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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi Inaugurates, Lays Foundation Stone of several projects and Launches various Health Programmes across 4 Ministries on Dhanvantari Jayanti, significantly enhancing health infrastructure across the country

    Source: Government of India

    Prime Minister Shri Narendra Modi Inaugurates, Lays Foundation Stone of several projects and Launches various Health Programmes across 4 Ministries on Dhanvantari Jayanti, significantly enhancing health infrastructure across the country

    Various initiatives amounting to more than Rs. 12,855 Cr, include projects worth more than Rs. 5502 Cr under the Ministry of Health & Family Welfare; Rs. 5187 Cr under Dept. of Pharmaceuticals, Ministry of Chemicals & Fertilizers; Rs. 1641 under ESIC, Ministry of Labour and Employment and Rs. 525.14 Cr under the Ministry of AYUSH

    Prime Minister Unveils Comprehensive Five-Pillar Health Policy Focused on Preventive Care and Accessibility

    Prime Minister Launches Expansion of Health Coverage under AB-PMJAY for citizens of and above 70 years, at a cost of Rs. 3437 Crore

    Every senior citizen in the country aged 70 and above will receive free hospital treatment through the Ayushman Vaya Vandana Card: Prime Minister

    “Health is regarded as the greatest wealth, a concept that is gaining global recognition through Yoga”

    Prime Minister Reiterates Commitment to add 75,000 New MBBS and MD Seats to Meet Rising Demand

    Prime Minister Inaugurates Phase-II of India’s First All India Institute of Ayurveda in New Delhi, Central Drugs Testing Laboratory in Bhubaneswar, Odisha; 3 Government Medical Colleges in Madhya Pradesh; 5 projects under PLI Scheme for medical devices and drugs; 4 Centers of Excellence of AYUSH; and many projects at various AIIMS; Inaugurates ESIC hospital at Indore

    Prime Minister lays Foundation Stone for 5 Nursing Colleges in Madhya Pradesh; 21 Critical Care Blocks under PM-ABHIM in 5 States; 2 Yoga & Naturopathy Institutes in Odisha & Chhattisgarh; upgradation projects at AIIMS New Delhi and Bilaspur; 06 ESI hospitals in 5 States and 4 Centres of Excellence at NIPERs in 4 States

    Prime Minister Launches U-WIN portal for digitalization of Immunization services for pregnant women and children, enhancing access to health services and providing citizens with secure digital identities

    Prime Minister Launches Nationwide Campaign “Desh Ka Prakriti Parikshan Abhiyan” to promote Health Awareness among Citizens

    Posted On: 29 OCT 2024 5:30PM by PIB Delhi

    In a landmark development aimed at strengthening India’s healthcare infrastructure and providing quality healthcare services across the country, Prime Minister Shri Narendra Modi inaugurated and laid the foundation stone of several health infrastructure projects, and launched various health programmes across the Ministry of Health & Family Welfare, Ministry of Ayush, Dept. of Pharmaceuticals, Ministry of Chemicals & Fertilizers, and Employees’ State Insurance Corporation (ESIC) under Ministry of Labour & Employment at an event at All India Institute of Ayurveda (AIIA), here today. The total outlay of these projects amounts to more than 12,855 cr.

    Union Minister of Health and Family Welfare, Shri Jagat Prakash Nadda; Union Minister of Labour and Employment, Dr. Mansukh Mandaviya; Union Minister of State (Independent Charge) for AYUSH and Union MoS for Health and Family Welfare, Shri Prataprao Jadhav; Union Minister of State for Health and Family Welfare, Smt. Anupriya Patel; Union Minister of State for Labour and Employment, Smt. Shobha Karandlaje and Shri Ramvir Singh Bidhuri, South Delhi MP (Lok Sabha) were also present on the occasion.

    Today marks 9th ‘Ayurveda Day’, which is celebrated in India and many other countries on the occasion of Dhanvantari Jayanti. It is a day to celebrate the birth of Lord Dhanvantari, God of Ayurveda. Quoting sages and saints, Prime Minister emphasized that “health is regarded as the greatest wealth, a concept that is gaining global recognition through Yoga”. He expressed joy that Ayurveda Diwas is now celebrated in over 150 countries, highlighting the increasing global interest in Ayurveda and India’s ancient contributions to the world.

    Prime Minister said that in the past decade, the country had witnessed beginning of a new chapter in the health sector with amalgamation of knowledge of Ayurveda with Modern medicine, adding that the All India Institute of Ayurveda had been a focal point of this chapter. He noted that it would be possible to see ancient techniques like Panchakarma infused with modern technology in this institute along with advanced research studies in the fields of Ayurveda and medical science.

    Prime Minister underscored that “a nation’s progress is closely linked to the health of its citizens”, outlining the government’s commitment to healthcare through five key pillars: preventive healthcare, early disease detection, affordable treatment and medications, increased doctor availability in smaller towns, and technological advancements in health services. He stated that India’s approach to health is holistic and highlighted recent projects worth over ₹13,000 crores, including four Centers of Excellence under the Ayush Health scheme, drone service expansions, new infrastructure at various AIIMS, and the establishment of medical colleges. He expressed satisfaction with hospitals being built for laborers, which will serve as dedicated treatment centres. The inauguration of pharmaceutical units aimed at manufacturing advanced medicines and quality stents and implants was also mentioned.

    Reflecting on the struggles many families face due to illness, especially in poorer households, Shri Modi noted that people previously had to sell their possessions for medical care. He said that “to alleviate this burden, the government introduced the Ayushman Bharat Yojana, which covers up to ₹5 lakh in hospitalization costs for the poor”. He highlighted that around 4 crore individuals have benefited from this scheme, ensuring that they receive treatment without financial strain. He expressed pride in expanding the Ayushman Yojana to include free treatment for all citizens over 70 years old, through the Ayushman Vaya Vandana Card, which is universally accessible regardless of income.

    Reiterating the focus on reducing healthcare costs for both the poor and middle class, Prime Minister noted launch of over 14,000 Jan Aushadhi Kendras, providing medicines at an 80% discount and saving citizens ₹30,000 crores. He highlighted reductions in the prices of medical devices like stents and knee implants, preventing a loss of over ₹80,000 crores for the public. He also mentioned the free dialysis scheme and the Mission Indradhanush yojana, aimed at preventing severe diseases and protecting mothers and newborns.

    Prime Minister emphasized the importance of timely diagnosis to mitigate health risks and mentioned the establishment of nearly two lakh Ayushman Arogya Mandirs, facilitating early detection of diseases like cancer and diabetes. He noted that these centres help millions access timely treatment, ultimately reducing costs. Additionally, the government is leveraging technology through the e-Sanjeevani scheme, which has enabled over 30 crore online consultations, significantly lowering healthcare expenses. He announced the launch of the U-win platform, enhancing access to health services in India by providing citizens with secure digital identities. The Made-in-India digital platform will benefit 2.9 crore pregnant women and 2.6 crore infants annually by fully digitalising the complete vaccination process. It will ensure the timely administration of life-saving vaccines to women and children (from birth to 16 years) against 12 vaccine-preventable diseases under the Ministry of Health and Family Welfare’s flagship Universal Immunization Programme (UIP).

     

    Prime Minister concluded his address by reflecting on the substantial progress in India’s healthcare over the last decade compared to the previous decades, noting the record establishment of new AIIMS and medical colleges. He cited recent inaugurations in states like Karnataka, Uttar Pradesh, Madhya Pradesh, and Andhra Pradesh, as well as new medical colleges being developed. He assured that the increasing number of hospitals correlates with a rise in medical education opportunities, promising that no child’s dream of becoming a doctor would be hindered by lack of options in India, with nearly 1 lakh new MBBS and MD seats added in the past decade and a commitment to announce an additional 75,000 seats in the next five years.

    Speaking on the occasion, Shri JP Nadda said, “the health policy presented today by Prime Minister Shri Narendra Modi has two special features. The first characteristic is that it is holistic; In this, all aspects of preventive, promotional, curative, rehabilitative and palliative have been taken care of. The second feature is that the effort made in bringing all the genres together under one roof is very significant and will always be remembered.”

    He also reiterated that the Union Government will provide a health cover of ₹ 5 lakh to any elderly person above 70 years of age, any woman, any caste, any community, and any area, and will make arrangements for their treatment free of cost, adding that this facility will be available throughout their life.

    Shri Prataprao Jadhav noted that since 2014, Ayurveda’s involvement in global health has gained a new dimension and credited the Prime Minister for his exemplary contribution towards this. He informed that ‘Support Ayurveda’ initiative has been launched with the aim of spreading global awareness of Ayurveda.

    Details of Projects:

    Various projects and facilities falling under the Union Health Ministry amounting to more than Rs. 1133 Cr were inaugurated by the Prime Minister today. These include three Medical Colleges at Mandsaur, Neemuch and Seoni in Madhya Pradesh; facility and service extensions at AIIMS in Bilaspur (Himachal Pradesh); Kalyani (West Bengal), Patna (Bihar), Gorakhpur (Uttar Pradesh), Bhopal (Madhya Pradesh), Guwahati (Assam), and New Delhi where a Jan Aushadhi Kendra was inaugurated; a Super Speciality Block in Government Medical Colleges at Bilaspur (Chhattisgarh); a Central Drugs Testing Laboratory (CDTL) in Gothapatna, Bhubaneswar, Odisha and a Critical Care Block in Bargarh, Odisha.

    In addition, Prime Minister laid the foundation stone for various health infrastructure projects amounting to more than Rs. 925 cr. These include five Nursing Colleges in Madhya Pradesh (Shivpuri, Ratlam, Khandwa, Rajgarh, and Mandsaur); 21 Critical Care Blocks in states of Himachal Pradesh, Karnataka, Manipur & Tamil Nadu, and Rajasthan under PM-ABHIM; and several facilities and service extensions at AIIMS, New Delhi and AIIMS Bilaspur, Himachal Pradesh.

    With the aim of enhancing access to health services in India by providing citizens with fully digitalized immunization services for pregnant women and children and secure digital identities, Prime Minister launched the U-WIN portal today. This Made-in-India digital platform will benefit 2.9 crore pregnant women and 2.6 crore infants annually by fully digitalizing the complete vaccination process. It will ensure the timely administration of life-saving vaccines to pregnant women and children (from birth to 16 years) against 12 vaccine-preventable diseases. As a major addition to the flagship scheme AB PM-JAY, Prime Minister launched expansion of health coverage to all senior citizens aged 70 yrs and above, regardless of their income, at a cost of Rs. 3437 crores.  

    To extend the reach of healthcare services to hard-to-reach areas, Prime Minister launched drone services at 11 Tertiary Care Institutions. These are AIIMS Rishikesh (Uttarakhand), AIIMS Bibinagar (Telangana), AIIMS Guwahati (Assam), AIIMS Bhopal (Madhya Pradesh), AIIMS Jodhpur (Rajasthan), AIIMS Patna (Bihar), AIIMS Bilaspur (Himachal Pradesh), AIIMS Raebareli (Uttar Pradesh, AIIMS Raipur (Chhattisgarh), RIMS Imphal (Manipur) and AIIMS Mangalagiri (Andhra Pradesh). A Helicopter Emergency Medical Services from AIIMS Rishikesh was also launched which will help to deliver speedy medical care by stabilizing and treating trauma victims during flight and onsite. It will cover Uttarakhand and nearby areas within 100 nautical miles. In addition, Prime Minister launched a portal for Allied Healthcare professionals and institutes. This is a centralized database of existing Allied and Healthcare Professionals and institutes. Moreover, State specific Action Plan on Climate Change and Human Health (SAPCCHH) for each State and UT was also launched, which lays out adaptation strategies towards developing climate resilient healthcare services in these States/UTs.

    Under the Dept. of Pharmaceuticals, five projects under Production Linked Incentive (PLI) scheme for Medical Devices and bulk drugs was inaugurated at Vapi (Gujarat); Sultanpur, (Hyderabad); Bengaluru, (Karnataka); Kakinada (Andhra Pradesh) and Nalagarh (Himachal Pradesh). These units will manufacture high-end medical devices, such as body implants and critical care equipment, along with important bulk drugs like Penicillin-G and Clavulanic Acid. These initiatives support India’s goal of reducing import dependence and enhancing local manufacturing capabilities in medical devices and bulk drugs. Prime Minister also laid the foundation stone of four Centres of Excellence at NIPER –Ahmedabad (Gujarat) for Medical Devices; NIPER Hyderabad (Telangana) for Bulk Drugs; NIPER, Guwahati (Assam) for Phytopharmaceuticals; and NIPER – Mohali (Punjab) for Anti-Bacterial Anti-Viral Drug Discovery and Development. The total outlay for the Dept. of Pharmaceutical projects is about Rs. 5187 crores.

    In addition, under Ministry of Labour and Employment, Prime Minister inaugurated a 300 bedded ESIC Hospital which is upgradable to 500 beds at Indore (Madhya Pradesh), and laid the foundation stone for various ESI Hospitals across Faridabad (Haryana), Bommasandra (Karnataka) & Narasapur, Indore (Madhya Pradesh), Meerut (Uttar Pradesh), and Atchutapuram (Andhra Pradesh) at a cumulative cost of Rs 1641 crores. These projects will bring healthcare benefits to 55 lakh ESI beneficiaries.

    Under the Ministry of AYUSH, Prime Minister inaugurated Phase II of the All India Institute of Ayurveda (AIIA), originally dedicated in 2017, which includes a 150-bedded Panchakarma hospital, an Ayurvedic pharmacy, a sports medicine unit, and extensive accommodation facilities, all at a cost of over ₹289 crores. To enhance India’s health and wellness solutions, he also laid the foundation for two Central Research Institutes in Yoga and Naturopathy in Odisha and Chhattisgarh, and launched four Centers of Excellence focused on diabetes research, sustainable Ayurvedic solutions, Ayurvedic botanical research, and systems medicine for rheumatoid arthritis. Additionally, a nationwide health awareness campaign, “Desh Ka Prakriti Parikshan Abhiyan,” was launched with 470,000 volunteers, aiming to revolutionize public health awareness and attempt multiple Guinness World Records.

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    HFW/PM Launch of Health Initiatives/29th October 2024/1

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  • MIL-OSI Asia-Pac: Vigilance Department of RINL organises Walkathon at Visakhapatnam Steel Plant as Part of Vigilance Awareness Week 2024 at Visakhapatnam Steel Plan

    Source: Government of India (2)

    Posted On: 29 OCT 2024 5:07PM by PIB Delhi

    In alignment with the guidelines set by the Central Vigilance Commission (CVC), the Vigilance Department of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant organized a Walkathon in association with the Sports Department at Col. CK. Naidu Ukku Stadium of Visakhapatnam Steel plant, today.

    This event was held as part of the observance of Vigilance Awareness Week 2024 at Visakhapatnam Steel Plant and saw enthusiastic participation from over 300 school children from various institutions of Ukkunagaram along with their parents for about 4 kilometre stretch in the Ukkunagaram township.

    Addressing the jubilant gathering, Dr. S. Karuna Raju, IAS, Chief Vigilance Officer (CVO), RINL underscored the significance of vigilance in various aspects of life. Dr. S. Karuna Raju encouraged students to be vigilant in their learning, conduct & behavior, Relationships, Social interactions, Safety & Security, Health, Finance, environment and at public places.

    Dr. S Karuna Raju, IAS, CVO, RINL emphasized the importance of cultivating honesty and maintaining integrity to curb corruption. He emphasized that today’s students are the leaders of tomorrow, destined to shape fields such as science & technology, education, industries, public services, governance and politics. He encouraged students to develop the habits of honesty and integrity from an early age, explaining how these values are crucial in building a fair and just society.

    Dr. S Karuna Raju, IAS, CVO, RINL inspired all to use technology responsibly and to always act with ethical principles, reinforcing that a corruption-free society begins with individual commitment to truth and transparency and these values are foundational to building a strong and principled nation.

    The Walkathon event successfully highlighted the role of awareness and integrity, reinforcing the message of vigilance and ethical conduct among the younger generation and public.

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi Launches, Inaugurates and Lays Foundation Stone of Multiple Health Sector Projects Worth Over Rs. 12,850 Crore on Dhanvantari Jayanti and 9th Ayurveda Day

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi Launches, Inaugurates and Lays Foundation Stone of Multiple Health Sector Projects Worth Over Rs. 12,850 Crore on Dhanvantari Jayanti and 9th Ayurveda Day

    PM Inaugurates and Lays foundation Stone of 7 ESIC Projects worth Rs. 1,641 Crore Benefitting 55 Lakh Beneficiaries

    Prime Minister has Linked Health with Development, Crafting a ‘Sarvajan Hitaya, Sarvajan Sukhaya’ Health Model: Dr. Mandaviya

    ESIC Beneficiaries to Receive Treatment at AB-PMJAY Empanelled Hospitals: Union Minister

    Number of ESIC beneficiaries has Doubled in last 10 Years: Union Minister

    ESIC Network has Expanded from 393 Districts in 2014 to 674 Districts in 2024: Union Minister

    Posted On: 29 OCT 2024 5:04PM by PIB Delhi

    In a momentous event coinciding with Dhanvantari Jayanti and the 9th Ayurveda Day, Prime Minister Shri Narendra Modi launched, inaugurated, and laid the foundation stone of multiple healthcare projects worth over Rs. 12,850 crore at the All India Institute of Ayurveda (AIIA) in New Delhi today. These initiatives signify a substantial boost to healthcare infrastructure across India, aligned with the Prime Minister’s mission of ensuring quality healthcare services nationwide. Notably, seven of these projects pertain to the Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour and Employment, benefiting a vast segment of workers and their families.

    Prime Minister Shri Narendra Modi virtually inaugurated the ESIC Hospital in Indore, Madhya Pradesh, and laid the foundation for six additional ESI hospitals across the country. Collectively, these projects are worth Rs. 1,641 crore and will enhance healthcare access for approximately 55 lakh ESI beneficiaries and their families.

