Source: Reserve Bank of India
|
In the underwriting auctions conducted on October 11, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Ajit Prasad Press Release: 2024-2025/1268 |
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Source: Reserve Bank of India
|
On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 11, 2024, Friday, as under:
2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. (Puneet Pancholy) Press Release: 2024-2025/1269 |
Source: GlobeNewswire (MIL-OSI)
Ageas announces that it has entered into exclusive negotiations with Saga plc, the UK specialist provider of products and services to people aged over 50, to establish a 20-year partnership with Saga Services Limited (SSL) for the distribution of personal lines Motor and Home insurance products to Saga’s customers. Alongside this, Ageas would also acquire Saga’s Insurance Underwriting business, AICL (Acromas Insurance Company Limited), which together form the Proposed Transaction.
The Proposed Transaction aligns perfectly with Ageas’s recently unveiled Elevate27 strategy, to capitalise on its robust Non-Life presence across Europe, while accelerating solutions targeted at an ageing population, a rapidly expanding customer segment where the Group and Ageas UK already has real strength and expertise. Furthermore, it presents Ageas with the opportunity to enhance its position as a leading personal lines insurer in the UK, adding scale to a core European market of the Group. By combining Saga’s insights with Ageas UK’s personal lines insurance expertise particularly in this customer segment, the partnership offers a unique competitive advantage in the expanding over 50s market.
Under the Proposed Transaction, Ageas UK, a subsidiary of Ageas, would enter into a 20-year Affinity Partnership with SSL, Saga’s Insurance Broking business, which distributed in excess of GBP 479 million in Gross Written Premiums (GWP) in the 12-month period ended 31 July 2024 across its motor and home insurance products. The Proposed Transaction represents a total cash payment of GBP 147.5 million, subject to customary completion adjustments, with a potential additional contingent consideration of up to GBP 60 million, subject to meeting agreed policy volumes and profitability targets. Completion of the AICL transaction remains conditional on the signing of definitive transaction documentation and regulatory approvals. As of January 2024, AICL’s Own Funds (Unrestricted Tier1) and Solvency Capital Requirement stand at GBP 83 million and GBP 54 million, respectively.
Based on the initial consideration and including capital synergies, the estimated impact on the Ageas Group Solvency is – 5%.
The Proposed Transaction will not affect the Group’s current share buyback programme.
Background on Saga
Saga, created over 70 years ago, is a specialist in the provision of products and services for people over 50. The Saga brand is one of the most recognised and trusted in the UK. Saga is known for its high level of customer service and its high-quality, award-winning products and services including cruises and travel, insurance, personal finance and media. (http://www.saga.co.uk)
Hans De Cuyper, CEO of Ageas said: “We eagerly anticipate further strengthening our partnership with Saga, a well-known brand in the UK. This proposed deal aligns seamlessly with the Ageas Group recently launched Elevate27 strategy, which aims to leverage our strong European presence in Non-Life, add scale to our business, and benefit from material capital diversification. This transaction allows us to grow in a market where we already have real strength and expertise. Ageas has a longstanding tradition of successful partnerships, and we are confident that this collaboration with Saga will open new avenues for creating and accelerating profitable growth.”
Ant Middle, CEO of Ageas UK said: “This proposed deal with Saga aligns perfectly with our strategy to profitably grow in UK personal lines and in creating powerful partnerships to the benefit of our customers. Deepening our relationship with Saga unlocks even more opportunity to increase our competitiveness in a rapidly expanding over 50s customer segment; an area where we already have real strength and expertise. It also draws on our strengths of technical and operational excellence, and customer care, providing more potential for us to leverage the significant investments made in our business over the last three years and offer our expertise in meeting the unique needs of Saga’s customers.”
Mike Hazell, CEO of Saga plc said: “We are hugely excited at the opportunity to grow our home and motor Insurance business through this proposed partnership with Ageas. The coming together of Saga’s fantastic brand and Ageas’s unrivalled expertise in operating successful affinity insurance partnerships, would create a winning combination. Our joint reputation for delivering exceptional products and services to people over 50 means this partnership would allow us to serve even more customers with great products at excellent value. Saga is a unique business with a long heritage, great people and loyal customers. We have been clear for some time that developing a partnership approach is the right strategy, providing us with a capital-light route to growth and the ability to reduce debt, leading to the creation of long-term sustainable value for all our stakeholders.”
Whilst Ageas and Saga are in exclusive negotiations, the Proposed Transaction remains subject to the parties agreeing binding documentation as well as regulatory approvals, and therefore there is currently no certainty that it will occur. A further announcement will be made in due course, as appropriate.
Proposed terms
Affinity Partnership
Ageas acquisition of AICL
Ageas is a listed international insurance Group with a heritage spanning almost 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 44,000 people and reported annual inflows of more than EUR 17 billion in 2023.
Attachment
Source: New Zealand Government
The annual East Asia Summit (EAS) held in Laos this week underscored the critical role that the Association of Southeast Asian Nations (ASEAN) plays in ensuring a peaceful, stable and prosperous Indo-Pacific, Prime Minister Christopher Luxon says.
“My first participation in an EAS has been a valuable opportunity to engage with leaders on complex issues facing our region, from geopolitical tensions to expanding trade. In my statement, I emphasised the importance of regional security to our collective economic prosperity,” Mr Luxon says.
Mr Luxon confirmed New Zealand will hold an ASEAN-New Zealand Commemorative Leaders’ Summit in Malaysia in November 2025.
“This will be a fitting way to mark 50 years of New Zealand-ASEAN dialogue relations next year,” Mr Luxon says.
“My Government is lifting the energy New Zealand brings to our relationships across Southeast Asia and we continue to deepen our ties with ASEAN. This includes work to upgrade to a New Zealand-ASEAN Comprehensive Strategic Partnership.”
Mr Luxon held bilateral talks with the leaders of Cambodia, India, the Philippines, Viet Nam and Thailand. He also delivered a speech to the ASEAN Business and Investment Summit.
“I had a lengthy and warm bilateral with Prime Minister Modi, who invited me to visit India in the new year. We discussed the many connections between India and New Zealand, how we could grow the relationship further, and the contribution the 300,000 India diaspora make to New Zealand both culturally and economically.
“I also sat with Prime Minister Modi at the Leaders’ Gala dinner where we continued our conversation. We will look at finding a mutually agreeable time to visit India early in 2025.”
Prime Minister Luxon also met with the Prime Ministers of Canada and Australia in Laos. Prime Ministers Trudeau, Albanese and Luxon traversed common interests such as their work together on the troubling situation in the Middle East, CPTPP, and the Commonwealth.
Mr Luxon arrives back in New Zealand on Saturday.
Source: Reserve Bank of India
Ajit Prasad Press Release: 2024-2025/1270 |
MILES AXLE Translation. Region: Russian Federation –
Source: Moscow Government – Government of Moscow –
Over two million guests from Russian regions visited Moscow cafes and restaurants in the first half of 2024. Most often, these were residents of St. Petersburg, Krasnodar Krai and Tyumen Oblast, reported Natalia Sergunina, Deputy Mayor of Moscow.
“There are more than 22 thousand establishments in the capital – these are fine dining restaurants, coffee shops, bakeries, family cafes. Many of them use farm products, the menu offers both signature versions of traditional treats and modern dishes,” said Natalia Sergunina.
Over the past few years, demand for domestic products in Moscow has grown significantly. Now their share in the total consumption in the capital makes up 84 percent. Vegetables, cheeses, meat and fish are brought from more than 80 regions of the country.
Festivals, in particular “Tastes of Russia” and “Moscow — on the Wave. Fish Week”, as well as the projects “Moscow Breakfast” and “Moscow Tea Party”, introduce the variety of farm products and gastronomic concepts. The city is currently hosting festival “Golden Autumn”, where more than 150 large and small farms from all over the country presented their products.
