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  • MIL-OSI United Kingdom: Australia and the United Kingdom to power up cooperation on climate and energy

    Source: United Kingdom – Executive Government & Departments

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    This was the first meeting between the two leaders since the election of the Starmer Government.

    The Prime Ministers discussed Australia’s and the United Kingdom’s modern and dynamic relationship, underpinned by close personal ties and strong security, trade and investment links.

    The two leaders considered how the two countries could step-up their work together to meet common challenges and to realise new opportunities.

    Australia and the UK agree that the transition to net zero represents economic opportunity. The Albanese and Starmer Governments believe private capital and the power of government can be leveraged to shape a clean energy future in the interests of working people. The transition paves the way for new industries, new technologies, new job opportunities and a revitalisation of each nation’s industrial base.

    To this end, the Prime Ministers agreed to enhance bilateral cooperation on climate change and energy by negotiating a dynamic new partnership. The Australia–UK Climate and Energy Partnership will focus on the development and accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries. 

    The partnership will also build upon the two countries’ long-standing cooperation on international climate action, including on renewable energy and climate finance.

    The Prime Ministers agreed the Minister for Climate Change and Energy of Australia and the Secretary of State for Energy Security and Net Zero of the United Kingdom will take this important work forward.

    The two leaders also announced grant recipients under the Australia-UK Renewable Hydrogen Innovation Partnership Program. Under this program, the two Governments will support six cutting-edge projects focused on industrial decarbonisation. 

    On trade and investment, Prime Ministers discussed gains under the ambitious Australia-United Kingdom Free Trade Agreement. The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership later this year will also present new opportunities for the region. 

    Discussions on defence and strategic cooperation focused on working together to ensure the AUKUS partnership delivers for the security and stability of the Indo-Pacific and beyond. The two leaders reaffirmed their commitment to negotiating a bilateral treaty, as announced by Defence Ministers in September 2024, to develop the SSN-AUKUS submarine for both nations.  

    The Prime Ministers also reaffirmed their commitment to an approach that sets the highest non-proliferation standards and to sustaining peace, stability and prosperity in the Indo-Pacific region, respectful of sovereignty and rules.

    Prime Minister Anthony Albanese said:

    Australia and the UK are longstanding partners, with common values and aligned strategic interests. It was great to congratulate Prime Minister Starmer in person after his election win in July. 

    We had a productive discussion, including agreeing to negotiate a new climate and energy partnership. This partnership will ensure we maximise the economic potential of the net zero transition, and build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050.

    We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific.

    Prime Minister Keir Starmer said:

    The UK and Australia share many things in common, including our governments’ determination to improve the lives of working people, drive economic growth and ensure cleaner, more affordable energy. 

    This partnership underscores our commitment to powering up the UK with clean energy projects that will benefit communities across the country.

    Together, we’re delivering better futures for our two countries, whether that’s through protecting our national security with projects like AUKUS or delivering on our net zero commitments.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Australia and the United Kingdom to power up cooperation on climate and energy

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    This was the first meeting between the two leaders since the election of the Starmer Government.

    The Prime Ministers discussed Australia’s and the United Kingdom’s modern and dynamic relationship, underpinned by close personal ties and strong security, trade and investment links.

    The two leaders considered how the two countries could step-up their work together to meet common challenges and to realise new opportunities.

    Australia and the UK agree that the transition to net zero represents economic opportunity. The Albanese and Starmer Governments believe private capital and the power of government can be leveraged to shape a clean energy future in the interests of working people. The transition paves the way for new industries, new technologies, new job opportunities and a revitalisation of each nation’s industrial base.

    To this end, the Prime Ministers agreed to enhance bilateral cooperation on climate change and energy by negotiating a dynamic new partnership. The Australia–UK Climate and Energy Partnership will focus on the development and accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries. 

    The partnership will also build upon the two countries’ long-standing cooperation on international climate action, including on renewable energy and climate finance.

    The Prime Ministers agreed the Minister for Climate Change and Energy of Australia and the Secretary of State for Energy Security and Net Zero of the United Kingdom will take this important work forward.

    The two leaders also announced grant recipients under the Australia-UK Renewable Hydrogen Innovation Partnership Program. Under this program, the two Governments will support six cutting-edge projects focused on industrial decarbonisation. 

    On trade and investment, Prime Ministers discussed gains under the ambitious Australia-United Kingdom Free Trade Agreement. The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership later this year will also present new opportunities for the region. 

    Discussions on defence and strategic cooperation focused on working together to ensure the AUKUS partnership delivers for the security and stability of the Indo-Pacific and beyond. The two leaders reaffirmed their commitment to negotiating a bilateral treaty, as announced by Defence Ministers in September 2024, to develop the SSN-AUKUS submarine for both nations.  

    The Prime Ministers also reaffirmed their commitment to an approach that sets the highest non-proliferation standards and to sustaining peace, stability and prosperity in the Indo-Pacific region, respectful of sovereignty and rules.

    Prime Minister Anthony Albanese said:

    Australia and the UK are longstanding partners, with common values and aligned strategic interests. It was great to congratulate Prime Minister Starmer in person after his election win in July. 

    We had a productive discussion, including agreeing to negotiate a new climate and energy partnership. This partnership will ensure we maximise the economic potential of the net zero transition, and build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050.

    We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific.

    Prime Minister Keir Starmer said:

    The UK and Australia share many things in common, including our governments’ determination to improve the lives of working people, drive economic growth and ensure cleaner, more affordable energy. 

    This partnership underscores our commitment to powering up the UK with clean energy projects that will benefit communities across the country.

    Together, we’re delivering better futures for our two countries, whether that’s through protecting our national security with projects like AUKUS or delivering on our net zero commitments.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Wave of the future: How DASA-backed AI innovation is revolutionising maritime rescue

    Source: United Kingdom – Government Statements

    Scotland-based SME Zelim has won a contract with the US Navy to deploy their innovative AI-enabled Person-in-Water detection and tracking technology, known as ZOE.

    • Zelim’s detection and tracking system uses AI to scan the water surface to find people in the water much more accurately and consistently than human eyes and current systems can
    • Low-cost and easy to integrate, the software solution can be implemented in any camera or CCTV setup
    • DASA funding has helped take the solution from concept to commercial project, which is now being used on commercial ships, offshore energy infrastructure and commercial ports
    • In 2024, Zelim was awarded a US Navy contract to deploy ZOE – their advanced AI-enabled person in water detection and tracking technology

    In 2024, Edinburgh-based SME Zelim achieved a remarkable milestone: securing a contract with the US Navy to deploy an advanced Person-in-Water detection system. This breakthrough, rooted in artificial intelligence, represents a significant leap forward in maritime rescue technology – and it all began with support from the UK’s Defence and Security Accelerator (DASA).

    The US Navy contract, awarded through a Phase I SBIR (Small Business Innovation Research) program, recognises Zelim’s cutting-edge AI-enabled detection and tracking technology. This system, known as ZOE, can scan vast stretches of ocean, identifying and tracking individuals or objects with unprecedented accuracy – even in challenging conditions that would confound human observers and current vision systems.

    How did a small Scottish company attract the attention of the US Navy? In 2022, Zelim presented the search and rescue concept to the DASA Open Call, which offered essential early-stage funding and expertise, allowing Zelim to turn their idea into reality. Zelim’s DASA project helped the SME tackle significant challenges, such as gathering person in water rescue data across a huge range of conditions and creating a comprehensive database for accurately identifying humans in water – a critical component in making the system reliable enough for real-world rescue operations.

    Andy Tipping, Co-Founder and Business Development Director explains:

    The DASA offering is unique, we had a DASA Subject Matter Expert who was always on hand to keep us on track and to make sure whatever we developed would meet defence customer needs, plus we had an Exploitation Manager working tirelessly to secure meetings with a range of MoD and Home Office end users. The result was, by the end of the project we started securing our first contracts in civilian markets, selling our AI enabled detection system to offshore energy operators and several months later our technology was selected for the US Navy SBIR programme. Being a DASA Alumni also gave credibility and it wasn’t long after the project completed that we secured our Series A investment round.

    From UK Innovation to US Navy Contract

    As soon as someone enters the water, rescuers are against the clock. This is greatly understood by Zelim founder, Sam Mayall, a seasoned mariner with a wide range of experience, from small dinghies to 40,000-ton ships. With a background in commercial shipping, Sam has experienced numerous emergencies at sea, including a tragic incident where rescuers discovered a body floating face down in the water.

    This experience ignited the desire to help improve maritime safety for sailors and equip rescuers with better tools, enhanced by AI and automation to ensure safer operations in the vast ocean and help overcome challenges such as:

    • Vastness of Oceans

      Individuals lost at sea can be difficult to spot with only their head often visible, which can be missed or confused with other ocean debris.

    • Poor Weather Conditions

      Fog, ocean spray, and darkness significantly reduce visibility, complicating the search efforts.

    • Imperfect Human Eyesight

      Human vision is fallible; fatigue and level of concentration can lead to false detections and missed rescue opportunities.

    • Reliance on Binoculars or CCTV

      During the critical period, rescuers using only binoculars or viewing camera streams may struggle to keep sight of the individual as they disappear behind waves, sea spray and other vessels

    • Parallax Effect

      The difference in movement speeds between foreground and background can confuse existing vision systems.

    Charting new waters with ZOE

    Zoe works by scanning the sea surface, sifting through the busy marine surroundings to pinpoint individuals or specific objects. These targets can then be recognised, identified, and tracked using their unique AI software.

    A key advantage of ZOE is its flexibility in accounting for the dynamic and chaotic nature of the sea, avoiding false positives from objects like buoys by analysing live daylight and thermal camera feeds for human-like patterns. Zelim spent several years compiling a comprehensive data library to ensure reliable identification, solving the last piece of the puzzle for effective ocean rescue.

    Additionally, ZOE is software-based and hardware agnostic, applicable to any camera or CCTV feed, making it ideal for commercial shipping, passenger vessels, naval ships, search and rescue aircraft and ports.

    How Zelim’s innovation can bolster search and rescue

    • Compatible with various camera systems
    • Alerts users to humans in water with 96% accuracy from 300 meters
    • Operates effectively in adverse weather and low light
    • Automatically tracks spotted individuals, preventing loss
    • Easy-to-install software managing multiple feeds, with local data processing
    • More efficient than traditional methods like binoculars and standard sensors

    Zelim’s ZOE detection solution in action

    Breaking into defence and civilian markets: What does the future hold for Zelim?

    DASA support proved invaluable for Zelim. By the end of the DASA project, Zelim had not only created a working prototype but had also begun securing their first contracts in civilian markets, including:

    • Jack-up drilling rigs in the North Sea
    • A floating wind farm off the coast of Portugal owned by Ocean Winds
    • A cruise ship

    The effectiveness of Zelim’s solution was evident during field trials, demonstrating its accuracy, measurability, and consistency. The system can achieve 96% accuracy from over 330 meters without applying optical zoom, and with optical zoom, it can spot humans in the water over a kilometre away.

    These capabilities caught the attention of defence organisations worldwide. In addition to the US Navy contract, Zelim’s technology was also deployed in a Royal Canadian Air Force search and rescue exercise in 2024, where it demonstrated its ability to find and track humans at sea with no false positives.

    The company’s growth reflects its success. Starting the DASA project with just 10 employees, Zelim has now expanded to a team of 28, with further growth anticipated as they work to fulfill the US Navy and offshore energy contracts.

    Looking ahead, Zelim plans to increase deployment of their technology on ships, major global ports, search and rescue assets, and air assets. This ambitious growth strategy underscores the far-reaching impact of DASA’s initial support – from fostering UK innovation to enhancing global maritime safety and creating economic opportunities.

    The US Navy contract stands as a testament to the power of targeted innovation support. By backing Zelim’s vision, DASA has not only contributed to advancing a innovative UK technology but has also opened doors for a British SME on the global stage, demonstrating how investment in innovation can yield significant returns for both national security and prosperity.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: India’s ability to scale up paired with Germany’s precision engineering to benefit the world: Shri Piyush Goyal

    Source: Government of India

    India’s ability to scale up paired with Germany’s precision engineering to benefit the world: Shri Piyush Goyal 

    India-Germany synergy in AI adoption, semiconductors and green technology to drive global growth: Shri Piyush Goyal

    India committed to combat climate change, on track to meet nationally determined contributions: Shri Goyal

    Asia’s demographic shift fertile ground for businesses seeking to expand, capitalise on emerging sectors: Shri Goyal

    Posted On: 25 OCT 2024 2:21PM by PIB Delhi

    Germany’s art of precision engineering coupled with India’s ability to scale up in the physical, digital or social infrastructure will help create something extraordinary for the world said Union Minister of Commerce & Industry, Shri Piyush Goyal. He was inaugurating the 18th Asia Pacific Conference of German Business (APK) today in New Delhi. The Union Minister speaking on the India-Germany collaboration said that from AI adoption to semiconductors, from fostering the nation’s vibrant startup ecosystem to collaborating on green technology, the synergies between India and Germany can drive unprecedented growth.

    Noting that today’s India is built on strong macroeconomic fundamentals, he added that reform, resilience and readiness is available for the future for businesses across the world. On combating climate change, Shri Goyal emphasised India’s commitment at the UN Climate Change Conference (COP21) in 2015, and said that India collectively with the Global South got together with the developed countries to be a part of the solution. He added that India, currently ranked 7th in Climate Change Performance Index (CCPI), is on track to exceed the nationally determined contributions (NDCs) and also the targets set before the world. 

    Extending gratitude to the Asia Pacific Committee of German Business and the Indo-German Chamber of Commerce for organising the event, Shri Goyal said that the Asia-Pacific region encompasses 60% of world’s population and by 2030, two-thirds of the global middle class will reside in Asia. This demographic shift presents a fertile ground for businesses seeking to

    expand their reach and capitalise on emerging sectors, he said.

    Shri Goyal stressed that the Conference will be key to identifying emerging trends and tackling global challenges. It facilitates the exchange of best practices, drives technological advancements and shapes policies for future industrial growth, he said. The Union Minister expressed hope that India and Germany can deepen strategic partnerships and translate this collaboration into real growth for the economies and the citizens of both the countries.

    Quoting German philosopher Arthur Schopenhauer’s expression “Reading the Upanishads is comforting in my life…”, the Minister in the spirit of that ancient wisdom urged all the participants to embrace the richness of India’s culture and diversity especially during this festive season from Diwali until Christmas and New Year.

    Shri Goyal ended his speech with a quote from Rabindranath Tagore, “Reach high, for stars lie hidden in you. Dream deep, for every dream precedes the goal” and urged the participants to create the future where the products made, the industries led and the innovations pioneered, touch every corner of the globe.

    ***

    AD/AM

    (Release ID: 2068048) Visitor Counter : 81

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PRESS RELEASE – VISIT OF THE UNITED NATIONS SECRETARY-GENERAL, H.E ANTONIO GUTERRES, 21-23 AUGUST 2024

    Source: Government of Western Samoa

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    Samoa hosted the United Nations Secretary-General, His Excellency Antonio Guterres on his official visit from 21st to 23rd August 2024. The UN Secretary-General’s visit to Samoa and the Pacific region not only brings global attention to the severe impact of the climate change on Pacific communities but shows commitment to our Blue Pacific region to witness the vulnerabilities of the lived realities as small island states. The visit also highlights Samoa’s leadership at the regional and international level as demonstrated in Samoa’s role as Chair of the AOSIS during meetings at the regional and international fora.

    The UN Secretary-General’s visit marks a significant milestone, coinciding with the tenth anniversary of the last visit by a UN Secretary-General, Ban Ki Moon in 2014 when Samoa hosted the Third International Conference of the Small Islands Developing States.

    The visit included a bilateral meeting with the Prime Minister where discussions were held on pertinent matters highlighting the priorities and challenges of Small Island Developing States (SIDS) placing prominence on Climate Change with stark implications for SIDS and sustainable development. The bilateral was followed by a welcome ava ceremony and a field visit to witness climate impacted communities and the resilience of our communities with adaptation measures implemented.

    At the end of the field visit the UN Secretary General attended the handover ceremony of the new wing of the One-Un House at Tuanaimato which will enable the location of all the UN agencies into the Multi-country office to enable collaboration and delivery as One UN on the national development needs of Samoa and the whole cluster including Cook Islands, Niue and Tokelau. The Minister of Natural Resources and Environment, Hon Toeolesulusulu Cedric Schuster on behalf of the Government of Samoa, presented remarks during the Hand-over ceremony and unveiled the plaque together with UN Secretary General.

    The Prime Minister, Hon Fiame Naomi Mataafa hosted a dinner at the Robert Louis Stevenson Museum in honour of the visit of the UN Secretary General and his delegation.

    H.E Antonio Guterres was accompanied by a delegation of eleven (11) officials including Mr. E. Courtenay Rattray, Chef de Cabinet and Ms. Rabab Fatima, Under-Secretary-General, High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, officials and security officers

    The UN Secretary General departs Samoa on Friday 23 August 2024 for Tonga to attend the 53rd Pacific Island Forum Leaders Meeting.

    END.

