$	1,086,877
Interest-bearing		3,272,341			3,272,996			3,111,191
Total deposits		4,280,700			4,318,693			4,198,068

Securities sold under agreements to repurchase		29,029			29,330			28,900
Federal Home Loan Bank advances		13,435			13,734			177,650
Subordinated notes		39,533			39,514			39,454
Junior subordinated debentures issued to capital trusts		52,834			52,819			52,774
Other liabilities		37,535			42,640			38,671
Total liabilities		4,453,066			4,496,730			4,535,517

Stockholders’ Equity
Common stock		328			328			327
Surplus		296,810			296,430			295,483
Retained earnings		302,532			290,386			256,050
Accumulated other comprehensive income (loss)		(38,989	)		(54,656	)		(78,432	)
Treasury stock at cost		(23,019	)		(23,019	)		(17,177	)
Total stockholders’ equity		537,662			509,469			456,251
Total liabilities and stockholders’ equity	$	4,990,728		$	5,006,199		$	4,991,768
SHARES OF COMMON STOCK OUTSTANDING		31,559,366			31,559,366			31,774,140

HBT Financial, Inc. Unaudited Consolidated Financial Summary

(dollars in thousands)	September 30, 2024		June 30, 2024		September 30, 2023

LOANS
Commercial and industrial	$	395,598	$	400,276	$	386,933
Commercial real estate – owner occupied		288,838		289,992		297,242
Commercial real estate – non-owner occupied		889,188		889,193		901,929
Construction and land development		359,151		365,371		371,158
Multi-family		432,712		429,951		388,742
One-to-four family residential		472,040		484,335		488,655
Agricultural and farmland		297,102		285,822		275,239
Municipal, consumer, and other		235,201		240,543		232,888
Total loans	$	3,369,830	$	3,385,483	$	3,342,786

(dollars in thousands)	September 30, 2024		June 30, 2024		September 30, 2023

DEPOSITS
Noninterest-bearing deposits	$	1,008,359	$	1,045,697	$	1,086,877
Interest-bearing deposits:
Interest-bearing demand		1,076,445		1,094,797		1,134,721
Money market		795,150		769,386		673,780
Savings		566,783		582,752		623,083
Time		803,964		796,069		564,634
Brokered		29,999		29,992		114,973
Total interest-bearing deposits		3,272,341		3,272,996		3,111,191
Total deposits	$	4,280,700	$	4,318,693	$	4,198,068

HBT Financial, Inc. Unaudited Consolidated Financial Summary

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
(dollars in thousands)	Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *

ASSETS
Loans	$	3,379,299		$	54,783	6.45	%	$	3,374,058		$	53,274	6.35	%	$	3,296,703		$	50,712	6.10	%
Debt Securities		1,191,642			6,955	2.32			1,187,795			6,836	2.31			1,317,603			7,380	2.22
Deposits with banks		185,870			2,230	4.77			211,117			2,570	4.90			77,595			714	3.65
Other		12,660			149	4.68			12,588			144	4.60			16,430			235	5.68
Total interest-earning assets		4,769,471		$	64,117	5.35	%		4,785,558		$	62,824	5.28	%		4,708,331		$	59,041	4.97	%
Allowance for credit losses		(40,780	)						(40,814	)						(38,317	)
Noninterest-earning assets		278,030							283,103							294,818
Total assets	$	5,006,721						$	5,027,847						$	4,964,832

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,085,609		$	1,408	0.52	%	$	1,123,592		$	1,429	0.51	%	$	1,160,654		$	761	0.26	%
Money market		800,651			4,726	2.35			788,744			4,670	2.38			682,772			2,026	1.18
Savings		573,077			396	0.27			592,312			393	0.27			639,384			249	0.15
Time		804,379			7,702	3.81			763,507			7,117	3.75			519,683			3,275	2.50
Brokered		29,996			417	5.54			38,213			524	5.51			66,776			900	5.34
Total interest-bearing deposits		3,293,712			14,649	1.77			3,306,368			14,133	1.72			3,069,269			7,211	0.93
Securities sold under agreements to repurchase		29,426			134	1.80			30,440			129	1.70			33,807			35	0.41
Borrowings		13,691			119	3.47			13,466			121	3.60			157,908			2,108	5.30
Subordinated notes		39,524			470	4.73			39,504			469	4.78			39,444			470	4.72
Junior subordinated debentures issued to capital trusts		52,827			1,012	7.63			52,812			944	7.18			52,767			938	7.05
Total interest-bearing liabilities		3,429,180		$	16,384	1.90	%		3,442,590		$	15,796	1.85	%		3,353,195		$	10,762	1.27	%
Noninterest-bearing deposits		1,013,893							1,043,614							1,105,472
Noninterest-bearing liabilities		39,903							39,806							46,564
Total liabilities		4,482,976							4,526,010							4,505,231
Stockholders’ Equity		523,745							501,837							459,601
Total liabilities and stockholders’ equity	$	5,006,721						$	5,027,847						$	4,964,832

Net interest income/Net interest margin ⁽¹⁾				$	47,733	3.98	%				$	47,028	3.95	%				$	48,279	4.07	%
Tax-equivalent adjustment ⁽²⁾					552	0.05						553	0.05						675	0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}				$	48,285	4.03	%				$	47,581	4.00	%				$	48,954	4.13	%
Net interest rate spread ⁽⁴⁾						3.45	%						3.43	%						3.70	%
Net interest-earning assets ⁽⁵⁾	$	1,340,291						$	1,342,968						$	1,355,136
Ratio of interest-earning assets to interest-bearing liabilities		1.39							1.39							1.40
Cost of total deposits						1.35	%						1.31	%						0.69	%
Cost of funds						1.47							1.42							0.96

* Annualized measure.
(1) Net interest margin represents net interest income divided by average total interest-earning assets.
(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc. Unaudited Consolidated Financial Summary

	Nine Months Ended
	September 30, 2024							September 30, 2023
(dollars in thousands)	Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *

ASSETS
Loans	$	3,374,875		$	161,077	6.38	%	$	3,183,641		$	142,012	5.96	%
Debt Securities		1,197,772			20,592	2.30			1,366,298			22,797	2.23
Deposits with banks		188,087			6,752	4.80			84,720			2,234	3.53
Other		12,744			481	5.04			15,334			545	4.75
Total interest-earning assets		4,773,478		$	188,902	5.29	%		4,649,993		$	167,588	4.82	%
Allowance for credit losses		(40,611	)						(37,053	)
Noninterest-earning assets		279,789							289,843
Total assets	$	5,012,656						$	4,902,783

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,112,198		$	4,148	0.50	%	$	1,204,937		$	1,902	0.21	%
Money market		800,693			14,193	2.37			664,036			4,467	0.90
Savings		592,134			1,232	0.28			678,495			616	0.12
Time		744,349			20,744	3.72			441,760			6,011	1.82
Brokered		50,046			2,058	5.49			22,987			912	5.30
Total interest-bearing deposits		3,299,420			42,375	1.72			3,012,215			13,908	0.62
Securities sold under agreements to repurchase		30,769			415	1.80			35,844			107	0.40
Borrowings		13,387			365	3.64			148,443			5,594	5.04
Subordinated notes		39,504			1,409	4.76			39,424			1,409	4.78
Junior subordinated debentures issued to capital trusts		52,812			2,889	7.31			51,054			2,582	6.76
Total interest-bearing liabilities		3,435,892		$	47,453	1.84	%		3,286,980		$	23,600	0.96	%
Noninterest-bearing deposits		1,031,239							1,123,917
Noninterest-bearing liabilities		38,943							46,310
Total liabilities		4,506,074							4,457,207
Stockholders’ Equity		506,582							445,576
Total liabilities and stockholders’ equity	$	5,012,656							4,902,783

Net interest income/Net interest margin ⁽¹⁾				$	141,449	3.96	%				$	143,988	4.14	%
Tax-equivalent adjustment ⁽²⁾					1,680	0.05						2,092	0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}				$	143,129	4.01	%				$	146,080	4.20	%
Net interest rate spread ⁽⁴⁾						3.45	%						3.86	%
Net interest-earning assets ⁽⁵⁾	$	1,337,586						$	1,363,013
Ratio of interest-earning assets to interest-bearing liabilities		1.39							1.41
Cost of total deposits						1.31	%						0.45	%
Cost of funds						1.42							0.72

* Annualized measure.
(1) Net interest margin represents net interest income divided by average total interest-earning assets.
(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc. Unaudited Consolidated Financial Summary

(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023

NONPERFORMING ASSETS
Nonaccrual	$	8,200		$	8,425		$	6,678
Past due 90 days or more, still accruing		5			7			—
Total nonperforming loans		8,205			8,432			6,678
Foreclosed assets		376			320			1,519
Total nonperforming assets	$	8,581		$	8,752		$	8,197

Nonperforming loans that are wholly or partially guaranteed by the U.S. Government	$	2,046		$	2,132		$	1,968

Allowance for credit losses	$	40,966		$	40,806		$	38,863
Loans, before allowance for credit losses		3,369,830			3,385,483			3,342,786

CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses		1.22	%		1.21	%		1.16	%
Allowance for credit losses to nonaccrual loans		499.59			484.34			581.96
Allowance for credit losses to nonperforming loans		499.28			483.94			581.96
Nonaccrual loans to loans, before allowance for credit losses		0.24			0.25			0.20
Nonperforming loans to loans, before allowance for credit losses		0.24			0.25			0.20
Nonperforming assets to total assets		0.17			0.17			0.16
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets		0.25			0.26			0.25

HBT Financial, Inc. Unaudited Consolidated Financial Summary

	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	40,806		$	40,815		$	37,814		$	40,048		$	25,333
Adoption of ASC 326		—			—			—			—			6,983
PCD allowance established in acquisition		—			—			—			—			1,247
Provision for credit losses		746			677			983			1,983			5,004
Charge-offs		(1,101	)		(870	)		(412	)		(2,198	)		(733	)
Recoveries		515			184			478			1,133			1,029
Ending balance	$	40,966		$	40,806		$	38,863		$	40,966		$	38,863

Net charge-offs (recoveries)	$	586		$	686		$	(66	)	$	1,065		$	(296	)
Average loans		3,379,299			3,374,058			3,296,703			3,374,875			3,183,641

Net charge-offs (recoveries) to average loans *		0.07	%		0.08	%		(0.01)	%		0.04	%		(0.01)	%

* Annualized measure.

	Three Months Ended								Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024		September 30, 2023				2024		2023

PROVISION FOR CREDIT LOSSES
Loans ⁽¹⁾	$	746		$	677	$	983		$	1,983	$	5,004
Unfunded lending-related commitments ⁽¹⁾		(143	)		499		297			323		1,456
Debt securities		—			—		(800	)		—		—
Total provision for credit losses	$	603		$	1,176	$	480		$	2,306	$	6,460

(1) Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.