    Addressing the gathering, Prime Minister highlighted the unprecedented progress made in India’s healthcare sector over the past decade, contrasting it with the limited achievements in the previous six to seven decades and said, “In the last 10 years, we have seen a record number of new AIIMS and medical colleges being established”. Referring to today’s occasion, the Prime Minister said that hospitals were inaugurated in Karnataka, Uttar Pradesh, Madhya Pradesh, and Andhra Pradesh.

    Prime Minister also mentioned the foundation stone laying for new medical colleges in Narsapur and Bommasandra in Karnataka, Pithampur in Madhya Pradesh, Achitapuram in Andhra Pradesh, and Faridabad in Haryana. “Additionally, work has begun on the new ESIC Hospital in Meerut, Uttar Pradesh, and a new hospital was inaugurated in Indore”, he added.

    Speaking during the event, Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya highlighted the transformative impact of Prime Minister Shri Narendra Modi’s vision, which has integrated healthcare as a cornerstone of India’s development strategy.

    He said, “Prime Minister Shri Narendra Modi has linked health with development, crafting a ‘Sarvajan Hitaya, Sarvajan Sukhaya’ health model that ensures healthcare is accessible, affordable, and available to every citizen.”

    Highlighting the substantial growth in ESIC’s services during the past decade, Dr. Mandaviya stated, “ESIC network has expanded from 393 districts in 2014 to 674 districts across the country. Where under 2 crore families benefitted from health security before 2014, that number has now nearly doubled to almost 4 crore families today.”

    He added, “Similarly, the number of ESIC beneficiaries has almost doubled in the last 10 years, rising from less than 8 crore in 2014 to about 15 crore in 2024. This underscores the success of the government’s efforts in improving quality healthcare for India’s workforce.”

    Dr. Mandaviya stated that, in the coming days, Employees’ State Insurance Corporation (ESIC) will be integrated with Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). He mentioned that this integration will expand healthcare access for ESIC beneficiaries by enabling them to seek treatment at AB-PMJAY empanelled hospitals nationwide.

    The six new ESI hospitals, for which the foundation stones were laid today, will offer modern facilities and essential medical services:

    1. Bommasandra, Karnataka – 200 bedded ESI hospital
    2. Narsapur, Karnataka – 100 bedded ESI hospital
    3. Pithampur, Madhya Pradesh – 100 bedded ESI hospital
    4. Meerut, Uttar Pradesh – 100 bedded ESI hospital
    5. Atchutapuram, Andhra Pradesh – 30 bedded ESIS hospital
    6. Faridabad, Haryana – Upgraded ESIC Medical College and Hospital, with additional 500 beds, expanding its capacity from 650 to 1150 beds

    Additionally, the 300 bedded ESIC Hospital at Indore, Madhya Pradesh, inaugurated by the Prime Minister, is designed to be expandable to 500 beds. It will benefit around 14 lakh Insured Persons and beneficiaries.

    These ESIC health facilities will provide modern healthcare facilities such as Modular Operation Theatre Complexes, Intensive Care Units, Labour Room Complexes, NICU, PICU, and advanced imaging services. Each facility will be equipped with state-of-the-art medical technology, including liquid medical oxygen plants, CSSD/TSSU units, and Nurse Call systems, catering to both outpatient (OPD) and inpatient (IPD) services.

    Union Minister for Health and Family Welfare & Chemicals & Fertilizers, Shri J P Nadda, Union Minister of State (I/C) for Ministry of Ayush & Union Minister of State for Health & Family Welfare, Shri Prataprao Jadhav, Union Minister of State for Health & Family Welfare and Chemicals & Fertilizers, Smt. Anupriya Patel and Union Minister of State for Labour & Employment and Micro, Small & Medium Enterprises, Sushri Shobha Karandlaje were present on the occasion among others. 

    Full event can be viewed at – https://www.youtube.com/watch?v=rlxy0QfqOZA

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    Himanshu Pathak

     

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  • MIL-OSI Asia-Pac: Ministry of Ports, Shipping and Waterways Organizes Nationwide “Run for Unity” to Celebrate National Unity and Integrity

    Source: Government of India

    Ministry of Ports, Shipping and Waterways Organizes Nationwide “Run for Unity” to Celebrate National Unity and Integrity

    Union Minister Shri Sarbananda Sonowal and MoS Shri Shantanu Thakur Lead Runs across Key Port Cities

    Eminent Marathoner Sunita Godara Inspires over 1,000 Participants in New Delhi’s run for Unity

    Posted On: 29 OCT 2024 4:43PM by PIB Delhi

    The Ministry of Ports, Shipping and Waterways (MoPSW) organized a nationwide “Run for Unity” event to honor the spirit of unity and national integrity on Sardar Vallabhbhai Patel’s birth anniversary. Held in New Delhi and across major ports and subsidiaries, the event drew participants from all walks of life.

    Union Minister Shri Sarbananda Sonowal took part in the run in Guwahati, while Minister of State Shri Shantanu Thakur led the Kolkata event, organized by Kolkata Port. In New Delhi, the event saw the enthusiastic participation of Shri TK, Ramachandran, Secretary, MoPSW joined by more than 1,000 participants, including Khelo India athletes, yoga enthusiasts, senior citizens, and runners from Skechers. Renowned international marathoner and 1992 Asian Marathon Championship winner, Sunita Godara, led the Unity Run, inspiring participants with her legacy of endurance and determination.

    In his message, Union Minister Sarbananda Sonowal said, “The ‘Run for Unity’ is not just a run, but a reflection of our collective commitment to uphold Sardar Patel’s vision of a unified India. Through this event, we are reminded of the strength that lies in our unity and the importance of coming together for our nation’s progress.”

    Minister of State Shantanu Thakur added, “Today’s event highlights the diverse fabric of India as citizens of all ages and backgrounds come together to honor our legacy. We are proud to celebrate the indomitable spirit of India’s unity, which remains our guiding strength in all pursuits, including maritime excellence.”

    The “Run for Unity” serves as a tribute to Sardar Vallabhbhai Patel, reaffirming the Ministry’s commitment to fostering unity and community spirit nationwide.

    The Run for Unity brings together people from all walks of life in celebration of national cohesion. It highlights our commitment to promoting physical fitness, community engagement, and above all, the enduring unity that underpins our nation’s progress’, mentioned, Shri TK Ramachandran, IAS-Secretary, MoPSW

    The event concluded with a strong message of national solidarity, resonating across all ports and communities involved. This celebration of unity serves as a reminder of the Ministry’s dedication to building a resilient, cohesive maritime community, contributing to a prosperous and united nation.

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  • MIL-OSI Asia-Pac: Union Minister Shri Sarbananda Sonowal flags off ‘Run for Unity’ on the eve of Rashtriya Ekta Diwas

    Source: Government of India (2)

    Union Minister Shri Sarbananda Sonowal flags off ‘Run for Unity’ on the eve of Rashtriya Ekta Diwas

    Minister in the Govt of Assam, Keshab Mahanta as well as the MP for Guwahati LSC, Bijuli Kalita Medhi also joined the event

     Sardar Vallabh Bhai Patel’s invaluable contribution towards the unity of India laid the foundation for country’s path towards a strength & prosperity: Shri Sarbananda Sonowal

    Posted On: 29 OCT 2024 4:13PM by PIB Delhi

    The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal flagged off ‘Run for Unity’ here today from the Sarusajai sports complex. Organised on the eve of ‘Rashtriya Ekta Diwas,’ Shri Sonowal highlighted the invaluable contribution of Sardar Vallabh Bhai Patel towards unifying the country and laying the foundation for a strong and prosperous nation. The Union Minister was joined by the Minister in the Govt of Assam, Shri Keshab Mahanta along with the MP (Guwahati), Bijuli Kalita Medhi. The event was organised by the Ministry of Ports, Shipping & Waterways, Govt of India along with the Inland Waterways Authority of India (IWAI), with support from the Govt of Assam.

    Speaking on the occasion, the Union Minister, Shri Sarbananda Sonowal, said, “Sardar Vallabhbhai Patel, the “Iron Man of India,” restored the unity and integrity of the nation, laying the foundation for a strong and prosperous India. On the eve of his birth anniversary, we are celebrating ‘Run for Unity’ to bring home the idea of nationhood. The invaluable contribution of Sardar Patel towards integrating and unifying the country at great peril ensured a strong foundation for the India story to take shape. Thanks to this foundation, we are moving ahead to realise the goal of Atmanirbhar Bharat by 2047. With the blessing of Sardar Patel, The Prime Minister Shri Narendra Modi ji is leading the country with the motto of ‘EK BHARAT, SHRESTH BHARAT.’ It gives me immense pleasure to witness all of you, especially the youth, to celebrate the great ideals of Sardar Patel via this ‘Run for Unity.’ The enduring contributions of Bharat Ratna Sardar Patel will continue to inspire every citizen of the country.”

    The run was joined by people from all sections of the society, with predominant participation from the youth and school students. The runners enthusiastically participated, followed the run-in trail built around the Sarusajai stadium to complete it and expressed their will to align with the idea of the run as well as that of Rashtriya Ekta Diwas.

    The Rashtriya Ekta Diwas or the National Unity Day has been celebrated on the birth anniversary of Sardar Vallabh Bhai Patel on 31st October since 2015. On this occasion, the people of the country remember the great icon of nationalism and pledge for unity and integrity of India. Earlier this week, the Prime Minister of India, Narendra Modi during the radio broadcast of ‘Mann Ki Baat’ called upon to celebrate ‘Run for Unity’ today instead of 31 October on account of Deepawali festival.

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  • MIL-OSI Asia-Pac: ARMY COMMANDERS’ CONFERENCE CONCLUDES: EXTERNAL AFFAIRS MINISTER ADDRESSES SENIOR LEADERSHIP OF INDIAN ARMY

    Source: Government of India (2)

    Posted On: 29 OCT 2024 4:12PM by PIB Delhi

    The second phase of the Army Commanders’ Conference concluded today in New Delhi. This phase, conducted on 28th and 29th of October 2024, witnessed the Indian Army’s senior leadership deliberating on critical strategic issues affecting both border security and the hinterland.

    A key highlight of the conference was the address by Hon’ble External Affairs Minister (EAM), Dr S Jaishankar, on the theme of the ‘Evolving Geopolitical Landscape and Opportunities for the Indian Armed Forces’. Dr Jaishankar underscored the intricate global and geopolitical dynamics that impact India and highlighted the country’s expectations from the Armed Forces and the preparedness required to address the contradictions and challenges of the current world order. He appreciated the Indian Army for remaining vigilant and urged leadership to be prepared to adapt to rapidly evolving geopolitical threats and opportunities and emphasised the importance of technological advancements and the lessons drawn from ongoing global conflicts in shaping India’s strategic posture.

    Over the last two days, the Indian Army’s senior hierarchy engaged in in-depth discussions on operational and administrative issues. The Chief of Defence Staff (CDS), General Anil Chauhan, addressed the gathering, reflecting on the recent success of the Joint Commanders’ Conference in Lucknow. Reviewing the current security situation, General Chauhan stressed the importance of jointness and the roadmap for enhanced integration across domains, which is critical for future warfare and effective operations. He outlined the step-by-step approach towards integration, starting with Cross-Service Cooperation, progressing to a ‘Joint Culture’, and ultimately achieving full integration for joint operations. He reiterated the need for operational readiness to counter emerging challenges, underscoring modernisation and strategic autonomy as pivotal goals, especially within the framework of Vision 2047.

    Additionally, the Chief of Naval Staff (CNS), Admiral Dinesh K Tripathi, addressed the audience, discussing the rapidly shifting dynamics in geopolitics, technology, and tactics. Admiral Tripathi emphasised the need for the Armed Forces to remain proactive and adaptable to these changes, particularly within the Indian Ocean and Indo-Pacific regions. He highlighted the Indian Navy’s preparedness to tackle maritime challenges and their cascading effects on land operations, underscoring the importance of maintaining operational superiority in these strategic waters.

    During the conference, the Army leadership also deliberated on welfare measures and financial security schemes for soldiers, veterans, and their families, while various Boards of Governors met to discuss these critical issues.

    The conference concluded with the distribution of awards to Military Stations in several categories for Green Military Station and Aviation Flight Safety, highlighting the Army’s commitment to environmental sustainability and safety. The awards for Green Military Stations were conferred as follows:

    • Military Station (Population >10,000): Patiala (1st Position) and Jodhpur (2nd Position).
    • Military Station (Population 5,000-10,000): Bagrakote (1st Position) and Bhuj (2nd Position).
    • Military Station (Population <5,000): Kannur (1st Position) and Umroi (2nd Position).
    • Avshesh Mukt Sainya Abhiyaan (Best Waste Disposal Mechanism): Sevoke Road (1st Position) and Pratap Pur (2nd Position).
    • Best Transformative Station: Suratgarh (1st Position) and Abohar (2nd Position).

     

    In the realm of Aviation Flight Safety, 257 Army Aviation Squadron and 663 Army Aviation Squadron were awarded best-in-flight safety trophies.

    This conference reaffirmed the Indian Army’s unwavering commitment to readiness and adaptability, as the senior leadership resolved to accelerate ongoing transformational initiatives and actively contribute to various national endeavours. Emphasising a forward-looking approach, the Indian Army remains fully dedicated to preparing for present and emerging challenges, ensuring a progressive, resilient, and future-ready force aligned with India’s strategic interests

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    (Release ID: 2069214) Visitor Counter : 52

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister condoles loss of lives in a bus accident in Sikar, Rajasthan

    Source: Government of India

    Prime Minister condoles loss of lives in a bus accident in Sikar, Rajasthan

    Announces ex-gratia from PMNRF

    Posted On: 29 OCT 2024 7:32PM by PIB Delhi

    Prime Minister Shri Narendra Modi today condoled the loss of lives in a bus accident in Sikar, Rajasthan.   Prime Minister  Modi also announced an ex-gratia of Rs. 2 lakh from PMNRF for the next of kin of each deceased and Rs. 50,000 to the injured.

    The Prime Minister has announced an ex-gratia of Rs. 2 lakh from PMNRF for the next of kin of each deceased in the mishap in Sikar, Rajasthan. The injured would be given Rs. 50,000.”

    ***

    MJPS/VJ

    (Release ID: 2069339) Visitor Counter : 5

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister pays tribute to tribal leader Shri Kartik Oraon on his birth centenary

    Source: Government of India

    Posted On: 29 OCT 2024 9:16AM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today paid tributes to tribal leader Shri Kartik Oraon on his birth centenary. Shri Modi hailed Shri Oraon as a great leader who dedicated his entire life for the rights and self-respect of the tribal community and being a vocal spokesperson of the tribal society to protect the tribal culture and identity.

    ***

    MJPS/SR

    (Release ID: 2069063) Visitor Counter : 124

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Ministers greets the nation on occasion of Ayurveda Day

    Source: Government of India (2)

    Posted On: 29 OCT 2024 8:54AM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today greeted the nation on the occasion of Ayurveda Day. He remarked that the auspicious occasion of Lord Dhanvantari’s birth anniversary is associated with the utility and contribution of Ayurveda in our great culture. Shri Modi expressed confidence that Ayurveda – an ancient system of medicine will continue to be useful for the healthy life of the entire humanity.

    ***

    MJPS/SR

    (Release ID: 2069059) Visitor Counter : 59

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Attorney General Alan Wilson joins coalition asking Supreme Court to expedite Virginia voter registration caseRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – Attorney General Alan Wilson joined attorneys general from 26 states in filing an amicus brief urging the U.S. Supreme Court to allow Virginia to remove non-citizens from its voter roll. 

    “The right to vote in our federal elections is given to every American citizen, but nowhere in the Constitution does that include any non-citizens. Allowing non-citizens to cast a ballot is not only a violation of the law but also corrupts the integrity of our elections,” said Attorney General Wilson.

    The brief argues that a preliminary injunction that halted the state of Virginia from removing self-identified non-citizens from its rolls undermines a state’s authority to determine voter qualifications. Virginia’s law provides mechanisms to protect election integrity while ensuring only U.S. citizens remain on voter rolls.

    “The upcoming election is hotly contested and has caused division around the country. Perhaps the division would be lower if the federal government were not interfering with the election via last-minute attacks on state efforts to police voter qualifications,” the amicus brief reads.

    The Eastern District of Virginia Court’s recent decision to temporarily stop Virginia from removing non-citizens from its rolls will result in Congress forcing a state to allow non-citizens to vote in an election over the objection of that state.

    It converts Virginia’s statute into a federal mandate that forces states to allow non-citizens to vote in an upcoming election in violation of state law and federal law itself when a non-citizen is discovered on the rolls within 90 days of an election, according to the brief.

    “Non-citizens are not eligible voters. They were not eligible voters before Congress passed the National Voter Registration Act, they were not eligible when Congress passed the NVRA, and they are not eligible today,” the amicus reads. 

    In addition to South Carolina and Kansas, attorneys general from 25 other states joined the brief. They include attorneys general from Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming.

    Read the amicus brief here.

    MIL OSI USA News –

  • MIL-OSI Security: Federal Court Permanently Shuts Down Indiana Tax Preparer and Company

    Source: United States Attorneys General 1

    The U.S. District Court for the Southern District of Indiana permanently enjoined an Indianapolis-area tax return preparer and his company yesterday from preparing federal tax returns for others and from owning or operating any tax return preparation businesses in the future.

    According to the civil complaint filed in the case, Juan Santiago resides in Lakeland, Florida, but travels to Indianapolis for tax preparation season to operate his tax preparation business, Madison Solutions LLC. Santiago failed to respond to the civil complaint filed against him, so the court entered the permanent injunction against him by default.

    The civil complaint alleges that Santiago and Madison Solutions used a variety of schemes to improperly reduce their customers’ tax liabilities or to obtain tax refunds to which the customers were not entitled. The complaint alleges that Santiago repeatedly placed false or incorrect items, deductions, exemptions or statuses on customers’ tax returns without their knowledge. For example, the complaint alleges that Santiago routinely elected head of household filing status and child tax credits for customers when they were otherwise not qualified for such status or credits. The complaint also alleges that Santiago reported fictitious businesses on customers’ returns and fabricated business expenses and income to fraudulently reduce taxable income.

    Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division made the announcement.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard their personal information.

    In the past decade, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL Security OSI –

  • MIL-OSI USA: Federal Court Permanently Shuts Down Indiana Tax Preparer and Company

    Source: US State of North Dakota

    The U.S. District Court for the Southern District of Indiana permanently enjoined an Indianapolis-area tax return preparer and his company yesterday from preparing federal tax returns for others and from owning or operating any tax return preparation businesses in the future.

    According to the civil complaint filed in the case, Juan Santiago resides in Lakeland, Florida, but travels to Indianapolis for tax preparation season to operate his tax preparation business, Madison Solutions LLC. Santiago failed to respond to the civil complaint filed against him, so the court entered the permanent injunction against him by default.

    The civil complaint alleges that Santiago and Madison Solutions used a variety of schemes to improperly reduce their customers’ tax liabilities or to obtain tax refunds to which the customers were not entitled. The complaint alleges that Santiago repeatedly placed false or incorrect items, deductions, exemptions or statuses on customers’ tax returns without their knowledge. For example, the complaint alleges that Santiago routinely elected head of household filing status and child tax credits for customers when they were otherwise not qualified for such status or credits. The complaint also alleges that Santiago reported fictitious businesses on customers’ returns and fabricated business expenses and income to fraudulently reduce taxable income.

    Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division made the announcement.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard their personal information.

    In the past decade, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL OSI USA News –

  • MIL-OSI Security: Pine Ridge Man Sentenced to Federal Prison for Over Three Years for Involuntary Manslaughter

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced that Chief Judge Roberto A. Lange, U.S. District Court, has sentenced a Pine Ridge, South Dakota, man convicted of Involuntary Manslaughter.

    Devin White Calf, age 23, was sentenced to 37 months in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    White Calf was indicted for the charge by a federal grand jury in December of 2023. He pleaded guilty on April 5, 2024.

    In September of 2023, White Calf consumed alcohol with a group of friends and relatives. At some point, White Calf drove his group to a place called “Top of the World.” This location is just west of Pine Ridge. At this location, the group continued to drink alcohol. While leaving “Top of the World,” White Calf lost control of the vehicle. One of the passengers, a 16-year-old female, was ejected from the vehicle and sustained fatal injuries. Multiple other passengers were also ejected from the car and sustained bodily injuries. Law enforcement was dispatched to the scene because individuals nearby could hear screaming and crying. When law enforcement arrived on scene, White Calf told them that he was not driving and that someone with the last name “Titus” was driving. Several months later, White Calf eventually admitted to law enforcement that he was the driver.

    This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian country be prosecuted in Federal court as opposed to State court.

    This case was investigated by the Oglala Sioux Tribe – Department of Public Safety and the FBI. Assistant U.S. Attorney Megan Poppen prosecuted the case.

    White Calf was immediately remanded to the custody of the U.S. Marshals Service. 

    MIL Security OSI –

  • MIL-OSI: Enovix Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for third quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri.

    Fellow Shareholders,

    In the third quarter of 2024, we made significant progress on our journey to scale. The unveiling of Fab2 was a major boost in confidence with multiple customers now indicating a desire to launch products with us starting from late 2025.

    Other recent highlights include:

    • Revenue growth: Revenues were $4.3 million in the third quarter, above our guidance midpoint and up from $3.8 million in the second quarter.
    • Manufacturing: The Company formally opened Fab2 in Malaysia and within weeks commenced shipping battery cells to customers.
    • Commercialization: A leading smartphone OEM signed a development agreement for qualification of our battery product and mass production launch in late 2025.
    • Cost reduction: We are on track to further reduce cash consumption by leveraging our new Malaysia operations which will provide runway into 2026.

    We are laser-focused on execution as we see increasing demand across our target markets. The strategy we established early last year prioritized large, high-value segments, such as smartphones and AR/VR headsets, where the need for higher energy density commands a premium. This approach has proven to be visionary, with the recent surge in AI-enabled smartphones further validating our strategy and driving significant pull for our products. We are confident that our go-to-market strategy positions Enovix on an expedient path to profitability while maintaining a competitive edge in innovation.

    Our analysis of recent smartphone launches highlights a critical shortfall in conventional batteries. Energy density improvements in flagship devices released in 2024 have stagnated, with a mere 1% year-over-year increase. We believe this trajectory is insufficient to meet escalating demands of modern devices, especially those powered by AI.

    In contrast, our battery technology roadmap offers a generational leap in energy density. With our Malaysia Fab now gearing up for production, we are in a full sprint to commercialize this transformative technology and meet the pressing needs of the industry. Our focus on rapid execution will enable us to offer substantial benefits to our customers and consumers alike, positioning us as a leader in next-generation battery solutions.

    Business Update

    Manufacturing. We formally opened Fab2 in Malaysia with various stakeholders including several leading smartphone OEMs that provided decidedly positive feedback on ramp quality and speed, as well as the level of automation. A total of 11 customers have now inspected our new facility. The Agility Line is fully operational with initial yields comparable to final levels we achieved with our first manufacturing line in California, with expected improvements on the horizon. Consistent with our plans, we commenced shipping EX-1M cells to customers in the third quarter, supporting their qualification and mass production timelines. We are on track to complete Site Acceptance Testing (SAT) of the High-Volume Line in Q4 2024.

    Commercialization. Our business team has made significant progress toward profitability by securing demand across multiple high-growth markets. We are excited to announce that we have formalized a strategic partnership with a second leading smartphone OEM. This agreement outlines key milestones, and upon meeting them, we are poised to enter the smartphone market in late 2025 with high-volume production from our Fab2 facility. This marks a major step forward in our journey to scale.

    In parallel, we have aligned on a production schedule with a leading IoT customer, which includes a mass production purchase order also slated for 2025. This partnership underscores our ability to diversify into high-value sectors beyond smartphones. Further, we are aggressively expanding our pipeline by engaging with strategic IoT customers to unlock high-growth opportunities and accelerate top-of-the-funnel momentum.

    In the EV space, we are advancing our targeted strategy of developing customized products with two of the world’s largest automotive OEMs. In Q4, we expect to complete our first milestone pursuant to the agreement with one of the major automakers in the EV market, which is a major milestone in our efforts to enter and grow within the EV market. Looking ahead, we are focused on expanding these relationships in 2025, leveraging a capital-efficient, licensing-based business model in the EV space that aligns with the long-term scalability of our technology.

    Products: Our product development team is advancing toward the 2025 mass production of EX-1M, which will highlight the capabilities of our breakthrough active silicon technology. In Q3, we successfully achieved UN38.3 certification, marking a critical milestone for market entry and a strong validation of our products’ safety.

    In addition, we are on track to sample EX-2M to select customers in Q4. We’re now making samples and have identified the product’s advanced electrochemistry. These early samples will be instrumental in accelerating the timeline to full-scale production. Finally, we have made progress on the comprehensive product definition of EX-3M, reaffirming our commitment to pushing the boundaries of innovation and delivering industry-leading solutions to customers across a range of industries.

    Financials: Revenue was $4.3 million in the third quarter of 2024, near the high end of our guidance range and up from $3.8 million in the second quarter of 2024.

    Our GAAP cost of revenue was $5.0 million in the third quarter of 2024 representing a slight reduction sequentially as a percentage of sales and leading to a similar gross income level.

    Our GAAP operating expenses of $48.6 million in the third quarter of 2024 were down from $88.1 million in the second quarter, due largely to lower restructuring costs which were concentrated in the previous quarter as the Company shifted our manufacturing operations from the U.S. to Malaysia. Our non-GAAP operating expenses were $27.2 million in the third quarter of 2024, down 12% from $30.9 million in the second quarter of 2024.

    Our GAAP net loss attributable to Enovix of $22.5 million in the third quarter of 2024 was down from $115.9 million in the second quarter of 2024 due to lower restructuring costs. Our GAAP net loss attributable to Enovix for the third quarter of 2024 also included $29.9 million of income due to a decrease in the fair value of our common stock warrants during the quarter.

    Adjusted EBITDA in the third quarter of 2024 was a loss of $21.6 million compared to an adjusted EBITDA loss of $23.1 million in the second quarter of 2024.

    Earnings per share loss in the third quarter of 2024 was $0.30 on a GAAP basis and $0.17 on a non-GAAP basis compared to second quarter earnings per share loss of $0.67 on a GAAP basis and $0.14 on a non-GAAP basis.

    We exited the third quarter of 2024 with $200.9 million of cash, cash equivalents, and short-term investments due to cash used in operating activities of $30.7 million and capital expenditures of $19.5 million during the quarter.

    A full reconciliation of our GAAP to non-GAAP results is available later in this report.

    Outlook

    For the fourth quarter of 2024, we expect revenue between $8.0 million and $10.0 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $19.0 million to $25.0 million, and a non-GAAP EPS loss of $0.15 to $0.21.

    Summary

    We are very pleased with our accomplishments in the third quarter. Fab2 is now operational and shipping samples to customers. We secured a 2025 launch commitment from a major smartphone OEM. And we made progress on our product roadmap for EX-2M and beyond. For the remaining months of 2024, the key objectives are completing SAT for the High-Volume Line and shipping EX-2M samples.

    Conference Call Information

    Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM ET today, October 29, 2024, to discuss the company’s business updates and financial results. To join the call, participants must use the following link to register: https://enovix-q3-2024.open-exchange.net/registration. This link will also be available via the Investor Relations section of the Enovix’s website at https://ir.enovix.com. An archived version of the call will be available on the Enovix website for one year at https://ir.enovix.com.

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

    Non-GAAP Financial Measures

    EBITDA, Adjusted EBITDA, and other non-GAAP measures are intended as supplemental financial measures of our performance that provide an additional tool for investors to use in evaluating ongoing operating results, trends, and in comparing our financial measures with those of comparable companies.

    However, you should be aware that other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this shareholder letter.

    While Enovix provides fourth quarter 2024 guidance for adjusted EBITDA loss and non-GAAP EPS loss, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures. Such qualitative reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock-based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

    Forward-Looking Statements

    This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our expectations regarding the level of customers’ interest in our batteries, the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence (“AI”) features on the foregoing; our financial and business performance; projected improvements in our manufacturing and commercialization and R&D activities at Fab2, including the ability of the sales team to support the path to profitability by attracting demand across high-growth markets ; our achievement of the milestones under our strategic partnership with a second leading smartphone OEM and our ability to enter into the smartphone market in 2025 with high-volume production from our Fab2 facility; our expectations regarding EX-1M production and mass production purchase order with a leading IoT customer in 2025, completion of site acceptance testing for our High-Volume Line, and the shipment of EX-2M samples in Q4; our ability to meet goals for yield and throughput; our expectations regarding Fab2 in and its capacity to support multiple customer qualifications; the anticipated contributions of our R&D teams to support product innovation; our revenue funnel; our efforts in the portable electronics and EV markets, including the IoT, smartphone and virtual reality categories; our ability to meet milestones and deliver on our objectives and expectations, including achieving certain safety certifications for our products and our ability sample batteries from our Agility Line to customers; the implementation and expected success of our business model and growth strategy, including our focus on the addressable market categories in which we believe an improved battery drives a high value to the product and premium pricing for our solutions; our ability to manage our expenses and realize our annual cost savings goals; our ability to manage and achieve the benefits of our restructuring efforts; and forecasts of our financial and performance metrics.

    Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, establish sufficient manufacturing operations and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; market acceptance of our products; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products.

    For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For media and investor inquiries, please contact:

    Enovix Corporation
    Robert Lahey
    Email: ir@enovix.com

    Enovix Corporation
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      September 29,
    2024    		   December 31,
    2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 200,912     $ 233,121  
    Short-term investments   —       73,694  
    Accounts receivable, net   1,911       909  
    Notes receivable, net   —       1,514  
    Inventory   9,564       8,737  
    Prepaid expenses and other current assets   11,598       5,202  
    Total current assets   223,985       323,177  
    Property and equipment, net   157,680       166,471  
    Customer relationship intangibles and other intangibles, net   37,583       42,168  
    Operating lease, right-of-use assets   13,810       15,290  
    Goodwill   12,217       12,098  
    Other assets, non-current   2,746       5,100  
    Total assets $ 448,021     $ 564,304  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,046     $ 21,251  
    Accrued expenses   13,855       13,976  
    Accrued compensation   8,038       10,731  
    Short-term debt   11,555       5,917  
    Deferred revenue   6,206       6,708  
    Other liabilities   4,760       2,435  
    Total current liabilities   59,460       61,018  
    Long-term debt, net   168,744       169,099  
    Warrant liability   23,265       42,900  
    Operating lease liabilities, non-current   14,346       15,594  
    Deferred revenue, non-current   3,774       3,774  
    Deferred tax liability   8,178       10,803  
    Other liabilities, non-current   12       13  
    Total liabilities   277,779       303,201  
    Commitments and Contingencies      
    Stockholders’ equity:      
    Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively   18       17  
    Additional paid-in-capital   951,237       857,037  
    Accumulated other comprehensive loss   (42 )     (62 )
    Accumulated deficit   (783,621 )     (598,845 )
    Total Enovix’s stockholders’ equity   167,592       258,147  
    Non-controlling interest   2,650       2,956  
    Total equity   170,242       261,103  
    Total liabilities and equity $ 448,021     $ 564,304  
     
    Enovix Corporation
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Revenue $ 4,317     $ 200     $ 13,357     $ 263  
    Cost of revenue   4,959       16,809       16,454       43,292  
    Gross margin   (642 )     (16,609 )     (3,097 )     (43,029 )
    Operating expenses:              
    Research and development   24,220       13,508       102,073       53,810  
    Selling, general and administrative   20,744       17,245       61,176       61,207  
    Impairment of equipment   —       —       —       4,411  
    Restructuring cost   3,661       3,021       41,807       3,021  
    Total operating expenses   48,625       33,774       205,056       122,449  
    Loss from operations   (49,267 )     (50,383 )     (208,153 )     (165,478 )
    Other income (expense):              
    Change in fair value of common stock warrants   29,899       31,320       17,359       4,140  
    Interest income   2,859       4,326       9,745       9,942  
    Interest expense   (1,718 )     (1,557 )     (5,068 )     (2,827 )
    Other income (loss), net   (2,217 )     109       (1,509 )     129  
    Total other income, net   28,823       34,198       20,527       11,384  
    Loss before income tax benefit   (20,444 )     (16,185 )     (187,626 )     (154,094 )
    Income tax expense (benefit)   2,194       —       (2,544 )     —  
    Net loss   (22,638 )     (16,185 )     (185,082 )     (154,094 )
    Net loss attributable to non-controlling interests   (102 )     —       (306 )     —  
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
                   
    Net loss per share attributable to Enovix shareholders, basic $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    Weighted average number of common shares outstanding, basic   176,680,578       159,829,716       172,393,869       157,559,138  
    Net loss per share attributable to Enovix shareholders, diluted $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    Weighted average number of common shares outstanding, diluted   176,872,382       161,371,417       172,393,869       158,260,393  
                                   
    Enovix Corporation
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
    (In Thousands)
     
      Fiscal Years-to-Date Ended
      September 29, 2024   October 1, 2023
    Cash flows used in operating activities:      
    Net loss $ (185,082 )   $ (154,094 )
    Adjustments to reconcile net loss to net cash used in operating activities      
    Depreciation, accretion and amortization   37,417       10,000  
    Stock-based compensation   48,630       57,832  
    Changes in fair value of common stock warrants   (17,359 )     (4,140 )
    Impairment and loss on disposals of long-lived assets   38,249       4,411  
    Others   174       —  
    Changes in operating assets and liabilities:      
    Accounts and notes receivables   494       169  
    Inventory   (827 )     418  
    Prepaid expenses and other assets   (3,913 )     546  
    Accounts payable   (10,018 )     4,338  
    Accrued expenses and compensation   3,175       3,113  
    Deferred revenue   (502 )     —  
    Deferred tax liability   (3,303 )     —  
    Other liabilities   190       (1 )
    Net cash used in operating activities   (92,675 )     (77,408 )
    Cash flows from investing activities:      
    Purchase of property and equipment   (59,830 )     (32,979 )
    Purchases of investments   (31,812 )     (115,736 )
    Maturities of investments   106,621       16,700  
    Net cash provided by (used in) investing activities   14,979       (132,015 )
    Cash flows from financing activities:      
    Proceeds from issuance of Convertible Senior Notes and loans   4,572       172,500  
    Repayment of debt   (180 )     —  
    Payments of debt issuance costs   —       (5,251 )
    Purchase of Capped Calls   —       (17,250 )
    Payroll tax payments for shares withheld upon vesting of RSUs   (5,601 )     (2,988 )
    Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs   44,285       9,232  
    Proceeds from issuance of common stock under employee stock purchase plan   1,145       1,169  
    Repurchase of unvested restricted common stock   (4 )     (23 )
    Net cash provided by financing activities   44,217       157,389  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,303       —  
    Change in cash, cash equivalents, and restricted cash   (32,176 )     (52,034 )
    Cash and cash equivalents and restricted cash, beginning of period   235,123       322,976  
    Cash and cash equivalents, and restricted cash, end of period $ 202,947     $ 270,942  
           

    Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation

    While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP” financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

    These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.

    We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

    “EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.

    Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands):

      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Interest expense   1,718       1,557       5,068       2,827  
    Income tax expense (benefit)   2,194       —       (2,544 )     —  
    Depreciation and amortization   6,500       2,900       37,417       10,000  
    EBITDA   (12,124 )     (11,728 )     (144,835 )     (141,267 )
    Stock-based compensation expense (1)   16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants   (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up   —       —       1,907       —  
    Impairment of equipment   —       —       —       4,411  
    Restructuring cost (1)   3,661       3,021       41,807       3,021  
    Acquisition cost   —       1,115       —       1,115  
    Adjusted EBITDA $ (21,640 )   $ (25,638 )   $ (71,066 )   $ (79,387 )
       
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense are included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
     

    Free Cash Flow Reconciliation

    We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP. We believe that this financial measure is useful to investors because it provides investors to view our performance using the same tool that we use to gauge our progress in achieving our goals and it is an indication of cash flow that may be available to fund investments in future growth initiatives. Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands):

      Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023
    Net cash used in operating activities $ (92,675 )   $ (77,408 )
    Capital expenditures   (59,830 )     (32,979 )
    Free Cash Flow $ (152,505 )   $ (110,387 )
     

    Other Non-GAAP Financial Measures Reconciliation
    (In Thousands, Except Share and per Share Amounts)

        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Revenue   $ 4,317     $ 200     $ 13,357     $ 263  
                     
    GAAP cost of revenue   $ 4,959     $ 16,809     $ 16,454     $ 43,292  
    Stock-based compensation expense     (101 )     (2,396 )     (196 )     (5,001 )
    Inventory step-up     —       —       (1,907 )     —  
    Non-GAAP cost of revenue   $ 4,858     $ 14,413     $ 14,351     $ 38,291  
                     
    GAAP gross margin   $ (642 )   $ (16,609 )   $ (3,097 )   $ (43,029 )
    Stock-based compensation expense     101       2,396       196       5,001  
    Inventory step-up     —       —       1,907       —  
    Non-GAAP gross margin   $ (541 )   $ (14,213 )   $ (994 )   $ (38,028 )
                     
    GAAP research and development (R&D) expense   $ 24,220     $ 13,508     $ 102,073     $ 53,810  
    Stock-based compensation expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Amortization of intangible assets     (417 )     —       (1,248 )     —  
    Non-GAAP R&D expense   $ 17,889     $ 8,559     $ 81,054     $ 31,738  
                     
    GAAP selling, general and administrative (SG&A) expense   $ 20,744     $ 17,245     $ 61,176     $ 61,207  
    Stock-based compensation expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (774 )     —       (2,304 )     —  
    Acquisition cost     —       (1,115 )     —       (1,115 )
    Non-GAAP SG&A expense   $ 9,263     $ 10,201     $ 31,425     $ 29,692  
                     
    GAAP operating expenses   $ 48,625     $ 33,774     $ 205,056     $ 122,449  
    Stock-based compensation expense included in R&D expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Stock-based compensation expense included in SG&A expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (1,191 )     —       (3,552 )     —  
    Impairment of equipment     —       —       —       (4,411 )
    Restructuring cost (1)     (3,661 )     (3,021 )     (41,807 )     (3,021 )
    Acquisition cost     —       (1,115 )     —       (1,115 )
    Non-GAAP operating expenses   $ 27,152     $ 18,760     $ 112,479     $ 61,430  
                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       
        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    GAAP loss from operations   $ (49,267 )   $ (50,383 )   $ (208,153 )   $ (165,478 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Amortization of intangible assets     1,191       —       3,552       —  
    Inventory step-up     —       —       1,907       —  
    Impairment of equipment     —       —       —       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost     —       1,115       —       1,115  
    Non-GAAP loss from operations   $ (27,693 )   $ (32,973 )   $ (113,473 )   $ (99,458 )
                     
    GAAP net loss attributable to Enovix   $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants     (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up     —       —       1,907       —  
    Amortization of intangible assets     1,191       —       3,552       —  
    Impairment of equipment     —       —       —       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost     —       1,115       —       1,115  
    Non-GAAP net loss attributable to Enovix shareholders   $ (30,861 )   $ (30,095 )   $ (107,455 )   $ (92,214 )
                     
    GAAP net loss per share attributable to Enovix, basic   $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    GAAP net loss per share attributable to Enovix, diluted   $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                     
    Non-GAAP net loss per share attributable to Enovix, basic   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.59 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    Non-GAAP net loss per share attributable to Enovix, diluted   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.58 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       

    The MIL Network –

  • MIL-OSI: Onity Group Schedules Conference Call – Third Quarter 2024 Results and Business Update

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Oct. 29, 2024 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it will hold a conference call on Tuesday, November 5, 2024 at 8:30 a.m. (ET) to review the Company’s third quarter 2024 operating results and provide a business update.

    All interested parties are welcome to participate. You can access the conference call by dialing (800) 343-5172 or (203) 518-9856 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

    An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

    A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through November 19, 2024, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157248.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $10.0 million, or $2.35 per diluted share, for the nine months ended September 30, 2024, as compared to $6.9 million, or $1.60 per diluted share, for the corresponding prior year period. For the quarter ended September 30, 2024, the Bancorp’s net income totaled $606 thousand, or $0.14 per diluted share, as compared to $143 thousand, or $0.03 per diluted share, for the three months ended June 30, 2024, and as compared to $2.2 million, or $0.51 per diluted share, for the three months ended September 30, 2023. Selected performance metrics are as follows for the periods presented:

                                 
    Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Return on equity     1.60 %     0.39 %     24.97 %     4.92 %     6.55 %     4.50 %     6.68 %
    Return on assets     0.12 %     0.03 %     1.77 %     0.29 %     0.42 %     0.64 %     0.44 %
    Tax adjusted net interest margin     2.67 %     2.67 %     2.57 %     2.80 %     2.87 %     2.64 %     3.04 %
    Noninterest income / average assets     0.55 %     0.50 %     2.57 %     0.53 %     0.46 %     1.21 %     0.51 %
    Noninterest expense / average assets     2.80 %     2.79 %     2.86 %     2.60 %     2.59 %     2.82 %     2.67 %
    Efficiency ratio     97.32 %     98.56 %     59.41 %     87.49 %     86.88 %     80.16 %     83.68 %
                                                             

    “The Bank’s position continued to improve in the third quarter while we prepared for the Fed to begin their easing cycle. Margin and expenses were stable, with minimal benefit from the Fed’s late-quarter rate cut. We believe the Bank is poised to see margin expansion as lower rates work their way through the liability side of the balance sheet,” said Benjamin Bochnowski, chief executive officer. “We remain vigilant on credit, and we continued to build capital during the quarter. We also fully exited the Bank Term Funding Program well in advance of its March 2025 maturity.”

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin was 2.53% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) was 2.67% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The net interest margin for the nine months ended September 30, 2024, was 2.50%, compared to 2.89% for the nine months ended September 30, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2024, was 2.64%, compared to 3.04% for the nine months ended September 30, 2023. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of September 30, 2024, deposits totaled $1.7 billion, a decrease of $7.9 million or 0.5%, compared to June 30, 2024. Core deposits totaled $1.2 billion at both September 30, 2024 and June 30, 2024. Core deposits include checking, savings, and money market accounts and represented 67.9% of the Bancorp’s total deposits at September 30, 2024. As of September 30, 2024, balances for certificates of deposit totaled $562.2 million, compared to $541.2 million on June 30, 2024, an increase of $21.0 million or 3.9%. The decrease in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of September 30, 2024, borrowings and repurchase agreements totaled $128.0 million, an increase of $65 thousand or 0.2%, compared to June 30, 2024. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. During the quarter, the Bancorp terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million, in full, through a utilization of excess liquidity and FHLB advances. As of September 30, 2024, 72% of our deposits are fully FDIC insured, and another 7% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. As of September 30, 2024, the Bancorp had available liquidity of $686 million including borrowing capacity from the FHLB and Federal Reserve facilities.
    • Securities Portfolio – Securities available for sale balances increased by $10.4 million to $350.0 million as of September 30, 2024, compared to $339.6 million as of June 30, 2024.  The increase in securities available for sale was due to a combination of portfolio runoff and a decrease of accumulated other comprehensive loss (“AOCL”). AOCL was $48.2 million as of September 30, 2024, compared to $58.9 million on June 30, 2024, an improvement of $10.7 million, or 18.2%. The yield on the securities portfolio decreased to 2.37% for the three months ended September 30, 2024, down from 2.43% for the three months ended June 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both September 30, 2024 and June 30, 2024. During the three months ended September 30, 2024, the Bank originated $70.4 million in new commercial loans, compared to $48.7 million during the three months ended June 30, 2024 and $73.2 million during the three months ended September 30, 2023. The loan portfolio represents 78.7% of earning assets and is comprised of 62.6% commercial-related credits. At September 30, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner occupied properties balances, loans collateralized by office buildings represented $42.4 million or 2.8% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans for the nine months ended September 30, 2024 totaled $810 thousand, an increase from $729 thousand for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $22.5 million in new fixed rate mortgage loans for sale, compared to $30.4 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $17.6 million in new 1-4 family loans retained in its portfolio, compared to $31.8 million during the nine months ended September 30, 2023. Total 1-4 family originations for the quarter ended September 30, 2024, totaled $20.1 million, an increase of $1.3 million compared to $18.8 million for the quarter ended June 30, 2024. These retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Asset Quality – At September 30, 2024, non-performing loans totaled $13.8 million, compared to $11.4 million at June 30, 2024, an increase of $2.4 million or 21.4%. The Bank’s ratio of non-performing loans to total loans was 0.92% at September 30, 2024, compared to 0.75% at June 30, 2024. The Bank’s ratio of non-performing assets to total assets increased from 0.61% at June 30, 2024 to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management. The allowance for credit losses (ACL) totaled $18.5 million at September 30, 2024, compared to $18.3 million at June 30, 2024, an increase of $186 thousand or 1.0% and is considered adequate by management. For the quarter ended September 30, 2024, recoveries, net of charge-offs, totaled $186 thousand. The allowance for credit losses as a percentage of total loans was 1.23% at September 30, 2024, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 134.1% at September 30, 2024.
    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.80% for the quarter ended September 30, 2024, as compared to 2.79% for the quarter ended June 30, 2024. Increases in non-interest expenses quarter over quarter were primarily attributable to slightly higher federal deposit insurance premium and higher occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions through the remainder of this year and beyond. Compensation and benefits expense is down 1.2% for the nine months ended September 30, 2024, compared to September 30, 2023.
    • Capital Adequacy – As of September 30, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.38%, an improvement of 0.06% compared to 8.32% at June 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $31.28 at September 30, 2024, up from $28.67 as of June 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.51% at September 30, 2024, up from 5.95% as of June 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.47 as of September 30, 2024, from $42.33 as of June 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; inflation; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Return on equity     1.60%       0.39%       24.97%       4.92%       6.55%       4.50%       6.68%  
    Return on assets     0.12%       0.03%       1.77%       0.29%       0.42%       0.64%       0.44%  
    Yield on loans     5.22%       5.11%       5.02%       5.09%       5.02%       5.12%       4.87%  
    Yield on security investments     2.37%       2.43%       2.37%       2.57%       2.41%       2.39%       2.39%  
    Total yield on earning assets     4.73%       4.64%       4.52%       4.64%       4.51%       4.64%       4.39%  
    Cost of interest-bearing deposits     2.47%       2.37%       2.36%       2.22%       1.95%       2.40%       1.58%  
    Cost of repurchase agreements     4.04%       3.86%       3.88%       3.78%       3.83%       3.93%       3.59%  
    Cost of borrowed funds     4.56%       4.95%       4.62%       4.41%       4.48%       4.70%       4.58%  
    Total cost of interest-bearing liabilities     2.63%       2.55%       2.53%       2.38%       2.16%       2.57%       1.82%  
    Tax adjusted net interest margin (1)     2.67%       2.67%       2.57%       2.80%       2.87%       2.64%       3.04%  
    Noninterest income / average assets     0.55%       0.50%       2.57%       0.53%       0.46%       1.21%       0.51%  
    Noninterest expense / average assets     2.80%       2.79%       2.86%       2.60%       2.59%       2.82%       2.67%  
    Net noninterest margin / average assets     -2.24%       -2.29%       -0.29%       -2.08%       -2.13%       -1.60%       -2.16%  
    Efficiency ratio     97.32%       98.56%       59.41%       87.49%       86.88%       80.16%       83.68%  
    Effective tax rate     -51.88%       -6.72%       9.48%       -30.85%       -22.20%       7.01%       0.30%  
                                 
    Non-performing assets to total assets     0.73%       0.61%       0.64%       0.61%       0.54%       0.73%       0.54%  
    Non-performing loans to total loans     0.92%       0.75%       0.78%       0.76%       0.66%       0.92%       0.66%  
    Allowance for credit losses to non-performing loans   134.12%       161.17%       159.12%       163.90%       192.89%       134.12%       192.89%  
    Allowance for credit losses to loans receivable     1.23%       1.22%       1.25%       1.24%       1.27%       1.23%       1.27%  
    Foreclosed real estate to total assets     0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       0.00%  
                                 
    Basic earnings per share   $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 0.52     $ 2.35     $ 1.60  
    Diluted earnings per share   $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 0.51     $ 2.35     $ 1.60  
    Stockholders’ equity / total assets     7.69%       7.16%       7.32%       6.99%       5.70%       7.69%       5.70%  
    Book value per share   $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 27.68     $ 36.99     $ 27.68  
    Closing stock price   $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 22.00     $ 31.98     $ 22.00  
    Price to earnings per share ratio     56.21       182.60       2.82       17.77       10.67       10.19       10.28  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.31     $ 0.36     $ 0.93  
                                 
    Common equity tier 1 capital to risk-weighted assets   11.10%       10.94%       10.89%       10.43%       10.17%       11.10%       10.17%  
    Tier 1 capital to risk-weighted assets     11.10%       10.94%       10.89%       10.43%       10.17%       11.10%       10.17%  
    Total capital to risk-weighted assets     12.14%       11.95%       11.92%       11.36%       11.12%       12.14%       11.12%  
    Tier 1 capital to adjusted average assets     8.38%       8.32%       8.24%       7.78%       7.81%       8.38%       7.81%  
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30,   June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Net interest margin – tax equivalent     2.67%       2.67%       2.57%       2.80%       2.87%       2.64%       3.04%  
    Tangible book value per diluted share   $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 21.63     $ 31.28     $ 21.63  
    Tangible book value per diluted share adjusted for AOCL   $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 39.96     $ 42.47     $ 39.96  
    Tangible common equity to total assets     6.51%       5.95%       6.09%       5.77%       4.46%       6.51%       4.46%  
    Tangible common equity to total assets adjusted for AOCL     8.83%       8.79%       8.81%       8.22%       8.23%       8.83%       8.23%  
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                        
    (Dollars in thousands) Average Balances, Interest, and Rates  
    (unaudited) September 30, 2024   June 30, 2024  
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS                        
    Interest bearing deposits in other financial institutions $ 44,365     $ 665   6.00   $ 60,378     $ 800   5.30  
    Federal funds sold   682       9   5.28     1,263       10   3.17  
    Securities available-for-sale   342,451       2,031   2.37     337,226       2,047   2.43  
    Loans receivable   1,506,967       19,660   5.22     1,501,584       19,174   5.11  
    Federal Home Loan Bank stock   6,547       107   6.54     6,547       96   5.87  
    Total interest earning assets   1,901,012     $ 22,472   4.73     1,906,998     $ 22,127   4.64  
    Cash and non-interest bearing deposits in other financial institutions   32,198               18,054            
    Allowance for credit losses   (18,482 )             (18,788 )          
    Other noninterest bearing assets   155,996               158,358            
    Total assets $ 2,070,724             $ 2,064,622            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,451,414     $ 8,946   2.47   $ 1,455,007     $ 8,610   2.37  
    Repurchase agreements   43,074       435   4.04     41,388       399   3.86  
    Borrowed funds   95,224       1,085   4.56     85,940       1,064   4.95  
    Total interest bearing liabilities   1,589,712     $ 10,466   2.63     1,582,335     $ 10,073   2.55  
    Non-interest bearing deposits   287,507               291,618            
    Other noninterest bearing liabilities   41,696               45,029            
    Total liabilities   1,918,915               1,918,982            
    Total stockholders’ equity   151,809               145,640            
    Total liabilities and stockholders’ equity $ 2,070,724             $ 2,064,622            
                             
                             
    Return on average assets   0.12 %             0.03 %          
    Return on average equity   1.60 %             0.39 %          
    Net interest margin (average earning assets)   2.53 %             2.53 %          
    Net interest margin (average earning assets) – tax equivalent   2.67 %             2.67 %          
    Net interest spread   2.10 %             2.09 %          
    Ratio of interest-earning assets to interest-bearing liabilities   1.20x                 1.21x            
                             
    Year-to-Date                        
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) September 30, 2024   September 30, 2023
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS     `                  
    Interest bearing deposits in other financial institutions $ 51,522     $ 2,317   6.00   $ 31,171     $ 1,112   4.76  
    Federal funds sold   919       29   4.21     1,158       38   4.38  
    Certificates of deposit in other financial institutions   –       –   –     1,169       44   5.02  
    Securities available-for-sale   348,269       6,239   2.39     369,897       6,631   2.39  
    Loans receivable   1,504,197       57,713   5.12     1,519,981       55,481   4.87  
    Federal Home Loan Bank stock   6,547       285   5.80     6,547       221   4.50  
    Total interest earning assets   1,911,454     $ 66,583   4.64     1,929,923     $ 63,527   4.39  
    Cash and non-interest bearing deposits in other financial institutions   29,183               18,723            
    Allowance for credit losses   (18,670 )             (17,619 )          
    Other noninterest bearing assets   155,433               154,227            
    Total assets $ 2,077,400             $ 2,085,254            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,464,682     $ 26,350   2.40   $ 1,455,410     $ 17,258   1.58  
    Repurchase agreements   40,879       1,204   3.93     33,170       892   3.59  
    Borrowed funds   90,423       3,189   4.70     102,864       3,537   4.58  
    Total interest bearing liabilities   1,595,984     $ 30,743   2.57     1,591,444     $ 21,687   1.82  
    Non-interest bearing deposits   291,161               326,431            
    Other noninterest bearing liabilities   41,540               30,178            
    Total liabilities   1,928,685               1,948,053            
    Total stockholders’ equity   148,715               137,201            
    Total liabilities and stockholders’ equity $ 2,077,400             $ 2,085,254            
                             
