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Category: Politics

  • MIL-OSI: Diginex Limited Announces Underwriters’ Full Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Jan. 27, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), incorporated in the Cayman Islands, is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action, today announced that on January 27, 2025, the underwriters of its previously announced initial public offering (the “Offering”) have exercised their over-allotment option (the “Over-Allotment Option”) in full and purchased an additional 337,500 ordinary shares of the Company at the public offering price of $4.10 per share, resulting in additional gross proceeds of $1.38 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of ordinary shares sold by the Company in the Offering increased to 2,587,500 ordinary shares and the gross proceeds increased to $10.61 million, before deducting underwriting discounts and other related expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market under the symbol “DGNX” on January 22, 2025.

    The Offering was conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.

    Dominari Securities, LLC acted as the representative of the underwriters to the Offering, and Revere Securities LLC was a co-underwriter. Loeb & Loeb LLP acted as U.S. and Hong Kong counsel to the Company, and Robinson & Cole LLP acted as U.S. counsel to Dominari Securities LLC and Revere Securities LLC in connection with this Offering.

    A registration statement on Form F-1 (File No. 333-282027) was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 20, 2024. A final prospectus relating to the Offering was filed with the SEC on January 23, 2025 and available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this Offering may be obtained from Dominari Securities LLC, 725 5th Ave, 23rd Floor, New York, NY 10022, Telephone: (212) 393-4500; Email: investmentbanking@dominarisecurities.com.

    Before you invest, you should read the registration statement (including the post-effective amendment) and the preliminary prospectus contained therein, the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s Offering and the use of proceeds. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: Preferred Bank Reports Fourth Quarter and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Jan. 27, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank (“the Bank”) reported net income of $30.2 million or $2.25 per diluted share for the fourth quarter of 2024. This represents a decrease in net income of $3.2 million from the prior quarter and a decrease of $5.6 from the same quarter last year. The decrease compared to both periods was mainly due to a one-time $8.1 million increase in occupancy expense this quarter due to the previously disclosed error in the calculation of ASC 842, Accounting for Leases. As previously disclosed, this calculation error goes back to the adoption of ASC 842 in 2019 and the $8.1 million item represents the cumulative erroneous calculation through the years from 2019 to present.

    Net interest income was $69.2 million, up by $325,000 compared to last quarter’s $68.8 million and down slightly from the $69.4 million recorded one year ago. Noninterest expense was $28.2 million, an increase of $6.2 million from the previous quarter and an increase of $10.4 million over the same quarter last year. These increases were due to the aforementioned non-recurring occupancy expense item. The provision for credit losses was $2.0 million this quarter compared to $3.2 million last quarter and compared to $3.5 million this quarter last year. Despite the non-recurring expense item, Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.74%
    • Return on beginning equity of 16.03%
    • Net interest margin (NIM) held strong at 4.06%
    • Total loans increased by $71 million or 1.3%
    • Efficiency ratio was 38.8%

    Highlights for the Year:

    • Return on average assets was 1.91%
    • Return on beginning equity of 18.80%
    • The NIM was 4.08%
    • Total loans increased by $369 million or 7.0%
    • Efficiency ratio was 31.47%

    Li Yu, Chairman and CEO, commented, “We completed the year 2024 with net income of $130.7 million or $9.64 per diluted share. Return on assets was 1.91% for the year and return on beginning equity was 18.8%, which should be well above peer group and the industry average.

    ”Fourth quarter net income of $30.2 million or $2.25 per diluted share was negatively impacted by a correction to our lease expense of $8.1 million. This correction was previously announced and is non-recurring in nature. The after-tax effect of this item was approximately $0.42.

    “Under a high interest rate and high inflation environment, Preferred Bank’s loan growth and deposit growth were less than our historical performance. 2024 loan growth of 7.0% and deposit growth of 3.6% were still in- line with industry averages.

    “At December 31, 2024, our credit metrics improved from September 30, 2024. Non-performing loans decreased by $10.0 million or 52% and criticized loans decreased by $76.7 million or 32.6%. The Bank’s allowance for credit losses to total loans was 1.27% as of December 31, 2024.

    “The recent wildfires in the Los Angeles area have wrought unprecedented damage to our community. We at Preferred Bank will be dedicated to making the utmost effort to help rebuild the homes and businesses lost in this tragedy. At this time, the Bank has confirmed the existence of one property that secures a commercial loan which was affected by the fires but we can confirm the property had the appropriate insurance. We are most grateful that none of our residential home mortgage borrowers have been affected and that none of our employees have been directly impacted.

    “In December, our Board of Directors announced an increase in the quarterly dividend from $0.70 per quarter to $0.75 per quarter, the first of which is payable in January of 2025. For the year, we also repurchased 464,314 shares of our common stock for total consideration of $34.3 million. At December 31, 2024, the Bank’s tier 1 leverage ratio improved to 11.33% from 10.85% as of December 31, 2023. Tangible book value per common share increased from $50.54 at the end of 2023 to $57.86 as of December 31, 2024, a 13.1% increase.

    “We look forward to continue our consistently strong financial performance into 2025.”

    Results of Operations – Quarter

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $69.2 million for the fourth quarter of 2024. This was a $325,000 increase from the $68.8 million recorded in the prior quarter and a $223,000 decrease from the same quarter last year. Compared to the prior quarter, interest income was down by $3.6 million but interest expense also decreased by $3.9 million. In comparison to the same quarter last year, interest income increased by $894,000 but interest expense increased by $1.1 million. The Bank’s net interest margin came in at 4.06% for the quarter, this is down slightly from the 4.10% recorded last quarter and was down by 18 basis points from the 4.24% margin achieved in the fourth quarter of the prior year. Management believes that efforts to reduce the Bank’s asset sensitivity have been largely effective as the margin has held up much better than originally anticipated when the first rate cut occurred in September of 2024.

    Noninterest Income. For the fourth quarter of 2024, noninterest income was $3.6 million compared with $2.1 million for the same quarter last year and compared to $3.5 million for the third quarter of 2024. The increase over the prior quarter was primarily due to other income and fees which increased by $131,000. In comparing to the same quarter last year, letter of credit (LC) fee income was up by $491,000 and last year the Bank recorded a loss on sale of investment securities of $929,000. Finally, other income was up by $303,000 over last year.

    Noninterest Expense. Total noninterest expense was $28.2 million for the fourth quarter of 2024 compared to $22.1 million for the third quarter of 2024 and compared to the $17.9 million recorded in the same period last year. The primary reason for the increase over the prior year and over the prior quarter was the $8.1 million occupancy expense adjustment related to accounting pronouncement ASC 842 mentioned earlier. In comparing to the prior quarter; personnel expense was down by $246,000, business development expense was up by $99,000 and OREO expense was lower by $1.8 million due to a $1.6 million valuation allowance recorded last quarter. In comparing to same quarter last year; personnel expense was up by $1.2 million due to additional personnel, professional services was up by $251,000 and other expense was up by $360,000.   For the quarter ended December 31, 2024, the Bank’s efficiency ratio was 38.8%, higher than the 30.6% posted last quarter and higher than the 25.0% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $12.3 million for the fourth quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at December 31, 2024 were $5.64 billion, an increase of $369 million from the total of $5.27 billion as of December 31, 2023. Total deposits were $5.92 billion, an increase of $207.5 million from the $5.71 billion as of December 31, 2023. Total assets were $6.92 billion, an increase of $264.2 million over the total of $6.66 billion as of December 31, 2023.

    Results of Operations – Year

    The Bank’s net income for the year ended December 31, 2024 was $130.7 million or $9.64 per diluted share. This is down from $150.0 million or $10.52 per diluted share for 2023. The decrease was due to net interest income which was down by $16.7 million as well as noninterest expense which increased by $13.4 million. This was partially offset by noninterest income which increased in 2024 by $6.5 million over 2023. Despite this decline, the Bank’s earnings metrics still remain top-of-class as ROA was 1.91%, ROBE was 18.8% and the Bank’s efficiency ratio was 31.5%. Also, during 2024 the Bank repurchased 464,314 shares at an average price of $73.76 which contributed approximately $0.17 per diluted share for 2024.

    Asset Quality

    Non-accrual loans and loans 90 days past due and still accruing totaled $9.4 million as of December 31, 2024, a decrease of $10.0 million from $19.4 million on September 30, 2024 and a decrease of $19.3 million from the $28.7 million in nonperforming loans as of December 31, 2023. Total net charge-offs for the quarter were $6.6 million and all were previously fully reserved.

    Total criticized loans decreased to $158.1 million from $234.8 million last quarter. The Bank expects to upgrade a number of the remaining credits in this cohort once more collateral is in place.

    Allowance for Credit Losses

    The provision for credit losses for the fourth quarter of 2024 was $2.0 million compared to $3.2 million last quarter and compared to $3.5 million in the same quarter last year.   The Bank’s allowance coverage ratio declined to 1.27% of loans as compared to 1.36% in the prior quarter.

    Capitalization

    As of December 31, 2024, the Bank’s leverage ratio was 11.33%, the common equity tier 1 capital ratio was 11.80% and the total capital ratio stood at 15.11%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s fourth quarter 2024 financial results will be held tomorrow, January 28, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through February 11, 2025; the passcode is 6335378.

    About Preferred Bank

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

    Forward-Looking Statements

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

    Financial Tables to Follow

     
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Quarter Ended
      December 31,   September 30,   December 31,
      2024   2024   2023
    Interest income:          
    Loans, including fees $ 111,596     $ 114,112     $ 107,709  
    Investment securities   14,013       15,032       16,973  
    Fed funds sold   249       280       282  
    Total interest income   125,858       129,424       124,964  
               
    Interest expense:          
    Interest-bearing demand   18,245       23,211       21,716  
    Savings   85       84       72  
    Time certificates   37,030       35,956       32,455  
    Subordinated debt   1,325       1,325       1,325  
    Total interest expense   56,685       60,576       55,568  
    Net interest income   69,173       68,848       69,396  
    Provision for credit losses   2,000       3,200       3,500  
    Net interest income after provision for credit losses   67,173       65,648       65,896  
               
    Noninterest income:          
    Fees & service charges on deposit accounts   761       747       857  
    Letters of credit fee income   1,977       1,959       1,486  
    BOLI income   102       108       105  
    Net loss on called and sale of investment securities   –       –       (929 )
    Net gain on sale of loans   112       91       205  
    Other income   685       554       382  
    Total noninterest income   3,637       3,459       2,106  
               
    Noninterest expense:          
    Salary and employee benefits   13,279       13,525       12,058  
    Net occupancy expense   10,110       1,883       1,536  
    Business development and promotion expense   340       241       239  
    Professional services   1,606       1,816       1,355  
    Office supplies and equipment expense   396       435       391  
    OREO valuation allowance and related expense   155       1,915       294  
    Other   2,360       2,274       2,000  
    Total noninterest expense   28,246       22,089       17,873  
    Income before provision for income taxes   42,564       47,018       50,129  
    Income tax expense   12,343       13,635       14,290  
    Net income $ 30,221     $ 33,383     $ 35,839  
               
    Income per share available to common shareholders          
    Basic $ 2.29     $ 2.50     $ 2.63  
    Diluted $ 2.25     $ 2.46     $ 2.60  
               
    Weighted-average common shares outstanding          
    Basic   13,190,696       13,327,848       13,617,225  
    Diluted   13,442,294       13,544,273       13,804,315  
               
    Cash dividends per common share $ 0.75     $ 0.70     $ 0.70  
               
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Twelve Months Ended    
      December 31,   December 31,   Change
      2024   2023   %
    Interest income:          
    Loans, including fees $ 445,139     $ 412,505       7.9 %
    Investment securities   62,854       64,427       -2.4 %
    Fed funds sold   1,103       1,056       4.5 %
    Total interest income   509,096       477,988       6.5 %
               
    Interest expense:          
    Interest-bearing demand   87,951       75,417       16.6 %
    Savings   323       225       43.5 %
    Time certificates   142,894       103,853       37.6 %
    FHLB borrowings   0       3,819       -100.0 %
    Subordinated debt   5,300       5,300       0.0 %
    Total interest expense   236,468       188,614       25.4 %
    Net interest income   272,628       289,374       -5.8 %
    Provision for credit losses   12,100       10,000       21.0 %
    Net interest income after provision for credit losses   260,528       279,374       -6.7 %
               
    Noninterest income:          
    Fees & service charges on deposit accounts   3,172       3,333       -4.8 %
    Letters of credit fee income   7,188       5,798       24.0 %
    BOLI income   420       412       2.1 %
    Net loss on called and sale of investment securities   –       (5,046 )     -100.0 %
    Net gain on sale of loans   659       752       -12.4 %
    Other income   2,126       1,864       14.0 %
    Total noninterest income   13,565       7,113       90.7 %
               
    Noninterest expense:          
    Salary and employee benefits   53,648       51,314       4.5 %
    Net occupancy expense   15,420       6,049       154.9 %
    Business development and promotion expense   1,250       737       69.6 %
    Professional services   6,711       5,270       27.3 %
    Office supplies and equipment expense   1,781       1,588       12.2 %
    OREO valuation allowance and related expense   2,234       3,344       -33.2 %
    Other   9,016       8,332       8.2 %
    Total noninterest expense   90,060       76,634       17.5 %
    Income before provision for income taxes   184,033       209,853       -12.3 %
    Income tax expense   53,371       59,813       -10.8 %
    Net income $ 130,662     $ 150,040       -12.9 %
               
    Income per share available to common shareholders          
    Basic $ 9.79     $ 10.64       -8.0 %
    Diluted $ 9.64     $ 10.52       -8.4 %
               
    Weighted-average common shares outstanding          
    Basic   13,347,004       14,095,745       -5.3 %
    Diluted   13,554,266       14,261,644       -5.0 %
               
    Dividends per share $ 2.85     $ 2.35       21.3 %
               
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
           
      December 31,   December 31,
      2024   2023
      (Unaudited)   (Audited)
    Assets      
    Cash and due from banks $ 765,515     $ 890,852  
    Fed funds sold   20,000       20,000  
    Cash and cash equivalents   785,515       910,852  
           
    Securities held-to-maturity, at amortized cost   20,021       21,171  
    Securities available-for-sale, at fair value   348,706       313,842  
           
    Loans held for sale, at lower of cost or fair value   2,214       360  
           
    Loans   5,640,615       5,273,498  
    Less allowance for credit losses   (71,477 )     (78,355 )
    Less amortized deferred loan fees, net   (9,234 )     (11,079 )
    Loans, net   5,559,904       5,184,064  
           
    Other real estate owned and repossessed assets   14,991       16,716  
    Customers’ liability on acceptances   –       315  
    Bank furniture and fixtures, net   8,462       9,694  
    Bank-owned life insurance   10,433       10,632  
    Accrued interest receivable   33,561       33,892  
    Investment in affordable housing partnerships   58,346       65,276  
    Federal Home Loan Bank stock, at cost   15,000       15,000  
    Deferred tax assets   47,316       48,991  
    Income tax receivable   2,281       2,391  
    Operating lease right-of-use assets   13,182       22,050  
    Other assets   3,497       4,030  
    Total assets $ 6,923,429     $ 6,659,276  
           