During the recent large-scale forum-festival “Territory of the Future. Moscow 2030” a competition “Dessert of the Future” was held. It involved 30 cafes, bakeries, restaurants and hotels of the capital. Over three weeks, city residents and tourists tried 2.5 thousand portions of cakes, pastries and pastries. Among the treats were varenets with condensed milk, ice cream and lingonberries, chocolate millefeuille and sweet sushi. The results were announced in September, the winner was a team from a large hotel chain. According to its representative, festivals give chefs the opportunity to experiment with traditional and modern cooking techniques and also attract new guests.
Another iconic gastronomic project has united regional chefs at the forum-festival “Territory of the Future. Moscow 2030”. They prepared dishes worth up to 300 rubles from domestic products. You could try them on Manezhnaya Square. The main prize was contested by perepechi with farmer’s cheese and green onions, Far Eastern fisherman’s slice with crab salad, sugudai from nelma with baked potatoes, the dessert “Kalinnik” and other delicacies. The winner was mini-chebureki with crab and shrimp – visitors bought them most often.
Thanks to such events, interest in restaurants of regional and national cuisine is growing. For example, a representative of a Baikal and Buryat-Mongolian establishment noted that residents and tourists, who a couple of years ago cautiously ordered dishes with specific names, now come for them from all over the capital and even from other cities.
Moscow is becoming a Russian and international center of gastronomic tourism. If you had breakfast, lunch and dinner in different establishments of the city every day, it would take 20 years to visit them all. Many restaurants and cafes are also targeting visitors from specific countries, such as China or India. They undergo certification for compliance with the culinary traditions of the country, over time they become more famous and open new places.
Development of the tourism industry – resultcomprehensive support for the industry and close cooperation between the city and business. The volume of tourist and excursion consumption in the first half of 2024 amounted to 650 billion rubles, of which revenues to the capital’s budget are estimated at 89 billion rubles. Both figures are a third higher than in the record pre-pandemic year of 2019.
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.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: The Conversation – Africa – By Ekaterina Rzyankina, Lecturer, Cape Peninsula University of Technology
When most people are asked to picture an engineer at work, they probably imagine a civil engineer in a hard hat at a construction site, a chemical engineer in a laboratory or an electrical engineer examining a complex circuit board. Very few, I’m willing to bet, visualise someone aboard a ship.
But, for those drawn both to engineering and a seafaring life, marine engineering and nautical science are ideal careers – especially in a country like South Africa, uniquely positioned where the Atlantic and Indian Oceans converge.
Over 90% of the world’s goods are transported by sea. That means both marine engineers and nautical scientists are crucial to global trade, transportation and resource management. These professionals play a critical role in ensuring that vessels operate reliably, comply with environmental regulations and navigate safely through the world’s oceans.
South Africa’s Department of Higher Education does not distinguish between different types of engineering when collecting statistics about graduates. However, those of us in the marine engineering and nautical science space in academia can confirm the numbers are low. At my own institution, the Cape Peninsula University of Technology (CPUT) in Cape Town, between ten and 20 people graduate each year from these programmes. At another, Nelson Mandela University in the Eastern Cape province, around seven people graduate in these fields each year. With so few people studying these disciplines, the skills they impart are in high demand. The government’s list of scarce skills for 2024 includes “marine engineering technologist”.
I’m an engineering lecturer in the Department of Maritime Studies at CPUT. There, I teach in both the Bachelor of Nautical Science and Marine Engineering programmes, lecturing on a variety of subjects, including mathematics and applied thermodynamics (the branch of physics that deals with the relationships between heat, energy and work).
Watching my students complete their degrees and start careers in marine engineering or nautical science has made it clear that this work offers a blend of adventure, technical challenge, and the opportunity to contribute to an industry that is essential to global commerce and environmental stewardship.
Whether it’s designing cutting-edge marine technology or navigating the world’s vast oceans, the maritime field promises a fulfilling professional journey.
Three universities – CPUT, Nelson Mandela University and the Durban University of Technology in KwaZulu-Natal – offer maritime studies courses aimed at those who intend to work at sea. A fourth, the University of KwaZulu-Natal, offers this degree with a focus on maritime law and logistics. There are also some specialised training institutions, among them the South African Maritime Safety Authority, that provide various qualifications and certifications.
You’ll need to have taken mathematics, physical science and English in your school-leaving matric year, and to have passed them well. (Contact individual universities to find out their precise degree requirements.) A strong interest in and commitment to a career at sea or in the maritime industry more broadly is crucial.
Being a strong swimmer can be an advantage. But it is not necessarily a requirement. Students who do not know how to swim will typically have the opportunity to learn and develop their swimming skills as part of their training.
There are practical and theoretical components to these degrees. At our Granger Bay campus near the V&A Waterfront in Cape Town, for instance, we’ve set up a survival centre – a practical facility where students receive training to equip them for life at sea. It is fully equipped with three fully enclosed lifeboats, two open lifeboats, a rigid capsule, two fast rescue craft, a heated 12 x 7 metre pool, an underwater escape training dunker, various life rafts, life jackets, immersion suits, and more.
Read more: Seasickness: we built a digital monitoring system on a South African research ship to help manage it
On the theoretical side, a Bachelor of Nautical Science programme focuses on the navigation and operation of ships. It encompasses navigation techniques, ship stability, cargo handling, meteorology, and maritime laws. This prepares students for careers as navigators in the merchant navy. (Not to be confused with the military navy – a merchant navy is a country’s commercial shipping industry, which includes all the cargo and passenger ships that are registered under that nation and used for trade, transport and other non-military purposes.)
Some of our graduates have gone on to become ship’s masters, also called captains – the highest ranking officer on any ship.
Marine engineering programmes, meanwhile, focus on the design, development, operation and maintenance of the mechanical systems and equipment used on ships and other marine vessels. This includes everything from engines and propulsion systems to refrigeration and steering mechanisms. Marine engineers ensure that these systems function efficiently and safely. They often work closely with naval architects to integrate these technologies into new ship designs or retrofit them into existing vessels.
Oceanic African countries, like South Africa, need people with these skills to harness the full potential of their maritime resources.
Read more: What South Africa can do to harness a neglected resource – its oceans
The development of local expertise in maritime engineering and nautical science is essential for ensuring safe and efficient maritime operations. It also helps to protect marine environments and contributes to global maritime trade. Skilled professionals in these fields help these countries take advantage of their maritime assets, promote economic growth and enhance their roles in international commerce.
As a proud lecturer, I am thrilled to see my students progress and develop both internationally and locally. Many have gone on to work in various exciting and prestigious roles around the world. Some have become ship’s masters, navigating and managing large vessels on international waters, while others have taken on critical roles in maritime operations, port management and logistics in countries such as Singapore, Norway and the United Kingdom. Some have pursued careers in maritime law and policy. Their career paths reflect the diverse and global opportunities available in the maritime industry.
– South Africa needs more nautical scientists and marine engineers – if you love the sea these may be the careers for you
– https://theconversation.com/south-africa-needs-more-nautical-scientists-and-marine-engineers-if-you-love-the-sea-these-may-be-the-careers-for-you-234104
Source: The Conversation – Africa – By Ekaterina Rzyankina, Lecturer, Cape Peninsula University of Technology
When most people are asked to picture an engineer at work, they probably imagine a civil engineer in a hard hat at a construction site, a chemical engineer in a laboratory or an electrical engineer examining a complex circuit board. Very few, I’m willing to bet, visualise someone aboard a ship.
But, for those drawn both to engineering and a seafaring life, marine engineering and nautical science are ideal careers – especially in a country like South Africa, uniquely positioned where the Atlantic and Indian Oceans converge.
Over 90% of the world’s goods are transported by sea. That means both marine engineers and nautical scientists are crucial to global trade, transportation and resource management. These professionals play a critical role in ensuring that vessels operate reliably, comply with environmental regulations and navigate safely through the world’s oceans.