                             
    Return on average assets   0.64 %             0.44 %          
    Return on average equity   4.50 %             6.68 %          
    Net interest margin (average earning assets)   2.50 %             2.89 %          
    Net interest margin (average earning assets) – tax equivalent   2.64 %             3.04 %          
    Net interest spread   2.07 %             2.57 %          
    Ratio of interest-earning assets to interest-bearing liabilities   1.20x                 1.21x            
                             
    Finward Bancorp
    Quarterly Financial Report
                         
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30,
          2024       2024       2024       2023       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 23,071     $ 19,061     $ 16,418     $ 17,942     $ 17,922  
    Interest bearing deposits in other financial institutions     48,025       63,439       54,755       67,647       52,875  
                         
    Total cash and cash equivalents     71,649       83,207       71,780       86,008       71,648  
                         
    Securities available-for-sale     350,027       339,585       346,233       371,374       339,280  
    Loans held-for-sale     2,567       1,185       667       340       2,057  
    Loans receivable, net of deferred fees and costs     1,508,242       1,506,398       1,508,251       1,512,595       1,525,660  
    Less: allowance for credit losses     (18,516 )     (18,330 )     (18,805 )     (18,768 )     (19,430 )
    Net loans receivable     1,489,726       1,488,068       1,489,446       1,493,827       1,506,230  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,442       7,695       7,583       8,045       7,864  
    Premises and equipment     47,912       48,696       47,795       38,436       38,810  
    Foreclosed real estate     –       –       71       71       71  
    Cash value of bank owned life insurance     33,312       33,107       32,895       32,702       32,509  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     2,203       2,555       2,911       3,272       3,636  
    Other assets     40,882       44,027       43,459       45,262       56,423  
                         
    Total assets   $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279     $ 2,087,470  
                         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                         
    Deposits:                    
    Non-interest bearing   $ 285,157     $ 286,784     $ 296,959     $ 295,594     $ 312,635  
    Interest bearing     1,463,653       1,469,970       1,450,519       1,517,827       1,471,402  
    Total     1,748,810       1,756,754       1,747,478       1,813,421       1,784,037  
    Repurchase agreements     43,038       42,973       41,137       38,124       48,310  
    Borrowed funds     85,000       85,000       90,000       80,000       100,000  
    Accrued expenses and other liabilities     38,259       43,709       41,586       29,389       36,080  
                         
    Total liabilities     1,915,107       1,928,436       1,920,201       1,960,934       1,968,427  
                         
    Commitments and contingencies                    
                         
    Stockholders’ Equity:                    
                         
    Preferred stock, no par or stated value;                    
    10,000,000 shares authorized, none outstanding     –       –       –       –       –  
    Common stock, no par or stated value; 10,000,000 shares authorized;     –       –       –       –       –  
    shares issued and outstanding: September 30, 2024 – 4,313,940                    
    December 31, 2023 – 4,298,773                    
    Additional paid-in capital     69,916       69,778       69,727       69,555       69,482  
    Accumulated other comprehensive loss     (48,241 )     (58,939 )     (56,313 )     (51,613 )     (78,848 )
    Retained earnings     137,880       137,792       138,167       129,403       128,409  
                         
    Total stockholders’ equity     159,555       148,631       151,581       147,345       119,043  
                         
    Total liabilities and stockholders’ equity   $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279     $ 2,087,470  
                         
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Nine months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)     (Unaudited)   (Unaudited)
        September 30,   June 30,   March 31,   December 31, September 30,   September 30,   September 30,
          2024       2024       2024       2023       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,660     $ 19,174     $ 18,879     $ 19,281     $ 19,161       $ 57,713     $ 55,481  
    Securities & short-term investments     2,812       2,953       3,105       2,975       2,617         8,870       8,046  
    Total interest income     22,472       22,127       21,984       22,256       21,778         66,583       63,527  
    Interest expense:                              
    Deposits     8,946       8,610       8,794       8,180       7,066         26,350       17,258  
    Borrowings     1,520       1,463       1,410       1,361       1,579         4,393       4,429  
    Total interest expense     10,466       10,073       10,204       9,541       8,645         30,743       21,687  
    Net interest income     12,006       12,054       11,780       12,715       13,133         35,840       41,840  
    Provision for credit losses     –       76       –       779       244         76       1,246  
    Net interest income after provision for credit losses     12,006       11,978       11,780       11,936       12,889         35,764       40,594  
    Noninterest income:                              
    Fees and service charges     1,463       1,257       1,153       1,507       1,374         3,873       4,517  
    Wealth management operations     731       763       633       672       572         2,127       1,812  
    Gain on sale of loans held-for-sale, net     338       320       152       352       192         810       729  
    Increase in cash value of bank owned life insurance   205       212       193       193       193         610       573  
    Gain (loss) on sale of real estate     –       15       11,858       –       2         11,873       (13 )
    Loss on sale of securities, net     –       –       (531 )     –       –         (531 )     (48 )
    Other     130       6       17       11       64         154       441  
    Total noninterest income     2,867       2,573       13,475       2,735       2,397         18,916       8,011  
    Noninterest expense:                              
    Compensation and benefits     6,963       7,037       7,109       6,290       6,729         21,109       21,365  
    Occupancy and equipment     2,181       2,120       1,915       1,520       1,711         6,205       4,898  
    Data processing     1,165       1,135       1,170       1,269       1,085         3,470       3,465  
    Federal deposit insurance premiums     435       397       501       492       474         1,333       1,511  
    Marketing     209       212       158       191       235         579       649  
    Other     3,521       3,516       4,151       3,755       3,259         9,465       8,547  
    Total noninterest expense     14,474       14,417       15,004       13,517       13,493         43,895       41,715  
    Income before income taxes     399       134       10,251       1,154       1,793         10,785       6,890  
    Income tax expenses (benefit)     (207 )     (9 )     972       (356 )     (398 )       756       21  
    Net income   $ 606     $ 143     $ 9,279     $ 1,510     $ 2,191       $ 10,029     $ 6,869  
                                   
    Earnings per common share:                              
    Basic   $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 0.52       $ 2.35     $ 1.60  
    Diluted   $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 0.51       $ 2.35     $ 1.60  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,
                2024       2024       2024     2023     2023  
    Nonaccruing loans   $ 13,806     $ 11,079     $ 11,603   $ 9,608   $ 9,840  
    Accruing loans delinquent more than 90 days     –       294       215     1,843     233  
    Securities in non-accrual     1,440       1,371       1,442     1,357     1,155  
    Foreclosed real estate     –       –       71     71     71  
      Total nonperforming assets   $ 15,246     $ 12,744     $ 13,331   $ 12,879   $ 11,299  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 1,821     $ 1,327     $ 1,455   $ 906   $ 554  
      ACL general allowances for loan portfolio     16,695       17,003       17,351     17,862     18,876  
        Total ACL   $ 18,516     $ 18,330     $ 18,806   $ 18,768   $ 19,430  
                               
    (Dollars in millions)                   Minimum Required To Be
                Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    September 30, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $ 176.3   11.10 %   $ 71.9   4.50 %   $ 103.9   6.50 %
    Tier 1 capital to risk-weighted assets   $ 176.3   11.10 %   $ 95.9   6.00 %   $ 127.9   8.00 %
    Total capital to risk-weighted assets   $ 194.0   12.14 %   $ 127.9   8.00 %   $ 159.8   10.00 %
    Tier 1 capital to adjusted average assets   $ 176.3   8.38 %   $ 84.7   4.00 %   $ 105.8   5.00 %
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures                          
                               
    (Dollars in thousands) Quarter Ended,   Nine months ended,
    (unaudited) September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023   September 30, 2024   September 30, 2023
    Calculation of tangible common equity                          
    Total stockholder’s equity $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 119,043     $ 159,555     $ 119,043  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (2,203 )     (2,555 )     (2,911 )     (3,272 )     (3,636 )     (2,203 )     (3,636 )
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss                        
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Accumulated other comprehensive loss   48,241       58,939       56,313       51,613       78,848       48,241       78,848  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198       $ 182,620       $ 182,588       $ 173,291       $ 171,860     $ 183,198       $ 171,860  
                               
    Calculation of tangible book value per share                          
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Shares outstanding   4,313,940       4,313,940       4,310,251       4,298,773       4,300,881       4,313,940       4,300,881  
    Tangible book value per diluted share $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 21.63     $ 31.28     $ 21.63  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss                        
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 171,860     $ 183,198     $ 171,860  
    Diluted average common shares outstanding   4,313,940       4,313,940       4,310,251       4,298,773       4,300,881       4,313,940       4,300,881  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 39.96     $ 42.47     $ 39.96  
                               
    Calculation of tangible common equity to total assets                          
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Total assets   2,074,662       2,077,067       2,071,782       2,108,279       2,087,470       2,074,662       2,087,470  
    Tangible common equity to total assets   6.51 %     5.95 %     6.09 %     5.77 %     4.46 %     6.51 %     4.46 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss                        
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 171,860     $ 183,198     $ 171,860  
    Total assets   2,074,662       2,077,067       2,071,782       2,108,279       2,087,470       2,074,662       2,087,470  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.83 %     8.79 %     8.81 %     8.22 %     8.23 %     8.83 %     8.23 %
                               
    Calculation of tax adjusted net interest margin                          
    Net interest income $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 13,133     $ 35,840     $ 41,840  
    Tax adjusted interest on securities and loans   678       677       699       722       730       2,054       2,234  
    Adjusted net interest income   12,684       12,731       12,749       13,437       13,863       37,894       44,074  
    Total average earning assets   1,901,012       1,906,998       1,945,501       1,920,127       1,930,118       1,911,454       1,929,923  
    Tax adjusted net interest margin   2.67 %     2.67 %     2.57 %     2.80 %     2.87 %     2.64 %     3.04 %
                               
    Efficiency ratio                          
    Total non-interest expense $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 13,493     $ 43,895     $ 13,493  
    Total revenue   14,873       14,627       25,255       15,450       15,530       54,756       15,530  
    Efficiency ratio   97.32 %     98.56 %     59.41 %     87.49 %     86.88 %     80.16 %     86.88 %
                               

    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network –

  • MIL-OSI Security: 148th Fighter Wing Completes PACAF Deployment

    Source: United States INDO PACIFIC COMMAND

    OKINAWA, Japan  –  

    Members and F-16 Fighting Falcons assigned to the 148th Fighter Wing, Minnesota Air National Guard deployed to the 18th Wing at Kadena Air Base, Okinawa, Japan from July to October 2024. While deployed, the Minnesota Air National Guard members were known as the 179th Expeditionary Fighter Squadron.

    “The 148th Fighter Wing provided a dynamic force employment package to the 18th Wing to provide combat air power adding an additional deterrence factor to the area of operations,” said 179th Expeditionary Fighter Squadron Commander, Lt. Col. Matt Zimniewicz.

    Having the 148th and other rotationally deployed fighters from across the globe highlights the importance of our strategic location in the Indo-Pacific. Not only does it provide a valuable opportunity for fourth and fifth generation fighters to integrate and train, but their presence also serves as a powerful deterrent to potential adversaries in the region, said Col. David Deptula, 18th Operations Group, Kadena Air Base, Japan.

    During their time at Kadena Air Base, Airmen integrated themselves working alongside their 18th Wing counterparts, performing all the same job-specific skills as they would at home station, along with experiencing some unique aspects while deployed.

    “The deployment tempo is a little different than at home station. The crews worked two shifts: to support fighter presence in the Pacific, ensure the pilots continue their training, provide ready aircraft and pilots for Alert, respond to higher headquarters taskings as needed, and participate in large-scale flying exercises,” said Zimniewicz.

    In addition to integrating with the 18th Wing, 179th Expeditionary Fighter Squadron flew with other deployed units; the 199th Fighter Squadron attached to the 154th Wing, Hawaii Air National Guard and the 27th Fighter Generation Squadron out of Langley Air Force Base, Va., integrating as wingmen and flying alongside the F-22 Raptor to enhance interoperability between platforms and units.

    “We are a combined force, so you get different experiences flying with the F-22 Raptor and local F-15 Eagles from the 18th Wing,” Zimniewicz said.

    1st Lieutenant Keegan Flaherty, a 148th aircraft maintenance officer explained, “most of our members operated under the structure of the 179th Fighter Generation Squadron. This incorporated specialists like crew chiefs, weapons, avionics, electric and environmental, tool crib, and supply to ensure day-to-day flying and maintenance operations run safe, smooth, and efficient.”

    During this deployment there were maintenance organization from the 148th that integrated with their 18th Wing counterparts. “The 148th Aerospace Ground Equipment (AGE) crew delivered equipment to the flightline in a timely manner, as well as lending a hand to their 18th Wing active-duty counterparts fixing mission-critical equipment,” Flaherty said. “Our munitions systems specialists were integrated with the 18th Munitions Squadron providing support delivering chaff or flare, missiles, 20MM rounds, and training bombs and munitions.”

    There is a lot about balance and having really good communication to remain mission ready, said Flaherty.

    “The people and the F-16s of the Minnesota Air National Guard provide added readiness and deterrence capabilities to the region,” said Flaherty. “Operating out of the strategic hub of Kadena Air Base, we are proud to play a role in the many missions being conducted out of the aptly named “Keystone of the Pacific.”

    Halfway through the three-month deployment, a smaller subset of 148th personnel and aircraft participated alongside 28 nations during India’s largest multinational exercise, Tarang Shakti 2024. “Tarang Shakti is an opportunity to combine cultures and perspectives while building security and interoperability, with our participating and observing partners. The spirit of collaboration and embracing diversity is key to not only better executing flying maneuvers, but also to broaden people’s minds,” said Indian Air Marshal AP Singh, Indian Air Force Air Staff vice chief.

    For 179th Expeditionary Fighter Squadron pilots like Maj. Christopher Zeigler, the training, partnership, cultural events and problem solving provided by Tarang Shakti-24, enhanced operations for multinational partners supporting a common resolve to sustain and a free and open Indo-Pacific.

    “We worked with a lot of different nations here,” said Zeigler. “The exercise was a great opportunity for us to run large force exercise events with the Indian Air Force. We enjoyed working with everyone and building relationships. We don’t get to do this very often with other countries, so I think it was a really beneficial experience for our unit. Building these partnerships and flying with different airframes like this, it puts us in a better position to support shared missions throughout the Indo-Pacific.”

    While at Kadena, the 148th, in coordination with allies and partners, projected decisive airpower to assist in ensuring regional stability.

    “Having the 148th and other rotationally deployed fighters from across the globe highlights the importance of our strategic location in the Indo-Pacific. Not only does it provide a valuable opportunity for fourth and fifth generation fighters to integrate and train, but their presence also serves as a powerful deterrent to potential adversaries in the region.” Said Col. David Deptula, Commander of the 18th Operations Groups.

    MIL Security OSI –

  • MIL-OSI Economics: Money Market Operations as on October 29, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,38,684.91 6.28 5.00-6.70
         I. Call Money 9,985.73 6.44 5.10-6.50
         II. Triparty Repo 3,89,946.80 6.26 6.16-6.40
         III. Market Repo 1,37,976.88 6.33 5.00-6.60
         IV. Repo in Corporate Bond 775.50 6.52 6.50-6.70
    B. Term Segment      
         I. Notice Money** 135.35 6.39 6.20-6.50
         II. Term Money@@ 651.50 – 6.65-6.95
         III. Triparty Repo 2,785.00 6.42 6.30-6.45
         IV. Market Repo 3,811.36 6.49 6.35-6.69
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 29/10/2024 1 Wed, 30/10/2024 4,514.00 6.75
    4. SDFΔ# Tue, 29/10/2024 1 Wed, 30/10/2024 1,21,659.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,17,145.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo Fri, 25/10/2024 6 Thu, 31/10/2024 25,005.00 6.55
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,469.91  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     15,941.91  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,01,203.09  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 29, 2024 10,19,787.20  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 10,16,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 29, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 4,88,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1397

    MIL OSI Economics –

  • MIL-OSI Economics: Egypt marks major achievement with malaria-free certification, but need for global R&D remains significant, says GlobalData

    Source: GlobalData

    Egypt marks major achievement with malaria-free certification, but need for global R&D remains significant, says GlobalData

    Posted in Pharma

    The World Health Organization (WHO) has certified Egypt as being malaria-free, following a near 100-year endeavour by the Egyptian government. Egypt is the third country to be declared malaria-free in the WHO Eastern Mediterranean Region, and the 44th country globally. However, hundreds of millions of cases of malaria are still reported worldwide each year. These staggering numbers reinforce a global need for research and development, particularly for malaria vaccines, says GlobalData, a leading data and analytics company.

    Stephanie Kurdach, Infectious Disease Analyst at GlobalData, comments: “Egypt’s malaria-free certification is a significant achievement, as this is a country which once recorded millions of cases. Unfortunately, the global burden of malaria remains high.”

    The WHO reported nearly 250 million cases of malaria and over 600,000 malaria-related deaths worldwide in 2022.

    In order to be certified malaria-free by the WHO, a country must prove that there has been no local transmission of any human malaria parasites for at least the past three consecutive years. Additionally, a country must maintain a fully functional surveillance and response system to prevent the re-establishment of indigenous transmission.

    Egypt’s efforts to reduce mosquito-borne diseases began in the 1920s, when the country prohibited agricultural crops near homes. Other efforts over the past 100 years have included opening a malaria control station, recruiting thousands of healthcare workers, launching a public health surveillance project, and public education.

    Kurdach continues: “To address the global burden of malaria and work towards global eradication, research and development is critical. Just as Egypt remains obligated to maintain surveillance, diagnosis, and treatment efforts throughout the nation, other nations plagued by malaria are in dire need of robust surveillance systems, diagnostic tools, affordable health care, and malaria vaccines.”

    There are currently only two malaria vaccines which are WHO prequalified* and recommended for use in children: GSK’s Mosquirix and Serum Institute of India’s R21/Matrix-M.