Reconciliation of Non-GAAP Financial Measures – Adjusted Net Income and Adjusted Return on Average Assets
	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

Net income	$	18,180		$	18,070		$	19,715		$	51,508		$	47,396
Adjustments:
Acquisition expenses ⁽¹⁾		—			—			—			—			(13,691	)
Gains (losses) on closed branch premises		—			—			—			(635	)		75
Realized gains (losses) on sales of securities		—			—			(813	)		(3,382	)		(1,820	)
Mortgage servicing rights fair value adjustment		(1,488	)		(97	)		23			(1,505	)		(460	)
Total adjustments		(1,488	)		(97	)		(790	)		(5,522	)		(15,896	)
Tax effect of adjustments ⁽²⁾		424			28			226			1,574			4,382
Total adjustments after tax effect		(1,064	)		(69	)		(564	)		(3,948	)		(11,514	)
Adjusted net income	$	19,244		$	18,139		$	20,279		$	55,456		$	58,910

Average assets	$	5,006,721		$	5,027,847		$	4,964,832		$	5,012,656		$	4,902,783

Return on average assets *		1.44	%		1.45	%		1.58	%		1.37	%		1.29	%
Adjusted return on average assets *		1.53			1.45			1.62			1.48			1.61

* Annualized measure.
(1) Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
(2) Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures – Adjusted Earnings Per Share — Basic and Diluted
	Three Months Ended							Nine Months Ended September 30,
(dollars in thousands, except per share amounts)	September 30, 2024		June 30, 2024		September 30, 2023				2024		2023

Numerator:
Net income	$	18,180	$	18,070	$	19,715		$	51,508	$	47,396
Earnings allocated to participating securities ⁽¹⁾		—		—		(10	)		—		(26	)
Numerator for earnings per share – basic and diluted	$	18,180	$	18,070	$	19,705		$	51,508	$	47,370

Adjusted net income	$	19,244	$	18,139	$	20,279		$	55,456	$	58,910
Earnings allocated to participating securities ⁽¹⁾		—		—		(10	)		—		(33	)
Numerator for adjusted earnings per share – basic and diluted	$	19,244	$	18,139	$	20,269		$	55,456	$	58,877

Denominator:
Weighted average common shares outstanding		31,559,366		31,579,457		31,829,250			31,600,442		31,598,650
Dilutive effect of outstanding restricted stock units		118,180		87,354		137,187			115,266		102,574
Weighted average common shares outstanding, including all dilutive potential shares		31,677,546		31,666,811		31,966,437			31,715,708		31,701,224

Earnings per share – Basic	$	0.58	$	0.57	$	0.62		$	1.63	$	1.50
Earnings per share – Diluted	$	0.57	$	0.57	$	0.62		$	1.62	$	1.49

Adjusted earnings per share – Basic	$	0.61	$	0.57	$	0.64		$	1.75	$	1.86
Adjusted earnings per share – Diluted	$	0.61	$	0.57	$	0.63		$	1.75	$	1.86

(1) The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Reconciliation of Non-GAAP Financial Measures – Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

Net interest income (tax-equivalent basis)
Net interest income	$	47,733		$	47,028		$	48,279		$	141,449		$	143,988
Tax-equivalent adjustment ⁽¹⁾		552			553			675			1,680			2,092
Net interest income (tax-equivalent basis) ⁽¹⁾	$	48,285		$	47,581		$	48,954		$	143,129		$	146,080

Net interest margin (tax-equivalent basis)
Net interest margin *		3.98	%		3.95	%		4.07	%		3.96	%		4.14	%
Tax-equivalent adjustment * ⁽¹⁾		0.05			0.05			0.06			0.05			0.06
Net interest margin (tax-equivalent basis) * ⁽¹⁾		4.03	%		4.00	%		4.13	%		4.01	%		4.20	%

Average interest-earning assets	$	4,769,471		$	4,785,558		$	4,708,331		$	4,773,478		$	4,649,993

* Annualized measure.
(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures – Efficiency Ratio (Tax-equivalent Basis)
	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

Efficiency ratio (tax-equivalent basis)
Total noninterest expense	$	31,322		$	30,509		$	30,671		$	93,099		$	100,577
Less: amortization of intangible assets		710			710			720			2,130			1,950
Noninterest expense excluding amortization of intangible assets	$	30,612		$	29,799		$	29,951		$	90,969		$	98,627

Net interest income	$	47,733		$	47,028		$	48,279		$	141,449		$	143,988
Total noninterest income		8,705			9,610			9,490			23,941			26,841
Operating revenue		56,438			56,638			57,769			165,390			170,829
Tax-equivalent adjustment ⁽¹⁾		552			553			675			1,680			2,092
Operating revenue (tax-equivalent basis) ⁽¹⁾	$	56,990		$	57,191		$	58,444		$	167,070		$	172,921

Efficiency ratio		54.24	%		52.61	%		51.85	%		55.00	%		57.73	%
Efficiency ratio (tax-equivalent basis) ⁽¹⁾		53.71			52.10			51.25			54.45			57.04

(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures – Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023

Tangible Common Equity
Total stockholders’ equity	$	537,662		$	509,469		$	456,251
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		18,552			19,262			21,402
Tangible common equity	$	459,290		$	430,387		$	375,029

Tangible Assets
Total assets	$	4,990,728		$	5,006,199		$	4,991,768
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		18,552			19,262			21,402
Tangible assets	$	4,912,356		$	4,927,117		$	4,910,546

Total stockholders’ equity to total assets		10.77	%		10.18	%		9.14	%
Tangible common equity to tangible assets		9.35			8.74			7.64

Shares of common stock outstanding		31,559,366			31,559,366			31,774,140

Book value per share	$	17.04		$	16.14		$	14.36
Tangible book value per share		14.55			13.64			11.80

Reconciliation of Non-GAAP Financial Measures – Return on Average Tangible Common Equity, Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity

	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

Average Tangible Common Equity
Total stockholders’ equity	$	523,745		$	501,837		$	459,601		$	506,582		$	445,576
Less: Goodwill		59,820			59,820			59,875			59,820			56,406
Less: Intangible assets, net		18,892			19,605			21,793			19,607			20,005
Average tangible common equity	$	445,033		$	422,412		$	377,933		$	427,155		$	369,165

Net income	$	18,180		$	18,070		$	19,715		$	51,508		$	47,396
Adjusted net income		19,244			18,139			20,279			55,456			58,910

Return on average stockholders’ equity *		13.81	%		14.48	%		17.02	%		13.58	%		14.22	%
Return on average tangible common equity *		16.25			17.21			20.70			16.11			17.17

Adjusted return on average stockholders’ equity *		14.62	%		14.54	%		17.51	%		14.62	%		17.68	%
Adjusted return on average tangible common equity *		17.20			17.27			21.29			17.34			21.34

* Annualized measure.

MIL-OSI Asia-Pac: The 2nd National Lighthouse Festival began with ‘Lighthouse Tourism Conclave 2024’

Source: Government of India

The 2nd National Lighthouse Festival began with ‘Lighthouse Tourism Conclave 2024’

Lighthouse Tourism Conclave 2024 highlighted opportunities for Heritage and Preservation

Odisha’s five heritage lighthouses among Key attractions, drawing Over 10 Lakh Visitors in 2024-25

In line with vision to unlock the immense potential of India’s maritime heritage, MoPSW has embarked on a transformative journey to revitalize our historic lighthouses Shri Shantanu Thakur, MoS, MoPSW

These majestic structures, which have long guided mariners, are now evolving into centres of tourism, culture, and learning: Shri Shantanu Thakur, MoS, MoPSW

Posted On: 19 OCT 2024 4:39PM by PIB Delhi

On the day one of 2nd National Lighthouse Festival , Ministry of Ports, Shipping, and Waterways (MoPSW) hosted the Lighthouse Tourism Conclave 2024 today in Puri, with over 100 participants, including government officials, tourism experts, and conservationists, in attendance. The event aimed to explore the vast potential of lighthouse tourism and strategies for preserving these maritime structures, blending tourism development with heritage conservation.

Hon’ble Shri @Shantanu_bjp, MoS, MoPSW, along with T.K. Ramachandran, IAS, Secretary, MoPSW, commenced the celebrations with lighting of the lamp at this first-of-its-kind conclave dedicated to lighthouse tourism. This landmark event is part of the 2nd Indian Lighthouse Tourism. pic.twitter.com/7PX4qCOWbC

— Ministry of Ports, Shipping and Waterways (@shipmin_india) October 19, 2024

The conclave was graced by dignitaries, including Shri Sambit Patra, Hon’ble MP from Puri; Shri Suresh Gopi, Hon’ble Minister of State for Petroleum, Natural Gas & Tourism; and Smt. Pravati Parida, Hon’ble Deputy Chief Minister of Odisha. Following the traditional lighting of the ceremonial lamp, the Hon’ble Minister of State for Ports, Shipping & Waterways, Shri Shantanu Thakur, delivered the keynote address, where he emphasized the importance of developing lighthouse tourism as a means to boost local economies and preserve India’s rich maritime heritage.

”In line with our vision to unlock the immense potential of India’s maritime heritage, the Ministry of Ports, Shipping, and Waterways has embarked on a transformative journey to revitalize our historic lighthouses. These majestic structures, which have long guided mariners, are now evolving into centres of tourism, culture, and learning. With the development of 75 iconic lighthouses across the nation, we are not only preserving history but also creating vibrant spaces for recreation and community engagement”.

During the conclave on Lighthouse tourism Shri @Shantanu_bjp, MoS, MoPSW highlighted the role lighthouses played in maritime navigation before the advent of GPS tracking systems. He also praised Hon’ble PM Shri @narendramodi for his commitment to preserve these iconic structures. pic.twitter.com/Kv4frIesxm

— Ministry of Ports, Shipping and Waterways (@shipmin_india) October 19, 2024

He warmly invited all visitors to explore these landmarks and experience the unique blend of heritage and modernity they offer.

A detailed presentation by the Directorate General of Lighthouses and Lightships (DGL) showcased the current status and future prospects of lighthouse tourism in India, highlighting various initiatives underway. With an investment of ₹60 crore, 75 iconic lighthouses across 9 coastal states and 1 union territory have been developed under the visionary leadership of the Hon’ble Prime Minister. Each lighthouse has become a beacon of both heritage and recreation, with modern amenities such as museums, amphitheaters, children’s parks, and more. In Odisha, five lighthouses—Gopalpur, Puri, Chandrabhaga, Paradip, and False Point—have been developed as part of this initiative to promote lighthouse tourism.

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

The presentation was followed by two engaging panel sessions. The first session, moderated by Gaurav Nagar, focused on “Lighthouse Tourism and Heritage.” Speakers, including Kapil Mohan (AIS Retd.), Debasis Mishra, and renowned photographer Dinesh Khanna, discussed the cultural and economic significance of lighthouses and the untapped potential in leveraging them as tourist destinations. The second session, also moderated by Gaurav Nagar, concentrated on “Preservation and Conservation of Lighthouses.” Experts such as Raja Parija, Capt. Devabrat Mishra, and Sangeeta Thakur deliberated on sustainable preservation techniques, balancing heritage conservation with the growing demand for tourism.

This interactive dialogue encouraged collaboration among key industry players to strengthen lighthouse tourism in India.

