Category: Business

  • MIL-OSI Security: NEWARK EXPEDITER ADMITS CONSPIRING TO GIVE BRIBES TO NEWARK OFFICIALS AND OTHER FRAUD

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Newark-based expediter today admitted to conspiring to give bribes to Newark public officials, including then-Newark Councilmember Joseph A. McCallum, Jr., in connection with real estate development and construction-related transactions and conspiring with others to create and sell falsified documents supposedly issued by the City of Newark in connection with development, construction, rental or sale of such properties in Newark. Baxter also admitted to feigning the need to pay a bribe to a Newark official to fraudulently obtain money for himself and participating in a separate scheme to fraudulently obtain federal COVID-19 Paycheck Protection Program (PPP) loans, U.S. Attorney John Giordano announced.

    Lamont Baxter, 49, pleaded guilty before U.S. District Judge William J. Martini to seven counts in an information charging him with conspiring to give bribes to Newark officials, giving bribes to McCallum in connection with a developer’s real estate transactions, committing wire fraud in connection with a purported cash bribe payment, conspiring to commit wire fraud in connection with falsifying documents purportedly issued by the City of Newark, and committing wire fraud to obtain PPP loans.  

    According to documents filed in these cases and statements made in court:

    As an expediter on real estate and construction matters in Newark, from 2017 through August 2022, Baxter served as a liaison between Newark officials and agencies and individuals seeking permits, Certificates of Continued Occupancy (CCO), Certificates of Code Compliance (CCC), approvals and other actions on an expedited basis. To provide these expediting services, for years, Baxter conspired with others, including developers, to pay cash bribes to various Newark officials so that these officials completed the official acts that Baxter requested on behalf of the developers and others.  Baxter would often use the term “taking care of” a Newark official to indicate to a developer when additional cash or extra payment was needed to be added to official fees charged by Newark so that Baxter could use the extra money to bribe a Newark official, such as an official handling the issuance of a CCC.

    In addition to paying bribes to Newark officials on behalf of others, Baxter also once fraudulently obtained a $10,000 cash payment for himself by falsely indicating to his developer client that the cash was needed to pay a bribe to a Newark official. In that instance, Baxter kept the entire payment for himself and simply pretended that he had given the payment to a Newark Official.

    Part of Baxter’s participation in the bribery schemes included delivering cash bribes exceeding $5,000 from 2019 to 2020 to then-Councilmember McCallum on behalf of a Newark developer who sought and obtained McCallum’s official assistance in obtaining approvals for real estate projects in Newark. On March 15, 2022, before Judge William J. Martini, McCallum admitted receiving bribes while serving as a Councilmember and a director of the Newark Community Economic Development Corporation, as part of his guilty plea to wire fraud for devising a scheme to defraud Newark and of the right to McCallum’s honest services and subscribing to a false personal tax return for calendar year 2018.

    Part of Baxter’s expediting services from 2017 to August 2022, included conspiring with others to create and deliver falsified and fraudulent CCOs, CCCs, and certificates of approval issued by the City of Newark notifying a utility that was to provide electricity for a property that the required inspection had been conducted at the property (known as “cut-in cards”) to individuals who needed these official documents in relation to the development, construction, rental or sale of properties in Newark.  Baxter and others used this scheme to fraudulently obtain payments from the individuals who required these official documents from the City of Newark.

    Baxter also used the various entities he incorporated to obtain payments as an expediter to facilitate a scheme to fraudulently obtain PPP loans during the COVID-19 pandemic.  In 2020 and 2021, Baxter participated in preparing and submitting fraudulent PPP loan applications that included false tax forms and documents and contained false information on the application forms, concerning, among other things, the companies’ gross revenue.  As part of this scheme, Baxter even attempted to obtain a PPP loan for a lounge that he did not actually own and control, pretending to be its owner. As a result of his fraudulent scheme, Baxter obtained over $40,000 in PPP loan funds.  

    The conspiracy to commit bribery charge in Count 1 of the information to which Baxter pleaded guilty carries a maximum penalty of 5 years in prison and the bribery charge in Count 2 to which Baxter pleaded guilty carries a maximum penalty of 10 years in prison. The wire fraud and wire fraud conspiracy charges in Counts 3 through 7 to which Baxter pleaded guilty each carry a maximum penalty of 20 years in prison. All of the charges carry a maximum fine of $250,000, or twice the pecuniary gain to the defendant or loss to the victims, whichever is greater. Sentencing for Baxter is scheduled for August 12, 2025 at 11 a.m.

    U.S. Attorney Giordano credited special agents of the FBI’s Newark Field Office, under the direction of Special Agent in Charge in Newark Terence G. Reilly in Newark; special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan, and special agents of the U.S. Department of Housing and Urban Development, Office of Inspector General, under the direction of Special Agent in Charge Shawn Rice, with the investigation leading to today’s guilty plea by Baxter.

    The government is represented by Deputy Chief Jihee G. Suh and Assistant U.S. Attorney Francesca Liquori of the U.S. Attorney’s Office’s Special Prosecutions Division and Chief Katherine Calle of the U.S. Attorney’s Office’s Opioid Unit.

    All other co-conspirators identified in the Information are presumed innocent until proven guilty.

                                                     ###

    Defense counsel: John A. McMahon, Esq. 

    MIL Security OSI

  • MIL-OSI: Marex Group plc Provides Details for Upcoming Investor Day on April 2, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’), the diversified global financial services platform, provides details for its upcoming Investor Day being held at the Nasdaq MarketSite in New York on April 2, 2025.

    The event will feature presentations from Marex’s business heads, providing a comprehensive review of Marex’s operations and growth initiatives, reiterating the strategy stated at IPO, as well as a question and answer session with senior leadership including Ian Lowitt, CEO, Rob Irvin, CFO and Paolo Tonucci, Chief Strategist and CEO Capital Markets.

    What:                   Marex Group plc Investor Day 2025

    When:                  Wednesday, April 2, 2025

                                  9:30am – 2:00pm EST

    Where:                 Nasdaq Marketsite, New York, New York

    Due to limited capacity, the event will be invitation only, but a live stream of the event will be available via webcast. Interested parties can access the webcast through the ‘News & Events’ section of the Marex investor website at ir.marex.com.

    About Marex Group:

    Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four core services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. Headquartered in London with more than 40 offices worldwide, the Group has over 2,300 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

    Enquiries please contact:

    Marex

    Nicola Ratchford / Robert Coates

    +44 (0) 7786548889 / +44 7880 486329 | nratchford@marex.com / rcoates@marex.com

    FTI Consulting US / UK

    +1 (919) 609-9423 / +44 (0) 7776 111 222 | marex@fticonsulting.com

    The MIL Network

  • MIL-OSI: Michael Terpin Joins Lendr.fi as Key Advisor to Transform RWA Tokenization

    Source: GlobeNewswire (MIL-OSI)

    Houston, TX, March 24, 2025 (GLOBE NEWSWIRE) — Lendr.fi, a trailblazer in digital lending innovation and RWA Tokenization solutions, is pleased to announce that Michael Terpin has joined the company as a Key Advisor. Widely recognized as the “Godfather of Crypto” by CNBC, Terpin’s strategic investment in Lendr.fi reinforces its leadership in the field of real-world asset tokenization.

    Michael Terpin is Founder and CEO of Transform Ventures, a leading blockchain advisory firm and venture studio, and Transform Studios, a Bermuda-based blockchain incubator. Terpin also founded and remains chairman of the largest advisory/marketing firm in the cryptocurrency sector, Transform Group, representing more than half the market capitalization of the cryptocurrency sector, excluding bitcoin. An early and enthusiastic believer in blockchain, Michael’s recently released book “Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich,” was the best-selling new release in Amazon’s Bitcoin & Cryptocurrency section.