    According to GlobalData, there are 12 other malaria vaccines currently in Phase II development, including vaccines from BioNTech, GSK, the National Institute of Allergy and Infectious Diseases (NIAID), and the University of Oxford. No new malaria vaccines are in Phase III development or pre-registration.

    Kurdach concludes: “There is a serious global unmet need for malaria vaccines, which is evidenced by the late-stage development pipeline. Egypt’s malaria-free certification serves as a reminder and call to action that malaria elimination is possible with increased research and development.”

    *The recommendations of Mosquirix and R21/Matrix-M by the WHO are relatively recent and occurred in 2021 and 2023, respectively.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI to conduct Overnight Variable Rate Reverse Repo (VRRR) auction under LAF on October 30, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 30, 2024, Wednesday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 75,000 1 11:00 AM to 11:30 AM October 31, 2024
    (Thursday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1398

    MIL OSI Economics –

  • MIL-OSI Economics: Suzuki and Toyota to Deepen Collaboration in the Field of Electrified Vehicles

    Source: Toyota

    Headline: Suzuki and Toyota to Deepen Collaboration in the Field of Electrified Vehicles

    Suzuki Motor Corporation (Suzuki) and Toyota Motor Corporation (Toyota) have decided to further strengthen collaboration in the supply of a battery EV (BEV) SUV model developed by Suzuki to Toyota. This new model is scheduled to be manufactured at Suzuki Motor Gujarat in India from the spring of 2025.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Heritage Museum Buddhist artefacts exhibition displays 70 treasures including thangka paintings and gilt-bronze Buddhist statues (with photos)

    Source: Hong Kong Government special administrative region

    Heritage Museum Buddhist artefacts exhibition displays 70 treasures including thangka paintings and gilt-bronze Buddhist statues (with photos)
    Heritage Museum Buddhist artefacts exhibition displays 70 treasures including thangka paintings and gilt-bronze Buddhist statues (with photos)
    ******************************************************************************************

         The Hong Kong Heritage Museum (HKHM) will stage the exhibition “Buddhist Pilgrimage: Treasures from the Donation of The Tsui Art Foundation” starting tomorrow (October 30) by selecting 70 Buddhist treasures from the ancient Chinese artefacts collection donated by the late Dr Tsui Tsin-tong for display. Precious exhibits include thangka paintings, gilt-bronze Buddhist statues and rare artefacts such as ritual objects and scriptures. With a multimedia educational display zone, the exhibition, with free admission, aims to present the introduction of Buddhism to China, its influence from the historical, artistic and cultural perspectives, as well as its impact on cultural exchanges between China and other countries.           The opening ceremony of the exhibition was held today (October 29). Addressing the ceremony, the Acting Director of Leisure and Cultural Services, Miss Eve Tam, said that during the early stage of the development of the HKHM, Dr Tsui provided full support in establishing the T. T. Tsui Gallery of Chinese Art, where the precious artefacts he donated to the HKHM were on display. Having witnessed the dispersal of Chinese artefacts abroad, Dr Tsui determined to protect the treasures. Through years of dedicated study and acquisition, he gradually built an extensive thangka art collection. Dr Tsui’s passion for collecting Chinese artefacts transcends mere personal interest, embodying his significant contribution to the cause of Chinese national rejuvenation.           Other officiating guests included representatives of the Tsui Art Foundation Mr Tsui Ho-chuen and Ms Tsui Ching-ming; the Chairman of the History Sub-committee of the Museum Advisory Committee, Professor Joshua Mok; and the Museum Director of the HKHM, Mr Brian Lam.           The Tibetan Buddhist artefacts showcased in this exhibition are all acquired by Dr Tsui through his extensive travels and purchases since the 1970s, including 29 exquisite thangka paintings from the 17th to the 20th century, 18 gilt-bronze Buddhist statues and 23 rare ritual objects, scriptures and other items. Being an artistic form unique to Tibetan Buddhism, thangkas typically portray major Buddhist deities or respected religious patriarchs surrounded by a divine entourage on cotton or silk, to illustrate the stories of their lives or the realms over which they preside. The gilt-bronze Buddhist statues demonstrate the artisanship and the ingenuity of the metalworking craft, reflecting the mutual influence exerted by the cultures of the region throughout various periods.           Highlight exhibits include “Votive thangka of Padmasaṃbhava”, which is the largest thangka on display at this exhibition, measuring 254.5 centimetres high and 202cm wide. The content of this thangka is based on the “Pad-ma thang-yig” (Life of the Master Padmasaṃbhava), and describes the charitable and pious deeds performed during the life of a great religious master. Another thangka, “Amitābha”, portrays the main deity Amitābha in the centre and being surrounded by the Eight Great Bodhisattvas. The layout of the work is extremely detailed and powerful. The delicately painted “Eleven-faced Avalokiteśvara”, with vivid colours, depicts an Avalokiteśvara with eight hands. The first pair of hands is held together in front of the chest, holding a precious jewel. The three hands on the right hold crystal beads, the Wheel of the Law, and the lower hand is in the “abhaya mudrā”. On the left, the hands hold a lotus, a bow and arrows, as well as a kuṇḍikā. “Gilt-bronze figure of Bodhisattva Avalokiteśvara” wears a pair of big earrings, and his exposed chest is adorned with strings of jewellery inlaid with turquoise. In addition, an exquisitely decorated “Conch shell” and a hand written “Buddhist sutra” with illustrations are also on display.           The curatorial team of the HKHM specially designated a multimedia educational display zone, utilising presentation techniques and multimedia installations alongside the artefacts on display, with a view to deepening visitors’ understanding of the inclusiveness of Chinese culture and enhancing their interest in Chinese history and culture. The HKHM also commissioned designer Chiu Kwong-chiu and his team to produce an animation to interpret the pilgrimage to India of the great Buddhist master of the Tang dynasty, Xuanzang, and the contribution he made to cultural exchanges between China and the world. The multimedia installations manifest the influence of Buddhist culture in daily life in a lively way, such as pointing out the Buddhist origins behind everyday expressions, and briefly describing the content of the Heart Sutra and displaying the beauty of calligraphy.           For details of the exhibition, please visit hk.heritage.museum/en/web/hm/exhibitions/data/buddhist2024.html, or call 2180 8188 for enquiries.           The exhibition is one of the activities of the Chinese Culture Promotion Series. The Leisure and Cultural Services Department has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit www.lcsd.gov.hk/en/ccpo/index.html.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 19:45

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    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: “I would be interested in talking to Chinese farmers”

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Veronika Smirnova studies the Chinese approach to global food security and spent a year at the Renmin University of China in Beijing. In an interview with the HSE Young Scientists project, she spoke about Xi Jinping’s flagship initiatives, her interest in FAO’s John Boyd Orr, and her love of malatan and xiao long bao.

    How I got started in science

    It wasn’t a strategic plan. Science chose me, like many future scientists who enjoyed studying many subjects at school. Surprisingly, math and physics were the easiest for me, but I ended up choosing the humanities.

    Around the 9th grade, I thought about what direction I would like to choose in the future, and the topic of international relations seemed interesting to me. At that time, I was not yet interested in Chinese culture, I only heard in the news that Russian-Chinese relations were developing at a rapid pace. When it was time to choose a second language (internationalists always learn two), I spent a long time choosing between German and French. But then something sank in my heart, and I began to study Chinese, not yet knowing what awaited me in the future. This is how my love for China began, I gradually began to take an interest in culture and politics.

    In my undergraduate studies at Nizhny Novgorod State University, we had amazing courses on analytics for government bodies. I really liked this subject, and I became interested in working in this field. When I went to the master’s program at HSE, I saw that CCEMI, where I now work, was recruiting interns, and I applied. That’s how my path in science began. Then I went to graduate school and continued scientific research.

    What am I studying?

    China’s participation in the global food security system. Interest in this topic did not develop immediately. In my bachelor’s degree, I studied more about culture and soft power. But in my master’s degree, I thought: I would like to study something more practice-oriented, which could contribute to the improvement of Russian-Chinese relations. The food topic found me itself.

    The HSE education system involves earning several credits for projects during the course of study. In my Master’s program, I chose a project that was conducted by the School of Oriental Studies together with Azbuka Vkusa. Against the backdrop of Covid, we studied how retail is developing in Asian countries. I was doing research on China. And then one of the teachers said that there was an opportunity to do an internship at the UN.

    At first I wasn’t interested, but my friend, who had this experience, explained that it was a very interesting track where you act as a manager of an educational course.

    I applied for the next intake and was accepted to this project. The internship was online. I helped organize a course for UNITAR (United Nations Institute for Training and Research) and FAO (FAO, Food and Agriculture Organization of the United Nations). The course was designed for officials from the post-Soviet space on the topic of agriculture in international trade agreements.

    I thought it was an interesting topic because China and Russia were developing relations in the agricultural sector, so I decided to take it up more seriously and continued to study it in graduate school.

    What was my master’s thesis about?

    I studied Chinese concepts in global governance. This topic is close to my PhD thesis, where I examine how China promotes its approaches to food security co-operation internationally.

    In my master’s degree, I was interested to see how China’s policy ambitions are growing in practical terms, what approaches it offers – whether it is trying to take the place of the United States or is offering something unique.

    I decided to look at the theoretical approaches of Chinese scholars and compare them with the statements of Chinese leaders Hu Jintao and Xi Jinping. And I saw that, in principle, the same thing happened to the concept of global governance developed in the West as to many other Western concepts in China – from complete rejection to active participation.

    At first, China came out with sharp criticism, claiming that the concept was aimed at Western countries controlling global development. Then with interest – how to apply it with Chinese specifics. Then, gradual testing began in specific areas. For example, Chinese scientists separately studied issues of sovereignty, participation of non-profit organizations. And already at the next stage, they proposed their own approaches.

    At the same time, Chinese leader Xi Jinping put forward the concept of a Community of Shared Future for Humanity and the flagship Belt and Road Initiative, and Chinese scholars were studying how to develop global governance together with other countries through these projects.

    What is the Community of Shared Destiny for Humanity?

    Xi Jinping put forward this concept in 2013 — by the way, he first spoke about it in Moscow, at MGIMO. At the first stage, it was quite simple, it could be characterized by his words: “In me there is you, in you there is me.” The world is interconnected, and we need to manage things together, because if one participant starts having problems (as we saw during the pandemic), they arise for others as well.

    A more correct translation of the name is “the concept of a common destiny.” “A common destiny” implies unification. And China insists that everyone has the right to follow their own path of development, and this community is expressed in the fact that we develop together, but in different ways.

    Why China Believes the World Needs Food Security

    China is primarily interested in ensuring internal security. It relies on the concept of self-sufficiency. This issue is particularly sensitive for it. In the past, periods of famine were associated with political instability.

    During the Cold War, when China suffered famine, the country also faced a food embargo from the United States. And now China believes that “it must hold the rice bowl firmly in its own hands,” as Xi Jinping says.

    But having joined the WTO and participated in world trade, one cannot be completely autonomous. If there are problems in the food security sphere somewhere, it affects everyone. China is interested in maintaining general world stability. It is also developing cooperation in the “south-south” direction. This is cooperation between a developing country and a similar country, where it acts not as a donor, but as a partner, sharing its experience in solving problems.

    In the area of food security, China’s experience is a strong case: the country was able to defeat hunger with very few resources, land and water. Therefore, this is one of the key areas for cooperation with developing countries. China focuses on them, and mainly seeks to develop partnerships with them.

    Russian-Chinese relations

    Our relations are now at the peak of prosperity. During the Cold War, Sinologists had a hard time. Relations were tense, we had different views on what communism should be. The Chinese reacted quite sharply to the debunking of Stalin’s personality cult. We had border conflicts. China then, especially against the backdrop of rapprochement with the United States, diverged even more from the USSR.

    I remember my first academic supervisor in my bachelor’s degree told me that he was criticized in his close circle for studying the language of a country where he would never go, with which we are at odds. But he said that he was right. The prerequisites for normalizing relations began to emerge in the Brezhnev era, later the issues of demarcation and delimitation of the border were resolved, economic relations also developed, and now our relations have become the best.

    What results and achievements I am proud of

    I spent the last year in China, and returned in July. I was accepted to the New Sinology program for postgraduate students. It is designed to develop new approaches to China studies, building connections so that scholars can see their subject up close. I chose Renmin University of China, one of the largest in Beijing. I was able to work on my topic with a Chinese supervisor, Professor Song Wei, who is developing the theoretical framework I used in my work.

    My other achievements are not really in the scientific sphere. Within my center, I am actively involved in the implementation of joint humanitarian projects between Russia and China.

    We organized a Russian-Chinese summer school for students, and we had a project called “China Perspective,” where students from our department met with China experts and learned how to build a career in cooperation with the PRC.

    Basically, my journey of getting to know HSE and CCEIS began with me being a participant in the Russian-Chinese summer school — the 9th intake. And the next time, I was already on the organizing committee. The school was held online because of COVID, but there were many participants, some even joined from Brazil.

    What I dream about

    I am very interested in getting more field experience. For example, going to Chinese villages and talking to farmers. In China, most agricultural products are still produced on small farmsteads.

    Where I was in China

    I traveled a lot around China, visited ten cities: Beijing, Shanghai, Shenzhen, Hangzhou, Suzhou, Xi’an, Luoyang, Tianjin, Chengdu and Chongqing. In Shanghai, colleagues from my center organized a conference of the Valdai Club together with the East China Normal University. I was included in the delegation.

    There was also a trip to a conference in Shenzhen, to MSU-PPI – a joint university of Moscow State University and Beijing Polytechnic University. I already went to other cities with friends, to immerse myself in Chinese culture. A guy from India studied with me on the program, we became friends, he was more advanced in studying Chinese culture, and I went on my first trip with him.

    Science for me is a way of life, a space of connections. You are constantly looking for something to talk about, something to study.

    If I hadn’t become a scientist, I could have become a manager or producer of educational courses in the humanities. I still combine this with my scientific career, but I would have concentrated on it.

    Who would I like to meet?

    For my dissertation, I would like to meet the first FAO Secretary-General, John Boyd Orr, and talk more about his failed initiatives. My research is more in the area of international cooperation, while his research is specifically looking at how certain policies reduce malnutrition in the world.

    I was very inspired by the history of the creation of FAO. Boyd Orr was the first Secretary-General, he stood at its origins. He advocated a comprehensive approach to food security. At that time, food security was considered to be only access to products and their availability. He suggested looking at the problem more broadly and advocated that the newly formed organization should control not only development issues and information collection, but also trade, production, and food delivery.

    For example, during World War II, scientists discovered that if you increase the rations for pregnant women, then infant mortality drops sharply. They made several such discoveries, were inspired, and thought that this new knowledge would allow them to significantly reduce hunger within the organization.

    But due to the onset of the Cold War, due to the importance and criticality of this topic for the world’s major powers, there was not enough space for trust to be created so that a common supranational structure in the form of a UN institution could control all these processes.

    What my typical day looks like

    Now my typical day is loaded with work: the last year of graduate school, finishing my dissertation, going to the pre-defense. So I wake up, have breakfast, go to work and sit here for a long time. I solve work issues, and when I have a free minute, I finish the text of the dissertation.

    What will I do after my defense?

    I will continue working at CCEMI. I think that there will be more time for scientific work. I would like to study the topic of Russian-Chinese agricultural cooperation in more detail. It is also interesting to look at the development of the foodtech sphere in China, startups in this area. I would also try to publish in Chinese journals. They are not taken into account in our systems, which is critical for a postgraduate student, and after the defense this issue will no longer be so acute.

    Do I get burnout?

    I think it was at the beginning, when I didn’t understand how to combine work and study, but here my colleagues helped. We have a friendly atmosphere in the team, everyone supports each other. I adhere to the approach that there are always many interesting projects, but it is important to refuse most of them and concentrate on the most important, otherwise burnout can occur.

    What are my interests besides science?

    I love yoga. It helps me maintain a sports regimen during periods of intense work. I also like digital drawing, sometimes I even do something design-related. At the launch stage of our project “Chinese Perspective”, I made posters for the VKontakte group.

    Where do I recommend starting your acquaintance with China?

    I would recommend looking at VK groups dedicated to China. In our Russian-speaking community, for example, there is a group called “Grey Mocha” that publishes cultural notes about China. The Vyshka Chinese Club also provides a lot of useful information.

    China has its own social networks. If you want to watch Chinese videos, you should go not to YouTube, but to Bilibili and Kuaishou. WeChat is a must to communicate with Chinese colleagues. They have an interesting service called “Little Red Book” — something like a combination of Instagram and Telegram, it helped me a lot while traveling around China. You can type in “Tasty places there,” and it will show you. You could even find out which of the many cafeterias at my university serves the best food. Or figure out how to take a photo in the Temple of Heaven without people being visible. But to immerse yourself in the Chinese blogosphere, you need to know the language and understand how it works. If you come to China with only English, it will be more difficult.

    The leading contemporary Chinese writer

    Probably Mo Yan. In the book “Frogs” he describes the social reality of the “One Family – One Child” era. I also liked the plot of the book “Children of the Herd Age” written by Liu Zhenyun. One of the stories describes how a man gave a large ransom for a woman, and she ran away with this ransom without marrying him, and his sister tries to find her.

    Popular Chinese Attractions Among Russians

    Beijing, Shanghai and Harbin — because of the proximity of the border. In Beijing, the heritage of ancient culture is interesting: the Forbidden City, the Temple of Heaven, the Great Wall of China. In Shanghai, people walk along the embankment, look at the Pearl Tower, there are more monuments of Western culture there. Hainan Island is also popular, especially among residents of Siberia and the Far East. The sea there is very clean. There are many interesting delicacies, for example, candies made from shark meat. Other destinations are for more advanced tourists who are also interested in nature. For example, the province of Sichuan, where pandas live and there are national parks.

    Differences between Western and Chinese culture

    There are, and very strong ones. In China, they tend to be collectivist, not individualistic. We have the concept of conscience, and they have shame. This is a capacious topic, it is difficult to talk about briefly, but it can be outlined with a series of illustrations by Chinese artist Yan Liu.