    SOURCE – MINISTRY OF FOREIGN AFFAIRS AND TRADE

    Photos by Government of Samoa (Leaosa Faaifo Faaifo)

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: President Lai presides over second meeting of National Climate Change Committee

    Source: Republic of China Taiwan

    President Lai presides over second meeting of National Climate Change Committee
    2024-10-24

    On the afternoon of October 24, President Lai Ching-te presided over the second meeting of the National Climate Change Committee. In his opening statement, the president said that the whole world is now facing the challenges of extreme weather and carbon reduction. Noting that Taiwan plays a critical role in global technology supply chains, the president stated that we must step up climate action to enhance the international competitiveness of our industries and quicken our pace to bring us in line with global progress on carbon reduction. He added that we are willing to cooperate with countries around the world, including China, to address the challenges of climate change together. 
    President Lai emphasized that the government’s strategic direction is clear: we will promote our second energy transition to ensure a stable and resilient energy supply. Going forward, he said, the government will gradually promote energy conservation policies and encourage all sectors to promote deep energy saving through such methods as investment incentives, investment tax credits, and government subsidies to help industries save energy. He added that energy service company (ESCO) mechanisms will also be promoted through cooperation with insurance enterprises and life insurance companies to improve enterprise equipment and production processes. The president expressed his confidence that as long as everyone works together to implement innovative and transformative change, we can create opportunities for sustainable growth for generations to come.
    A translation of President Lai’s opening statement follows:
    Today is the second meeting of the National Climate Change Committee. First, I want to welcome the committee members who were on leave for the first meeting but are with us today: Paul Peng (彭双浪), Sophia Cheng (程淑芬), and Lin Tze-luen (林子倫).     
    I want to thank everyone here with us today, as well as our fellow citizens and friends for their enthusiastic participation online. This shows that everyone considers global climate change issues as matters of great importance.
    Not long ago, we saw Typhoon Krathon become the first tropical cyclone on record to make landfall in Kaohsiung in the month of October, with recorded gusts at level 17 or higher on the Beaufort scale. Responding to climate change is a major test for national resilience and sustainable development.
    Internationally, the whole world is facing increasingly severe climate change challenges. The Paris Agreement of 2015 requires each country to update its nationally determined contributions (NDCs) every five years. In 2021, COP26 increased the frequency of such updates to once every two years to accelerate progress in global carbon reduction. In addition, the next round of NDC updates for countries around the world is scheduled for the beginning of next year. 
    Therefore, we must come together and create a strong, resilient Taiwan that can respond to challenges and align with international trends. At the same time, we are willing to continue strengthening cooperation with countries around the world, including China, to address the challenges of climate change together. 
    At the beginning of this month, we launched a carbon fee system, with fees starting to be collected next year. This is a solid step. Furthermore, our strategic direction is clear: we will promote our second energy transition to ensure a stable and resilient energy supply. In addition to developing more forms of green energy to open up new energy sources, we must also promote deep energy saving and advanced energy storage technology applications to spur the transformation and development of next-generation industries; enhance Taiwan’s adaptive mechanisms to respond to climate change; and seek green growth opportunities for sustainability, as we steadily move toward our goal of net-zero emissions by 2050.   
    At today’s meeting, the Ministry of Environment will first deliver reports on the progress of certain items listed in the first committee meeting and on the promotion of the public sector chief sustainability officer alliance. The Ministry of Economic Affairs will then deliver a report on the progress in deep energy saving promotion.
    I want to thank deputy convener and Vice Premier Cheng Li-chiun (鄭麗君) for conducting numerous interministerial policy discussions in the Net Zero Emissions Transition Taskforce, under the Executive Yuan’s National Council for Sustainable Development, in the time since we convened our first meeting in August this year.  
    In a few minutes, executive secretary and Minister of Environment Peng Chi-ming (彭啓明) will explain our initial concept for an energy information platform and the current review status of our new carbon reduction goals, two issues of great concern to our committee members. The reports will help committee members and the public to better understand the government’s policies.  
    As Taiwan plays a critical role in global technology supply chains, we must step up climate action to enhance the international competitiveness of our industries and quicken our pace to bring us in line with NDCs internationally. We also need to review our goals for 2030, be more ambitious to break through obstacles, and reset new, more proactive carbon-reduction goals for 2032 and 2035.
    At the same time, the best source of energy is the energy we conserve. Our economic development requires that industries and foreign investors continue to invest in Taiwan, which requires a stable power supply. Conserving energy is more efficient than developing new energy sources and is one of the most important cost-effective methods. It is also an immediately effective strategy for reducing carbon emissions. The more energy we save, the more we can reduce carbon emissions.
    One of the conclusions reached during last year’s United Nations Climate Change Conference (COP28) was that by 2030, the average annual improvement rate of energy efficiency must be increased from two percent to four percent. Increasing energy efficiency is already an international consensus and trend in efforts to achieve net-zero emissions. 
    Going forward, the government will gradually promote energy conservation policies and encourage all sectors to promote deep energy saving. From high-emission enterprises to hospitals and schools, and even homes and individuals, everyone needs to participate. The government cannot promote deep energy saving alone. Like a baseball team, for the team to be really good, everyone must play their role.  
    ESCOs, like analysts and trainers on baseball teams, can provide enterprises with the most cost-effective, tailor-made energy-saving plans to ensure that every dollar invested achieves the best possible energy savings. 
    Moving forward, in promoting deep energy saving, we need ESCOs to be involved to strengthen our “lineup.” The government will cooperate with industry to propose methods including investment incentives, investment tax credits, and government subsidies to help industries save energy. The government will also cooperate with insurance enterprises and life insurance companies to promote ESCO mechanisms, and will provide funding assistance to upgrade equipment and improve production processes, with the savings on electricity costs returned to investors. Insurance premiums will be used for national development, forming a virtuous circular economy. 
    The whole world is now facing the challenges of extreme weather and carbon reduction. But I am confident that as long as everyone works together to implement innovative and transformative change, we can create opportunities for sustainable growth for generations to come.
    Through this meeting, we will not only rely on the expertise of our advisors and committee members for diverse discussions and collective brainstorming. We will also reference innovative and pragmatic strategies for green growth adopted by countries such as the United Kingdom and Japan. Through joint actions of the public sector in conjunction with the various sectors of society, we can more efficiently accelerate Taiwan’s efforts to achieve net-zero carbon emissions.
    In a few minutes, I will invite everyone to actively share your expertise and experience. Thank you.
    Following his statement, President Lai heard a report on the promotion of the public sector chief sustainability officer alliance from Minister Peng and a report on the progress in deep energy saving promotion from Vice Minister of Economic Affairs Lien Ching-chang (連錦漳). Afterward, President Lai exchanged views with the committee members regarding the content of the reports.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Latest news – Confirmation hearings – Committee on Industry, Research and Energy

    Source: European Parliament

    The confirmation hearings of Commissioners-designate will take place from 4 to 12 November 2024.

    The ITRE Committee is responsible for organising, either alone or jointly with other committees, the confirmation hearings of:

    – Teresa RIBERA, Clean, Just and Competitive Transition

    – Henna VIRKKUNEN, Tech Sovereignty, Security and Democracy

    – Stéphane SÉJOURNÉ, Prosperity and Industrial Strategy

    – Dan JØRGENSEN, Energy and Housing

    – Ekaterina ZAHARIEVA, Startups, Research and Innovation

    – Wopke HOEKSTRA, Climate, Net-Zero and Clean Growth

    – Andrius KUBILIUS, Defence and Space

    ITRE is also invited to the confirmation hearings of:

    – Jessika ROSWALL, Environment, Water Resilience and a Competitive Circular Economy

    – Olivér VÁRHELYI, Health and Animal Welfare

    For more information on the confirmation hearings.

    MIL OSI Europe News –

  • MIL-OSI Africa: Mozambique’s 2024 elections: 9 major challenges that will face the new president

    Source: The Conversation – Africa – By David Matsinhe, Losophone Research Specialist/Adjunct Professor in African Studies, Carleton University

    Daniel Chapo, Mozambique’s incoming president, faces an array of interconnected problems deeply rooted in historical, socioeconomic, and political dynamics.

    Chapo (47), comes from Frelimo, the former liberation movemen which has been in power since independence in 1975. He must balance meeting immediate needs with long-term structural change.

    Can the resource-rich but impoverished nation of 35 million expect a redirection of policies and strategies under Chapo to address its multifaceted crises?

    Chapo was born after independence and promises to act with integrity. But the old guard placed him in power to protect and promote their interests.

    Mozambique’s crises stem largely from systemic corruption under Frelimo. It has prioritised political elites over national welfare. Its decades of mismanagement, embezzlement and patronage have left institutions weak and unable to address pressing social and economic issues.

    The country is fragmented. The government has neglected the development of inclusive, accountable governance and equitable infrastructure. Regional disparities are the result. This is especially so in Cabo Delgado province, where disenfranchised citizens have become vulnerable to extremist groups.

    This lack of unity and long-term planning has created a fragile state unable to withstand mounting internal and external pressures.

    As a Mozambican social scientist and human rights specialist, I have spent my adult life wrestling with my country’s complex economic, social, cultural and political dynamics.

    Read more: 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Mozambique stands at a critical point. The new president must confront the deep-rooted challenges with determination and comprehensive reforms.

    In my view, the new leader faces nine key challenges. These are a deep economic crisis, an Islamic insurgency in the north, climate change, drug trafficking, unemployment, corruption, poor infrastructure, kidnappings and unpaid public sector salaries.

    Economic crisis

    Mozambique’s economy has deteriorated, primarily because of structural imbalances and a dependence on extractive industries. GDP growth has declined sharply, from 7% in 2014 to 1.8% in 2023.

    Slower growth has resulted in over 62% of Mozambicans living in poverty.

    A public debt crisis was worsened by the “hidden debt scandal”: the discovery in 2016 of US$2 billion in previously undisclosed debts the government had guaranteed without the knowledge of parliament.

    This has limited the state’s capacity to invest in education, health and sanitation.

    Economic revival must be accompanied by targeted interventions to promote inclusive growth. All Mozambicans must benefit from economic activities to alleviate poverty.

    Insurgency

    Since 2017, extremist groups have used local grievances and regional disenfranchisement to destabilise northern Mozambique. Over 4,000 people have died. Nearly a million have been displaced.

    The conflict is rooted in socio-economic inequalities, made worse by the extraction of natural gas and rubies. Global and local actors compete for control.

    The new president’s role in mediating this crisis requires nuance. He must address the historical marginalisation of Cabo Delgado while balancing military and developmental responses.

    Read more: Between state and mosque: new book explores the turbulent history of Islamic politics in Mozambique

    He must also write a new chapter in the country’s deplorable human rights record. This is marked by widespread violations of the right to life, physical integrity, freedom from arbitrary detention, and freedoms of expression, assembly and the press.

    Climate change crisis

    Climate change intersects with Mozambique’s vulnerabilities. The country has been repeatedly struck by increasingly devastating severe cyclones, such as Idai and Kenneth in 2019.

    Deforestation has made it more fragile, reducing its capacity to mitigate flood and erosion risks.

    The new president will need to put in place policies that incorporate mitigation and adaptation strategies. He will also need to secure multilateral cooperation.

    Drug trafficking

    Drug trafficking networks have entrenched themselves. Porous borders, weak governance structures and endemic corruption have made Mozambique a corridor for heroin and cocaine trafficking.

    The United Nations Office on Drugs and Crime estimates that US$100 million worth of heroin passes through Mozambique annually. This fuels informal economies that sustain political patronage networks.

    Tackling the problem requires stronger state institutions. It also requires regional and global collaboration to disrupt the transnational flow of narcotics.

    Unemployment

    Joblessness stands at over 70%, affecting youth in particular. Youth disenfranchisement risks perpetuating cycles of poverty, social instability and potential radicalisation.

    Policies promoting vocational training and entrepreneurship are essential. So is investment in labour-intensive sectors, such as agriculture and manufacturing.

    Corruption

    Pervasive corruption erodes public trust and stifles economic innovation. New efforts to combat corruption must go beyond superficial reforms. They must uproot the power structures that sustain these systems.

    Poor infrastructure

    Infrastructure is in disrepair. Urban roads are crumbling, public services are inadequate and electricity blackouts are frequent. Rural regions lack basic services such as clean water and healthcare.

    The next president will need to launch an ambitious infrastructure overhaul to improve living conditions and stimulate economic growth.

    Kidnappings

    Kidnappings, especially targeting the wealthy and business people, have created widespread fear and instability. The crime disrupts business operations and deters foreign investment, further harming economic growth.

    The high-profile nature of kidnappings suggests collusion between criminal networks and law enforcement as well as inefficiencies in the justice system.

    The persistence of kidnappings reflects broader governance issues. These include limited state capacity to respond effectively to organised crime.

    Unpaid public servants

    Delays in salary payments for public servants have worsened economic and social problems. The delays reduce public workers’ purchasing power. This has affected household consumption and local economies.

    Morale among employees is sapped, harming productivity and eroding trust in government institutions.

    Read more: Mozambique’s transgender history is on display in a powerful photo exhibition

    The new president must make public sector reforms. This includes auditing finances, improving revenue collection, enforcing fiscal discipline, promoting merit-based appointments, implementing probity laws, strengthening anti-corruption bodies, and diversifying the economy.

    The future of Mozambique rests on the ability of its next leader to address these profound and intertwined crises. It’s a huge task.

    Whoever it is will have to break from the Frelimo mould, reverse the damage done and set the country on a new path of clean governance, peace and inclusive economic growth.

    – Mozambique’s 2024 elections: 9 major challenges that will face the new president
    – https://theconversation.com/mozambiques-2024-elections-9-major-challenges-that-will-face-the-new-president-240923

    MIL OSI Africa –

  • MIL-OSI Global: Mozambique’s 2024 elections: 9 major challenges that will face the new president

    Source: The Conversation – Africa – By David Matsinhe, Losophone Research Specialist/Adjunct Professor in African Studies, Carleton University

    Daniel Chapo, Mozambique’s incoming president, faces an array of interconnected problems deeply rooted in historical, socioeconomic, and political dynamics.

    Chapo (47), comes from Frelimo, the former liberation movemen which has been in power since independence in 1975. He must balance meeting immediate needs with long-term structural change.

    Can the resource-rich but impoverished nation of 35 million expect a redirection of policies and strategies under Chapo to address its multifaceted crises?

    Chapo was born after independence and promises to act with integrity. But the old guard placed him in power to protect and promote their interests.

    Mozambique’s crises stem largely from systemic corruption under Frelimo. It has prioritised political elites over national welfare. Its decades of mismanagement, embezzlement and patronage have left institutions weak and unable to address pressing social and economic issues.

    The country is fragmented. The government has neglected the development of inclusive, accountable governance and equitable infrastructure. Regional disparities are the result. This is especially so in Cabo Delgado province, where disenfranchised citizens have become vulnerable to extremist groups.

    This lack of unity and long-term planning has created a fragile state unable to withstand mounting internal and external pressures.

    As a Mozambican social scientist and human rights specialist, I have spent my adult life wrestling with my country’s complex economic, social, cultural and political dynamics.



    Read more:
    9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Mozambique stands at a critical point. The new president must confront the deep-rooted challenges with determination and comprehensive reforms.

    In my view, the new leader faces nine key challenges. These are a deep economic crisis, an Islamic insurgency in the north, climate change, drug trafficking, unemployment, corruption, poor infrastructure, kidnappings and unpaid public sector salaries.

    Economic crisis

    Mozambique’s economy has deteriorated, primarily because of structural imbalances and a dependence on extractive industries. GDP growth has declined sharply, from 7% in 2014 to 1.8% in 2023.

    Slower growth has resulted in over 62% of Mozambicans living in poverty.

    A public debt crisis was worsened by the “hidden debt scandal”: the discovery in 2016 of US$2 billion in previously undisclosed debts the government had guaranteed without the knowledge of parliament.

    This has limited the state’s capacity to invest in education, health and sanitation.

    Economic revival must be accompanied by targeted interventions to promote inclusive growth. All Mozambicans must benefit from economic activities to alleviate poverty.

    Insurgency

    Since 2017, extremist groups have used local grievances and regional disenfranchisement to destabilise northern Mozambique. Over 4,000 people have died. Nearly a million have been displaced.

    The conflict is rooted in socio-economic inequalities, made worse by the extraction of natural gas and rubies. Global and local actors compete for control.

    The new president’s role in mediating this crisis requires nuance. He must address the historical marginalisation of Cabo Delgado while balancing military and developmental responses.



    Read more:
    Between state and mosque: new book explores the turbulent history of Islamic politics in Mozambique

    He must also write a new chapter in the country’s deplorable human rights record. This is marked by widespread violations of the right to life, physical integrity, freedom from arbitrary detention, and freedoms of expression, assembly and the press.

    Climate change crisis

    Climate change intersects with Mozambique’s vulnerabilities. The country has been repeatedly struck by increasingly devastating severe cyclones, such as Idai and Kenneth in 2019.

    Deforestation has made it more fragile, reducing its capacity to mitigate flood and erosion risks.

    The new president will need to put in place policies that incorporate mitigation and adaptation strategies. He will also need to secure multilateral cooperation.

    Drug trafficking

    Drug trafficking networks have entrenched themselves. Porous borders, weak governance structures and endemic corruption have made Mozambique a corridor for heroin and cocaine trafficking.

    The United Nations Office on Drugs and Crime estimates that US$100 million worth of heroin passes through Mozambique annually. This fuels informal economies that sustain political patronage networks.

    Tackling the problem requires stronger state institutions. It also requires regional and global collaboration to disrupt the transnational flow of narcotics.

    Unemployment

    Joblessness stands at over 70%, affecting youth in particular. Youth disenfranchisement risks perpetuating cycles of poverty, social instability and potential radicalisation.

    Policies promoting vocational training and entrepreneurship are essential. So is investment in labour-intensive sectors, such as agriculture and manufacturing.

    Corruption

    Pervasive corruption erodes public trust and stifles economic innovation. New efforts to combat corruption must go beyond superficial reforms. They must uproot the power structures that sustain these systems.

    Poor infrastructure

    Infrastructure is in disrepair. Urban roads are crumbling, public services are inadequate and electricity blackouts are frequent. Rural regions lack basic services such as clean water and healthcare.

    The next president will need to launch an ambitious infrastructure overhaul to improve living conditions and stimulate economic growth.

    Kidnappings

    Kidnappings, especially targeting the wealthy and business people, have created widespread fear and instability. The crime disrupts business operations and deters foreign investment, further harming economic growth.

    The high-profile nature of kidnappings suggests collusion between criminal networks and law enforcement as well as inefficiencies in the justice system.

    The persistence of kidnappings reflects broader governance issues. These include limited state capacity to respond effectively to organised crime.

    Unpaid public servants

    Delays in salary payments for public servants have worsened economic and social problems. The delays reduce public workers’ purchasing power. This has affected household consumption and local economies.

    Morale among employees is sapped, harming productivity and eroding trust in government institutions.



    Read more:
    Mozambique’s transgender history is on display in a powerful photo exhibition

    The new president must make public sector reforms. This includes auditing finances, improving revenue collection, enforcing fiscal discipline, promoting merit-based appointments, implementing probity laws, strengthening anti-corruption bodies, and diversifying the economy.

    The future of Mozambique rests on the ability of its next leader to address these profound and intertwined crises. It’s a huge task.

    Whoever it is will have to break from the Frelimo mould, reverse the damage done and set the country on a new path of clean governance, peace and inclusive economic growth.

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

    – ref. Mozambique’s 2024 elections: 9 major challenges that will face the new president – https://theconversation.com/mozambiques-2024-elections-9-major-challenges-that-will-face-the-new-president-240923

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Inaugural ESG Forum Wraps Up in Abidjan with Stakeholders Uniting around Vision for an Africa ESG Hub

    Source: African Development Bank Group

    (From left) Olumide Lala, Executive Director, Climate Transition Limited with Natenin Coulibaly, General Manager Corporate Services, MTN; Armande Laetitia Ohouo-Lath, Director of Sustainable Development, SIFCA; Rachael Antwi, Group Sustainability and Environmental Risk, ECOBANK and Azeez Alayande, ESG Manager, ENGIE Nigeria during a session on Challenges and Opportunities in ESG Reporting in Africa at the Africa ESG Forum

    Two days of intensive discussions on building a sustainable finance ecosystem for Africa ended in Abidjan on Tuesday with stakeholders from government and the private sector expressing strong support for an Africa-focused Environmental, Social, and Governance (ESG) Data Hub.