    Liabilities and Shareholders’ Equity      
    Deposits:      
    Noninterest bearing demand deposits $ 704,859     $ 786,995  
    Interest bearing deposits:   2,026,965       2,075,156  
    Savings   30,150       29,167  
    Time certificates of $250,000 or more   1,477,931       1,317,862  
    Other time certificates   1,676,943       1,500,162  
    Total deposits   5,916,848       5,709,342  
           
    Acceptances outstanding   –       315  
    Subordinated debt issuance, net   148,469       148,232  
    Commitments to fund investment in affordable housing partnerships   21,623       30,824  
    Operating lease liabilities   16,990       19,766  
    Accrued interest payable   16,517       16,124  
    Other liabilities   39,830       39,568  
    Total liabilities   6,160,277       5,964,171  
           
    Shareholders’ equity   763,152       695,105  
    Total liabilities and shareholders’ equity   6,923,429       6,659,276  
           
    Book value per common share $ 57.86     $ 50.54  
    Number of common shares outstanding   13,188,776       13,753,246  
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
               
      For the Quarter Ended
      December 31, September 30, June 30, March 31, December 31,
      2024 2024 2024 2024 2023
    Unaudited historical quarterly operations data:          
    Interest income $ 125,858   $ 129,424   $ 127,294   $ 126,520   $ 124,964  
    Interest expense   56,685     60,576     61,187     58,020     55,568  
    Interest income before provision for credit losses   69,173     68,848     66,107     68,500     69,396  
    Provision for credit losses   2,000     3,200     2,500     4,400     3,500  
    Noninterest income   3,637     3,459     3,404     3,065     2,106  
    Noninterest expense   28,246     22,089     19,697     20,028     17,873  
    Income tax expense   12,343     13,635     13,722     13,671     14,290  
    Net income $ 30,221   $ 33,383   $ 33,592   $ 33,466   $ 35,839  
               
    Earnings per share          
    Basic $ 2.29   $ 2.50   $ 2.51   $ 2.48   $ 2.63  
    Diluted $ 2.25   $ 2.46   $ 2.48   $ 2.44   $ 2.60  
               
    Ratios for the period:          
    Return on average assets   1.74 %   1.95 %   1.97 %   2.00 %   2.15 %
    Return on beginning equity   16.03 %   18.37 %   19.44 %   19.36 %   21.21 %
    Net interest margin (Fully-taxable equivalent)   4.06 %   4.10 %   3.96 %   4.19 %   4.24 %
    Noninterest expense to average assets   1.62 %   1.29 %   1.15 %   1.20 %   1.07 %
    Efficiency ratio   38.79 %   30.55 %   28.34 %   27.99 %   25.00 %
    Net charge-offs to average loans (annualized)   0.47 %   -0.00 %   0.68 %   0.26 %   -0.00 %
               
    Ratios as of period end:          
    Tangible common equity ratio   11.02 %   10.92 %   10.55 %   10.35 %   10.43 %
    Tier 1 leverage capital ratio   11.33 %   11.28 %   10.89 %   10.80 %   10.85 %
    Common equity tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Total risk-based capital ratio   15.11 %   15.06 %   14.93 %   15.08 %   15.18 %
    Allowances for credit losses to loans at end of period   1.27 %   1.36 %   1.34 %   1.49 %   1.49 %
    Allowance for credit losses to non-performing loans   7.64 x   3.92 x   1.79 x   4.33 x   2.73 x
               
    Average balances:          
    Total securities $ 350,732   $ 356,590   $ 353,357   $ 348,961   $ 349,863  
    Total loans   5,542,558     5,458,613     5,320,360     5,263,562     5,126,918  
    Total earning assets   6,788,487     6,684,766     6,728,498     6,585,853     6,499,469  
    Total assets   6,920,325     6,817,979     6,863,829     6,718,018     6,627,349  
    Total time certificate of deposits   3,144,523     2,874,985     2,884,259     2,852,860     2,767,385  
    Total interest bearing deposits   5,220,655     5,124,245     5,203,034     5,004,834     4,906,947  
    Total deposits   5,905,127     5,828,227     5,901,976     5,761,488     5,689,713  
    Total interest bearing liabilities   5,369,092     5,272,617     5,351,347     5,153,089     5,055,143  
    Total equity   760,345     747,222     715,190     704,996     683,141  
               
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
           
      For the Twelve Months Ended
      December 31,   December 31,
      2024   2023
           
    Interest income $ 509,096     $ 477,988  
    Interest expense   236,468       188,614  
    Interest income before provision for credit losses   272,628       289,374  
    Provision for credit losses   12,100       10,000  
    Noninterest income   13,565       7,113  
    Noninterest expense   90,060       76,634  
    Income tax expense   53,371       59,813  
    Net income $ 130,662     $ 150,040  
           
    Earnings per share      
    Basic $ 9.79     $ 10.64  
    Diluted $ 9.64     $ 10.52  
           
    Ratios for the period:      
    Return on average assets   1.91 %     2.28 %
    Return on beginning equity   18.80 %     23.80 %
    Net interest margin (Fully-taxable equivalent)   4.08 %     4.49 %
    Noninterest expense to average assets   1.32 %     1.17 %
    Efficiency ratio   31.47 %     25.85 %
    Net charge-off to average loans   0.35 %     0.00 %
           
    Average balances:      
    Total securities $ 352,416     $ 389,584  
    Total loans   5,396,844       5,068,486  
    Total earning assets   6,697,118       5,067,870  
    Total assets   6,830,252       6,452,661  
    Total time certificate of deposits   2,939,543       6,577,690  
    Total interest bearing deposits   5,849,300       2,570,706  
    Total deposits   5,849,300       4,678,893  
    Total interest bearing liabilities   5,849,300       5,577,155  
    Total equity   732,058       4,902,616  
           
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
            As of
            December 31,   September 30,   June 30,   March 31,   December 31,
            2024   2024   2024   2024   2023
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 785,515     $ 804,994     $ 917,677     $ 936,600     $ 910,852  
      Securities held-to-maturity, at amortized cost   20,021       20,311       20,605       20,904       21,171  
      Securities available-for-sale, at fair value   348,706       337,363       331,909       333,411       313,842  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 790,069     $ 753,453     $ 732,251     $ 724,101     $ 688,058  
          Real estate—Commercial   2,840,771       2,882,506       2,833,430       2,777,608       2,760,761  
          Total Real Estate – Mortgage   3,630,840       3,635,959       3,565,681       3,501,709       3,448,819  
        Real estate – Construction:                  
          R/E Construction — Residential   296,580       274,214       238,062       236,596       246,201  
          R/E Construction — Commercial   287,185       290,308       247,582       213,727       179,775  
          Total real estate construction loans   583,765       564,522       485,644       450,323       425,976  
        Commercial and industrial   1,418,930       1,365,550       1,371,694       1,369,529       1,394,871  
        SBA   6,833       5,424       5,463       3,914       3,469  
        Consumer and others   247       124       118       379       363  
          Gross loans   5,640,615       5,571,579       5,428,600       5,325,854       5,273,498  
      Allowance for credit losses on loans   (71,477 )     (76,051 )     (72,848 )     (79,311 )     (78,355 )
      Net deferred loan fees   (9,234 )     (10,414 )     (10,502 )     (10,460 )     (11,079 )
        Net loans, excluding loans held for sale $ 5,559,904     $ 5,485,114     $ 5,345,250     $ 5,236,083     $ 5,184,064  
      Loans held for sale $ 2,214     $ 225     $ 955     $ 605     $ 360  
        Net loans $ 5,562,118     $ 5,485,339     $ 5,346,205     $ 5,236,688     $ 5,184,424  
                             
      Other real estate owned and repossessed assets $ 14,991     $ 15,082     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,346       58,009       60,432       62,854       65,276  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   118,732       136,246       138,036       134,040       131,995  
        Total assets $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 704,859     $ 682,859     $ 675,767     $ 709,767     $ 786,995  
        Interest bearing demand   2,026,965       1,994,288       2,326,214       2,159,948       2,075,156  
        Savings   30,150       29,793       28,251       29,261       29,167  
        Time certificates of $250,000 or more   1,477,931       1,478,500       1,406,149       1,349,927       1,317,862  
        Other time certificates   1,676,943       1,682,324       1,442,381       1,552,805       1,500,162  
        Total deposits $ 5,916,848     $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342  
                             
      Acceptances outstanding $ –     $ –     $ –     $ –     $ 315  
      Subordinated debt issuance, net   148,469       148,410       148,351       148,292       148,232  
      Commitments to fund investment in affordable housing partnerships   21,623       23,617       27,946       29,647       30,824  
      Other liabilities   73,337       82,436       68,394       77,008       75,458  
        Total liabilities $ 6,160,277     $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171  
                             
    Equity:                    
      Net common stock, no par value $ 105,501     $ 109,928     $ 113,509     $ 115,915     $ 134,534  
      Retained earnings   685,108       664,808       640,675       616,417       592,325  
      Accumulated other comprehensive income   (27,457 )     (24,619 )     (31,057 )     (32,774 )     (31,754 )
        Total shareholders’ equity $ 763,152     $ 750,117     $ 723,127     $ 699,558     $ 695,105  
        Total liabilities and shareholders’ equity $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (unaudited)
                           
                       
      Three months ended December 31,   Three months ended September 30,   Three months ended December 31,
      2024   2024   2023
        Interest Average     Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
    Loans (1,2) $ 5,543,215   $ 111,596     8.01 %   $ 5,459,842   $ 114,112     8.31 %   $ 5,127,935   $ 107,709     8.33 %
    Investment securities (3)   350,732     3,566     4.04 %     356,590     3,610     4.03 %     349,863     3,335     3.78 %
    Federal funds sold   20,172     249     4.91 %     20,164     280     5.52 %     20,028     282     5.58 %
    Other earning assets   874,368     10,546     4.80 %     848,170     11,521     5.40 %     1,001,643     13,739     5.44 %
    Total interest earning assets   6,788,487     125,957     7.38 %     6,684,766     129,523     7.71 %     6,499,469     125,065     7.63 %
    Deferred loan fees, net   (9,808 )         (10,248 )         (10,421 )    
    Allowance for credit losses on loans   (75,474 )         (72,899 )         (74,965 )    
    Noninterest earning assets:                      
    Cash and due from banks   10,626           10,826           12,376      
    Bank furniture and fixtures   8,866           9,419           9,243      
    Right of use assets   28,570           22,496           20,338      
    Other assets   169,058           173,619           171,309      
    Total assets $ 6,920,325         $ 6,817,979         $ 6,627,349      
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
    Deposits:                      
    Interest bearing demand and savings $ 2,076,132   $ 18,330     3.51 %   $ 2,249,260   $ 23,295     4.12 %   $ 2,139,562   $ 21,788     4.04 %
    TCD $250K or more   1,481,219     17,514     4.70 %     1,412,073     17,866     5.03 %     1,294,531     15,600     4.78 %
    Other time certificates   1,663,304     19,516     4.67 %     1,462,912     18,090     4.92 %     1,472,854     16,855     4.54 %
    Total interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Short-term borrowings   3     0     3.31 %     –     –     0.00 %     2     0     6.08 %
    Subordinated debt, net   148,434     1,325     3.55 %     148,372     1,325     3.55 %     148,194     1,325     3.55 %
    Total interest bearing liabilities   5,369,092     56,685     4.20 %     5,272,617     60,576     4.57 %     5,055,143     55,568     4.36 %
    Noninterest bearing liabilities:                      
    Demand deposits   684,472           703,982           782,766      
    Lease liability   25,486           18,882           18,179      
    Other liabilities   80,930           75,276           88,120      
    Total liabilities   6,159,980           6,070,757           5,944,208      
    Shareholders’ equity   760,345           747,222           683,141      
    Total liabilities and shareholders’ equity $ 6,920,325         $ 6,817,979         $ 6,627,349      
    Net interest income   $ 69,272         $ 68,947         $ 69,497    
    Net interest spread       3.18 %         3.14 %         3.27 %
    Net interest margin       4.06 %         4.10 %         4.24 %
                           
    Cost of Deposits:                      
    Noninterest bearing demand deposits $ 684,472         $ 703,982         $ 782,766      
    Interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Total Deposits $ 5,905,127   $ 55,360     3.73 %   $ 5,828,227   $ 59,251     4.04 %   $ 5,689,713   $ 54,243     3.78 %
    (1) Includes non-accrual loans and loans held for sale    
    (2) Net loan fee income of $1.2 million, $991,000, and $1.0 million for the quarter ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, are included in the yield computations  
    (3) Yields on securities have been adjusted to a tax-equivalent basis  
         
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (unaudited)
                                           
      Twleve Months ended December 31,
      2024
    		   2023
        Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
    Loans (1,2) $ 5,398,916   $ 445,139     8.24 %   $ 5,068,486   $ 412,505     8.14 %
    Investment securities (3)   352,416     14,257     4.05 %     389,584     14,461     3.71 %
    Federal funds sold   20,397     1,103     5.41 %     20,090     1,056     5.26 %
    Other earning assets   925,389     48,994     5.29 %     974,501     50,372     5.17 %
    Total interest earning assets   6,697,118     509,493     7.61 %     6,452,661     478,394     7.41 %
    Deferred loan fees, net   (10,301 )         (10,212 )    
    Allowance for credit losses on loans   (76,448 )         (70,992 )    
    Noninterest earning assets:              
    Cash and due from banks   10,624           11,978      
    Bank furniture and fixtures   9,537           9,010      
    Right of use assets   23,997           21,417      
    Other assets   175,725           163,828      
    Total assets $ 6,830,252         $ 6,577,690      
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
    Deposits:              
    Interest bearing demand/ savings $ 2,198,837   $ 88,274     4.01 %   $ 2,108,187   $ 75,642     3.59 %
    TCD $250K or more   1,403,663     69,176     4.93 %     1,267,859     53,200     4.20 %
    Other time certificates   1,535,880     73,718     4.80 %     1,302,847     50,653     3.89 %
    Total interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Short-term borrowings   1     0     2.50 %     1     0     3.06 %
    Advance from Federal Home Loan Bank   –     0     0.00 %     75,616     3,819     5.05 %
    Subordinated debt, net   148,344     5,300     3.57 %     148,106     5,300     3.58 %
    Total interest bearing liabilities   5,286,725     236,468     4.47 %     4,902,616     188,614     3.85 %
    Noninterest bearing liabilities:              
    Demand deposits   710,920           898,262      
    Lease liability   20,931           19,902      
    Other liabilities   79,618           84,449      
    Total liabilities   6,098,194           5,905,229      
    Shareholders’ equity   732,058           672,461      
    Total liabilities and shareholders’ equity $ 6,830,252         $ 6,577,690      
    Net interest income   $ 273,025         $ 289,780    
    Net interest spread       3.13 %         3.57 %
    Net interest margin       4.08 %         4.49 %
                   
    Cost of Deposits:              
    Noninterest bearing demand deposits $ 710,920         $ 898,262      
    Interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Total Deposits $ 5,849,300   $ 231,168     3.95 %   $ 5,577,155   $ 179,495     3.22 %
    (1) Includes non-accrual loans and loans held for sale  
    (2) Net loan fee income of $4.6 million and $4.2 million for the year ended December 31, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis
         
    Preferred Bank
    Loan and Credit Quality Information
           
    Allowance For Credit Losses History
      Year ended
      December 31, 2024   December 31, 2023
      (Dollars in 000’s)
    Allowance For Credit Losses      
    Balance at Beginning of Period $ 78,355     $ 68,472  
    Charge-Offs      
    Commercial & Industrial   19,028       124  
    Total Charge-Offs   19,028       124  
           
    Recoveries      
    Commercial & Industrial   50       7  
    Total Recoveries   50       7  
           
    Net Charge-Offs   18,978       117  
    Provision for Credit Losses:   12,100       10,000  
    Balance at End of Period $ 71,477     $ 78,355  
           
    Average Loans Held for Investment $ 5,396,844     $ 5,067,870  
    Loans Held for Investment at End of Period $ 5,640,615     $ 5,273,498  
    Net Charge-Offs to Average Loans   0.35 %     0.00 %
    Allowances for Credit Losses to Loans at End of Period   1.27 %     1.49 %
           
    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com
       

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Appoints Angela J. Panzarella to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), the parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC, today announced the appointment of Angela J. Panzarella as a new independent member of the Boards of Directors of both the Company and the Bank, on January 22, 2025.