    Lendr.fi leverages state-of-the-art technology to streamline the tokenization process, delivering a secure and transparent experience for its users. The company’s cutting-edge RWA Tokenization platform is designed to unlock liquidity from traditionally illiquid markets while offering the potential for improved yields through liquid staking and integrations with existing DeFi protocols. All performance outcomes are subject to market risks and uncertainties.

    “Joining Lendr.fi as an Advisor is a natural next step in my commitment to drive innovation at the intersection of blockchain and financial services,” said Michael Terpin. “I’m excited to support the team as they develop innovative liquid staking and RWA Tokenization strategies that not only enhance security and efficiency but also empower investors to navigate the rapidly evolving digital finance landscape.”

    Regarding RWA Tokenization, Terpin remarked, “RWA Tokenization is set to be a game-changer in the financial world. By digitizing tangible assets such as real estate, commodities, and intellectual property, it’s unlocking liquidity in markets that have long been undercapitalized.”

    “Michael’s visionary insights and proven track record in the crypto space make him an invaluable asset to our advisory board,” said Nathaji Metivier, CEO of Lendr.fi. “His guidance will be instrumental as we aim to become the world’s first and leading provider of liquid staked real world asset tokens, bridging traditional finance with innovative blockchain solutions.”

    For more information about Lendr.fi, its pioneering digital lending solutions, and its RWA Tokenization services, please visit www.lendr.fi.

    About Lendr.fi
    Lendr.fi is revolutionizing the financial landscape with its next-generation digital lending platform and the world’s first liquid-staked RWA tokens. By harnessing advanced blockchain technology and innovative real-world asset tokenization methods, Lendr.fi unlocks liquidity in traditionally illiquid markets such as real estate, commodities, and intellectual property. Our secure, transparent, and efficient solutions seamlessly integrate traditional and decentralized finance, empowering investors and institutions to access capital and manage assets with unprecedented ease. While our technology offers the potential for enhanced yield performance, all forward-looking statements are subject to market risks and uncertainties, and no guarantees are made regarding future results. Committed to bridging the gap between traditional finance and the digital future, Lendr.fi is setting a new standard for digital lending and financial inclusion in the modern economy.

    Twitter: https://x.com/lendrfi
    Telegram: https://web.telegram.org/a/#-1001843465998

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

    The MIL Network

  • MIL-OSI: PrairieSky Royalty Announces Conference Call for Q1 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 24, 2025 (GLOBE NEWSWIRE) — PrairieSky will release its Q1 2025 results on Monday, April 14, 2025 after markets close. The news release detailing PrairieSky’s Q1 2025 results will provide operating and financial information. Financial statements along with management’s discussion and analysis will be available on PrairieSky’s website at www.prairiesky.com and on SEDAR+ at www.sedarplus.com.

    A conference call to discuss the results will be held for the investment community on Tuesday, April 15, 2025 beginning at 6:30 am MT (8:30 am ET). To participate in the conference call, you are asked to register at the link provided below. Details regarding the call will be provided to you upon registration.

    About PrairieSky Royalty Ltd.

    PrairieSky is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating free cash flow and that represent the largest and most concentrated independently-owned fee simple mineral title position in Canada. PrairieSky common shares trade on the Toronto Stock Exchange under the symbol PSK.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    PrairieSky Royalty Ltd.
    Investor Relations
    (587) 293-4000

    www.prairiesky.com

    PDF available: http://ml.globenewswire.com/Resource/Download/927d87ae-e651-47ab-ba1c-2c859b89a6ca

    The MIL Network

  • MIL-OSI: Nasdaq to Hold First Quarter 2025 Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) has scheduled its first quarter 2025 financial results announcement.                   

    Who: Nasdaq’s CEO, CFO, and additional members of its senior management team
       
    What:  Review Nasdaq’s first quarter 2025 financial results
       
    When: Thursday, April 24, 2025
      Results Call: 8:00 AM Eastern

    Senior management will be available for questions from the investment community following prepared remarks.

    All participants can access the conference via webcast through the Nasdaq Investor Relations website at http://ir.nasdaq.com/.

    Note: The press release and results presentation for the first quarter 2025 results will be posted on the Nasdaq Investor Relations website at http://ir.nasdaq.com/ on Thursday, April 24, 2025 at approximately 7:00 AM Eastern.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network

  • MIL-OSI: Dragonfly Energy Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Growth of 17% Led by Significant OEM Growth
    Debt Restructuring and Concurrent Capital Raise Enhance Financial Position and Liquidity
    Initiates Corporate Optimization Program
    Guides to First Quarter 2025 Net Sales of Approximately $13.3 Million
    Targets Positive Adjusted EBITDA in Fourth Quarter 2025

    RENO, Nev., March 24, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Financial Highlights

    • Net sales of $12.2 million and $50.6 million
    • OEM net sales of $6.2 million and $27.6 million
    • Gross Margin of 20.8% and 23.0%
    • Net Loss of $(9.8) million and $(40.6) million
    • Adjusted EBITDA of $(2.0) million and $(18.5) million

    “After quarter end, we were very pleased to have successfully negotiated a significant debt restructuring with our lenders, allowing for covenant relief while pushing off the maturity date. With this action, our debt will be classified as long-term debt on our balance sheet. Concurrent with the debt restructuring, we also secured additional capital through a strategic investor,” commented Dr. Denis Phares, Chief Executive Officer. “We believe these actions greatly strengthen our near-term financial position, allowing us to focus on executing on our key strategic initiatives for 2025, including achieving positive anticipated Adjusted EBITDA in the fourth quarter.”

    “In addition, we have launched a corporate optimization program to establish a more efficient cost structure, aligning our operations with near-term revenue growth opportunities, which we believe will provide us with a path to profitability. As part of this initiative, we have promoted Dr. Vick Singh to Chief Operating Officer, where he will oversee the program while also driving operational efficiencies across the company.

    “Despite ongoing challenges in the RV market, our fourth-quarter net sales grew approximately 17%, marking a return to year-over-year growth, driven by increased adoption among OEM customers,” continued Dr. Phares. “Throughout the year, we have made significant strides in expanding our customer base beyond the RV sector, leveraging strategic partnerships in trucking and industrial markets. We believe the strong order activity from our recently announced partnerships reinforces this strategy, and we anticipate meaningful revenue contributions in 2025 and beyond.”

    Fourth Quarter 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Quarter Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $5,726   $6,561   -13%
    OEM $6,236   $3,877   61%
    Licensing $250   $0   N/A
    Net Sales $12,212   $10,438   17%
               

    Net Sales increased 17.0% to $12.2 million. OEM net sales grew 61% to $6.2 million, driven by increased adoption of existing products and new customer acquisitions. DTC net sales were $5.7 million compared to $6.6 million, reflecting ongoing macroeconomic pressures.

    Gross Profit increased 12.5% to $2.6 million. Gross Margin was 20.8%, compared to 21.6%, due to higher material costs and a shift in mix to OEM sales. Operating Expenses were $(6.3) million, compared to $(5.4) million. The increase was primarily due to one-time expenses related to patent litigation and the reverse stock split. We also incurred expenses associated with moving into our new 400,000 square foot facility. This strategic relocation is expected to drive long-term operational efficiencies as we centralize operations previously spread across multiple locations.

    The Company reported a Net Loss of $(9.8) million, or $(1.39) per diluted share, compared to Net Income of $3.3 million or $0.50 per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(2.3) million, compared to negative $(1.8) million.