    The inaugural Africa ESG Forum, held at the Sofitel Hotel in Abidjan, Côte d’Ivoire, was organised by the African Development Bank, the Multilateral Cooperation Centre for Development Finance, and Making Finance Work for Africa. It featured discussions on ESG reporting challenges and investor expectations, and concluded with the inaugural meeting of the ESG working group.

    Representatives of various participating institutions shared their ESG implementation experiences. Moubarak Moukaila of the West African Development Bank highlighted the Bank’s progress in sustainable project development. “We created, at the beginning of this year, a unit that supports project development. We have developed, within six months, three projects with GEM and two projects with Green Climate Fund.”

    Ahlem Kefi, Impact & Sustainability Officer at AfricInvest, outlined the firm’s comprehensive approach to sustainability assessments. “We start looking at the ESG risks and the ESG data from the first screening phase,” she said. “We don’t call this ESG due diligence, we call it impact and sustainability due diligence.”

    Mostafa Hawas of the Egyptian Stock Exchange offered practical insights into implementing ESG reporting requirements. He outlined how they began with “a very, very simple survey” distributed to listed companies, and emphasized the importance of gradual implementation to build awareness, before introducing more detailed requirements.

    Kuhle Sojola, ESG Engagement Specialist at Sanlam Investments, addressed the critical issue of greenwashing – the misleading use of advertising and marketing to falsely portray an organization’s products, goals, or policies as being environmentally friendly – in corporate reporting. “We use engagement as a tool to mitigate or reduce the risk of greenwashing,” she said, adding that, when a company’s reported metrics differ significantly from those of their peer group, “that is usually an indication that there could be a level of greenwashing there.”

    Participants at the Forum envisioned the proposed African ESG Hub as a unifying vehicle for sustainability issues in Africa, enhancing awareness among local entities and international investors. In preparation for its establishment, they acknowledged that with 80 percent of African companies being SMEs, engaging the sector would be critical in advancing ESG reporting and sustainable finance across the continent. In addition, they outlined plans for the proposed Hub, including ensuring that it provides a credible platform for training and technical assistance, and for sharing best practices and case studies.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: UK to chair global Earth observation group with bold ambitions for data uptake 

    Source: United Kingdom – Executive Government & Departments

    The UK has assumed the Chair of the Committee on Earth Observation Satellites.

    Credit: ESA/ATG Medialab

    • UK Space Agency Chief Executive Dr Paul Bate has assumed the Chair of the Committee on Earth Observation Satellites (CEOS), the international body responsible for coordinating observations of the Earth from space. 

    • The UK’s priority will be to unlock the power of Earth observation from space to benefit society, from improving public services to inspiring the next generation with a Youth Summit in Bath in November 2025. 

    As CEOS celebrates its 40th anniversary at the annual CEOS Plenary in Montreal, the CEOS Community of space and meteorological agencies and other groups has also renewed its collective commitment to CEOS’ mission and efforts in responding to global challenges for the good of humanity, with the agreement of the Montreal Statement. 

    Satellite Earth observation data can deliver significant public benefits in areas ranging from climate and biodiversity monitoring, disaster management, clean energy and urban planning. 

    The UK is involved in a range of Earth observation missions that contribute to global capabilities. These include leadership of the European Space Agency’s TRUTHS mission, which will improve confidence in climate forecasts; Biomass, which will monitor the world’s forests; Microcarb, a ground-breaking French-UK satellite mission for carbon monitoring; and the various Sentinel missions of the European Copernicus programme with its associated user-facing Services.  As well as these missions, the UK are experts in the use of the data for applications ranging from cutting edge science, operational services, new commercial and public sector services.

    Handover of CEOS Chair with (L) Eric Laliberté, Director General, Space Utilization, Canadian Space Agency and outgoing CEOS Chair, and (R) UK Space Agency CEO Dr Paul Bate.

    The UK Space Agency’s role as CEOS Chair will be to oversee the activities of CEOS and ensure it is achieving the objectives of its work plan. The UK Space Agency has proposed four priorities to champion data-driven solutions for major global challenges over the 12-month period as Chair, within the theme of ‘Unlocking Earth Observation for Society’: 

    1. Using Earth observation to improve public services. 

    2. Increasing use of space data in the Global Stocktakes of the United Nations Framework Convention on Climate Change (UNFCCC). 

    3. Supporting development of Methane emissions measurement best-practices. 

    4. Inspiring the next generation through a new ‘CEOS in Schools’ initiative. 

    As Chair, an early task will be to represent CEOS on the global stage and promote its goals and objectives, starting at next month’s COP-29 in Baku, Azerbaijan, and continuing throughout 2025.  

    Dr Paul Bate, CEO of the UK Space Agency, said: 

    For 40 years, CEOS has been uniting the global community to champion the transformative potential of satellites and Earth Observation.   

    I’m proud to be chairing this globally-valued committee and will use the next year to demonstrate how, by working together across borders, we can harness space technology for the benefit of our societies, our shared environment, and our economies.

    Unlocking EO for Public Service

    The UK will create opportunities for CEOS’ agencies to share their national perspectives and explore how to bridge the gap between data and public sector services, including hosting a workshop in September 2025 ahead of the UK’s CEOS Plenary 2025, in Bath, Somerset in November.  This supports work to get Earth observation tools and information embedded it on UK public sector policies at the national and local scale.  

    Éric Laliberté, CEOS Chair 2024 on behalf of the Canadian Space Agency said: 

    We congratulate the UK Space Agency on assuming the chairmanship role and are committed to ensuring that data-driven decisions pave the way for increasingly sustainable practices. 

    Together, we are advancing the role of satellite Earth observation in creating sustainable solutions for the future of our societies and natural environments.

    Unlocking EO for the Global Stocktake 

    The Global Stocktake of the United Nations Framework Convention on Climate Change (UNFCCC) is a process for evaluating progress on climate action at a global level and identifying gaps. Over the next 12 months, the UK will work closely with Japanese Space Agency, JAXA, and the CEOS working group on Climate to study lessons learned from the previous Global Stocktake. The aim is to refine CEOS strategies to enhance the use of Earth observation data in the next Global stock-take for global climate action.   

    Professor John Remedios, NCEO Director, said:   

    The National Centre for Earth Observation is very pleased to see the UK taking on leadership on the world stage. The UK is able to contribute world-leading capability and methods in Earth Observation to the global community.  

    Through this role in CEOS, the UK will be able to support the important collaborative efforts that agencies need to achieve to meet the challenges of climate and of resilience with commitment, rigour and Earth intelligence. We are delighted to be supporting the UK Space Agency in its delegation with scientific advice and connectivity to the leading research in environmental science. 

    Methane Best-Practices 

    Methane is a potent greenhouse gas, with a warming potential approximately ~80 times higher than carbon dioxide over 20 years. Reducing methane emissions is the quickest way to mitigate acute climate risks and is crucial for maintaining the 1.5-degree target. At COP26 in Glasgow, 158 countries committed to reduce global methane emissions by 30% by 2030.  

    The CEOS Greenhouse Gas Task Team is developing best practices for space-based methane measurements, which are crucial for addressing climate change. 

    This work, which is co-led by the UK’s National Physical Laboratory (NPL) and the NASA Jet Propulsion Laboratory, is developing a set of agreed accurate, transparent and trusted best practices for reporting Methane emissions at the facility scale. The UK Space Agency will promote the uptake of these best practices on a global scale, focusing on the Global Methane Pledge to unlock the potential of space-based solutions and support the UK’s commitment to reduce methane emissions. 

    Ally Barker, Vice-chair of the UKspace Trade Association’s EO Committee said: 

    This is an opportune time for the UK to demonstrate its leadership in Earth observation on the global stage.  UK industry looks forward to working closely with the UK Space Agency as it takes on the Chair of CEOS to maximise the societal and economic benefits of EO for the UK and the world.

    CEOS in Schools 

    The UK Space Agency is set to pilot a CEOS mechanism aimed at inspiring the next generation. This initiative will demonstrate to students, aged 14-16, how satellite Earth Observation is used to address global issues such as climate change, environmental protection, and disaster management, while also allowing those students to experience the power of international collaboration. 

    The programme will put experts into schools to bring the topics of climate and space to life and then bring students together from across the world for online workshops to discuss the topics with their peers. The programme will culminate in the first CEOS Youth Summit where students will have the opportunity to present and discuss their work with senior Earth observation experts, giving young people a voice in CEOS. 

    Met Office Services Director Simon Brown said: 

    It’s an exciting time for the UK to take up this prestigious role in CEOS. Earth observations are at the heart of us delivering world leading weather and climate services and we are proud of the observations we get through the collaboration of European member states at EUMETSAT and underpinned by national and ESA Missions.  

    Access to Earth observations is changing and I look forward to working closely with UK Space Agency team to grow, influence and be part of the changing space endeavour to advance Earth observations to protect us from weather extremes.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Government of Canada launches solicitation for projects to build capacity and raise awareness on climate-sensitive infectious diseases

    Source: Government of Canada News

    PHAC’s Infectious Disease and Climate Change Fund solicitation is now open and will run until November 28, 2024.

    October 25, 2024 | Ottawa, ON | Public Health Agency of Canada

    Climate change has ongoing impacts on our environment and the health of people in Canada.

    The Public Health Agency of Canada’s Infectious Disease and Climate Change (IDCC) Program focuses on preparing and protecting people in Canada against climate-sensitive zoonotic, food-borne and water-borne infectious diseases. The Infectious Disease and Climate Change Fund (IDCCF) provides funding for projects that advance the monitoring and surveillance of these diseases, increase awareness among health professionals and share information and tools to prevent and reduce risk to people in Canada, especially among vulnerable populations.

    The IDCCF solicitation is now open and will run until November 28, 2024. Applicant projects must align with one of the following streams on climate-sensitive infectious diseases:

    • Stream 1 – Building capacity and resiliency of Indigenous Peoples on climate-sensitive infectious diseases and health with projects developed by and with First Nations, Inuit and Métis peoples
    • Stream 2 – Mobilizing evidence and raising awareness to take action on climate sensitive diseases

    Projects supported through the IDCCF will help raise awareness among people in Canada and partner organizations on actions to take to reduce infectious disease risk, adapt to our changing climate, become more resilient and ultimately improve our health and well-being.

    Interested organizations can apply here.

    Matthew Kronberg
    Press Secretary
    Office of the Honourable Mark Holland
    Minister of Health
    613-291-4176

    MIL OSI Canada News –

  • MIL-OSI USA: New State-of-the-Art System Helps Prepare for Wildfire

    Source: US State of New York

    Governor Kathy Hochul today announced a new real-time weather data tool to help inform New Yorkers when there is an increased risk of wildfires. New York State Department of Environmental Conservation and New York State Mesonet  at the University at Albany researchers are utilizing data from the University at Albany’s statewide weather network to generate daily Fire Danger Ratings to offer more reliable wildfire information and improve public safety.

    “We’re seeing the effects of climate change in real time, with dangerous wildfire seasons across the continent year after year,” Governor Hochul said. “We want to make sure the state has the latest tools and information to prepare for and respond to wildfires to ensure our communities and resources are protected.”

    New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “Even before wildland fires ignite, accurate data is crucial to deploy resources and advise communities of potential dangers. DEC’s partnership with New York State Mesonet will offer enhanced and reliable wildfire information to help keep communities safe by harnessing the power of the Mesonet to increase the number of stations recording observations in each of the state’s Fire Danger Rating Areas. This data will help inform a new, easier to read map that will benefit New Yorkers when wildfire dangers arise.”

    New York State Mesonet Director June Wang said, “As the climate is getting warmer, the frequency and severity of fire weather is increasing across the U.S. This new collaboration will respond by taking full advantage of NYS Mesonet weather data and expertise, providing a more detailed and accurate fire danger rating scale.”

    Division of Homeland Security and Emergency Services Commissioner Jackie Bray said, “Wildfires are a threat to people, animals, nature and communities. This new data tool will help get critical information to the public and firefighters faster and more accurately so that the danger created by these wildfires can be minimized.”

    UAlbany’s Atmospheric Sciences Research Center Director and Executive Director of the NYS Mesonet Chris Thorncroft said, “Localized weather data has a critical role to play in how we adapt to the most severe impacts of climate change. We are proud to continue working with our public and private partners across the state on projects like this one that improve the resilience of New Yorkers to weather-related extremes.”

    Localized Fire Weather Information

    The New York State Mesonet is the nation’s most advanced and largest early-warning weather detection system. It features 127 standard weather observation stations that cover the entire state, including at least one in every county and borough. Each site measures temperature, humidity, wind speed and direction, pressure, precipitation, solar radiation, snow depth, soil information and offers camera images. The data is collected in real-time every five minutes, feeding weather prediction models and decision-support tools for users across New York.

    DEC’s Wildfire Predictive Services issues and updates a fire danger map that divides New York into multiple Fire Danger Rating Areas and then rates each on a wildfire risk scale from low to extreme.

    The enhanced data collection helps identify the local variability of fire danger across the state, allowing community leaders, emergency managers and everyday New Yorkers to adapt their activities to prevent fires and reduce damage. It will be publicly available, offering year-round fire danger ratings and, in conjunction with DEC’s weather forecasts, other fire weather environmental and meteorological variables for all Fire Danger Rating Areas in New York.

    Improving Wildfire Preparedness

    Fire Danger maps are published simultaneously on both the DEC website and the New York State Mesonet Fire Danger Products web page.

    Similar to the current RAWS system, the New York State Mesonet will provide the national Weather Information Management System, which serves as the host for the  National Fire Danger Rating System, with the data necessary to publish regional fire danger rating products.

    The public website available through the New York State Mesonet offers current and historic fire weather information, updated daily. The project is funded by DEC through a U.S. Department of Agriculture Forest Service Wildfire Risk Reduction Grant.

    View the New York State Mesonet Fire Danger Products page here.

    The DEC Fire Danger Map will continue to host the fire danger map in addition to specific information about fire danger ratings and the fire danger rating areas.

    Fire Danger is ‘High’ in Entire State

    Recent dry conditions across the state are resulting in a “High” fire danger. A high fire danger means all fine, dead fuels ignite readily and fires start easily from most causes, including unattended brush and campfires. Fires may become serious and controlling them difficult unless attacked successfully while still small. The remainder of New York State is at a moderate level of fire danger. An updated fire danger map is available on the DEC website. While the statewide burn ban is no longer in effect, brush burning should only be done when absolutely necessary. Burning garbage or leaves is prohibited year-round in New York State.

    Open burning is prohibited in New York, with these exceptions:

    • Campfires or any other outdoor fires less than three feet in height and four feet in length, width or diameter are allowed.
    • Small cooking fires are allowed.
    • Ceremonial or celebratory bonfires are allowed. Disposal of flags or religious items in a small-sized fire is allowed, if it is not otherwise prohibited by law or regulation.
    • Only charcoal or dry, clean, untreated or unpainted wood can be burned.
    • Fires cannot be left unattended and must be fully extinguished.

    For more information about fire safety and prevention, go to DEC’s FIREWISE New York webpage.

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Centers to Close in Jefferson, St. John the Baptist Parishes

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers to Close in Jefferson, St. John the Baptist Parishes

    Disaster Recovery Centers to Close in Jefferson, St. John the Baptist Parishes

    BATON ROUGE, La. –Disaster Recovery Centers (DRCs) serving Louisiana survivors of Hurricane Francine in Gonzales and Edgard will close Saturday, Oct. 26.The Kenner center (Jefferson Parish), located at Martin Luther King Community Resource Center, 1042 31st St., Kenner, LA 70065, will close at 5 p.m.The Edgard center (St. John the Baptist Parish), located at WestBank Library, 2979 Hwy 18, Edgard, LA 70049, will close at 3 p.m.Additional locations in Lafourche, St. Mary and Terrebonne parishes are open. To find the DRC nearest to you, visit DRC Locator (fema.gov).The centers will operate from 8 a.m. to 5 p.m., Monday through Saturday.Residents in all nine parishes can visit any DRC to meet with representatives of FEMA, the U.S. Small Business Administration, along with other community partners. No appointment is needed to visit the center. The centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology. If you need a reasonable accommodation or sign language interpreter, please call 833-285-7448 (press 2 for Spanish).You do not have to visit a center to apply for FEMA disaster assistance. The quickest way to apply is by going online at disasterassistance.gov/.Additional options when applying include:Download the FEMA App for mobile devices. Call the FEMA helpline at 800-621-3362 between 6 a.m. and 11 p.m. Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.To view an accessible video about how to apply visit: Three Ways to Register for FEMA Disaster Assistance – YouTube.For the latest information visit fema.gov/disaster/4817. Follow FEMA Region 6 social media at X.com/FEMARegion6 or on Facebook at facebook.com/femaregion6.
    alexa.brown
    Fri, 10/25/2024 – 13:42

    MIL OSI USA News –

  • MIL-OSI: Seacoast Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Strong Growth in Loans and Deposits

    Annualized 20% Increase in Tangible Book Value Per Share

    Well-Positioned Balance Sheet with Strong Capital and Liquidity

    STUART, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF) today reported net income in the third quarter of 2024 of $30.7 million, or $0.36 per diluted share, compared to $30.2 million, or $0.36 per diluted share in the second quarter of 2024 and $31.4 million, or $0.37 per diluted share in the third quarter of 2023.

    Pre-tax pre-provision earnings1 were $46.1 million in the third quarter of 2024, an increase of 3% compared to the second quarter of 2024 and an increase of 6% compared to the third quarter of 2023. Adjusted pre-tax pre-provision earnings1 were $46.4 million in the third quarter of 2024, an increase of 4% compared to the second quarter of 2024 and a decrease of 2% compared to the third quarter of 2023.

    For the third quarter of 2024, return on average tangible assets was 0.99% and return on average tangible shareholders’ equity was 10.31%, compared to 1.00% and 10.75%, respectively, in the prior quarter, and 1.04% and 11.90%, respectively, in the prior year quarter.

    Charles M. Shaffer, Chairman and CEO of Seacoast, stated, “I would like to thank all of the Seacoast associates for their unwavering dedication during the challenging impact of back-to-back significant hurricanes. Your commitment to our customers and the well-being of our communities is commendable. I am very proud to serve alongside such an amazing and dedicated group of bankers. Furthermore, our hearts and sympathy go out to all those in our communities who lost loved ones and experienced catastrophic outcomes as a result of the storms.”

    Shaffer added, “Turning to third quarter results, this marks the turn in organic growth we had anticipated, with nearly 7% annualized loan growth and 7% annualized customer deposit growth, clearly showcasing the results of our previous investments in banking teams across the state. Additionally, this quarter demonstrated continued growth in net interest income, noninterest income and, when removing accretion on acquired loans, expansion in the net interest margin. Our competitive transformation is taking shape as we build Seacoast into Florida’s leading regional bank. We expect to continue to see positive results from recent talent acquisitions, which will drive further organic growth in the coming periods.”

