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Category: India

  • MIL-OSI China: Fuchun River sparks impromptu poetry on shared human emotions

    Source: China State Council Information Office 3

    For centuries, Chinese poets have captured the stunning beauty of the Fuchun River in Hangzhou, Zhejiang province, in simple yet poetic words. This July, poets from the BRICS countries stepped into the same river, drifting along the same route, and engaged in an impromptu poetry session inspired by the Fuchun River.

    The poems, they created on the river during their six-day trip to China, and on a series of cultural activities they took part in have been recorded in the book Messengers from the Vernal Wood, which was released on Oct 18 at the Frankfurt Book Fair, Germany.

    The book compiled by the Poetry Periodical also features poems written by 72 poets who took part in the First International Youth Poetry Festival: Special Session for BRICS Countries in July. It includes works from 49 poets from nine countries — Brazil, Russia, India, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia, with each poem featured in both the poet’s native language and Chinese. It also includes poems from 23 Chinese poets, with each poem in Chinese and its English translation.

    Li Shaojun, editor of the book, said that poetry is a universal language of humanity, expressing shared human emotions. “The BRICS countries all have rich history, and through the universal language of poetry, we can greatly enhance communication and exchange, connecting more poets from the BRICS nations,” said Li.

    Speaking about his journey to the poetry festival held in China in July, Brazilian poet Thiago Moraes said he was still excited about his first trip to a country that is totally different from his own. “It took me two days to arrive in China. Very hard. But I was so happy to be in China to know new people, new cultures, new perspectives and new ways of living,” said Moraes, who teaches Brazilian literature at a university in Rio de Janeiro.

    In mid-July, aboard a cruise on the picturesque Fuchun River in Hangzhou, Moraes joined poets from China, Ethiopia and Iran for an impromptu poetry session. Each participant crafted a short, simple poem inspired by the beauty of the Fuchun River. This kind of poetry gathering was popular among ancient Chinese scholars.

    The Brazilian poet was deeply impressed by the enthusiasm of the group and the crystal clear green waters of the Fuchun River. He learned about the ancient Chinese poets Bai Juyi and Su Shi, both of whom created many well-known verses. To his surprise, Moraes found some similarities with the Chinese counterparts: they all share a love of nature and a fondness for expressing their inner worlds through landscapes.

    He said poetry makes people stay humble, open and diversified. “We poets should gather our efforts to make a better world instead of fighting all the time,” he added.

    Poet Shaikha Almteiri from the United Arab Emirates said she never imagined that one day she would set foot in China. She was excited about everything she encountered, including the people, the food, the museums, the ancient villages, the Great Wall and the Forbidden City.

    She was often asked with questions like what are poets in the UAE writing about? What commonalities exist between UAE poetry and poetry from other countries?

    “At the poetry festival in China, we find that no matter which country we come from, we are all creating with the same voice, the same heart and the same human spirit. We are all writing about the world of humanity, using the language of humanity. For example, we depict beautiful childhoods and the small flowers adorning braids,” she said.

    Almteiri enjoyed the poetry festival and said that such kind of gatherings and exchanges among poets might be the very catalysts for their innovation. She also expected for a future trip to China again.

    For Ethiopian poet Seife Temam, the poetry trip to China made him fall in love with the country’s ancient culture, especially the Tang Dynasty (618-907) poet Li Bai. This was also his first visit to China. Previously, he admired Chinese philosopher Laozi and considered him a great Chinese poet as well.

    After visiting several museums, he became enamored with the clothing style and poetry of the Tang dynasty, which he found to be romantic, passionate and unrestrained.

    While cruising on Fuchun River in July, he wrote a romantic verse: “I am a child of the Nile, yet I am captivated by the Fuchun River.”

    Li, the book editor, said that it was the first time for China to hold such kind of international poetry festival of BRICS countries. He hoped that through the book’s publication, the influence of poetry events will grow among poets from BRICS countries, enabling more poets to communicate and exchange ideas with each other.

    MIL OSI China News –

  • MIL-OSI: Donegal Group Inc. Announces Third Quarter and First Nine Months of 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the third quarter and first nine months of 2024.

    Significant Items for third quarter of 2024 (all comparisons to third quarter of 2023):

    • Net income of $16.8 million, or 51 cents per diluted Class A share, compared to net loss of $0.8 million, or 2 cents per Class A share
    • Net premiums earned increased 6.0% to $238.0 million
    • Net premiums written1 increased 5.9% to $232.2 million
    • Combined ratio of 96.4%, compared to 104.5%
    • Net income included after-tax net investment gains of $1.5 million, or 5 cents per diluted Class A share, compared to after-tax net investment losses of $1.0 million, or 3 cents per Class A share
    • Book value per share of $15.22 at September 30, 2024, compared to $14.26

    Financial Summary

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023     % Change     2024       2023     % Change
      (dollars in thousands, except per share amounts)
                           
    Income Statement Data                      
    Net premiums earned $ 237,957     $ 224,393     6.0 %   $ 700,017     $ 655,886     6.7 %
    Investment income, net   10,827       10,536     2.8       32,868       30,143     9.0  
    Net investment gains (losses)   1,876       (1,243 )   NM2     4,725       930     408.1  
    Total revenues   251,738       233,928     7.6       739,651       687,870     7.5  
    Net income (loss)   16,752       (805 )   NM      26,860       6,396     319.9  
    Non-GAAP operating income1   15,270       176     NM      23,127       5,661     308.5  
    Annualized return on average equity   13.4 %     -0.7 %   14.1 pts     7.2 %     1.8 %   5.4 pts
                           
    Per Share Data                      
    Net income (loss) – Class A (diluted) $ 0.51     $ (0.02 )   NM    $ 0.81     $ 0.20     305.0 %
    Net income (loss) – Class B   0.46       (0.02 )   NM      0.74       0.17     335.3  
    Non-GAAP operating income – Class A (diluted)   0.46       0.01     NM      0.70       0.17     311.8  
    Non-GAAP operating income – Class B   0.42       –     NM      0.63       0.15     320.0  
    Book value   15.22       14.26     6.7 %     15.22       14.26     6.7  
                           

    1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).

    2Not meaningful.


    Management Commentary

    “We are pleased that many of the strategic initiatives we implemented in recent years contributed to significant improvement in our financial results for the third quarter of 2024,” said Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc.

    “With the exit from commercial lines markets in Georgia and Alabama essentially completed at the end of the second quarter of 2024, solid new business writings, rate achievement and retention levels led to a 6.4% increase in commercial lines net premiums written for the third quarter of 2024. Our personal lines net premiums written growth rate for the third quarter was 5.4%, primarily attributable to strong rate increases and policy retention that were partially offset by intentional strategic actions to slow growth and further improve profitability.

    “Despite higher-than-average weather-related losses during the quarter, primarily attributable to Hurricane Helene in late September, our combined ratio improved significantly to 96.4%, compared to 104.5% for the prior-year quarter. Our core loss ratios improved across all of our major lines of business. We attribute that improvement to the favorable impact of numerous ongoing underwriting initiatives and higher net premiums earned from renewal rate increases that we implemented over the past two years.”

    Mr, Burke concluded, “We have growing confidence that the continuing execution of our strategies will deliver sustained excellent financial performance.”

    Insurance Operations

    Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024     2023   % Change     2024     2023   % Change
      (dollars in thousands)
                           
    Net Premiums Earned                      
    Commercial lines $ 136,401   $ 135,432   0.7 %   $ 402,982   $ 399,427   0.9 %
    Personal lines   101,556     88,961   14.2       297,035     256,460   15.8  
    Total net premiums earned $ 237,957   $ 224,393   6.0 %   $ 700,017   $ 655,887   6.7 %
                           
    Net Premiums Written                      
    Commercial lines:                      
    Automobile $ 41,464   $ 37,535   10.5 %   $ 142,067   $ 134,853   5.3 %
    Workers’ compensation   23,934     24,371   -1.8       82,599     85,315   -3.2  
    Commercial multi-peril   50,155     44,949   11.6       163,528     147,622   10.8  
    Other   10,548     11,639   -9.4       35,649     39,913   -10.7  
    Total commercial lines   126,101     118,494   6.4       423,843     407,703   4.0  
    Personal lines:                      
    Automobile   65,150     58,038   12.3       188,958     161,348   17.1  
    Homeowners   38,288     39,633   -3.4       109,655     105,035   4.4  
    Other   2,669     3,021   -11.7       8,383     8,917   -6.0  
    Total personal lines   106,107     100,692   5.4       306,996     275,300   11.5  
    Total net premiums written $ 232,208   $ 219,186   5.9 %   $ 730,839   $ 683,003   7.0 %
                           
                           

    Net Premiums Written

    The 5.9% increase in net premiums written for the third quarter of 2024 compared to the third quarter of 2023, as shown in the table above, represents the combination of 6.4% growth in commercial lines net premiums written and 5.4% growth in personal lines net premiums written. The $13.0 million increase in net premiums written for the third quarter of 2024 compared to the third quarter of 2023 included:

    • Commercial Lines: $7.6 million increase that we attribute primarily to new business writings, strong premium retention, and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by planned attrition in states in which we are executing ongoing profit improvement initiatives as part of our state-specific strategies.
    • Personal Lines: $5.4 million increase that we attribute primarily to a continuation of renewal premium rate increases and strong policy retention, offset partially by planned attrition due to non-renewal actions.

    Underwriting Performance

    We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three and nine months ended September 30, 2024 and 2023:

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024     2023     2024     2023  
                   
    GAAP Combined Ratios (Total Lines)              
    Loss ratio – core losses 50.1 %   56.7 %   54.5 %   56.0 %
    Loss ratio – weather-related losses 10.3     11.5     8.6     9.1  
    Loss ratio – large fire losses 3.7     4.9     5.2     5.3  
    Loss ratio – net prior-year reserve development -2.6     -3.3     -2.2     -2.4  
    Loss ratio 61.5     69.8     66.1     68.0  
    Expense ratio 34.5     34.1     34.0     34.9  
    Dividend ratio 0.4     0.6     0.5     0.6  
    Combined ratio 96.4 %   104.5 %   100.6 %   103.5 %
                   
    Statutory Combined Ratios              
    Commercial lines:              
    Automobile 101.5 %   86.5 %   98.2 %   94.8 %
    Workers’ compensation 84.7     97.7     104.1     93.1  
    Commercial multi-peril 88.4     114.8     100.4     113.8  
    Other 59.4     76.2     78.4     82.7  
    Total commercial lines 89.8     97.5     98.6     100.2  
    Personal lines:              
    Automobile 97.8     109.8     97.8     106.1  
    Homeowners 116.8     128.9     107.5     111.2  
    Other 102.2     46.4     97.2     81.3  
    Total personal lines 104.7     119.4     101.2     107.2  
    Total lines 96.0 %   105.2 %   99.7 %   102.9 %
                   
                   

    Loss Ratio

    For the third quarter of 2024, the loss ratio decreased to 61.5%, compared to 69.8% for the third quarter of 2023. For the commercial lines segment, the core loss ratio of 48.5% for the third quarter of 2024 decreased from 53.7% for the third quarter of 2023, due largely to lower severity of large casualty losses. For the personal lines segment, the core loss ratio of 52.5% for the third quarter of 2024 decreased from 61.8% for the third quarter of 2023, due largely to the favorable impact of premium rate increases on net premiums earned for that segment. Core loss ratios in both segments improved compared to the respective ratios for the first half of 2024.

    Weather-related losses were $24.4 million, or 10.3 percentage points of the loss ratio, for the third quarter of 2024, compared to $25.7 million, or 11.5 percentage points of the loss ratio, for the third quarter of 2023. Weather-related loss activity for the third quarter of 2024 was higher than our previous five-year average of $18.8 million, or 9.4 percentage points of the loss ratio, for third-quarter weather-related losses. Our insurance subsidiaries incurred $6.0 million in net losses from Hurricane Helene in September 2024.

    Large fire losses, which we define as individual fire losses in excess of $50,000, for the third quarter of 2024 were $8.8 million, or 3.7 percentage points of the loss ratio. That amount was lower than large fire losses of $11.0 million, or 4.9 percentage points of the loss ratio, for the third quarter of 2023. We experienced a decrease in commercial property fire losses compared to the prior-year quarter.

    Net favorable development of reserves for losses incurred in prior accident years of $6.2 million decreased the loss ratio for the third quarter of 2024 by 2.6 percentage points, compared to $7.3 million that decreased the loss ratio for the third quarter of 2023 by 3.3 percentage points. Our insurance subsidiaries experienced favorable development primarily in the commercial multi-peril and other commercial lines of business.

    Expense Ratio

    The expense ratio was 34.5% for the third quarter of 2024, compared to 34.1% for the third quarter of 2023. The modest increase in the expense ratio primarily reflected an increase in underwriting-based incentive costs as well as higher technology systems-related expenses that were primarily due to increased costs related to our ongoing systems modernization project, a portion of which Donegal Mutual Insurance Company allocates to our insurance subsidiaries. This increase was offset partially by impacts of various expense reduction initiatives, including agency incentive program revisions, commission schedule adjustments, targeted staffing reductions, and hiring restrictions for open employment positions, among others. We expect the impact from allocated costs from Donegal Mutual Insurance Company to our insurance subsidiaries related to the ongoing systems modernization project will peak at approximately 1.3 percentage points of the expense ratio for the full year of 2024 before beginning to subside gradually in subsequent years.

    Investment Operations

    Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 96.2% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at September 30, 2024.