Through this conclave, the Ministry of Ports, Shipping, and Waterways aims to raise awareness about the unique blend of history and tourism that lighthouses represent, and how their preservation is essential for future generations. The event sets the stage for upcoming initiatives and collaboration in the lighthouse tourism sector.

Note: Later in the evening, the Lighthouse Tourism Festival at Talabania Ground, Puri, will witness a grand cultural celebration. The festivities will begin with the invocation dance, Ganesh Vandana, followed by a captivating medley of traditional Assamese performances, showcasing the rich cultural heritage of Assam. To conclude the evening, renowned singer Papon will enthrall the audience with a special celebrity performance, adding a melodious touch to the celebration of India’s maritime heritage and lighthouse tourism. The event promises to be a blend of tradition, art, and entertainment, bringing people together in a vibrant cultural showcase.

********

NKK/AK

(Release ID: 2066322) Visitor Counter : 62

MIL-OSI USA: Agriculture Contributes $4 Billion to CT Economy, Report Shows

Source: US State of Connecticut

A new report highlights the economic contributions of Connecticut’s agricultural sector, including $4 billion to the state economy and providing 31,000 jobs.

“The numbers are significant and it’s important to recognize [agriculture’s] proper placement in the state economy,” says Rigoberto Lopez, professor of agricultural and resource economics.

The report was a collaborative effort between the College of Agriculture, Health and Natural Resources (CAHNR), the Connecticut Department of Agriculture, Farm Credit East, and the Connecticut Center for Economic Analysis (CCEA). Authors include Lopez; Tessa Getchis, aquaculture extension specialist for Connecticut Sea Grant and UConn Extension; Danielle Duquette ‘24 (CAHNR); Christopher Laughton, director of knowledge exchange at Farm Credit East; Peter Gunter, senior research fellow at CCEA; and Fred Carstensen, director of CCEA and UConn professor of finance.

“Even in a relatively small, fairly urban state, agriculture contributes approximately $4 billion to the economy, and supports 31,000 jobs, on and off the farm,” Laughton says. “In addition, agriculture provides significant ecosystem services and preserves the state’s working landscape – contributions that can’t be readily quantified. No matter how you measure it – agriculture matters to Connecticut.”

The report demonstrates that, despite challenges posed by climate change and the COVID-19 pandemic, the agriculture sector continues to grow.

“This economic impact report serves as a vital benchmark, revealing the profound significance of agriculture – not just as a source of sustenance, but as a cornerstone of economic vitality, community resilience, and sustainable growth,” says Agriculture Commissioner Bryan P. Hurlburt. “Building upon strong partnerships and collaboration, this data serve as a compass, guiding our programs and services at the agency to create a runway for future success through innovative solutions and the diversification of agriculture.”

The fastest-growing industries in Connecticut are its greenhouse operations and value-added products, like dairy and meat processing.

Connecticut does not compete with large agricultural states, like those in the Midwest, in terms of big crops like wheat or corn. Instead, most of the state’s agriculture focuses on what are considered “specialty crops” by the FDA like vegetables, fruit, and melons, as well as ornamental crops.

The state also has a robust aquatic farming industry which contributed $33.5 million and 500 jobs in 2022 according to the report.

“The industry produces a wide spectrum of products including oysters, clams, fish, kelp, aquatic plants, and corals, among others,” Getchis says. “Connecticut has a long history of shellfish production dating back centuries and is in fact today one of the leading producers on the U.S. East Coast.”

While the report highlights the economic benefits of the agricultural sector for the state, Lopez emphasizes it does not capture all the benefits the industry provides to the state including social factors. For example, farms in the state provide residents with access to local foods and events like farmer’s markets provide spaces for communities to gather.

“Residents can play an important role in preserving and supporting agriculture in Connecticut,” Lopez says.

At a recent press event to unveil the report, UConn officials underscored the value of the impact report and UConn’s role in helping Connecticut’s agricultural sectors to grow.

“Agriculture is part of the past, present, and future of Connecticut and its flagship university, UConn,” says CAHNR Dean Indrajeet Chaubey. “We’re committed to fueling the state’s economic engine, supporting agricultural industries, and preparing future leaders through specialized academic programs.”

This work relates to CAHNR’s Strategic Vision area focused on Ensuring a Vibrant and Sustainable Agricultural Industry and Food Supply.

Follow UConn CAHNR on social media

MIL OSI USA News –

MIL-OSI: Preferred Bank Reports Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2024. Preferred Bank (“the Bank”) reported net income of $33.4 million or $2.46 per diluted share for the third quarter of 2024. This represents a slight decrease in net income of $209,000 from the prior quarter and down by $4.8 million from the same quarter last year. The decrease in net income from the prior year was due to a decrease in net interest income of $4.1 million due to higher deposit costs as well as an increase in noninterest expense of $3.1 million. These were partially offset by lower provision for credit losses and an increase in noninterest income. The decrease from the prior quarter was due to an increase in noninterest expense of $2.4 million, an increase in the provision for credit losses of $700,000 partially offset by an increase in net interest income of $2.7 million. Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

Highlights for the Quarter:

Return on average assets was 1.95%
Return on beginning equity of 18.37%
Net interest margin (NIM) expanded to 4.10%
Total loans increased by $143 million or 2.6% for the quarter
Efficiency ratio was 30.6%

Li Yu, Chairman and CEO, commented, “I am pleased to report our third quarter 2024 net income was $33.4 million or $2.46 a share. Highlights of the quarter include the successful reduction of $21.2 million in non-performing loans, with no charge-offs. Interest recovery related to this was $800,000. Criticized loans, however, have increased but we believe it may be temporary in nature. Separately, the OREO property is currently in escrow, scheduled to close later this month. The valuation allowance we recorded of $1.7 million is included in the quarter’s non-interest expense.

Loan demand was strong this quarter. We had a net increase of $143 million, or 2.6% on a linked quarter basis. The September’s rate cut seems to have spurred borrower interest in general. Deposits for the quarter had a very small decrease, as we have been careful in monitoring our deposit costs.

At September 30, 2024, Preferred Bank’s loan portfolio was 26% fixed rate loans and 74% floating rate loans with floor rates for most of them. We believe it is well-balanced with the sensitivity of our deposits. However, the time certificates of deposits do have a cost adjustment pattern of slower reduction in the beginning but increasing gradually.”

Results of Operations

Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $68.8 million for the third quarter of 2024. This was a decrease from the $73.0 million recorded in the same quarter last year and an increase over the $66.1 million posted in the second quarter of 2024. A higher cost of deposits was to blame for the decrease in net interest income versus the prior year and a curing of a nonaccrual loan in the third quarter of 2024 was the reason for the increase in net interest income over the second quarter of 2024. A loan that was placed into nonaccrual status in the second quarter of 2024 was paid down significantly and the interest was brought current in the third quarter of 2024. This interest recovery of $800,000 helped to increase the Bank’s net interest margin to 4.10% for the quarter from 3.96% in the prior quarter. This compares to a margin of 4.39% one year ago. Also very importantly, the Bank’s total interest expense decreased for the first time since the first quarter of 2022. This was the result of the Bank’s efforts to replace higher cost brokered MMDA accounts with traditional brokered CD’s which carry a lower coupon. This is why, during this quarter, there is a fairly sizeable decrease in money market accounts and a corresponding increase in certificates of deposit.

Noninterest Income. For the third quarter of 2024, noninterest income was $3.5 million compared with $3.0 million for the same quarter last year and compared to $3.4 million for the second quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fees which increased by $210,000 and other income partially offset by a decrease in gains on sales of SBA loans of $263,000. In comparing to the same quarter last year; LC fee income was up by $547,000 partially offset by a decrease in service charges of $192,000.

Noninterest Expense. Total noninterest expense was $22.1 million for the third quarter of 2024 compared to $19.7 million for the second quarter of 2024 and compared to the $19.0 million recorded in the same period last year. The primary reason for the increase from the prior year and over the prior quarter was the $1.7 million valuation allowance recorded this quarter on the Bank’s other real estate owned (OREO) property. In comparing to the prior quarter; personnel expense increased by $581,000 and occupancy expense increased by $167,000. This was partially offset by a decrease in promotion expense of $162,000. In comparing to same quarter last year; personnel expense was up by $517,000, occupancy expense was up by $320,000 and professional services was up by $393,000. The increase in professional services expense was due to increased legal costs which were associated with a number of nonperforming loans. For the quarter ended September 30, 2024, the Bank’s efficiency ratio was 30.6%, higher than the 28.3% posted last quarter and higher than the 25.04% posted this quarter last year.

Income Taxes. The Bank recorded a provision for income taxes of $13.6 million for the third quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

Balance Sheet Summary

Total gross loans at September 30, 2024 were $5.57 billion, an increase of $298.1 million from the total of $5.27 billion as of December 31, 2023. Total deposits decreased during the quarter by $11 million but still increased year-to-date to $5.87 billion, up $158.4 million from the $5.71 billion as of December 31, 2023. Total assets were $6.87 billion, an increase of $213.3 million over the total of $6.66 billion as of December 31, 2023.

Asset Quality

Non-accrual loans as of September 30, 2024, was $19.4 million, a decrease of $21.2 million from $40.6 million on June 30, 2024. There were no charge-offs related to the reduction. Interest recoveries were $800,000 for this quarter

The increase in total criticized loans of $161.2 for the quarter was largely due to the downgrade of a relationship with seven real estate related loans. These seven loans totaling $182.1 were secured by retail or multifamily properties that have late payment irregularities. At September 30, 2024, four of the seven loans totaling $86.5 million have been brought current and are expected to be out of criticized status in the fourth quarter. The three loans that have not been brought to current have a combined weighted average LTV of 64% and DCR of 0.98. All these loans have adequate guarantor support. Combined amount outstanding for these three loans is $95.6 million.

Allowance for Credit Losses

The provision for credit losses for the third quarter of 2024 was $3.2 million compared to $2.5 million last quarter and compared to $3.5 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.36% of loans as compared to 1.34% in the prior quarter.

Capitalization

As of September 30, 2024, the Bank’s leverage ratio was 11.28%, the common equity tier 1 capital ratio was 11.66% and the total capital ratio stood at 15.06%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

Conference Call and Webcast

A conference call with simultaneous webcast to discuss Preferred Bank’s third quarter 2024 financial results will be held this afternoon, October 21, 2024 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at http://www.preferredbank.com.

Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through November 4, 2024; the passcode is 7955778.

About Preferred Bank

Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at http://www.preferredbank.com.