South Africa’s Department of Higher Education does not distinguish between different types of engineering when collecting statistics about graduates. However, those of us in the marine engineering and nautical science space in academia can confirm the numbers are low. At my own institution, the Cape Peninsula University of Technology (CPUT) in Cape Town, between ten and 20 people graduate each year from these programmes. At another, Nelson Mandela University in the Eastern Cape province, around seven people graduate in these fields each year. With so few people studying these disciplines, the skills they impart are in high demand. The government’s list of scarce skills for 2024 includes “marine engineering technologist”.
I’m an engineering lecturer in the Department of Maritime Studies at CPUT. There, I teach in both the Bachelor of Nautical Science and Marine Engineering programmes, lecturing on a variety of subjects, including mathematics and applied thermodynamics (the branch of physics that deals with the relationships between heat, energy and work).
Watching my students complete their degrees and start careers in marine engineering or nautical science has made it clear that this work offers a blend of adventure, technical challenge, and the opportunity to contribute to an industry that is essential to global commerce and environmental stewardship.
Whether it’s designing cutting-edge marine technology or navigating the world’s vast oceans, the maritime field promises a fulfilling professional journey.
Three universities – CPUT, Nelson Mandela University and the Durban University of Technology in KwaZulu-Natal – offer maritime studies courses aimed at those who intend to work at sea. A fourth, the University of KwaZulu-Natal, offers this degree with a focus on maritime law and logistics. There are also some specialised training institutions, among them the South African Maritime Safety Authority, that provide various qualifications and certifications.
You’ll need to have taken mathematics, physical science and English in your school-leaving matric year, and to have passed them well. (Contact individual universities to find out their precise degree requirements.) A strong interest in and commitment to a career at sea or in the maritime industry more broadly is crucial.
Being a strong swimmer can be an advantage. But it is not necessarily a requirement. Students who do not know how to swim will typically have the opportunity to learn and develop their swimming skills as part of their training.
There are practical and theoretical components to these degrees. At our Granger Bay campus near the V&A Waterfront in Cape Town, for instance, we’ve set up a survival centre – a practical facility where students receive training to equip them for life at sea. It is fully equipped with three fully enclosed lifeboats, two open lifeboats, a rigid capsule, two fast rescue craft, a heated 12 x 7 metre pool, an underwater escape training dunker, various life rafts, life jackets, immersion suits, and more.
Read more:
Seasickness: we built a digital monitoring system on a South African research ship to help manage it
On the theoretical side, a Bachelor of Nautical Science programme focuses on the navigation and operation of ships. It encompasses navigation techniques, ship stability, cargo handling, meteorology, and maritime laws. This prepares students for careers as navigators in the merchant navy. (Not to be confused with the military navy – a merchant navy is a country’s commercial shipping industry, which includes all the cargo and passenger ships that are registered under that nation and used for trade, transport and other non-military purposes.)
Some of our graduates have gone on to become ship’s masters, also called captains – the highest ranking officer on any ship.
Marine engineering programmes, meanwhile, focus on the design, development, operation and maintenance of the mechanical systems and equipment used on ships and other marine vessels. This includes everything from engines and propulsion systems to refrigeration and steering mechanisms. Marine engineers ensure that these systems function efficiently and safely. They often work closely with naval architects to integrate these technologies into new ship designs or retrofit them into existing vessels.
Oceanic African countries, like South Africa, need people with these skills to harness the full potential of their maritime resources.
Read more:
What South Africa can do to harness a neglected resource – its oceans
The development of local expertise in maritime engineering and nautical science is essential for ensuring safe and efficient maritime operations. It also helps to protect marine environments and contributes to global maritime trade. Skilled professionals in these fields help these countries take advantage of their maritime assets, promote economic growth and enhance their roles in international commerce.
As a proud lecturer, I am thrilled to see my students progress and develop both internationally and locally. Many have gone on to work in various exciting and prestigious roles around the world. Some have become ship’s masters, navigating and managing large vessels on international waters, while others have taken on critical roles in maritime operations, port management and logistics in countries such as Singapore, Norway and the United Kingdom. Some have pursued careers in maritime law and policy. Their career paths reflect the diverse and global opportunities available in the maritime industry.
Ekaterina Rzyankina is affiliated with the Cape Peninsula University of Technology (CPUT).
– ref. South Africa needs more nautical scientists and marine engineers – if you love the sea these may be the careers for you – https://theconversation.com/south-africa-needs-more-nautical-scientists-and-marine-engineers-if-you-love-the-sea-these-may-be-the-careers-for-you-234104
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, Oct. 11, 2024 (GLOBE NEWSWIRE) — Amidst a global stock market resurgence, EBC Financial Group (EBC) is enhancing liquidity for five major stock indices, including the U.S. Dow Jones, Nasdaq, S&P 500, the A50 (China), and the Hang Seng Index (Hong Kong). This strategic move aims to provide investors with more optimised, efficient trading across all global sessions by reducing trading costs and offering greater access. The global stock market is going through big changes, with lots of money flowing in and companies going public again (IPO boom). This is making stock markets around the world rise.
As market valuations rise and capital flows increase globally, these enhancements position investors to capitalise on key opportunities emerging in this pivotal moment for financial markets. EBC, a global financial broker, is here to help investors make the most of these opportunities. They do this by using advanced technology to offer low-cost, high-quality access to markets where big financial players (banks, institutions) operate. In short, EBC helps investors get better deals and access to big markets at low costs.
Liquidity Strengthens Major Indices Amid Global Recovery
The ongoing recalibration of global stock markets is driven by several interconnected factors: fresh capital entering the system, a resurgence in IPO activity, and a series of market corrections that are realigning valuations. Emerging markets, once considered high-risk due to volatility, are now benefiting from new regulatory changes that boost investor returns, particularly in dividend payouts.
David Barrett, CEO of EBC Financial Group (UK) Ltd, offered an early prediction in June that undervalued markets were set to rebound. “Value reversion is a powerful force,” Barrett said at the time, emphasising that markets under pressure were now ripe for capital returns. He also noted that emerging markets, bolstered by new dividend regulations, are enhancing their attractiveness to global investors.
The past months have borne out these predictions. Since the start of 2024:
Why EBC’s Liquidity Enhancement Matters
EBC’s liquidity enhancement couldn’t have come at a better time. As the world’s investors hunt for undervalued assets, EBC has strengthened its ability to offer the lowest trading costs for five major stock indices, giving traders a unique edge in the market.
EBC’s role in implementing these reductions positions them among institutions actively working to streamline market access for a diverse range of investors.
The Role of IPOs and Global Capital Flows
Global capital is not simply flowing into traditional assets. A fresh wave of initial public offerings (IPOs) is reshaping the investment landscape, offering new opportunities for growth in sectors ranging from fintech to renewable energy. These IPOs, while centred in key regions, are attracting worldwide attention, pulling in capital from investors eager to capitalise on new and emerging trends.
“The market’s expectation for interest rate cuts has shifted the landscape,” Barrett said, adding that the rise of fintech IPOs, in particular, shows no signs of slowing down. As the global economy shifts into a new phase of monetary policy—with central banks signaling lower interest rates—investors are now betting on sustained growth in these innovative sectors.
With this, liquidity enhancements in major indices such as the Nasdaq and the Hang Seng are not simply reactive measures—they are strategic moves by institutions like EBC to prepare for the next wave of market activity. As more capital moves across borders, liquidity becomes essential for efficient, low-cost trading. The reduced spreads and enhanced market access make these indices more attractive to institutional and individual investors alike.
These developments come at a time when emerging markets are increasingly seen as key pillars of global growth, particularly as advanced economies grapple with inflationary pressures and slow economic recovery. The influx of liquidity into major indices reflects a broader confidence in global market resilience and the promise of continued returns in the months ahead.
Investors’ Next Steps: Navigating the Shift
As global capital searches for growth, liquidity becomes more than a technical feature—it’s a vital asset in a world where time and access to markets matter. This period of heightened activity may well define the next phase of global finance, one in which agility, market awareness, and access to liquidity will determine winners and losers.