    Full Year 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Year Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $22,616   $36,875   -39%
    OEM $27,612   $27,517   0%
    Licensing $417   $0   N/A
    Net Sales $50,645   $64,392   -21%
               

    Net Sales were $50.6 million, compared to $64.4 million. OEM net sales of $27.6 million were flat year-over-year, as increased adoption of existing products and new customer acquisitions were offset by the impact of our largest customer transitioning our product from a standard offering to an option. DTC net sales declined to $22.6 million, from $36.9 million, reflecting continued softness in the RV market due to continued macroeconomic pressures.

    Gross Profit was $11.6 million, with a gross margin of 23.0%, compared to gross profit of $15.4 million, with a gross margin of 24.0%. The year-over-year declines were primarily attributable to lower sales volume. Operating Expenses were $(34.0) million, compared to $(42.9) million, led by lower employee-related costs and lower stock-based compensation, partially offset by higher R&D costs.

    The Company reported a Net Loss of $(40.6) million, or $(5.91) per diluted share, compared to a Net Loss of $(13.8) million or $(2.36) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(18.5) million, compared to negative $(17.1) million.

    Form 10-K Filing

    The independent registered public accounting firm’s audit report with respect to the Company’s fiscal year-end financial statements will not be issued until the Company files its annual report on Form 10-K. Accordingly, the financial results reported in this earnings release are pending completion of the audit.

    Summary and Outlook

    “Dragonfly Energy is advancing energy storage with innovative lithium battery technology, delivering safe, reliable, and efficient power solutions for industries that demand superior performance,” commented Dr. Denis Phares. “As we look ahead to 2025, our focus remains on driving shareholder value through growth, diversification across end markets, and continued product innovation. We anticipate continued year-over-year growth in the first quarter with revenue of approximately $13.3 million. And with the resumption of revenue growth alongside our corporate optimization program, we expect to achieve positive Adjusted EBITDA by the fourth quarter of this year.”

    1Q25 Guidance

    • Net Sales of approximately $13.3 million
    • Adjusted EBITDA of approximately $(3.8) million

    Webcast Information

    The Dragonfly Energy management team will host a conference call to discuss its fourth quarter and full year 2024 financial and operational results this afternoon, March 24, 2025. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 85219. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

    An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

    About Dragonfly Energy

    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2025, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

    These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

    If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Financial Tables

     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands, except share and per share data)
                 
            As of
            December 31, 2024   December 31, 2023
    Current Assets        
      Cash and cash equivalents   $ 4,849     $ 12,713  
      Accounts receivable, net of allowance for credit losses     2,416       1,639  
      Inventory     21,716       38,778  
      Prepaid expenses     806       772  
      Prepaid inventory     1,362       1,381  
      Prepaid income tax     307       519  
      Assets held of sale     644        
      Other current assets     825       118  
        Total Current Assets     32,925       55,920  
    Property and Equipment        
        Property and Equipment, Net     22,107       15,969  
      Operating lease right of use asset     19,737       3,315  
      Other assets     445        
      Total Assets   $ 75,214     $ 75,204  
                 
    Current Liabilities        
      Accounts payable   $ 10,716     $ 10,258  
      Accrued payroll and other liabilities     4,129       7,107  
      Accrued tariffs     1,915       1,713  
      Accrued settlement, current portion     750        
      Customer deposits     317       201  
      Deferred revenue, current portion     1,000        
      Uncertain tax position liability     55       91  
      Notes payable, current portion, net of debt issuance costs           19,683  
      Operating lease liability, current portion     2,926       1,288  
      Financing lease liability, current portion     47       36  
        Total Current Liabilities     21,855       40,377  
    Long-Term Liabilities        
      Deferred revenue, net of current portion     3,583        
      Warrant liabilities     5,133       4,463  
      Accrued expenses, long-term           152  
      Accrued settlement, net of current portion     1,750        
      Notes payable, non current portion, net of debt issuance costs     29,646        
      Operating lease liability, net of current portion     22,588       2,234  
      Financing lease liability, net of current portion     63       66  
      Total Long-Term Liabilities     62,763       6,915  
    Total Liabilities
        84,618       47,292  
                         
    Equity                
      Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of of December 31, 2024 and December 31, 2023, respectively            
      Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,232,650 and 6,695,587 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively     1       6  
    Additional paid in capital     72,749       69,445  
    Accumulated deficit     (82,154 )     (41,539 )
    Total Stockholders’ (Deficit) Equity     (9,404 )     27,912  
    Total Liabilities and Stockholders’ (Deficit) Equity   $ 75,214     $ 75,204  
                         
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Interim Consolidated Statement of Operations
    (U.S. Dollar in Thousands, except share and per share data)
            Three Months Ended   Year Ended
            December 31,   December 31,   December 31,   December 31,
            2024   2023   2024   2023
                         
    Net Sales   $ 12,212     $ 10,438     $ 50,645     $ 64,392  
                         
    Cost of Goods Sold     9,674       8,181       39,019       48,946  
                         
    Gross Profit     2,538       2,257       11,626       15,446  
                         
    Operating Expenses                
      Research and development     956       531       5,451       3,863  
      General and administrative     3,658       3,275       18,536       26,389  
      Selling and marketing     1,696       1,548       10,025       12,623  
                         
    Total Operating Expenses     6,310       5,354       34,012       42,875  
                         
      Loss From Operations     (3,772 )     (3,097 )     (22,386 )     (27,429 )
                         
    Other Income (Expense)                
      Interest expense     (6,251 )     (4,034 )     (21,504 )     (16,015 )
      Other (Expense) Income           19       (36 )     19  
      Loss on settlement     (2,500 )           (2,500 )      
      Loss on impairment of assets     (873 )           (873 )      
      Change in fair market value of warrant liability     3,554       10,400       6,684       29,582  
        Total Other (Expense) Income     (6,070 )     6,385       (18,229 )     13,586  
                         
    Net (Loss) Income Before Taxes     (9,842 )     3,288       (40,615 )     (13,843 )
                         
    Income Tax (Benefit) Expense           (26 )            
                         
    Net (Loss) Income   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,843 )
                         
    Net (Loss) Gain Per Share- Basic & Diluted   $ (1.39 )   $ 0.50     $ (5.91 )   $ (2.36 )
    Weighted Average Number of Shares- Basic & Diluted     7,085,956       6,621,115       6,866,826       5,865,165  
                                     
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Statement of Cash Flows
    Years Ended December 31, 2024 and 2023
    (U.S. in thousands)
          2024   2023
    Cash flows from Operating Activities        
    Net Loss   $ (40,615 )   $ (13,817 )
    Adjustments to Reconcile Net Loss to Net Cash        
    Used in Operating Activities        
      Stock based compensation     1,020       6,710  
      Amortization of debt discount     7,241       1,470  
      Change in fair market value of warrant liability     (6,684 )     (29,582 )
      Non-cash interest expense (paid-in-kind)     10,058       4,938  
      Provision for credit losses     3       114  
      Depreciation and amortization     1,372       1,237  
      Amortization of right of use assets     2,231       1,179  
      Loss on disposal of property and equipment           116  
      Loss on impairment of assets     873        
      Write-off of prepaid inventory     69       596  
    Changes in Assets and Liabilities        
      Accounts receivable     (780 )     (309 )
      Inventories     17,062       11,411  
      Prepaid expenses     (42 )     852  
      Prepaid inventory     (50 )     25  
      Other current assets     (707 )     149  
      Other assets     (445 )     1,198  
      Income taxes payable     212       6  
      Accounts payable and accrued expenses     (5,365 )     (3,527 )
      Accrued tariffs     202       781  
      Accrued settlement     2,500        
      Deferred revenue     4,583        
      Uncertain tax position liability     (36 )     (37 )
      Customer deposits     116       (37 )
    Total Adjustments     33,433       (2,710 )
    Net Cash Used in Operating Activities     (7,182 )     (16,527 )
               