AT THE COMPANY: Edward J. Czajka Executive Vice President Chief Financial Officer (213) 891-1188	AT FINANCIAL PROFILES: Jeffrey Haas General Information (310) 622-8240 PFBC@finprofiles.com

Financial Tables to Follow

PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)


				For the Quarter Ended
				September 30,		June 30,		September 30,
					2024		2024		2023
Interest income:
	Loans, including fees			$	114,112	$	109,451	$	106,695
	Investment securities				15,032		17,552		18,556
	Fed funds sold				280		291		278
		Total interest income			129,424		127,294		125,529

Interest expense:
	Interest-bearing demand				23,211		24,205		20,257
	Savings				84		79		67
	Time certificates				35,956		35,578		29,369
	FHLB borrowings				–		–		1,557
	Subordinated debt				1,325		1,325		1,325
		Total interest expense			60,576		61,187		52,575
		Net interest income			68,848		66,107		72,954
Provision for credit losses					3,200		2,500		3,500
		Net interest income after provision for
			credit losses		65,648		63,607		69,454

Noninterest income:
	Fees & service charges on deposit accounts				747		819		939
	Letters of credit fee income				1,959		1,749		1,412
	BOLI income				108		105		103
	Net gain on sale of loans				91		353		21
	Other income				554		378		497
		Total noninterest income			3,459		3,404		2,972

Noninterest expense:
	Salary and employee benefits				13,525		12,944		13,008
	Net occupancy expense				1,883		1,716		1,563
	Business development and promotion expense				241		403		193
	Professional services				1,816		1,832		1,423
	Office supplies and equipment expense				435		477		395
	Loss on sale of OREO, valuation allowance and related expense				1,915		29		140
	Other				2,274		2,296		2,287
		Total noninterest expense			22,089		19,697		19,009
		Income before provision for income taxes			47,018		47,314		53,417
Income tax expense					13,635		13,722		15,225
		Net income		$	33,383	$	33,592	$	38,192

Income per share available to common shareholders
		Basic		$	2.50	$	2.51	$	2.74
		Diluted		$	2.46	$	2.48	$	2.71

Weighted-average common shares outstanding
		Basic			13,327,848		13,362,522		13,925,994
		Diluted			13,544,273		13,548,400		14,105,915

Cash dividends per common share				$	0.70	$	0.70	$	0.55

PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)


			For the Nine Months Ended
			September 30,		September 30,			Change
				2024		2023		%
Interest income:
	Loans, including fees		$	333,543	$	304,796		9.4
	Investment securities			48,841		47,454		2.9
	Fed funds sold			854		774		10.4
		Total interest income		383,238		353,024		8.6

Interest expense:
	Interest-bearing demand			69,706		53,701		29.8
	Savings			238		153		55.6
	Time certificates			105,864		71,399		48.3
	FHLB borrowings			–		3,819		-100.0	%
	Subordinated debt			3,975		3,975		0.0
		Total interest expense		179,783		133,046		35.1
		Net interest income		203,455		219,978		-7.5	%
Provision for credit losses				10,100		6,500		55.4
		Net interest income after provision for credit losses		193,355		213,478		-9.4	%

Noninterest income:
	Fees & service charges on deposit accounts			2,411		2,477		-2.7	%
	Letters of credit fee income			5,211		4,312		20.8	%
	BOLI income			318		307		3.3	%
	Net loss on called and sale of investment securities			–		(4,117	)	-100.0	%
	Net gain on sale of loans			547		547		-0.1	%
	Other income			1,441		1,481		-2.7	%
		Total noninterest income		9,928		5,007		98.3	%

Noninterest expense:
	Salary and employee benefits			40,369		39,256		2.8	%
	Net occupancy expense			5,310		4,513		17.7	%
	Business development and promotion expense			910		498		82.7	%
	Professional services			5,105		3,915		30.4	%
	Office supplies and equipment expense			1,385		1,197		15.7	%
	Loss on sale of OREO, valuation allowance and related expense			2,079		3,050		-31.8	%
	Other			6,656		6,332		5.1	%
		Total noninterest expense		61,814		58,761		5.2	%
		Income before provision for income taxes		141,469		159,724		-11.4	%
Income tax expense				41,028		45,523		-9.9	%
		Net income	$	100,441	$	114,201		-12.0	%

Income per share available to common shareholders
		Basic	$	7.50	$	8.01		-6.4	%
		Diluted	$	7.39	$	7.92		-6.7	%

Weighted-average common shares outstanding
		Basic		13,399,487		14,257,005		-6.0	%
		Diluted		13,587,820		14,418,939		-5.8	%

Dividends per share			$	2.10	$	1.65		27.3	%

PREFERRED BANK
Condensed Consolidated Statements of Financial Condition
(unaudited)
(in thousands)


			September 30,			December 31,
				2024			2023
			(Unaudited)			(Audited)
Assets
Cash and due from banks			$	782,394		$	890,852
Fed funds sold				22,600			20,000
	Cash and cash equivalents			804,994			910,852

Securities held-to-maturity, at amortized cost				20,311			21,171
Securities available-for-sale, at fair value				337,363			313,842

Loans held for sale, at lower of cost or fair value				225			360

Loans				5,571,579			5,273,498
	Less allowance for credit losses			(76,051	)		(78,355	)
	Less amortized deferred loan fees, net			(10,414	)		(11,079	)
	Loans, net			5,485,114			5,184,064

Other real estate owned and repossessed assets				15,082			16,716
Customers’ liability on acceptances				–			315
Bank furniture and fixtures, net				9,195			9,694
Bank-owned life insurance				10,364			10,632
Accrued interest receivable				35,562			33,892
Investment in affordable housing partnerships				58,009			65,276
Federal Home Loan Bank stock, at cost				15,000			15,000
Deferred tax assets				46,209			48,991
Income tax receivable				1,013			2,391
Operating lease right-of-use assets				30,489			22,050
Other assets				3,414			4,030
	Total assets		$	6,872,344		$	6,659,276

Liabilities and Shareholders’ Equity
Deposits:
	Noninterest bearing demand deposits		$	682,859		$	786,995
	Interest bearing deposits:			1,994,288			2,075,156
		Savings		29,793			29,167
		Time certificates of $250,000 or more		1,478,500			1,317,862
		Other time certificates		1,682,324			1,500,162
		Total deposits		5,867,764			5,709,342

Acceptances outstanding				–			315
Subordinated debt issuance, net				148,410			148,232
Commitments to fund investment in affordable housing partnerships				23,617			30,824
Operating lease liabilities				26,730			19,766
Accrued interest payable				16,001			16,124
Other liabilities				39,705			39,568
	Total liabilities			6,122,227			5,964,171

Shareholders’ equity				750,117			695,105
	Total liabilities and shareholders’ equity		$	6,872,344		$	6,659,276

Book value per common share			$	56.54		$	50.54
Number of common shares outstanding				13,267,852			13,753,246

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)



			For the Quarter Ended

			September 30,			June 30,			March 31,			December 31,			September 30,
				2024			2024			2024			2023			2023
Unaudited historical quarterly operations data:
	Interest income		$	129,424		$	127,294		$	126,520		$	124,964		$	125,529
	Interest expense			60,576			61,187			58,020			55,568			52,575
		Interest income before provision for credit losses		68,848			66,107			68,500			69,396			72,954
	Provision for credit losses			3,200			2,500			4,400			3,500			3,500
	Noninterest income			3,459			3,404			3,065			2,106			2,972
	Noninterest expense			22,089			19,697			20,028			17,873			19,009
	Income tax expense			13,635			13,722			13,671			14,290			15,225
		Net income	$	33,383		$	33,592		$	33,466		$	35,839		$	38,192

	Earnings per share
		Basic	$	2.50		$	2.51		$	2.48		$	2.63		$	2.74
		Diluted	$	2.46		$	2.48		$	2.44		$	2.60		$	2.71

Ratios for the period:
	Return on average assets			1.95	%		1.97	%		2.00	%		2.15	%		2.25	%
	Return on beginning equity			18.37	%		19.44	%		19.36	%		21.21	%		22.66	%
	Net interest margin (Fully-taxable equivalent)			4.10	%		3.96	%		4.19	%		4.24	%		4.39	%
	Noninterest expense to average assets			1.29	%		1.15	%		1.20	%		1.07	%		1.12	%
	Efficiency ratio			30.55	%		28.34	%		27.99	%		25.00	%		25.04	%
	Net charge-offs (recoveries) to average loans (annualized)			-0.00	%		0.68	%		0.26	%		-0.00	%		0.01	%

Ratios as of period end:
	Tangible common equity ratio			10.92	%		10.55	%		10.35	%		10.43	%		10.10	%
	Tier 1 leverage capital ratio			11.28	%		10.89	%		10.80	%		10.85	%		10.46	%
	Common equity tier 1 risk-based capital ratio			11.66	%		11.52	%		11.50	%		11.57	%		11.63	%
	Tier 1 risk-based capital ratio			11.66	%		11.52	%		11.50	%		11.57	%		11.63	%
	Total risk-based capital ratio			15.06	%		14.93	%		15.08	%		15.18	%		15.32	%
	Allowances for credit losses to loans at end of period			1.36	%		1.34	%		1.49	%		1.49	%		1.46	%
	Allowance for credit losses to non-performing loans		3.92x			1.79x			4.33x			2.73x			3.86x

Average balances:
	Total securities		$	356,590		$	353,357		$	348,961		$	349,863		$	368,968
	Total loans			5,458,613			5,320,360			5,263,562			5,126,918			5,086,241
	Total earning assets			6,684,766			6,728,498			6,585,853			6,499,469			6,597,557
	Total assets			6,817,979			6,863,829			6,718,018			6,627,349			6,719,859
	Total time certificate of deposits			2,874,985			2,884,259			2,852,860			2,767,385			2,680,854
	Total interest bearing deposits			5,124,245			5,203,034			5,004,834			4,906,947			4,800,227
	Total deposits			5,828,227			5,901,976			5,761,488			5,689,713			5,654,350
	Total interest bearing liabilities			5,272,617			5,351,347			5,153,089			5,055,143			5,069,014
	Total equity			747,222			715,190			704,996			683,141			678,020

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)



			For the Nine Months Ended
			September 30,			September 30,
				2024			2023

	Interest income		$	383,238		$	353,024
	Interest expense			179,783			133,046
		Interest income before provision for credit losses		203,455			219,978
	Provision for credit losses			10,100			6,500
	Noninterest income			9,928			5,007
	Noninterest expense			61,814			58,761
	Income tax expense			41,028			45,523
		Net income	$	100,441		$	114,201

	Earnings per share
		Basic	$	7.50		$	8.01
		Diluted	$	7.39		$	7.92

Ratios for the period:
	Return on average assets			1.97	%		2.33	%
	Return on beginning equity			19.30	%		24.22	%
	Net interest margin (Fully-taxable equivalent)			4.08	%		4.58	%
	Noninterest expense to average assets			1.21	%		1.20	%
	Efficiency ratio			28.97	%		26.12	%
	Net charge-off (recoveries) to average loans			0.31	%		0.00	%

Average balances:
	Total securities		$	352,982		$	402,971
	Total loans			5,347,918			5,048,452
	Total earning assets			6,666,439			5,047,971
	Total assets			6,800,008			6,436,889
	Total time certificate of deposits			2,870,717			6,560,955
	Total interest bearing deposits			5,110,755			2,504,426
	Total deposits			5,830,555			4,602,039
	Total interest bearing liabilities			5,259,068			5,539,223
	Total equity			722,560			4,851,214

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)