    Ms. Panzarella brings extensive business and nonprofit leadership experience, including as CEO of the YWCA of Rochester and Monroe County from 2018 to 2020 and through her 20-year tenure with Bausch + Lomb, as well as prior public company board experience. During her eight years of board service to publicly-traded Transcat, Inc., a Rochester-based calibration services and equipment provider, she served as Chair of the Compensation Committee and as a member of the Technology and Governance Committees. Ms. Panzarella’s appointment increases the size of the Company’s Board to twelve members, eleven of whom are independent and three of whom were appointed within the last four years. She will serve on the Audit and Management Development & Compensation Committees.

    “We are incredibly pleased to welcome Angela Panzarella to the Boards of Directors of both Financial Institutions, Inc. and Five Star Bank,” said Susan R. Holliday, Chair of the Boards of Directors of the Company and the Bank. “Having spent the majority of her career in the highly regulated health care industry, we expect that her experience overseeing corporate strategy, financial and business operations, business development, and more, will prove to be a tremendous asset as our Company continues to execute on its long-term strategy.”

    “Angela is not only a seasoned executive with a proven ability to develop and execute successful business strategies that drive strong financial outcomes, often on a global scale, but a respected leader in the Greater Rochester community, a key growth market for us,” said Martin K. Birmingham, President, CEO and Director of the Company and the Bank. “As we continue to grow and evolve as a company, we look forward to benefitting from her perspective and counsel.”

    Prior to joining the YWCA, Ms. Panzarella served as President of ACM Medical Laboratory, Inc., a leader in clinical and global central laboratory services. From 1988 to 2008, she held a variety of executive and legal roles at Bausch + Lomb, most recently as President of the Canada and Latin American Division and Corporate Vice President of Global Vision Care. She began her career as an attorney with Harris Beach PLLC.

    Active in the community, Ms. Panzarella previously served on the boards of directors for UR Medicine Home Care and the United Way of Greater Rochester. She earned her B.A. from St. John Fisher College and J.D. from the Albany Law School of Union University.

    About Financial Institutions, Inc.
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.2 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Safe Harbor Statement
    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “believe,” “anticipate,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: additional information regarding the deposit fraudulent activity; changes in interest rates; inflation; changes in deposit flows and the cost and availability of funds; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to the impact of a pandemic or global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fd49cdb2-c77b-4d34-9745-23f9029a6398

    The MIL Network –

  • MIL-OSI USA: Fayetteville Teen Serves as Senate Page

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON––Haas Hall Academy student Mia Al Ansari traded in the halls of her school’s Northwest Arkansas campus for the opportunity to navigate our nation’s capital and the corridors of Congress as a U.S. Senate Page for the last several months.
    Al Ansari, appointed by U.S. Senator John Boozman (R-AR), served as one of 28 Senate Pages from September 2024 through January 24, 2025. As a Page, she helped prepared the U.S. Senate chamber for daily business by distributing documents to senators’ desks, assisting in the cloakrooms, supporting chamber staff, and – when the body was in session – sitting near the dais waiting to aid members delivering remarks or casting votes.
    She also performed administrative duties and worked on projects in Boozman’s office during the month of October while Congress was in recess ahead of the fall elections. The Fayetteville teen and her fellow Pages went on to participate alongside Members of Congress in the Electoral College vote count and certification of the 2024 presidential election results in January.
    “It has been an incredible honor and privilege to be able to serve as a United States Senate Page. Having the opportunity to work on the Senate floor and interact with senators on a daily basis has been the greatest and most educational experience of my life. Being able to also work directly in Senator Boozman’s office during October with his amazing staff was a phenomenal experience that gave me new insight on the inner workings of United States Senate offices. Both working on the Senate floor and in the office gave me invaluable experiences I will never forget. I am so grateful for this experience and I will always look back on my time as a United States Senate Page fondly and with gratitude,” Al Ansari said.
    The high school junior earned her appointment to the position from Boozman, who has longed promoted the program for Arkansas youth interested in civics and public service.
    “Mia did an excellent job supporting the day-to-day activity of the Senate while observing legislative processes and procedures firsthand. I am confident that serving as a Page will inspire her to continue exploring her interests in civics and public service. Our entire state can be proud of how she represented us in this prestigious program,” Boozman said.
    Al Ansari was also selected as the yearbook editor for the fall 2024 Senate Page class. Back home, she was appointed Environmental and Sustainability Chair of The City of Fayetteville’s Youth Advisory Council. She is also a member of Haas Hall Academy’s mock trial team, where she was one of five participants to win an award at the state competition from the Arkansas Bar Association, and serves as Social Media Manager for her local Project Prevent Youth Coalition chapter promoting anti-drug and alcohol efforts among Natural State teens.
    Al Ansari is the daughter of Teresa Farah.
    The Senate Page program started in 1829 when Senator Daniel Webster appointed the first Senate Page. Today, the program is a unique, highly selective opportunity for high school juniors with a strong academic standing to learn firsthand about the institution often referred to as “the world’s greatest deliberative body.”

    Senate Page Mia Al Ansari and Senator John Boozman. 

    MIL OSI USA News –

  • MIL-OSI USA: Murphy Statement On Trump Gutting Federal School Safety Advisory Board

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    January 27, 2025

    WASHINGTON – U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor, and Pensions Committee, on Friday released a statement on the Trump administration terminating the Federal School Safety Clearinghouse Advisory Board, a 26-person committee created by the Bipartisan Safer Communities Act:
    “President Trump doesn’t care about keeping our kids safe from gun violence. First, he shuttered the White House Office of Gun Violence Prevention. Now, he has terminated all 26 members – from the parents of school shooting victims to directors of widely trusted school safety organizations– currently serving on a nonpartisan board created by the Bipartisan Safer Communities Act to make classrooms safer. This board is enshrined in law and to remove these members without any reason shows how little he cares about our kids and the challenge school leaders face in keeping them safe. President Trump should reinstate these members immediately and stop playing politics with our children’s safety.”

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Schumer, Murray, Kim Lead 47 Senators In Introducing Resolution Condemning Trump’s Pardons Of Jan. 6 Rioters

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    January 27, 2025

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Chuck Schumer (D-N.Y.), and Andy Kim (D-N.J.) on Monday led a group of 47 senators, including U.S. Senator Richard Blumenthal (D-Conn.), in introducing a new resolution condemning the pardons of individuals who were found guilty of assaulting Capitol Police Officers. The resolution follows the move by President Trump, on the first day of his second term, to grant full, complete, and unconditional pardons to over 1,500 people charged with committing crimes in the January 6, 2021 attack on the U.S. Capitol, and to commute the sentences of 14 others, including leaders of the Proud Boys and Oath Keepers— far-right militias. Among those pardoned by Trump were 169 people who pled guilty to assaulting police officers on January 6th.  During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as over 60 officers from the Washington, D.C. Metropolitan Police Department.
    The senators’ resolution, Condemning the pardons for individuals who were found guilty of assaulting Capitol Police Officers, simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” Murphy and Blumenthal will seek unanimous consent on the Senate floor to pass the resolution.
    “Trump’s pardons of January 6th rioters who viciously assaulted law enforcement officers send a dangerous message: if you’re willing to commit violence in his name, there are no consequences,” said Murphy. “This endorsement of political violence not only undermines our justice system, but it also makes our nation less safe and emboldens those who would attack our democracy.”
    “President Trump’s blanket pardons of armed insurrectionists, who were convicted by juries of everyday Americans, is the ultimate disrespect for police officers who were brutally assaulted on January 6,” said Blumenthal. “These sickening pardons are a clear endorsement of political violence and discredit justice and the rule of law. I urge my Republican colleagues who were protected that terrible day—and who now stay silent—to join in condemning the violence that occurred and standing with the officers who put their lives on the line for their safety.”
    U.S. Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.) also cosponsored the resolution. In total, 46 senators signed onto the resolution.
    Full text of the resolution is available HERE.
    According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in court, the weapons used and carried on Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves.
    Among others, the individuals who assaulted law enforcement officers and were granted full, unconditional pardons by President Trump this week include:
    Taylor James Johnatakis, of Kingston, Washington, was convicted of three felonies in November 2023, including assaulting officers. Prosecutors said that he “coordinated a violent assault on a line of police officers defending” the Capitol and that video shows he “used a metal barricade to attack officers head on and grabbed one officer to prevent him from defending himself against other attacking rioters.”
    Julian Khater, who assaulted a U.S. police office—Brian Sicknick—and later pled guilty to assaulting a police officer with a dangerous weapon.
    Robert Palmer, who attacked police with a fire extinguisher, a wooden plank, and a pole.
    Tyler Bradley Dykes of Bluffton, South Carolina, who was sentenced to 57 months in federal prison for stealing a police riot shield and twice using it against officers. He pleaded guilty to two felony counts of assaulting, resisting or impeding officers.
    Devlyn Thompson, who hit a police officer with a metal baton.
    Andrew Taake, of Houston, Texas, who was sentenced to a little more than six years for assaulting law enforcement officers with bear spray and a metal whip.
    Christopher Quaglin, who federal prosecutors said “viciously assaulted numerous officers” and was one of the most violent rioters, was sentenced to 12 years in federal prison.
    David Dempsey, who, according to prosecutors, “was one of the most violent rioters,” and received 20 years in prison. Prosecutors also said Dempsey had a “very significant history of arrests and convictions” prior to the January 6th attack.
    Daniel Rodriguez, of Fontana, California, who plunged a stun gun into the neck of Washington Police Officer Michael Fanone multiple times.
    Ryan Nichols, of Longview, Texas, who assaulted officers with pepper spray, and later on Jan. 6, at his hotel room, he called for additional violence.
    Howard Richardson, of King of Prussia, Pennsylvania, who struck a police officer three times with a flagpole, hard enough to break the flagpole.
    Robert Sanford, from Chester, Pennsylvania, who hit two police officers in the head with a fire extinguisher and threw a traffic cone at another officer.
    Jonathan Munafo, of Albany, New York, who punched a police officer, stole the officer’s riot shield, and struck a Capitol office window with two poles.

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Évora, European Capital of Culture 2027 – P-002769/2024(ASW)

    Source: European Parliament

    In March 2023, the Portuguese authorities designated Évora as European Capital of Culture (ECoC) 2027 based on the recommendation of the ECoC expert panel.

    Since then, Évora has been subjected to a monitoring process in line with Decision No 445/2014/EU[1]. Under the Commission’s auspices, the panel monitors the implementation of the ECoC project in Évora, providing guidance and checking that commitments made at selection phase are fulfilled.

    After discussions with the relevant public authorities, the Portuguese Government published a decree-law in December 2023 establishing the Évora 2027 Association, in line with the Portuguese legislation.

    It is the responsibility of all concerned authorities at national, regional and local levels to create a solid governance to implement a project of the scale of an ECoC and have an appropriate representation of all parties (including the government as a main funder) in this structure, while ensuring ownership of the project by the title-holding city.

    The Commission will continue monitoring the process. In this context, it is important for the Évora 2027 Association to ensure adherence to the bid book to the largest extent possible and for all authorities to work in a good collaboration spirit.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014D0445
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Exploiting Mr Öcalan’s position in order to make headway on the Kurdish issue – E-000153/2025

    Source: European Parliament

    Question for written answer  E-000153/2025
    to the Commission
    Rule 144
    Loucas Fourlas (PPE)

    It is widely known that Mr Öcalan has been repeatedly tortured by the Turkish authorities and Ankara’s secret services. He has been held in inhumane conditions for nearly three decades, kept apart from his family, friends and lawyers.

    At the moment, Mr Erdogan and Mr Bahçeli are attempting to ‘exploit’ him as, according to reports, they negotiate the conversion of his life imprisonment into house arrest. The condition for this is the announcement of the dissolution of the PKK and a request to the Kurds of Türkiye and Syria to obey Ankara. The issue is not whether the Kurdish organisation is a terrorist one or not. This move very clearly constitutes political intimidation and interference in justice.

    In view of this:

    • 1.How does the Commission view the intervention of Türkiye’s state officials in the realm of justice? To what extent does the intervention comply with European principles and the rule of law?
    • 2.What is the Commission’s reaction to the crude intimidation by the Turkish state, which is negotiating the freedom of a detainee by intimidating him and placing him in dilemmas that have nothing to do with legal process?

    Submitted: 15.1.2025

    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – The Constitutional Court of Romania’s decision from the perspective of rules on the rule of law – E-000133/2025

    Source: European Parliament

    Question for written answer  E-000133/2025
    to the Commission
    Rule 144
    Erik Kaliňák (NI)

    The results of the presidential elections in Romania have been annulled by the Constitutional Court of Romania, but constitutional lawyers have raised a number of concerns with this decision. They point, for example, to the absence of a constitutional or statutory provision allowing the Constitutional Court to initiate ex officio proceedings to review the legality of presidential elections. According to the Law on Presidential Elections, candidates, political parties, political or electoral associations and members of national minority organisations represented in the Council are entitled to lodge a complaint. Furthermore, there is no provision in Romanian law allowing for the annulment of the entire electoral process. The law only provides for the possibility of cancelling and repeating one of the two rounds of elections for very specific reasons (fraudulent acts affecting the ranking of candidates eligible to participate in the second round or the granting of the presidential mandate). Thirdly, the law provides for a three-day period for lodging a complaint against the results of the elections, starting from the close of voting. There is no legal provision to allow proceedings to be initiated later (the decision of 6 December was issued 12 days after the close of voting).

    One can sympathise with the concerns raised by Romanian lawyers. In the light of the foregoing:

    • 1.Does the Commission not view the actions taken by the Constitutional Court without an adequate legal basis as being ultra vires and therefore a violation of the rule of law?
    • 2.What measures does it intend to take to protect the rule of law in order to prevent the abuse of judicial power for political purposes?