      September 30, 2024   December 31, 2023
      Amount   %   Amount   %
      (dollars in thousands)
    Fixed maturities, at carrying value:              
    U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 173,663     12.7 %   $ 176,991     13.3 %
    Obligations of states and political subdivisions   413,040     30.1       415,280     31.3  
    Corporate securities   427,372     31.2       399,640     30.1  
    Mortgage-backed securities   304,911     22.3       278,260     21.0  
    Allowance for expected credit losses   (1,483 )   -0.1       (1,326 )   -0.1  
    Total fixed maturities   1,317,503     96.2       1,268,845     95.6  
    Equity securities, at fair value   35,957     2.6       25,903     2.0  
    Short-term investments, at cost   15,805     1.2       32,306     2.4  
    Total investments $ 1,369,265     100.0 %   $ 1,327,054     100.0 %
                   
    Average investment yield   3.3 %         3.1 %    
    Average tax-equivalent investment yield   3.3 %         3.2 %    
    Average fixed-maturity duration (years)   5.1           4.3      
                   
                   

    Net investment income of $10.8 million for the third quarter of 2024 increased modestly compared to $10.5 million for the third quarter of 2023. The increase in net investment income primarily reflected an increase in average investment yield relative to the prior-year third quarter.

    Net investment gains of $1.9 million for the third quarter of 2024 were primarily related to unrealized gains in the fair value of equity securities held at September 30, 2024. Net investment losses of $1.2 million for the third quarter of 2023 were primarily related to unrealized losses in the fair value of equity securities held at September 30, 2023.

    Our book value per share was $15.22 at September 30, 2024, compared to $14.39 at December 31, 2023, with the increase related to net income as well as $11.9 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2024 that increased our book value by $0.37 per share, offset partially by cash dividends declared.

    Definitions of Non-GAAP Financial Measures

    We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

    Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

    The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

                           
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023     % Change     2024     2023   % Change
      (dollars in thousands)
                           
    Reconciliation of Net Premiums                      
    Earned to Net Premiums Written                      
    Net premiums earned $ 237,957     $ 224,393     6.0 %   $ 700,017   $ 655,886   6.7 %
    Change in net unearned premiums   (5,749 )     (5,207 )   10.4       30,822     27,117   13.7  
    Net premiums written $ 232,208     $ 219,186     5.9 %   $ 730,839   $ 683,003   7.0 %
                           
                           

    The following table provides a reconciliation of net income (loss) to operating income for the periods indicated:

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023     % Change     2024       2023     % Change
      (dollars in thousands, except per share amounts)
                           
    Reconciliation of Net Income (Loss)                      
    to Non-GAAP Operating Income                      
    Net income (loss) $ 16,752     $ (805 )   NM   $ 26,860     $ 6,396     319.9 %
    Investment (gains) losses (after tax)   (1,482 )     981     NM     (3,733 )     (735 )   407.9  
    Non-GAAP operating income $ 15,270     $ 176     NM   $ 23,127     $ 5,661     308.5 %
                           
    Per Share Reconciliation of Net Income (Loss)                      
    to Non-GAAP Operating Income                      
    Net income (loss) – Class A (diluted) $ 0.51     $ (0.02 )   NM   $ 0.81     $ 0.20     305.0 %
    Investment (gains) losses (after tax)   (0.05 )     0.03     NM     (0.11 )     (0.03 )   266.7  
    Non-GAAP operating income – Class A $ 0.46     $ 0.01     NM   $ 0.70     $ 0.17     311.8 %
                           
    Net income (loss) – Class B $ 0.46     $ (0.02 )   NM   $ 0.74     $ 0.17     335.3 %
    Investment (gains) losses (after tax)   (0.04 )     0.02     NM     (0.11 )     (0.02 )   450.0  
    Non-GAAP operating income – Class B $ 0.42     $ –     NM   $ 0.63     $ 0.15     320.0 %
                           
                           

    The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

    • the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
    • the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
    • the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

    The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

    Dividend Information

    On October 17, 2024, we declared a regular quarterly cash dividend of $0.1725 per share for our Class A common stock and $0.155 per share for our Class B common stock, which are payable on November 15, 2024 to stockholders of record as of the close of business on November 1, 2024.

    Pre-Recorded Webcast

    At approximately 8:30 am ET on Thursday, October 24, 2024, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

    About the Company

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and delivering a superior experience to our agents and customers.

    Safe Harbor

    We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments (including those related to COVID-19 business interruption coverage exclusions), changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.

    Phone: (212) 836-9623
    E-mail: kdaly@equityny.com

    Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
    Phone: (717) 426-1931
    E-mail: investors@donegalgroup.com

    Financial Supplement

    Donegal Group Inc.
    Consolidated Statements of Income (Loss)
    (unaudited; in thousands, except share data)
               
          Quarter Ended September 30,
            2024     2023  
               
    Net premiums earned $ 237,957   $ 224,393  
    Investment income, net of expenses   10,827     10,536  
    Net investment gains (losses)   1,876     (1,243 )
    Lease income     77     86  
    Installment payment fees   1,001     156  
      Total revenues   251,738     233,928  
               
    Net losses and loss expenses   146,426     156,683  
    Amortization of deferred acquisition costs   40,200     39,332  
    Other underwriting expenses   41,827     37,155  
    Policyholder dividends   1,007     1,399  
    Interest     367     156  
    Other expenses, net     1,499     208  
      Total expenses   231,326     234,933  
               
    Income (loss) before income tax expense (benefit)   20,412     (1,005 )
    Income tax expense (benefit)   3,660     (200 )
               
    Net income (loss)   $ 16,752   $ (805 )
               
    Net income (loss) per common share:      
      Class A – basic and diluted $ 0.51   $ (0.02 )
      Class B – basic and diluted $ 0.46   $ (0.02 )
               
    Supplementary Financial Analysts’ Data      
               
    Weighted-average number of shares      
      outstanding:      
      Class A – basic   27,978,435     27,594,973  
      Class A – diluted   28,058,399     27,665,293  
      Class B – basic and diluted   5,576,775     5,576,775  
               
    Net premiums written $ 232,208   $ 219,186  
               
    Book value per common share      
      at end of period $ 15.22   $ 14.26  
               
    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
               
          Nine Months Ended September 30,
            2024     2023
               
    Net premiums earned $ 700,017   $ 655,886
    Investment income, net of expenses   32,868     30,143
    Net investment gains   4,725     930
    Lease income     237     262
    Installment payment fees   1,804     649
      Total revenues   739,651     687,870
               
    Net losses and loss expenses   462,683     446,024
    Amortization of deferred acquisition costs   120,458     115,065
    Other underwriting expenses   117,604     113,715
    Policyholder dividends   3,248     4,088
    Interest     677     464
    Other expenses, net     2,309     969
      Total expenses   706,979     680,325
               
    Income before income tax expense   32,672     7,545
    Income tax expense     5,812     1,149
               
    Net income   $ 26,860   $ 6,396
               
    Net income per common share:      
      Class A – basic $ 0.82   $ 0.20
      Class A – diluted $ 0.81   $ 0.20
      Class B – basic and diluted $ 0.74   $ 0.17
               
    Supplementary Financial Analysts’ Data      
               
    Weighted-average number of shares outstanding:      
      Class A – basic   27,878,552     27,390,883
      Class A – diluted   27,916,904     27,507,706
      Class B – basic and diluted   5,576,775     5,576,775
               
    Net premiums written $ 730,839   $ 683,003
               
    Book value per common share      
      at end of period $ 15.22   $ 14.26
     
    Donegal Group Inc.
    Consolidated Balance Sheets
    (in thousands)
               
          September 30,   December 31,
            2024       2023  
          (unaudited)    
               
    ASSETS
    Investments:      
      Fixed maturities:      
        Held to maturity, at amortized cost $ 694,663     $ 679,497  
        Available for sale, at fair value   622,840       589,348  
      Equity securities, at fair value   35,957       25,903  
      Short-term investments, at cost   15,805       32,306  
        Total investments   1,369,265       1,327,054  
    Cash   28,651       23,792  
    Premiums receivable   194,254       179,592  
    Reinsurance receivable   434,078       441,431  
    Deferred policy acquisition costs   78,484       75,043  
    Prepaid reinsurance premiums   185,364       168,724  
    Other assets   56,030       50,658  
        Total assets $ 2,346,126     $ 2,266,294  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Liabilities:      
      Losses and loss expenses $ 1,134,853     $ 1,126,157  
      Unearned premiums   646,870       599,411  
      Accrued expenses   2,987       3,947  
      Borrowings under lines of credit   35,000       35,000  
      Other liabilities   13,046       22,034  
        Total liabilities   1,832,756       1,786,549  
    Stockholders’ equity:      
      Class A common stock   312       308  
      Class B common stock   56       56  
      Additional paid-in capital   342,186       335,694  
      Accumulated other comprehensive loss   (20,951 )     (32,882 )
      Retained earnings   232,993       217,795  
      Treasury stock   (41,226 )     (41,226 )
        Total stockholders’ equity   513,370       479,745  
        Total liabilities and stockholders’ equity $ 2,346,126     $ 2,266,294  
               

    The MIL Network –

  • MIL-OSI Russia: Innovations in the digital economy were discussed at an international conference at the Polytechnic University

    Translation. Region: Russian Federation –

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

    On October 17-18, the sixth annual international scientific conference on innovations in the digital economy SPBPU IDE-2024 was held at Peter the Great St. Petersburg Polytechnic University. The event was organized and held by the Higher School of Engineering and Economics (HSE) of the Institute of Industrial Management, Economics and Trade (IPMET) together with the Center for Sustainable Development of the University of Indonesia. The opening, plenary session and sections of the conference were held in the IPMET building, and participants from other countries and regions had the opportunity to join the conference via online communication.

    Welcoming the participants, Vladimir Glukhov, Advisor to the Rectorate of SPbPU, noted that the conference is an important step towards strengthening international scientific cooperation and promotes knowledge exchange for the development of innovative potential, taking into account global challenges. Vladimir Shchepinin, Director of IPMEIT, emphasized the importance of discussing current issues and prospects for the development of the digital economy, and wished the participants fruitful work.

    Cooperation with colleagues from Belarus, Armenia, Indonesia, Vietnam, China, India, and Tajikistan allows expanding the geography of research contacts. At the plenary session, VIES Director Dmitry Rodionov noted that holding such events helps promote the results of scientific activity of SPbPU scientists at the international level.

    The partner for the conference was traditionally the University of Indonesia. At the plenary session, it was represented by the Deputy for Green and Digital Infrastructure of the Nusantara Administration, Professor Dr. Mohammed Ali Berawi.

    Opening remarks and keynote speeches were given by partners from the University of Indonesia, Nanjing University, Russian-Armenian University, Belarusian State University of Informatics and Radioelectronics, Yerevan State University, Tashkent State University of Economics, Da Nang University, and the Indian Institute of Technology.

    Special thanks for organizing and holding the plenary session and sections are expressed to the staff of VIESH, in particular Professor Andrey Zaitsev, Associate Professors Tatyana Mokeeva, Daria Krasnova, Ksenia Evseeva and assistant Daria Kryzhko.

    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 Asia-Pac: IASST Guwahati, inks MoU with Bharat Biotech International Ltd. (BBIL), Hyderabad, on Technology Transfer

    Source: Government of India

    Posted On: 24 OCT 2024 3:27PM by PIB Delhi

    The Institute of Advanced Study in Science and Technology (IASST), Guwahati, an autonomous institution of Department of Science and Technology (DST) signed a crucial R&D collaboration and product development agreement with Bharat Biotech International (BBIL) to bring innovative health products developed from probiotics isolated from traditional fermented foods of Northeast India to market.

    These probiotics have shown great potential in addressing metabolic diseases, improving gut health, and promoting healthy ageing, based on research conducted by IASST.

    Secretary Department of Science and Technology (DST) Professor Abhay Karandikar who presided over the agreement signing highlighted that the collaboration aligns with the broader vision of promoting the bioeconomy of Northeast India by utilising its rich biodiversity and marks a significant milestone for IASST.

    “The agreement between IASST and Bharat Biotech will facilitate the commercialisation of these innovative technologies being developed by IASST. Bharat Biotech’s global reputation for excellence in biopharmaceuticals, vaccines, and health solutions will help IASST in translating these scientific innovations into products. The collaboration will facilitate the necessary pre-clinical and clinical studies for these potential probiotics, and I am confident that the product will fight against metabolic diseases by promoting healthy ageing,” he added.

    The agreement was signed by Director IASST, Prof. Ashis Mukherjee and Executive Chairman of BBIL, Hyderabad, Dr Krishna Ella as well as Dr. Yogeshwar Rao from BBIL.

    Director IASST Prof. Ashis Mukherjee underlined the importance of the collaboration, noting that it provides a unique opportunity to convert academic research into commercially viable products.

    Bharat Biotech, a global leader in vaccine and health solutions, will be crucial in conducting pre-clinical and clinical trials to ensure these probiotics meet regulatory standards.

    The agreement delineates each party’s obligations, with IASST contributing its scientific understanding and spearheading the research initiatives. Bharat Biotech will participate in the commercialization process. A monitoring committee, consisting of representatives from all stakeholders, will supervise the project’s advancement to guarantee the timely attainment of milestones. The agreement specifies that IASST will get royalties from selling items generated via this partnership.

    The probiotic products, rooted in traditional knowledge, are expected to provide natural solutions for lifestyle diseases like diabetes and obesity while contributing to India’s growing biotechnology sector. Both IASST and Bharat Biotech expressed confidence in the partnership, envisioning a future where scientific innovations from the region globally impact health and wellness.