				As of

				September 30,			June 30,			March 31,			December 31,			September 30,
					2024			2024			2024			2023			2023
Unaudited quarterly statement of financial position data:
Assets:
	Cash and cash equivalents			$	804,994		$	917,677		$	936,600		$	910,852		$	1,021,108
	Securities held-to-maturity, at amortized cost				20,311			20,605			20,904			21,171			21,474
	Securities available-for-sale, at fair value				337,363			331,909			333,411			313,842			335,608
	Loans:
		Real estate – Mortgage:
			Real estate—Residential	$	753,453		$	732,251		$	724,101		$	688,058		$	663,021
			Real estate—Commercial		2,882,506			2,833,430			2,777,608			2,760,761			2,688,148
			Total Real Estate – Mortgage		3,635,959			3,565,681			3,501,709			3,448,819			3,351,169
		Real estate – Construction:
			R/E Construction — Residential		274,214			238,062			236,596			246,201			226,482
			R/E Construction — Commercial		290,308			247,582			213,727			179,775			164,666
			Total real estate construction loans		564,522			485,644			450,323			425,976			391,148
		Commercial and industrial			1,365,550			1,369,617			1,369,529			1,394,871			1,377,675
		SBA			5,649			5,463			3,914			3,469			2,424
		Consumer and others			124			118			379			363			285
			Gross loans		5,571,804			5,428,600			5,325,854			5,273,498			5,128,242
	Allowance for credit losses on loans				(76,051	)		(72,848	)		(79,311	)		(78,355	)		(74,849	)
	Net deferred loan fees				(10,414	)		(10,502	)		(10,460	)		(11,079	)		(10,240	)
		Net loans, excluding loans held for sale		$	5,485,339		$	5,345,250		$	5,236,083		$	5,184,064		$	5,043,153
	Loans held for sale			$	225		$	955		$	605		$	360		$	–
		Net loans		$	5,485,564		$	5,346,205		$	5,236,688		$	5,184,424		$	5,043,153

	Other real estate owned and repossessed assets			$	15,082		$	16,716		$	16,716		$	16,716		$	16,716
	Investment in affordable housing partnerships				58,009			60,432			62,854			65,276			54,679
	Federal Home Loan Bank stock, at cost				15,000			15,000			15,000			15,000			15,000
	Other assets				136,021			138,036			134,040			131,995			124,793
		Total assets		$	6,872,344		$	6,846,580		$	6,756,213		$	6,659,276		$	6,632,530

Liabilities:
	Deposits:
		Demand		$	682,859		$	675,767		$	709,767		$	786,995		$	838,300
		Interest bearing demand			1,994,288			2,326,214			2,159,948			2,075,156			2,091,384
		Savings			29,793			28,251			29,261			29,167			30,427
		Time certificates of $250,000 or more			1,478,500			1,406,149			1,349,927			1,317,862			1,283,461
		Other time certificates			1,682,324			1,442,381			1,552,805			1,500,162			1,439,699
		Total deposits		$	5,867,764		$	5,878,762		$	5,801,708		$	5,709,342		$	5,683,271

	Acceptances outstanding			$	–		$	–		$	–		$	315		$	103
	Subordinated debt issuance, net				148,410			148,351			148,292			148,232			148,173
	Commitments to fund investment in affordable housing partnerships				23,617			27,946			29,647			30,824			20,824
	Other liabilities				82,436			68,394			77,008			75,458			109,651
		Total liabilities		$	6,122,227		$	6,123,453		$	6,056,655		$	5,964,171		$	5,962,022

Equity:
	Net common stock, no par value			$	109,928		$	113,509		$	115,915		$	134,534		$	143,584
	Retained earnings				664,808			640,675			616,417			592,325			566,027
	Accumulated other comprehensive income				(24,619	)		(31,057	)		(32,774	)		(31,754	)		(39,103	)
		Total shareholders’ equity		$	750,117		$	723,127		$	699,558		$	695,105		$	670,508
		Total liabilities and shareholders’ equity		$	6,872,344		$	6,846,580		$	6,756,213		$	6,659,276		$	6,632,530

PREFERRED BANK
Quarter-to-Date Average Balances, Yield and Rates
(Unaudited)


			Three months ended September 30,							Three months ended June 30,							Three months ended September 30,
				2024							2024							2023
						Interest		Average					Interest		Average					Interest		Average
			Average			Income or		Yield/		Average			Income or		Yield/		Average			Income or		Yield/
			Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
ASSETS			(Dollars in thousands)
Interest earning assets:
	Loans ^(1,2)		$	5,459,842		$	114,112	8.31	%	$	5,324,410		$	109,451	8.27	%	$	5,086,302		$	106,695	8.32	%
	Investment securities ⁽³⁾			356,590			3,610	4.03	%		353,357			3,652	4.16	%		368,968			3,422	3.68	%
	Federal funds sold			20,164			280	5.52	%		20,866			291	5.61	%		20,111			278	5.48	%
	Other earning assets			848,170			11,521	5.40	%		1,029,865			13,999	5.47	%		1,122,176			15,235	5.39	%
		Total interest earning assets		6,684,766			129,523	7.71	%		6,728,498			127,393	7.61	%		6,597,557			125,630	7.55	%
	Deferred loan fees, net			(10,248	)						(10,459	)						(10,071	)
	Allowance for credit losses on loans			(72,899	)						(79,119	)						(71,503	)
Noninterest earning assets:
	Cash and due from banks			10,826							10,626							12,101
	Bank furniture and fixtures			9,419							9,787							8,814
	Right of use assets			22,496							22,886							21,491
	Other assets			173,619							181,610							161,470
		Total assets	$	6,817,979						$	6,863,829						$	6,719,859

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
	Deposits:
		Interest bearing demand and savings	$	2,249,260		$	23,295	4.12	%	$	2,318,775		$	24,284	4.21	%	$	2,119,373		$	20,324	3.80	%
		TCD $250K or more		1,412,073			17,866	5.03	%		1,379,116			17,295	5.04	%		1,251,397			14,085	4.47	%
		Other time certificates		1,462,912			18,090	4.92	%		1,505,143			18,283	4.89	%		1,429,457			15,284	4.24	%
		Total interest bearing deposits		5,124,245			59,251	4.60	%		5,203,034			59,862	4.63	%		4,800,227			49,693	4.11	%
Advance from Federal Home Loan Bank				–			–	0.00	%		–			–	0.00	%		120,652			1,557	5.12	%
Subordinated debt, net				148,372			1,325	3.55	%		148,313			1,325	3.59	%		148,135			1,325	3.55	%
		Total interest bearing liabilities		5,272,617			60,576	4.57	%		5,351,347			61,187	4.60	%		5,069,014			52,575	4.11	%
Noninterest bearing liabilities:
	Demand deposits			703,982							698,942							854,123
	Lease liability			18,882							19,828							19,759
	Other liabilities			75,276							78,522							98,943
		Total liabilities		6,070,757							6,148,639							6,041,839
Shareholders’ equity				747,222							715,190							678,020
		Total liabilities and shareholders’ equity	$	6,817,979						$	6,863,829						$	6,719,859
Net interest income						$	68,947						$	66,206						$	73,055
Net interest spread								3.14	%						3.02	%						3.44	%
Net interest margin								4.10	%						3.96	%						4.39	%

Cost of Deposits:
	Noninterest bearing demand deposits		$	703,982						$	698,942						$	854,123
	Interest bearing deposits			5,124,245			59,251	4.60	%		5,203,034			59,862	4.63	%		4,800,227			49,693	4.11	%
		Total Deposits	$	5,828,227		$	59,251	4.04	%	$	5,901,976		$	59,862	4.08	%	$	5,654,350		$	49,693	3.49	%

⁽¹⁾	Includes non-accrual loans and loans held for sale
⁽²⁾	Net loan fee income of $991,000, $1.1 million and $1.3 million for the quarter ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, are included in the yield computations
⁽³⁾	Yields on securities have been adjusted to a tax-equivalent basis

PREFERRED BANK
Year-to-Date Average Balances, Yield and Rates
(Unaudited)


			Nine Months ended September 30,
				2024							2023
						Interest		Average					Interest		Average
			Average			Income or		Yield/		Average			Income or		Yield/
			Balance			Expense		Rate		Balance			Expense		Rate
ASSETS			(Dollars in thousands)
Interest earning assets:
	Loans ^(1,2)		$	5,350,465		$	333,543	8.33	%	$	5,048,452		$	304,796	8.07	%
	Investment securities ⁽³⁾			352,982			10,691	4.05	%		402,971			11,125	3.69	%
	Federal funds sold			20,472			854	5.57	%		20,111			774	5.14	%
	Other earning assets			942,520			38,448	5.45	%		965,355			36,633	5.07	%
		Total interest earning assets		6,666,439			383,536	7.68	%		6,436,889			353,328	7.34	%
	Deferred loan fees, net			(10,466	)						(10,142	)
	Allowance for credit losses on loans			(76,775	)						(69,653	)
Noninterest earning assets:
	Cash and due from banks			10,693							11,912
	Bank furniture and fixtures			9,762							8,931
	Right of use assets			22,462							21,780
	Other assets			177,893							161,238
		Total assets	$	6,800,008						$	6,560,955

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
	Deposits:
		Interest bearing demand/ savings	$	2,240,038		$	69,944	4.17	%	$	2,097,613		$	53,854	3.43	%
		TCD $250K or more		1,377,621			51,662	5.01	%		1,258,870			37,600	3.99	%
		Other time certificates		1,493,096			54,202	4.85	%		1,245,556			33,798	3.63	%
		Total interest bearing deposits		5,110,755			175,808	4.59	%		4,602,039			125,252	3.64	%
Advance from Federal Home Loan Bank				–			–	0.00	%		101,099			3,819	5.05	%
Subordinated debt, net				148,313			3,975	3.58	%		148,076			3,975	3.59	%
		Total interest bearing liabilities		5,259,068			179,783	4.57	%		4,851,214			133,046	3.67	%
Noninterest bearing liabilities:
	Demand deposits			719,800							937,184
	Lease liability			19,401							20,482
	Other liabilities			79,179							83,213
		Total liabilities		6,077,448							5,892,093
Shareholders’ equity				722,560							668,862
		Total liabilities and shareholders’ equity	$	6,800,008						$	6,560,955
Net interest income						$	203,753						$	220,282
Net interest spread								3.12	%						3.67	%
Net interest margin								4.08	%						4.58	%

Cost of Deposits:
	Noninterest bearing demand deposits		$	719,800						$	937,184
	Interest bearing deposits			5,110,755			175,808	4.59	%		4,602,039			125,252	3.64	%
		Total Deposits	$	5,830,555		$	175,808	4.03	%	$	5,539,223		$	125,252	3.02	%

⁽¹⁾	Includes non-accrual loans and loans held for sale
⁽²⁾	Net loan fee income of $3.4 million and $3.2 million for the year ended September 30, 2024 and 2023, respectively, are included in the yield computations
⁽³⁾	Yields on securities have been adjusted to a tax-equivalent basis

PREFERRED BANK
Loan and Credit Quality Information

Allowance For Credit Losses History
			Nine Months Ended			Year ended
			September 30, 2024			December 31, 2023
			(Dollars in 000’s)
Allowance For Credit Losses
Balance at Beginning of Period			$	78,355		$	68,472
	Charge-Offs
		Commercial & Industrial		12,409			124
		Mini-perm Real Estate		–			–
		Total Charge-Offs		12,409			124

	Recoveries
		Commercial & Industrial		5			7
		Mini-perm Real Estate		–			–
		Total Recoveries		5			7

	Net Charge-Offs			12,404			117
	Provision for Credit Losses:			10,100			10,000
Balance at End of Period			$	76,051		$	78,355

Average Loans Held for Investment			$	5,347,918		$	5,067,870
Loans Held for Investment at End of Period			$	5,571,579		$	5,273,498
Net Charge-Offs to Average Loans				0.31	%		0.00	%
Allowances for Credit Losses to Loans at End of Period				1.36	%		1.49	%

MIL-OSI Europe: Einstein Telescope in border region step closer

Source: Government of the Netherlands

News item | 18-10-2024 | 12:00

Major steps have been taken to build the Einstein Telescope in the border region of Belgium, the Netherlands and Germany. This was revealed at the 4th ministerial summit on the project. The Flemish government is already reserving €200 million for the project. In addition, Belgium and the Netherlands support the steps being taken in Germany to definitively earmark funds for the construction of the Einstein Telescope. Finally, it was announced at the summit that the 1rst results of the drilling campaign give the preliminary conclusion that the subsoil in the border area of Belgium, the Netherlands and Germany is sufficiently stable and offers opportunities to build the telescope.