EBC Financial Group’s liquidity enhancements across major indices align with broader market trends and provide investors with the tools they need to navigate these changes efficiently. By lowering costs and ensuring stability in key markets, EBC is laying the groundwork for investors to capture opportunities in the global markets of tomorrow.
Investors, particularly those focused on long-term wealth appreciation, would do well to remain vigilant. The liquidity enhancements we are seeing today are laying the foundation for future market opportunities. Those who understand these shifts and act accordingly will find themselves well-positioned in a rapidly evolving global financial landscape.
About EBC Financial Group
Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.
Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).
At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.
EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.
Media Contact:
Chyna Elvina
Global Public Relations Manager (APAC, LATAM)
chyna.elvina@ebc.com
Savitha Ravindran
Global Public Relations Manager (APAC, LATAM)
savitha.ravindran@ebc.com
Douglas Chew
Global Public Relations Lead
douglas.chew@ebc.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54d1f25c-3548-44f0-8ca1-9e4efa4190f3
Source: World Trade Organization
The October update of the WTO’s Global Trade Outlook and Statistics largely reaffirms the April forecast, pointing to a gradual recovery in merchandise trade despite widening regional conflicts and increasing policy uncertainty. However, at the regional level, we have seen weaker-than-expected European trade and stronger-than-expected Asian exports.
Since the last report, inflation has fallen, as expected, in advanced economies, prompting central banks to begin lowering interest rates. We expected these developments to boost consumption and investment, thereby increasing demand for imports. In particular, we projected that Asian economies would lead the trade recovery, while North America, Europe and other regions would contribute more modestly, yet positively.
Broadly speaking, these expectations have materialized. As shown in Chart 1, we now anticipate a 2.7% increase in global merchandise trade volume in 2024, slightly up on our previous estimate of 2.6%. However, the forecast for 2025 has been revised downward, from 3.3% to 3.0%. Trade growth in 2024 and 2025 will likely be accompanied by real global GDP growth of 2.7% at market exchange rates, both this year and next.
While the overall figures for global trade and output have remained stable, notable shifts in regional trade growth are emerging. Downside risks to the forecast have also intensified, particularly with the escalation of the conflict in the Middle East, which could further disrupt trade flows.
Two key differences stand out between the current forecast and the previous one. First, trade growth in European economies has been weaker than expected, affecting both imports and exports. Second, export growth in Asian economies has been stronger than expected.
As illustrated in Chart 2, Asia is expected to contribute more than any other region to global export growth in 2024, adding 2.8 percentage points to the projected 3.3% growth in exports. The region is also expected to contribute 1.4 percentage points to the 2.0% import growth foreseen for this year. Meanwhile, North America is expected to contribute 0.6 percentage points to import growth in 2024, partly offsetting Europe’s negative contribution of -0.8 percentage points. Regional trade contributions should stabilize in 2025, aligning more closely with medium-term trends.
The stronger-than-expected export performance in Asia has been driven by increased exports of electronics, automotive products and other manufactured goods from China, with other Asian economies such as India, Viet Nam and Singapore also reporting robust export growth. On the downside, Europe’s export decline has been led by a contraction in the automotive and chemicals sectors, both of which are concentrated in Germany.
The outlook for services trade remains more positive than for goods, with the value of global commercial services trade in US dollars rising 8% year-on-year in the first quarter of 2024. More comprehensive services data will be released later this month, but continued strong growth is anticipated for the second quarter.
Returning to merchandise trade, we are seeing increasing evidence of trade fragmentation driven by geopolitical concerns. Trade is increasingly conducted among like-minded economies, a trend accelerated by the war in Ukraine. However, we have yet to observe a broader shift towards regionalization or near-shoring on a global scale.
The full report is available here.
Source: Government of India
Posted On: 11 OCT 2024 8:47AM by PIB Delhi
The Prime Minister Shri Narendra Modi today paid tribute to Bharat Ratna Nanaji Deshmukh on his birth anniversary. Shri Modi remembered and lauded Shri Deshmukh’s dedication and service towards the empowerment of rural people of India.
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(Release ID: 2064022) Visitor Counter : 23
Source: Government of India
Posted On: 11 OCT 2024 8:50AM by PIB Delhi
The Prime Minister Shri Narendra Modi today paid tribute to Loknayak Jaiprakash Narayan on his birth anniversary. Lauding the contributions to the country and society, Shri Modi said Shri JP Narayan’s personality and ideals will remain a source of inspiration for every generation.
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(Release ID: 2064023) Visitor Counter : 9
Source: Government of India (2)
Posted On: 11 OCT 2024 10:08AM by PIB Delhi
The launch of ‘Missile Cum Ammunition Barge, LSAM 12 (Yard 80)’, the Sixth Barge of 08 x Missile Cum Ammunition Barge project, built by MSME Shipyard, M/s SECON Engineering Projects Pvt Ltd (SEPPL), Visakhapatnam for Indian Navy, was undertaken on 10 Oct 24 at M/s Vinayaga Marine Petro Ltd, Mira Bhayandar, Maharashtra (launch site of M/s SECON Engineering Projects Pvt Ltd). The launching Ceremony was presided over by Cmde MV Raj Krishna, CoY(Mbi).
The contract for building 08 x Missile Cum Ammunition Barge was signed between MoD and M/s SECON Engineering Projects Pvt Ltd, Visakhapatnam on 19 Feb 21. The availability of these Barges would provide impetus to operational commitments of IN by facilitating Transportation, Embarkation and Disembarkation of articles/ ammunition to IN platforms both alongside jetties and at outer harbours.
These Barges are indigenously designed and built under relevant Naval Rules and Regulation of Indian Register of Shipping. The model testing of the Barge during design stage were undertaken at Naval Science and Technological Laboratory, Visakhapatnam. These Barges are proud flag bearers of Make in India initiative of Government of India.
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VM/SPS 202/24
(Release ID: 2064036) Visitor Counter : 83
Source: Government of India
Posted On: 11 OCT 2024 11:49AM by PIB Delhi
Your Majesty,
Excellencies,
NAMASKAR.
First of all, I express my deep condolences to those affected by “Typhoon Yagi.”
During this challenging time, we have provided humanitarian assistance through Operation Sadbhav.
Friends,
India has consistently supported the unity and centrality of ASEAN. ASEAN is also pivotal to India’s Indo-Pacific vision and Quad cooperation. There are important similarities between India’s “Indo-Pacific Oceans Initiative” and the “ASEAN Outlook on Indo-Pacific.” A free, open, inclusive, prosperous, and rules-based Indo-Pacific is crucial for the peace and progress of the entire region.
The peace, security, and stability in the South China Sea are in the interest of the entire Indo-Pacific region.
We believe that maritime activities should be conducted in accordance with UNCLOS. Ensuring freedom of navigation and airspace is essential. A robust and effective Code of Conduct should be developed. And, it should not impose restrictions on the foreign policies of regional countries.
Our approach should focus on development and not expansionism.
Friends,
We endorse ASEAN’s approach to the situation in Myanmar and support the Five-Point Consensus. Furthermore, we believe it is crucial to sustain humanitarian assistance and implement suitable measures for the restoration of democracy. We believe that, Myanmar should be engaged rather than isolated in this process.
As a neighbouring country, India will continue to uphold its responsibilities.
Friends,
The most negatively affected countries, due to ongoing conflicts in various parts of the world, are those from the Global South. There is a collective desire for the restoration of peace and stability in regions such as Eurasia and the Middle East as soon as possible.
I come from the land of Buddha, and I have repeatedly stated that this is not the age of war. Solutions to problems cannot be found in the battlefield.
It is essential to respect sovereignty, territorial integrity, and international laws. With a humanitarian perspective, we must place a strong emphasis on dialogue and diplomacy
In fulfilling its responsibilities as a VISHWABANDHU, India will continue to make every effort to contribute in this direction.
Terrorism also poses a serious challenge to global peace and security. To combat it, forces that believe in humanity must come together and work in tandem.