    Dr. Mojibur Khan, Professor, IASST, Dr M Mohanty and senior officials from DST, IASST and BBIL were present on the occasion.

    ***

    NKR/KS/AG

    (Release ID: 2067666) Visitor Counter : 57

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Cabinet approves two projects with estimated cost of Rs 6,798 crore and will be completed in 5 years to provide connectivity, facilitate ease of travelling, minimize logistics cost, reduce oil imports and lower CO2 emissions

    Source: Government of India

    Cabinet approves two projects with estimated cost of Rs 6,798 crore and will be completed in 5 years to provide connectivity, facilitate ease of travelling, minimize logistics cost, reduce oil imports and lower CO2 emissions

    Projects will improve logistical efficiency connecting the unconnected areas, increase the existing line capacity and enhancing transportation networks, resulting in streamlined supply chains and accelerated economic growth

    The projects will generate direct employment for about 106 lakh human-days

    Posted On: 24 OCT 2024 3:14PM by PIB Delhi

    The Cabinet Committee on Economic Affairs (CCEA) chaired by the  Prime Minister Shri Narendra Modi, has approved Two projects of Ministry of Railways with total estimated cost of Rs.6,798 crore (approx.).  

    Two approved projects are – (a) doubling of Narkatiaganj-Raxaul-Sitamarhi-Darbhanga & Sitamarhi-Muzaffarpur Section covering 256 kms and (b) construction of new line between Errupalem and Namburu via Amaravati covering 57 kms. 

    The doubling of Narkatiaganj-Raxaul-Sitamarhi-Darbhanga & Sitamarhi-Muzaffarpur Section will strengthen the connectivity to Nepal, North-east India and Border areas and facilitating movement of passenger trains along with goods train resulting in the socio-economic growth of the region. 

    The new rail line project Errupalem-Amaravati-Namburu traverses through NTR Vijayawada and Guntur districts of Andhra Pradesh and Khammam district of Telangana. 

    The Two projects covering 8 Districts in 3 States i.e., Andhra Pradesh, Telangana and Bihar will increase the existing network of Indian Railways by about 313 Kms. 

    New Line project will provide connectivity to approx. 168 villages and about 12 Lakh population with 9 new stations. Multi-tracking project will enhance connectivity to Two Aspirational Districts (Sitamarhi and Muzaffarpur) serving approx. 388 villages and about 9 lakh population. 

    These are essential routes for transportation of commodities such as agriculture products, fertilizer, coal, iron ore, steel, cement, etc. The capacity augmentation works will result in additional freight traffic of magnitude 31 MTPA (Million Tonnes Per Annum). The Railways being environment friendly and energy efficient mode of transportation, will help both in achieving climate goals and minimizing logistics cost of the country, lower CO2 emissions (168 Crore Kg) which is equivalent to plantation of 7 Crore trees. 

    The new line proposal will provide direct connectivity to “Amaravati” the proposed Capital of Andhra Pradesh and improve mobility for industries and the population, providing enhanced efficiency and service reliability for Indian Railways. The multi-tracking proposal will ease operations and reduce congestion, providing the much-required infrastructural development on the busiest sections across Indian Railways. 

    The projects are in line with  Prime Minister’s Vision of a New India which will make people of the region “Atmanirbhar” by way of comprehensive development in the area which will enhance their employment/ self-employment opportunities. 

    The projects are result of PM-Gati Shakti National Master Plan for multi-modal connectivity which have been possible through integrated planning and will provide seamless connectivity for movement of people, goods and services. 

    *****

    MJPS/BM/SKS

    (Release ID: 2067660) Visitor Counter : 117

    Read this release in: Urdu

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Cabinet approves establishment of Rs.1,000 crore Venture Capital Fund for Space Sector under aegis of IN-SPACe

    Source: Government of India

    Posted On: 24 OCT 2024 3:25PM by PIB Delhi

    The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved setting up of Rs.1000 crore Venture Capital Fund dedicated to space sector, under aegis of IN-SPACe.

    Financial implications:

    The deployment period of the proposed Rs.1,000 crore VC fund is planned to be up to five years from the actual date of start of the fund operations. The average deployment amount could be Rs.150-250 crore per year, depending on the investment opportunities and fund requirements. The proposed break-up financial year wise is as below:

    S.No.

     

    Financial Year

     

    Estimate (In Rs.Crores)

     

    I

     

    2025-26

     

    150.00

     

    2

     

    2026-27

     

    250.00

     

    3

     

    2027-28

     

    250.00

     

    4

     

    2028-29

     

    250.00

     

    5

     

    2029-30

     

    100,00

     

     

     

    Total Envelope (VC)

     

    1000.00

     

     

    The indicative range of investment is proposed to be Rs.10-Rs.60 Crore, contingent upon the stage of the company, its growth trajectory, and its potential impact on national space capabilities. Indicative Equity Investment Range could be:

    •    Growth Stage: Rs.10 Crore – Rs.30 Crore

    •    Late Growth Stage: Rs.30 Crore – Rs.60 Crore

    Based on the above investment range, the fund is expected to support approximately 40 startups.

    Details:

    The Fund is strategically designed to advance India’s space sector, aligning with national priorities and fostering innovation and economic growth through the following key initiatives:

    a.       Capital Infusion

    b.       Retaining Companies in India

    c.       Growing Space Economy

    d.       Accelerating Space Technology Development

    e.       Boosting Globa! Competitiveness

    f.        Supporting Atmanirbhar Bharat

    g.       Creating a Vibrant Innovation Ecosystem

    h.       Driving Economic Growth and Job Creation

    i.        Ensuring Long-Term Sustainability

     

    By addressing these points, the fund aims to strategically position India as one of the leading space economies.

     

    Benefits:

    1. Capital infusion to create a multiplier effect by attracting additional funding for later-stage development, thereby instilling confidence in private investors.
    2. Retention of space companies domiciled within India & countering the trend of Indian companies domiciling abroad.
    3. Accelerate private space industry’s growth to meet the goal of a five-fold expansion of the Indian Space Economy in next ten years.
    4. Drive advancements in space technology and strengthening India’s leadership through private sector participation.
    5. Boost global competitiveness.
    6. Supporting Atmanirbhar Bharat.

    Impact, including employment generation potential:

    The proposed fund is expected to boost employment in the Indian space sector by supporting startups across the entire space supply chain—upstream, midstream, and downstream. It will help businesses scale, invest in R&D, and expand their workforce. Each investment could generate hundreds of direct jobs in fields like engineering, software development, data analysis, and manufacturing, along with thousands of indirect jobs in supply chains, logistics, and professional services. By fostering a strong startup ecosystem, the fund will not only create jobs but also develop a skilled workforce, driving innovation and enhancing India’s global competitiveness in the space market.

    Background:

    The Government of India, as part of its 2020 space sector reforms, established IN-SPACe to promote and oversee private sector participation in space activities. IN-SPACe has proposed a Rs.1000 crore Venture Capital Fund to support the growth of India’s space, economy, currently valued at S8.4 billion, with a target to reach $44 billion by 2033. The fund aims to address the critical need for risk capital, as traditional lenders are hesitant to fund startups in this high-tech sector. With nearly 250 space startups emerging across the value chain, timely financial support is crucial to ensure their growth and prevent talent loss overseas. The proposed government-backed fund will boost investor confidence, attract private capital, and signal the government’s commitment to advancing space reforms. It will serve as an Alternative investment Fund under SEBI regulations, providing early-stage equity to startups and enabling them to scale for further private equity investments.

    ***

    MJPS/BM/SKS

    (Release ID: 2067664) Visitor Counter : 154

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: NLC India Enters into Joint Venture Agreement with Rajasthan for Formation of Two JVs for Power Capacity Addition

    Source: Government of India

    Posted On: 24 OCT 2024 3:08PM by PIB Delhi

    With the vision of Prime Minister Shri. Narendra Modi, for energy security with sustainable energy generation, under the guidance of Union Minister of Coal and Mines Shri. G Kishan Reddy and Minister of State for Coal and Mines Shri Satish Chandra Dubey, and in line with corporate plan for aggressive capacity addition, NLC India Ltd has entered into Joint Venture Agreements for formation of two significant Joint Ventures (JVs) with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL). First JV is signed between NLC India Renewables Limited (NIRL) and RRVUNL to establish Renewable Energy projects in the state of Rajasthan and Second JV is between NLCIL and RRVUNL for the development of a Lignite-Based Thermal Power Station.

    In the presence of Additional Chief Secretary (ACS), Energy, Govt. of Rajasthan Shri. Alok, IAS, and CMD, NLCIL, Shri. Prasanna Kumar Motupalli, the JV agreements were signed by Director (Finance), NLCIL Dr. Prasanna Kumar Acharya and CMD, RRVUNL, Shri Devendra Shringi. In both the Joint Ventures (JVs), NLCIL will hold a 74% equity stake, while RRVUNL will hold 26%.

    These JVs mark a significant step towards advancing sustainable energy and power generation.

    ****

    ST

    (Release ID: 2067656) Visitor Counter : 113

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Department of Posts issues a Commemorative Stamp to mark 200 Years of Kittur Vijayotsava

    Source: Government of India

    Posted On: 24 OCT 2024 3:05PM by PIB Delhi

    On the 200th anniversary of Kittur Vijayotsava a commemorative Postage stamp was released at the historic Kittur Rani Channamma Stage, Kittur Fort Premises on 23rd October,2024. This grand event commemorated Rani Channamma’s glorious victory on 23rd October,1824 against the British rule.

    The Department of Posts has a rich legacy of celebrating the contributions of freedom fighters who played pivotal roles in India’s fight for Independence. Over the years, India Post has released numerous stamps honoring these heroes. This ongoing tradition not only preserves their memories but also inspires future generations to remember the sacrifices made for our nation’s freedom. On the occasion of the 200th anniversary of Kittur’s historic resistance against British rule, the Department of Posts proudly presents a commemorative postage stamp celebrating the valor and legacy of Rani Channamma.

    The stamp was released by Shri Rajendra Kumar, Chief Postmaster General, Karnataka Circle, Bengaluru in the gracious presence of spiritual leaders Pujya Shri Shri Madiwal Rajayogeendra Maha Swamiji, Pujya Shri. Pamchakshari Maha Swamiji, Shri. Shri Basava Jaya Mrutyunjaya Swamiji and other esteemed guests.


    Release of Postage Stamp on 200 Years of Kittur Vijayotsava

    The commemorative stamp designed by Shri Brahm Prakash features a striking portrait of Rani Channamma, on her horse drawing a sword, fighting against the British, embodying her strength and bravery. Surrounding her image are forts symbolizing the rich heritage of Kittur and the historic battle of Kittur. The stamp is rendered in vibrant colors, capturing the spirit of resistance and resilience exemplified by Rani Channamma. Accompanying the artwork is the inscription “Kittur Vijayotsava – 200 Years” to honor this historic milestone, making it a poignant tribute to her enduring legacy in India’s freedom fight.

    Postage Stamp on 200 Years of Kittur Vijayotsava

    This stamp pays tribute to her indomitable spirit and leadership during a crucial period in India’s fight for independence and serves as a reminder of Kittur’s rich history and its enduring impact on the nation’s freedom struggle. Join us in reflecting on the sacrifices and bravery of those who stood against oppression, as we celebrate the legacy of Rani Channamma and the spirit of resistance that continues to inspire us today.

    Social Media Links :

    https://x.com/JM_Scindia/status/1849144772189126943?t=PmO-NA3aVCAXCxy2PLAnAQ&s=08

    *****

    SB/DP/ARJ

    (Release ID: 2067654) Visitor Counter : 91

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The Union Minister Shri Nitin Gadkari Emphasizes Use of AI and Advanced Technology to Improve Road Safety

    Source: Government of India (2)

    The Union Minister Shri Nitin Gadkari Emphasizes Use of AI and Advanced Technology to Improve Road Safety

    Shri Gadkari Pushes for Innovation in Road Safety Technology and Collaboration with Startups

    Posted On: 24 OCT 2024 2:52PM by PIB Delhi

    The Union Minister of Road Transport & Highways, Shri Nitin Gadkari, addressed the 12th edition of the Traffic InfraTech Expo, emphasizing the critical need to improve road safety and the adoption of advanced technologies in the transportation sector in New Delhi, today.

    In his address, Shri Gadkari underscored the alarming statistics of road accidents in India, noting that the country experiences around 5 lakh accidents each year, resulting in numerous fatalities. He highlighted that more than half of these casualties are in the age group of 18-36 years. The economic loss due to road accidents is estimated at 3% of the country’s GDP, he said. He stressed that improving road safety is a top priority for the government, and measures are already underway to address this issue.

    The Minister highlighted the need for improvements in road engineering, emphasizing the use of the latest global technologies. He expressed a keen interest in collaborating with Indian startups and young engineers who are innovating in this area. Shri Gadkari noted that road safety cannot be achieved without integrating advanced engineering solutions, enforcement of laws, and the adoption of cutting-edge technologies like Artificial Intelligence.

    Shri Gadkari also spoke about new approaches to law enforcement using technology. He mentioned efforts to identify traffic violations through AI and other innovative methods, allowing authorities to enforce penalties accurately. He also outlined plans for upgrading toll collection methods, including the exploration of satellite toll systems, which would improve efficiency and ensure transparency in toll collection.