    Cash Flows From Investing Activities        
      Proceeds from disposal of property and equipment     8        
      Purchase of property and equipment     (2,737 )     (6,885 )
      Net Cash Used in Investing Activities     (2,729 )     (6,885 )
               
    (Continued)        
    Cash Flows From Financing Activities        
      Proceeds from public offering           24,177  
      Payment of public offering costs           (1,258 )
      Proceeds from public offering (ATM), net     2,043       0  
      Proceeds from note payable, related party     2,700       1,000  
      Repayment of note payable, related party     (2,700 )     (1,000 )
      Repayment of note payable           (5,275 )
      Proceeds from exercise of public warrants           747  
      Proceeds from exercise of options     4       586  
      Proceeds from exercise of Investor Warrants           546  
      Net Cash Provided by Financing Activities     2,047       19,523  
               
    Net Decrease in Cash and cash equivalents     (7,864 )     (3,889 )
    Cash and cash equivalents – beginning of period     12,713       17,781  
    Cash and cash equivalents – end of period   $ 4,849     $ 13,892  
               
    Supplemental Disclosures of Cash Flow Information:        
      Cash paid for income taxes           238  
      Cash paid for interest   $ 6,288     $ 9,102  
    Supplemental Non-Cash Items        
      Purchases of property and equipment, not yet paid   $ 1,703     $ 96  
      Recognition of right of use asset obtained in exchange for operating lease liability   $ 18,653     $  
      Recognition of leasehold improvements obtained in exchange for operating lease liability   $ 4,683     $  
      Recognition of warrant liability – Penny Warrants   $ 7,354     $ 698  
      Recognition of warrant liability – Investor Warrants   $     $ 13,762  
      Settlement of accrued liability for employee liability for employee stock purchase plan   $ 250     $  
      Reclassification of assets held for sale   $ 644     $  
      Non-cash impact of cash exercise of liability classified warrants   $     $ 617  
      Cashless exercise of liability classified warrants   $     $ 12,629  
               
               
     
    Dragonfly Energy Holdings Corp.
    Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
    (U.S. Dollars in Thousands)
     
          Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
          2024   2023   2024   2023
    EBITDA Calculation                
    Net (Loss) Income Before Taxes   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,817 )
      Interest Expense     6,251       4,034       21,504       16,015  
      Taxes           (26 )           (26 )
      Depreciation and Amortization     381       328       1,372       1,237  
    EBITDA   $ (3,210 )   $ 7,650     $ (17,739 )   $ 3,409  
                       
    Adjustments to EBITDA                
      Stock Based Compensation     261       323       1,020       6,710  
      Secondary offering costs                       720  
      Separation Agreement                       904  
      Tariff Investigation                 463        
      Patent Litigation     624             624        
      Reverse Stock Split     90             90        
      Stryten Agreement                 284        
      Loss on Settlement     2,500             2,500        
      Loss on Impairment of Assets     873             873        
      Write off of Prepaid Inventory     69       596       69       712  
      Change in fair market value of warrant liability     (3,554 )     (10,400 )     (6,684 )     (29,582 )
    Adjusted EBITDA   $ (2,347 )   $ (1,831 )   $ (18,500 )   $ (17,127 )
                     
     
    Dragonfly Energy Holdings Corp.
    Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA)
    Three Months Ended March 31, 2025
    (U.S. Dollars in Thousands)
     
    Non-GAAP Financial Guidance          
                 
    Operating Loss(1) $ (4,843 )    
      Taxes        
      Depreciation and Amortization   297      
    EBITDA $ (4,546 )    
                 
    Adjustments to EBITDA          
      Stock Based Compensation   219      
      ATW Deal expenses   150      
      Patent Litigation expenses   368      
    Adjusted EBITDA $ (3,809 )    
     
     
    (1) Although net loss is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating loss because we are not able to calculate forward-looking net loss without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our change in fair market value of the Company’s warrant liability.
     

    Investor Relations:
    Eric Prouty
    Szymon Serowiecki
    AdvisIRy Partners
    DragonflyIR@advisiry.com

    The MIL Network

  • MIL-OSI: Prairie Operating Co. Announces Registered Direct Offering of Series F Convertible Preferred Stock and Warrants to Purchase Common Stock

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) — Prairie Operating Co. (“Prairie,” the “Company,” “we” or “our”) (Nasdaq: PROP), an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids, announced today that it has entered into a Securities Purchase Agreement with a certain investor, pursuant to which the Company agreed to issue and sell, in a registered public offering by the Company directly to such investor (the “Preferred Stock Offering”), an aggregate of 150,000 shares of new Series F Convertible Preferred Stock (the “Series F Preferred Stock”).

    From and after the date the Series F Preferred Stock is issued by the Company (the “Closing Date”), the holder of the Series F Preferred Stock will be entitled to receive, on a cumulative basis, dividends on each share of Series F Preferred Stock at a rate per annum equal to 12% on the amount equal to the sum of (a) the stated value of the Series F Preferred Stock plus (b) all accrued and unpaid dividends on such share of Series F Preferred Stock (including dividends accrued and unpaid on previously unpaid dividends).

    The Company intends to use the net proceeds from the Preferred Stock Offering, together with the net proceeds from a concurrent registered public offering of common stock (the “Concurrent Common Stock Offering”), to fund a portion of the purchase price for the Company’s proposed acquisition of certain oil and gas assets from Bayswater Exploration and Production and certain of its affiliates (the “Bayswater Acquisition”). The Company intends to use any remaining net proceeds from the Preferred Stock Offering and the Concurrent Common Stock Offering for other general corporate purposes, which may include advancing the Company’s development and drilling program, repayment of existing indebtedness or financing other potential acquisition opportunities.

    In connection with the Preferred Stock Offering, the Company is also offering the holder of the Series F Preferred Stock warrants (the “Series F Warrant”), which will be registered together with the Series F Preferred Stock, to purchase additional shares of common stock of the Company, par value $0.01 per share (“Common Stock”) that will be issuable if, on the first anniversary of the Closing Date (such first anniversary date, the “Original Issuance Date”), (i) any of the Series F Preferred Stock is outstanding and (ii) the last reported sale price during any trading day in the 20 trading day period ending on such date was less than 115% of the conversion price of the Series F Preferred Stock. If issued, the Series F Warrant will be exercisable for a number of shares of Common Stock equal to the quotient of (i) the stated value of the Series F Preferred Stock held by such holder on the Original Issuance Date multiplied by 125%, divided by (ii) the average of the volume-weighted average price of the Company’s Common Stock during the 10 trading days prior to the Original Issuance Date.

    The Preferred Stock Offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on December 20, 2024. The prospectus supplement, and accompanying base prospectus, relating to the Preferred Stock Offering, when available, will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of Series F Preferred Stock, any Series F Warrants, or shares of Common Stock, or any other securities, nor shall there be any sale of such shares of Series F Preferred Stock, Series F Warrants, shares of Common Stock, or any other securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Prairie

    Houston-based Prairie Operating Co. is an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation.