    Submitted: 15.1.2025

    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Actual or foreseeable negative effects of Elon Musk’s statements on civic discourse, electoral processes and freedom and pluralism of the media under the DSA – E-000191/2025

    Source: European Parliament

    Question for written answer  E-000191/2025
    to the Commission
    Rule 144
    Krzysztof Śmiszek (S&D), Reinier Van Lanschot (Verts/ALE), Thomas Waitz (Verts/ALE), Robert Biedroń (S&D), Sandro Ruotolo (S&D), Marina Kaljurand (S&D), Villy Søvndal (Verts/ALE), Joanna Scheuring-Wielgus (S&D), Matjaž Nemec (S&D), Maria Walsh (PPE), Kim Van Sparrentak (Verts/ALE), Elio Di Rupo (S&D), Aodhán Ó Ríordáin (S&D), Leila Chaibi (The Left), Birgit Sippel (S&D), Heléne Fritzon (S&D), Johan Danielsson (S&D), Evin Incir (S&D), Adnan Dibrani (S&D), Sofie Eriksson (S&D), Klára Dobrev (S&D), Lena Schilling (Verts/ALE), Raphaël Glucksmann (S&D), Maria Grapini (S&D), Sebastian Everding (The Left), Rima Hassan (The Left), Alex Agius Saliba (S&D), Wouter Beke (PPE), Csaba Molnár (S&D), Kamila Gasiuk-Pihowicz (PPE), Pierre Jouvet (S&D), Alessandro Zan (S&D), Thomas Pellerin-Carlin (S&D), Magdalena Adamowicz (PPE), Per Clausen (The Left), Elżbieta Katarzyna Łukacijewska (PPE), Murielle Laurent (S&D), Bruno Gonçalves (S&D), Hanna Gedin (The Left), Aurore Lalucq (S&D), André Rodrigues (S&D), Elisabeth Grossmann (S&D), Marc Angel (S&D), Łukasz Kohut (PPE), René Repasi (S&D), Marta Temido (S&D), Katarina Barley (S&D), Tilly Metz (Verts/ALE)

    In recent weeks, Elon Musk has made comments that could potentially have an adverse effect on European democracies. Using X, a ‘very large online platform’ within the meaning of the Digital Services Act (DSA), he has openly supported a right-wing-extremist party, Alternative for Germany (AfD), by both making controversial statements and inviting its leader to a live interview. Elon Musk also suggested that judges ruling on certain migration cases in the Italian courts be removed from office.

    Considering Elon Musk’s ownership of X, as well as his position as an incoming advisor to president-elect Donald Trump:

    • 1.Does the Commission consider these statements a ‘systemic risk’ that could have any actual or foreseeable negative effects on the freedom and pluralism of the media, as well as on civic discourse and electoral processes, as per Article 34(1)(b) and (c) of the DSA?
    • 2.What steps does the Commission plan to take regarding the very large online platform’s failure to ‘mitigate risks’ within the meaning of Article 35 of the DSA? Will those steps be taken in this case?
    • 3.What tools is the Commission using to assess X’s algorithm for the recommender system, and what are the findings of such assessments?

    Submitted: 17.1.2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Azerbaijani political prisoners and Armenian hostages still being held in Baku – E-000185/2025

    Source: European Parliament

    Question for written answer  E-000185/2025
    to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
    Rule 144
    Pernando Barrena Arza (The Left)

    According to many reliable independent sources, the violent Azerbaijani regime has arrested more than 300 political prisoners, including Dr Gubad Ibadoghlu, Anar Mammadli, and many others, who are still being denied medical treatment and are on the verge of death because of the unbearable conditions.

    Azerbaijan has also been illegally holding 23 Armenians hostage since 2020. The hostages are subjected to inhumane and degrading treatment on a daily basis.

    Can the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy (VP/HR) therefore answer the following questions:

    • 1.During the VP/HR’s meeting with the Azerbaijani Minister for Foreign Affairs, Jeyhun Bayramov, in Malta on 4 December 2024, did the VP/HR demand the release of all political prisoners, and did the VP/HR place the issue of human rights above mere energy interests?
    • 2.Did the VP/HR firmly demand the release of the Armenian hostages who are being held illegally in Baku to this day, and did the VP/HR give the Azerbaijani regime a deadline for the repatriation of these people?
    • 3.Did the VP/HR warn about the possibility that sanctions may be imposed on Azerbaijani judges and all other relevant officials, as Parliament has demanded many times?

    Submitted: 16.1.2025

    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Draft agenda – Thursday, 13 February 2025 – Strasbourg

    Source: European Parliament

    27 Further deterioration of the political situation in Georgia
        – Motions for resolutions Monday, 10 February 2025, 19:00
        – Amendments to motions for resolutions; joint motions for resolutions Tuesday, 11 February 2025, 19:00
        – Amendments to joint motions for resolutions Tuesday, 11 February 2025, 20:00
        – Requests for “separate”, “split” and “roll-call” votes Wednesday, 12 February 2025, 16:00
    Texts put to the vote on Tuesday Friday, 7 February 2025, 12:00
    Texts put to the vote on Wednesday Monday, 10 February 2025, 19:00
    Texts put to the vote on Thursday Tuesday, 11 February 2025, 19:00
    Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 12 February 2025, 19:00

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Public consultation and request for input – citizens overwhelmingly in favour of retaining the ban on the sale of seal products – E-002010/2024(ASW)

    Source: European Parliament

    The fitness check[1] of the EU legislation on trade in seal products is ongoing. The public consultation and call for evidence are only two elements of the fitness check to collect evidence, and they do not determine the final results. Additional evidence is collected through targeted consultations of stakeholders, a literature review and desk research.

    The questions in the public consultation were drafted to obtain a precise and holistic overview of the perception of the EU seal regime nowadays without prejudging the outcome of the consultation.

    The stakeholders identified for consultation throughout the fitness check include the Member States’ competent authorities, the recognised bodies in Canada and Greenland, public authorities in Norway, individual companies or trade federations, associations and unions, individual fishermen and seal hunters, environmental, conservation and animal welfare non-governmental organisations, academia/research institutions, and concerned members of the public from the EU and outside.

    For the analysis of the results of the call for evidence, a dedicated software detected responses that contained full sentences with identical wording.

    The 11 842 replies which were identified as campaigns or coordinated replies were not rejected but analysed separately from the 2 162 unique contributions.

    The fitness check findings will inform the Commission as to whether a modification to the current legal framework would be needed.

    • [1] https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/14031-Trade-in-seal-products-fitness-check-of-EU-rules_en
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: At a Glance – Current Membership of the European Council – 27-01-2025

    Source: European Parliament

    The European Council consists of the 27 Heads of State or Government of the EU Member States, who are voting members, together with the President of the European Council and the President of the European Commission, who have no vote (Article 15(2) Treaty on European Union). The chart shows the current members, the national office they hold, their most recent European political affiliation, and the year their membership began.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Recent ECA report 17/2024: ‘The EU trust fund for Africa – Despite new approaches, support remained unfocused’ – E-002086/2024(ASW)

    Source: European Parliament

    With regards to recommendation 3 of the European Court of Auditors’ Special report 17/2024[1], the Commission is currently working on developing a set of practical tools in response to the Court of Auditors’ recommendations to strengthen the implementation of the human rights-based approach in all its interventions and enhance related internal procedures.

    The Commission remains committed to providing all relevant information to the European Parliament in the context of developing and implementing strategic and comprehensive partnerships with countries of origin and transit of migration, allowing the Parliament to exercise its oversight.

    The Commission also remains committed to conducting high-level geopolitical dialogues between the two Institutions on the implementation of the Neighbourhood, Development and International Cooperation Instrument — Global Europe (NDICI-GE) Regulation[2] to ensure democratic scrutiny, transparency and accountability.

    In addition, the Commission is available to regularly update the Parliament on the adopted actions contributing to the indicative target foreseen in the NDICI-GE Regulation related to spending on actions supporting management and governance of migration and forced displacement.

    • [1] https://www.eca.europa.eu/en/publications/SR-2024-17
    • [2]  Regulation (EU) 2021/947, https://eur-lex.europa.eu/EN/legal-content/summary/global-europe-the-eu-neighbourhood-development-and-international-cooperation-instrument.html
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Judicial reforms in Spain – E-000103/2025

    Source: European Parliament

    Question for written answer  E-000103/2025
    to the Commission
    Rule 144
    Dolors Montserrat (PPE)

    Spain’s Prosecutor General, Álvaro García Ortiz, is currently accused of leaking secrets for political purposes. Meanwhile, the Spanish Government is preparing a reform of the Code of Criminal Procedure (LECrim) aimed at putting the Public Prosecutor’s Office, rather than judges, in charge of investigations. This would give the government indirect control over the dismissal of criminal cases, including corruption cases. The government also wants to reduce the role of third-party interventions (acusaciones populares), which can prove decisive in corruption cases, keeping the government in check.

    The General Council of the Judiciary (CGPJ) has warned that, in order to ensure the independence of the Public Prosecutor’s Office, it is ‘imperative’ to review the way in which it operates before handing it responsibility for preliminary criminal investigations.

    • 1.Does the Commission believe that the Public Prosecutor’s Office – which is appointed and controlled by the executive – can take the place of judges and oversee investigations, guaranteeing procedural rights, with the independence, impartiality and transparency required under EU law?
    • 2.Will it ask the Spanish Government about this reform and the acusaciones populares in view of the warnings from the CGPJ, prosecutors’ associations and the judiciary?

    Submitted: 13.1.2025

    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI USA: Relief Still Available to West Virginia: Private Nonprofits Hit by April Storms

    Source: United States Small Business Administration

    TLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in West Virginia of the Feb. 24 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2-6, 2024. 

    The disaster declaration covers the counties of Brooke, Hancock, Marshall, Ohio, Preston, Tyler and Wetzel. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  

    “When disasters strike, businesses and nonprofits face significant challenges,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These SBA loans provide the financial support they need to manage costs and continue moving forward.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.  

    For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is Feb. 24, 2025. 

    # # # 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI Economics: Members consider China’s request for panel to examine electric vehicle measures in Türkiye

    Source: World Trade Organization

    DS629: Türkiye — Measures Concerning Electric Vehicles and Other Types of Vehicles from China

    China submitted a request for the establishment of a dispute panel to rule on various measures taken by Türkiye concerning electric vehicles (“EVs”) and certain other types of vehicles originating in China. Consultations took place on 20-21 November in an effort to resolve the dispute but failed to produce a mutually agreed solution, prompting China to submit its request for the panel. 

    China said Türkiye’s measures are protectionist and discriminatory, and violate Türkiye’s core obligations under the WTO agreements, including most favoured nation treatment, tariff bindings, and general elimination of quantitative restrictions. China expressed grave concerns that some members, including Türkiye, have introduced restrictive measures on Chinese new energy products, including EVs, which are inconsistent with WTO rules. Increased tech protectionism is not a solution, China said, adding that the panel request is one of the responses to such unlawful measures.

    Türkiye said the two sides had constructive consultations in November 2024 and that it shared information and clarifications with its Chinese colleagues in a cooperative manner. Türkiye said its measures are completely justified against the backdrop of the strong challenges its automotive industry has been facing for many years due to anti-competitive practices, subsidization, and excess capacity. These problems should be addressed in the relevant WTO bodies for a level playing field in industrial sectors. Against that background, Türkiye said it cannot at this time agree to the establishment of a panel.

    The DSB took note of the statements and agreed to revert to this matter should the requesting member wish to do so.

    DS597: United States – Origin Marking Requirement (Hong Kong, China)

    The United States once again raised the matter of the panel ruling in DS597 at the DSB meeting. The US said it was raising the matter as a result of recent developments in Hong Kong, China regarding free speech and human rights.  The US referred back to its previous statements regarding its position on essential security and its reasons for placing this item on the DSB agenda.

    Hong Kong, China said the US again raising this matter and questioning its inherent rights under international law was an abuse of WTO rules. The panel ruling clearly confirms that the US action lacks legal justification, Hong Kong, China said, adding that it stands ready to proceed through the due process of appeal should the US lift its blockage on the appointment of Appellate Body members.

    China reiterated its objections to the item being on the DSB agenda and said any member, regardless of its power and size, should refrain from taking unilateral and protectionism measures in the name of national security or using it as a vehicle to disregard the core principles of the WTO and interfere in other members’ internal affairs.

    Appellate Body appointments

    Colombia, speaking on behalf of 130 members, introduced for the 83rd time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

    The United States noted that a new US President was inaugurated on 20 January, and the US is currently transitioning to a new Administration.  Members are aware of the longstanding US concerns with WTO dispute settlement that have persisted across US administrations; those concerns remain unaddressed and it does not support the proposed decision, the United States said.

    Twenty members then took the floor to comment. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system as soon as possible. Many welcomed the progress made in the dispute settlement reform discussions to date and the proposal by the General Council Chair to initiate consultations with interested delegations to hear views on how to build on progress made in a manner that would further advance dispute settlement reform work.

    Several members said they looked forward to hearing from the Chair on how those consultations would be organized.  Ten members urged others to consider joining the Multi-party interim appeal arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body. 

    Colombia said on behalf of the 130 members it regretted that for the 83rd occasion members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said for the group.

    Surveillance of implementation

    Australia presented a status report regarding its implementation of the panel ruling in the case brought by China in DS603, “Australia — Anti-Dumping and Countervailing Duty Measures on Certain Products from China.”  Australia said it provided a written status report in this dispute on 16 January noting that Australia has fully implemented the ruling and that the matter is now resolved.

    China thanked Australia for its statement and said this case demonstrates the effectiveness of the WTO dispute settlement system. At a time when the multilateral trading system faces unprecedented challenges, cooperation among members is vital to maintaining the effective operation of the dispute settlement mechanism, China said.  China added that it is ready to work with Australia and other members to continue to resolve trade frictions under the WTO framework.

    The United States presented status reports with regard to DS184, “US — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”,  DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

    The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

    Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.” 

    Next meeting

    The next regular DSB meeting will take place on 24 February 2025.

    Share

    MIL OSI Economics –

  • MIL-OSI Canada: Taking a stand against antisemitism

    Since Oct. 7, 2023, when the Jewish community in Israel faced its largest targeted and deadly attacks since the Holocaust, antisemitism has been on the rise around the world. There is no place for hate, discrimination and racism in Alberta and the classroom is no exception. To make sure all students, including those from the Jewish community feel safe, welcomed and cared for in the classroom, Alberta’s government will ensure that the new draft grades 7 to 9 social studies curriculum will teach students about the prejudice that groups face.

    As part of curriculum development, Alberta’s government engaged extensively with education partners and Jewish organizations in 2023-24 to inform the development of social studies curriculum. Later this winter, additional engagement will begin to ensure that inclusion of this content in the new curriculum will enable students to take a stand against rising antisemitism.

    “I firmly believe we must do everything possible to combat rising antisemitism and educate young Albertans about the realities of antisemitism. Ensuring all students learn about the injustices faced by those who historically were, and continue to be, marginalized, or who have experienced discrimination will help us confront hate and build stronger communities.”

    Demetrios Nicolaides, Minister of Education

    The inclusion of antisemitism in the new draft grades 7 to 9 social studies curriculum builds upon the Alberta government’s commitment to have students learn about injustices faced by those who historically were, and continue to be, marginalized, or who have experienced discrimination. In November 2023, Alberta’s government made Holocaust education a mandatory component of the social studies curriculum and the newly developed draft K to 6 social studies curriculum also includes content on antisemitism.

    “The Calgary Jewish Federation applauds Alberta’s government for taking meaningful action in combating the spread of antisemitism through this critical initiative. We also look forward to continuing to work with Alberta’s government on the implementation of Holocaust education in our schools.”