    Highlighting the Ministry’s approach to enhancing road safety, Shri Gadkari shared that the government has decided to appoint experts from the private sector to collaborate on developing technological solutions. A dedicated expert committee will evaluate proposals from startups and industry leaders, ensuring that the best ideas are implemented. the committee has been directed to finalize its evaluations within three months, aiming for rapid improvements in the sector.

    The Minister emphasized the government’s commitment to maintaining high-quality standards, particularly in the use of surveillance technology like cameras. He assured that quality and standards would not be compromised, regardless of whether solutions come from large or small companies. Shri Gadkari encouraged small firms with innovative technologies to participate in government tenders, stressing the importance of cost-effectiveness while maintaining profit margins without exploitation.

    While concluding his remarks, Shri Gadkari highlighted the importance of collaboration between the road and transport sectors to create integrated solutions. He expressed confidence that by using the best technologies, India can achieve transparency, reduce costs, and significantly enhance road safety. Shri Gadkari extended his gratitude to the participants for their efforts in research and development, bringing the Indian industry to international standards, and expressed pride in their contributions to the nation.

    Union Minister Shri Nitin Gadkari called upon all stakeholders—government, private sector, and startups—to come together in addressing the urgent issue of road safety in India.

    *****

    NKK/AK

    (Release ID: 2067649) Visitor Counter : 89

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Tariff Notification No. 69/2024-Customs (N.T.) dated 23rd October, 2024 in respect of Fixation of Tariff Value for Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

    Source: Government of India (2)

    Posted On: 24 OCT 2024 2:03PM by PIB Delhi

    In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-

    In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: –

    “TABLE-1

    Sl. No.

    Chapter/ heading/ sub-heading/tariff item

    Description of goods

    Tariff value

    (US $Per Metric Tonne)

    (1)

    (2)

    (3)

    (4)

    1

    1511 10 00

    Crude Palm Oil

    1008 (i.e., no change)

    2

    1511 90 10

    RBD Palm Oil

    1019 (i.e., no change)

    3

    1511 90 90

    Others – Palm Oil

    1014 (i.e., no change)

    4

    1511 10 00

    Crude Palmolein

    1024 (i.e., no change)

    5

    1511 90 20

    RBD Palmolein

    1027 (i.e., no change)

    6

    1511 90 90

    Others – Palmolein

    1026 (i.e., no change)

    7

    1507 10 00

    Crude Soya bean Oil

    1025 (i.e., no change)

    8

    7404 00 22

    Brass Scrap (all grades)

    5626 (i.e., no change)

    TABLE-2

    Sl. No.

    Chapter/ heading/ sub-heading/tariff item

    Description of goods

    Tariff value

    (US $)

    (1)

    (2)

    (3)

    (4)

     

    1.

    71 or 98

    Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed

    855 per 10 grams  (i.e., no change)

     

     

    2.

    71 or 98

    Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed

     

     

    1118 per kilogram

     

     

     

     

     

     

     

     

    3.

     

    71

    (i) Silver, in any form, other than medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92;

     

    (ii) Medallions and silver coins having silver  content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage.

     

    Explanation. – For the purposes of this entry, silver in any form shall not include foreign currency coins, jewellery made of silver or  articles made of silver.

    1118 per kilogram

     

     

     

     

    4.

    71

    (i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units;

    (ii) Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage.

    Explanation. – For the purposes of this entry, “gold findings” means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place.

     855 per 10 grams (i.e., no change)

    TABLE-3

    Sl. No.

    Chapter/ heading/ sub-heading/tariff item

    Description of goods

    Tariff value

    (US $ Per Metric Ton)

    (1)

    (2)

    (3)

    (4)

    1

    080280

    Areca nuts

    6552 (i.e., no change)”
    1. This notification shall come into force with effect from the 24th   day of October, 2024.

    Note: – The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S. O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 66/2024-Customs (N.T.), dated the 15th October 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4535 (E), dated 15th October 2024.    

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  • MIL-OSI Asia-Pac: Chairman, CBIC launches a nationwide rollout of Behavioral Sensitization program in CBIC during Karmayogi Saptaah(National Learning Week)

    Source: Government of India

    Chairman,  CBIC launches a nationwide rollout of Behavioral Sensitization program in CBIC during Karmayogi Saptaah(National Learning Week)

    Program aims to train 35000 officials to improve service delivery and public interactions

    Posted On: 24 OCT 2024 1:35PM by PIB Delhi

    During Karmayogi Saptaah/National Learning Week, the Chairman , CBIC Shri Ravi Aggarwal launched a nationwide rollout of Behavioral Sensitization program in CBIC. This initiative has been kicked off with 52 batches across all 32 zones of CBIC.

    This significant initiative aims at enhancing the capabilities of its workforce through a Behavioral Sensitization Training Program. This program is designed to train approximately 35,000 officials at various levels, including Inspectors, Superintendents, Assistant Commissioners, and Deputy Commissioners. An external knowledge partner has been  engaged to assist with program design and implementation, ensuring that the training is comprehensive and impactful.

    Additionally, the involvement of all zones, along with NACIN and ZTIs, will be pivotal for the successful execution of this initiative. By focusing on behavioral skills and sensitivity, the program aims to foster a more responsive and empathetic approach to governance, ultimately improving service delivery and public interactions. This effort underscores CBIC’s commitment to continuous professional development and the effective implementation of policies that align with the broader goals of the Karmayogi initiative.

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  • MIL-OSI Asia-Pac: Mormugao Port Authority recognized globally as an incentive provider on the Environmental Ship Index (ESI) platform

    Source: Government of India

    Mormugao Port Authority recognized globally as an incentive provider on the Environmental Ship Index (ESI) platform

    Mormugao becomes India’s pioneering port to implement Green Ship Incentives under the ESI

    ‘Harit Shrey’ scheme launched in October 2023, offering port fee discounts based on ESI ratings of commercial ships

    The “Harit Shrey” initiative has provided benefits to numerous vessels, encouraging eco-friendly practices

    Posted On: 24 OCT 2024 1:20PM by PIB Delhi

    Mormugao Port Authority has gained global recognition by being listed as an incentive provider on the Environment Ship Index (ESI) portal, acknowledged by the International Association of Ports and Harbours (IAPH). This achievement highlights the port’s commitment to promoting environmentally friendly practices for seagoing vessels.

    Mormugao Port is India’s first port to introduce Green Ship Incentives through the ESI, aligning with global efforts to reduce air emissions in shipping. The port’s incentive program, ‘Harit Shrey,’ launched in October 2023, offers discounts on port charges based on ESI scores, rewarding ships with higher environmental performance.

    In August 2024, the Secretary General of IAPH praised Mormugao Port’s efforts in joining the ESI Programme and raising awareness of green shipping incentives in the region. Mormugao stands out in Asia alongside Japan and Oman, which also offer similar incentives.

    Since the introduction of the “Harit Shrey scheme,” many ships have benefited from the incentives aimed at reducing greenhouse gas emissions. This initiative supports the broader goal of achieving long-term emission reductions in maritime operations. The port authority has also submitted the scheme for the IAPH Sustainability Awards under the World Port Sustainability Programme (WPSP), emphasizing its dedication to sustainable practices.

    This recognition positions Mormugao Port as a key player in advancing sustainable maritime practices, contributing to international efforts in reducing carbon emissions and improving air quality.

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  • MIL-OSI Asia-Pac: Ministry of Social Justice and Empowerment set to host ‘SAMAGAM’ – A Grand Finale celebrating month-long Initiatives for Senior Citizens

    Source: Government of India (2)

    Posted On: 24 OCT 2024 1:14PM by PIB Delhi

    Union Ministry of Social Justice and Empowerment (MoSJE) is set to host the Grand Finale Event, ‘SAMAGAM’, on 25th October 2024 at Rang Bhawan Auditorium, Akashvani Complex, New Delhi. The event would mark the culmination of a series of month-long activities organized by the Ministry, aimed at promoting the dignity, respect, and security of senior citizens across the Nation.

    The event would be presided over by Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar as Chief Guest, in the august presence of Ministers of State (SJE), Shri Ramdas Athawale and Shri B. L. Verma, along with Dr. Vinod Kumar Paul, Member, NITI Aayog. The Grand Finale would showcase the outcomes of these efforts, highlighting the positive impact made through policy interventions, community participation, and public outreach.

    Over the past month, the Ministry, in collaboration with various Ministries, Departments, and public stakeholders, has implemented a wide range of initiatives for the welfare of senior citizens. These programmes were focused on enhancing their social and economic inclusion, providing them access to essential services, and raising public awareness about the challenges they face.

    ‘SAMAGAM’ is a testament to the Ministry’s unwavering commitment to senior citizens’ welfare. Through innovative programmes, collaborative efforts with stakeholders, and policy frameworks designed to address the needs of the elderly, the Ministry has worked tirelessly to ensure that senior citizens are not only supported but celebrated as valued members of society.

    The event will also serve as a platform to reinforce the Ministry’s future goals for empowering senior citizens, focusing on health, financial security, and community engagement. In recognizing the contributions of senior citizens to society, ‘SAMAGAM’ aims to inspire greater societal responsibility towards creating a more inclusive, compassionate, and secure environment for the elderly.

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  • MIL-OSI Asia-Pac: India’s Ethanol Push: A Path to Energy Security

    Source: Government of India (2)

    India’s Ethanol Push: A Path to Energy Security

    Achieving 15% ethanol blending in 2024, India targets 20% by 2025

    Posted On: 24 OCT 2024 1:11PM by PIB Delhi

    Click here for more detail:- India’s Ethanol Push: A Path to Energy Security

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  • MIL-OSI Asia-Pac: NHRC takes suo motu cognizance of the reported death of a four-year-old boy after a part of a machine in an open-air gym fell on him in a municipality-run park in West Delhi’s Moti Nagar

    Source: Government of India

    NHRC takes suo motu cognizance of the reported death of a four-year-old boy after a part of a machine in an open-air gym fell on him in a municipality-run park in West Delhi’s Moti Nagar

    Expressing concern over the condition of equipment in other public parks, issues notices to the Delhi Chief Secretary, Vice-Chairman, DDA, Commissioner, MCD and Secretary, NDMC calling for a detailed report

    Delhi Police Commissioner also asked for his comments on the subject along with the status of the police investigation in the instant case

    Posted On: 24 OCT 2024 12:38PM by PIB Delhi

    The National Human Rights Commission (NHRC), India has taken suo motu cognizance of a media report that a four-year-old boy died after a part of a machine in an open-air gym fell on him in a municipality-run park in West Delhi’s Moti Nagar on 13th October, 2024. Reportedly, the people present on the spot suspected that the nuts and bolts of the equipment were loose which led to the incident.

    The Commission has observed that the contents of the media report, if true, raise a serious issue of violation of human rights due to alleged negligence by the authorities in the maintenance of the equipment, installed in the public park. The incident raises serious concerns about the condition of equipment in other public parks governed, managed and maintained by the local government bodies in Delhi. Accordingly, it has issued notices to the Chief Secretary, Government of NCT of Delhi, Vice-Chairman, Delhi Development Authority (DDA), Commissioner, Municipal Corporation of Delhi (MCD) and Secretary, New Delhi Municipal Council (NDMC) calling for a detailed report in the matter within four weeks. The authorities are also expected to inform whether any compensation has been paid to the aggrieved family.

    The report should also include the status of the maintenance and safety audit of the swings and gym equipment, etc. installed in the public parks under their jurisdiction in Delhi. The Commission has also asked the Commissioner of Police, Delhi to submit his comments on the subject along with the status of the police investigation being conducted in the instant case.

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  • MIL-OSI Asia-Pac: Ministry of Jal Shakti launches 6th National Water Awards, 2024

    Source: Government of India

    Ministry of Jal Shakti launches 6th National Water Awards, 2024

    Last date of submission of applications is 31st December, 2024

    Awards will be conferred in 9 categories

    Posted On: 24 OCT 2024 12:27PM by PIB Delhi

    The Department of Water Resources, River Development and Ganga Rejuvenation, Ministry of Jal Shakti has launched the 6th National Water Awards (NWA), 2024 on the Rashtriya Puraskar portal. All the applications will be received only through Rashtriya Puraskar portal (www.awards.gov.in). General public may refer to this portal or the website of this Department (www.jalshakti-dowr.gov.in) for further details. The last date of submission of applications is 31st December, 2024.

    Eligibility for the awards:

    Any State, District, Village Panchayat, Urban Local Body, School/College, Institution (other than school/college), Industry, Civil society, or Water User Association who has done exemplary work in the field of water conservation and management are eligible to apply.

    Trophy and Citation:

    For the categories – ‘Best State’ and ‘Best District’, winners will be felicitated with a trophy and citation. In the remaining categories – ‘Best Village Panchayat’, ‘Best Urban Local Body’, ‘Best School/College’, ‘Best Institution (other than school/college)’, ‘Best industry’, ‘Best Civil Society’, ‘Best Water User Association’, and ‘Best Industry’, winners will be felicitated with cash prize along with trophy and citation. The cash prizes for the 1st, 2nd and 3rd rank winners are Rs.2 lakhs, Rs.1.5 lakhs, and Rs.1 lakh, respectively.

    Selection Process:

    All applications received for the National Water Awards are scrutinised by a Screening Committee of the DoWR, RD & GR. The shortlisted applications are placed before a Jury Committee headed by a retired Secretary level officer. Thereafter, ground truthing of the shortlisted applications is carried out by the organisations of the Department of Water Resources, RD & GR viz Central Water Commission (CWC) and Central Ground Water Board (CGWB). Jury Committee evaluates the applications on the basis of ground truthing reports and recommends the winners. The recommendations of the Committee are submitted to the Union Minister of Jal Shakti for approval. The names of the winners are announced on a suitable date and an award distribution ceremony is organised wherein the winners are conferred with the awards by the Hon’ble President of India or Hon’ble Vice President of India.