    What was the last thing I read and watched?

    Our colleague Ivan Yuryevich Zuenko recently published a book, “China in the Era of Xi Jinping.” I read it and even attended the presentation.

    Because of my dissertation, everything is about China now, and I watch something to support Chinese. For example, the talk show “This is China” with Professor Zhang Weiwei and the program “Round Table” with the popular host Dou Wentao.

    Advice to young scientists

    Get involved in the scientific community early on, as talking to colleagues helps you understand early on what to watch out for and what new and interesting perspectives there are on the issues you’re studying.

    Try to publish and speak at conferences. The sooner you gain such experience, the easier it will be to move along this path. And for a sinologist, it is especially important to have your own knowledge base and know exactly where to find certain materials. Order disciplines and helps in scientific work.

    Favorite place in Moscow

    VDNKh. I lived there during my first year of graduate school, and often walked there. This place is associated with my first pleasant memories after moving to Moscow.

    Favorite places in Beijing

    First of all, Beihai Park. Chinese parks are different from ours. When I came there for the first time in the evening, I felt like I was in a fairy tale. I also love Houhai, it’s also in the center, a walking place around the lake. And Qianmen Street, it’s quite lively, there are a lot of Chinese eateries, street food.

    At first, I didn’t quite have the right idea of Beijing. I thought it was high-rise and modern. But if you travel around southern cities, you’ll notice that Beijing has many low buildings in the center and it’s not so densely built up. There are hutongs on Qianmen Street – ancient buildings. And a nice coffee shop called Metal Hands.

    Chinese cuisine

    I like it. I often ate xiao long bao (steamed meat buns like dumplings), malatan (a spicy soup where you put the ingredients yourself), and different types of beef noodles. Because of my Indian friends, I also fell in love with Indian food. But in general, there are a couple of places in Beijing where you can eat Russian food. When I started missing mashed potatoes with a cutlet, it was easy to get them.

    Where would I go in China

    See the natural attractions near the cities of Chengdu and Chongqing. You need to go there in a group and think everything through in advance. There are two large national parks near Chengdu. And next to Chongqing is the Wulong Karst geological park. And there is also a beautiful place Zhangjiajie, you also need to go there for five days, preferably with a group and a guide.

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

    MIL OSI Russia News –

  • MIL-OSI Global: On foreign policy, Trump opts for disruption and Harris for engagement − but they share some of the same concerns

    Source: The Conversation – USA – By Garret Martin, Senior Professorial Lecturer, Co-Director Transatlantic Policy Center, American University School of International Service

    Who will represent the U.S. better on the global stage? Justin Sullivan/Getty Images

    According to conventional wisdom, U.S. voters are largely motivated by domestic concerns and especially the economy.

    But the upcoming presidential election may be somewhat of an outlier. In a September 2024 poll, foreign policy actually ranks quite high in voters’ concerns – with more Democrats and Republicans combined saying it was “very important” to their vote than, say, immigration and abortion.

    As such, understanding where Republican presidential nominee Donald Trump and Democratic rival Kamala Harris stand on the significant international issues of the day is important. And we can do so by looking at the records of their respective administrations in the three regions they prioritized: the Indo-Pacific, Europe and the Middle East.

    Donald Trump: Disrupter-in-chief

    In his 2017 inaugural address, Trump painted a dark picture of the U.S. In his telling, his country was being taken advantage of by other nations, especially in trade and security, while neglecting domestic challenges.

    To disrupt this, Trump promised an “America First” approach to guide his administration.

    And in practice, his foreign policy certainly proved disruptive. He showed a clear willingness to buck traditions and undid some of former President Barack Obama’s signature policies, such as the Iran nuclear deal, which exchanged sanctions relief for restrictions on Tehran’s domestic nuclear program, and the Trans-Pacific Partnership trade agreement.

    In so doing, he ruffled the feathers of allies and foes alike.

    Trans-Atlantic relations were tense under Trump, especially because of his hostility toward NATO. After deriding the Atlantic alliance on the campaign trail, Trump stuck to the same tune while in office. He routinely insulted allies at high-level summits and allegedly came close to withdrawing from the alliance altogether in 2018.

    While NATO did make inroads in bolstering its Eastern flank in that period, the alliance was primarily defined by internal turmoil and limited cohesion during Trump’s time in office. U.S. relations with the European Union hardly fared better. In 2018, the U.S. imposed steel and aluminum tariffs on the European Union, citing national security concerns.

    Trump also broke with previous U.S. presidents in his administration’s Asia policy. One of his first moves in 2017 was to abandon the Trans-Pacific Partnership, a trade deal negotiated by Obama. Trump’s late 2017 national security strategy also announced a major shift toward China, labeling it as a “strategic competitor” – implying a greater emphasis on containing China as opposed to cooperating with it.

    This hawkish turn played out especially in the field of trade. Trump’s administration imposed four rounds of tariffs in 2018-19, affecting US$360 billion of Chinese goods. Beijing, of course, responded with tariffs of its own. The two countries did sign a so-called phase-one deal in January 2020 that sought to lower the stakes of this trade war. But the COVID-19 pandemic nullified any chance of success, and relations soured further with each Trump utterance of the pandemic being a “Chinese virus.”

    Trump showcased somewhat contradictory impulses toward the Middle East and other issues. He pushed for disengagement and to undo Obama’s major policies. Besides withdrawing from the Paris climate accords in 2017, Trump abandoned the Iran nuclear deal in 2018. His administration also signed a deal to end the U.S. presence in Afghanistan, and it withdrew forces from northern Syria.

    But at the same time, Trump continued the bombing campaign against the Islamic State group in Syria and Iraq and authorized the killing of Iranian Gen. Qasem Soleimani in 2020. The latter was consistent with a policy that aimed to pressure and isolate Iran economically and diplomatically. The key example of the diplomatic pressure came through especially via the Abraham Accords through which Trump helped facilitate the establishment of normal diplomatic ties between Israel and the UAE, Bahrain and Morocco.

    Kamala Harris: Alliance and engagement

    Although not taking a driving role in foreign policy, Harris has been part of an administration that has committed the U.S. to repairing alliances and engaging with the world.

    This came across by undoing some major actions from the Trump administration. For example, the U.S. quickly rejoined the Paris climate accords and overturned a decision to leave the World Health Organization.

    But in other areas, the Biden administration has shown more continuity with Trump than many expected.

    For instance, the U.S. under Biden has not fundamentally deviated from strategic competition with China, even though the tactics have differed a little. The administration maintained Trump’s tariff approach, even adding its own targeted rounds against Beijing on electric vehicles.

    Moreover, it cultivated different diplomatic platforms in the Indo-Pacific to act as a counterweight to China. This included the cultivation of the Quad dialogue with Australia, India and Japan, and the AUKUS deal with Australia and the U.K., both of which attempted to further the Biden administration’s strategy of containing China’s influence by enlisting regional allies. Finally, the Biden administration did maintain some channels of communication with China at the highest level as well, with Biden meeting Xi Jinping twice during his presidency.

    Ukraine President Volodymyr Zelenskyy walks alongside Vice President Kamala Harris at the White House compound on Sept. 26, 2024.
    Tom Brenner/Getty Images

    The Biden administration’s Middle Eastern policy displayed significant continuity with Trump’s approach – at first. While it turned out to be chaotic, the U.S. completed the withdrawal of its troops from Afghanistan in summer 2021, as had been agreed under Trump. The Biden administration also embraced the format and goals of the Abraham Accords. It even tried to build on them, with the goal of fostering Israeli-Saudi diplomatic ties.

    Of course, the attacks of Oct. 7, 2023, in Israel completely changed the equation in the Middle East. Preventing the spiral of violence in the region has become an all-consuming task. Since then, Biden and Harris have tried, largely unsuccessfully, to balance support for Israel with mediation efforts to liberate the hostages and to ensure a cease-fire.

    Trans-Atlantic relations, however, are an area where there were marked differences in the past four years. The tone of the Biden-Harris administration has been in sharp contrast with that of Trump, reaffirming frequently its clear commitment to NATO. And once Russia launched its illegal invasion in February 2022, the U.S. placed itself at the forefront of supporting Ukraine.

    Harris has suggested that she would continue Biden’s policy of providing Kyiv with extensive and continuous military support. In conjunction with allies, the White House of Biden and Harris also implemented a broad range of sanctions against Russia. But the U.S. under Biden has not yet been willing to support Ukraine’s immediate entry into NATO.

    What next?

    Based on their records, what could we expect of a Trump or Harris presidency?

    It’s unlikely either candidate will abandon strategic competition with China. But Trump is more likely to seriously escalate the trade war, promising extensive tariffs against Beijing. Trump’s commitment to defending Taiwan is also more ambiguous in comparison with Harris’ pledges.

    U.S. policy toward Europe will largely depend on the results of the election. Harris has frequently underlined her steadfast support for NATO, as well as for Ukraine. Trump, on the other hand, is showing signs that he is unwilling to further aid the regime in Kyiv.

    And for the Middle East, it remains to be seen whether either Trump or Harris would be able to better shape events in the region.

    Garret Martin receives funding from the European Union for the research institute he co-directs, the Transatlantic Policy Center.

    – ref. On foreign policy, Trump opts for disruption and Harris for engagement − but they share some of the same concerns – https://theconversation.com/on-foreign-policy-trump-opts-for-disruption-and-harris-for-engagement-but-they-share-some-of-the-same-concerns-238847

    MIL OSI – Global Reports –

  • MIL-OSI Global: Corporate social responsibility disclosures are a double-edged sword, new research suggests

    Source: The Conversation – USA – By Vivek Astvansh, Associate Professor of Quantitative Marketing and Analytics, McGill University

    Hoping to win over customers, businesses from Amazon to Zoom have taken to touting their good deeds in corporate social responsibility reports.

    CSR reports let companies spotlight what they’ve done for workers, consumers, communities and the environment – essentially all their goals beyond simply making a profit. Research shows that CSR statements are linked to rising sales.

    As a marketing professor, I thought that raised an interesting question: When companies find success with CSR disclosures, are they bringing in new customers – or are their extra sales coming from their existing base alone?

    In a recent study of several hundred Chinese companies, a colleague and I put the question to the test. We found that a CSR disclosure lowers a business’s dependence on current customers by 2.1%.

    That’s welcome news for businesses. It means those additional sales are coming from new customers, who are indeed impressed by the company’s CSR efforts.

    But the findings weren’t all positive.

    To sell more products, companies generally need to buy more supplies. So a logical follow-up question is: Does a company’s CSR disclosure lead it to source purchases from new suppliers?

    In fact, we found the opposite. Companies that released CSR disclosures seemed to scare away new suppliers. This is probably because suppliers often bear the costs when a company chooses to prioritize social responsibility.

    Becoming dependent on suppliers comes at a cost to businesses. When suppliers know a company depends on them, they tend to demand payment in cash rather than credit. That can hurt a company, because it now has less cash for investments.

    So while CSR reports impress customers, they appear to antagonize suppliers – and that comes at a price.

    Why it matters

    Prior research has shown that CSR disclosures can boost sales, but it’s long been unclear whether these additional sales are sourced from old customers or newly acquired ones. Our work brings clarity that businesses can use in making decisions.

    The findings are also of interest to lawmakers, regulators and corporate responsibility advocates who are debating making CSR reports mandatory.

    The U.S. doesn’t require businesses to release CSR reports, but some countries do. One is China, which in 2008 mandated that all public companies submit annual CSR reports starting in 2009. This created the conditions for the nearly natural experiment we conducted.

    Interestingly, the U.S. Securities and Exchange Commission has reportedly considered making some form of corporate social responsibility reporting mandatory. In the absence of requirements, many American corporations will continue to voluntarily report their CSR.

    In other words, the need for empirical evidence on the cost and benefits of CSR disclosure is greater than ever.

    What’s next

    The increasing incidence of extreme weather events and weather-related fatalities and injuries has piqued my interest in environmental responsibility. I have two ongoing research projects.

    First, I’m using a company’s public disclosures to measure its environmental risks and the activities it has undertaken to mitigate them. Second, I am researching how CEO incentives shape a company’s environmental disclosure, activities and spending – or the lack thereof.

    The Research Brief is a short take on interesting academic work.

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

    – ref. Corporate social responsibility disclosures are a double-edged sword, new research suggests – https://theconversation.com/corporate-social-responsibility-disclosures-are-a-double-edged-sword-new-research-suggests-241540

    MIL OSI – Global Reports –

  • MIL-OSI: Federal Home Loan Bank of Indianapolis announces 2024 Board of Directors election results

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, Oct. 29, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “Bank”) today announced the results of the election of two Indiana Member Directors and three Independent Directors to its Board of Directors (“Board”). The following individuals were elected to the Board and will each serve four-year terms beginning Jan. 1, 2025.

    The new Indiana Member Directors are:

    • Dan L. Moore, executive chairman, Home Bank, S.B., Martinsville, Ind. Previously, Moore served as its chairman, president and CEO and director. Moore served on the Board from 2011 to 2022 and was Board Chair from 2019 to 2022. He also served as Chairman of the Council of Federal Home Loan Banks in 2022.
    • Jamie R. Shinabarger, CEO, Springs Valley Bank & Trust Co., Jasper, Ind. Shinabarger also serves on the bank’s board of directors and of SVB&T Corp., the bank’s holding company in French Lick, Ind.

    The new Independent Directors are:

    • Kathryn M. Dominguez, professor of public policy and economics, University of Michigan’s Gerald R. Ford School of Public Policy in Ann Arbor, Mich. She also serves as the school’s Associate Dean for Academic Affairs and is the co-faculty director of the Center on Finance, Law and Policy. Dominguez was appointed to the Board as an Independent Director to fill a partial term in 2023, and currently serves as the Vice Chair of the Risk Oversight Committee.
    • Charlotte C. Henry, former chief information technology officer for the UAW Retiree Medical Benefits Trust, Detroit. Henry has been an Independent Director on the Board since 2017. She currently serves as the Vice Chair of the Board’s Security and Technology Committee, and formerly served as the Chair of that committee.
    • Todd E. Sears (Public Interest Independent Director), vice president of development, Cohen Esrey, Indianapolis. Previously, Sears served as chief investment officer and chief financial officer of Valeo Financial Advisors and was executive vice president of research, policy and strategy at Kittle Property Group, Inc., in Indianapolis. Sears previously served as the executive vice president for the non-profit CDFI, Indianapolis Neighborhood Housing Partnership. He has served as an Independent Director on the Board since 2021 and previously served on the Board’s Affordable Housing Advisory Council from 2012-2018.

    Annually, the Director of the Federal Housing Finance Agency determines the size of the Board and designates at least a majority, but no more than 60%, of the directorships as member directorships and the remainder as independent directorships. Independent directors are nominated by the Board after consultation with the Bank’s Affordable Housing Advisory Council and the Federal Housing Finance Agency.

    Media contact:
    Scott Thien, Sr. Communications Lead
    317-902-3103
    sthien@fhlbi.com

    Building Partnerships. Serving Communities
    FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and they receive no Congressional appropriations. One of 11 independent regional cooperative banks across the U.S., FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn, and Instagram and X at @FHLBankIndy.

    The MIL Network –

  • MIL-OSI Global: How language barriers influence global climate literacy

    Source: The Conversation – UK – By Mario Saraceni, Associate Professor in English Language and Linguistics, University of Portsmouth

    Creativa Images/Shutterstock

    Our planet is getting hotter at an alarming rate. Climate change is one of the most serious global issues today. Its consequences affect every single human being on Earth. So it seems perfectly logical that scientific publications about global warming are written in the global language: English.

    And yet, it is precisely because it is written in English, that climate science is largely inaccessible to the majority of people globally.

    To explain this apparent contradiction, we need to look at some numbers. Nearly 90% of scientific publications globally are in English. This is a staggering dominance of just one language. But English, often called a global language, is only spoken by a minority of the world’s population.



    Read more:
    Indigenous languages must feature more in science communication

    How do we know that most people in the world don’t speak English? English the main language of society in only a handful of countries: the UK, Ireland, the US, Canada, Australia and New Zealand. The population of these countries, combined, amounts to about 400 million – a very small percentage of the world’s population.

    In many other former British colonies, such as India, Nigeria or Malaysia, English exists alongside other languages. In these contexts English tends to be an elite language, used mostly by urban, middle-class, well-educated people. Elsewhere, English functions as a lingua franca, used mostly in transnational communication.

    Given these diverse scenarios, it is extremely difficult to estimate the number of speakers of English with any precision. About 20 years ago, linguist David Crystal suggested that the number may be somewhere between 1 and 2 billion. Even if we take the upper limit of that extremely large range, we’re talking about only one quarter of the world’s population. This means that three out of four people in the world do not speak English.



    Read more:
    Italian government wants to stop businesses using English – here’s why it’s the lingua franca of firms around the world

    That means at least three quarters of the world’s population do not speak the language in which the science about climate change is disseminated globally. At the same time, languages other than English are marginalised and struggle to find space in the global communication of science.

    So this linguistic inequality creates an imbalance in the distribution of scientific knowledge about climate change. But it also reinforces two other types of existing inequality.

    One has to do with the production of scientific knowledge in general, which is disproportionately emanating from the two main Anglophone countries: the US and the UK. Out of the top 100 scientific journals for impact and prestige, 91 are based in these two countries.

    Out of 100 top scientific journals, 91 are published in the UK and the US.
    Sergei25/Shutterstock

    The other form of inequality has to do with social injustice. Scientific literature is almost exclusively written in English. But this language is virtually unknown by most people, especially in developing countries. And so, societies who suffer more from climate change are precisely those where access to scientific literature about it is severely limited.

    What is the solution? Unesco’s Open Science initiative, is attempting to tackle the problem. It aims to “make scientific research from all fields accessible to everyone for the benefits of scientists and society as a whole”. One of its objectives is to “ensure that scientific collaborations transcend the boundaries of geography, language and resources”.