    Rob Nagus, chief executive officer, Calgary Jewish Federation

    “The Jewish Federation of Edmonton commends the Alberta government for both reaffirming its commitment to mandatory Holocaust education and for equipping students to take a stand against rising antisemitism. By ensuring these critical lessons are part of the learning experience for students, we are fostering empathy, understanding and resilience in future generations. We look forward to further collaborating with Alberta Education in making sure these important teachings are delivered effectively across all grades.”

    Stacey Leavitt-Wright, chief executive officer, Jewish Federation of Edmonton

    Alberta Education will continue engaging with the Calgary Jewish Federation, Jewish Federation of Edmonton, and other Jewish organizations as work on the draft social studies curriculum continues. Feedback from these organizations will be used in the decision-making process about when and where students learn about antisemitism in junior high.

    Quick facts

    • In Alberta’s current K to 12 social studies curriculum, students learn about injustices faced by those who historically were, and continue to be, marginalized, or who have experienced discrimination.
    • The new draft grades K to 6 social studies curriculum was released in April 2024 for optional classroom piloting, which began in September 2024 before implementation during the 2025-26 school year.

    Related news

    • Refined courses coming to classrooms | Cours améliorés prochainement dans les salles de classe (Nov 14, 2024)
    • New draft social studies curriculum ready to pilot | La nouvelle ébauche du curriculum d’études sociales prête pour la mise à l’essai (Apr 26, 2024)
    • Mandatory Holocaust education for Alberta students (Nov 10, 2023)

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: Padma Shri for Hariman Sharma: The Apple Man of India

    Source: Government of India (2)

    Posted On: 27 JAN 2025 4:16PM by PIB Delhi

    Shri Hariman Sharma, a visionary farmer from Himachal Pradesh, has been honored with Padma Shri, the highest Civilian Award for his transformative contribution to Indian agriculture.  He developed an innovative, self- pollinating, low chilling apple variety called HRMN – 99, that has revolutionized the apple cultivation landscape in the country and brought a juicy nutritive variety more within reach in terms of geography and affordability.  

    Unlike commercial apple varieties that require temperate climates and extended chilling hours, HRMN-99 thrives in tropical, sub-tropical, and plain regions with summer temperatures reaching 40-45°C, enabling apple farming in areas where it was previously considered unviable.

    Orphaned during childhood, Hariman Sharma’s journey from the mountainous lanes of his tiny hamlet Paniala, located in Bilaspur (HP) to the great halls of Rashtrapati Bhavan is truly inspirational not only for the farming community, but also for the students, researchers and horticulturists of the country. Despite all odds, Shri Sharma completed his education till matric and pursued his passion for farming and pomology.

    The story of the HRMN-99 apple variety began in 1998 when Hariman Sharma planted a few seeds from discarded apples used for household consumption in his backyard. Remarkably, one of these seeds sprouted the following year, and by 2001, the plant bore fruit despite the warm climate of Paniala, situated at an elevation of 1,800 feet. Realizing its potential, he carefully tended to the mother plant and propagated it through grafting, eventually establishing a flourishing apple orchard.  Over the following decade, he focused on expanding his orchards by experimenting with various scions, grafting techniques and refining his innovative apple variety. Despite his efforts to share this breakthrough with regions having similar climatic conditions, his work initially garnered limited attention from both the farming and scientific communities.

    In 2012, the National Innovation Foundation (NIF) – India, an autonomous institute of the Department of Science and Technology (DST), Government of India, scouted this innovation. NIF verified the distinctness of the variety and supported its validation by facilitating molecular studies, fruit quality testing, and multi-location trials in collaboration with ICAR institutions, Krishi Vigyan Kendras (KVKs), agricultural universities, state agriculture departments, farmers and volunteers spread across the country. Through these collaborative efforts, the variety has expanded to 29 states and UTs, including Bihar, Jharkhand, Manipur, Madhya Pradesh, Chhattisgarh, Uttar Pradesh, Maharashtra, Gujarat, Dadra, and Nagar Haveli, Karnataka, Haryana, Rajasthan, Jammu & Kashmir, Punjab, Kerala, Uttarakhand, Telangana, Andhra Pradesh, West Bengal, Orissa, Pondicherry, Himachal Pradesh as well as planted at Rashtrapati Bhavan, New Delhi. NIF also facilitated the registration of the variety at the Protection of Plant Varieties and Farmers’ Rights Authority, New Delhi.

    For his innovation, Shri Hariman Sharma was conferred the National Award in 2017 during the 9th National Biennial Grassroots Innovation and Outstanding Traditional Knowledge Awards by then Hon’ble President of India Shri Pranab Mukherjee. He also has several accolades to his credit including the National Innovative Farmer Award by Agriculture and Farmers Welfare Ministry, GoI (2016), IARI Fellow Award (2017), Kisan Vaigyanik Upadhi by DDG, ICAR (2017), National Best Farmer Award (2018), Rashtriya Krishak Samrat Samman (2018) Jagjivan Ram Krishi Abhinav Award (2019) and several state and central government awards. He also represented India in the 4th ASEAN India Grassroots Innovation Forum (AIGIF) held during November 2023 in Malaysia.

    The HRMN-99 variety, characterized by its striped red-over-yellow skin, soft and juicy pulp, and ability to produce up to 75 kg of fruit per plant annually, has empowered thousands of farmers across India. NIF also supported its commercial adoption, establishing apple orchards and providing training to in collaboration with the State Agriculture Departments and the North Eastern Region Community Resource Management Project (NERCORMP) under North Eastern Council (NEC), Ministry of DoNER, Govt of India to transplant the variety through the North-eastern states at large scale, resulting over one lakhs of saplings of the variety have been planted in all NE states for providing an additional source of income to the farmers.

    Shri Hariman Sharma’s exceptional innovation has not only transformed apple cultivation in India but has also inspired innumerable farmers with additional income and better nutritional access. Through his efforts, the apple once considered rich man’s diet is in the reach of common man. Recognition of his efforts through the Padma Shri Award, stands as a testament to the transformative power of grassroots innovations in addressing national challenges and creating sustainable livelihoods, aligning with the sustainable development goals (SDGs).

     

     

    *****

    NKR/PSM

    (Release ID: 2096693) Visitor Counter : 23

    MIL OSI Asia Pacific News –

  • MIL-OSI: Ethiax Successfully Obtains MSB License Certification, Strengthening Global Compliance and Platform Strength

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Jan. 27, 2025 (GLOBE NEWSWIRE) — As one of the leading digital currency trading platforms globally, Ethiax recently announced that it has successfully obtained the U.S. MSB (Money Services Business) license certification, marking a significant step forward in the platform’s global compliance and financial regulation. This certification not only enhances Ethiax’s legitimate operational status in the global market but also provides users worldwide with a safer, more transparent, and compliant trading environment.

    As a digital currency trading platform operating globally, Ethiax has always been committed to strictly adhering to global financial regulatory requirements, particularly in areas such as anti-money laundering (AML), counter-terrorism financing (CFT), and customer identity verification (KYC). By obtaining the U.S. MSB license, Ethiax has reaffirmed its leading compliance position in the industry, now meeting the stringent financial regulatory standards of the U.S. and several other international markets.

    Rebecca Lee, Chief Compliance Officer of Ethiax, stated: “Obtaining the U.S. MSB license is an important milestone for the compliance of the Ethiax platform, marking our expanding influence in the global financial market. We firmly believe that compliance and security are the cornerstones of the platform’s development. With this certification, we have not only enhanced the platform’s compliance assurances but also provided a more reliable and trustworthy trading experience for users around the world.”

    In the digital currency industry, compliance is a key factor in gaining user trust. As governments and regulatory bodies worldwide increase their regulatory requirements for the digital currency market, Ethiax has fully implemented global compliance policies to ensure the safety of every user’s funds and eliminate risks of illegal transactions. Notably, in areas like anti-money laundering and counter-terrorism financing, Ethiax has executed strict review mechanisms to ensure that trading activities on the platform fully comply with international regulations.

    Furthermore, after obtaining the MSB license, Ethiax has further enhanced the trading transparency and security of its platform. The platform’s new trading monitoring system can track every transaction in real-time, ensuring compliance with global standards. Additionally, Ethiax has launched efficient risk management tools to help users make safer investment decisions in the volatile digital currency market.

    Sarah Wang, Chief Technology Officer of Ethiax, commented: “As a global digital currency trading platform, our core mission is to provide users with a safe, transparent, and compliant trading environment. Obtaining the U.S. MSB license is just one part of our compliance strategy; we will continue to focus on enhancing the platform’s security and transparency through innovative technologies and strict compliance measures, ensuring that every user enjoys the highest level of protection on the Ethiax platform.”

    With its robust technological capabilities and outstanding compliance management, Ethiax has gained legitimate operational qualifications in several key global markets, becoming the preferred platform for an increasing number of institutional investors and individual users. The platform not only supports efficient liquidity between digital currencies and fiat currencies but also offers a range of customized services for institutional investors, including block trading, asset custody, and risk management, to meet their diverse needs.

    Ethiax will continue to promote the compliance process within the digital currency industry, maintaining a global perspective while continually enhancing the platform’s security and technological innovation to address increasingly complex market demands. By continuously optimizing its compliance framework, Ethiax aims to play a greater role in the global digital currency market, ensuring that users worldwide can engage in efficient trading on a compliant, safe, and transparent platform.

    As global regulatory scrutiny of the digital currency industry intensifies, Ethiax’s ongoing innovations and strict enforcement in compliance make it one of the most trusted trading platforms in the global digital currency market. The successful acquisition of the U.S. MSB license will undoubtedly further consolidate its leadership position in the global market, providing users with high-quality, safe, and compliant digital currency trading services.

    Media Contact
    Contact: Kate R. Cline
    Company Name: Ethiax Ltd
    Website: https://main.ethiax.com/
    Email: KateCline(at)ethiax.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI USA: Rosen, Cortez Masto join 45 Senators in Introducing Resolution Condemning Pardons of Individuals Found Guilty of Assaulting Capitol Police Officers

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    Resolution comes after Trump pardons 1,500 Jan 6 insurrectionists—including those convicted of violently assaulted police officers
    The senators will seek unanimous consent to pass the resolution this week
    WASHINGTON, DC – Today, U.S. Senators Jacky Rosen (D-NV), Catherine Cortez Masto (D-NV), and 45 of their colleagues introduced a new resolution condemning the pardons of individuals who were found guilty of assaulting Capitol Police Officers. The resolution follows the move by President Trump, on the first day of his second term, to grant full, complete, and unconditional pardons to over 1,500 people charged with committing crimes in the January 6, 2021 attack on the U.S. Capitol, and to commute the sentences of 14 others, including leaders of the Proud Boys and Oath Keepers, far-right militias. Among those pardoned by Trump were 169 people who pled guilty to assaulting police officers on January 6th.  During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as over 60 officers from the Washington, D.C. Metropolitan Police Department.
    The senators’ resolution, Condemning the pardons for individuals who were found guilty of assaulting Capitol Police Officers, simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” This week, Senator Murray will seek unanimous consent on the Senate floor to pass the resolution.
    “It’s unconscionable that one of President Trump’s first actions in office was to pardon criminals who violently attacked the U.S. Capitol on January 6th, 2021,” said Senator Rosen. “A number of these convicted felons attacked police officers and injured them. It should not be a partisan issue to fully condemn these actions and President Trump’s pardons.”
    “President Trump is pardoning violent criminals who assaulted police officers and attempted to overturn a fair and free election,” said Senator Cortez Masto. “This is an insult to law enforcement across the country and an endorsement of political violence. The very least my Republican colleagues can do to back law enforcement is to support this resolution.”
    According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in Court, the weapons used and carried on Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves.
    The full text of the resolution can be read HERE.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI—Hagerty Joins Mornings With Maria on Fox Business to Discuss Trump’s Cabinet Nominees, Agenda

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    NASHVILLE, TN—United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, today joined Mornings With Maria on Fox Business to discuss Senate Republicans’ role in confirming President Donald Trump’s cabinet nominations and implementing his legislative agenda.

    *Click the photo above or here to watch*
    Partial Transcript
    Hagerty on the politically-motivated delay of Trump’s cabinet confirmations: “What we’ve seen is the minority is using every procedural trick in the book. They tried to slow us down dramatically. We would’ve been much further along, even in Trump’s first term, clearly in [former President Barack] Obama’s first term. In Obama’s first term, we had twelve cabinet members seated in the first fifteen days. What we saw happen back in Trump’s first term was the resistance movement unfold against us. The Democrats plied all these procedural measures, slowed us down dramatically. We returned the favor in [former President] Joe Biden’s Administration. [Senate Majority Leader] John Thune offered to move back to a more normal sequence, as we [did with] Obama. The Democrats have no interest in it—we’ve gone through massive political gyrations—but we’re going to push these nominees through. That’s why we were here, willing to go through the night and early Sunday morning. The Democrats finally came to an 11th hour agreement to let us move Scott Bessent later today. But we’re going to keep pushing these through, grinding these through. There is no reason to be slowing all of this down, particularly when you think about the national security crises that we face as a nation. The American public wants us to get to work. They expect President Trump to be on the case. The Democrats are, yet again, doing everything they can to slow things down and throw sand into the gears.”
    Hagerty on his strong support for Pam Bondi: “Pam Bondi is a top priority nominee for us. She will get confirmed; there’s no question about that. Getting Pam and getting Kash Patel into position to deal with the national security crises and threats that we face here domestically is absolutely critical. She’s high priority. She’s in this first wave that will go—she will go—and I have every reason to expect she’ll go on a bipartisan basis. We’ve just got to get the Democrats to realize this and start to work with us more closely. The American public expect it.”
    Hagerty on the reconciliation process: “What we need to do is get as many things accomplished as quickly as we possibly can. Look, the situation in Florida is urgent. It makes sense to put it on a piece of legislation that’s moving through quickly. That’s certainly going to help us bring along various Florida members. I think that should be part and parcel of this. And if you just step back for a minute and think about where America saw this country in November of this last year, seventy-five percent of Americans said we were on the wrong track as a nation. Maria, the American people voted. President Trump won every single battleground state a landslide in the electoral college. He won the popular vote. Democrats should wake up and realize the public needs us to make significant change. These are the vehicles that will allow those changes to occur, I hope we’ll get their support.”
    Hagerty on Trump’s agenda to bring back American sovereignty: “Senator Thune certainly is focused on the process that we’re going to be moving through right now, to make certain that our military is adequately funded. But I’ve had great conversations with Elon Musk about what we can do, from an operational efficiency standpoint, deploying new technologies, making certain that the most relevant technologies that are available in the private sector are being deployed in our military. The focus is going to be back on lethality and effectiveness, not on pronouns at the Pentagon. Now [Secretary] Pete [Hegseth], he has got that message loud and clear. I’m excited about what may come, in terms of deploying new technologies, new ways to make America’s warfighters the most lethal in the world. So, I think the combination of the ongoing effort that we’ve got from a legislative standpoint, plus the operational efforts that are taking place with the Department of Government Efficiency, need to come to bear, in full force, and our procurement exercises in the Department of Defense, making certain that we have our men and women in the military in as great a position as we possibly can to deliver for the American people.”
    Hagerty on the national security concerns in doing business with the CCP: “I think there’s so much that can be done regarding China accessing our capital markets. Maria, one of my pet peeves is allowing Chinese companies that have golden share arrangements to list on our capital markets. You know what golden share is? That’s a minority stake that the Chinese government, the CCP has control of, that can actually be a veto for any corporate action that one might take. They have this control over Bytedance. They have this sort of control over Tencent. It’s amazing that these companies are allowed to list here. The American public does not understand the extent of control that the Chinese Communist Party has over their champion industries, yet they’re allowed to come here, take capital from our markets, the most efficient capital markets in the world, in a situation that is entirely unfair. When you think about it from a corporate governance standpoint, there are many ways, I think, that Scott Bessent can look at these critical issues and I hope address them very quickly.”
    Hagerty on the debt ceiling: “President Trump wants the debt ceiling dealt with as quickly as possible. In the past, it’s always been used by the Democrats as a cudgel to force actually more spending. We could deal with this in a number of fashions, perhaps dealing with it alongside disaster relief for California or others. But we need to deal with it right up front, quickly and effectively, and not let this become an issue or a hurdle to get larger things accomplished.”