    For more information, visit www.prairieopco.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release, regarding our strategy, future operations, financial position, estimated reserves, revenues and income or losses, projected costs and capital expenditures, prospects, acquisition opportunities, plans and objectives of management are forward-looking statements. When used in this press release, the words “plan,” “may,” “endeavor,” “will,” “would,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are (or were when made) based on current expectations and assumptions about future events and are (or were when made) based on currently available information as to the outcome and timing of future events. Forward-looking statements in this press release may include, for example, statements about: the Company’s ability to successfully finance and consummate the Bayswater Acquisition, including the risk that the Company may fail to complete the Bayswater Acquisition on the terms and timing currently contemplated or at all, fail to enter into the New Credit Agreement on expected terms and/or fail to realize the expected benefits of the Bayswater Acquisition; the Company’s financial performance following the Bayswater Acquisition; the Preferred Stock Offering, the Concurrent Common Stock Offering, the timing thereof and the use of proceeds therefrom; estimates of the Company’s oil, natural gas and NGLs reserves; drilling prospects, inventories, projects and programs; estimates of future oil and natural gas production from our oil and gas assets, including estimates of any increases or decreases in production; the availability and adequacy of cash flow to meet the Company’s requirements; financial strategy, liquidity and capital required for the Company’s development program and other capital expenditures; the availability of additional capital for the Company’s operations; changes in the Company’s business and growth strategy, including the Company’s ability to successfully operate and expand its business; the Company’s integration of acquisitions, including the Bayswater Acquisition; changes or developments in applicable laws or regulations, including with respect to taxes; and actions taken or not taken by third-parties, including the Company’s contractors and competitors. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” in the prospectus supplement, the accompanying base prospectus, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Forms 10-Q filed with the SEC and our other filings with the SEC, all of which can be accessed on the SEC’s website at www.sec.gov. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to: the Company’s and Bayswater’s ability to satisfy the conditions of the Bayswater Acquisition in a timely manner or at all, including the Company’s ability to successfully finance the Bayswater Acquisition; the Company’s ability to complete the Concurrent Common Stock Offering in a timely manner and on acceptable terms, if at all; the Company’s ability to recognize the anticipated benefits of the Bayswater Acquisition, which may be affected by, among other things, competition and the Company’s ability to grow and manage growth profitably following the Bayswater Acquisition; the Company’s ability to fund its development and drilling plan; the possibility that the Company may be unable to achieve expected cash flow, production levels, drilling, operational efficiencies and other anticipated benefits within the expected time-frames, or at all, and to successfully integrate the Bayswater Assets, and/or any other assets or operations the Company has acquired or may acquire in the future with those of the Company; the Company’s integration of the Bayswater Assets with those of the Company may be more difficult, time-consuming or costly than expected; the Company’s operating costs, customer loss and business disruption may be greater than expected following the Bayswater Acquisition or the public announcements of the Bayswater Acquisition; the Company’s ability to grow its operations, and to fund such operations, on the anticipated timeline or at all; uncertainties inherent in estimating quantities of oil, natural gas and NGL reserves and projecting future rates of production and the amount and timing of development expenditures; commodity price and cost volatility and inflation; the ability to maintain necessary permits and approvals to develop our assets; safety and environmental requirements that may subject the Company to unanticipated liabilities; changes in the regulations governing our business and operations, including the businesses and operations we have acquired or may acquire in the future, such as, but not limited to, those pertaining to the environment, our drilling program and the pricing of our future production; the Company’s success in retaining or recruiting, or changes required in, the Company’s officers, key employees or directors; general economic, financial, legal, political, and business conditions and changes in domestic and foreign markets; the risks related to the growth of the Company’s business; the effects of competition on the Company’s future business; and other factors detailed under the section entitled “Risk Factors” in the prospectus supplement and, accompanying base prospectus related to the Preferred Stock Offering, the Concurrent Common Stock Offering, and the periodic filings with the SEC. Reserve engineering is a process of estimating underground accumulations of oil, natural gas and NGLs that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify upward or downward revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered. Should one or more of the risks or uncertainties described herein or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those express in any forward-looking statements. All forward-looking statements, expressed or implied, in this press release, are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

    Contact: Investor Relations

    Wobbe Ploegsma
    info@prairieopco.com
    832.274.3449

    The MIL Network

  • MIL-OSI NGOs: MSF condemns Israeli strike on Nasser hospital in Gaza, calls for protection of health facilities

    Source: Médecins Sans Frontières –

    JERUSALEM  – Médecins Sans Frontières (MSF) strongly condemns Israel’s strike on Nasser Hospital in Khan Younis, southern Gaza—the largest remaining functioning hospital in the Gaza Strip, where MSF teams work. 

    On 23 March, Israeli forces targeted the hospital’s inpatient surgical department, killing two people, according to the Ministry of Health.  MSF teams confirmed there were several people injured, one of which was admitted to our trauma unit, and that severe damage was done to the building. This attack, shows a total disregard for the protection of medical facilities, endangered patients and medical staff and the very provision of healthcare. As Israeli forces escalate their operations in Gaza once again, MSF calls for the respect and protection of healthcare facilities, patients and medical staff in Gaza, where the health system has been all but destroyed. 

    “Strikes such as these are horrific for staff and patients” says Claire Nicolet, MSF head of emergencies in Gaza. “We cannot go back to repeated attacks on health care facilities when the health system in Gaza is already hanging by a thread, and no supplies have entered in weeks.”
    While Gaza’s healthcare system has collapsed, and the medical needs of people continue to skyrocket, medical workers are yet again forced to fear for their lives while providing care. At Nasser hospital, two MSF colleagues, who were working in different hospital departments, described panic among patients at the time of the attack.
     

    ” The distance between us and the explosion was so close that we could’ve been hit too,” explains an MSF nurse who works in another ward in Nasser hospital and was close by when the strike happened. “Our colleagues, medical staff, patients and their caretakers were all terrified.” 
    During Israel’s war on Gaza, MSF has witnessed relentless attacks on health facilities, a complete disregard for patients, medical workers and International Humanitarian Law (IHL), resulting in the systematic dismantling of Gaza’s health system.  Not a single hospital in the Gaza Strip is currently fully functional, and only 21 out of the enclave’s 36 hospitals are partially functioning, according to the World Health Organization (WHO).

    As one of the last main hospitals in southern Gaza, Nasser hospital is providing care for people with severe burns and trauma injuries, newborns, and pregnant women. 
    Since returning in mid-May 2024, MSF teams have been supporting the emergency, pediatric, and maternity departments at Nasser hospital, as well as running a burn and trauma unit. In February 2024, MSF teams were forced to flee after the hospital was shelled by Israeli forces.
    Furthermore, Nasser Hospital as other health facilities in Gaza is facing several challenges of supplies, including hygiene items, medication and surgical items, while Israeli authorities continue their siege on the Strip for over 20 days. Due to the numerous influxes of patients from recent bombings, MSF stocks are decreasing faster than expected, and the blockade is making it impossible for our teams to restock vital items such as antibiotics, painkillers and anesthetics.
    In a separate incident on May 24, MSF teams in Al-Mawasi primary health care clinic were forced to close the emergency room, evacuate the facility and suspend activities for the day due to close-by shootings and shelling. Healthcare facilities, patients and medical staff must be protected.

    MSF calls once again for the immediate restoration of the ceasefire and for the resumption of the entry of essential aid and basic supplies, which people in Gaza desperately need. 