    Shaffer concluded, “We remain committed to a disciplined approach to credit, and our balance sheet is one of the strongest in the industry, with a Tier 1 capital ratio of 14.8%2 as of September 30, 2024. The ratio of tangible common equity to tangible assets has increased to a strong 9.64%. Our liquidity position is also robust, with a loan-to-deposit ratio of 83%, providing us with balance sheet flexibility as we continue to work towards stronger earnings in the coming periods.”

    Update on Hurricane Recovery

    In late September and early October 2024, communities across our corporate footprint were impacted by Hurricanes Helene and Milton. We maintained uninterrupted digital and telephone access for our customers and, having experienced minimal impacts to our branch properties, we fully reopened to serve our communities shortly after each storm passed. Recovery efforts in many areas continue and the full impacts on people and businesses in the most hard-hit regions are not fully known. We do not expect a significant impact from Hurricane Helene, but an additional provision for credit losses may be warranted in the fourth quarter of 2024 for Hurricane Milton, in a range between approximately $5 million and $10 million.

    Financial Results

    Income Statement

    • Net income in the third quarter of 2024 was $30.7 million, or $0.36 per diluted share, compared to $30.2 million, or $0.36 per diluted share in the prior quarter and $31.4 million, or $0.37 per diluted share in the prior year quarter. For the nine months ended September 30, 2024, net income was $86.9 million, or $1.02 per diluted share, compared to $74.5 million, or $0.89 per diluted share, for the nine months ended September 30, 2023. Adjusted net income1 for the third quarter of 2024 was $30.5 million, or $0.36 per diluted share, compared to $30.3 million, or $0.36 per diluted share, for the prior quarter, and $34.2 million, or $0.40 per diluted share, for the prior year quarter. For the nine months ended September 30, 2024, adjusted net income1 was $91.9 million, or $1.08 per diluted share, compared to $101.9 million, or $1.21 per diluted share, for the nine months ended September 30, 2023.
    • Net revenues were $130.3 million in the third quarter of 2024, an increase of $3.7 million, or 3%, compared to the prior quarter, and a decrease of $6.8 million, or 5%, compared to the prior year quarter. For the nine months ended September 30, 2024, net revenues were $382.5 million, a decrease of $56.7 million, or 13%, compared to the nine months ended September 30, 2023. Adjusted net revenues1 were $130.5 million in the third quarter of 2024, an increase of $3.6 million, or 3%, compared to the prior quarter, and a decrease of $7.2 million, or 5%, compared to the prior year quarter. For the nine months ended September 30, 2024, adjusted net revenues1 were $382.9 million, a decrease of $55.2 million, or 13%, compared to the nine months ended September 30, 2023.
    • Pre-tax pre-provision earnings1 were $46.1 million in the third quarter of 2024, an increase of $1.5 million, or 3%, compared to the second quarter of 2024 and an increase of $2.7 million, or 6%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, pre-tax pre-provision earnings1 were $126.3 million, a decrease of $5.5 million, or 4%, compared to the nine months ended September 30, 2023. Adjusted pre-tax pre-provision earnings1 were $46.4 million in the third quarter of 2024, an increase of $1.9 million, or 4%, compared to the second quarter of 2024 and a decrease of $1.0 million, or 2%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, adjusted pre-tax pre-provision earnings1 were $133.4 million, a decrease of $35.5 million, or 21%, compared to the nine months ended September 30, 2023.
    • Net interest income totaled $106.7 million in the third quarter of 2024, an increase of $2.2 million, or 2%, compared to the prior quarter, and a decrease of $12.6 million, or 11%, compared to the prior year quarter. For the nine months ended September 30, 2024, net interest income was $316.2 million, a decrease of $61.3 million, or 16%, compared to the nine months ended September 30, 2023. In the loan portfolio, higher interest income from new loan production was partially offset by lower accretion of purchase discount on acquired loans. Included in loan interest income was accretion on acquired loans of $9.2 million in the third quarter of 2024, $10.2 million in the second quarter of 2024, and $14.8 million in the third quarter of 2023. For the nine months ended September 30, 2024, accretion on acquired loans totaled $30.0 million, compared to $45.4 million for the nine months ended September 30, 2023. Recent purchases in the securities portfolio contributed to higher securities yields. Higher interest expense on deposits reflects the impact of higher rates, with cuts to the federal funds rate late in the quarter not yet fully impacting the third quarter 2024 results.
    • Net interest margin decreased one basis point to 3.17% in the third quarter of 2024 compared to 3.18% in the second quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin increased three basis points to 2.90% in the third quarter of 2024 compared to 2.87% in the second quarter of 2024. Loan yields were 5.94%, an increase of one basis point from the prior quarter. Securities yields increased six basis points to 3.75%, compared to 3.69% in the prior quarter. The cost of deposits increased three basis points from 2.31% in the prior quarter, to 2.34% in the third quarter of 2024. We expect the cost of deposits to decline in the fourth quarter of 2024.
    • Noninterest income totaled $23.7 million in the third quarter of 2024, an increase of $1.5 million, or 7%, compared to the prior quarter, and an increase of $5.9 million, or 33%, compared to the prior year quarter. For the nine months ended September 30, 2024, noninterest income totaled $66.4 million, an increase of $4.5 million, or 7%, compared to the nine months ended September 30, 2023. Results in the third quarter of 2024 included:
      • Service charges on deposits totaled $5.4 million, an increase of $0.1 million, or 1%, from the prior quarter and an increase of $0.8 million, or 16%, from the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
      • Wealth management income totaled $3.8 million, an increase of $0.1 million, or 2%, from the prior quarter and an increase of $0.7 million, or 22%, from the prior year quarter. The wealth management division continues to grow and add new relationships, with assets under management increasing 26% year over year to $2.0 billion at September 30, 2024.
      • Insurance agency income totaled $1.4 million, an increase of 3% from the prior quarter and an increase of 18% from the prior year quarter, reflecting continued growth and expansion of services.
      • SBA gains totaled $0.4 million, a decrease of $0.3 million, or 44%, from the prior quarter and a decrease of $0.2 million, or 36%, from the prior year quarter, due to lower saleable originations.
      • Other income totaled $7.5 million, an increase of $1.5 million, or 26%, from the prior quarter and an increase of $3.2 million, or 74% from the prior year quarter. Increases in the third quarter of 2024 include gains on SBIC investments and higher swap-related fees.
    • The provision for credit losses was $6.3 million in the third quarter of 2024, compared to $4.9 million in the second quarter of 2024 and $2.7 million in the third quarter of 2023.
    • Noninterest expense was $84.8 million in the third quarter of 2024, an increase of $2.3 million, or 3%, compared to the prior quarter, and a decrease of $9.1 million, or 10%, compared to the prior year quarter. Noninterest expense for the nine months ended September 30, 2024, totaled $257.7 million, a decrease of $51.5 million, or 17%, compared to the nine months ended September 30, 2023. With significant cost-saving initiatives now complete, Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the third quarter of 2024 included:
      • Salaries and wages totaled $40.7 million, an increase of $1.8 million, or 5%, compared to the prior quarter and a decrease $5.7 million, or 12%, from the prior year quarter. The third quarter of 2024 reflects continued additions to the banking team as the Company focuses on organic growth.
      • Outsourced data processing costs totaled $8.0 million, a decrease of $0.2 million, or 3%, compared to the prior quarter and a decrease of $0.7 million, or 8%, from the prior year quarter, reflecting the benefit of lower negotiated rates with key service providers.
      • Marketing expenses totaled $2.7 million, a decrease of $0.5 million, or 16%, compared to the prior quarter and an increase of $0.9 million, or 45%, from the prior year quarter, primarily associated with the timing of various campaigns. We will continue to invest in marketing and branding supporting customer growth.
      • Legal and professional fees totaled $2.7 million, an increase of $0.7 million, or 37%, compared to the prior quarter and an increase of $29 thousand, or 1%, from the prior year quarter. Professional services engaged in connection with contract negotiations contributed to the increase in the third quarter of 2024.
    • Seacoast recorded $8.6 million of income tax expense in the third quarter of 2024, compared to $8.9 million in the second quarter of 2024, and $9.1 million in the third quarter of 2023. Tax benefits related to stock-based compensation totaled $0.1 million in the third quarter of 2024, compared to tax expense of $0.2 million in the second quarter of 2024 and a nominal tax benefit in the third quarter of 2023.
    • The efficiency ratio was 59.84% in the third quarter of 2024, compared to 60.21% in the second quarter of 2024 and 62.60% in the prior year quarter. The adjusted efficiency ratio1 was 59.84% in the third quarter of 2024, compared to 60.21% in the second quarter of 2024 and 60.19% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.

    Balance Sheet

    • At September 30, 2024, the Company had total assets of $15.2 billion and total shareholders’ equity of $2.2 billion. Book value per share was $25.68 as of September 30, 2024, compared to $24.98 as of June 30, 2024, and $24.06 as of September 30, 2023. Tangible book value per share increased 20% annualized from the prior quarter to $16.20 as of September 30, 2024, compared to $15.41 as of June 30, 2024, and $14.26 as of September 30, 2023.
    • Debt securities totaled $2.8 billion as of September 30, 2024, an increase of $180.8 million compared to June 30, 2024. Debt securities include approximately $2.2 billion in securities classified as available for sale and recorded at fair value.
      • During the third quarter of 2024, net unrealized losses associated with available for sale securities declined by $59.6 million due to changes in the interest rate environment. This contributed $0.53 to the increase in tangible book value per share during the quarter. The unrealized loss on available for sale securities is fully reflected in the value presented on the balance sheet.
      • The portfolio also includes $646.1 million in securities classified as held to maturity with a fair value of $538.5 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
      • In October, we took advantage of favorable market conditions and repositioned a portion of the available for sale securities portfolio. We sold securities with an average book yield of 2.8%, resulting in a pre-tax loss of approximately $8.0 million impacting fourth quarter results. The proceeds, approximately $113 million, were reinvested in agency mortgage-backed securities with an average book yield of 5.4%, for an estimated earnback of less than three years.
    • Loans increased $166.8 million, or 6.6% annualized, totaling $10.2 billion as of September 30, 2024. Loan originations increased 22% to $657.9 million in the third quarter of 2024, compared to $538.0 million in the second quarter of 2024. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production.
    • Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $831.1 million as of September 30, 2024, compared to $834.4 million at June 30, 2024 and $353.0 million at September 30, 2023.
      • Commercial pipelines were $744.5 million as of September 30, 2024, compared to $743.8 million at June 30, 2024, and $259.4 million at September 30, 2023.
      • SBA pipelines were $28.9 million as of September 30, 2024, compared to $29.3 million at June 30, 2024, and $41.4 million at September 30, 2023.
      • Residential saleable pipelines were $11.2 million as of September 30, 2024, compared to $12.1 million at June 30, 2024, and $6.8 million at September 30, 2023. Retained residential pipelines were $21.9 million as of September 30, 2024, compared to $24.7 million at June 30, 2024, and $20.9 million at September 30, 2023.
      • Consumer pipelines were $24.4 million as of September 30, 2024, compared to $24.5 million at both June 30, 2024 and September 30, 2023.
    • Total deposits were $12.2 billion as of September 30, 2024, an increase of $127.5 million, or 4.2% annualized, when compared to June 30, 2024. Excluding brokered balances, total deposits increased $195.9 million, or 6.6% annualized, in the third quarter of 2024.
      • Commercial deposits increased $133.0 million, or 2%, compared to the prior quarter. Of note, commercial noninterest bearing deposits increased $67.2 million, or 3%, from the prior quarter, the result of onboarding new clients.
      • Total noninterest bearing deposits increased $45.5 million, or 5.3% annualized, from the prior quarter.
      • At September 30, 2024, customer transaction account balances represented 49% of total deposits.
      • The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
      • Average deposits per banking center were $159 million at September 30, 2024, compared to $157 million at June 30, 2024.
      • Uninsured deposits represented only 36% of overall deposit accounts as of September 30, 2024. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 31% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 145% of uninsured deposits, and 167% of uninsured and uncollateralized deposits.
      • Consumer deposits represent 43% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 57% of overall deposit funding with an average business customer balance of $117 thousand.
    • Federal Home Loan Bank advances totaled $245.0 million at September 30, 2024 with a weighted average interest rate of 4.19%.

    Asset Quality

    • Nonperforming loans were $80.9 million at September 30, 2024, compared to $59.9 million at June 30, 2024, and $41.5 million at September 30, 2023. New nonperforming loans in the third quarter of 2024 have collateral values well in excess of balances outstanding, and therefore, no loss is expected. Nonperforming loans to total loans outstanding were 0.79% at September 30, 2024, 0.60% at June 30, 2024, and 0.41% at September 30, 2023.
    • Accruing past due loans were $50.7 million, or 0.50% of total loans, at September 30, 2024, compared to $39.6 million, or 0.39% of total loans, at June 30, 2024, and $35.5 million, or 0.33% of total loans, at September 30, 2023. A limited number of larger-balance residential mortgage loans, which returned to current status in October, comprise the majority of the increase from the prior quarter.
    • Nonperforming assets to total assets were 0.58% at September 30, 2024, compared to 0.45% at June 30, 2024, and 0.33% at September 30, 2023.
    • The ratio of allowance for credit losses to total loans was 1.38% at September 30, 2024, 1.41% at June 30, 2024, and 1.49% at September 30, 2023.
    • Net charge-offs were $7.4 million in the third quarter of 2024, compared to $9.9 million in the second quarter of 2024 and $12.7 million in the third quarter of 2023. Charge-offs during the quarter primarily reflect specifically identified reserves previously established in the allowance for credit losses.
    • Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company’s lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast’s average loan size is $360 thousand, and the average commercial loan size is $789 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
    • Construction and land development and commercial real estate loans remain well below regulatory guidance at 36% and 241% of total bank-level risk-based capital2, respectively, compared to 36% and 235%, respectively, at June 30, 2024. On a consolidated basis, construction and land development and commercial real estate loans represent 34% and 227%, respectively, of total consolidated risk-based capital2.

    Capital and Liquidity

    • The Company continues to operate with a fortress balance sheet with a Tier 1 capital ratio at September 30, 2024 of 14.8%2 compared to 14.8% at June 30, 2024, and 14.0% at September 30, 2023. The Total capital ratio was 16.2%2, the Common Equity Tier 1 capital ratio was 14.1%2, and the Tier 1 leverage ratio was 11.2%2 at September 30, 2024. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
    • Cash and cash equivalents at September 30, 2024 totaled $637.1 million.
    • The Company’s loan to deposit ratio was 83.4% at September 30, 2024, which should provide liquidity and flexibility moving forward.
    • Tangible common equity to tangible assets was 9.64% at September 30, 2024, compared to 9.30% at June 30, 2024, and 8.68% at September 30, 2023. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.11% at September 30, 2024.
    • At September 30, 2024, in addition to $637.1 million in cash, the Company had $5.6 billion in available borrowing capacity, including $4.1 billion in available collateralized lines of credit, $1.2 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of September 30, 2024, represented 167% of uninsured and uncollateralized deposits.

    1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and for a reconciliation to GAAP.
    2 Estimated.

    FINANCIAL HIGHLIGHTS              
    (Amounts in thousands except per share data) (Unaudited)
      Quarterly Trends
                       
      3Q’24   2Q’24   1Q’24   4Q’23   3Q’23
    Selected balance sheet data:                  
    Gross loans $ 10,205,281     $ 10,038,508     $ 9,978,052     $ 10,062,940     $ 10,011,186  
    Total deposits   12,243,585       12,116,118       12,015,840       11,776,935       12,107,834  
    Total assets   15,168,371       14,952,613       14,830,015       14,580,249       14,823,007  
                       
    Performance measures:                  
    Net income $ 30,651     $ 30,244     $ 26,006     $ 29,543     $ 31,414  
    Net interest margin   3.17 %     3.18 %     3.24 %     3.36 %     3.57 %
    Pre-tax pre-provision earnings1 $ 46,086     $ 44,555     $ 35,674     $ 42,006     $ 43,383  
    Average diluted shares outstanding   85,069       84,816       85,270       85,336       85,666  
    Diluted earnings per share (EPS)   0.36       0.36       0.31       0.35       0.37  
    Return on (annualized):                  
    Average assets (ROA)   0.81 %     0.82 %     0.71 %     0.80 %     0.84 %
    Average tangible assets (ROTA)2   0.99       1.00       0.89       0.99       1.04  
    Average tangible common equity (ROTCE)2   10.31       10.75       9.55       11.22       11.90  
    Tangible common equity to tangible assets2   9.64       9.30       9.25       9.31       8.68  
    Tangible book value per share2 $ 16.20     $ 15.41     $ 15.26     $ 15.08     $ 14.26  
    Efficiency ratio   59.84 %     60.21 %     66.78 %     60.32 %     62.60 %
                       
    Adjusted operating measures1:                  
    Adjusted net income4 $ 30,511     $ 30,277     $ 31,132     $ 31,363     $ 34,170  
    Adjusted pre-tax pre-provision earnings4   46,390       44,490       42,513       45,016       47,349  
    Adjusted diluted EPS4   0.36       0.36       0.37       0.37       0.40  
    Adjusted ROTA2   0.98 %     1.00 %     1.04 %     1.04 %     1.12 %
    Adjusted ROTCE2   10.27       10.76       11.15       11.80       12.79  
    Adjusted efficiency ratio   59.84       60.21       61.13       60.32       60.19  
    Net adjusted noninterest expense as a
    percent of average tangible assets2    		   2.19 %     2.19 %     2.23 %     2.25 %     2.34 %
                       
    Other data:                  
    Market capitalization3 $ 2,277,003     $ 2,016,472     $ 2,156,529     $ 2,415,158     $ 1,869,891  
    Full-time equivalent employees   1,493       1,449       1,445       1,541       1,570  
    Number of ATMs   96       95       95       96       97  
    Full-service banking offices   77       77       77       77       77  
    1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
    2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets.
    3Common shares outstanding multiplied by closing bid price on last day of each period.
    4As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

    OTHER INFORMATION

    Conference Call Information

    Seacoast will host a conference call October 25, 2024, at 10:00 a.m. (Eastern Time) to discuss the third quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 6787376). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.

    About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

    Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.2 billion in assets and $12.2 billion in deposits as of September 30, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com. 

    Cautionary Notice Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast’s objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

    Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.

    All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including proposed overdraft and late fee caps, including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described under “Risk Factors” herein and in any of the Company’s subsequent reports filed with the SEC and available on its website at www.sec.gov.

    All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at www.sec.gov.