    Details of the awards:

    Sl. No.

    Category of Award

    Eligible Entity

    Award

    No. of Awards/Prize money

    1.

     

    Best State

     

    State Government/ UT

    Trophy with

    Citation

    3 Awards

    2.

    Best District

    District Administration/

    DM/DC

    Trophy with

    Citation

    5 awards

     

    (One award from each of the five zones i.e. Northern, Southern, Western, Eastern & North Eastern)

    3.

    Best Village Panchayat

    Village Panchayat

    Cash Awards &

    Trophy with

    Citation

    3 Awards

     

    First award:      Rs.2 lakh

    Second award: Rs.1.5 lakh

    Third award:    Rs.1 lakh

    4.

    Best Urban Local Body

    Urban Local Body

    Cash Awards &

    Trophy with

    Citation

    3 Awards

     

    First award:      Rs.2 lakh

    Second award: Rs.1.5 lakh

    Third award:    Rs.1 lakh

    5.

    Best School or College

    School/College

    Cash Awards &

    Trophy with

    Citation

    3 Awards

     

    First award:      Rs.2 lakh

    Second award: Rs.1.5 lakh

    Third award:    Rs.1 lakh

    6.

    Best Institution

    (other than School/College)

    Institutions/RWAs/ Religious organizations

    Cash Awards &

    Trophy with

    Citation
    1. awards

    (i) 2 awards for campus usage (First award: Rs.2 lakh; Second award: Rs.1.5 lakh)

    (ii) 1 award for other than campus (Award: Rs.2 lakh)

    7.

    Best Industry

    Small/Medium/Large Scale Industry

    Cash Awards &

    Trophy with

    Citation

    3 Awards

     

    First award:      Rs.2 lakh

    Second award: Rs.1.5 lakh

    Third award:    Rs.1 lakh

    8.

    Best Civil Society

    Registered NGOs/ Civil societies

    Cash Awards &

    Trophy with

    Citation

    3 Awards

     

    First award:      Rs.2 lakh

    Second award: Rs.1.5 lakh

    Third award:    Rs.1 lakh

    9.

    Best Water User Association

    Water User Associations

    Cash Awards &

    Trophy with

    Citation

    3 Awards

     

    First award:      Rs.2 lakh

    Second award: Rs.1.5 lakh

    Third award:    Rs.1 lakh

     

    The National Water Awards (NWAs) were introduced to recognize and encourage exemplary work and efforts made by States, Districts, individuals, organizations etc. across the country in accomplishing the government’s vision ‘Jal Samridh Bharat’. It aims to sensitize the public about the importance of water and motivate them to adopt the best water usage practices. The award winners in different categories will be presented with a citation, trophy and cash prize. The objective of the National Water Awards is to encourage the stakeholders to adopt a holistic approach toward water resource management in the country as surface water and groundwater play a significant role in the water cycle. In order to embrace these objectives, the first edition of the National Water Awards was introduced in the year 2018 by the Department. In the first National Water Awards, 2018, 82 winners in 14 categories were awarded. Subsequently, 2nd National Water Awards, 2019 were conferred on 98 winners in 16 categories, 3rd National Water Awards, 2020 were awarded to 57 winners under 11 categories, 4th National Water Awards, 2022 were conferred on 41 winners under 11 categories, and 5th National Water Awards, 2023 have been awarded to 38 winners in 09 categories.   National water awards for 2021 were not organised due to CoVID pandemic.

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  • MIL-OSI Asia-Pac: Ministry of Agriculture and Farmers’ Welfare and International Rice Research Institute to organize 13th National Seed Congress from 28-30 November, 2024 at Varanasi in Uttar Pradesh

    Source: Government of India

    Ministry of Agriculture and Farmers’ Welfare and International Rice Research Institute to organize 13th National Seed Congress from 28-30 November, 2024 at Varanasi in Uttar Pradesh

    Event is being organized in collaboration with the International Rice Research Institute of South Asia Regional Centre and the National Seed Research and Training Center

    The 3-day event aims to bring together policymakers, farmers, and representatives from the private and public sectors to build a roadmap for a vibrant and equitable seed sector in India

    “Fostering Regional Cooperation, Partnership, and Knowledge Exchange in the Seed Sector” will be the theme of NSC 2024

    Posted On: 24 OCT 2024 11:52AM by PIB Delhi

    The Ministry of Agriculture & Farmers’ Welfare, Government of India will be hosting the 13th edition of the National Seed Congress (NSC), scheduled to take place in Varanasi, Uttar Pradesh, from November 28-30, 2024. The event is being organized in collaboration with the International Rice Research Institute (IRRI) South Asia Regional Centre (ISARC) and the National Seed Research and Training Center (NSRTC). The National Seed Congress will bring together stakeholders from across the seed value chain, offering a platform to explore transformative solutions and tackle the pressing challenges faced by the sector today.

    Underlining the role of NSC, Smt. Shubha Thakur, Additional Secretary, Department of Agriculture and Farmers’ Welfare stated that, “To boost farmers’ income and ensure food and nutrition security for billions, access to high-quality, climate-resilient, and nutritious seeds, along with improved cultivars, is more crucial than ever. NSC 2024 will serve as a platform to collaborate on addressing these challenges, empowering farmers, and ensuring that India’s agriculture remains strong and sustainable. This event will catalyze innovative solutions and promote partnerships that drive seed sector growth.”

    “This event comes at a crucial time, as agriculture is facing evolving market demands and a need for more inclusive and sustainable seed systems. The convergence of experts and stakeholders from across the seed value chain in diverse agro-ecologies will allow us to generate impactful solutions to these complex issues”, remarked Dr. Yvonne Pinto, Director General, IRRI.

    Dr. Sudhanshu Singh, Director of IRRI’s South Asia Regional Centre (ISARC) will be convening this year’s event. Since its inauguration by Prime Minister Shri Narendra Modi in 2018, ISARC in Varanasi has been instrumental in advancing IRRI’s efforts to strengthen India’s seed systems, through innovative research, capacity building, and impactful partnerships over the years. Along with development of successful climate-resilient rice varieties such as Sahbhagi Dhan and Swarna-Sub 1, and nutritionally enhanced varieties and value-added products, the institution has also facilitated cross-border seed exchange, expediting varietal release and accelerated adoption through policies like ‘Seeds Without Borders’. Additionally, IRRI’s genomic tools, digital platforms, and robust seed systems ensure faster varietal development and structured dissemination.

    Shri Manoj Kumar, Director of the National Seed Research and Training Centre (NSRTC) and co-convener of the event emphasized NSRTC’s critical role in improving seed quality and training across the country. He highlighted NSRTC’s involvement in the event, stating, “National Seed Congress is a crucial forum for knowledge exchange and capacity building. NSRTC is dedicated to improving seed quality control and facilitating the transfer of modern technologies to the industry. Through our participation in NSC 2024, we aim to strengthen the seed quality testing network and ensure that high-quality seeds are accessible to farmers across the country.”

    NSC is an annual gathering of researchers, policymakers, farmers, and representatives from the private and public sectors to build a roadmap for a vibrant and equitable seed sector in India. With the theme, “Fostering Regional Cooperation, Partnership, and Knowledge Exchange in the Seed Sector,” NSC 2024 will provide a platform for presenting experiences and insights on the research advances, innovations, and principles related to seed, crop improvement, and seed delivery systems.

    NSC 2024 aims to catalyze scientific progress by facilitating the exchange of ideas and interdisciplinary research. It will address pressing global challenges in the seed sector and offer insights and solutions that can influence policy changes, technological innovations, and sustainable development.

    NSC 2024 will focus on building sustainable, equitable, and resilient seed systems by addressing a diverse range of topics, including-Breeding and Seed Systems for Climate Resilience, Advancements in Seed Quality and Technology, Digital Solutions for Breeding, Seed Systems, and Market Insights, Strengthening Public-Private Partnerships in Seed Sector, Inclusive Seed Systems for Livelihood Improvement, Innovative Approaches for Seed Delivery and Scaling, and Nutritional Security through Strategic Seed Initiatives.

    Interested stakeholders can visit the website for more information and register using the link:  https://13thnscindia2024.com/index.html

    All queries may be routed to:

    Organising Secretary, NSC: Dr Swati Nayak, IRRI (Borlaug Field Award Recipient 2023) at info-nsc2024[at]irri[dot]org

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  • MIL-OSI Asia-Pac: INDIAN NAVY’S PREPARATORY ACTIVITIES FOR HADR OPS – CYCLONE DANA

    Source: Government of India (2)

    Posted On: 24 OCT 2024 11:55AM by PIB Delhi

    In anticipation of the severe impact of Cyclone Dana along the coast of Odisha and West Bengal, the Indian Navy is preparing to conduct Humanitarian Assistance and Disaster Relief (HADR) operations.

    Eastern Naval Command, in coordination with Naval Officers-in-Charge (NOIC) in Andhra Pradesh, Odisha, and West Bengal, have activated a comprehensive disaster response mechanism. The command is working closely with units such as the Base Victualling Yard (BVY), Material Organisation and the naval hospital INHS Kalyani to provide essential supplies and medical support if sought by the State administration.

    As part of this preparation, HADR pallets, including essential clothing, drinking water, food, medicines, and emergency relief materials, have been deployed by road to key locations in the areas that are likely to be affected. In addition, Flood Relief and Diving Teams are being mobilised to assist in coordinated rescue and relief operations if needed.

    To support relief efforts from Sea, two ships of the Eastern Fleet are standing by with supplies and rescue and diving teams.

    The Indian Navy continues to monitor the situation closely and remains on high alert, ready to extend its support to the civil authorities and the people affected by Cyclone Dana.

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  • MIL-OSI Asia-Pac: International Rice Research Institute to organize 13th National Seed Congress from 28-30 November, 2024 at Varanasi in Uttar Pradesh

    Source: Government of India (2)

    International Rice Research Institute to organize 13th National Seed Congress from 28-30 November, 2024 at Varanasi in Uttar Pradesh

    The 3-day event aims to bring together policymakers, farmers, and representatives from the private and public sectors to build a roadmap for a vibrant and equitable seed sector in India

    “Fostering Regional Cooperation, Partnership, and Knowledge Exchange in the Seed Sector” will be the theme of NSC 2024

    Posted On: 24 OCT 2024 11:52AM by PIB Delhi

    The Ministry of Agriculture & Farmers’ Welfare, Government of India will be hosting the 13th edition of the National Seed Congress (NSC), scheduled to take place in Varanasi, Uttar Pradesh, from November 28-30, 2024. The event is being organized in collaboration with the International Rice Research Institute (IRRI) South Asia Regional Centre (ISARC) and the National Seed Research and Training Center (NSRTC). The National Seed Congress will bring together stakeholders from across the seed value chain, offering a platform to explore transformative solutions and tackle the pressing challenges faced by the sector today.

    Underlining the role of NSC, Smt. Shubha Thakur, Additional Secretary, Department of Agriculture and Farmers’ Welfare stated that, “To boost farmers’ income and ensure food and nutrition security for billions, access to high-quality, climate-resilient, and nutritious seeds, along with improved cultivars, is more crucial than ever. NSC 2024 will serve as a platform to collaborate on addressing these challenges, empowering farmers, and ensuring that India’s agriculture remains strong and sustainable. This event will catalyze innovative solutions and promote partnerships that drive seed sector growth.”

    “This event comes at a crucial time, as agriculture is facing evolving market demands and a need for more inclusive and sustainable seed systems. The convergence of experts and stakeholders from across the seed value chain in diverse agro-ecologies will allow us to generate impactful solutions to these complex issues”, remarked Dr. Yvonne Pinto, Director General, IRRI.

    Dr. Sudhanshu Singh, Director of IRRI’s South Asia Regional Centre (ISARC) will be convening this year’s event. Since its inauguration by Prime Minister Shri Narendra Modi in 2018, ISARC in Varanasi has been instrumental in advancing IRRI’s efforts to strengthen India’s seed systems, through innovative research, capacity building, and impactful partnerships over the years. Along with development of successful climate-resilient rice varieties such as Sahbhagi Dhan and Swarna-Sub 1, and nutritionally enhanced varieties and value-added products, the institution has also facilitated cross-border seed exchange, expediting varietal release and accelerated adoption through policies like ‘Seeds Without Borders’. Additionally, IRRI’s genomic tools, digital platforms, and robust seed systems ensure faster varietal development and structured dissemination.

    Shri Manoj Kumar, Director of the National Seed Research and Training Centre (NSRTC) and co-convener of the event emphasized NSRTC’s critical role in improving seed quality and training across the country. He highlighted NSRTC’s involvement in the event, stating, “National Seed Congress is a crucial forum for knowledge exchange and capacity building. NSRTC is dedicated to improving seed quality control and facilitating the transfer of modern technologies to the industry. Through our participation in NSC 2024, we aim to strengthen the seed quality testing network and ensure that high-quality seeds are accessible to farmers across the country.”

    NSC is an annual gathering of researchers, policymakers, farmers, and representatives from the private and public sectors to build a roadmap for a vibrant and equitable seed sector in India. With the theme, “Fostering Regional Cooperation, Partnership, and Knowledge Exchange in the Seed Sector,” NSC 2024 will provide a platform for presenting experiences and insights on the research advances, innovations, and principles related to seed, crop improvement, and seed delivery systems.