And, we must strengthen mutual cooperation in the areas of cyber, maritime, and space.
Friends,
The revival of Nalanda was a commitment we made at the East Asia Summit. This June, we fulfilled that commitment by inaugurating the new campus of Nalanda University. I invite all the countries present here to participate in the ‘Heads of Higher Education Conclave’ to be held at Nalanda.
Friends,
The East Asia Summit is a key pillar of India’s Act East Policy.
I extend my heartfelt congratulations to Prime Minister Sonexay Siphandone for the excellent organisation of today’s summit.
I extend my best wishes to Malaysia as the next Chair and assure them of India’s full support for a successful presidency.
Thank you very much.
DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered
Source: Government of India (2)
Posted On: 11 OCT 2024 11:55AM by PIB Delhi
The Central Drugs Standard Control Organisation (CDSCO), along with the National Regulatory Authority of India (NRA) and affiliated institutions, has been found to meet the World Health Organization (WHO) published indicators for a functional vaccine regulatory system. This conclusion was reached by a team of international experts from various countries, led by WHO (HQ) in Geneva, following a comprehensive and in-depth scientific review of India’s vaccine regulatory system conducted from September 16 to 20, 2024.
Safety, efficacy, and quality are three basic parameters of assessment of vaccines. WHO has established global standards and benchmarks for assurance of vaccine quality through the development of tools and guidelines, benchmarking of the NRA and prequalification programme of vaccines.
The WHO NRA re-benchmarking was aimed to assess and document the status of the India regulatory system in the area of vaccine regulation, re-benchmark the status of the India vaccine regulatory system against the WHO NRA Global Benchmarking Tool (GBT) and measuring the maturity of the system. India has been declared ‘functional’ against all the core regulatory functions of the WHO Global Benchmarking Tool Version VI. India’s vaccine regulatory system was benchmarked in the year 2017 against Global benchmarking tool (GBT) version V which is now revised to GBT VI with raised bars and stringency in benchmarking criteria.
India retains Maturity Level 3 with highest marks in several functions.
Speaking about this landmark achievement, Ms. Punya Salila Srivastava, Union Health Secretary, stated, “The Central Drugs Standards Control Organization, in collaboration with WHO, has made exemplary efforts towards this achievement. India is one of the main players in the pharmaceutical industry worldwide and is known for its affordable vaccines and generic medicines.”
She also congratulated all the teams for their hard work in achieving this milestone for the country and reemphasized the strength of the Indian regulatory system and its commitment to supplying quality products worldwide to enhance health outcomes.
Dr Roderico H. Ofrin, WHO Representative to India noted, “The WHO plays a pivotal role in supporting countries in strengthening their regulatory systems, and promoting equitable access to quality, safe, efficacious, and affordable medical products and health products. This is indeed a great achievement, and we would like to congratulate the Ministry of Health & Family Welfare and its affiliated institutions,” he added.
Dr Rajeev Singh Raghuvanshi, Drugs Controller General (India), Central Drugs Standard Control Organization, MoHFW highlighted that “India, as a large vaccine producing country, is currently supplying several vaccines to the UN agencies (UNICEF, WHO and PAHO)”. “National Regulatory Authority of India meets the standards of the WHO NRA indicators (WHO Global benchmarking Tool) on functional regulatory system for vaccines” he added.
In addition to the general framework for the system, the following regulatory functions were evaluated: General Overview of the National Regulatory System (RS), Registration and Marketing Authorization (MA), Vigilance (VL), Market Surveillance and Control (MSC), Licensing Establishments (LI), Regulatory Inspections (RI), Laboratory Testing (LT), Clinical Trials Oversight (CT) and NRA Lot Release (LR).
Welcoming the positive outcome of international benchmarking, Dr Alireza Khadem, WHO Team Leader for the NRA Re-benchmarking, said, “It will go a long way in re-affirming India’s role in global health, including the strength of its pharmaceutical sector and drug regulatory capacity. WHO had scaled up its technical support to the India’s national regulatory authority over the past several years. This success is a culmination of intensive effort by the Health Ministry, including CDSCO, in collaboration with WHO, to implement a roadmap to strengthen capacity for regulation of vaccines,”.
India is a major vaccine producer that has 36 major vaccine manufacturing facilities. These vaccines are used for the national and international market (150 countries), which makes India a major vaccine supplier across the globe.
The WHO Prequalification Programme (PQP) is aimed at facilitating access to vaccines that meet unified standards of quality, safety and efficacy as well as programme needs. It is also prerequisite for manufacturers to supply to countries through United Nations procuring agencies. A functional NRA is a criterion for WHO prequalification of vaccines.
As for all NRA benchmarking, sustainability of the gains made in regulatory capacity is critical. For this purpose, the team which has just completed the assessment in India has drawn up a detailed Institutional Development Plan. The plan will outline additional activities to be undertaken to further strengthen regulatory capacity in India in the coming years.
World Health Organization carried out assessment of the National Regulatory Authority (NRA) of India comprising the Central Drugs Standard Control Organisation (CDSCO), State Drug Regulatory Authorities, Central Drugs Laboratory, Kasauli; Adverse Events Following Immunization (AEFI) structures at the Central and States levels, Immunization Division, Pharmacovigilance Programme of India, and other relevant institutions engaged in the regulation, control and testing of vaccines.
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MV
HFW/ NRA Meets WHO Standards /11th October 2024/1
(Release ID: 2064070) Visitor Counter : 63
Source: Government of India (2)
Posted On: 11 OCT 2024 12:18PM by PIB Delhi
The 3rd edition of the Indian Navy’s Naval Innovation and Indigenisation (ΝΙΙΟ) Seminar, Swavlamban 2024, is scheduled to be conducted at Bharat Mandapam on 28 – 29 Oct 24.
Over the last two editions of Swavlamban, the Indian Navy has received more than 2000 proposals from the Indian industry that have been converted into 155 challenges to facilitate development of prototypes. This initiative has enabled collaboration with more than 200 MSMEs/ Startups under the iDEX Scheme.
Swavlamban 2024 is expected to build on the experiences and insights gained through the conduct of previous editions of the seminar, and provide new and substantial impetus to the innovation and indigenisation endeavour. The event will showcase products of niche technologies such as air and surface surveillance, autonomous systems in surface, aerial and underwater domains, Al and quantum technologies on 28 and 29 Oct 24 at Hall 14, Pragati Maidan. Domain specific interactive sessions on 29 Oct 24 at Bharat Mandapam shall provide an opportunity for interaction among policy makers, innovators, startups, MSMEs, financial institutions and venture capitalists to discuss and deliberate on issues such as emerging technologies, future warfare, indigenisation, boosting innovation ecosystem and inculcating an innovative culture. For more information, kindly reach out to us at niio-tdac[at]navy[dot]gov[dot]in and mprcnavy[dot]321[at]gmail[dot]com.
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VM/SPS 203/24
(Release ID: 2064075) Visitor Counter : 37
Source: Government of India
Posted On: 11 OCT 2024 12:32PM by PIB Delhi
Prime Minister Shri Narendra Modi held bilateral talks with Prime Minister of Lao PDR H.E. Mr. Sonexay Siphandone in Vientiane today. He congratulated Lao PM on successfully hosting the 21st ASEAN-India and 19th East Asia Summits.
The two Prime Ministers held productive talks on further strengthening India-Laos civilizational and contemporary ties. They discussed various areas of bilateral cooperation such as development partnership, capacity building, disaster management, renewable energy, heritage restoration, economic ties, defence collaboration, and people-to-people ties. Prime Minister Siphandone thanked Prime Minister for India’s flood relief assistance provided to Lao PDR in the aftermath of Typhoon Yagi. The two leaders noted that the ongoing restoration and conservation of Vat Phou, a UNESCO World Heritage Site, under Indian assistance by the Archaeological Survey of India (ASI) imparts a special dimension to bilateral ties.