    MIL OSI NGO

  • MIL-OSI USA: 03.24.2025 Sen. Cruz Celebrates Approval of Deepwater Port License Off Texas, Louisiana Coast

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Senate Commerce Committee Chairman Ted Cruz (R-Texas) today issued the following statement celebrating the Trump administration’s issuance of a license to Delfin LNG, LLC to construct and operate a deepwater port near the border of Texas and Louisiana to export Liquefied Natural Gas (LNG) from the United States. This project is a major step toward unlocking America’s full energy potential.
    Sen. Cruz said, “This project was needlessly delayed by the radical environmentalists in the Biden administration. Getting it approved was a top priority of mine as the leader of the Senate Commerce Committee. I am grateful to see Secretary Duffy follow through on a promise he made to me – and to have directed MARAD and the Coast Guard to complete Delfin’s deepwater port license review post-haste. I am proud to work with President Trump and his administration to support Texas’ robust oil and natural gas industry to and reestablish American energy dominance globally.”
    BACKGROUND
    Sen. Cruz has long been a leader in unleashing America’s energy potential and protecting America’s traditional energy industry. He called out the previous administration for undermining the oil and gas industry and urged them to expedite the permit process for LNG projects.
    In April 2024, Sen. Cruz and Sen. Bill Cassidy (R-La.) sent a letter urging for an extension of time to Delfin LNG LLC’s approval to export LNG after the Biden administration’s deference to the radical climate lobby. During the nomination hearing for Sean Duffy to be Secretary of Transportation, Sen. Cruz pointed out the Biden administration’s hostility towards the oil and gas industry, citing the previous administration’s failure to approve deepwater port licenses and asked Secretary Duffy to expedite review of Delfin’s reapplication in Texas.
    Sen. Cruz successfully fought to include language in the National Defense Authorization Act for Fiscal Year 2024 that would increase transparency and expedite deepwater port licenses by MARAD.
    In February 2023, Sen. Cruz sent a letter to MARAD seeking information about its lengthy delays in reaching decisions on applications for deepwater ports exporting oil and natural gas. The letter also urged MARAD to meet its statutory deadlines to make decisions. At the time, four of the seven pending applications for licenses were for projects located off the coast of Texas.

    MIL OSI USA News

  • MIL-OSI USA: Peters and Senate Committee Ranking Members Demand Immediate Review by Agency Inspectors General of Trump Administration’s Mass Dismissals of Federal Employees

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, D.C. – U.S. Senator Gary Peters (D-MI), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, led 16 Senate Committee Ranking Members in a letter to the Inspectors General of 23 federal agencies, pressing for details on the impact of President Trump’s sweeping and unprecedented dismissal of tens of thousands of federal employees. The senators asked the Inspectors General to review the Trump Administration’s actions, citing potential violations of federal laws and procedures, which the senators warn could harm Americans’ access to vital government services and increase waste and abuse of taxpayer dollars.

    “The decision to terminate thousands of employees across multiple federal agencies will impose undue hardship on millions of Americans who rely on their services,” wrote the senators. “The loss of experienced agency staff may risk causing serious disruptions to nearly 73 million Americans who rely on the Social Security Administration (SSA) to administer retiree and disability benefits and 9.1 million veterans who depend on the Department of Veteran Affairs (V.A.), many of which rely on the V.A. for life saving medical treatments and care.”  

    Highlighting the devastating consequences of these mass firings, the senators underscored the Trump Administration’s layoffs have already disrupted critical operations at agencies that millions of Americans depend on for survival. 

    “Among the 2,400 employees fired from the V.A. since Mr. Trump’s inauguration are workers who purchase medical supplies, schedule appointments and arrange rides for patients to see their doctors,” wrote the senators, citing a NY Times report. “Additionally, taxpayers seeking in-person assistance as they navigate the 2025 filing season may find the support centers they previously relied on completely relocated or shuttered. That risk is a direct consequence of the Administration’s mass dismissals and decision to terminate over 100 IRS offices with Tax Assistance Centers (TAC) – which provide free, in-person assistance for those seeking it.”

    The senators are requesting that IGs examine whether these dismissals violated agency policies and assess the damage to agency missions, public safety, and national security, calling for an initial review to be completed within 60 days, with findings made available to the public to ensure transparency and accountability.  

    In addition to Peters, the letter was signed by U.S. Senators and Ranking Members Amy Klobuchar (D-MN), Committee on Agriculture, Nutrition, and Forestry, Kirsten Gillibrand (D-NY), Special Committee on Aging, Patty Murray (D-WA), Committee on Appropriations, Jack Reed (D-RI), Committee on Armed Services, Elizabeth Warren (D-MA), Committee on Banking, Housing, and Urban Affairs, Maria Cantwell (D-WA), Committee on Commerce, Science, and Transportation, Sheldon Whitehouse (D-RI), Committee on Environment and Public Works, Ron Wyden (D-OR), Committee on Finance, Jeanne Shaheen (D-NH), Committee on Foreign Relations, Bernie Sanders (I-VT), Committee on Health, Education, Labor, and Pensions, Dick Durbin (D-IL), Committee on the Judiciary, Richard Blumenthal (D-CT), Committee on Veterans’ Affairs, Martin Heinrich (D-NM), Committee on Energy and Natural Resources, Jeff Merkley (D-OR), Committee on the Budget and Ed Markey (D-MA), Committee on Small Business and Entrepreneurship.

    The full text of the letter can be found here. 

    MIL OSI USA News

  • MIL-OSI Asia-Pac: PLI 1.1 Scheme Boosts India’s Specialty Steel Sector

    Source: Government of India

    PLI 1.1 Scheme Boosts India’s Specialty Steel Sector

    Government Expands PLI Scheme to Strengthen Domestic Steel Manufacturing

    PLI 1.1 Sees ₹17,000 Crore Investment Commitment in Second Round

    42 MoUs Signed Under PLI Scheme 1.1, Strengthening India’s Self-Reliance in Steel

    Posted On: 24 MAR 2025 7:30PM by PIB Delhi

    New Delhi:The Ministry of Steel marked a key milestone today with the signing of Memorandums of Understanding (MoUs) under the Production-Linked Incentive (PLI) Scheme 1.1 for specialty steel. Addressing the gathering, Union Steel Minister H.D. Kumaraswamy emphasized that the scheme is a significant step toward achieving Prime Minister Narendra Modi’s “Make in India” vision. 

    “The PLI scheme is a major step towards realizing the Hon’ble Prime Minister’s vision of self-reliance. India is the second-largest producer and consumer of steel, yet we still import certain high-grade varieties. This scheme aims to bridge that gap by promoting domestic production,” he said. 

    Launched in July 2021, the PLI scheme for specialty steel covers five broad categories and 19 sub-categories. The initiative ensures that only companies registered in India and engaged in end-to-end steel production are eligible for incentives. The scheme has generated strong industry participation, prompting the government to introduce Round 2, allowing more companies to benefit. 

    To encourage investment and boost output, the government is offering incentives ranging from 3-4% based on investment and production targets. In the first round, 44 applications were submitted by 23 companies, with incentives already disbursed for one project. The second round has seen even greater enthusiasm, with 25 companies submitting 42 applications, committing investments worth ₹17,000 crore. 

    Lauding the efforts of officials in the Ministry of Steel and the MECON team for fast-tracking the implementation of PLI 1.1, Kumaraswamy said, “The dedication and efficiency shown by the ministry officials and the MECON team have been instrumental in accelerating this scheme. Their efforts are crucial in ensuring the success of this initiative.” 

    The minister also made a strong appeal to domestic steelmakers, urging them to focus on specialty steel production. “Domestically, we are not manufacturing specialty steel, but I personally request our steelmakers to invest in specialty steel plants. If you succeed in producing specialty steel domestically, it will boost capacity and production in the country. I urge all stakeholders to take up this challenge and contribute to our self-reliance,” he stated. 

    Highlighting the scheme’s impact, Kumaraswamy reiterated the government’s commitment to strengthening the steel industry. “The Government of India remains firmly committed to supporting the steel sector. The PLI Scheme has created strong momentum and brings us closer to self-reliance,” he noted. 

    The expansion of the scheme is expected to further enhance India’s global competitiveness in specialty steel production. The minister expressed gratitude to Prime Minister Modi for his leadership in driving this transformative initiative and congratulated all the companies that signed MoUs under PLI 1.1. 