    MIL OSI USA News –

  • MIL-OSI USA: Kaine Introduces Resolution to Express Support for Paris Climate Agreement

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA) joined his colleagues in introducing a resolution to express support for the Paris Climate Accords, an international agreement on climate change. The resolution also highlights significant climate and clean energy actions taken by local and state governments, critical investments made through the Bipartisan Infrastructure Law and Inflation Reduction Act, and widespread support for the Paris Agreement. President Donald Trump signed an executive order to withdraw the United States from the agreement – meaning that the U.S. joins Iran, Yemen, and Libya as the only countries in the world not party to the Paris Accords.
    “From sea level rise in Hampton Roads and on the Eastern Shore to hurricanes in Southwest Virginia, climate change is affecting us all and threatening the safety of our communities,” said Kaine. “I’m disappointed, but not surprised, by President Trump’s short-sighted withdrawal from the Paris Accords, and that’s why I’m joining my colleagues in introducing this resolution to express support for the goals of the climate agreement. I remain committed to building on our progress in recent years to reduce greenhouse gas emissions, improve resiliency, accelerate clean energy production, and keep Americans safe.”
    On November 4, 2020, the first Trump Administration withdrew the U.S. from the Paris Agreement. The Biden Administration re-entered the U.S. into the agreement in January 2021. In December 2024, the Biden Administration released an updated Nationally Determined Contribution under the Paris Agreement, establishing an emission-reduction target of 61 to 66 percent below 2005 levels by 2035.
    The resolution is led by U.S. Senator Edward J. Markey (D-MA) and is cosponsored by U.S. Senators Chuck Schumer (D-NY), Dick Durbin (D-IL), Jeff Merkley (D-OR), Ron Wyden (D-OR), Tina Smith (D-MN), Bernie Sanders (I-VT), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Peter Welch (D-VT), Jack Reed (D-RI), Sheldon Whitehouse (D-RI), Brian Schatz (D-HI), Cory Booker (D-NJ), Amy Klobuchar (D-MN), Alex Padilla (D-CA), Adam Schiff (D-CA), Chris Coons (D-DE), Jeanne Shaheen (D-NH), Jacky Rosen (D-NV), and Tammy Duckworth (D-IL).
    The resolution is endorsed by Union of Concerned Scientists and the Natural Resources Defense Council (NRDC).
    Full text of the resolution is available here.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: India’s Petroleum Industry

    Source: Government of India

    India’s Petroleum Industry

    Fueling Growth and Innovation

    Posted On: 27 JAN 2025 8:22PM by PIB Delhi

    Introduction

    India’s petroleum industry is a comprehensive sector encompassing exploration, production, refining, distribution, and marketing of petroleum and its by-products. This includes upstream activities like extraction of crude oil and natural gas, midstream activities such as transportation and storage, and downstream processes including refining and distribution of fuels like petrol, diesel, LPG, and kerosene. A critical contributor to India’s energy basket, the petroleum industry ensures energy security and underpins various economic activities.

    At present, India has nineteen Public-Sector Undertaking (PSU) refineries, three Private-Sector refineries, and one Joint Venture refinery. The country’s refining capacity increased from 215.066 Million Metric Tons per annum (MMTPA) in April 2014 to 256.816 MMTPA in April 2024.

     

    Origin and Brief History

    The roots of India’s petroleum industry trace back to 1867 when the first oil well was drilled in Digboi, Assam. This discovery marked the inception of the country’s exploration and production activities. The establishment of the Indian Oil Corporation in 1959 heralded a structured approach to refining and distribution. Over the decades, the sector witnessed significant expansion, from small-scale refineries to a robust network capable of meeting domestic and export demands. Today, India’s petroleum industry stands as a symbol of resilience and innovation, evolving in response to global and domestic energy challenges.

    Industry Development and Evolution

    The Indian petroleum industry has evolved significantly, driven by technological advancements and policy reforms. The 1990s marked a pivotal era with economic liberalization, leading to increased private and foreign investment. Public sector undertakings (PSUs) like ONGC and Indian Oil Corporation have played a crucial role in exploration and refining. Establishing state-of-the-art refineries, such as Jamnagar Refinery in Gujarat, has bolstered refining capacities, making India a refining hub in Asia. Furthermore, government initiatives like the National Exploration Licensing Policy (NELP) have incentivized exploration activities.

    India’s energy landscape is rapidly evolving. The country boasts 651.8 million metric tons of recoverable crude oil reserves and 1,138.6 billion cubic meters of recoverable natural gas reserves within its sedimentary basins.

    Here are some recent updates in India’s petroleum industry:

    1. India is on track to increase its exploration acreage to 1million square kilometers by 2030, with a 16% increase expected in 2025.
    2. The price of a domestic LPG cylinder in India is among the lowest worldwide, with costs as low as Rs. 803 per 14.2 Kg cylinder. For PMUY households, after a targeted subsidy of Rs 300 per cylinder, the effective price is Rs 503/ cylinder.
    3. The approval process for exploration and production activities in the petroleum industry has now been simplified, reducing 37 approval processes to just 18, of which nine are now available for self-certification.
    4. Introducing the Oilfields (Regulation and Development) Amendment Bill in 2024 ensures policy stability for oil and gas producers, and enables single license for all hydrocarbons. This bill was recently passed by the Rajya Sabha on December 3, 2024.

     

    Foreign trade of Petroleum

    India has witnessed a remarkable surge in petroleum product exports over the last decade. The country’s refining capacity, now exceeding 250 million metric tonnes per annum (MMTPA), has enabled it to cater to global markets.

    Key export destinations include South Asian, African, and European countries. The government’s emphasis on export-oriented growth and establishing Special Economic Zones (SEZs) for refineries have further boosted this trend. Exports not only contribute to foreign exchange reserves but also enhance India’s stature as a global energy supplier.

    Source: https://ppac.gov.in/

     

    Share in GDP

    As per the information provided by the Ministry of Statistics and Programme Implementation, Gross Value Addition (GVA) of manufacture of Coke and Refined Petroleum Products has increased from Rs.1.56 lakh Crore in 2012-13 to Rs. 2.12 lakh Crore in 2022-23 (as per first revised estimates) which has also contributed in increase of All India GDP from Rs.99.44 lakh Crore to Rs. 269.49 lakh Crore in the corresponding period, at current prices. This industry also provides direct and indirect employment to millions, spanning exploration, refining, distribution, and retail sectors. The industry’s value chain supports ancillary industries such as petrochemicals, logistics, and manufacturing. The sector enhances socio-economic stability by fostering skill development and offering diverse career opportunities.

    Global Ranking in Refining and Supply

    India ranks among the top five refining nations globally, thanks to its robust infrastructure and strategic geographic location. The country is the seventh-largest exporter of refined petroleum products. Facilities like the Jamnagar refinery, one of the world’s largest, underscore India’s dominance in the refining sector. This global standing enhances India’s energy security and positions it as a key player in international energy markets. International Energy Agency (IEA) in February 2024 assessed that India will become the largest source of global oil demand growth between now and 2030. India is the second-largest economy in biofuel blending, following Brazil.

     

    Metric

    India’s Global Rank

    Exporter of Refined Products

    7th

    Ethanol Blending in Petrol

    2nd

    BioFuel Producer

    3rd

    LNG Terminal Capacity

    4th

    Refining Capacity (MMTPA)

    4th

     

    Technological Advancements in Petroleum Industry

    Adopting cutting-edge technologies has been pivotal to the petroleum industry’s growth. Enhanced Oil Recovery (EOR) techniques, digitalization, and the use of artificial intelligence (AI) have optimized exploration and production processes. Refineries are increasingly adopting green technologies to minimize environmental impact. Projects such as bio-refineries and the development of alternative fuels like compressed bio-gas (CBG) showcase the industry’s commitment to sustainability and innovation.

    Government Initiatives

    The Indian government has launched several initiatives to bolster the petroleum sector. Here are some key schemes:

    1. Pradhan Mantri JI-VAN Yojana: Supporting bio-ethanol projects such as second generation and third generation plants for sustainable fuel production.
    2. Strategic Petroleum Reserves: Enhancing energy security through storage facilities. In India, the SPR is primarily located at three underground storage facilities in Visakhapatnam, Mangalore, and Padur (Karnataka), with a total capacity of 5.33 Million Metric Tonnes (MMT) of crude oil managed by the Indian Strategic Petroleum Reserve Limited (ISPRL).
    3. Ethanol Blending Program: Promoting biofuels to reduce dependence on fossil fuels and curb emissions. The government has a target of achieving 20% ethanol blending in petrol by 2025-26. Since the inception of the EBP Programme, ethanol blending has increased from 38 crore litres in the Ethanol Supply Year (ESY) 2013-14 to over 707.4 crore litres in ESY 2023-24.
    4. City Gas Distribution Network Expansion: Expanding piped natural gas (PNG) and compressed natural gas (CNG) infrastructure by covering 733 districts in 34 states/UTs covering almost 100% of the mainland area and almost 100% of total geographical area of the country.
    5. Energy Security Initiatives: Investing in overseas exploration and acquisition of oil blocks.

    Moving towards Greener Fuels

    1. SATAT Initiative (Sustainable Alternative Towards Affordable Transportation): The SATAT initiative invites potential investors to set up Compressed Biogas (CBG) production plants. The aim is to make better use of agricultural residue, cattle dung, and municipal solid waste, and provide farmers with an additional source of revenue.
    2. Mission Green Hydrogen: Promoting green hydrogen production to reduce carbon footprint. According to the Ministry of New and Renewable Energy, a global demand of over 100 MMT of Green Hydrogen and its derivatives like Green Ammonia is expected to emerge by 2030. Aiming at about 10% of the global market, India can potentially export about 10 MMT Green Hydrogen/Green Ammonia per annum. The production capacity targeted by 2030 is likely to leverage over ₹8 lakh crore in total investments and create over 6 lakh jobs. Nearly 50 MMT per annum of CO2 emissions are expected to be averted as a result of the various Green Hydrogen initiatives under the Mission. Achievement of Mission targets is expected to contribute to India’s energy security and reduce a cumulative ₹1 lakh crore worth of fossil fuel imports by 2030 .
    3.  National Bio-Energy Programme: Focused on bio-energy production and reducing waste.
    4. Hydrocarbon Exploration and Licensing Policy (HELP): Encouraging private investment in exploration and production.

     

    Implications for India’s Growth and Development

    The petroleum industry’s expansion has multifaceted implications. Economically, it boosts GDP, foreign exchange earnings, and industrial growth. Politically, energy independence strengthens India’s global standing and reduces strategic vulnerabilities. Socially, the industry’s growth promotes rural development through improved energy access and employment.

     

    Future Prospects

    India’s petroleum industry faces a dynamic future, shaped by global energy transitions and domestic demand. Increasing investments in exploration, expanding refining capacities, and embracing renewable energy sources will define its trajectory. Initiatives like green hydrogen production and carbon capture technologies highlight the sector’s adaptability. With a focus on sustainability and energy efficiency, India is poised to maintain its leadership in the global energy landscape while aligning with its climate commitments.

     

    Key Area

    Future Target

    Refining Capacity

    309.5 MMTPA by 2030

    Ethanol Blending

    20% by 2025-26

    Green Hydrogen Production

    5 MMTPA by 2030

    Exploration Acreage

    1 million sq. kms. by 2030

     

    References

    https://www.isprlindia.com/aboutus.asp

    https://mopng.gov.in/

    https://nghm.mnre.gov.in/overviews.php

    https://ongcindia.com/web/eng/about-ongc/ongc-at-a-glance/oil-and-gas-industry

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043042

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2038435

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1940265

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1946408

    https://www.pib.gov.in/PressReleasePage.aspx?PRID=2003519

    https://pib.gov.in/PressNoteDetails.aspx?NoteId=152007&ModuleId=3&reg=3&lang=1

    https://pib.gov.in/newsite/pmreleases.aspx?mincode=20

    https://ppac.gov.in/import-export

    https://ppac.gov.in/infrastructure/installed-refinery-capacity

    https://pmuy.gov.in/

    https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/jan/doc202413295811.pdf

    Click here to see PDF.

    ******

    Santosh Kumar/ Ritu Kataria/ Rishita Aggarwal

     

    Annexure 1

    Refineries in India:

    Refinery Location

    Name of the Company

    Name Plate Capacity (MMTPA)

     

    PSU Refineries

    		  

    Digboi – 1901

    Indian Oil Corporation Ltd.

    0.650

    Guwahati – 1962

    Indian Oil Corporation Ltd.

    1.200

    Barauni – 1964

    Indian Oil Corporation Ltd.

    6.000

    Koyali – 1965

    Indian Oil Corporation Ltd.

    13.700

    Bongaigaon – 1974

    Indian Oil Corporation Ltd.

    2.700

    Haldia – 1975

    Indian Oil Corporation Ltd.

    8.000

    Mathura – 1982

    Indian Oil Corporation Ltd.

    8.000

    Panipat – 1998

    Indian Oil Corporation Ltd.

    15.000

    Paradip – 2016

    Indian Oil Corporation Ltd.

    15.000

    Manali – 1965

    Chennai Petroleum Corporation Ltd.

    10.500

    Cauvery Basin* – 1993

    Chennai Petroleum Corporation Ltd.

    0.000

    Mumbai – 1954

    Hindustan Petroleum Corporation Ltd.

    9.500

    Vizag – 1957

    Hindustan Petroleum Corporation Ltd.

    13.700

    Mumbai – 1955

    Bharat Petroleum Corporation Ltd.

    12.000

    Bina^ – 2011

    Bharat Petroleum Corporation Ltd.

    7.800

    Kochi – 1963

    Bharat Petroleum Corporation Ltd.

    15.500

    Numaligarh – 2000

    Numaligarh Refinery Ltd.

    3.000

    Mangalore – 1996

    Mangalore Refinery and Petrochemicals Ltd.

    15.000

    Tatipaka, AP – 2001

    Oil and Natural Gas Corporation Ltd.

    0.066

    Total PSU Refineries

    		  

    157.316

     

     

     
     

    JV Refineries

    		  

    Bathinda – 2012

    HPCL Mittal Energy Ltd.