    NSC 2024 aims to catalyze scientific progress by facilitating the exchange of ideas and interdisciplinary research. It will address pressing global challenges in the seed sector and offer insights and solutions that can influence policy changes, technological innovations, and sustainable development.

    NSC 2024 will focus on building sustainable, equitable, and resilient seed systems by addressing a diverse range of topics, including-Breeding and Seed Systems for Climate Resilience, Advancements in Seed Quality and Technology, Digital Solutions for Breeding, Seed Systems, and Market Insights, Strengthening Public-Private Partnerships in Seed Sector, Inclusive Seed Systems for Livelihood Improvement, Innovative Approaches for Seed Delivery and Scaling, and Nutritional Security through Strategic Seed Initiatives.

    Interested stakeholders can visit the website for more information and register using the link:  https://13thnscindia2024.com/index.html

    All queries may be routed to:

    Organising Secretary, NSC: Dr Swati Nayak, IRRI (Borlaug Field Award Recipient 2023) at info-nsc2024[at]irri[dot]org

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  • MIL-OSI Asia-Pac: MoU signed between National Financial Reporting Authority (NFRA) and Indian Institute of Corporate Affairs (IICA) to collaborate on capacity building programs for professionals

    Source: Government of India

    MoU signed between National Financial Reporting Authority (NFRA) and Indian Institute of Corporate Affairs (IICA) to collaborate on capacity building programs for professionals

     A four-month course  to commence from last week of December 2024 for the 1st batch under this MoU

    Posted On: 23 OCT 2024 9:39PM by PIB Delhi

    In a significant step towards knowledge and capacity building in the area of corporate governance, the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) have signed a Memorandum of Understanding (MoU) on 22nd October 2024 in Delhi.

    The MoU outlines the framework for collaboration between the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA). A significant deliverable under the MoU includes capacity building programmes designed for early and mid-career auditing and accounting professionals and audit committee members and independent directors.

    The collaboration stems from NFRA’s enforcement and inspection findings which revealed that despite the mandatory nature of auditing standards in the Companies Act 2013, in a number of cases auditors exhibited inadequate awareness regarding their obligations within these standards. This resulted in overlooking mandatory requirements, inadequate testing procedures, and ultimately, deficiencies in obtaining sufficient and appropriate evidence to support their audit work. The programmes will be developed with an aim to equip participants with knowledge of accounting and auditing standards, quality management standards, ethical standards etc, and practical insights (through case studies or case examples) that facilitates application of these standards and related requirements by them, towards furthering the goal of enhancing audit quality.

    This initiative also covers designing programmes, leveraging IICA’s experience & expertise developed over several years, that may be used by audit committee members across public and private sector organizations towards furthering the goals of corporate governance.

    This initiative is also towards fulfilment of NFRA’s obligations towards promoting awareness of accounting and auditing standards, auditors’ responsibilities, audit quality, and other relevant matters through education, training, seminars, workshops, conferences, and publicity initiatives.

    The 1st batch of a course under this MoU titled as “IICA-NFRA certification course for Audit Committee Members” is a four-month course and is likely to commence from last week of December 2024. A six-month programme for auditors is also being planned for auditors of listed companies. By enhancing the competence of auditors and other professionals, the program aims to ensure a more robust and thorough auditing environment in the Country.

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  • MIL-OSI Asia-Pac: Indian Government’s decision of conferring Classical Language status on Pali has ignited a spirit of joy among those who believe in the thoughts of Bhagwan Buddha: Prime Minister

    Source: Government of India

    Posted On: 24 OCT 2024 10:43AM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today expressed happiness over Indian Government’s decision of conferring Classical Language status on Pali. He added that it has ignited a spirit of joy among those who believe in the thoughts of Bhagwan Buddha. Shri Modi also thanked the scholars and monks from different nations who took part in panel discussion on ‘Pali as a Classical Language’ hosted by ICCR in Colombo.

    Responding to a post by India in SriLanka handle, Shri Modi stated:

    “Glad that the Indian Government’s decision of conferring Classical Language status on Pali has ignited a spirit of joy among those who believe in the thoughts of Bhagwan Buddha. Grateful to the scholars and monks from different nations who took part in this programme in Colombo.”

     

     

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  • MIL-OSI Asia-Pac: MoD inks Rs 387.44 crore contract with Chowgule & Company Pvt. Ltd., Goa for six Air Cushion Vehicles for Indian Coast Guard

    Source: Government of India (2)

    Posted On: 24 OCT 2024 4:08PM by PIB Delhi

    Ministry of Defence, on October 24, 2024, signed a contract with Chowgule & Company Pvt. Ltd., Goa for procurement of six Air Cushion Vehicles (ACVs) for the Indian Coast Guard at a total cost of Rs 387.44 crore. These amphibious vessels, also called ‘Hovercrafts’, will be procured under the Buy {Indian) category.

    These ACVs will be indigenously manufactured in India for the first time in line with the ‘Aatmanirbhar Bharat’ vision of the Government, representing a pivotal step in the nation’s shipping landscape. The project will also significantly enhance the technical expertise and growth of indigenous ancillary, especially the MSME sector.

    The procurement of these platforms is aimed to boost the Indian Coast Guard’s capability and reinforces the increased focus towards maritime security. These modern ACVs will be used for multipurpose maritime roles including high speed coastal patrolling, reconnaissance, interception, search & rescue operations and assistance to ships & crafts in distress.

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  • MIL-OSI Asia-Pac: Cabinet approves two Railway projects with estimated cost of Rs 6,798 crore and will be completed in 5 years to provide connectivity, facilitate ease of travelling, minimize logistics cost, reduce oil imports and lower CO2 emissions

    Source: Government of India (2)

    Cabinet approves two Railway projects with estimated cost of Rs 6,798 crore and will be completed in 5 years to provide connectivity, facilitate ease of travelling, minimize logistics cost, reduce oil imports and lower CO2 emissions

    Projects will improve logistical efficiency connecting the unconnected areas, increase the existing line capacity and enhancing transportation networks, resulting in streamlined supply chains and accelerated economic growth

    The projects will generate direct employment for about 106 lakh human-days

    Posted On: 24 OCT 2024 3:12PM by PIB Delhi

    The Cabinet Committee on Economic Affairs (CCEA) chaired by the  Prime Minister Shri Narendra Modi, has approved Two Railway projects of Ministry of Railways with total estimated cost of Rs.6,798 crore (approx.).  

    Two approved projects are – (a) doubling of Narkatiaganj-Raxaul-Sitamarhi-Darbhanga & Sitamarhi-Muzaffarpur Section covering 256 kms and (b) construction of new line between Errupalem and Namburu via Amaravati covering 57 kms. 

    The doubling of Narkatiaganj-Raxaul-Sitamarhi-Darbhanga & Sitamarhi-Muzaffarpur Section will strengthen the connectivity to Nepal, North-east India and Border areas and facilitating movement of passenger trains along with goods train resulting in the socio-economic growth of the region. 

    The new rail line project Errupalem-Amaravati-Namburu traverses through NTR Vijayawada and Guntur districts of Andhra Pradesh and Khammam district of Telangana. 

    The Two projects covering 8 Districts in 3 States i.e., Andhra Pradesh, Telangana and Bihar will increase the existing network of Indian Railways by about 313 Kms. 

    New Line project will provide connectivity to approx. 168 villages and about 12 Lakh population with 9 new stations. Multi-tracking project will enhance connectivity to Two Aspirational Districts (Sitamarhi and Muzaffarpur) serving approx. 388 villages and about 9 lakh population. 

    These are essential routes for transportation of commodities such as agriculture products, fertilizer, coal, iron ore, steel, cement, etc. The capacity augmentation works will result in additional freight traffic of magnitude 31 MTPA (Million Tonnes Per Annum). The Railways being environment friendly and energy efficient mode of transportation, will help both in achieving climate goals and minimizing logistics cost of the country, lower CO2 emissions (168 Crore Kg) which is equivalent to plantation of 7 Crore trees. 

    The new line proposal will provide direct connectivity to “Amaravati” the proposed Capital of Andhra Pradesh and improve mobility for industries and the population, providing enhanced efficiency and service reliability for Indian Railways. The multi-tracking proposal will ease operations and reduce congestion, providing the much-required infrastructural development on the busiest sections across Indian Railways. 

    The projects are in line with  Prime Minister’s Vision of a New India which will make people of the region “Atmanirbhar” by way of comprehensive development in the area which will enhance their employment/ self-employment opportunities. 

    The projects are result of PM-Gati Shakti National Master Plan for multi-modal connectivity which have been possible through integrated planning and will provide seamless connectivity for movement of people, goods and services. 

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  • MIL-OSI Asia-Pac: Prime Minister greets ITBP Himveers on occasion of ITBP Raising Day

    Source: Government of India

    Posted On: 24 OCT 2024 10:41AM by PIB Delhi

    Greeting the ITBP Himveers and their families on the occasion of ITBP Raising day, the Prime Minister, Shri Narendra Modi hailed the ITBP as a symbol of valour and dedication. He also lauded their efforts during natural disasters and rescue operations which inspire immense pride among the people.

    Shri Modi in a post on X wrote:

    “Raising Day greetings to ITBP Himveers and their families. This Force stands tall as a symbol of valour and dedication. They protect us, including in some of the most challenging terrains and tough climatic conditions. Additionally, their efforts during natural disasters and rescue operations inspire immense pride among the people. @ITBP_official”

     

     

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  • MIL-OSI Asia-Pac: Karmayogi Saptah: Key milestones

    Source: Government of India

    Karmayogi Saptah: Key milestones

    Over 7,50,000 Courses completed on iGOT Platform

    33 Ministries Engaged in “Samuhik Charcha”

    9 Visionary Speakers delivered Transformative Webinars

    Posted On: 24 OCT 2024 9:34AM by PIB Delhi

    The Prime Minister Shri Narendra Modi launched the Karmayogi Saptah (National Leaning Week) on 19th October, 2024 in New Delhi. As National Learning Week (NLW) continues to gain momentum, pioneers from India & around the world have come together with passionate Indian learners to push the boundaries of knowledge & growth. This dynamic initiative under the Mission Karmayogi has empowered civil servants to rise to the challenges of modern governance.

    Key Achievements from the First Four Days of NLW:

    Over 7,50,000 Courses Completed on iGOT Platform

    In just four days, over 7,50,000 courses were successfully completed on the iGOT platform, showcasing India’s drive for continuous learning and professional growth. The surge in participation reflects the commitment of civil servants to upskilling and staying ahead of evolving demands in public service.

    33 Ministries engaged in “Samuhik Charcha”

    A key highlight was the participation of 33 ministries in ‘Samuhik Charcha,’ fostering collaboration and collective learning. The discussion (Samuhik Charcha) was also organized in the Prime Minister’s Office (PMO) and was led by the MoS (PMO) Dr. Jitendra Singh, wherein Hon’ble Prime Minister Shri Narendra Modi’s vision of leveraging advanced technologies to create a more agile, responsive administration was emphasized. The session underscored the importance of shared knowledge in driving the nation’s progress.

    9 Visionary Speakers Delivered Transformative Webinars

    Influential thought leaders like Nandan Nilekani, Raghava Krishna and Puneet Chandok, among others, presented inspiring webinars, sharing global perspectives on critical topics. These sessions sparked fresh ideas and provided innovative approaches to tackle the complexities of the Indian administrative landscape.

    This National Learning Week is dedicated to equipping civil servants, or ‘Karmayogis,’ with the skills they need to build a brighter and more empowered India. As public servants continue to embrace lifelong learning, they contribute to a more dynamic, effective and forward-thinking governance framework.

    The journey from being an employee to becoming a “Karmayogi” embodies continuous growth, adaptation, and a commitment to serving the nation:
    “Safar Karmachari se Karmayogi tak.”

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  • MIL-OSI Asia-Pac: Minister of State Shri S P Singh Baghel takes stock of progress under Special Campaign 4.0; Lays emphasis on Speedy Disposal of Public Grievances and Appeals

    Source: Government of India (2)

    Posted On: 24 OCT 2024 9:01AM by PIB Delhi

    Under the ongoing Special Campaign 4.0, Minister of State, Ministry of Fisheries, Animal Husbandry & Dairying (MoFAHD) and Ministry of Panchayati Raj (MoPR), Shri Prof. S P Singh Baghel inspected the ongoing cleanliness drive and related activities in the Department of Animal Husbandry and Dairying.  The Minister of State during the inspection visited various sections, rooms, record room of the Department. He also inspected the corridors of 5th, 4th and 3rd floor in Krishi Bhawan.  During his visit Shri S P Singh Baghel interacted with the staff and took their feedback regarding the ongoing cleanliness drive. He also gave valuable suggestions regarding the same and expressed concern on the lack of space particularly in respect of records.

     

     

     

     

     

     

     

    The Minister of State, thereafter, reviewed the progress of various parameters under the Special Campaign 4.0. As per the data entered in Special Campaign 4.0 portal as on 22.10.2024, the status of achievement against the targets was as under:

     

     

    Special Campaign 4.0

    Sl. No.

    Parameter

    Target

    Achievement

    1.

    Reference from MPs

     5

    5

    2.

    Parliamentary Assurance

    8

    2

    3.

    IMC References (Cabinet Proposals)

    0

    0

    4.

    State Govt. References

    0

    0

    5.

    Public grievances

    197

    170

    6.

    PMO Ref.

    2

    2

    7.

    Public grievances Appeal

    98

    19

    8.

    Easing of Rules/processes

    1

    1

    9.