    As the PLI scheme continues to gain momentum, industry leaders see it as a catalyst for reducing dependency on imports and positioning India as a global hub for high-quality steel production.  Secretary for steel Shri Sandeep Poundrik,Shri Abhijit Narendra, Joint Secretary, Shri Ministry of Steel, Mr SK Verma, MD, MECON and other officials from the ministry of steel were present at event.

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  • MIL-OSI Asia-Pac: Make in India Powers Defence Growth

    Source: Government of India (2)

    Make in India Powers Defence Growth

    Production hit ₹1.27 lakh crore in FY 2023-24, Exports cross ₹21,000 crore

    Posted On: 24 MAR 2025 7:19PM by PIB Delhi

    Summary

    India’s defence production reached ₹1.27 lakh crore in FY 2023-24, marking a 174% rise since 2014-15, driven by the Make in India initiative.

    Defence exports hit a record ₹21,083 crore in FY 2023-24, expanding 30 times in a decade, with exports to 100+ countries.

    Initiatives like iDEX and SAMARTHYA are driving technological advancements in AI, cyber warfare, and indigenous weapon systems.

    14,000+ items indigenised under SRIJAN and 3,000 under Positive Indigenisation Lists.

    India aims for ₹3 lakh crore in production, ₹50,000 crore in exports by 2029.

    Summary

    Introduction

    India’s defence production has grown at an extraordinary pace since the launch of the “Make in India” initiative, reaching a record ₹1.27 lakh crore in FY 2023-24. Once dependent on foreign suppliers, the country now stands as a rising force in indigenous manufacturing, shaping its military strength through homegrown capabilities. This shift reflects a strong commitment to self-reliance, ensuring that India not only meets its security needs but also builds a robust defence industry that contributes to economic growth.

    Strategic policies have fuelled this momentum, encouraging private participation, technological innovation, and the development of advanced military platforms. The surge in the defence budget, from ₹2.53 lakh crore in 2013-14 to ₹6.81 lakh crore in 2025-26, underlines the nation’s determination to strengthen its military infrastructure.

    This commitment to self-reliance and modernisation is reflected in the recent approval by the Cabinet Committee on Security (CCS) for the procurement of the Advanced Towed Artillery Gun System (ATAGS), a significant step in enhancing the Army’s firepower. The deal includes 307 units of 155mm/52 caliber guns along with 327 High Mobility 6×6 Gun Towing Vehicles, equipping 15 Artillery Regiments under the Buy Indian–Indigenously Designed, Developed, and Manufactured (IDDM) category, at an estimated cost of ₹7,000 crore. Developed by DRDO with Bharat Forge and Tata Advanced Systems, ATAGS is a cutting-edge artillery system with a 40+ km range, advanced fire control, precision targeting, automated loading, and recoil management, thoroughly tested by the Indian Army in all terrains.

    With modern warships, fighter jets, artillery systems, and cutting-edge weaponry being built within the country, India is now a key player in the global defence manufacturing landscape.

     

    Surge in Indigenous Defence Production

    India has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, driven by the successful implementation of government policies and initiatives led by Prime Minister Shri Narendra Modi, focusing on attaining Atmanirbharta. The value of defence production has surged to a record high of ₹1,27,265 crore, marking an impressive 174% increase from ₹46,429 crore in 2014-15, according to data from all Defence Public Sector Undertakings (DPSUs), other public sector units manufacturing defence items, and private companies.

    This growth has been bolstered by the Make in India initiative, which has enabled the development of advanced military platforms including the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Specialist Vehicles, High Mobility Vehicles, Light Combat Aircraft (LCA) Tejas, Advanced Light Helicopter (ALH), Light Utility Helicopter (LUH), Akash Missile System, Weapon Locating Radar, 3D Tactical Control Radar, and Software Defined Radio (SDR), as well as naval assets like destroyers, indigenous aircraft carriers, submarines, frigates, corvettes, fast patrol vessels, fast attack craft, and offshore patrol vessels.

     

    Key points:

    • 65% of defence equipment is now manufactured domestically, a significant shift from the earlier 65-70% import dependency, showcasing India’s self-reliance in defence.

     

    • A robust defence industrial base includes 16 DPSUs, over 430 licensed companies, and approximately 16,000 MSMEs, strengthening indigenous production capabilities.

     

    • The private sector plays a crucial role, contributing 21% to total defence production, fostering innovation and efficiency.

     

    • India targets ₹3 lakh crore in defence production by 2029, reinforcing its position as a global defence manufacturing hub.

    Unprecedented Growth in Defence Exports

    India’s expanding global footprint in defence manufacturing is a direct result of its commitment to self-reliance and strategic policy interventions. Defence exports have surged from ₹686 crore in FY 2013-14 to an all-time high of ₹21,083 crore in FY 2023-24, marking a 30-fold increase over the past decade.

    Key points:

     

    • Defence exports have grown 21 times, from ₹4,312 crore in the 2004-14 decade to ₹88,319 crore in the 2014-24 decade, highlighting India’s expanding role in the global defence sector.

     

    • Defence exports surged by 32.5% year-on-year, rising from ₹15,920 crore in FY 2022-23 to ₹21,083 crore in FY 2023-24.

     

    • India’s diverse export portfolio includes bulletproof jackets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes.
    • Notably, ‘Made in Bihar’ boots are now part of the Russian Army’s gear, highlighting India’s high manufacturing standards.

     

    • India now exports defence equipment to over 100 countries, with the USA, France, and Armenia emerging as the top buyers in 2023-24.

     

    • The government aims to achieve ₹50,000 crore in defence exports by 2029, reinforcing India’s role as a global defence manufacturing hub while boosting economic growth.

     

    Innovations for Defence Excellence (iDEX)

    Launched in April 2018, Innovations for Defence Excellence (iDEX) has created a thriving ecosystem for innovation and technology development in defence and aerospace. By engaging MSMEs, startups, individual innovators, R&D institutes, and academia, iDEX has provided grants of up to ₹1.5 crore for developing innovative technologies. To further enhance self-reliance in defence technology, ₹449.62 crore has been allocated to iDEX, including its sub-scheme Acing Development of Innovative Technologies with iDEX (ADITI), for 2025-26. As of February 2025, 549 problem statements have been opened, involving 619 startups and MSMEs, with 430 iDEX contracts signed.

     

     

    The scheme has three key objectives:

     

    1. Facilitate rapid development of new, indigenised, and innovative technologies for the Indian Defence and Aerospace sector, to meet their needs in a shorter time span.

     

    1. Create a culture of engagement with innovative startups, to encourage co-creation for Defence and Aerospace sectors.

     

    1. Empower a culture of technology co-creation and co-innovation within the Defence and Aerospace sectors.

     

    The recently launched ADITI scheme aims to support critical and strategic technologies such as satellite communication, advanced cyber technology, autonomous weapons, semiconductors, artificial intelligence, quantum technology, nuclear technologies, and underwater surveillance. Under this scheme, grants of up to ₹25 crore are provided to innovators.

    Reinforcing its commitment to supporting startups and MSMEs, the Ministry of Defence has also cleared procurement of 43 items worth over ₹2,400 crore from iDEX startups and MSMEs for the Armed Forces as of February 2025. Additionally, projects worth over ₹1,500 crore have been approved for development.

    SAMARTHYA: Showcasing India’s Defence Indigenisation

    The success story of indigenisation and innovation in the defence sector was highlighted at the Aero India 2025 event ‘SAMARTHYA’, which showcased India’s progress in defence manufacturing. The event featured 33 major indigenised items, including 24 developed by Defence Public Sector Undertakings (DPSUs), the Defence Research and Development Organisation (DRDO), and the Indian Navy, along with nine successful innovation projects from iDEX.