    11.300

    Total JV Refineries

    		  

    11.300

     

     

     

     

    Private Sector Refineries

    		  

    DTA-Jamnagar – 1999

    Reliance Industries Ltd.

    33.000

    SEZ-Jamnagar – 2008

    Reliance Industries Ltd.

    35.200

    Vadinar – 2006

    Nayara Energy (Formerly Essar Oil Ltd.)

    20.000

    Total Private Sector

    		  

    88.200

    Grand Total

    		  

    256.816

     

     

    * The Cauvery Basin refinery is under capacity augmentation.

    ^The Bina oil refinery, in the year 2021, become wholly owned subsidiary of Bharat Petroleum Corporation Limited – a ‘Maharatna’ PSU of Government of India.

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  • MIL-OSI Asia-Pac: DDWS Honours members of Village Water and Sanitation Committees ((VWSC) in a Special Event in Delhi.

    Source: Government of India (2)

    DDWS Honours members of Village Water and Sanitation Committees ((VWSC) in a Special Event in Delhi.

    172 esteemed members of (VWSC) from 27 States and Union Territories recognised for their outstanding contributions to the success of Jal Jeevan Mission.

    Hon’ble Union Minister and Hon’ble Ministers of State Grace the Event.

    Three Inspiring Books on Jal Jeevan Mission Unveiled.

    Members of Village Water and Sanitation Committees Witnessed Republic Day Parade at Kartavya Path.

    Posted On: 27 JAN 2025 8:04PM by PIB Delhi

    Special Invitees with the Union Minister of Jal Shakti and Minister of State

    On 27th January 2025, the Ministry of Jal Shakti organized a special programme at Palika Services Officer’s Institute (PSOI) Club, Chanakyapuri, New Delhi, to honour 172 esteemed members of Village Water and Sanitation Committees (VWSC) along with spouse from 27 States and Union Territories, along with approximately 140 guest form National Mission for Clean Ganga (NMCG). These dedicated individuals were recognized for their outstanding contributions to the success of Jal Jeevan Mission (JJM), which has been a cornerstone of India’s efforts to provide safe and clean drinking water to every rural household. 

    The event was graced by Hon’ble Union Minister of Jal Shakti, Shri C.R. Patil, and Hon’ble Ministers of State, Shri V. Somanna & Shri Raj Bhushan Choudhary. The VWSC members were seated in their respective State enclosures, creating a vibrant mosaic of grassroots representation. The Hon’ble Union Minister Shri C.R. Patil, along with Hon’ble Minister of State Shri V. Somanna and Shri Raj Bhushan Choudhary, interacted with them individually, appreciating their contributions and inspiring them to further strengthen rural water governance.

    The event also saw the launch of three significant publications by the Hon’ble Union Minister of Jal Shakti and Ministers of State along with other distinguished officials:

    • Stories of Change – Highlighting success stories from Particularly Vulnerable Tribal Groups (PVTGs).
    • Transformational Stories: Redefining Lives Through Water – Featuring inspiring narratives from rural communities.
    • Peyjal: Jan Shakti ki Abhivyakti – Celebrating the role of VWSC members – the special invitees for their remarkable contributions in driving meaningful change at the grassroots level.

     Release of  Three Inspiring Books on Jal Jeevan Mission

    The VWSC members were presented with mementos and certificates in recognition of their tireless efforts to improve rural water supply systems, promote community ownership, and advance the vision of Har Ghar Jal.

    These VWSC members, accompanied by their spouses or guardians, arrived in New Delhi between 24th and 25th January as part of the approximately 10,000 special guests invited to the 76th Republic Day celebrations by the Ministry of Defence.

     

    Arrival of Special Guests

    Hon’ble Raksha Rajya Mantri Shri Sanjay Seth facilitated the VWSC members and Jal Sahiyas from Jharkhand, at a programme organized at his residence. He individually honoured each guest, acknowledging their contributions to nation-building and community empowerment.

     

    Raksha Rajya Mantri Shri Sanjay Seth with Special Invitee from Jharkhand

     

    The Special Guests were nominated by their respective States and Union Territories based on criteria set by DDWS, which included: 

    • The number of certified villages and schemes successfully handed over to the community under the Jal Jeevan Mission. 
    • Recognition of exemplary contributions by VWSC members or Pani Samitis from Har Ghar Jal-certified villages where the schemes have been successfully handed over to the community.

    To ensure a smooth and coordinated experience, nodal officers from respective States/ UTs accompanied the VWSC members throughout their visit. 

    On 25th January, they visited the Pradhanmantri Sangrahalaya, gaining insights into India’s leadership journey and the nation’s remarkable progress.

    Special Guests at the Pradhanmantri Sangrahalaya

     

    On 26th January, they had the privilege of witnessing the Republic Day Parade at Kartavya Path, which showcased India’s unity, cultural diversity, and strength under the theme “Swarnim Bharat: Virasat aur Vikas.” This experience was a source of immense pride and inspiration for the attendees.

    Special Guests Seated for the 76th Republic Day Celebrations

     

    On 27th January, the day began with a tour of the Gandhi Smriti and Rashtriya Swachhata Kendra (RSK), where the invitees learned about India’s cleanliness movement and the life and values of Mahatma Gandhi. These visits provided both knowledge and motivation, further strengthening their commitment to improving rural water governance.

    Special Guests at the Gandhi Smriti

     

    Special Invitees at the Rashtriya Swachhata Kendra

     

    Their visit concluded with a solemn and reflective tour of the National War Memorial in the afternoon, where they paid tribute to the sacrifices of India’s bravehearts.

     

    Special Invitees at the National War Memorial and the iconic India Gate

     

    This initiative by DDWS reaffirmed the government’s commitment to empowering communities and recognizing VWSC members as the backbone of Jal Jeevan Mission.

    The Republic Day celebrations, combined with their recognition, served as both a tribute and an encouragement for VWSC members to continue their vital work in ensuring water security and sustainability in rural India. 

    Senior officials from DDWS, including Shri Ashok Kumar Meena, Secretary – DDWS, and Shri Kamal Kishore Soan, Additional Secretary and Mission Director – National Jal Jeevan Mission, and Joint Secretary and Mission Director – Swachh Bharat Mission Grameen were also present.

    *****

    Dhanya Sanal K

    Director

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  • MIL-OSI Asia-Pac: Ministry of I&B announces top awards for content creators like influencers, podcasters, animation makers & game developers etc. ahead of 1st World Audio Visual Entertainment Summit

    Source: Government of India

    Ministry of I&B announces top awards for content creators like influencers, podcasters, animation makers & game developers etc. ahead of 1st World Audio Visual Entertainment Summit

    Union Ministers Ashwini Vaishnaw and Gajendra Singh Shekhawat launch WAVES Bazaar, an eMarketplace to bring together creators & firms dealing in creative content

    Classical & Semi classical Music challenge ‘Wah Ustad’ & Promotion of Khadi among three more Create in India challenges launched for WAVES; Tourism & Cultural heritage promotion content challenge also announced

    WAVES to position India as a global capital of content creation; India’s Cultural Heritage being elevated to global prominence, echoing Vivekananda’s legacy: Sh. Ashwini Vaishnaw

    WAVES is an important platform for art lovers and will inspire Indian creators to narrate before the world our rich cultural heritage: Sh. Gajendra Shekhawat

    Posted On: 27 JAN 2025 7:22PM by PIB Delhi

    The Ministry of Information and Broadcasting today marked a significant milestone in the lead-up to the World Audio Visual & Entertainment Summit (WAVES) with the launch of major initiatives at the National Media Centre, New Delhi by Sh. Ashwini Vaishnaw, Union Minister of Information & Broadcasting, Railways and Electronics & Information Technology and Sh. Gajendra Singh Shekhawat, Union Minister of Culture & Tourism.

    Sh. Sanjay Jaju, Secretary, Ministry of Information and Broadcasting, Shri Arunish Chawla, Secretary, Ministry of Culture. Indian Filmmaker Sh. Shekhar Kapur and Sh. Gaurav Dwivedi, CEO Prasar Bharati were also present at the launch.

    Transforming India into a global capital of the creator economy

    Echoing the Prime Minister’s vision, of establishing the World Audio Visual & Entertainment Summit (WAVES) as a summit of global repute, akin to the Davos Economic Forum, the Union Minister of Information and Broadcasting, mentioned that this effort is part of a broader strategy to highlight India’s creative economy, which is rich with tradition, storytelling, and cultural significance—elements of what is globally recognized as the ‘Orange Economy.‘

    “Our rich culture, which once resonated in the halls of the Chicago World’s Fair through Swami Vivekananda, is today being carried forward by our Prime Minister on the global stage, through initiatives like yoga, culture, creativity, and Ayurveda,” stated Sh. Ashwini Vaishnaw. “WAVES is an extension of this effort, aiming to make India the global capital of the creator economy.”, he added.

    The Union Ministers launched WAVES Bazaar, 3 Create in India Challenges, WAVES Awards and also announced one more Challenge.

    WAVES Bazaar: Harnessing the potential of creative economy

    The event witnessed the unveiling of the WAVES Bazaar – Global e-Marketplace, a groundbreaking platform designed to connect India’s vast creative talent pool with international markets. The platform enables users to showcase their content, pitch projects, and build meaningful connections that transcend geographical boundaries. It simplifies global business interactions by offering tailored tools and resources, ensuring creators and businesses can expand their reach while discovering new opportunities for growth and success.

    On this occasion, Secretary I&B mentioned that WAVES Bazaar is a transformative platform that will unite creators, buyers, and collaborators from across various entertainment sectors such as film, TV, music, esports, animation, visual effects, gaming, and comics. It will bridge geographical gaps, allowing creators to display their work and engage in meaningful B2B interactions.

    WAVES Bazaar will also support brand collaborations, funding, and distribution, helping creators secure the backing they need to realise their ideas. This comprehensive e-marketplace will be an important tool to harness the potential of the budding creative economy in India. This platform will enable content creators to market their products, ideas and skills.

    WAVES Awards

    WAVES Awards are set to commence with nominations opening on February 15, 2025. Celebrating excellence across various creative disciplines, the WAVES Awards feature categories such as Game of the Year, Film of the Year, and Advertising Campaign of the Year. The awards also include Special Selection Awards, honouring lifetime achievements and significant impacts in fields like technology and social influence.

    Three new challenges under Create in India Challenges

    Another highlight was the launch of three new challenges under the Create in India Challenges, viz. “Resonate: The EDM Challenge”, “Make The World Wear Khadi” and “Wah Ustad”.

    1. Wah Ustad

    Envisioned by the Ministry of Information and Broadcasting, driven by the esteemed “Dilli Gharana” in collaboration with the Ministry of Culture and Doordarshan, “Wah Ustad” provides a platform for young, classically trained vocalists to showcase their exceptional skills. It is open to participants aged 18 years and above, including international participation. It is a two-phased competition culminating in a Grand National finale at WAVES 2025 whose registrations have been opened today on the website of Prasar Bharati (https://prasarbharati.gov.in/wah-ustad/).

    1. ‘Make The World Wear Khadi’

    This challenge invites advertising professionals and freelancers to develop innovative campaigns that position Khadi as a global brand. Open for international participation, this challenge aims to promote Khadi within India and internationally. The participants have to explore innovative design concepts across various formats (e.g., digital, print, video, experiential). “Make The World Wear Khadi” encourages creative thinking and strategic approaches to elevate Khadi’s brand image and drive consumer engagement.

    1. Resonate: The EDM Challenge: Hosted by the Indian Music Association (IMA), “Resonate” invites artists, composers, musicians, and performers from around the world to showcase their exceptional talent in Electronic Dance Music (EDM) production. This challenge is open to all nationalities.

    New challenge for promoting India’s cultural heritage and tourism

    The Union Minister of Information and Broadcasting also announced a new challenge aimed at promoting films that explore India’s rich tourism and cultural heritage. This initiative challenges filmmakers to delve deep into the nation’s vibrant cultural tapestry, showcasing it to both national and international audiences. These challenges aim to foster creativity, innovation, and global participation.

    WAVES: Showcasing India’s Cultural Prowess Globally

    Speaking on the occasion, Union Minister of Culture and Tourism, Shri Gajendra Singh Shekhawat, described India as a vibrant crucible of storytellers, musicians, content creators, and religious diversity. “Our cultural heritage is not just a testament to our past but the backbone of our future on the global stage,” Shri Shekhawat stated. To leverage this rich cultural tapestry, the Ministry of Information and Broadcasting has launched WAVES, a dynamic platform that aligns with Prime Minister Narendra Modi’s vision of showcasing and economically empowering India’s creative talents.

    As India progresses in various sectors—economic, social, and technological—our cultural prowess remains our greatest asset. While expressing gratitude to the Ministry of I&B, he said that through WAVES India’s cultural diversity will gain the global recognition it deserves, positioning the cultural creative economy as an integral part of the world’s formal economy. This initiative underscores the pivotal role that WAVES will play in showcasing and enhancing India’s cultural strength, providing a foundation for our creators to earn respect and recognition worldwide.

    Create in India Challenges

    Create in India Challenges, the cornerstone of the World Audio Visual Entertainment Summit (WAVES), a flagship initiative by the Ministry of Information and Broadcasting, Government of India, has witnessed an overwhelming response from aspiring and professional creators from India and across the globe. With over 70,000 registrations and counting, the challenge has captured the imagination of individuals and communities from diverse backgrounds, fostering a holistic ecosystem for vibrant creativity and innovation. So far, 31 Create in India Challenges have been launched out of which 25 are still open for registration with 22 attracting global participation.

     India: Land of storytelling

    Acclaimed filmmaker Shekhar Kapur also highlighted India’s status as the largest content creation and consumption nation during his address. “India is not just a hub but a powerhouse of cultural and digital content, ranging from films to gaming. This is what we refer to as our ‘soft power’,” Kapur noted. Continuing on this theme, Sh. Kapur expressed enthusiasm for the upcoming WAVES summit, where this expansive creative energy will be showcased, underscoring the event as a critical platform for demonstrating India’s leadership in the global creative economy.

    An opportunity, not to be missed

    The summit is designed to be the first of its kind, converging audio, video, and entertainment into a single platform, thus providing a unique opportunity for creators from around the globe to network, collaborate, and display their creative prowess. Sh. Vaishnaw exhorted all the content creators to participate actively in WAVES, emphasizing that it is an opportunity that should not be missed.

    *****

    Dharmendra Tewari/Kshitij Singha

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the annual NCC PM Rally

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi addresses the annual NCC PM Rally

    The NCC has constantly inspired the youth of India towards nation-building: PM

    India’s youth are a force for global good: PM

    In the last 10 years, we have worked towards removing many obstacles faced by the youth in India, This has enhanced the potential of India’s youth: PM

    In this Amrit Kaal, We have to keep only one goal in mind – Viksit Bharat, the criterion for every decision of ours, for every action of ours should be that of Viksit Bharat: PM

    Posted On: 27 JAN 2025 6:48PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today addressed the annual National Cadet Corps (NCC) PM rally at the Cariappa Parade Ground in Delhi. Shri Modi witnessed a cultural program and presented the Best Cadet Awards. Greeting the gathering on the occasion of NCC Day, the Prime Minister said there were around 150 cadets from the 18 friendly nations and welcomed them. He congratulated the youth from across India who had joined virtually through the Mera Yuva Bharat (MY Bharat) portal. 