    FINANCIAL HIGHLIGHTS         (Unaudited)          
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                    
              Quarterly Trends           Nine Months Ended
    (Amounts in thousands, except ratios and per share data) 3Q’24   2Q’24   1Q’24   4Q’23   3Q’23   3Q’24   3Q’23
    Summary of Earnings                          
    Net income $ 30,651     $ 30,244     $ 26,006     $ 29,543     $ 31,414     $ 86,901     $ 74,490  
    Adjusted net income1,6   30,511       30,277       31,132       31,363       34,170       91,920       101,878  
    Net interest income2   106,975       104,657       105,298       111,035       119,505       316,930       378,009  
    Net interest margin2,3   3.17 %     3.18 %     3.24 %     3.36 %     3.57 %     3.19 %     3.91 %
    Pre-tax pre-provision earnings1   46,086       44,555       35,674       42,006       43,383       126,315       131,807  
    Adjusted pre-tax pre-provision earnings1,6   46,390       44,490       42,513       45,016       47,349       133,393       168,905  
                               
    Performance Ratios                          
    Return on average assets-GAAP basis3   0.81 %     0.82 %     0.71 %     0.80 %     0.84 %     0.78 %     0.68 %
    Return on average tangible assets-GAAP basis3,4   0.99       1.00       0.89       0.99       1.04       0.96       0.88  
    Adjusted return on average tangible assets1,3,4   0.98       1.00       1.04       1.04       1.12       1.01       1.15  
    Pre-tax pre-provision return on average tangible assets1,3,4,6   1.46       1.45       1.22       1.39       1.43       1.38       1.49  
    Adjusted pre-tax pre-provision return on average tangible assets1,3,4   1.47       1.45       1.42       1.48       1.55       1.44       1.85  
    Net adjusted noninterest expense to average tangible assets1,3,4   2.19       2.19       2.23       2.25       2.34       2.20       2.40  
    Return on average shareholders’ equity-GAAP basis3   5.62       5.74       4.94       5.69       6.01       5.44       4.94  
    Return on average tangible common equity-GAAP basis3,4   10.31       10.75       9.55       11.22       11.90       10.21       10.09  
    Adjusted return on average tangible common equity1,3,4   10.27       10.76       11.15       11.80       12.79       10.72       13.14  
    Efficiency ratio5   59.84       60.21       66.78       60.32       62.60       62.24       65.19  
    Adjusted efficiency ratio1   59.84       60.21       61.13       60.32       60.19       60.39       56.47  
    Noninterest income to total revenue (excluding securities gains/losses)   18.05       17.55       16.17       15.14       13.22       17.27       14.16  
    Tangible common equity to tangible assets4   9.64       9.30       9.25       9.31       8.68       9.64       8.68  
    Average loan-to-deposit ratio   83.79       83.11       84.50       83.38       82.63       83.80       82.86  
    End of period loan-to-deposit ratio   83.44       82.90       83.12       85.48       82.71       83.44       82.71  
                               
    Per Share Data                          
    Net income diluted-GAAP basis $ 0.36     $ 0.36     $ 0.31     $ 0.35     $ 0.37     $ 1.02     $ 0.89  
    Net income basic-GAAP basis   0.36       0.36       0.31       0.35       0.37       1.03       0.89  
    Adjusted earnings1,6   0.36       0.36       0.37       0.37       0.40       1.08       1.21  
                               
    Book value per share common   25.68       24.98       24.93       24.84       24.06       25.68       24.06  
    Tangible book value per share   16.20       15.41       15.26       15.08       14.26       16.20       14.26  
    Cash dividends declared   0.18       0.18       0.18       0.18       0.18       0.54       0.53  
    1Non-GAAP measure – see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. 2Calculated on a fully taxable equivalent basis using amortized cost. 3These ratios are stated on an annualized basis and are not necessarily indicative of future periods. 4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets. 5Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). 6As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME   (Unaudited)          
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                    
      Quarterly Trends   Nine Months Ended
    (Amounts in thousands, except per share data) 3Q’24   2Q’24   1Q’24   4Q’23   3Q’23   3Q’24   3Q’23
                               
    Interest on securities:                          
    Taxable $ 25,963   $ 24,155     $ 22,393     $ 21,383     $ 21,401     $ 72,511   $ 61,543  
    Nontaxable   34     33       34       55       97       101     299  
    Interest and fees on loans   150,980     147,292       147,095       147,801       149,871       445,367     433,304  
    Interest on interest bearing deposits and other investments   7,138     8,328       6,184       7,616       8,477       21,650     16,974  
    Total Interest Income   184,115     179,808       175,706       176,855       179,846       539,629     512,120  
                               
    Interest on deposits   51,963     51,319       47,534       44,923       38,396       150,816     81,612  
    Interest on time certificates   19,002     17,928       17,121       15,764       16,461       54,051     36,490  
    Interest on borrowed money   6,485     6,137       5,973       5,349       5,683       18,595     16,597  
    Total Interest Expense   77,450     75,384       70,628       66,036       60,540       223,462     134,699  
                               
    Net Interest Income   106,665     104,424       105,078       110,819       119,306       316,167     377,421  
    Provision for credit losses   6,273     4,918       1,368       3,990       2,694       12,559     33,528  
    Net Interest Income After Provision for Credit Losses   100,392     99,506       103,710       106,829       116,612       303,608     343,893  
                               
    Noninterest income:                          
    Service charges on deposit accounts   5,412     5,342       4,960       4,828       4,648       15,714     13,450  
    Interchange income   1,911     1,940       1,888       2,433       1,684       5,739     11,444  
    Wealth management income   3,843     3,766       3,540       3,261       3,138       11,149     9,519  
    Mortgage banking fees   485     582       381       378       410       1,448     1,412  
    Insurance agency income   1,399     1,355       1,291       1,066       1,183       4,045     3,444  
    SBA gains   391     694       739       921       613       1,824     1,184  
    BOLI income   2,578     2,596       2,264       2,220       2,197       7,438     6,181  
    Other   7,473     5,953       5,205       4,668       4,307       18,631     15,636  
        23,492     22,228       20,268       19,775       18,180       65,988     62,270  
    Securities gains (losses), net   187     (44 )     229       (2,437 )     (387 )     372     (456 )
    Total Noninterest Income   23,679     22,184       20,497       17,338       17,793       66,360     61,814  
                               
    Noninterest expense:                          
    Salaries and wages   40,697     38,937       40,304       38,435       46,431       119,938     139,202  
    Employee benefits   6,955     6,861       7,889       6,678       7,206       21,705     23,240  
    Outsourced data processing costs   8,003     8,210       12,118       8,609       8,714       28,331     43,489  
    Occupancy   7,096     7,180       8,037       7,512       7,758       22,313     24,360  
    Furniture and equipment   2,060     1,956       2,011       2,028       2,052       6,027     6,664  
    Marketing   2,729     3,266       2,655       2,995       1,876       8,650     6,161  
    Legal and professional fees   2,708     1,982       2,151       3,294       2,679       6,841     14,220  
    FDIC assessments   1,882     2,131       2,158       2,813       2,258       6,171     5,817  
    Amortization of intangibles   6,002     6,003       6,292       6,888       7,457       18,297     21,838  
    Other real estate owned expense and net loss (gain) on sale   491     (109 )     (26 )     573       274       356     412  
    Provision for credit losses on unfunded commitments   250     251       250       —       —       751     1,239  
    Other   5,945     5,869       6,532       6,542       7,210       18,346     22,613  
    Total Noninterest Expense   84,818     82,537       90,371       86,367       93,915       257,726     309,255  
                               
    Income Before Income Taxes   39,253     39,153       33,836       37,800       40,490       112,242     96,452  
    Provision for income taxes   8,602     8,909       7,830       8,257       9,076       25,341     21,962  
    Net Income $ 30,651   $ 30,244     $ 26,006     $ 29,543     $ 31,414     $ 86,901   $ 74,490  
                               
    Share Data                          
    Net income per share of common stock                          
    Diluted $ 0.36   $ 0.36     $ 0.31     $ 0.35     $ 0.37     $ 1.02   $ 0.89  
    Basic   0.36     0.36       0.31       0.35       0.37       1.03     0.89  
    Cash dividends declared   0.18     0.18       0.18       0.18       0.18       0.54     0.53  
                               
    Average common shares outstanding                          
    Diluted   85,069     84,816       85,270       85,336       85,666       84,915     83,993  
    Basic   84,434     84,341       84,908       84,817       85,142       84,319     83,457  
                               
    CONDENSED CONSOLIDATED BALANCE SHEETS       (Unaudited)        
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                
      September 30,   June 30,   March 31,   December 31,   September 30,
    (Amounts in thousands)  2024     2024     2024     2023     2023 
    Assets                  
    Cash and due from banks $ 182,743     $ 168,738     $ 137,850     $ 167,511     $ 182,036  
    Interest bearing deposits with other banks   454,315       580,787       544,874       279,671       513,946  
    Total cash and cash equivalents   637,058       749,525       682,724       447,182       695,982  
                       
    Time deposits with other banks   5,207       7,856       7,856       5,857       4,357  
                       
    Debt Securities:                  
    Securities available for sale (at fair value)   2,160,055       1,967,204       1,949,463       1,836,020       1,841,845  
    Securities held to maturity (at amortized cost)   646,050       658,055       669,896       680,313       691,404  
    Total debt securities   2,806,105       2,625,259       2,619,359       2,516,333       2,533,249  
                       
    Loans held for sale   11,039       5,975       9,475       4,391       2,979  
                       
    Loans   10,205,281       10,038,508       9,978,052       10,062,940       10,011,186  
    Less: Allowance for credit losses   (140,469 )     (141,641 )     (146,669 )     (148,931 )     (149,661 )
    Loans, net of allowance for credit losses   10,064,812       9,896,867       9,831,383       9,914,009       9,861,525  
                       
    Bank premises and equipment, net   108,776       109,945       110,787       113,304       115,749  
    Other real estate owned   6,421       6,877       7,315       7,560       7,216  
    Goodwill   732,417       732,417       732,417       732,417       731,970  
    Other intangible assets, net   77,431       83,445       89,377       95,645       102,397  
    Bank owned life insurance   306,379       303,816       301,229       298,974       296,763  
    Net deferred tax assets   94,820       108,852       111,539       113,232       131,602  
    Other assets   317,906       321,779       326,554       331,345       339,218  
    Total Assets $ 15,168,371     $ 14,952,613     $ 14,830,015     $ 14,580,249     $ 14,823,007  
                       
    Liabilities                  
    Deposits                  
    Noninterest demand $ 3,443,455     $ 3,397,918     $ 3,555,401     $ 3,544,981     $ 3,868,132  
    Interest-bearing demand   2,487,448       2,821,092       2,711,041       2,790,210       2,800,152  
    Savings   524,474       566,052       608,088       651,454       721,558  
    Money market   4,034,371       3,707,761       3,531,029       3,314,288       3,143,897  
    Time deposits   1,753,837       1,623,295       1,610,281       1,476,002       1,574,095  
    Total Deposits   12,243,585       12,116,118       12,015,840       11,776,935       12,107,834  
                       
    Securities sold under agreements to repurchase   210,176       262,103       326,732       374,573       276,450  
    Federal Home Loan Bank borrowings   245,000       180,000       110,000       50,000       110,000  
    Long-term debt, net   106,800       106,634       106,468       106,302       106,136  
    Other liabilities   168,960       157,377       153,225       164,353       174,193  
    Total Liabilities   12,974,521       12,822,232       12,712,265       12,472,163       12,774,613  
                       
    Shareholders’ Equity                  
    Common stock   8,614       8,530       8,494       8,486       8,515  
    Additional paid in capital   1,821,050       1,815,800       1,811,941       1,808,883       1,813,068  
    Retained earnings   508,036       492,805       478,017       467,305       453,117  
    Less: Treasury stock   (18,680 )     (18,744 )     (16,746 )     (16,710 )     (14,035 )
        2,319,020       2,298,391       2,281,706       2,267,964       2,260,665  
    Accumulated other comprehensive loss, net   (125,170 )     (168,010 )     (163,956 )     (159,878 )     (212,271 )
    Total Shareholders’ Equity   2,193,850       2,130,381       2,117,750       2,108,086       2,048,394  
    Total Liabilities & Shareholders’ Equity $ 15,168,371     $ 14,952,613     $ 14,830,015     $ 14,580,249     $ 14,823,007  
                       
    Common shares outstanding   85,441       85,299       84,935       84,861       85,150  
    CONSOLIDATED QUARTERLY FINANCIAL DATA       (Unaudited)    
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                    
                         
    (Amounts in thousands)   3Q’24   2Q’24   1Q’24   4Q’23   3Q’23
    Credit Analysis                    
    Net charge-offs   $ 7,445     $ 9,946     $ 3,630     $ 4,720     $ 12,748  
    Net charge-offs to average loans     0.29 %     0.40 %     0.15 %     0.19 %     0.50 %
                         
    Allowance for credit losses   $ 140,469     $ 141,641     $ 146,669     $ 148,931     $ 149,661  
                         
    Non-acquired loans at end of period   $ 7,178,186     $ 6,834,059     $ 6,613,763     $ 6,571,454     $ 6,343,121  
    Acquired loans at end of period     3,027,095       3,204,449       3,364,289       3,491,486       3,668,065  
    Total Loans   $ 10,205,281     $ 10,038,508     $ 9,978,052     $ 10,062,940     $ 10,011,186  
                         
    Total allowance for credit losses to total loans at end of period     1.38 %     1.41 %     1.47 %     1.48 %     1.49 %
    Purchase discount on acquired loans at end of period     4.48       4.51       4.63       4.75       4.86  
                         
    End of Period                    
    Nonperforming loans   $ 80,857     $ 59,927     $ 77,205     $ 65,104     $ 41,508  
    Other real estate owned     933       1,173       309       221       221  
    Properties previously used in bank operations included in other real estate owned     5,488       5,704       7,006       7,339       6,995  
    Total Nonperforming Assets   $ 87,278     $ 66,804     $ 84,520     $ 72,664     $ 48,724  
                         
    Nonperforming Loans to Loans at End of Period     0.79 %     0.60 %     0.77 %     0.65 %     0.41 %
                         
    Nonperforming Assets to Total Assets at End of Period     0.58       0.45       0.57       0.50       0.33  
                         
        September 30,   June 30,   March 31,   December 31,   September 30,
    Loans    2024     2024     2024     2023     2023 
    Construction and land development   $ 595,753     $ 593,534     $ 623,246     $ 767,622     $ 793,736  
    Commercial real estate – owner occupied     1,676,814       1,656,391       1,656,131       1,670,281       1,675,881  
    Commercial real estate – non-owner occupied     3,573,076       3,423,266       3,368,339       3,319,890       3,285,974  
    Residential real estate     2,564,903       2,555,320       2,521,399       2,445,692       2,418,903  
    Commercial and financial     1,575,228       1,582,290       1,566,198       1,607,888       1,588,152  
    Consumer     219,507       227,707       242,739       251,567       248,540  
    Total Loans   $ 10,205,281     $ 10,038,508     $ 9,978,052     $ 10,062,940     $ 10,011,186  
     
    AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1       (Unaudited)                    
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                                
                                       
                                       
      3Q’24   2Q’24   3Q’23
      Average       Yield/   Average       Yield/   Average       Yield/
    (Amounts in thousands) Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate
                                       
    Assets                                  
    Earning assets:                                  
    Securities:                                  
    Taxable $ 2,756,502     $ 25,963   3.75 %   $ 2,629,716     $ 24,155   3.69 %   $ 2,575,002     $ 21,401   3.32 %
    Nontaxable   5,701       42   2.93       5,423       40   2.97       15,280       119   3.11  
    Total Securities   2,762,203       26,005   3.75       2,635,139       24,195   3.69       2,590,282       21,520   3.32  
                                       
    Federal funds sold   433,423       5,906   5.42       510,401       6,967   5.49       547,576       7,415   5.37  
    Interest bearing deposits with other banks and other investments   102,700       1,232   4.77       98,942       1,361   5.53       90,039       1,062   4.68  
                                       
    Total Loans, net2   10,128,822       151,282   5.94       10,005,122       147,518   5.93       10,043,611       150,048   5.93  
                                       
    Total Earning Assets   13,427,148       184,425   5.46       13,249,604       180,041   5.47       13,271,508       180,045   5.38  
                                       
    Allowance for credit losses   (141,974 )             (146,380 )             (158,440 )        
    Cash and due from banks   167,103               168,439               168,931          
    Bank premises and equipment, net   109,699               110,709               116,704          
    Intangible assets   812,761               818,914               839,787          
    Bank owned life insurance   304,703               302,165               295,272          
    Other assets including deferred tax assets   317,406               336,256               372,241          
                                       
    Total Assets $ 14,996,846             $ 14,839,707             $ 14,906,003          
                                       
    Liabilities and Shareholders’ Equity                                  
    Interest-bearing liabilities:                                  
    Interest-bearing demand $ 2,489,674     $ 12,905   2.06 %   $ 2,670,569     $ 14,946   2.25 %   $ 2,804,243     $ 15,013   2.12 %
    Savings   546,473       601   0.44       584,490       560   0.39       770,503       465   0.24  
    Money market   3,942,357       38,457   3.88       3,665,858       35,813   3.93       2,972,495       22,918   3.06  
    Time deposits   1,716,720       19,002   4.40       1,631,290       17,928   4.42       1,619,572       16,461   4.03  
    Securities sold under agreements to repurchase   241,083       2,044   3.37       293,603       2,683   3.68       327,711       2,876   3.48  
    Federal Home Loan Bank borrowings   237,935       2,549   4.26       149,234       1,592   4.29       111,087       888   3.17  
    Long-term debt, net   106,706       1,892   7.05       106,532       1,862   7.03       106,036       1,919   7.18  
                                       
    Total Interest-Bearing Liabilities   9,280,948       77,450   3.32       9,101,576       75,384   3.33       8,711,647       60,540   2.76  
                                       
    Noninterest demand   3,393,110               3,485,603               3,987,761          
    Other liabilities   154,344               134,900               133,846          
    Total Liabilities   12,828,402               12,722,079               12,833,254          
                                       
    Shareholders’ equity   2,168,444               2,117,628               2,072,747          
                                       
    Total Liabilities & Equity $ 14,996,846             $ 14,839,707             $ 14,906,003          
                                       
    Cost of deposits         2.34 %           2.31 %           1.79 %
    Interest expense as a % of earning assets         2.29 %           2.29 %           1.81 %
    Net interest income as a % of earning assets     $ 106,975   3.17 %       $ 104,657   3.18 %       $ 119,505   3.57 %
                                       
                                       
    1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.              
    2 Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.              
    AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1       (Unaudited)        
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                    
                           
                           
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
      Average       Yield/   Average       Yield/
    (Amounts in thousands) Balance   Interest   Rate   Balance   Interest   Rate
                           