Newcomers

That news caused great optimism among the responsible ministers from North Rhine-Westphalia, Belgium and the Netherlands at the Kerkrade conference on the underground telescope.

Following elections and government formation in the Netherlands and Belgium, a number of new ministers in the Netherlands and Belgium are responsible for the Einstein Telescope project. From Wallonia it is Minister Pierre-Yves Jeholet, in Flanders it is Prime Minister Matthias Diependaele and from the Netherlands Minister Eppo Bruins, who also hosted.

Commitment in the 3 countries

Ahead of the summit, it was announced that the new Flemish cabinet is already reserving €200 million for the Einstein Telescope. This is good news. Together with the financial reservation in the Netherlands and the extra boost given by Minister Bruins on Prinsjesdag, a total of more than a billion euros is available for the Einstein Telescope in both countries.
Germany is also taking steps for the Einstein Telescope. There, an application is under way to get the Einstein Telescope on Germany’s priority list for large scientific infrastructure. This is a necessary condition for a financial contribution. Dutch and Belgian ministers have indicated their support for this proposal.

Drilling campaign: hard rock favourable

A key condition for building the Einstein Telescope is that the soil is suitable for it. To determine that, drilling to an average depth of 300 metres was carried out at 11 locations in the border region of Belgium, the Netherlands and Germany. Not all analyses have been completed yet, but the first preliminary conclusions look good. It was found that the subsurface consists of harder rock layers than initially assumed. This is favourable for building an underground research infrastructure. The analysed data from the drillings have been independently verified by the geological service of TNO (Netherlands Organisation for Applied Scientific Research). TNO concurs with the research team’s conclusion based on these initial findings that there are no factors that would make the project unfeasible.
This drilling campaign and the data collected do not yet say anything about exactly where the 3 vertices for the underground telescope will be. Further geological research is needed for that. In addition, seismic surveys must show that the area is sufficiently noise-free to allow the telescope to measure gravity waves optimally. Furthermore, civil engineering studies must show how the construction of the underground tunnels and vertices is possible. In addition, environmental impact studies will help determine the most suitable location.

Einstein Telescope of great value

The Einstein Telescope will be of great value to science, the economy and society. Studies show that every euro invested will pay for itself twice over, and thousands of additional jobs are expected to be created in the border area of the 3 countries. Both for scientists and professionals in the fields of construction, maintenance and hospitality.
The decision on where to build the Einstein Telescope will be made in 2026. The border region of Germany, the Netherlands and Belgium is in the race together, working on the best possible bid book. The Netherlands has €58 million for preparation and a reservation of €870 million for construction.

Quotes from national and regional ministers

Minister Eppo Bruins (OCW) – the Netherlands: ‘Together, we are really another step closer to the Einstein Telescope. The Flemish investment is very good news, and Germany is also taking steps. These agreements and first results of the ground borings mean that the ground under our plan is getting firmer, both literally and figuratively. And that’s good news. Together, we can really give a major boost to science, society and the economy in our countries with the Einstein Telescope.’

State Secretary Thomas Dermine, Belgium: ‘This latest ministerial meeting shows that the Netherlands, Belgium, and Germany continue to make significant daily efforts to ensure that the candidacy of the EMR region for the Einstein Telescope is as solid and coherent as possible. The Belgian federal government, whose administration (BELSPO) coordinates the work of the Belgian Task Force, closely monitors the next steps to be taken to ensure that this high-value scientific project is actually realized in the EMR region. The realization of a European project of this caliber will enhance the EMR cross-border region and demonstrate that Europe is at the top of scientific technology in the field of gravitational wave detection.’

Nathanael Liminski, Minister of Federal, European, International Affairs and Media of the State of North Rhine-Westphalia and Head of the State Chancellery: ‘We are constantly fostering cross-border cooperation between North Rhine-Westphalia, the Netherlands and Belgium for the benefit of the people in the region. Of the many areas and projects in which we work together, the Einstein Telescope stands out in particular. Joint cutting-edge research projects send out the signal that we, as Europe, have the confidence to be among the best in the world. The Einstein Telescope has enormous potential, both scientifically and economically.’

Gonça Türkeli-Dehnert, State Secretary, Ministry of Culture and Research of the State of North-Rhine Westphalia: ‘The research landscape in North Rhine-Westphalia, with its many excellent universities and research institutions, is unique in Europe. I am sure that North Rhine-Westphalia and its partners in the Netherlands and Belgium will be the ideal home for the Einstein Telescope.’

Minister Pierre-Yves Jeholet, Wallonia: ‘This project is of great importance for scientific research and European scientific collaboration, but also for the economy of our regions, which is why the new Walloon Government fully supports this bid through the Economy and Industry Department. Most of this project will be carried out under Walloon soil, and the spin-offs will be significant for our regions. In the coming weeks, the Walloon Government will be expanding its project team to maximise the chances of this joint bid by Germany, the Netherlands, Flanders and Wallonia.’

Flemish Prime Minister Matthias Diependaele: ‘The Einstein Telescope is a unique ‘Big Science’ project. It links fundamental science, technological innovation, attraction of STEM fields and international appeal. A strong commitment from all governments involved will enable us to actually bring this unique scientific infrastructure to the Meuse-Rhine Euroregion. This is why the new Flemish government has already entered an initial reservation of 200 million euros in its budget.’

Deputy Stephan Satijn (Economy, Finance and Business, Public affairs) Province of Limburg (NL): ‘During the ministerial meeting, it became clear that we all want the same thing: to bring the Einstein Telescope to this region. The new ministers are also keeping the Einstein Telescope high on the agenda. With good agreements, we have taken another step forward.’

MIL OSI Europe News –

MIL-OSI China: Chinese researchers develop ‘lunar bricks’

Source: China State Council Information Office 2

A visitor looks at a lunar soil sample displayed at a Space Day of China science exhibition in Hefei, east China’s Anhui Province, April 24, 2023. [Photo/Xinhua]
Chinese researchers have developed bricks from a material that has a similar composition to lunar soil, with the hope that they can be used to build a lunar base in the future.
According to a recent video clip provided to Xinhua by the Huazhong University of Science and Technology (HUST), a team of researchers led by Ding Lieyun used a lunar soil simulant to make “lunar bricks” that are more than three times stronger than standard red bricks or concrete bricks.
The team also developed another construction option using additive manufacturing technology. The researchers invented a 3D-printing robot to print houses using lunar soil.
According to Zhou Cheng at HUST, the team used five different simulated lunar soil compositions and three different sintering processes, which can provide more accurate scientific data for the selection of materials and process optimization for future lunar base construction.
The composition of lunar soil varies in different locations on the moon, Zhou said, noting that there is one composition that simulates the lunar soil at the landing site of Chang’e-5, which is mainly basalt. Some other compositions simulate the soil found at other locations, soil that is mainly anorthosite.
He explained that the bricks need to undergo performance testing to determine if their mechanical performance will degrade in the lunar environment and whether they can withstand the high frequency of lunar quakes.
The moon has a vacuum environment with significant cosmic radiation, and temperatures exceed 180 degrees Celsius during the lunar day, dropping to minus 190 degrees Celsius at night. The team has to determine how well the bricks can insulate and if they can withstand the radiation, Zhou said.
According to China Central Television, the lunar bricks will be sent to China’s space station aboard the Tianzhou-8 cargo spacecraft to verify their mechanical and thermal performance, as well as their ability to withstand cosmic radiation. The first lunar brick is expected to return to Earth by the end of 2025.
China unveiled a national mid-term to long-term development program for space science on Tuesday, outlining a roadmap for the development of space science in China through 2050. The international lunar research station, which was initiated by China, will be constructed during the program’s second phase from 2028 to 2035.

MIL OSI China News –

MIL-OSI Economics: How Honeywell is using Google AI to prepare for the industrial future

Source: Google

Industrial companies play a crucial role in our daily lives, whether it’s the airplanes we fly, the medical devices we use or the sensors that manage the air conditioning in our offices. But there’s a looming talent shortage and skills gap in the industrial sector, which could soon create massive challenges for businesses and economies worldwide.

With an entire generation of workers retiring and — in many cases — no one coming behind them, industrial companies are under tremendous pressure. They are asking how they can maintain the same level of expertise with their current talent, and searching for the best tools to do the work and transition the knowledge between generations. This is essential to keep industrial systems (and the world at large) running every day.

Enter Honeywell. The longtime industrial partner and technology leader for the industrial sector is collaborating with Google Cloud to further help solve the skills and labor shortages. With Vertex AI, Honeywell is helping industrial assets work harder, people work smarter and processes run more efficiently. As Suresh Venkatarayalu, Honeywell’s CTO and President of Honeywell Connected Enterprise, puts it, “We’re moving from automation to autonomy. Our goal is to equip companies with AI agents that assist workers in real time — on factory floors and in the field. With AI running both in the cloud and at the edge, we’re making sure that systems work smarter and more efficiently.”

Industrial AI agents that act like workplace ‘coaches’

For years, Honeywell has been collecting industrial data through Honeywell Forge, a digital platform that draws on designs, manuals, and real-world performance of Honeywell’s global install base (such as how products have behaved in different environments, where issues have occurred, and how to resolve them). Now, Honeywell is using Vertex AI and Google’s large language models (LLMs) to build AI agents, like workplace “coaches,” that make this trove of data more accessible and easier to understand.

These AI-powered tools will also help automate tasks for engineers, warehouse workers, and technicians for Honeywell and its customers. For example, AI agents can troubleshoot equipment, suggest design improvements, and offer preventative maintenance insights, such as, “How did this unit perform last night?” or “Why is my system making this sound?”

Edge AI tools to help devices monitor and process data

Honeywell’s devices are used worldwide in a range of settings — from data centers to hospitals to refineries to warehouses. Internet access can often be challenging, especially in remote locations. To solve this, Honeywell is exploring how to use Gemini Nano to provide AI services at the edge of the network — right on devices like scanners, sensors and controllers — so they can operate autonomously, even when they aren’t connected to the internet.