    Review of Physical files

    10244

    10244

    10

    Review of e-files

    633

    513

    11

    Cleanliness of sites

    213

    156

    12.

    Revenue earned

     

    8,42,753

     

    It was also informed that social media is being leveraged by the department to drive the message of the Special Campaign 4.0.

    Shri S P Singh Baghel emphasized on timely achievement of the targets under the Special Campaign 4.0 and the need to expedite disposal of Public Grievances and Appeals. The officials reaffirmed their commitment towards the ongoing campaign.

    *****

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  • MIL-OSI Asia-Pac: Emerging Technologies Flourish at ITU-WTSA 2024’s Innovation Xchange

    Source: Government of India

    Emerging Technologies Flourish at ITU-WTSA 2024’s Innovation Xchange

    Groundbreaking event unites international tech leaders, academia, startups, researchers & industry to seek solutions in new-age technologies

    “We are at a pivotal point where emerging technologies are converging & laying the foundation of a new world”: Dr. Pemmasani Chandra Sekhar, Minister of State for Communications and Rural Development

    Posted On: 24 OCT 2024 9:19AM by PIB Delhi

    The Innovation Xchange, a cornerstone event of the ITU-WTSA 2024 was held yesterday at Bharat Mandapam, New Delhi, marking a significant milestone in global technological collaboration.

    The objective of the program was to foster international collaboration and innovation across key thematic areas in emerging technologies. There was extensive cross-pollination of ideas and global expertise. The program included thematic discussions on NextGen Networks (5G​/​6G), AI & robotics, Secured Communication Networks, and Quantum Communications.

    The rapid technological advancements warrant the fusion of diverse perspectives from around the globe and therefore, each theme involved teams from India as well as some other ITU member countries namely USA, UK, UAE, Singapore. The composition of the teams included a lead faculty, a research student, and a startup working in the same thematic area.

    The inaugural session was chaired by Dr. Pemmasani Chandra Sekhar, Minister of State for Communications and Rural Development and was attended by Ms. Madhu Arora, Member Technology, Digital Communications Commission,  Department of Telecommunications, India, Dr. Cosmas Luckyson Zavazava, Director of the Telecommunication Development Bureau (BDT), International Telecommunication Union (ITU) and  Mr. Sanjeev K Sharma, Deputy Director General, Department of Telecom, Ministry of Communication.

    In his inaugural address, Dr. Pemmasani Chandra Sekhar, Minister of State for Communications and Rural Development India spoke about how over the last decade India has been tirelessly working under leadership of the Prime Minister, Shri Narendra Modi to create an ecosystem that is conducive to growth of businesses and in particular startups. Since the launch of “Startup India, Standup India” initiative in 2015, India has emerged as the 3rd largest ecosystem for startups globally with over 1.12 lakh Government recognized startups. The academic research and startups are solving problems in diverse industrial sectors. He also said that the Bharat 6G Alliance, a vital platform uniting industry leaders, academia, startups, and government, is set to drive 6G innovation, guided by the vision of “Innovate in India, for India and the World.”

    Inspiring the audience, he quoted from his own experience of being a startup founder and said “To create a successful and impactful business, it’s essential to solve real problems rather than just creating products. Innovate and disrupt by thinking beyond the obvious” He advised youngsters to Start small, but think big, and act now. He quipped “You don’t need all the resources in the world to begin—just conviction. Many waits for perfect conditions or significant funding, but the best time to start is now. Action creates momentum, and momentum fuels success”. On the inevitability of setbacks, he encouraged the audience by saying “Be comfortable with failure—it’s part of the process. Embrace them, learn, and pivot when needed. Persistence is what separates dreamers from achievers”. He further advised to Build a purpose-driven business by focusing on impact – “When your mission aligns with a meaningful purpose, everything falls into place. Customers, partners, and investors are drawn to ventures that aim to make a difference.” He concluded by saying “invest in people—your team is your greatest asset. When your team feels invested in the mission, they will give their best every day.”

    In her address, Ms Madhu Arora, highlighted some of the initiatives of the Indian Government that go a long way in promoting innovation and start-up ecosystems in next-generation technologies. She urged ITU to collaborate with India in these areas. These initiatives included ‘setting up of hundred ‘5G Use Case Labs’, 5G Intelligent Villages, AI led Digital Twins.

    Dr. Cosmas Luckyson Zavazava, Director of the Telecommunication Development Bureau (BDT), International Telecommunication Union (ITU) mentioned “It’s important to remember that people decided to innovate because they wanted to improve the quality of life and open new doors of opportunities and choice. Technology is just a means to an end I call upon everyone in the development sector to work towards unmasking technology and showing its human impact. This includes coordinating food supply, medication, and shelter to save humanity.” He then spoke about the 17 Sustainable Development Goals (SDGs) and mentioned that “they can only be achieved if we put digital at the centre of everything we do”.

    The Innovation Xchange event received an overwhelming response as it could connect the dots between research and productization. By integrating startup representatives into the teams, discussions were grounded in real-world applications and to the needs of productizing the research. By providing a platform for startups to engage with researchers and industry leaders, it facilitated a fertile ground for taking new research and ideas to market.

     

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  • MIL-OSI Asia-Pac: ITU Kaleidoscope-2024 Concludes with Focus on Connectivity and Inclusivity

    Source: Government of India (2)

    ITU Kaleidoscope-2024 Concludes with Focus on Connectivity and Inclusivity

    Collaboration with international community will further future-proof our communications systems: Mr. Rohit Sharma, Member (Services), Digital Communications Commission, DoT

    Youth participation in the standardization process not only drives innovation but also opens the door to significant opportunities, including the creation of standard essential patents: Mr. Bilel Jamoussi,​ Deputy to the Director and Chief of Telecommunication Standardization Policy Department

    Posted On: 24 OCT 2024 8:49AM by PIB Delhi

    The three-day ITU Kaleidoscope-2024 being held at the ITU-WTSA 2024 centered on bridging the digital divide, and exploring how emerging technologies can connect underserved population concluded yesterday. The day additionally featured engaging discussions on the role of youth in standardization, with students and young professionals sharing their perspectives on how to engage the next generation in global standardization efforts.

    Mr. Rohit Sharma, Member (Services), Digital Communications Commission, Department of Telecommunications, Government of India, chaired the session on “How to respond quantum computing threats and its standardization trend: Quantum Key Distribution and Post Quantum Cryptography.” The keynote session by Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, highlighted the challenges in cybersecurity posed by quantum computing, emphasizing the need for standardization in post-quantum cryptography.

     

    Mr. Rohit Sharma, Member (Services), Department of Telecommunications in his opening remarks, stated, “ As we navigate the challenges of the digital age, the emergence of quantum computing presents both immense opportunities and significant risks. While this technology holds the potential to revolutionize fields like cryptography and secure communications, it also poses new challenges that must be addressed at a global scale. The standardization of Quantum Key Distribution (QKD) and the development of post-quantum cryptography are essential steps in preparing for this technological shift. Moreover, collaboration with international community will further future-proof our communications systems.”

    The first panel of Day 3 titled, “Connecting the Remaining 3 Billion,’ focused on the critical issue of closing the global digital divide. Moderated by Prof. Mohamed-Slim Alouini from King Abdullah University of Science and Technology (KAUST), Saudi Arabia, This session included Ellie Joo, Marketing and Policy Lead – Taara at X and Satya N. Gupta, Secretary General of the ITU-APT Foundation of India. Satya N. Gupta presented PM-Wani (Prime Minister Wi-Fi Access Network Interface), a successful initiative in India that leverages public Wi-Fi to provide affordable internet access to rural communities. His talk highlighted how such scalable models can be adapted globally to foster digital inclusion and bridge the digital divide.

    The second panel titled, “Youth and Standardisation,” brought attention to the growing role of youth in telecommunications standards development. Mr. Sharad Arora, international expert in e-learning, security, telecommunications, and IoT gave a presentation on The Role of Standards and Standardization Activities, whereas, Mr. Thomas Basikolo Programme Officer in the Telecommunication Standardization Policy Department of the ITU Telecommunication Standardization Bureau gave a presentation on ITU Standardisation work and its international standards. Additionally, a panel session was scheduled which was moderated by Ms. Kumud Jindal, ADG-Digital Intelligence, Department of Telecommunications. The panelists included Sonali Garg, Manager-Standards & Research Group, HFCL; Vinit Ranjan, ADG-Wireless Finance; Diksha Dhiman, ADET- NTIPRIT; and Akshat Shrivastava, Student B.Tech Final Year, IIT-Delhi.  The session emphasized on the need to enhance youth participation in shaping the future of global standards for emerging technologies such as 5G, AI, and quantum communication. The session concluded with a call to action for increased youth representation in international organizations to ensure that the next generation actively contributes to building an inclusive and secure digital future

    Bilel Jamoussi,​ Deputy to the Director and Chief of Telecommunication Standardization Policy Department in his opening remarks for the session, stated, “Youth participation in the standardization process not only drives innovation but also opens the door to significant opportunities, including the creation of standard essential patents. This can lead to both recognition and financial benefits. By engaging in the standardization process, you not only contribute to global solutions but also position yourselves to lead successful ventures in the future.”

    The conference concluded with a closing ceremony led by Mario Maniewicz, Director of ​Radiocommunication Bureau (BR)​, ITU, and Deb Kumar Chakrabarti, Director General, National Communication Academy, Department of Telecommunications & General Chairman of Kaleidoscope 2024. Awards of CHF 6000 were presented for the best three research papers. Young authors certificates were given to 18 young authors of the selected papers. Among the exceptional submissions, three projects were awarded top honours for their outstanding contributions.

    Deb Kumar Chakrabarti, Director General, National Communication Academy, Ghaziabad, Department of Telecommunications & General Chairman of Kaleidoscope 2024, in his closing remarks, stated, “This event provided a unique platform for thought leaders to share ideas on the future of telecom, and I extend my congratulations to the Kaleidoscope award winners and all participants. The diverse presentations showcased the critical role of technologies like 6G, IoT, AI, and quantum computing in shaping the global digital landscape and addressing key challenges. The insights gained here will guide future strategies, enhance telecom networks, and empower millions, contributing to a more inclusive and sustainable world.”

    The 1st prize went to the Artificial Intelligence Driven Tilt Sensor-Based Smart Drinking Device for Stroke Survivors, developed by Preeta Sharan and Anup M Upadhyaya from The Oxford College of Engineering, India, along with R Vasanthan from The Oxford College of Physiotherapy, India. The 2nd prize was awarded to the Elderly Wellness Companion With Voice and Video-Based Health Anomaly Detection, created by Dhananjay Kumar, Mehal Sakthi M S, and Sowbarnigaa K S from Anna University, India, alongside Ved P. Kafle from the National Institute of Information and Communications Technology, Japan. The 3rd prize was given to Alpha-Bit: An Android App for Enhancing Pattern Recognition Using CNN and Sequential Deep Learning, developed by Gobi Ramasamy, Arokia Paul Rajan, and Priyadharshini Rengasamy from Christ University, India, along with Antoine Bagula from the University of the Western Cape, South Africa.

    The event emphasized the importance of continued collaboration to achieve global digital transformation, particularly through inclusivity and access.

    About ITU Kaleidoscope

    ITU Kaleidoscope is an annual event that has been instrumental in bridging the gap between academia and industry, promoting the exchange of ideas that contribute to the global standardization of telecommunications technologies. Since its inception in 2008, Kaleidoscope has become one of the most influential platforms for discussing the future of digital communications, providing a space where researchers and innovators can present their most promising work.

    Visit the official ITU Kaleidoscope 2024 website at https://www.itu.int/en/ITU-T/academia/kaleidoscope/2024/Pages/default.aspx or simply type ITU Kaleidoscope 2024 in google and select the first displayed website for detailed information on the event program, speakers, and sessions.

    About WTSA 2024:

    WTSA 2024, organized by the International Telecommunication Union (ITU), serves as a platform for the development and implementation of global telecommunications standards, uniting regulators, industry leaders, and policymakers to shape the future of communications worldwide.

     

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  • MIL-OSI Asia-Pac: Prime Minister condoles the loss of lives in building collapse in Bengaluru; announces ex-gratia from PMNRF

    Source: Government of India

    Posted On: 24 OCT 2024 7:47AM by PIB Delhi

    Prime Minister Shri Narendra Modi today condoled the loss of lives in a building collapse in Bengaluru. Shri 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.

    In a post on X, he wrote:

    “Anguished by the loss of lives due to the collapse of a building in Bengaluru. My thoughts are with all those who have lost their loved ones. I pray that the injured recover soon. 

    An ex-gratia of Rs. 2 lakhs from PMNRF would be provided to the next of kin of each deceased. The injured would be given Rs. 50,000: PM @narendramodi”

     

     

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  • MIL-OSI: Visteon Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VAN BUREN TOWNSHIP, Mich., Oct. 24, 2024 (GLOBE NEWSWIRE) — Visteon Corporation (NASDAQ: VC) today reported third quarter financial results. Highlights include:

    • Sales of $980 million with Growth-over-Market of 6%1
    • Net income of $39 million and adjusted net income of $63 million
    • Adjusted EBITDA of $119 million
    • Launched 30 new products in the quarter and 71 year-to-date
    • New business wins of $4.9 billion year-to-date
    • Net cash of $229 million at quarter end

    Visteon reported solid net sales of $980 million in a challenging production environment. We delivered 6% outperformance relative to customer vehicle production, driven by strong demand for digital cockpit and electrification products. Our market outperformance was offset by lower customer production and reduced customer recoveries resulting from improved semiconductor supply.