    Assets                      
    Earning assets:                      
    Securities:                      
    Taxable $ 2,655,422     $ 72,511   3.65 %   $ 2,649,127     $ 61,543   3.10 %
    Nontaxable   5,677       123   2.89       15,721       370   3.14  
    Total Securities   2,661,099       72,634   3.65       2,664,848       61,913   3.10  
                           
    Federal funds sold   438,089       17,929   5.47       336,022       12,444   4.95  
    Interest bearing deposits with other banks and other investments   102,415       3,721   4.85       90,511       4,530   6.69  
                           
    Total Loans, net2   10,056,466       446,108   5.93       9,840,484       433,821   5.89  
                           
    Total Earning Assets   13,258,069       540,392   5.44       12,931,865       512,708   5.30  
                           
    Allowance for credit losses   (145,579 )             (151,613 )        
    Cash and due from banks   167,424               185,426          
    Bank premises and equipment, net   110,929               116,840          
    Intangible assets   819,046               811,483          
    Bank owned life insurance   302,220               287,756          
    Other assets including deferred tax assets   330,898               402,175          
                           
    Total Assets $ 14,843,007             $ 14,583,932          
                           
    Liabilities and Shareholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing demand $ 2,626,026     $ 43,117   2.19 %   $ 2,642,180     $ 25,780   1.30 %
    Savings   586,285       1,701   0.39       909,184       1,292   0.19  
    Money market   3,673,493       105,998   3.85       2,831,747       54,540   2.58  
    Time deposits   1,646,285       54,051   4.39       1,288,736       36,490   3.79  
    Securities sold under agreements to repurchase   289,181       7,806   3.61       249,242       5,333   2.86  
    Federal Home Loan Bank borrowings   163,468       5,101   4.17       214,415       5,936   3.70  
    Long-term debt, net   106,538       5,688   7.13       103,469       5,328   6.88  
                           
    Total Interest-Bearing Liabilities   9,091,276       223,462   3.28       8,238,973       134,699   2.19  
                           
    Noninterest demand   3,468,790               4,204,389          
    Other liabilities   148,000               126,487          
    Total Liabilities   12,708,066               12,569,849          
                           
    Shareholders’ equity   2,134,941               2,014,083          
                           
    Total Liabilities & Equity $ 14,843,007             $ 14,583,932          
                           
    Cost of deposits         2.28 %           1.33 %
    Interest expense as a % of earning assets         2.25 %           1.39 %
    Net interest income as a % of earning assets     $ 316,930   3.19 %       $ 378,009   3.91 %
                           
                           
    1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.        
    2 Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.        
    CONSOLIDATED QUARTERLY FINANCIAL DATA         (Unaudited)        
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                  
    (Amounts in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Customer Relationship Funding                  
    Noninterest demand                  
    Commercial $ 2,731,564   $ 2,664,353   $ 2,808,151   $ 2,752,644   $ 3,089,488
    Retail   509,527     532,623     553,697     561,569     570,727
    Public funds   139,072     142,846     145,747     173,893     134,649
    Other   63,292     58,096     47,806     56,875     73,268
    Total Noninterest Demand   3,443,455     3,397,918     3,555,401     3,544,981     3,868,132
                       
    Interest-bearing demand                  
    Commercial   1,426,920     1,533,725     1,561,905     1,576,491     1,618,755
    Retail   874,043     892,032     930,178     956,900     994,224
    Brokered   —     198,337     —     —     —
    Public funds   186,485     196,998     218,958     256,819     187,173
    Total Interest-Bearing Demand   2,487,448     2,821,092     2,711,041     2,790,210     2,800,152
                       
    Total transaction accounts                  
    Commercial   4,158,484     4,198,078     4,370,056     4,329,135     4,708,243
    Retail   1,383,570     1,424,655     1,483,875     1,518,469     1,564,951
    Brokered   —     198,337     —     —     —
    Public funds   325,557     339,844     364,705     430,712     321,822
    Other   63,292     58,096     47,806     56,875     73,268
    Total Transaction Accounts   5,930,903     6,219,010     6,266,442     6,335,191     6,668,284
                       
    Savings                  
    Commercial   44,151     53,523     52,665     58,562     79,731
    Retail   480,323     512,529     555,423     592,892     641,827
    Total Savings   524,474     566,052     608,088     651,454     721,558
                       
    Money market                  
    Commercial   1,953,851     1,771,927     1,709,636     1,655,820     1,625,455
    Retail   1,887,975     1,733,505     1,621,618     1,469,142     1,362,390
    Public funds   192,545     202,329     199,775     189,326     156,052
    Total Money Market   4,034,371     3,707,761     3,531,029     3,314,288     3,143,897
                       
    Brokered time certificates   256,536     126,668     142,717     122,347     307,963
    Time deposits   1,497,301     1,496,627     1,467,564     1,353,655     1,266,132
        1,753,837     1,623,295     1,610,281     1,476,002     1,574,095
    Total Deposits $ 12,243,585   $ 12,116,118   $ 12,015,840   $ 11,776,935   $ 12,107,834
                       
    Securities sold under agreements to repurchase   210,176     262,103     326,732     374,573     276,450
                       
    Total customer funding 1 $ 12,197,225   $ 12,053,216   $ 12,199,855   $ 12,029,161   $ 12,076,321
                       
    1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

    Explanation of Certain Unaudited Non-GAAP Financial Measures

    This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.

    GAAP TO NON-GAAP RECONCILIATION         (Unaudited)              
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                        
              Quarterly Trends           Nine Months Ended
    (Amounts in thousands, except per share data) 3Q’24   2Q’24   1Q’24   4Q’23   3Q’23   3Q’24 3Q’23
    Net Income $ 30,651     $ 30,244     $ 26,006     $ 29,543     $ 31,414     $ 86,901   $ 74,490  
                             
    Total noninterest income   23,679       22,184       20,497       17,338       17,793       66,360     61,814  
    Securities (gains) losses, net   (187 )     44       (229 )     2,437       387       (372 )   456  
    BOLI benefits on death (included in other income)   —       —       —       —       —       —     (2,117 )
    Total Adjustments to Noninterest Income   (187 )     44       (229 )     2,437       387       (372 )   (1,661 )
    Total Adjusted Noninterest Income   23,492       22,228       20,268       19,775       18,180       65,988     60,153  
                             
    Total noninterest expense   84,818       82,537       90,371       86,367       93,915       257,726     309,255  
    Merger-related charges   —       —       —       —       —       —     (33,180 )
    Branch reductions and other expense initiatives   —       —       (7,094 )     —       (3,305 )     (7,094 )   (5,167 )
    Adjustments to Noninterest Expense   —       —       (7,094 )     —       (3,305 )     (7,094 )   (38,347 )
    Adjusted Noninterest Expense2   84,818       82,537       83,277       86,367       90,610       250,632     270,908  
                             
    Income Taxes   8,602       8,909       7,830       8,257       9,076       25,341     21,962  
    Tax effect of adjustments   (47 )     11       1,739       617       936       1,703     9,298  
    Adjusted Income Taxes   8,555       8,920       9,569       8,874       10,012       27,044     31,260  
    Adjusted Net Income2 $ 30,511     $ 30,277     $ 31,132     $ 31,363     $ 34,170     $ 91,920   $ 101,878  
                             
    Earnings per diluted share, as reported $ 0.36     $ 0.36     $ 0.31     $ 0.35     $ 0.37     $ 1.02   $ 0.89  
    Adjusted Earnings per Diluted Share   0.36       0.36       0.37       0.37       0.40       1.08     1.21  
    Average diluted shares outstanding   85,069       84,816       85,270       85,336       85,666       84,915     83,993  
                             
    Adjusted Noninterest Expense $ 84,818     $ 82,537     $ 83,277     $ 86,367     $ 90,610     $ 250,632   $ 270,908  
    Provision for credit losses on unfunded commitments   (250 )     (251 )     (250 )     —       —       (751 )   (1,239 )
    Other real estate owned expense and net gain (loss) on sale   (491 )     109       26       (573 )     (274 )     (356 )   (412 )
    Amortization of intangibles   (6,002 )     (6,003 )     (6,292 )     (6,888 )     (7,457 )     (18,297 )   (21,838 )
    Net Adjusted Noninterest Expense $ 78,075     $ 76,392     $ 76,761     $ 78,906     $ 82,879     $ 231,228   $ 247,419  
    Average tangible assets   14,184,085       14,020,793       13,865,245       13,906,005       14,066,216       14,023,961     13,772,449  
    Net Adjusted Noninterest Expense to Average Tangible Assets   2.19 %     2.19 %     2.23 %     2.25 %     2.34 %     2.20 %   2.40 %
                             
    Net Revenue $ 130,344     $ 126,608     $ 125,575     $ 128,157     $ 137,099     $ 382,527   $ 439,235  
    Total Adjustments to Net Revenue   (187 )     44       (229 )     2,437       387       (372 )   (1,661 )
    Impact of FTE adjustment   310       233       220       216       199       763     588  
    Adjusted Net Revenue on a fully taxable equivalent basis $ 130,467     $ 126,885     $ 125,566     $ 130,810     $ 137,685     $ 382,918   $ 438,162  
    Adjusted Efficiency Ratio   59.84 %     60.21 %     61.13 %     60.32 %     60.19 %     60.39 %   56.47 %
                             
    Net Interest Income $ 106,665     $ 104,424     $ 105,078     $ 110,819     $ 119,306     $ 316,167   $ 377,421  
    Impact of FTE adjustment   310       233       220       216       199       763     588  
    Net Interest Income including FTE adjustment $ 106,975     $ 104,657     $ 105,298     $ 111,035     $ 119,505     $ 316,930   $ 378,009  
    Total noninterest income   23,679       22,184       20,497       17,338       17,793       66,360     61,814  
    Total noninterest expense less provision for credit losses on unfunded commitments   84,568       82,286       90,121       86,367       93,915       256,975     308,016  
    Pre-Tax Pre-Provision Earnings $ 46,086     $ 44,555     $ 35,674     $ 42,006     $ 43,383     $ 126,315   $ 131,807  
    Total Adjustments to Noninterest Income   (187 )     44       (229 )     2,437       387       (372 )   (1,661 )
    Total Adjustments to Noninterest Expense including other real estate owned expense and net (gain) loss on sale   491       (109 )     7,068       573       3,579       7,450     38,759  
    Adjusted Pre-Tax Pre-Provision Earnings2 $ 46,390     $ 44,490     $ 42,513     $ 45,016     $ 47,349     $ 133,393   $ 168,905  
                             
    Average Assets $ 14,996,846     $ 14,839,707     $ 14,690,776     $ 14,738,034     $ 14,906,003     $ 14,843,007   $ 14,583,932  
    Less average goodwill and intangible assets   (812,761 )     (818,914 )     (825,531 )     (832,029 )     (839,787 )     (819,046 )   (811,483 )
    Average Tangible Assets $ 14,184,085     $ 14,020,793     $ 13,865,245     $ 13,906,005     $ 14,066,216     $ 14,023,961   $ 13,772,449  
    Return on Average Assets (ROA)   0.81 %     0.82 %     0.71 %     0.80 %     0.84 %     0.78 %   0.68 %
    Impact of removing average intangible assets and related amortization   0.18       0.18       0.18       0.19       0.20       0.18     0.20  
    Return on Average Tangible Assets (ROTA)   0.99       1.00       0.89       0.99       1.04       0.96     0.88  
    Impact of other adjustments for Adjusted Net Income   (0.01 )     —       0.15       0.05       0.08       0.05     0.27  
    Adjusted Return on Average Tangible Assets   0.98       1.00       1.04       1.04       1.12       1.01     1.15  
                             
    Pre-Tax Pre-Provision return on Average Tangible Assets   1.46       1.45       1.22       1.39       1.43       1.38     1.49  
    Impact of adjustments on Pre-Tax Pre-Provision earnings   0.01       —       0.20       0.09       0.12       0.06     0.36  
    Adjusted Pre-Tax Pre-Provision Return on Tangible Assets2   1.47 %     1.45 %     1.42 %     1.48 %     1.55 %     1.44 %   1.85 %
                             
    Average Shareholders’ Equity $ 2,168,444     $ 2,117,628     $ 2,118,381     $ 2,058,912     $ 2,072,747     $ 2,134,941   $ 2,014,083  
    Less average goodwill and intangible assets   (812,761 )     (818,914 )     (825,531 )     (832,029 )     (839,787 )     (819,046 )   (811,483 )
    Average Tangible Equity $ 1,355,683     $ 1,298,714     $ 1,292,850     $ 1,226,883     $ 1,232,960     $ 1,315,895   $ 1,202,600  
                             
    Return on Average Shareholders’ Equity   5.62 %     5.74 %     4.94 %     5.69 %     6.01 %     5.44 %   4.94 %
    Impact of removing average intangible assets and related amortization   4.69       5.01       4.61       5.53       5.89       4.77     5.15  
    Return on Average Tangible Common Equity (ROTCE)   10.31       10.75       9.55       11.22       11.90       10.21     10.09  
    Impact of other adjustments for Adjusted Net Income   (0.04 )     0.01       1.60       0.58       0.89       0.51     3.05  
    Adjusted Return on Average Tangible Common Equity   10.27 %     10.76 %     11.15 %     11.80 %     12.79 %     10.72 %   13.14 %
                             
    Loan interest income1 $ 151,282     $ 147,518     $ 147,308     $ 148,004     $ 150,048     $ 446,108   $ 433,821  
    Accretion on acquired loans   (9,182 )     (10,178 )     (10,595 )     (11,324 )     (14,843 )     (29,955 )   (45,365 )
    Loan interest income excluding accretion on acquired loans $ 142,100     $ 137,340     $ 136,713     $ 136,680     $ 135,205     $ 416,153   $ 388,456  
                             
    Yield on loans1   5.94       5.93       5.90       5.85       5.93       5.93     5.89  
    Impact of accretion on acquired loans   (0.36 )     (0.41 )     (0.42 )     (0.45 )     (0.59 )     (0.40 )   (0.61 )
    Yield on loans excluding accretion on acquired loans   5.58 %     5.52 %     5.48 %     5.40 %     5.34 %     5.53 %   5.89 %
                             
    Net Interest Income1 $ 106,975     $ 104,657     $ 105,298     $ 111,035     $ 119,505     $ 316,930   $ 378,009  
    Accretion on acquired loans   (9,182 )     (10,178 )     (10,595 )     (11,324 )     (14,843 )     (29,955 )   (45,365 )
    Net interest income excluding accretion on acquired loans $ 97,793     $ 94,479     $ 94,703     $ 99,711     $ 104,662     $ 286,975   $ 332,644  
                             
    Net Interest Margin   3.17       3.18       3.24       3.36       3.57       3.19     3.91  
    Impact of accretion on acquired loans   (0.27 )     (0.30 )     (0.33 )     (0.34 )     (0.44 )     (0.30 )   (0.47 )
    Net interest margin excluding accretion on acquired loans   2.90 %     2.87 %     2.91 %     3.02 %     3.13 %     2.89 %   3.44 %
                             
    Security interest income1 $ 26,005     $ 24,195     $ 22,434     $ 21,451     $ 21,520     $ 72,634   $ 61,913  
    Tax equivalent adjustment on securities   (8 )     (7 )     (7 )     (13 )     (22 )     (22 )   (71 )
    Security interest income excluding tax equivalent adjustment $ 25,997     $ 24,188     $ 22,427     $ 21,438     $ 21,498     $ 72,612   $ 61,842  
                             
    Loan interest income1 $ 151,282     $ 147,518     $ 147,308     $ 148,004     $ 150,048     $ 446,108   $ 433,821  
    Tax equivalent adjustment on loans   (302 )     (226 )     (213 )     (203 )     (177 )     (741 )   (517 )
    Loan interest income excluding tax equivalent adjustment $ 150,980     $ 147,292     $ 147,095     $ 147,801     $ 149,871     $ 445,367   $ 433,304  
                             
    Net Interest Income1 $ 106,975     $ 104,657     $ 105,298     $ 111,035     $ 119,505     $ 316,930   $ 378,009  
    Tax equivalent adjustment on securities   (8 )     (7 )     (7 )     (13 )     (22 )     (22 )   (71 )
    Tax equivalent adjustment on loans   (302 )     (226 )     (213 )     (203 )     (177 )     (741 )   (517 )
    Net interest income excluding tax equivalent adjustment $ 106,665     $ 104,424     $ 105,078     $ 110,819     $ 119,306     $ 316,167   $ 377,421  
                             
    1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.    
    2As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.    

    The MIL Network –

  • MIL-OSI USA: ICYMI: Investing in Flood Prevention Infrastructure Works. Here’s What We Are Doing.