The two Prime Ministers expressed satisfaction at the close cooperation between the countries in regional and multilateral fora. PM Siphandone reaffirmed India’s role on the international stage. India has strongly supported Lao PDR’s Chairmanship of ASEAN for 2024.
Following the talks, MoUs/ Agreement in the fields of defence, broadcasting, Customs cooperation, and three Quick Impact Projects (QIPs) under the Mekong-Ganga Cooperation were exchanged in the presence of the two leaders. The QIPs relate to preservation of heritage of Lao Ramayan, restoration of Wat Pakea Buddhist temple with murals related to Ramayan, and support to shadow puppetry theatre on Ramayan in Champasak province. All three QIPs have a GoI grant assistance of about USD 50000 each. India will also provide a grant assistance of about USD 1 million to improve nutrition security in Lao PDR. This assistance through the India UN Development Partnership Fund, will be the Fund’s first such project in South-East Asia. The details of the MoUs, agreements, and announcements may be seen here.
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MJPS/SR
(Release ID: 2064082) Visitor Counter : 26
Source: Government of India
Posted On: 11 OCT 2024 12:39PM by PIB Delhi
| Sr. No. | MoU/Agreement/Announcement | Signatory from Indian side | Signatory from Laotian side |
|---|---|---|---|
| 1 | Memorandum of Understanding between the Ministry of Defence of the Republic of India and Ministry of National Defence of the Lao People’s Democratic Republic concerning Defence Cooperation | Shri Rajnath Singh, Defence Minister of India | General Chansamone Chanyalath, Deputy Prime Minister and Minister of National Defence, Lao PDR |
| 2 | Memorandum of Understanding on Cooperation of Broadcasting between Lao National Television, Ministry of Information Culture and Tourism of Lao PDR and Prasar Bharati of the Republic of India | Shri Prashant Agrawal, Ambassador of India to Lao PDR | Dr. Amkha VONGMEUNKA, General Director Lao National TV |
| 3 | Agreement between the Government of the Lao People’s Democratic Republic and the Government of the Republic of India on Co-operation and Mutual Assistance in Customs Matters. | Shri Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes & Customs | Mr. Phoukhaokham VANNAVONGXAY, Director General Customs, Ministry of Finance, Lao PDR |
| 4 | QIP on Preservation of heritage of performing art of Phalak-Phalam (Lao Ramayana) drama in Luang Prabang Province | Shri Prashant Agrawal, Ambassador of India to Lao PDR | Ms. Soudaphone KHOMTHAVONG, Director of Luang Prabang Department of Information, |
| 5 | QIP on Renovation of Wat Phakea Temple in Luang Prabang Province | Shri Prashant Agrawal, Ambassador of India to Lao PDR | Ms. Soudaphone KHOMTHAVONG, Director of Luang Prabang Department of Information, Culture and |
| 6 | QIP on Preservation of Shadow Puppet Theatre’s Performance in Champasak Province | Shri Prashant Agrawal, Ambassador of India to Lao PDR | Mr. Somsack PHOMCHALEAN, President of Champasak Sadao Puppets Theater, Office at Ban |
| 7 | Announcement of a Project to improve nutrition security in Lao PDR through food fortification with about USD 1 million assistance from India through the India-UN Development Partnership Fund. | ||
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MJPS/SR
(Release ID: 2064084) Visitor Counter : 75
Source: Government of India
Posted On: 11 OCT 2024 12:34PM by PIB Delhi
Prime Minister (PM) attended the 19th East Asia Summit (EAS) on 11 October 2024 in Vientiane, Lao PDR.
In his address, PM stressed on ASEAN’s central role in the Indo-Pacific regional architecture, in India’s Indo-Pacific Vision and in Quad cooperation. He underlined that India’s participation in East Asia Summit was an important pillar of its Act East Policy. Noting that a free open, inclusive, prosperous and rules-based Indo-Pacific was important for peace and development in the region, he spoke of the similarity and common approach between India’s Indo-Pacific Ocean’s Initiative and ASEAN Outlook on Indo-Pacific. He emphasized that the region should pursue a development based approach rather than one pivoted on expansionism.
Reiterating the importance of the EAS mechanism and reaffirming India’s support to further strengthen it, PM recalled support received from EAS Participating Countries on the revival of Nalanda University. PM took this opportunity to invite the EAS countries for a Heads of Higher Education Conclave to be held at Nalanda University.
The leaders also exchanged views on regional and international issues affecting peace, stability and prosperity in the Indo-Pacific. Underlining the severe impact of conflicts on the Global South, PM highlighted that the path of dialogue and diplomacy based on a humanitarian approach must be adopted for peaceful resolution of conflicts in the world. He further reiterated that there was no solution for them to be found on the battlefield. Prime Minister stressed that terrorism along with cyber and maritime challenges posed a serious threat to global peace and security, for which countries must come together to combat them.
Prime Minister thanked Prime Minister of Laos for successfully hosting the East Asia Summit. He conveyed his good wishes to Malaysia as the new Chair of ASEAN and expressed India’s full support to it.
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MJPS/SR
(Release ID: 2064083) Visitor Counter : 18
Source: Government of India (2)
Posted On: 11 OCT 2024 1:04PM by PIB Delhi
The 81st meeting of the Network Planning Group (NPG) under the PM GatiShakti initiative was convened yesterday under the chairmanship of Additional Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Shri Rajeev Singh Thakur, . The meeting focused on evaluating five important infrastructure projects from the Ministry of Road Transport and Highways (MoRTH) and Ministry of Civil Aviation (MoCA) . The projects were evaluated for their alignment with the principles of integrated planning outlined in the PM GatiShakti National Master Plan (NMP). The evaluation and the anticipated impacts of these projects are detailed below.
Vrindavan Bypass in Uttar Pradesh
A greenfield project in Uttar Pradesh involves the construction of a 16.75 km Vrindavan Bypass, connecting NH-44 to the Yamuna Expressway. This project aims to alleviate traffic congestion in Vrindavan by providing a direct route between NH-44 and Yamuna Expressway, significantly reducing travel time from 1.5 hours to 15 minutes. The project is expected to enhance connectivity and stimulate tourism, trade, and industrial growth in the region. Upon completion, it will play a crucial role in improving regional accessibility and fostering socio-economic development.
Sandalpur-Badi Road in Madhya Pradesh
A greenfield/brownfield project involving the construction of a 4-lane highway on the Sandalpur- Badi Road, part of NH-146B, spanning 142.26 km in Madhya Pradesh. The project aims to improve connectivity between Indore and Jabalpur, promoting smoother traffic flow and alleviating congestion, especially in Bhopal. The proposed route will serve as a crucial link, connecting multiple National Highways and various economic and tourist nodes, ultimately fostering socio-economic development in the region.
Junnar-Taleghar Road in Maharashtra
A brownfield project involving road upgrade of a 55.94 km stretch from Junnar to Taleghar in Pune, Maharashtra. The key objective of the project is to enhance connectivity between Bhimashankar, Junnar, Bankarphata, and NH-61, enhancing the movement of cargo and passengers. This improvement is anticipated to boost tourism, particularly in Bhimashankar (a significant pilgrimage center) and Junnar (home to the historic Shivneri Fort).
Bhimashankar – Rajgurunagar Road in Maharashtra
A brownfield project aiming to improve the road infrastructure over a 60.45 km stretch in Pune, Maharashtra. The project is essential for improving connectivity between Bhimashankar and Rajgurunagar, facilitating smooth movement of cargo and passengers, thus enhancing economic activities and access to markets. Moreover, the project will improve access to education and healthcare services for remote communities along the route. The enhanced road infrastructure will reduce travel time and cost, benefiting commuters and businesses, and promoting the overall socio-economic development of the area.
Development of a New Integrated Terminal Building & Allied Infrastructure, Budgam, Jammu & Kashmir
A brownfield project involving the construction of a new integrated terminal building and allied infrastructure at Srinagar Airport in Budgam, Jammu & Kashmir. The expansion includes constructing a new terminal building across 71,500 square meters of area, accommodating 2,900 peak hours of passenger traffic and an annual capacity of 10 million passengers. Additional works include the extension of the apron with new parking bays, city-side parking facilities, and the construction of residential quarters for AAI staff and CISF barracks.