Gemini’s multimodal capabilities enable understanding of text, code, images, videos and audio, allowing Honeywell devices to process various data types, from scanning to voice-based guided workflow.

With Google AI-powered agents, Honeywell is helping bridge the skills gap and ensure the future of the industrial sector. The first solutions built with Google Cloud AI will be available to Honeywell’s customers in 2025. You can find out more information and see future updates on our website.

MIL OSI Economics –

MIL-OSI China: China launches its first digital resource center for Tibetan medicine, astrology

Source: China State Council Information Office 3

Southwest China’s Xizang Autonomous Region launched the country’s first digital resource center for Tibetan medicine and astrology on Friday.

Established by the Hospital of Traditional Tibetan Medicine in the regional capital Lhasa, the center features 10 databases, including Tibetan medicine materials and the literature on Tibetan medicine and astrology. It also houses high-resolution scanned copies of rare Tibetan medical and astrology texts dating back to the 8th Century.

The digitization efforts began in 2006, with over 40 researchers working to collect and preserve valuable literature not only from Xizang but also from provincial-level regions such as Qinghai, Gansu, Yunnan, Sichuan, Inner Mongolia and Liaoning. The team also traveled internationally, securing documents from collections in Mongolia, the United States and France.

“It is a critical step forward in advancing academic collaboration and scientific research in Tibetan medicine and astrology. We aim to create an open, accessible platform offering high-quality data and services to the global academic community,” said Tsering, director of the hospital.

Traditional Tibetan medicine emphasizes that seasonal changes affect the circulation of the body’s organs. As a result, practitioners pay close attention to variations in celestial bodies.

Under Tibetan tradition, astronomical calculations and astrology are conducted at hospitals. Each year, the almanac is generated based on calculations made by scholars of the hospitals.

MIL OSI China News –

MIL-OSI China: 2024 WSTDF to open in Beijing

Source: China State Council Information Office 3

A press briefing on the 2024 World Science and Technology Development Forum is held in Beijing on Oct. 18. [Photo courtesy of the China Association for Science and Technology]

The 2024 World Science and Technology Development Forum (WSTDF), hosted by the China Association for Science and Technology (CAST), will commence in Beijing on Oct. 22, according to a press briefing held on Friday.

Guided by the implementation of China’s three major global initiatives, the forum will center on the theme “Science and Technology for the Future” and focus on in-depth discussions of six topics. It aims to harness international expertise to drive high-quality development, foster cross-cultural scientific exchanges, and tackle global challenges through innovation and technological solutions.

The main activities of the 2024 WSTDF will take place in Beijing from Oct. 22-24, with the closing ceremony set for Oct. 30. During the event, in addition to the opening ceremony on Oct. 22, six major thematic sessions and three roundtable dialogues will be held, complemented by several cultural exchange activities. The six thematic sessions will explore the following key areas: “AI Governance Innovation: Building an International Trust Foundation for Cultivating the Ecology of Science and Technology Governance (Intelligence)”; “Interdisciplinary Science-Based Solutions Towards Sustainable Development (Interdisciplinary)”; “Open Science Infrastructures: Building a Collaborative Platform for the Sciences Decade (Infrastructures)”; “Cross-Industry Resource Collaboration and Integration to Provide Innovative Application Scenarios for Enhancing the Intelligent Manufacturing Industry (Innovation)”; “Harmonious Coexistence of Nature and Humanity: Environment and Health (Interaction)”; and “Science and Technology for Risk-Informed Sustainable Development (Integration).” The three roundtable dialogues will focus on the following themes: “Encouraging women’s participation in science and technology”; “Science: Openness, Cooperation and Mobility”; and “Seminar on Effectively Advancing the Sustainable Development Goals.”

In addition, three key international exchange events will enrich the forum, namely the 2024 China-ASEAN Engineers Forum in Beijing on Oct. 16; the opening ceremony of the 2024 WLA Forum & The Award Ceremony of the 2024 WLA Prize in Shanghai on Oct. 25; and the 11th China-Russia Engineering and Technology Forum in Heilongjiang on Oct. 28-29.

The 2024 WSTDF is expected to attract hundreds of high-profile participants, including leaders from relevant countries, global award winners, heads of the United Nations as well as international science and technology organizations, as well as renowned scientists, entrepreneurs and educators from home and abroad. Among the attendees will be over 10 Nobel laureates and other major award winners, more than 40 academicians, over 30 business representatives, and nearly 50 delegates from international organizations.

Featuring a diverse array of events, including thematic sessions, open forums and closed-door meetings, the forum will emphasize fostering interdisciplinary technological cooperation and integration. Through proposals, reports and declarations, it aims to drive meaningful progress in science and technology.

In line with its commitment to simplicity and practicality, the forum will embrace a green, low-carbon and sustainable approach. This includes utilizing paperless communication to boost efficiency, leveraging digital technology to streamline event services, and using renewable energy vehicles for guest transportation. Additionally, the forum will limit the number of participants, avoid unnecessary formalities and minimize decorations to foster a focused and efficient environment.

First launched and hosted by CAST in 2019, the WSTDF has been held five times. Amidst the complex and evolving global landscape, the forum has played a vital role in fostering non-governmental scientific and technological exchange, broadening avenues for international collaboration, and establishing an open and trustworthy network of cooperation. This year, the forum will once again offer a crucial platform for nations to exchange ideas, deepen partnerships and advance scientific innovation and development on a global scale, contributing to a community with a shared future for mankind.

MIL OSI China News –

MIL-OSI: Dayforce Launches New Brand Campaign: ‘Do the Work You’re Meant to Do’

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS and TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced the launch of its mass brand advertising campaign, ‘Do the work you’re meant to do.’ Brought to life through television and out-of-home (OOH) displays across the U.S., the campaign encourages viewers to harness simplicity at scale in their HR operations to achieve greater purpose and meaning within their work lives.

Dayforce uses humor in its TV commercial to illustrate ways technology can help make work life better for employees. Courtesy: Dayforce

This campaign falls on the heels of the company’s announcement to unite its global brand as Dayforce. With a focus on helping organizations realize the full potential of their people, Dayforce continues to set a new standard for the HCM industry and help deliver quantifiable value to customers.

“We’re creating moments of connection with our audiences by surfacing the emotions we all feel when we’re bogged down in administrative tasks, and can’t get to the work we’re passionate about and meant to do,” said Eric Glass, Chief Marketing and Communications Officer, Dayforce, Inc. “Our campaign addresses the importance of focusing on meaningful, purposeful work and how technology can empower us to do just that.”

Comprised of a series of vignette-style stories, the multi-channel brand campaign showcases a variety of professions and industries where workers are not able to get to the work they are meant to be doing because the complexity and volume of administrative, inefficient, tasks get in the way.

The new commercial will air across the U.S. and will be complemented by a series of online, LinkedIn, Meta, and podcast ads. The campaign OOH advertising will entertain audiences by showcasing challenges the characters face when trying to make time for the work they’re passionate about. The OOH elements will be located at Chicago O’Hare and Atlanta airports as well as in New York City in Grand Central Station and Penn Station.

This is the first campaign to come from Dayforce since bringing on Rethink as its creative agency of record, and Prophet as its media strategy agency of record.

Additional information:

About Dayforce  

Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, payroll, talent, workforce management, and benefits equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

Media Contact
Leslie Whitelaw
1-437-224-6993
Leslie.whitelaw@dayforce.com

MIL-OSI: James Richberg Appointed to Mattermost Federal Board of Directors

Source: GlobeNewswire (MIL-OSI)

Reston, Virginia, Oct. 21, 2024 (GLOBE NEWSWIRE) — Mattermost Federal, Inc., a leader in delivering the secure, real-time collaboration and workflow tools that modern defense, security, and intelligence teams need to maintain command, control, and operational tempo, is pleased to announce the appointment of James Richberg to its Board of Directors, effective September 1, 2024. Richberg brings a wealth of experience as an award-winning Chief Information Security Officer (CISO) and former senior U.S. Government cyber intelligence executive, recognized for his leadership in enhancing cybersecurity and developing innovative strategies to address the complex challenges of today’s digital landscape.

Richberg has a distinguished career in both the public and private sectors, serving as the Field Chief Information Security Officer at a NASDAQ 100 global cybersecurity company, where he led public sector outreach and contributed to an impressive sector annual growth rate. His extensive background includes roles as a corporate board member, leader of multi-company industry working groups on cybersecurity, and key contributor to the U.S. national cyber strategy. Richberg has received numerous accolades, including the Presidential Rank Award for his exceptional vision and leadership in cyber intelligence.

“We are excited to welcome James Richberg to the Mattermost Federal Board,” said Corey Hulen, CEO of Mattermost Federal. “His deep expertise in cybersecurity, risk management, and public-private collaboration will be invaluable as we continue to expand our solutions to address the unique challenges of the defense, intelligence, and critical infrastructure sectors. James’ proven track record of driving security innovation and policy development will greatly enhance our ability to deliver the most secure collaboration platform for government agencies.”

Richberg’s appointment reflects Mattermost Federal’s ongoing commitment to securing collaboration in high-risk, mission-critical environments, ensuring compliance with rigorous security standards, and delivering robust, scalable solutions for the most sensitive government and defense operations.

About Mattermost Federal

Mattermost Federal provides a secure collaboration platform built for the public and private sector, empowering defense, intelligence, and critical infrastructure organizations with the tools they need to securely collaborate, share information, and drive mission success. Trusted by the U.S. Department of Defense and other government entities, Mattermost Federal is committed to delivering cutting-edge solutions that meet the highest security and compliance standards.

MIL-OSI: ManTech Opens Center for Innovation and Partnership in Hawaii to Support Department of Defense Missions in the Indo-Pacific

Source: GlobeNewswire (MIL-OSI)

HONOLULU and HERNDON, VA., Oct. 21, 2024 (GLOBE NEWSWIRE) — ManTech, a leading provider of AI and mission-focused technology solutions, today opened its new Innovation and Partnership Center in Hawaii (named Kūmaumau). This center expands the company’s support of U.S. Department of Defense missions in the Indo-Pacific region. Strategically located in Honolulu’s growing hi-tech corridor, ManTech’s new facility will play a pivotal role in advancing U.S. Indo-Pacific Command missions.

The Kūmaumau Center will deliver cutting-edge capabilities to ensure U.S. military forces maintain dominance across both physical and digital battlefields. These include solutions for mitigating Contested Logistics, enhancing Integrated Missile Systems, advancing fixed and undersea intelligence surveillance, providing C5ISR support, and deploying Data @ the Edge technologies for secure communications in challenging environments. The center will also focus on Full-Spectrum Cyber capabilities to protect against emerging digital threats.

“ManTech has an enduring commitment to supporting defense and national security objectives from the vital hub of Hawaii,” said David Hathaway, President of ManTech’s Defense Sector. “Our new Innovation Center will build on this platform of mission success by developing, testing and deploying advanced technology solutions that provide our warfighters and partners with an all-important edge in combat scenarios.”