    Breaking language barriers

    Achieving the objectives set by Open Science is no easy task. One approach is to break the barrier of English monolingualism by promoting multilingualism.

    On the one hand, opportunities must be created for scientists from around the world to communicate their research and their scholarship in languages other than English.

    On the other, the great technological advancement made in machine translation, especially with the advent of AI, should be put to use in order to ensure that content is available in languages other than English. This is precisely the goal of Climate Cardinals, a non-profit organisation whose mission is to “make the climate movement more accessible to those who don’t speak English” by translating information into more than 100 languages.

    These kinds of concrete efforts offer hope for climate literacy and, consequently, for action to lessen the impact of climate change.

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

    – ref. How language barriers influence global climate literacy – https://theconversation.com/how-language-barriers-influence-global-climate-literacy-241867

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Brics+ could shape a new world order, but it lacks shared values and a unified identity

    Source: The Conversation – Africa – By Anthoni van Nieuwkerk, Professor of International and Diplomacy Studies, Thabo Mbeki African School of Public and International Affairs, University of South Africa

    The last two summits of Brics countries have raised questions about the coalition’s identity and purpose. This began to come into focus at the summit hosted by South Africa in 2023, and more acutely at the recent 2024 summit in Kazan, Russia.

    At both events the alliance undertook to expand its membership. In 2023, the first five Brics members – Brazil, Russia, India, China and South Africa – invited Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates to join. All bar Saudi Arabia have now done so. The 2024 summit pledged to admit 13 more, perhaps as associates or “partner countries”.

    On paper, the nine-member Brics+ strikes a powerful pose. It has a combined population of about 3.5 billion, or 45% of the world’s people. Combined, its economies are worth more than US$28.5 trillion – about 28% of the global economy. With Iran, Saudi Arabia and the UAE as members, Brics+ produces about 44% of the world’s crude oil.

    Based on my research and policy advice to African foreign policy decision-makers, I would argue that there are three possible interpretations of the purpose of Brics+.

    • A club of self-interested members – a kind of global south cooperative. What I’d label as a self-help organisation.

    • A reforming bloc with a more ambitious goal of improving the workings of the current global order.

    • A disrupter, preparing to replace the western-dominated liberal world order.

    Analysing the commitments that were made at the meeting in Russia, I would argue that Brics+ sees itself more as a self-interested reformer. It represents the thinking among global south leaders about the nature of global order, and the possibilities of shaping a new order. This, as the world moves away from the financially dominant, yet declining western order (in terms of moral influence) led by the US. The move is to a multipolar order in which the east plays a leading role.

    Read more: Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time

    However, the ability of Brics+ to exploit such possibilities is constrained by its make-up and internal inconsistencies. These include a contested identity, incongruous values and lack of resources to convert political commitments into actionable plans.

    Summit outcomes

    The trend towards closer trade and financial cooperation and coordination stands out as a major achievement of the Kazan summit. Other achievements pertain to global governance and counter-terrorism.

    When it comes to trade and finance, the final communiqué said the following had been agreed:

    • adoption of local currencies in trade and financial transactions. The Kazan Declaration notes the benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments. The guiding principle would be minimal trade barriers and non-discriminatory access.

    • establishment of a cross-border payment system. The declaration encourages correspondent banking networks within Brics, and enabling settlements in local currencies in line with the Brics Cross-Border Payments Initiative. This is voluntary and nonbinding and is to be discussed further.

    • creation of an enhanced roles for the New Development Bank, such as promoting infrastructure and sustainable development.

    • a proposed Brics Grain Exchange, to improve food security through enhanced trade in agricultural commodities.

    All nine Brics+ countries committed themselves to the principles of the UN Charter – peace and security, human rights, the rule of law, and development – primarily as a response to the western unilateral sanctions.

    Read more: South Africa walks a tightrope of international alliances – it needs Russia, China and the west

    The summit emphasised that dialogue and diplomacy should prevail over conflict in, among other places, the Middle East, Sudan, Haiti and Afghanistan.

    Faultlines and tensions

    Despite the positive tone of the Kazan declaration, there are serious structural fault lines and tensions inherent in the architecture and behaviour of Brics+. These might limit its ambitions to be a meaningful change agent.

    The members don’t even agree on the definition of Brics+. President Cyril Ramaphosa of South Africa calls it a platform. Others talk of a group (Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi) or a family (Chinese foreign ministry spokesperson Lin Jianan).

    So what could it be?

    Brics+ is state-driven – with civil society on the margins. It reminds one of the African Union, which pays lip service to citizens’ engagement in decision-making.

    One possibility is that it will evolve into an intergovernmental organisation with a constitution that sets up its agencies, functions and purposes. Examples include the World Health Organization, the African Development Bank and the UN general assembly.

    But it would need to cohere around shared values. What would they be?

    Critics point out that Brics+ consists of democracies (South Africa, Brazil, India), a theocracy (Iran), monarchies (UAE, Saudi Arabia) and authoritarian dictatorships (China, Russia). For South Africa this creates a domestic headache. At the Kazan summit, its president declared Russia a friend and ally. At home, its coalition partner in the government of national unity, the Democratic Alliance, declared Ukraine as a friend and ally.

    Read more: When two elephants fight: how the global south uses non-alignment to avoid great power rivalries

    There are also marked differences over issues such as the reform of the United Nations. For example, at the recent UN Summit of the Future the consensus was for reform of the UN security council. But will China and Russia, as permanent security council members, agree to more seats, with veto rights, on the council?

    As for violent conflict, humanitarian crises, corruption and crime, there is little from the Kazan summit that suggests agreement around action.

    Unity of purpose

    What about shared interests? A number of Brics+ members and the partner countries maintain close trade ties with the west, which regards Russia and Iran as enemies and China as a global threat.

    Some, such as India and South Africa, use the foreign policy notions of strategic ambiguity or active non-alignment to mask the reality of trading with east, west, north and south.

    The harsh truth of international relations is there are no permanent friends or enemies, only permanent interests. The Brics+ alliance will most likely cohere as a global south co-operative, with an innovative self-help agenda, but be reluctant to overturn the current global order from which it desires to benefit more equitably.

    Trade-offs and compromises might be necessary to ensure “unity of purpose”. It’s not clear that this loose alliance is close to being able to achieve that.

    – Brics+ could shape a new world order, but it lacks shared values and a unified identity
    – https://theconversation.com/brics-could-shape-a-new-world-order-but-it-lacks-shared-values-and-a-unified-identity-242308

    MIL OSI Africa –

  • MIL-OSI Africa: Autocrats and cities: how capitals have become a battleground for protest and control

    Source: The Conversation – Africa – By David Jackman, Departmental Lecturer in Development Studies, University of Oxford

    Prime Minister Sheikh Hasina, the world’s longest reigning female political leader, fled Bangladesh on 5 August 2024 for the safety of India. Meanwhile, hundreds of thousands of protesters descended on Bangladesh’s capital city, Dhaka. The crowds ransacked her official residence, occupied the nation’s parliament and burnt down her family home.

    Hasina, who had ruled the country for more than 20 years in total, had been widely accused of turning autocratic and clamping down severely on any opposition to her rule.

    For many, the Bangladesh revolution offers hope in the context of growing global authoritarianism. It illustrates the power of the youth to confront entrenched leaders, and the fragility of authoritarianism. It also highlights a striking feature of contemporary global politics: how central capital cities are to the political life of nations.

    In our new book, Controlling the Capital: Political Dominance in the Urbanizing World, a diverse range of scholars argue that capital cities are crucial political sites. They’re where governing elites seek to assert and maintain political control, and they are also stages for political contestation.

    The book is focused on sub-Saharan Africa and South Asia, the two fastest-urbanising regions of the world.

    Authors explore the strategies and tactics used by ruling elites to politically dominate their capital cities in Bangladesh, Ethiopia, Sri Lanka, Uganda, Zambia and Zimbabwe.

    The authors also consider how urban populations have engaged with these efforts. People may resist authority, but they can also cooperate with it in ways that benefit themselves – which sometimes reinforces or supports authoritarian control.

    This is increasingly important in the context of two contemporary trends. First, authoritarianism is growing globally. Just 10 years ago under half of the world’s population lived under authoritarian rule; now the figure is at 71%. The second trend is the ongoing rapid urbanisation of the world’s population, with the majority of us globally now living in urban areas.

    Urban unrest

    Over the past year we’ve seen how capital cities are spaces for contestation.

    Some pro-democracy movements draw from their own histories of struggle and the paths that have been carved by those before them. The template of Bangladesh’s 2024 revolution is ingrained in politics from the ways in which liberation was fought and how later struggles against authoritarian rule were won. The capital city has also been crucial, and students at Dhaka University were key mobilisers in such movements.

    In other contexts, the link between political resistance and urban areas is a relatively new and surprising route to political change. One example is “the struggle” seen in Sri Lanka’s capital Colombo and the unseating of the Rajapaksa family, who were perceived as increasingly authoritarian rulers of the country. The Colombo chapter in this volume highlights how such protests emerged in a context where urban unrest had rarely threatened those in power before.

    Even where anti-authoritarian protests have proved futile time and again, urban populations rarely remain quiet.

    In Kampala, Uganda, demonstrations prior to the 2021 elections resulted in a horrifying government crackdown. Inspired by events in neighbouring Kenya, protesters took to the streets once more in July 2024 to demonstrate against corruption.

    Read more: Kenya’s protests happened in every major urban centre – why these spaces are explosive

    The protests that erupted in Nairobi from late June 2024 against tax rises engulfed the capital city. They continued for some time, fuelled by the brutal police response. Similarly, Nigeria’s 2020 #EndSARS protests against police brutality created a powerful movement in cities such as Abuja and Lagos which shook government, and resonated across much of the continent.

    In an age of social media, learning and mimicry across national borders is increasingly common. One of the defining images of Kenya’s 2024 urban uprising was of a group of men with their arms raised and crossed at the wrists – a gesture of anti-authoritarian protest that gained particular resonance several years back during neighbouring Ethiopia’s own uprising.

    As urban protest seems set to continue and spread – often taking intentionally similar forms – techniques of urban authoritarian control are more varied and complex.

    Strategies to dominate and control city populations can be dramatic and repressive – such as the brute force of police violence – and they can also be subtle, deeply ingrained, and sometimes difficult to discern.

    Authoritarian tactics

    Our book argues that authoritarian leaders are increasingly aware of the power of the urban masses. As a result, they are using a range of subtle, and not-so-subtle, tactics to entrench their domination in capital cities.

    We broadly described two types of interventions that elites use.

    The first are policies and favours that actively build support among urban groups. These can range from inclusion in political parties to investments in social provisions or infrastructure to win support. The book’s chapter on Addis Ababa shows how the latter were particularly striking under the previous governing regime in Ethiopia.

    The second are repressive interventions that aim to crush opposition. These are also diverse, and include violent crackdowns, but also surveillance and intimidation.

    In practice, the two types of interventions often overlap. The line also blurs through various forms of manipulation. For instance, misinformation or the delivery of goods in exchange for performances of political loyalty, underpinned by implicit threats of coercion.

    We also highlight the significance of urban geography.

    Ruling elites often seek to divide city populations (for example inner-city dwellers versus the peripheries). This is evident in our book’s chapter on Colombo, Sri Lanka. The Rajapaksas tried to consolidate power by appealing to the new middle class suburbanites through “beautification” projects. But these displaced and excluded the inner-city poor.

    Chapters on Harare and Kampala also show how particular peripheral areas have become central to efforts to build an urban support base by Zanu-PF and the National Resistance Movement. This often plays out through the informal parcelling out of land to supporters.

    Contesting autocratic rule

    Concerns about authoritarian politics are at an all-time high.

    The above Google Ngram highlights the perilous rise in the use of the term “autocratization” in published work over the past decade.

    Meanwhile, the contestation of autocratic rule will continue to erupt in cities, especially in rapidly urbanising parts of the world. In this context, the need to understand how autocracy and urbanisation collide could hardly be more important.

    If pro-democracy forces are to have any hope of prevailing against efforts by authoritarian ruling elites to entrench their position, there is a crucial need to better understand their urban strategies and tactics.

    – Autocrats and cities: how capitals have become a battleground for protest and control
    – https://theconversation.com/autocrats-and-cities-how-capitals-have-become-a-battleground-for-protest-and-control-240377

    MIL OSI Africa –

  • MIL-OSI Global: Brics+ could shape a new world order, but it lacks shared values and a unified identity

    Source: The Conversation – Africa – By Anthoni van Nieuwkerk, Professor of International and Diplomacy Studies, Thabo Mbeki African School of Public and International Affairs, University of South Africa

    The last two summits of Brics countries have raised questions about the coalition’s identity and purpose. This began to come into focus at the summit hosted by South Africa in 2023, and more acutely at the recent 2024 summit in Kazan, Russia.

    At both events the alliance undertook to expand its membership. In 2023, the first five Brics members – Brazil, Russia, India, China and South Africa – invited Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates to join. All bar Saudi Arabia have now done so. The 2024 summit pledged to admit 13 more, perhaps as associates or “partner countries”.

    On paper, the nine-member Brics+ strikes a powerful pose. It has a combined population of about 3.5 billion, or 45% of the world’s people. Combined, its economies are worth more than US$28.5 trillion – about 28% of the global economy. With Iran, Saudi Arabia and the UAE as members, Brics+ produces about 44% of the world’s crude oil.

    Based on my research and policy advice to African foreign policy decision-makers, I would argue that there are three possible interpretations of the purpose of Brics+.

    • A club of self-interested members – a kind of global south cooperative. What I’d label as a self-help organisation.

    • A reforming bloc with a more ambitious goal of improving the workings of the current global order.

    • A disrupter, preparing to replace the western-dominated liberal world order.

    Analysing the commitments that were made at the meeting in Russia, I would argue that Brics+ sees itself more as a self-interested reformer. It represents the thinking among global south leaders about the nature of global order, and the possibilities of shaping a new order. This, as the world moves away from the financially dominant, yet declining western order (in terms of moral influence) led by the US. The move is to a multipolar order in which the east plays a leading role.



    Read more:
    Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time

    However, the ability of Brics+ to exploit such possibilities is constrained by its make-up and internal inconsistencies. These include a contested identity, incongruous values and lack of resources to convert political commitments into actionable plans.

    Summit outcomes

    The trend towards closer trade and financial cooperation and coordination stands out as a major achievement of the Kazan summit. Other achievements pertain to global governance and counter-terrorism.

    When it comes to trade and finance, the final communiqué said the following had been agreed:

    • adoption of local currencies in trade and financial transactions. The Kazan Declaration notes the benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments. The guiding principle would be minimal trade barriers and non-discriminatory access.

    • establishment of a cross-border payment system. The declaration encourages correspondent banking networks within Brics, and enabling settlements in local currencies in line with the Brics Cross-Border Payments Initiative. This is voluntary and nonbinding and is to be discussed further.

    • creation of an enhanced roles for the New Development Bank, such as promoting infrastructure and sustainable development.

    • a proposed Brics Grain Exchange, to improve food security through enhanced trade in agricultural commodities.

    All nine Brics+ countries committed themselves to the principles of the UN Charter – peace and security, human rights, the rule of law, and development – primarily as a response to the western unilateral sanctions.



    Read more:
    South Africa walks a tightrope of international alliances – it needs Russia, China and the west

    The summit emphasised that dialogue and diplomacy should prevail over conflict in, among other places, the Middle East, Sudan, Haiti and Afghanistan.

    Faultlines and tensions

    Despite the positive tone of the Kazan declaration, there are serious structural fault lines and tensions inherent in the architecture and behaviour of Brics+. These might limit its ambitions to be a meaningful change agent.

    The members don’t even agree on the definition of Brics+. President Cyril Ramaphosa of South Africa calls it a platform. Others talk of a group (Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi) or a family (Chinese foreign ministry spokesperson Lin Jianan).

    So what could it be?

    Brics+ is state-driven – with civil society on the margins. It reminds one of the African Union, which pays lip service to citizens’ engagement in decision-making.

    One possibility is that it will evolve into an intergovernmental organisation with a constitution that sets up its agencies, functions and purposes. Examples include the World Health Organization, the African Development Bank and the UN general assembly.

    But it would need to cohere around shared values. What would they be?

    Critics point out that Brics+ consists of democracies (South Africa, Brazil, India), a theocracy (Iran), monarchies (UAE, Saudi Arabia) and authoritarian dictatorships (China, Russia). For South Africa this creates a domestic headache. At the Kazan summit, its president declared Russia a friend and ally. At home, its coalition partner in the government of national unity, the Democratic Alliance, declared Ukraine as a friend and ally.



    Read more:
    When two elephants fight: how the global south uses non-alignment to avoid great power rivalries

    There are also marked differences over issues such as the reform of the United Nations. For example, at the recent UN Summit of the Future the consensus was for reform of the UN security council. But will China and Russia, as permanent security council members, agree to more seats, with veto rights, on the council?

    As for violent conflict, humanitarian crises, corruption and crime, there is little from the Kazan summit that suggests agreement around action.

    Unity of purpose

    What about shared interests? A number of Brics+ members and the partner countries maintain close trade ties with the west, which regards Russia and Iran as enemies and China as a global threat.

    Some, such as India and South Africa, use the foreign policy notions of strategic ambiguity or active non-alignment to mask the reality of trading with east, west, north and south.

    The harsh truth of international relations is there are no permanent friends or enemies, only permanent interests. The Brics+ alliance will most likely cohere as a global south co-operative, with an innovative self-help agenda, but be reluctant to overturn the current global order from which it desires to benefit more equitably.

    Trade-offs and compromises might be necessary to ensure “unity of purpose”. It’s not clear that this loose alliance is close to being able to achieve that.

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

    – ref. Brics+ could shape a new world order, but it lacks shared values and a unified identity – https://theconversation.com/brics-could-shape-a-new-world-order-but-it-lacks-shared-values-and-a-unified-identity-242308

    MIL OSI – Global Reports –