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) penned an op-ed in The Advocate highlighting a new report showing flood mitigation investments reduce storm damage and the billions of dollars he’s secured for Louisiana from his Infrastructure Investment and Jobs Act (IIJA) to do so. 
    “The best way to recover from a storm is never to flood at all. A recent Congressional Budget Office (CBO) report confirmed this, finding that for every dollar spent on federal flood mitigation projects, communities see a return of $2 to $3 in reduced damages. This reality resonates deeply for many families in Louisiana and across the country,” wrote Dr. Cassidy. 
    “In my time in Congress, I have been a vocal advocate for federal investment in flood mitigation, working to secure billions of dollars for projects that protect communities and reduce the economic burden of disasters. The funding secured through the Infrastructure Investment and Jobs Act is a game-changer,” continued Dr. Cassidy.
    This op-ed comes on the heels of a critical report Cassidy released this morning detailing the current state of the National Flood Insurance Program (NFIP) and the issues that led to skyrocketing premiums for millions of homeowners.
    “As the new CBO report shows, investment in flood mitigation pays off — again and again. The IIJA provided billions of dollars to reduce the risk of flooding, and much of this money is heading to Louisiana. It’s a good start, but NFIP reform must come next,” concluded Dr. Cassidy. 
    Read the full op-ed here or below. 
    Investing in Flood Prevention Infrastructure Works. Here’s What We Are Doing.
    By: Senator Bill Cassidy
    October 24, 2024
    As hurricanes Milton, Helene, and Francine floods homes and communities across the East Coast, Americans are focused on two questions: How do we help those affected to recover and how do we prevent this from happening again?
    The best way to recover from a storm is never to flood at all. A recent Congressional Budget Office (CBO) report confirmed this, finding that for every dollar spent on federal flood mitigation projects, communities see a return of $2 to $3 in reduced damages. This reality resonates deeply for many families in Louisiana and across the country.
    In my time in Congress, I have been a vocal advocate for federal investment in flood mitigation, working to secure billions of dollars for projects that protect communities and reduce the economic burden of disasters. The funding secured through the Infrastructure Investment and Jobs Act (IIJA) is a game-changer. The findings of this CBO report show us this is the right strategy.
    The IIJA allocated over $5.5 billion for disaster mitigation, coastal restoration, and flood risk reduction efforts. In Louisiana alone, it has already delivered hundreds of millions in coastal resiliency grants alone.
    Last month, I announced Louisiana will receive a fresh $206 million from the Federal Emergency Management Agency’s (FEMA) Flood Mitigation Assistance program. This funding will go toward projects across Louisiana, from Gretna’s green infrastructure network — set to receive $51.8 million — to elevation projects in St. John the Baptist Parish and Livingston Parish totaling $27.1 and $11.8 million, respectively.
    In 2023, Louisiana secured over $207 million from FEMA in Building Resilient Infrastructures and Communities grants. These funds have gone toward a variety of projects, from $19 million for hardening and hurricane-proofing Jefferson Parish’s power grid to $4.5 million for residential mitigation programs in Lafayette Parish. The result: stronger resilience for Louisianans as we confront future storms.
    Three years in, we have made historic investments in flood infrastructure, providing resources to communities across Louisiana and the country to build stronger, more resilient systems. These efforts not only safeguard communities to prevent catastrophic flooding, they reduce the need for costly recovery efforts and alleviate the pressure on the National Flood Insurance Program (NFIP), which has struggled to stay solvent.
    I have repeatedly highlighted the urgent need to reauthorize — and more importantly, reform — the NFIP in a series of speeches on the Senate floor. Skyrocketing flood insurance premiums due to Risk Rating 2.0 are leaving families in Louisiana and other flood-prone areas behind. Flood insurance costs impose an unsustainable financial strain placed on both homeowners and the program itself.
    At my request, the U.S. Senate Banking Committee held a hearing on NFIP reform in January, featuring testimony from locals speaking to the program’s challenges. The principles can be stated simply: Make the program affordable to the homeowner, accountable to the taxpayer and sustainable for the future.
    This isn’t just a Louisiana issue, as the devastation of Hurricane Helene has demonstrated. Flooding is a national problem. Forty-four states have had over $50 million in total NFIP claims since 1978. Thirteen states have had more than $1 billion in NFIP claims during that same timeframe. So, I’m confident we can build the big coalition needed to enact this vital legislation.
    As the new CBO report shows, investment in flood mitigation pays off — again and again. The IIJA provided billions of dollars to reduce the risk of flooding, and much of this money is heading to Louisiana. It’s a good start, but NFIP reform must come next.
    Background
    In January, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue.
    Cassidy traveled St. Bernard Parish last year to talk with residents about their flood insurance premiums, resulting in the second episode of his series Bill on the Hill.
    Over the last several months, Cassidy has delivered a series of speeches on the Senate floor calling for action on NFIP. Most recently, he demanded that Congress reauthorize and reform the program just before its authorization expired at the end of the fiscal year on September 30th.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Cooper Issues Executive Order to Ease DMV Requirements and Fee Collections for Western North Carolinians in Aftermath of Hurricane Helene

    Source: US State of North Carolina

    Headline: Governor Cooper Issues Executive Order to Ease DMV Requirements and Fee Collections for Western North Carolinians in Aftermath of Hurricane Helene

    Governor Cooper Issues Executive Order to Ease DMV Requirements and Fee Collections for Western North Carolinians in Aftermath of Hurricane Helene
    mseets

    Yesterday, Governor Roy Cooper issued an Executive Order focused on easing requirements and fee collections for North Carolinians related to the Division of Motor Vehicles (DMV) in counties impacted by Hurricane Helene. As a result of this Order, the DMV will suspend the collection of various application and late fees, suspend certain requirements for both residents and businesses, and extend certain licenses for mechanics and businesses.

    “Western North Carolina was deeply impacted by Hurricane Helene and many people have lost vehicles, licenses and other important documents,” said Governor Cooper. “This Executive Order will support the DMV’s critical work and help affected North Carolinians as they recover from this storm.”

    Following the devastation of Helene, several DMV facilities remain closed and many vehicles were destroyed by the storm. Additionally, many residents of impacted counties cannot access an open facility to obtain services thereby delaying their ability to obtain the registration and other documents required for their vehicles. Replacing lost documents would also require paying various fees. This action allows DMV to support disaster recovery by expediting the issuance of vital motorist records, identification, and documentation while also providing relief for residents of impacted counties to restore some of their property. 

    Yesterday, Governor Cooper announced his budget recommendation to help Western North Carolina rebuild stronger. Governor Cooper recommends an initial $3.9 billion package to begin rebuilding critical infrastructure, homes, businesses, schools, and farms damaged during the storm. Initial damage estimates are $53 billion, roughly three times Hurricane Florence estimates in 2018 and the largest in state history.

    The North Carolina Council of State unanimously concurred with this Executive Order.

    You can see the Concurrence Record here.

    Read the Executive Order here.

    ###

    Oct 24, 2024

    MIL OSI USA News –

  • MIL-OSI Australia: 1206 2CC Breakfast with Stephen Cenatiempo

    Source: Australia Government Ministerial Statements

    STEPHEN CENATIEMPO: All right. I want to talk federal politics a little bit further. We’re joined by Kristy McBain, the Minister for Regional Development, Territories and Local Government and the Member for Eden-Monaro. Kristy, good morning. 

    KRISTY MCBAIN: Good morning Stephen. 

    CENATIEMPO: Now I’m going to leave you out of the energy debate for the moment because it’s not your portfolio, but something in the time that you and I have been talking, you’ve been very critical of the previous government and what the current government likes to call rorts, whether it’s sports rorts, car park rorts, all of this. Well, it now turns out you guys are just as bad because the Housing Support Program is pouring money into Labor electorates and marginal electorates that you’re trying to pick up. Pot calling the kettle black, much? 

    MCBAIN: Our Housing Support Program Stream One has been announced, which is for a range of assistance to councils to help them with planning. Stream Two is not yet announced, which is the enabling infrastructure that will help build the water and sewer connections, the roads, kerbs and guttering to get more housing underway. It’s really important that enabling infrastructure is taken off councils that may have to do it themselves if they own the land. Developers are saying, if we did all of that, the blocks become too expensive and nothing will get built. We’re contributing in a number of ways to make sure that housing is more affordable for Australians out there, whether it’s through enabling infrastructure, whether it’s through the Housing Australia Future Fund.

    CENATIEMPO: Kristy, that’s not the argument here. The argument is that it’s going into like key Labor electorates, and Coalition seats that you’re targeting, exactly like car park and sports rorts. 

    MCBAIN: I haven’t seen any of those reports. The decisions have been made by the department, not by Ministers. It is important that we deal with what’s in front of us, and that’s transparency. If it’s been made by the department, it’s been made by the department. We’ve gone through round one of the Growing Regions Fund, which was audited in real time. Those projects were found to stack up to the guidelines. They were across a range of electorates. We’ve been walking the talk and saying, this is what we’re going to be, as transparent as possible as the decisions are made by the department. That’s what they are.

    CENATIEMPO: Except for the Housing Support Fund. All right, let’s talk housing while we’re at it. You’ve hit out a Bridget McKenzie for saying the Commonwealth shouldn’t fund housing. Well, the reality is, the Commonwealth’s not going to fund housing. You’re funding around the edges, which is exactly what the Opposition is saying we should do with their $5 billion package. 

    MCBAIN: What I found quite extraordinary about Bridget McKenzie’s comments was that she said we shouldn’t fund housing in regional areas. That we need to get out of the way and let developers get on with the job. If Bridget paid any attention to the debate that was happening in the Senate, she would know that’s exactly what we’re doing. The Commonwealth Government doesn’t have a construction arm. What we’re doing is making sure we make it easier for people to get on with developments. They say imitation is the best form of flattery. It’s nice to see the Coalition get on now and say we’re actually going to contribute to the housing debate and copy our Housing Support Program.

    CENATIEMPO: Well, it’s not copying. Let’s be fair dinkum about it, it’s not copying.

    MCBAIN: It is. It’s funding enabling infrastructure, which is exactly what we’re doing. I think that’s fantastic. It’s really important that we’ve got major parties interested in housing, and that’s a big change from the ten years that they were in government. What we would like them to do is not only talk with us about enabling infrastructure, but also talk with us about the Help to Buy program, or the Build to Rent program. We know we need to start helping in all different facets of home ownership, whether that’s renting, whether that’s buying, whether that’s trying to enable more blocks to get out on the market. It’s really important that we’re making a difference. The three levels of government need to be working together on this. That’s been the change over the last couple of years. There is a real focus now on housing from three levels of government. 

    CENATIEMPO: Now, I don’t think we’ve seen any results of that yet. Let’s talk about things closer to home in Bungendore. A flood mitigation program. Tell us about this?

    MCBAIN: Right across the country we saw some catastrophic flooding in 2022. We provided $40 million towards the New South Wales Flood Recovery and Resilience Grant program. Under round two of this, more than $4.6 million is being invested across New South Wales, to deal with flood mitigation projects. $2.2 million is going to Queanbeyan-Palerang Regional Council to construct an overflow channel over Turallo Creek in Bungendore. It will allow the flood waters to bypass Tarago Road bridge instead of crossing that and flooding it, during times of heavy rain. I’m really proud to be able to deliver this, because the community has long called for this. We know we need to do more in making our communities more resilient come those heavy weather events. This is just another way that we’re helping New South Wales deliver those resilient programs. It builds on last year’s allocation of over $20 million, which went to 19 projects across New South Wales. Really proud that the community is finally getting a long called for a piece of infrastructure, that will allow them to still cross the road during heavy weather. 

    CENATIEMPO: Now local communities are going to be asked to help identify potential locations for the next round of the Mobile Black Spots Program. Why do we need to do this? Why aren’t local Members already aware of where their black spots are? 

    MCBAIN: We do this all the time with communities. Councils call for community input for black spots all the time, and are constantly updating the telcos with these. I ran a survey last time, which identified a range of different black spots, and we contribute to it as well as community members. It’s really important, particularly as we see the development of more housing blocks, that we make sure that connectivity is still front of mind, particularly when we’re developing more rural areas. It is really important that we continue to update that as we head towards round eight of the Mobile Black Spot Program, which will close later this year. It’s just another way you integrate with your community and understand what’s happening. 

    CENATIEMPO: All right. Again, I think if a local Member is doing their job well enough, they should know where the black spots are in their electorates. But Kristy, always good to talk to you. We’ll catch up in a couple of weeks’ time. 

    MCBAIN: Sounds great. Thanks.

    MIL OSI News –

  • MIL-OSI USA: Tillis Statement On Cooper’s Mishandling of Disaster Recovery Funding

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis

    WASHINGTON, D.C. – Today, Senator Thom Tillis responded to Governor Roy Cooper’s request for the N.C. General Assembly to cover a $175 million shortfall in the budget of the North Carolina Office of Recovery and Resiliency (NCORR) on recovery efforts for Hurricane Matthew (2016) and Hurricane Florence (2018). These funds were originally provided to the State of North Carolina by the federal government as part of disaster assistance packages funded and passed by Congress. 

    For the last six years, Tillis has pressed the Cooper Administration on the slow pace of spending on recovery and rebuilding efforts for Matthew and Florence. As recently as May of this year, Senator Tillis once again pressed NCORR Director Laura Hogshead for answers on the rebuilding process. 

    Nowhere in Hogshead’s response from June 2024 did she indicate that NCORR was facing such a massive shortfall of the funding originally allocated by Congress. Instead, she stated: “NCORR stands prepared to complete the homes of its current applicants and to respond quickly to any future disasters.”

    In 2022, the Office of Inspector General released a report finding that NCORR could not provide reasonable assurance that $2.5 million of the $5.4 million of federal assistance reviewed by the Inspector General was spent properly.   

    In response to the NCORR’s fiscal mismanagement, Senator Thom Tillis issued the following statement: 

    “For the last six years, I have been warning that Governor Cooper and NCORR were dropping the ball on distributing disaster relief to victims. NCORR’s last-second announcement of a staggering $175 million shortfall for Matthew and Florence recovery confirms those concerns were justified. It is scandalous that the Cooper Administration has failed thousands of North Carolina families, many of whom are still living in hotel rooms and still have no relief from storms that hit our state as long as eight years ago. Instead of working to actually fix this problem, it seems the Governor’s office has always been more focused on attacking anyone who drops a hint of criticism over their failure to get assistance to disaster victims. 

    “All this makes it much more difficult for North Carolina’s Congressional leaders to secure needed federal assistance for Helene victims when our colleagues look at the Cooper Administration’s failure to get federal assistance in the hands of Matthew and Florence victims. 

    “The next Governor must turn the page on the systemic incompetence and mismanagement of North Carolina’s disaster rebuilding efforts: the thousands of families who lost their homes to Helene certainly deserve better. While the NCGA is right to provide NCORR with some funding to keep operations running, state and federal leaders need to hear directly from Director Hogshead and Governor Cooper on how this appalling failure occurred on their watch, and there must be serious systematic changes to ensure North Carolina has a disaster office that is able to properly take care of disaster victims.” 

    MIL OSI USA News –

  • MIL-OSI USA: FEMA Administrator Meets Officials and Survivors in South Carolina and Checks on Helene Recovery Efforts as Assistance to Survivors Surpasses $1 Billion

    Source: US Federal Emergency Management Agency

    Headline: FEMA Administrator Meets Officials and Survivors in South Carolina and Checks on Helene Recovery Efforts as Assistance to Survivors Surpasses $1 Billion

    FEMA Administrator Meets Officials and Survivors in South Carolina and Checks on Helene Recovery Efforts as Assistance to Survivors Surpasses $1 Billion

    WASHINGTON – FEMA Administrator Deanne Criswell traveled to South Carolina to meet with local and state officials today and check-in on long-term recovery efforts. She surveyed areas affected by Hurricane Helene in Aiken, South Carolina.  Criswell, who is directing the federal response to Helene, visited a Disaster Recovery Center in Aiken and met with survivors. There are nearly 60 centers open across states affected by Helene and Milton where survivors can speak with representatives from states, FEMA and the U.S. Small Business Administration that can assist them with their recovery.  Survivors can find their closest center at FEMA.gov/DRC. So far, FEMA has approved more than $1 billion in assistance for individuals and families affected by hurricanes Helene and Milton to help pay for housing repairs, personal property replacement, and other recovery efforts. Over 5,000 FEMA personnel are supporting communities across the Southeast where they’re coordinating with local officials, conducting damage assessments and helping individuals apply for disaster assistance programs.Additionally, the U.S. Army Corps of Engineers announced Operation Blue Roof which is a free service to homeowners for 25 counties in Florida impacted by Hurricane Milton. Residents can sign-up at www.blueroof.gov or by calling 888-ROOF-BLU (888-766-3258).  The sign-up period deadline is Nov. 5.FEMA encourages Helene and Milton survivors to apply for disaster assistance online as this remains the quickest way to start your recovery. Individuals can apply for federal assistance by: Applying online at disasterassistance.govCalling 800-621-3362, Staffed daily from 7 a.m.-10 p.m. local timeUsing the FEMA AppVisiting a Disaster Recovery Center to talk with FEMA and state agency officials and apply for assistancePresident Joseph R. Biden has approved major disaster declarations in six states–Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia–affected by Helene. He has also approved a major disaster declaration for Florida following Hurricane Milton.These photos highlight response and recovery efforts across states impacted by hurricanes Helene and Milton.

    AUGUSTA, Georgia – FEMA Administrator Deanne Criswell talks with a hurricane survivor during her visit to the impacted area to learn more about the ongoing recovery efforts. (Photo credit: FEMA)

    AUGUSTA, Georgia – FEMA Administrator Deanne Criswell visits a Disaster Recovery Center where staff are helping survivors jumpstart their recovery following Hurricane Helene. (Photo credit: FEMA)

    PUNTA GORDA, Florida – FEMA Disaster Survivor Assistance Team members conduct outreach in affected communities to inform survivors about local and FEMA resources for their recovery. (Photo Credit: FEMA)

    CALDWELL COUNTY, North Carolina – FEMA Disaster Survivor Assistance teams are in North Carolina visiting areas affected by Helene to help survivors apply for federal disaster assistance. (Photo Credit: FEMA)

    JONESBOROUGH, Tennessee – FEMA Disaster Survivor Assistance teams assist survivors of Helene in their recovery efforts at Fender’s Farm. (Photo Credit: FEMA)

    ORANGE COUNTY, Florida – Disaster Survivor Assistance Teams register survivors for disaster assistance at the Bithlo Community Center following Hurricane Milton. (Photo Credit: FEMA) 

    FEMA’s Disaster Multimedia Toolkit page provides graphics, social media copy and sample text in multiple languages. In addition, FEMA has set up a rumor response web page to reduce confusion about its role in the Helene response. 
    annie.bond
    Thu, 10/24/2024 – 19:57

    MIL OSI USA News –

  • MIL-OSI USA: SBA Offers Disaster Assistance to California Businesses and Residents Affected by the Bridge Fire

    Source: United States Small Business Administration

    “As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” saidAdministrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

    SACRAMENTO, Calif. – Low-interest federal disaster loans are available to California businesses and residents affected by the Bridge Fire that began Sept. 8, announced Administrator Isabel Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Gavin Newsom’s authorized representative, Director Nancy Ward of the California Office of Emergency Services, on Oct. 21.

    The disaster declaration makes SBA assistance available in Kern, Los Angeles, Orange, San Bernardino and Ventura counties in California.

    “When disasters strike, our Disaster Loan Outreach Centers are key to helping business owners and residents get back on their feet,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “At these centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”

    SBA held discussions with Los Angeles County Emergency Management Officials. The majority of the structures damaged or destroyed were in Mount Baldy Village (San Bernardino County) and Wrightwood (Los Angeles County). Therefore, SBA will open two Disaster Loan Outreach Centers in these affected areas to make it easier for survivors to access the disaster recovery assistance offered by SBA.

    “Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” continued Sánchez. “Beginning Monday, Oct. 28, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Sánchez added. The centers will be open on the days and times indicated below. No appointment is necessary.

    LOS ANGELES/SAN BERNARDINO COUNTIES
    Disaster Loan Outreach Center
    Mt. Baldy Village Church
    6757 Bear Canyon Rd.
    Mt. Baldy, CA  91759

    Opens 1 p.m. Monday, Oct. 28

    Mondays – Fridays, 9 a.m. – 5 p.m.

    Closed on Monday, Nov. 11, for Veterans Day

    Closes 5 p.m. Tuesday, Nov. 19

     

    LOS ANGELES/SAN BERNARDINO COUNTIES
    Disaster Loan Outreach Center
    Wrightwood Library – Community Room
    6011 Pine St.
    Wrightwood, CA  92397

    Opens 1 p.m. Monday, Oct. 28

    Mondays – Wednesdays, 11 a.m. – 7 p.m.