NPG evaluated all five projects from the perspective of the principles of PM GatiShakti: integrated development of multimodal infrastructure, last-mile connectivity to economic and social nodes, intermodal connectivity, and synchronized implementation of projects. These projects are expected to play pivotal roles in nation-building, and provide substantial socio-economic benefits and ease of living, thereby contributing to the overall development of the regions.
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AD/VN/CNAN
(Release ID: 2064098) Visitor Counter : 9
Source: Government of India
Posted On: 11 OCT 2024 12:41PM by PIB Delhi
Prime Minister Shri Narendra Modi met H.E. Ms. Paetongtarn Shinawatra, Prime Minister of Thailand on the sidelines of East Asia Summit in Vientiane on 11 October 2024. This was the first meeting between the two Prime Ministers.
Prime Minister congratulated the Thai Prime Minister on assuming office. She also extended greetings to PM on his historic third term in office. The two leaders discussed bilateral cooperation in a range of areas. They also exchanged views on ways to forge closer cooperation in sub-regional, regional, and multilateral fora. In this context, they discussed strengthening regional cooperation through BIMSTEC.
India’s ties with Thailand are an important pillar of India’s ‘Act East’ policy, which is marking a decade this year, and India’s Vision of the Indo-Pacific.
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MJPS/SR
(Release ID: 2064085) Visitor Counter : 72
Source: Government of India (2)
Ministry of Consumer Affairs, Food & Public Distribution
Posted On: 11 OCT 2024 2:15PM by PIB Delhi
Read more: Nutritious Boost: Free Fortified Rice for a Healthier India
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Santosh Kumar/ Ritu Kataria/ Kamna Lakaria
(Release ID: 2064128) Visitor Counter : 48
Source: Government of India
Posted On: 11 OCT 2024 1:43PM by PIB Delhi
Prime Minister Shri Narendra Modi met H.E. Thongloun Sisoulith, General Secretary of the Central Committee of Lao People’s Revolutionary Party (LPRP) and President of Lao PDR in Vientiane today. Prime Minister congratulated President Sisoulith for successfully hosting the ASEAN Summit and the East Asia Summit.
The two leaders discussed bilateral ties and reaffirmed their commitment to further strengthen the close partnership. They noted that India-Laos contemporary partnership was deeply rooted in age-old civilizational bonds. They expressed satisfaction at the ongoing collaboration between the two countries in the fields of development partnership, heritage restoration and cultural exchanges. Highlighting that 2024 marks a decade of India’s Act East Policy, Prime Minister noted its salience in adding further momentum to India’s engagement with Laos. While referring to civilizational ties between the two countries, Prime Minister called for strengthening people-to-people ties through the opportunities presented by the new Nalanda University. President Sisoulith thanked Prime Minister for India’s humanitarian assistance to Lao PDR in the wake of floods caused by Typhoon Yagi.
Prime Minister thanked President Sisoulith for the support extended by Laos to strengthen India-ASEAN ties. The two leaders also discussed regional and global issues of mutual interest.
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MJPS/SR
(Release ID: 2064115) Visitor Counter : 51
Source: Government of India
Posted On: 11 OCT 2024 2:38PM by PIB Delhi
The mortal remains of Commandant Rakesh Kumar Rana, the missing pilot of the Advanced Light Helicopter MK-III of Indian Coast Guard (ICG) which made an emergency landing last month, have been retrieved approximately 55 kms south west off the coast of Porbandar. The Commandant, who was the helicopter’s pilot-in-command, was on a medical evacuation mission along with one pilot and two air crew divers to evacuate a seriously injured crew member from Motor Tanker Hari Leela.
The helicopter had to make an emergency landing on September 02, 2024, after which ICG along with the Indian Navy launched a massive search and rescue operation for the missing personnel. One crew was rescued, while the mortal remains of three others were recovered on September 03, 2024. After over 70 air sorties and involvement of multiple ships, the mortal remains of Commandant Rakesh Kumar Rana were retrieved on October 10, 2024.
The mortal remains of the brave soul will be cremated as per service traditions and honour.
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SR/Savvy/KB
(Release ID: 2064136) Visitor Counter : 84
Source: Government of India
Posted On: 11 OCT 2024 2:42PM by PIB Delhi
Ministry of Parliamentary Affairs (MoPA), Government of India, commences the “Special Campaign 4.0”, a significant initiative aimed at achieving the goals of institutionalizing Swachhata and minimizing pendency from 2nd October to 31st October, 2024. This campaign is focused on reinforcing cleanliness and minimizing pendency.
The “Special Campaign 4.0” comprises of two phases. During the Preparatory Phase carried out from 16th September 2024 to 30th September 2024, the Ministry set specific targets, including the identification of cleanliness campaign sites, planning for space management and office beautification, recognizing scrap and redundant items, and identifying pending references for resolution. More than 400 files have been identified to be reviewed for the purpose of weeding out/further retention. Scrap material has also been identified in the form of obsolete electronic items, broken and dilapidated furniture etc. for disposal.
In the Implementation Phase from 2nd October 2024, to 31st October 2024, the Ministry will focus on the execution of the planned activities, ensuring comprehensive coverage of cleanliness efforts and enhancing operational efficiency.
As a part of the Campaign, MoPA has undertaken several key steps to make “Special Campaign 4.0” a success which inter alia, includes the following:
through social media platforms, for widespread awareness and participation.
MoPA underlines its unwavering commitment towards achieving the targets set under “Special Campaign 4.0,” making the initiative a notable success and reaffirming the Ministry’s dedication for institutionalizing Swachhata and minimizing pendency across its operations.
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SS/PRK
(Release ID: 2064138) Visitor Counter : 46
Source: Reserve Bank of India
|
The Reserve Bank of India, vide directive CO.DOS.SED.No.S370/45-11-001/2024-2025 dated April 15, 2024, had placed Sarvodaya Co-operative Bank Ltd., Mumbai under Directions for a period of six months up to the close of business on October 15, 2024. 2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank from close of business on October 15, 2024 till close of business on January 15, 2025 as per the directive DOR.MON/D-59/12.21.158/2024-25 dated October 09, 2024, subject to review. 3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated October 09, 2024 notifying the above extension is displayed at the bank’s premises for the perusal of public. 4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank. (Puneet Pancholy) Press Release: 2024-2025/1275 |
Source: Government of Canada – Prime Minister
Canada is investing in progress, prosperity, and fairness for every generation. At home, we are attracting billions of dollars in manufacturing to our communities and putting Canadians at the forefront of opportunity. But in the global economy, shared challenges require shared solutions. That’s where Canada’s partnership with the Association of Southeast Asian Nations (ASEAN) comes in.
For over half a century, ASEAN has worked with Dialogue Partners, like Canada, to make life better for people on both sides of the Pacific. Our relationship is built on shared priorities – from climate action to peace and security to good-paying jobs. Since 2015, Canada’s trade with ASEAN has nearly doubled. Last year, ASEAN Member States represented Canada’s fourth largest merchandise trading partner, with increased partnerships in agriculture, agrifood, and digital trade. With Canada’s Indo-Pacific Strategy, we are building on this partnership with closer ties and shared prosperity.
The Prime Minister, Justin Trudeau, today concluded his participation at the ASEAN Summit in Vientiane, Laos. As the first Canadian Prime Minister to visit Laos, the Prime Minister strengthened ties with ASEAN partners and expanded Canada’s footprint in one of the world’s fastest growing economic regions.