    “Being selected for the Republic Day Parade is an achievement in itself”, said the PM addressing the cadets. He added that this year’s Republic Day was special as India completed 75 years as a Republic. He further said that these memories will last a lifetime and the cadets would feel proud to have been a part of the momentous occasion. He congratulated the cadets who had won the awards. Remarking that he had the opportunity to flag off several campaigns of the NCC today, the Prime Minister said that such campaigns connect the heritage of India with the aspirations of the youth. He extended his best wishes to all the cadets involved in the campaigns.

    Shri Modi noted that the NCC was established around the same time as India’s independence. He highlighted that the journey of the NCC began even before the country’s Constitution. Shri Modi said that over 75 years of the Republic, the Constitution has inspired democracy and emphasized the importance of civic duties. Similarly, the NCC has inspired the youth of India in nation-building and taught them the importance of discipline. The Prime Minister expressed satisfaction that the government has worked extensively to expand the scope and responsibilities of the NCC in recent years. He noted that the NCC has been extended to border areas and coastal districts, with over 170 border talukas and nearly 100 coastal talukas now having NCC presence. Shri Modi congratulated the three armed forces for taking on the responsibility of specially training young NCC cadets in these districts. He highlighted that this initiative has benefited thousands of youth living in border areas. Noting that the reforms in the NCC are evident in the increased number of cadets, Shri Modi said that in 2014, there were approximately 14 lakh NCC cadets, and today the number has reached 20 lakh, with over 8 lakh girl cadets. Prime Minister Modi emphasized that NCC cadets play a crucial role in disaster management and are excelling in the world of sports. He expressed pride that the NCC is the largest uniformed youth organization in the world.

    The Prime Minister remarked that the youth of India will determine the development of the country and the world in the 21st century. He emphasized that “Indian youth are not only contributing to India’s development but are also a force for global good”. Citing a recently published report in newspapers, which revealed that in the past decade, Indian youth have created 1.5 lakh startups and over 100 unicorns, the Prime Minister noted that more than 200 major global companies are led by people of Indian origin, contributing trillions of rupees to the global GDP and helping improve the lives of millions. Prime Minister Modi emphasized that Indian scientists, researchers, and teachers are accelerating global progress. He stated that in any sector, imagining the future of the world without the talent and strength of India’s youth is difficult and this is why he refers to them as a ‘force for global good’.

    Underlining that the strength of an individual or a country increases when unnecessary obstacles are overcome, the Prime Minister expressed satisfaction that in the past 10 years, many barriers faced by the youth in India have been removed, enhancing the capabilities of both the youth and the nation. He noted that in 2014, many of the youth were around 10-12 years old and should ask their families about the conditions back then. The Prime Minister provided an example of document attestation, where previously, documents had to be attested by a gazetted officer for admissions, exams, and recruitments, causing significant hassle. He highlighted that the Government had resolved this issue, allowing self-attestation of documents now. He also mentioned the difficulties faced by youth in applying for and receiving scholarships, with many issues in the disbursement of scholarship funds. He highlighted that the introduction of a single-window system has eliminated these old problems. Pointing out another major issue related to subject selection, Shri Modi said that earlier, once a subject was chosen after board exams, changing it was difficult, however now the new National Education Policy provided the flexibility to change subjects as per one’s preference.

    Noting that a decade ago, it was difficult for young people to get bank loans easily as the banks would ask for guarantees before providing loans, Shri Modi said that when he became the Prime Minister in 2014, he assured that he would take responsibility for the youth of the country. He added that the government introduced the Mudra Yojana, which provided loans without bank guarantees. Delving further into the scheme, the Prime Minister noted that initially, loans up to ₹10 lakh were given without guarantees, and in the Government’s third term, this limit has been increased to ₹20 lakh. He highlighted that over the past 10 years, more than ₹40 lakh crore has been disbursed under the Mudra Yojana, helping millions of young people start their businesses.

    Highlighting the importance of the electoral system for the future of the youth, Shri Modi noted that two days ago, National Voters Day was celebrated, and many young people became first-time voters. He added that the purpose of Voter’s Day was to encourage maximum voter participation. The Prime Minister highlighted that while India conducts the world’s largest elections, frequent elections every few months pose challenges. He explained that initially, Lok Sabha and Vidhan Sabha elections were held together, but this pattern changed, causing significant issues for the country. Shri Modi underscored that frequent elections required updating voter lists and involved many tasks, often affecting teachers’ duties, studies, and exam preparations. He added that repeated elections also created governance difficulties and therefore, the country was currently debating the concept of “One Nation, One Election.”  Prime Minister Modi urged the youth of India to actively participate in this debate, as it directly impacts their future. He mentioned that in countries like the United States, the date for forming a new government is fixed, and elections are held every four years. Similarly, he said, in colleges or schools, student council elections are completed in one go. He encouraged the youth to think about the impact of having elections every month on their studies and to engage in the “One Nation, One Election” debate.

    Remarking that the 21st-century world is changing rapidly, and it is essential to keep pace with this change, Shri Modi emphasized the significant role of the youth in this transformation. He added that in every sector, be it art, research, or innovation, the youth must bring new energy through their innovative ideas and creativity.  The Prime Minister highlighted the importance of politics as another crucial field and encouraged the youth to enter politics with new suggestions and innovative ideas, stating that this is the need of the hour. He reiterated his call from the Red Fort for one lakh youth to join politics. Prime Minister Modi noted the strength of the youth, as seen during the “Viksit Bharat: Young Leaders Dialogue.” He mentioned that millions of young people across the country had provided invaluable suggestions and expressed their ideas for building a developed India.

    The Prime Minister remarked that during the freedom struggle, people from every profession had a single goal – India’s independence. Similarly, he added that in this Amrit Kaal, our sole objective should be a developed India. He emphasized that every decision and action should be measured against this goal. The Prime Minister highlighted the importance of remembering the Panch Pran: building a developed India, freeing ourselves from the mindset of slavery, taking pride in our heritage, working for the unity of India, and fulfilling our duties with honesty. He stated that these Panch Pran will guide and inspire every Indian. Shri Modi praised the cultural performance which he witnessed earlier at the event, noting that it reflected the spirit of “Ek Bharat, Shrestha Bharat”, which is a significant strength of the country. He mentioned that the ongoing Maha Kumbh in Prayag also symbolizes the unity of the nation, calling it a “Kumbh of Unity.” He emphasized that this unity is essential for the country’s progress.

    Emphasizing the importance of always remembering one’s duties, the Prime Minister remarked that the foundation of a grand and divine developed India will be built on the basis of duties. Concluding his address, the Prime Minister recalled some lines he had written to motivate the cadets and youth of the nation and extended his heartfelt wishes for a bright future to everyone. 

    Union Minister for Defence, Shri Rajnath Singh, Union Minister of State for Defence, Shri Sanjay Seth, Chief of Defence Staff, Gen. Anil Chauhan, Chief of Army Staff, Gen. Upendra Dwivedi, Chief of Air Staff, Air Chief Marshal AP Singh, Chief of  Naval Staff, Admiral Dinesh K Tripathi, Director General of NCC, Lt. Gen. Gurbirpal Singh, and Defence Secretary, Shri Rajesh Kumar Singh were present on the occasion among others.

    Background

    A total of 2361 NCC cadets participated in the Republic Day Camp this year which included 917 girl cadets, which was the highest ever participation by girls cadets. The participation of these cadets in the PM Rally will mark the successful culmination of the month-long NCC Republic Day Camp 2025 at New Delhi. Theme for this year’s NCC PM Rally is ‘Yuva Shakti, Viksit Bharat’.

    A cultural programme by more than 800 cadets showcasing commitment of NCC towards nation building was performed on the day. Participation by 144 young cadets from 18 friendly foreign countries added fervour to this year’s Rally.

    More than 650 volunteers from Mera Yuva (MY) Bharat, Education Ministry and Tribal Affairs from across the nation also attended the NCC PM Rally as special guests.

     

     

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    Mattu J.P.Singh/Suhas R

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  • MIL-OSI Asia-Pac: A Convergence of Flagship Initiatives Driving Regional Growth, says Dr. Jitendra Singh at North East Aroma Conclave 2025

    Source: Government of India

    A Convergence of Flagship Initiatives Driving Regional Growth, says Dr. Jitendra Singh at North East Aroma Conclave 2025

    Both the Northeast region as well as Jammu & Kashmir have been on the priority of Prime Minister Narendra Modi and the Aroma Mission launched by the government headed by him in J&K is now picking up in the Northeast

    North East Set to Mirror Lavender Revolution: Minister Hails Aroma Mission’s Role in Empowering Startups and Driving Innovation

    Dr. Jitendra Singh Inaugurates Incubation & Innovation Complex (IICON), Paving the Way for Startup Growth in North East

    Posted On: 27 JAN 2025 6:42PM by PIB Delhi

    Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that both the Northeast region as well as Jammu & Kashmir have been on the priority of Prime Minister Narendra Modi and the Aroma Mission launched by the government headed by him in J&K is now picking up in the Northeast.

    Both these regions have abundant natural resources which have in the past remained unexplored but can be a vital value addition to India’s economy, said the Minister.

     

    Speaking virtually at the inauguration of the Incubation & Innovation Complex (IICON) of CSIR-NEIST, Dr Jitendra Singh underscored the transformative potential of the Aroma Mission at the north East Aroma Conclave 2025, highlighting how the initiative integrates multiple flagship schemes of the Government to empower the region.

     

    The Minister called It a model of the “whole-of-government” approach, aligning programs such as StartUp India, MSME support, agricultural advancements, and rural development.

    “This single initiative represents the spirit of convergence that the Modi Government has championed,” Dr. Jitendra Singh said. He noted that the Aroma Mission is not just an agricultural or scientific initiative but a platform fostering startups, self-help groups, and micro, small, and medium enterprises (MSMEs) while simultaneously contributing to farmers’ income and promoting employment.The event witnessed the distribution of agreements to 25 startups, entrepreneurs, NGOs, and self-help groups, empowering them to utilize the advanced facilities at IICON and contribute to the region’s economic growth and innovation.

    Dr. Jitendra Singh further elaborated that this mission has drawn strength from the Prime Minister’s vision of inclusive development of regions like the North East and Jammu & Kashmir. “Through the Aroma Mission, we are addressing the untapped potential of these biodiverse regions, enabling them to contribute significantly to India’s economy,” he said.

    The mission’s outcomes have been promising. Over 27 facilities established at CSIR-NEIST are being utilized by entrepreneurs, self-help groups, and startups. These efforts are creating new opportunities for employment and innovation in sectors such as essential oils and medicinal plants, with North East India poised to replicate the success of lavender cultivation in Jammu & Kashmir.

    Dr. Jitendra Singh highlighted how the initiative ties into broader priorities such as doubling farmers’ income and fostering women’s empowerment. He praised the Rural Women Technology Park developed under the mission, describing it as a template for replication in other parts of the country.

    The Minister also pointed to the broader vision of transforming the North East into a hub of connectivity, innovation, and collaboration. “From being regions with minimal connectivity, states in the North East now boast robust rail, air, and water networks, opening avenues for industrial partnerships and exports,” he remarked.

    Dr. Jitendra Singh expressed confidence that the Aroma Mission will not only bring prosperity to the North East but also bolster India’s bio-economy and biotechnology sectors. With the recently launched Bio-E3 policy and new collaborations in place, the region is set to emerge as a key contributor to India’s growth story, paving the way for achieving the vision of India@2047.

    The North East Aroma Conclave 2025, with its blend of innovation, entrepreneurship, and sustainable development, stands as a beacon of how integrated government initiatives can drive regional progress and national aspirations.

    Dr. Jitendra Singh underscored the significance of IICON, calling it a “one-stop solution” for entrepreneurs, farmers, and artisans. The state-of-the-art facility offers 27 advanced technologies to support startups and MSMEs, fostering innovation and skill development while reducing business risks. Selected entrepreneurs and self-help groups will have access to the incubation facilities for up to two years, allowing them to refine production and marketing strategies before launching their independent ventures.

    The Minister commended the CSIR-North East Institute of Science and Technology (CSIR-NEIST) for translating research into impactful solutions for rural communities. Through the Aroma Mission and Floriculture Mission, CSIR-NEIST has successfully introduced aromatic crops like citronella, lemongrass, patchouli, and chamomile across more than 5,000 hectares in the North East, benefiting over 10,000 farmers. Additionally, the institute has established 39 essential oil distillation units and plans to distribute 1 lakh agarwood saplings in the coming year, paving the way for the region to emerge as a major player in the aromatic plants industry.

    Dr. Jitendra Singh concluded by stressing the importance of leveraging the North East’s natural and human resources to achieve the vision of India@2047. With initiatives like the Aroma Mission, IICON, and the Government’s Act East Policy, the North East is poised to become a gateway for trade and innovation, fostering regional prosperity and strengthening India’s position on the global stage.

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    NKR/PSM

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  • MIL-OSI Asia-Pac: IFAD Associate Vice President Shri Donal Brown meets Agriculture Secretary Shri Devesh Chaturvedi

    Source: Government of India

    IFAD Associate Vice President Shri Donal Brown meets Agriculture Secretary Shri Devesh Chaturvedi

    Shri Donal Brown appreciates the role India’s role as founding member of IFAD

    Agri Secretary highlights the importance of ensuring the sustainability of Farmer Producer Organizations

    Posted On: 27 JAN 2025 6:40PM by PIB Delhi

    Mr. Donal Brown, Associate Vice President of the International Fund for Agricultural Development (IFAD), called on Dr. Devesh Chaturvedi, Secretary of Department of Agriculture and Farmers Welfare (DA&FW) at Krishi Bhawan in New Delhi today. During the meeting, Mr Brown appreciated India’s role as a founding member of IFAD, and longstanding and productive partnership with IFAD. Mr. Brown briefed the Secretary about IFAD’s collaborative projects with state governments, particularly in the North Eastern and Himalayan regions, focusing on building climate-resilient agricultural value chains; empowering women, youth, tribal communities; supporting marginalized farmers; and strengthening rural infrastructure.

    During the meeting Agriculture Secretary Shri Devesh Chaturvedi highlighted the Ministry’s key priorities, including food and nutritional security, climate-resilient agriculture, sustainable farming practices, and improving farmer incomes. He also stressed the importance of ensuring the sustainability of Farmer Producer Organizations (FPOs), utilizing Self-Help Groups (SHGs) to support agriculture, promoting integrated farming systems, and fostering agricultural entrepreneurship through scaling up innovative, cost-effective solutions. He also noted IFAD’s continued support for integrated farming models, FPOs engagement, entrepreneurship development and co-financing initiatives.

    Discussion were held to identify further area of collaboration based on Ministry’s key priorities to prepare the Country Strategy Plan of IFAD.

    The IFAD delegation included Ms. Pieternel Marianne Boogaard, Managing Director, Office of Technical Delivery; Mr. Abdelkarim Sma, Country Director, Ms. Meera Mishra, Country Programme Coordinator; and Ms. Elisabeth Steinmayr, Programme Officer. The Indian side included Ms. Maninder Kaur Dwivedi, Additional Secretary (DA&FW), the Joint Secretary (IC), Joint Secretary (Marketing) and representatives from NABARD.

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    MG/KSR

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