    Thursdays – Fridays, 9 a.m. – 6 p.m.

    Closed on Monday, Nov. 11, for Veterans Day

    Closes 7 p.m. Tuesday, Nov. 19

    Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

    For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez said. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

    Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

    Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov 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 apply for property damage is Dec. 23, 2024. The deadline to apply for economic injury is July 23, 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, 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-Evening Report: Prabowo takes power as Indonesian military set up new battalions – what now for West Papuans?

    ANALYSIS: By Ali Mirin

    In the lead up to the inauguration of President Prabowo Subianto last Sunday, Indonesia established five “Vulnerable Area Buffer Infantry Battalions” in key regions across West Papua — a move described by Indonesian Army Chief-of-Staff Maruli Simanjuntak as a “strategic initiative” by the new leader.

    The battalions are based in the Keerom, Sarmi, Boven Digoel, Merauke and Sorong regencies, and their aim is to “enhance security” in Papua, and also to strengthen Indonesia’s military presence in response to long-standing unrest and conflict, partly related to independence movements and local resistance.

    According to Armed Forces chief General Agus Subiyanto, “the main goal of the new battalions is to assist the government in accelerating development and improving the prosperity of the Papuan people”.

    However, this raises concerns about further militarisation and repression of a region already plagued by long-running violence and human rights abuses in the context of the movement for a free and independent West Papua.

    Thousands of Indonesian soldiers have been stationed in areas impacted by violence, including Star Mountain, Nduga, Yahukimo, Maybrat, Intan Jaya, Puncak and Puncak Jaya.

    As a result, the situation in West Papua is becoming increasingly difficult for indigenous people.

    Extrajudicial killings in Papua go unreported or are only vaguely known about internationally. Those who are aware of these either disregard them or accept them as an “unavoidable consequence” of civil unrest in what Indonesia refers to as its most eastern provinces — the “troubled regions”.

    Why do the United Nations, Pacific Islands Forum (PIF) and the international community stay silent?

    While the Indonesian government frames this move as a strategy to enhance security and promote development, it risks exacerbating long-standing tensions in a region with deep-seated conflicts over autonomy and independence and the impacts of extractive industries and agribusiness on West Papuan people and their environment.

    Exploitative land theft
    The Centre for Climate Crime and Climate Justice, in collaboration with various international and Indonesian human and environmental rights organisations, presented testimony at the public hearings of the Permanent Peoples’ Tribunal (PPT) at Queen Mary University of London, in June.

    The tribunal heard testimonies relating to a range of violations by Indonesia. A key issue, highlighted was the theft of indigenous Papuan land by the Indonesian government and foreign corporations in connection to extractive industries such as mining, logging and palm oil plantations.

    The appropriation of traditional lands without the consent of the Papuan people violates their right to land and self-determination, leading to environmental degradation, loss of livelihood, and displacement of Indigenous communities.

    The tribunal’s judgment underscores how the influx of non-Papuan settlers and the Indonesian government’s policies have led to the marginalisation of Papuan culture and identity. The demographic shift due to transmigration programmes has significantly reduced the proportion of Indigenous Papuans in their own land.

    Moreover, a rise in militarisation in West Papua has often led to heightened repression, with potential human rights violations, forced displacement and further marginalisation of the indigenous communities.

    The decision to station additional military forces in West Papua, especially in conflict-prone areas like Nduga, Yahukimo and Intan Jaya, reflects a continuation of Indonesia’s militarised approach to governance in the region.

    Indonesian security forces . . . “the main goal of the new battalions is to assist the government in accelerating development and improving the prosperity of the Papuan people,” says Armed Forces chief General Agus Subiyanto. Image: Antara

    Security pact
    The Indonesia-Papua New Guinea Defence Cooperation Agreement (DCA) was signed by the two countries in 2010 but only came into effect this year after the PNG Parliament ratified it in late February.

    Indonesia ratified the pact in 2012.

    As reported by Asia Pacific Report, PNG’s Foreign Minister Justin Tkatchenko and Indonesia’s ambassador to PNG, Andriana Supandy, said the DCA enabled an enhancement of military operations between the two countries, with a specific focus on strengthening patrols along the PNG-West Papua border.

    This will have a significant impact on civilian communities in the areas of conflict and along the border. Indigenous people in particular, are facing the threat of military takeovers of their lands and traditional border lines.

    Under the DCA, the joint militaries plan to employ technology, including military drones, to monitor and manage local residents’ every move along the border.

    Human rights
    Prabowo, Defence Minister prior to being elected President, has a controversial track record on human rights — especially in the 1990s, during Indonesia’s occupation of East Timor.

    His involvement in military operations in West Papua adds to fears that the new battalions may be used for oppressive measures, including crackdowns on dissent and pro-independence movements.

    As indigenous communities continue to be marginalised, their calls for self-determination and independence may grow louder, risking further conflict in the region.

    Without substantial changes in the Indonesian government’s approach to West Papua, including addressing human rights abuses and engaging in meaningful dialogue with indigenous leaders, the future of West Papuans remains uncertain and fraught with challenges.

    With ongoing military operations often accused of targeting indigenous populations, the likelihood of further human rights violations, such as extrajudicial killings, arbitrary detentions, and forced displacement, remains high.

    Displacement
    Military operations in West Papua frequently result in the displacement of indigenous Papuans, as they flee conflict zones.

    The presence of more battalions could drive more communities from their homes, deepening the humanitarian crisis in the region. Indigenous peoples, who rely on their land for survival, face disruption of their traditional livelihoods and rising poverty.

    The Indonesian government launched the Damai Cartenz military operation on April 5, 2018, and it is still in place in the conflict zones of Yahukimo, Pegunungan Bintang, Nduga and Intan Jaya.

    Since then, according to a September 24 Human Rights Monitor update, more than 79,867 West Papuans remain internally displaced.

    The displacement, killings, shootings, abuses, tortures and deaths are merely the tip of the iceberg of what truly occurs within the tightly-controlled military operational zones across West Papua, according to Benny Wenda, a UK-based leader of the United Liberation Movement of West Papua (ULMWP).

    The international community, particularly the United Nations and the Pacific Islands Forum have been criticised for remaining largely silent on the matter. Responding to the August 31 PIF communique reaffirming its 2019 call for the UN High Commissioner for Human Rights visit to West Papua, Wenda said:

    “[N]ow is the time for Indonesia to finally let the world see what is happening in our land. They cannot hide their dirty secret any longer.”

    Increased global attention and intervention is crucial in addressing the humanitarian crisis, preventing further escalations and supporting the rights and well-being of the West Papuans.

    Without meaningful dialogue, the long-term consequences for the indigenous population may be severe, risking further violence and unrest in the region.

    As Prabowo was sworn in, Wenda restated the ULMWP’s demand for an internationally-mediated referendum on independence, saying: “The continued violation of our self-determination is the root cause of the West Papua conflict.”

    Ali Mirin is a West Papuan academic from the Kimyal tribe of the highlands bordering the Star Mountain region of Papua New Guinea. He is a contributor to Asia Pacific Report and Green Left in Australia.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: New technology to detect floods and bushfires

    Source: New South Wales Government 2

    Headline: New technology to detect floods and bushfires

    Published: 25 October 2024

    Released by: Minister for Emergency Services, Minister for Innovation, Science and Technology

    Testing will soon begin on cutting-edge technology to improve early warnings about floods and bushfires in NSW.

    The NSW Government this week launched a proof-of-concept phase as part of a $3.3 million election commitment to build a natural hazards detection system.

    The testing will explore a range of scenarios to enhance the state’s response to natural hazards including innovative technology to detect floods and bushfires that can:

    • support early identification of flood water across roads
    • monitor rainfall and soil moisture data to predict floods
    • identify fire ignitions in remote locations
    • monitor soil moisture and fuel loads to support improved fire hazard reduction.

    Individual grants of up to $50,000 will be awarded to successful applicants through the program to support the testing of technologies over a six-month period to demonstrate their feasibility and benefits.

    The program delivers on an election commitment by the Minns Labor Government and is being led by the Office of the NSW Chief Scientist & Engineer (OCSE) in collaboration with the NSW Reconstruction Authority (RA).

    The initiative directly responds to key recommendations from the 2020 Bushfire Inquiry and the 2022 Flood Inquiry, which called for the use of advanced detection systems to provide earlier warnings and give communities more time to respond to natural hazards.

    Businesses are encouraged to submit proposals addressing these challenges, with the potential to progress to the next stage of the program which includes scaling up and piloting technologies in real-world settings.

    Applications for Phase 1 are open until early December. Grant recipients from Phase 1 will be eligible to apply for Phase 2 through a competitive process.

    The outcomes of the pilot will help shape the design of a final product, ready for deployment in hazard-prone areas of NSW. For more information and to apply, visit: www.chiefscientist.nsw.gov.au/nhds.

    Minister for Emergency Services Jihad Dib said:

    “The Minns Labor Government is delivering on its election commitment to better protect communities living in high-risk areas that are prone to floods and fires through better detection systems.”

    “We are helping to develop new detection technologies and testing them in unique Australian conditions.”

    We are working to identify solutions that allow people to better anticipate natural disasters and prepare for evacuations.”

    “This program is not only important to help reduce the impact of disasters, but ultimately can help save lives.”

    Minister for Innovation, Science & Technology, Anoulack Chanthivong said:

    “This funding demonstrates the NSW Government’s commitment to innovation and technology to help improve our response to and preparedness for natural hazards.”

    “Supporting businesses to field-test their technologies with NSW Government agencies allows them to bring their innovations one step closer to commercialisation.”

    Professor Hugh Durrant-Whyte, Office of the Chief Scientist and Engineer said:

    “NSW is looking to the future and investigating how cutting-edge technology can transform our response to natural hazards.”

    “By undertaking trials of groundbreaking technology solutions in real world conditions we will ensure that NSW residents are better prepared for natural hazards now and into the future”.   

    MIL OSI News –

  • MIL-Evening Report: Grattan on Friday: a possible Trump victory is making the Albanese government cagey about its 2035 climate target

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    If Donald Trump wins the US presidency on November 5, his victory will have profound implications for other countries on many fronts. Not least of them will be climate change policy.

    Perhaps the uncertainty now hanging over US politics was on the mind of Climate Change and Energy Minister Chris Bowen, who shilly-shallied this week over when he’ll announce Australia’s 2035 emissions reduction target under the Paris climate agreement.

    Bowen refused to be pinned down at the Australian Financial Review’s energy and climate summit on whether the target would be public before next year’s election. Neither his office nor that of the prime minister would be more specific later.

    Australia, like other countries, is required under the Paris agreement to put forward its target in February. But, also like other countries, Australia is focused on what’s happening in the US.

    Trump wants to take the US out of the Paris agreement for the second time. The first exit took effect immediately after his 2020 defeat and incoming President Joe Biden was able to reverse it at once. This time, there’d be no such quick turnaround.

    The Biden administration has been strongly committed on climate issues. If the US exited, the Paris agreement would likely be transformed.

    There may be other reasons why Bowen is being cagey about the 2035 target. Climate change and energy will be harder issues for Labor in this election, as it struggles with the realities of the transition, than in the 2022 one.

    In the run-up to that election, a desperate Scott Morrison pulled out all stops to win support within the Coalition to sign up to the 2050 net-zero emissions target.

    Labor was on the front foot, with a policy for a 43% reduction in emissions (on 2005 levels) by 2030, underpinned by a target of 82% renewable electricity by then. The election promise for consumers was a $275 cut in household power bills by 2025.

    Crafting a policy is often easier than implementing it. The journey to a clean energy economy is arduous.

    The $275 promise was quickly seen as unrealisable. The government has had to provide rebates to keep prices in check. The rollout of renewables is complicated by local resistance to some projects, including wind farms and transmission lines. At present, more than 40% of electricity comes from renewables.

    The cost-of-living crisis has increasingly dominated everything. Climate change remains a significant issue with people, but over time it tends to go up and down their scale of concerns, depending on changing circumstances.

    The Ipsos Climate Change Report, done annually, found in 2024 “strong notional support for the energy transition”, but low understanding of what progress had been made.

    Concerns about the negative impacts of the transition on cost of living and energy reliability have increased, particularly in the current high inflation environment. The perceived economic benefits of the transition are less clear, with many unsure about the impact on jobs and the broader economy.

    The emphasis on cost of living is influencing priorities for the energy transition, with Australians wanting to see energy prices and reliability prioritised. There is a growing sentiment that Australia should only take action if other countries are also contributing fairly to climate change efforts.

    Of course a summer of bad bushfires can change people’s priorities suddenly. Barring that, Labor is looking at a 2025 election in which it will be more on the defensive than the offensive on climate and energy issues.

    The opposition has already acted to sharpen the difference with Labor over the medium term targets. Peter Dutton will have no 2035 target before the election, and has questioned the 2030 target to which Australia is signed up, although he says a Coalition government would not leave the Paris agreement. He is also running hard on his controversial policy for nuclear energy.

    While Bowen is not clarifying whether he’ll announce the government’s target ahead of the election, it would be awkward for Australia not to meet the February deadline.

    There would not be a penalty, but it would be a bad look, especially given we are vying with Turkey to host, together with Pacific countries, COP31 in 2026. One unknown, incidentally, is whether a Coalition government would continue this bid, which the opposition has describes as a “vanity project”.

    If the government does announce the 2035 target before the election, the big question is how ambitious it will make it.

    Bowen will receive advice on this from the Climate Change Authority, to which the government has appointed, as head, former New South Wales Liberal Treasurer Matt Kean.

    In an earlier discussion paper, the authority said the evidence suggests

    A 2035 target in the range of 65-75% […] could be achievable and sustainable if additional action is taken by governments, business, investors and households […]. However, attempting to go much faster could risk significant levels of economic and social disruption and put progress at risk.

    A bold target would make the government more vulnerable, just when Labor would want the attention on the Coalition’s problematic nuclear policy. On the other hand, if the target were modest, that would be exploited by the Greens.

    Next month, Bowen will attend COP29 in Azerbaijan, where the central issue will be a financial goal, replacing the 2015 goal, for developed and major economies to help fund developing countries’ emission reduction efforts. Bowen, with Egyptian Environment Minister Yasmine Fouad, is leading the consultations on this, and so has a significant role at the conference.

    At the COP meeting, Bowen will get a better idea of where other countries are on their expected 2035 targets. He indicated this week he has already started taking soundings. “Obviously […] of course you think about international context.”

    By the time of COP, which runs November 11-22, America will have chosen its next president. The COP meeting will either be business-as-usual, looking to an incoming Kamala Harris presidency, or trying to anticipate the implications of a Trump administration that could be a major disruptor of international climate policy.

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

    – ref. Grattan on Friday: a possible Trump victory is making the Albanese government cagey about its 2035 climate target – https://theconversation.com/grattan-on-friday-a-possible-trump-victory-is-making-the-albanese-government-cagey-about-its-2035-climate-target-242107

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Video: CEO Climate Alliance Letter | Sumant Sinha

    Source: World Economic Forum (video statements)

    We need a global agency to regulate carbon pricing, says ReNew CEO Sumant Sinha. ‘All we’re tracking are pledges. If you start tracking actions, you’ll find actions are even further behind.’

    In an open letter ahead of COP29, the Alliance of CEO Climate Leaders calls for urgent action to combat climate change. Highlighting the critical role of collaborative leadership from business and government, the world’s largest CEO-led climate community is advocating for ambitious, science-based targets to support climate action and spur investment.

    Read the full letter: wef.ch/COP29OpenLetter24

    #AllianceofCEOClimateLeaders #Climate #ClimateChange #COP29 #WorldEconomicForum

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/ 
    Twitter ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    https://www.youtube.com/watch?v=0SdNNaI52jc

    MIL OSI Video –

  • MIL-OSI Europe: ASIA/PHILIPPINES – Parishes welcome displaced people, hit by Typhoon Kristine

    Source: Agenzia Fides – MIL OSI

    Caritas Philippines

    Naga (Agenzia Fides) – More than 25 parishes and church facilities, such as the Basilica of Our Lady of Peñafrancia and the Ateneo de Naga University of the Archdiocese of Caceres, managed by the Jesuit Order, have opened their doors and are acting as temporary evacuation centers for displaced persons and families affected by the effects of Typhoon Kristine (international name: Trami), which is devastating the northeastern Philippines. The floods and landslides caused by the tropical storm, which began yesterday, October 23, have claimed at least 24 lives in the Bilcol region, while thousands are trapped in the villages. The government has closed schools and offices throughout the island of Luzon to protect the population. The “National Council for Disaster Risk Reduction and Management” reported that about 78,000 families in 14 provinces were affected by the devastating effects of the typhoon, after which initial relief efforts were immediately activated by institutions, non-governmental organizations and the church. As Caritas Philippines reports, the Catholic dioceses in the affected areas have activated teams of volunteers to assess the extent of the damage and take appropriate measures. “Our priority is to ensure the fastest possible aid for the most needy and weakest,” said Bishop Colin Bagaforo, President of Caritas Philippines. He points out that the structures of the local churches have agreed to welcome the refugees.The Archdiocese of Cáceres, meanwhile, made a public appeal to parishes, schools and institutions that can temporarily provide rooms for the displaced. In the diocese of Legazpi, several parish churches have been flooded but, despite the floods, have opened the doors of their parish centers, which are still accessible: the parish church of Polangui, for example, although affected, is hosting nearly 300 people, the most vulnerable displaced, such as pregnant and breastfeeding women with their children, the sick and the elderly. Some of them are housed in the parish priest’s home.Caritas Philippines has also launched a nationwide appeal for donations to provide essentials and humanitarian aid to the displaced. (PA (Agenzia Fides, 24/10/2024)

    Share:

    MIL OSI Europe News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Financial Summary

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

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

    2Not meaningful.


    Management Commentary

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

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

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

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

    Insurance Operations

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

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

    Net Premiums Written

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

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

    Underwriting Performance

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

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

    Loss Ratio

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

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

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

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

    Expense Ratio

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

    Investment Operations

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

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

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

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

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

    Definitions of Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

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

    Dividend Information

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

    Pre-Recorded Webcast

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

    About the Company

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

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

    Safe Harbor

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

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.

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

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

    Financial Supplement

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

    The MIL Network –

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

    Source: Government of India

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    All queries may be routed to:

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

    *****

    SS

    (Release ID: 2067586) Visitor Counter : 166

    MIL OSI Asia Pacific News –

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

    Source: Government of India (2)

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

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

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

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

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

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

    ****

    VM/SPS 

    (Release ID: 2067591) Visitor Counter : 63

    MIL OSI Asia Pacific News –

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

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

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

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

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

    All queries may be routed to:

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

    *****

    SS

    (Release ID: 2067586) Visitor Counter : 65

    MIL OSI Asia Pacific News –