“As a long-term member of Hawaii’s community, we have designed Kūmaumau as a hub for collaboration with local businesses, universities, and international partners to support national security,” said Byron K.W. Leong, ManTech’s Executive Director, U.S. Indo-Pacific Business Development. “This new facility underscores ManTech’s dedication to pioneering mission-critical technology committing to the creation of career opportunities for the people and businesses of Hawaii.”

ManTech Innovation Center
SALT at Our Kaka’ako
680 Ala Moana Blvd – Suite 103 Honolulu, HI 96813

About ManTech
ManTech provides mission-focused technology solutions and services for U.S. Defense, Intelligence and Federal Civilian agencies as a 55-year Industry Partner with the Federal Government. We are a leading mission and enterprise technology provider that powers AI, full-spectrum cyber, data collection & analytics, high-end digital engineering and software application development solutions that support national and homeland security. Additional information on ManTech can be found at http://www.mantech.com.

Media Contact:

Jim Crawford
ManTech
Executive Director, External Communications
(M) 703-498-7315
James.Crawford2@ManTech.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d64b7873-d3f3-49f2-bb4a-abe3e9c910f2

MIL-OSI United Kingdom: Severn Valley communities invited to learn about plans for area

Source: United Kingdom – Executive Government & Departments

Communities along the Severn Valley are invited to find out more about plans to manage water and enhance communities at a series of drop-in events.

Flooding in the Severn Valley.

Residents and business owners along the upper Severn Valley are invited to a series of drop-in sessions being held later this year where they can find out more about plans to manage water and enhance communities in the area.

The Severn Valley Water Management Scheme (SVWMS) is an initiative led by a partnership of the Environment Agency, Natural Resources Wales, Powys County Council and Shropshire Council which aims to enhance water management and create resilient environments across the Upper Severn catchment.

The Partnership will be at the drop-in sessions below to discuss how it will be developing plans to make the Severn a more vibrant and resilient river catchment, and members of the communities are invited to the drop-in session to find out more.

As well as considering future options for the upper Severn catchment, the SVWMS is also exploring the different funding approaches that would be needed to take forward future implementation in what is a challenging funding environment.

The drop-in sessions will be held on the following dates:

7 November – Newtown Library, Park Lane, Newtown, SY16 1EJ
26 November – Llanidloes – Hanging Gardens Project, Bethel St, Llanidloes SY18 6BS
10 December – Meifod – Meifod Cobra Rugby Club, Meifod, SY22 6HF
13 January – Oswestry – Oswestry Memorial Hall, Smithfield Street, Oswestry, SY11 2EG
29 January – Shrewsbury – Shropshire Wildlife Trust, 193 Abbey Foregate, Shrewsbury SY2 6AH

These sessions, which coincide with briefings for local parish and community councils in Powys and Shropshire, are designed to provide an opportunity for residents to learn more about the project, ask questions, and share their views.

People can also keep up to date with progress of the scheme and all the latest news and events by viewing the new SVWMS website, which seeks feedback from those with an interest in the scheme.

The project is investigating a combination of sustainable land use management, in conjunction with current land uses, up-scaled nature-based solutions, and sensitive engineering methods to improve flood risk resilience and water management in the catchment area.

If delivered, the SVWMS will bring numerous benefits to communities and businesses across the Severn catchment in England and Wales:

Improved Flood Risk Management: By implementing a combination of measures, the project will help slow the flow of water upstream, reducing the risk of flooding in downstream areas.
Enhanced Biodiversity: The project will contribute to halting biodiversity decline by creating and improving habitats such as wetlands, reed beds, and woodlands. This will support a diverse range of plant and animal species.
Climate Resilience: The regenerative approach of the SVWMS will positively contribute to addressing the climate crisis by enhancing the natural environment’s ability to absorb and store carbon.
Social Value: The project will engage local communities and involve them in the decision-making process, fostering a sense of ownership and stewardship over the natural environment.
Economic Benefits: By improving water management and reducing flood risks, the project can protect local businesses and infrastructure, contributing to the overall economic resilience of the region.

David McKnight, Environment Agency Area Flood and Coastal Risk manager for the West Midlands said:

“Delivering the Severn Valley Water Management Scheme is a long-term solution to sustainable water management and has the potential to better protect thousands of homes and businesses from flood risk across the upper Severn catchment in England and Wales.

“We are looking forward to sharing progress as it is made and for people to contribute and engage with us as the project advances. We want to hear from all areas of the Severn community as we embark on the strategy that the catchment needs to be able to adapt to our changing climate and continue to thrive.

“The new SVWMS website will be a reliable and informative resource for anyone wanting to engage with partners and we will update the venue details of our community drop-in sessions and event summaries there too.”

Gavin Bown, Natural Resources Wales, Head of Operations for Mid Wales said:

“This is an ambitious but important project as we face a climate and nature emergency. We are seeing adverse weather events, such as flooding and periods of drought, occurring more frequently than we have experienced in recent decades.

“The Severn Valley Water Management Scheme (SVWMS) is looking at new and innovative ways to supplement our flood risk management activities and help further address these issues through using natural flood management to reduce the risk of flood or drought by working with natural systems.

NRW and Welsh Government are committed to the sustainable management of our natural resources. The SVWMS is a project which could provide us with additional longer-term solutions to sustainably manage water in the Severn catchment. We welcome the opportunity for communities to help inform the scheme.”

Councillor James Gibson-Watt, at Powys County Council, added:

“The Severn Valley Water Management Scheme is a significant opportunity to address climate impacts being experienced within our communities in Powys. We’re excited to be a partner in this initiative and would encourage participation in the upcoming community events to learn more about the project and the potential opportunities it could bring.”

Councillor Ian Nellins, Deputy Leader and Cabinet member for Climate Change, Environment and Transport at Shropshire Council, added:

“The Severn Valley Water Management Scheme represents a significant step forward in our efforts to protect communities and enhance our natural environment. This project not only addresses the immediate flood risks but also supports biodiversity and our fight against climate change.

“We encourage everyone to participate in the upcoming sessions to learn more about the positive impacts this scheme will bring.”

Published 21 October 2024

MIL OSI United Kingdom –

MIL-OSI Asia-Pac: KVIC Chairman Mr. Manoj Kumar inaugurated the exhibition themed “Khadi: The Fabric of Freedom, The Language of Fashion” at the Gandhi-King Memorial Plaza in New Delhi.

Source: Government of India (2)

KVIC Chairman Mr. Manoj Kumar inaugurated the exhibition themed “Khadi: The Fabric of Freedom, The Language of Fashion” at the Gandhi-King Memorial Plaza in New Delhi.

The exhibition, showcasing Khadi’s journey from the fabric of freedom to a symbol of fashion, will run until October 22, from 11 AM to 7 PM.

The exhibition is organized in collaboration with the Centre of Excellence for Khadi (COEK) and the National Institute of Fashion Technology (NIFT).

KVIC Chairman Mr. Manoj Kumar said, “The Khadi that played a crucial role in the freedom movement of India under the leadership of Mahatma Gandhi has now, thanks to PM Modi’s relentless efforts, become a fashion symbol and a center of attraction for the ‘New Khadi of New India.

Posted On: 19 OCT 2024 3:58PM by PIB Delhi

KVIC Chairman Mr. Manoj Kumar, in the presence of India International Centre (IIC) Director Mr. K.N. Srivastava, extended Prime Minister Narendra Modi’s vision of “Khadi for Fashion” by inaugurating the Khadi exhibition based on the theme “Khadi: The Fabric of Freedom, The Language of Fashion” (Khadi: The Cloth of Freedom, The Language of Fashion) at the Gandhi-King Memorial Plaza, India International Centre, Lodhi Road, New Delhi. The exhibition, organized in collaboration with the Centre of Excellence for Khadi (COEK) and the National Institute of Fashion Technology (NIFT), invites visitors to explore Khadi’s remarkable journey—starting from hand-spun fabric during India’s freedom movement under Mahatma Gandhi to its current status as a symbol of sustainability and modern fashion.

The exhibition, organized by COEK with the support of Khadi institutions and NIFT, also showcases Khadi clothes, sarees, home textiles, and contemporary designs developed by COEK’s design team, blending traditional craftsmanship with modern aesthetics.

Addressing the media, KVIC Chairman Mr. Manoj Kumar said “The Father of the Nation, Mahatma Gandhi, once said, ‘I see God in every thread drawn by the spinning wheel.’ Embracing this philosophy, KVIC, under Prime Minister Narendra Modi’s leadership, is organizing various programmess like sales campaigns, exhibitions, and national and international fairs to boost Khadi artisans’ income, which has played a significant role in promoting Khadi products.”

“The Khadi that played a key role in the freedom movement under Gandhi’s leadership has now become a fashion icon, thanks to PM Modi’s tireless efforts, and is now known as the ‘New Khadi of New India.’ He highlighted KVIC’s achievements, noting that Khadi’s business turnover under PM Modi’s leadership has surpassed ₹1.55 lakh crore in the financial year 2023-24, a remarkable growth from ₹31,000 crore ten years ago,” he added.

In his address, KVIC Chairman also said that PM Modi’s popular ‘Mann Ki Baat’ programme has made Khadi garments a new status symbol among the youth. The innovative products developed by COEK have also played a crucial role in popularizing Khadi. He further mentioned that since PM Modi’s appeal, the Khadi Gramodyog Bhawan in Connaught Place, Delhi, has set new sales records every year on Gandhi Jayanti, with sales surpassing ₹2 crore this year on October 2. These figures symbolize that ‘New Khadi of New India,’ under PM Modi’s leadership, has become the flag bearer of the ‘Vocal for Local,’ ‘Make in India,’ and ‘Aatmanirbhar Bharat’ campaigns.

KVIC Chairman Mr. Manoj Kumar appealed to all citizens to purchase more Khadi products this festive season, helping spread the joy of festivals to the homes of artisans and craftsmen who work tirelessly to produce high-quality goods. KVIC and NIFT officials and employees attended the event.

Key Highlights of the Exhibition:

Khadi Timeline: This impressive display showcases Khadi’s role in India’s freedom movement, including archival photos, quotes from Mahatma Gandhi, and historical records emphasizing the fabric’s significance during that era.
Experience Center: A live demonstration of the spinning process using Bardoli and Peti charkhas is set up at the venue, allowing visitors to witness the craftsmanship behind Khadi production.
Modern Designs: The exhibition features creations designed by the Centre of Excellence for Khadi in collaboration with Khadi institutions, such as fabrics, sarees, and home textiles, showcasing a perfect blend of tradition and modernity.
Khadi Retail Stalls: Genuine Khadi products, along with new designs developed by COEK, will be available for purchase. Visitors can buy garments made from this exquisite fabric.

******

SK

(Release ID: 2066306) Visitor Counter : 40

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

MIL-OSI Video: Secretary Blinken at the Secretary of State’s Award for Global Anti-Racism Champions Ceremony – 11AM

Source: United States of America – Department of State (video statements)

Secretary of State Antony Blinken delivers remarks at the second annual ceremony for the Secretary of State’s Award for Global Anti-Racism Champions at the State Department of State, on October 21, 2024.

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Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

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MIL OSI Video –