    Gross margin in the third quarter was $131 million. Net income attributable to Visteon was $39 million or $1.40 per diluted share and adjusted net income, a non-GAAP measure defined below, was $63 million or $2.26 per diluted share. Net income, as compared to the prior year, includes the favorable impact of strong operational performance and lower net engineering, partially offset by restructuring expense incurred in the third quarter of 2024. Adjusted EBITDA, a non-GAAP measure defined below, was $119 million in the third quarter and reflects the Company’s strong focus on operational execution, commercial excellence, and cost discipline.

    For the first nine months, cash from operations was $224 million, capital expenditures were $96 million and adjusted free cash flow, a non-GAAP measure defined below, was $135 million. The company ended the third quarter with cash of $553 million and debt of $324 million. Our strong balance sheet, with a net cash position of $229 million, provides the flexibility to deliver on our capital allocation priorities.

    Visteon launched 30 new products in the third quarter, with launches across each of its product lines. Key third quarter launches include an infotainment display system on the Tata Punch, highlighting our continued momentum in India; SmartCore(TM) on an electric SUV for Lynk & Co for the European market and the Renault Grand Koleos hybrid for the Korean market; a digital cluster on the Nissan Qashqai, a popular SUV in Europe; and a wireless BMS for the all-electric Jeep Wagoneer.

    Visteon secured $4.9 billion in new business through the first nine months of the year, including $2.5 billion of wins with OEMs in Asia excluding China. Our success in diversifying into adjacent end-markets also continued, with further momentum with two-wheeler and commercial vehicle OEMs. Third quarter wins included a large, curved display for multiple mass market vehicles in Europe for a global OEM, SmartCore™ and display wins for a SUV model for an Indian OEM and for an electric vehicle for a domestic China OEM. We also had a follow-on win for a digital cluster with a two-wheeler OEM in India.

    “Visteon delivered solid sales and growth-over-market in the third quarter, demonstrating our ability to navigate a challenging customer production environment,” said President and CEO Sachin Lawande. “Demand from our customers remains robust for our diverse product portfolio targeting automotive megatrends of digitalization and electrification. Our continued success in securing new business wins and our momentum with two-wheeler and commercial vehicle OEMs provide a strong foundation for future growth.”

    Based on our year-to-date performance and outlook for the fourth quarter, Visteon is updating its full-year 2024 guidance and anticipates sales in the range of $3.85 – $3.90 billion, adjusted EBITDA in the range of $465 – $480 million, and adjusted free cash flow in the range of $165 – $185 million.

    About Visteon

    Visteon is advancing mobility through innovative technology solutions that enable a software-defined and electric future. With next-generation digital cockpit and electrification products, Visteon leverages the strength and agility of its global network with a local footprint to deliver a cleaner, safer and more connected vehicle experience. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries worldwide, recorded approximately $3.95 billion in annual sales and booked $7.2 billion of new business in 2023. Learn more at investors.visteon.com/.

    Conference Call and Presentation
    Today, Thursday, October 24, at 9 a.m. ET, the company will host a conference call for the investment community to discuss the quarter’s results and other related items. The conference call is available to the general public via a live audio webcast.

    The dial-in numbers to participate in the call are:

    U.S./Canada: 1-888-330-2508
    Outside U.S./Canada: 1-240-789-2735
    Conference ID: 8897485  

    (Call approximately 10 minutes before the start of the conference.)

    The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon’s website.

    Use of Non-GAAP Financial Information

    Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.

    In order to provide the forward-looking non-GAAP financial measures for full-year 2024, the company provides reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this press release and the adjustments that management can reasonably predict.

    Forward-looking Information

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “forecasts” and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:

    • continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;
    • significant or prolonged shortage of critical components from our suppliers, including but not limited to semiconductors, and particularly those who are our sole or primary sources;
    • failure of the Company’s joint venture partners to comply with contractual obligations or to exert influence or pressure in China;
    • conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
    • our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;
    • our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
    • general economic conditions, including changes in interest rates and fuel prices; the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations;
    • disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;
    • increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;
    • changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of our products or assets; and
    • those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our subsequent filings with the Securities and Exchange Commission).

    Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.

    Follow Visteon:

    https://www.linkedin.com/company/visteon 
    https://twitter.com/visteon 
    https://www.facebook.com/VisteonCorporation 
    https://www.youtube.com/user/Visteon
    https://www.instagram.com/visteon/ 
    https://mp.weixin.qq.com/?lang=en_US 
    https://m.weibo.cn/u/6605315328 
    http://i.youku.com/u/UNDgyMjA1NjUxNg==?spm=a2h0k.8191407.0.0

    VISTEON CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
    (In millions except per share amounts)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
        2024       2023       2024       2023  
                   
    Net sales $ 980     $ 1,014     $ 2,927     $ 2,964  
    Cost of sales   (849 )     (871 )     (2,530 )     (2,607 )
    Gross margin   131       143       397       357  
    Selling, general and administrative expenses   (51 )     (52 )     (152 )     (156 )
    Restructuring, net   (28 )     —       (31 )     (2 )
    Interest expense, net   —       (1 )     —       (7 )
    Equity in net income (loss) of non-consolidated affiliates   (3 )     (1 )     (7 )     (8 )
    Other income (expense), net   2       3       7       (4 )
    Income (loss) before income taxes   51       92       214       180  
    Provision for income taxes   (11 )     (21 )     (55 )     (48 )
    Net income (loss)   40       71       159       132  
    Less: Net (income) loss attributable to non-controlling interests   (1 )     (5 )     (7 )     (12 )
    Net income (loss) attributable to Visteon Corporation $ 39     $ 66     $ 152     $ 120  
                   
    Comprehensive income (loss) $ 69     $ 58     $ 153     $ 114  
    Less: Comprehensive (income) loss attributable to non-controlling interests   (7 )     (4 )     (10 )     (6 )
    Comprehensive income (loss) attributable to Visteon Corporation $ 62     $ 54     $ 143     $ 108  
                   
    Basic earnings (loss) per share attributable to Visteon Corporation $ 1.41     $ 2.35     $ 5.51     $ 4.26  
                   
    Diluted earnings (loss) per share attributable to Visteon Corporation $ 1.40     $ 2.32     $ 5.45     $ 4.20  
                   
    Average shares outstanding (in millions)              
    Basic   27.6       28.1       27.6       28.2  
    Diluted   27.9       28.5       27.9       28.6  
    VISTEON CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In millions)
     
      (Unaudited)    
      September 30,   December 31,
        2024       2023  
    ASSETS      
    Cash and equivalents $ 550     $ 515  
    Restricted cash   3       3  
    Accounts receivable, net   719       666  
    Inventories, net   321       298  
    Other current assets   109       134  
    Total current assets   1,702       1,616  
           
    Property and equipment, net   438       418  
    Intangible assets, net   157       90  
    Right-of-use assets   103       109  
    Investments in non-consolidated affiliates   27       35  
    Deferred tax assets   387       384  
    Other non-current assets   79       75  
    Total assets $ 2,893     $ 2,727  
           
    LIABILITIES AND EQUITY      
    Short-term debt $ 18     $ 18  
    Accounts payable   547       551  
    Accrued employee liabilities   98       99  
    Current lease liability   29       30  
    Other current liabilities   245       233  
    Total current liabilities   937       931  
           
    Long-term debt, net   306       318  
    Employee benefits   143       160  
    Non-current lease liability   79       79  
    Deferred tax liabilities   46       31  
    Other non-current liabilities   109       85  
           
    Stockholders’ equity:      
    Common stock   1       1  
    Additional paid-in capital   1,369       1,356  
    Retained earnings   2,426       2,274  
    Accumulated other comprehensive loss   (263 )     (254 )
    Treasury stock   (2,348 )     (2,339 )
    Total Visteon Corporation stockholders’ equity   1,185       1,038  
    Non-controlling interests   88       85  
    Total equity   1,273       1,123  
    Total liabilities and equity $ 2,893     $ 2,727  
    VISTEON CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
        2024       2023       2024       2023  
    OPERATING              
    Net income (loss) $ 40     $ 71     $ 159     $ 132  
    Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities:              
    Depreciation and amortization   25       24       71       79  
    Non-cash stock-based compensation   10       9       31       26  
    Equity in net loss (income) of non-consolidated affiliates, net of dividends remitted   3       1       7       8  
    Tax valuation allowance benefit   (7 )     —       (7 )     —  
    Other non-cash items   3       1       10       (3 )
    Changes in assets and liabilities:              
    Accounts receivable   (6 )     (12 )     (55 )     (19 )
    Inventories   —       6       (23 )     23  
    Accounts payable   (5 )     35       3       (54 )
    Other assets and other liabilities   35       (8 )     28       (23 )
    Net cash provided from (used by) operating activities   98       127       224       169  
    INVESTING              
    Capital expenditures, including intangibles   (28 )     (31 )     (96 )     (82 )
    Acquisition of business, net of cash acquired   (48 )     —       (48 )     —  
    Contributions to equity method investments   (1 )     (1 )     (1 )     (1 )
    Loan provided to non-consolidated affiliate   —       —       (5 )     —  
    Other   1       1       2       3  
    Net cash used by investing activities   (76 )     (31 )     (148 )     (80 )
    FINANCING              
    Dividends to non-controlling interests   —       (12 )     —       (27 )
    Short-term debt, net   —       (3 )     —       —  
    Repurchase of common stock   —       (46 )     (20 )     (76 )
    Stock based compensation tax withholding payments   —       (1 )     (7 )     (16 )
    Proceeds from the exercise of stock options   —       4       —       8  
    Principal repayment of term debt facility   (4 )     (4 )     (13 )     (8 )
    Net cash used by financing activities   (4 )     (62 )     (40 )     (119 )
    Effect of exchange rate changes on cash   27       (8 )     (1 )     (8 )
    Net decrease in cash, equivalents, and restricted cash   45       26       35       (38 )
    Cash, equivalents, and restricted cash at beginning of the period   508       459       518       523  
    Cash, equivalents, and restricted cash at end of the period $ 553     $ 485     $ 553     $ 485  

    VISTEON CORPORATION AND SUBSIDIARIES
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In millions except per share amounts)
    (Unaudited)

    Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company’s operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, provision for (benefit from) income taxes, non-cash stock-based compensation expense, net interest expense, net income attributable to non-controlling interests, net restructuring expense, equity in net (income)/loss of non-consolidated affiliates, gain on non-consolidated affiliate transactions, and other gains and losses not reflective of the Company’s ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.

      Three Months Ended   Nine Months Ended   Estimated
      September 30,   September 30,   Full Year
    Visteon:   2024       2023       2024       2023       2024  
    Net income attributable to Visteon Corporation $ 39     $ 66     $ 152     $ 120       202  
    Depreciation and amortization   25       24       71       79       96  
    Provision for income taxes   11       21       55       48       75  
    Non-cash, stock-based compensation expense   10       9       31       26       42  
    Restructuring, net   28       —       31       2       34  
    Interest expense, net   —       1       —       7       —  
    Net income attributable to non-controlling interests   1       5       7       12       10  
    Equity in net loss (income) of non-consolidated affiliates   3       1       7       8       9  
    Other   2       1       3       15       5  
    Adjusted EBITDA $ 119     $ 128     $ 357     $ 317     $ 4732  
                       

    Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company’s business strategies, and (iii) because the Company’s credit agreements use similar measures for compliance with certain covenants.

    VISTEON CORPORATION AND SUBSIDIARIES
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In millions except per share amounts)
    (Unaudited)

    Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company’s liquidity that management believes are useful to investors in analyzing the Company’s ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.

      Three Months Ended   Nine Months Ended   Estimated
      September 30,   September 30,   Full Year
    Visteon:   2024       2023       2024       2023       2024  
    Cash provided from (used by) operating activities $ 98     $ 127     $ 224     $ 169       305  
    Capital expenditures, including intangibles   (28 )     (31 )     (96 )     (82 )     (145 )
    Free cash flow $ 70     $ 96     $ 128     $ 87     $ 160  
    Restructuring related payments   3       2       7       6       15  
    Adjusted free cash flow $ 73     $ 98     $ 135     $ 93     $ 1753  
     

    Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.

    VISTEON CORPORATION AND SUBSIDIARIES
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In millions except per share amounts)
    (Unaudited)

    Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company’s profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of restructuring expense, loss on divestiture, gain on non-consolidated affiliate transactions, other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
        2024       2023       2024       2023  
    Net income attributable to Visteon $ 39     $ 66     $ 152     $ 120  
                   
    Diluted earnings per share:              
    Net income attributable to Visteon $ 39     $ 66     $ 152     $ 120  
    Average shares outstanding, diluted   27.9       28.5       27.9       28.6  
    Diluted earnings per share $ 1.40     $ 2.32     $ 5.45     $ 4.20  
                   
    Adjusted net income and adjusted earnings per share:              
    Net income attributable to Visteon $ 39     $ 66     $ 152     $ 120  
    Restructuring, net   28       —       31       2  
    Other   2       1       3       15  
    Tax impacts of adjustments   (6 )     —       (7 )     —  
    Adjusted net income $ 63     $ 67     $ 179     $ 137  
    Average shares outstanding, diluted   27.9       28.5       27.9       28.6  
    Adjusted earnings per share $ 2.26     $ 2.35     $ 6.42     $ 4.79  
                   

    Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.

    1 Excludes Y/Y impact of currency fluctuations
    2 Based on mid-point of the range of the Company’s financial guidance
    3 Based on mid-point of the range of the Company’s financial guidance

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