In Vientiane, Prime Minister Trudeau announced that Canada will be upgrading its offices in Phnom Penh, Cambodia, and Vientiane, Laos, to embassies with resident ambassadors, meaning that Canada will be represented by full embassies in all 10 ASEAN Member States. He also noted the upcoming Team Canada Trade Mission to Indonesia and the Philippines later this year and announced new missions to Thailand and Cambodia in 2025. Building on our Indo-Pacific Strategy, these efforts will help forge even stronger ties between Canada and ASEAN, create good jobs for Canadians and peoples of ASEAN countries, and expand Canada’s presence in the Indo-Pacific.
In a joint statement, Canada and ASEAN partners reaffirmed their commitment to enhancing dialogue on global challenges, advancing efforts on shared priorities, and building a people-centred ASEAN region that is connected, inclusive, and resilient. The Prime Minister emphasized that Canada will continue to be a partner in promoting peace, security, and prosperity in the region.
In support of these efforts, the Prime Minister, Justin Trudeau, highlighted an over $128 million package of measures to deepen ties with ASEAN.
The effects of climate change are being felt more than ever, and this is having a devastating impact on countries around the world, including ASEAN Member States. That’s why the federal government is investing over $84 million in the region to fight climate change, support innovation, and protect the environment. Our investments aim to:
The challenges posed by transnational organized crime and international terrorism affect citizens of ASEAN Members States and Canadians alike. The federal government is investing $21.3 million in initiatives to:
Stability in the Indo-Pacific is a key priority for Canada. We are bolstering peace and security efforts in the region, including by investing $11.9 million in various initiatives to:
In support of the rights of women and children in ASEAN countries, Canada is investing over $9 million to:
At the ASEAN Summit, the Prime Minister announced an additional $2 million for scholarships and educational exchanges with ASEAN countries, as well as Canada’s intention to seek participation in the ASEAN Digital Track, which will help ensure that Canada has a seat at the table on regional matters ranging from artificial intelligence and cybersecurity to democratic and online rights.
As work toward a Canada-ASEAN free trade agreement continues, the Prime Minister noted progress on last year’s ASEAN-Canada Strategic Partnership and emphasized his commitment to further strengthen Canada-ASEAN trade and investment.
The ASEAN region offers unparalleled economic opportunity for Canada. Together, the 10 ASEAN member states represent the fifth largest economy in the world and the third largest population in the world. With the measures announced today, Canadians and Canadian businesses can capitalize on the rapid industrialization and growth of this region. Greater Canadian investment in the region and greater investment from the region into Canada will mean more jobs, more innovation, and more growth. As we create good-paying jobs, fight climate change, and grow our economies, Canada and ASEAN stand united to make life better for people in the Indo-Pacific region and beyond.
Prime Minister Trudeau thanked the Prime Minister of Laos, Sonexay Siphandone, for hosting a very productive ASEAN Summit. He reaffirmed Canada’s commitment to further strengthening ties between our countries – and with all ASEAN partners. As Canada hosts the G7 Presidency in 2025, ASEAN will be a central part of our work ahead.
“Canada is a proud Indo-Pacific nation. During my visit to this year’s ASEAN Summit, we increased our footprint in this dynamic region – securing trade, investment, and good-paying jobs. As we fight climate change, defend peace and security, and grow our economies, we are putting Canadians at the forefront of global opportunity.”
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the 21st ASEAN-India Summit held in Vientiane, Lao PDR. The meeting reviewed the progress of ASEAN-India cooperation and discussed its future direction, with a view to advancing an ASEAN-India Comprehensive Strategic Partnership that is meaningful, substantive and mutually beneficial.
Reflecting further commitments to advancing the cooperation, the Leaders of ASEAN and India adopted the Joint Statement on Strengthening ASEAN-India Comprehensive Strategic Partnership for Peace, Stability and Prosperity in the Region in the Context of the ASEAN Outlook on the Indo-Pacific (AOIP) with the Support of India’s Act East Policy (AEP). Recognising that technology can enable rapid transformation for bridging the digital divide in the region and help accelerate progress towards inclusive and sustainable development, the Leaders of ASEAN and India also adopted the ASEAN-India Joint Statement on Advancing Digital Transformation.
The post 21st ASEAN-India Summit discusses progress and future of cooperation appeared first on ASEAN Main Portal.
Source: Reserve Bank of India
RBI/2024-25/81
DoR.FIN.REC.47/20.16.042/2024-25
October 10, 2024
All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks, and excluding Payments Banks)
All Primary (Urban) Co-operative Banks/ State Co-operative Banks/ Central Co-operative Banks
All Non-Banking Financial Companies (including Housing Finance Companies)
All Asset Reconstruction Companies
All Credit Information Companies
Dear Sir/ Madam,
Implementation of Credit Information Reporting Mechanism subsequent to cancellation of licence or Certificate of Registration
The Credit Information Companies (Regulation) Act, 2005 (CICRA) stipulates that only Credit Institutions (CIs) can furnish credit information to Credit Information Companies (CICs). Section 17(1) of CICRA mandates that CICs can collect credit information from its member CIs or member CICs only. Therefore, only the entities that are covered under the ambit of section 2(f) of CICRA, 2005 can submit credit information to CICs.
2. In view of the provisions of CICRA, entities whose licence or Certificate of Registration (CoR) has been cancelled by the Reserve Bank of India, can no longer be deemed as CIs under CICRA and their credit information cannot be accepted by the CICs. In such cases, repayment history of borrowers of these entities is not updated even if these borrowers continue to repay/ clear their dues.
3. In order to redress the hardship faced by such borrowers, in exercise of the powers conferred by sub-section (vii) of section 2(f) and sub-section (1) of section 11 of CICRA, the Reserve Bank of India directs CICs and CIs to implement a credit information reporting mechanism subsequent to the cancellation of the licence/CoR of banks/ Non-Banking Finance Companies (NBFCs) as given in the Annex.
4. These CIs shall continue to be governed by the provisions of CICRA, Rules and Regulations framed thereunder and directions issued by the Reserve Bank of India from time to time.
5. These instructions shall be implemented within six (6) months of the date of the circular.
Your faithfully,
(J. P. Sharma)
Chief General Manager
Encl: Annex
Provisions of the credit information reporting mechanism subsequent to cancellation of licence or Certificate of Registration
1. All CIs, whose licence or CoR has been cancelled by the Reserve Bank of India shall be categorised as “Credit Institutions” under Section 2(f)(vii) of CICRA.
2. These CIs shall continue to report credit information of the borrowers on-boarded and reported to CICs prior to cancellation of their licence or CoR to all the four CICs till the loan lifecycle is completed or the credit institution is wound up, whichever is earlier.
3. These CIs shall have access to Credit Information Reports pertaining to only those borrowers which were onboarded and reported to CICs before the cancellation of their licence/CoR.
4. CICs shall not charge the annual and membership fees from these CIs.
5. CICs shall tag these CIs as “Licence Cancelled Entities” in the CIR. CICs shall base this tagging on the information available on the website of the Reserve Bank of India or the cancellation of licence order received from RBI.
6. Provisions of this circular shall also be applicable to those entities whose licence/CoR has been cancelled by the Reserve Bank of India prior to issuance of this circular.
7. All other instructions regarding credit information reporting by CIs to CICs shall remain unchanged.
Source: Government of India (2)
Posted On: 10 OCT 2024 6:56AM by PIB Delhi
Today, I am embarking on a two day visit to Vientiane, Lao PDR at the invitation of Prime Minister Mr. Sonexay Siphandone to participate in the 21st ASEAN-India and the 19th East Asia Summit.
This year we are marking a decade of our Act East Policy. I will join the ASEAN leaders to review progress in our Comprehensive Strategic Partnership and chart the future direction of our cooperation.
The East Asia Summit will provide an opportunity to deliberate on the challenges to peace, stability and prosperity in the Indo-Pacific region.
We share close cultural and civilisational ties with the region, including with Lao PDR, which are enriched by shared heritage of Buddhism and Ramayana. I look forward to my meetings with the Lao PDR leadership to further strengthen our bilateral ties.
I am confident that this visit will further deepen our engagement with ASEAN countries.
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MJPS/SS
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