    Among the key indigenised items displayed were:

    • Electro Block of the Anti-Aircraft Machine Gun
    • Electric Mobile Part for Submarines
    • Torsion Bar Suspension for HMV 6×6
    • Extruded Aluminium Alloy for LCA MK-I/II and LCH Components
    • Indian High-Temperature Alloy (IHTA)
    • VPX-135 Single Board Computer
    • Naval Anti-Ship Missile (Short Range)
    • RudraM II Missile
    • C4ISR System
    • DIFM R118 Electronic Warfare Systems

     

    The event further highlighted breakthroughs in AI-driven analytical platforms, next-generation surveillance systems, quantum-secure communication technologies, and counter-drone measures. Innovations like the 4G/LTE TAC-LAN, Quantum Key Distribution (QKD) system, Smart Compressed Breathing Apparatus, and Advanced Autonomous Systems for the Armed Forces reflect India’s evolving defence landscape.

    Efforts are ongoing to bridge the gap between the Indian Army’s operational challenges and the innovative solutions developed by academia, industry startups, and research institutions. Additionally, the focus remains on conducting multi-domain operations in a data-centric environment, especially in light of emerging transformative technologies.

    SAMARTHYA stands as a testament to India’s commitment to self-reliance in defence technology, reinforcing its ability to develop advanced, home-grown solutions for national security.

     

    Advancing Self-Reliance

    India’s pursuit of self-reliance in defence manufacturing has significantly reduced its dependence on foreign suppliers. Through strategic policies and indigenous innovation, the country is developing cutting-edge military platforms, strengthening both national security and economic growth.

     

     

    Self-Reliant Initiatives through Joint Action (SRIJAN)

    • Launched by the Department of Defence Production (DDP) in August 2020 to promote indigenisation under Atmanirbhar Bharat.
    • Serves as a common platform for Defence Public Sector Undertakings (DPSUs) and the Armed Forces (SHQs) to list imported items for domestic manufacturing.
    • As of February 2025, over 38,000 items are available, with more than 14,000 successfully indigenised.

     

    Positive Indigenisation Lists (PILs)

    • The Department of Defence Production (DDP) and the Department of Military Affairs (DMA) have issued five Positive Indigenisation Lists (PILs) for LRUs, assemblies, sub-assemblies, sub-systems, spares, components, and high-end materials.
    • These lists set fixed timelines beyond which procurement will be restricted to domestic manufacturers.
    • Out of over 5,500 items listed, more than 3,000 have been indigenised as of February 2025.
    • Key indigenised technologies include artillery guns, assault rifles, corvettes, sonar systems, transport aircraft, light combat helicopters (LCHs), radars, wheeled armoured platforms, rockets, bombs, armoured command post vehicles, and armoured dozers.

     

     

    Defence Industrial Corridors

    • Two Defence Industrial Corridors (DICs) have been set up in Uttar Pradesh and Tamil Nadu to boost defence manufacturing. These corridors provide incentives to companies investing in the sector.
    • Investments worth more than Rs 8,658 crore have already been made in the 6 nodes of UP viz. Agra, Aligarh, Chitrakoot, Jhansi, Kanpur and Lucknow and 5 nodes of Tamil Nadu viz. Chennai, Coimbatore, Hosur, Salem and Tiruchirappalli.
    • As of February 2025, 253 MoUs have been signed, with a potential investment of ₹53,439 crore.

    Ease of Doing Business (EoDB)

    • The government has introduced several measures to improve ease of doing business in the defence manufacturing sector.
    • The validity of export authorisation for parts and components has been extended from two years to the completion of the order or component, whichever is later.
    • In 2019, the Defence Product List was streamlined to reduce the number of items requiring a manufacturing licence.
    • Parts and components of defence items were de-licensed in September 2019 to encourage investment.
    • The validity of defence licences under the Industries (Development and Regulation) Act, 1951, has been extended from three years to 15 years, with a further extension option of up to 18 years.
    • Over 700 industrial licences have been issued to 436 companies in the defence sector.
    • The introduction of an end-to-end digital export authorisation system has improved efficiency, with more than 1,500 authorisations issued in the last financial year.

     

    MAKE Projects: Driving Indigenous Defence Innovation

    The MAKE procedure was first introduced in the Defence Procurement Procedure (DPP-2006) to promote indigenous design and development in the defence sector. Over the years, it has been simplified and streamlined through revisions in 2016, 2018, and 2020, ensuring faster development of defence equipment, systems, and components by both public and private industries.

    MAKE projects have been divided into three categories:

    MAKE-I (Government Funded)

     

    • Up to 70% government funding for prototype development (capped at ₹250 crore per Development Agency).
    • Minimum 50% Indigenous Content (IC) required.

     

    MAKE-II (Industry Funded)

     

    • Focuses on import substitution, encouraging domestic industries to develop critical defence systems.
    • No government funding, with a minimum 50% Indigenous Content (IC) requirement.

     

    MAKE-III (Manufactured in India through Transfer of Technology – ToT)

     

    • Involves manufacturing in India under Technology Transfer (ToT) from Foreign OEMs.
    • No design and development but require a minimum of 60% Indigenous Content (IC).

     

    Key points:

     

    • As of March 24, 2025, a total of 145 projects have been undertaken under the MAKE initiative, with the participation of 171 industries, driving indigenous defence production.

     

    • The initiative includes 40 MAKE-I projects (Government Funded), 101 MAKE-II projects (Industry Funded), and 4 MAKE-III projects (Manufacturing through ToT), strengthening self-reliance in defence manufacturing.

     

    Other Key Initiatives

    In recent years, the Indian government has implemented a series of transformative initiatives aimed at bolstering the country’s defence production capabilities and achieving self-reliance. These measures are designed to attract investment, enhance domestic manufacturing, and streamline procurement processes. From liberalizing foreign direct investment (FDI) limits to prioritizing indigenous production, these initiatives reflect a robust commitment to strengthening India’s defence industrial base. The following points outline the key government initiatives that have been pivotal in driving growth and innovation in the defence sector.

     

    • Liberalized FDI Policy: Foreign Direct Investment (FDI) in the defence sector was liberalised in September 2020 to attract foreign investment, allowing up to 74% FDI through the automatic route and above 74% through the government route. Since April 2000, the total FDI in defence industries stands at $21.74 million.

     

    • TATA Aircraft Complex: Tata Aircraft Complex was inaugurated in Vadodara in October 2024 to manufacture C-295 aircraft, boosting Atmanirbharta in defence with 40 made-in-India aircraft out of 56 under the programme.
    • Manthan: The annual defence innovation event, Manthan, held during Aero India 2025 in Bengaluru, brought together leading innovators, startups, MSMEs, academia, investors, and industry leaders from the defence and aerospace sectors, reaffirming confidence in the government’s commitment to technological advancements and Aatmanirbhar Bharat.
    • Defence Testing Infrastructure Scheme (DTIS): DTIS aims to boost indigenisation by providing financial assistance for setting up eight Greenfield testing and certification facilities in the aerospace and defence sector, with seven test facilities already approved in areas like unmanned aerial systems, electronic warfare, electro-optics, and communications.

     

    • Priority for Domestic Procurement: Emphasis is placed on procuring capital items from domestic sources under the Defence Acquisition Procedure (DAP)-2020.

     

    • Domestic Procurement Allocation: MoD has earmarked 75% of modernisation budget amounting to Rs 1,11,544 crore for procurement through domestic industries during the current Financial Year.

     

    Conclusion

    India’s remarkable strides in defence production and exports underscore its transformation into a self-reliant and globally competitive military manufacturing hub. The combination of strategic policy interventions, increased domestic participation, and a focus on indigenous innovation has significantly strengthened the country’s defence capabilities. The surge in production, the exponential rise in exports, and the success of initiatives like the Make in India reflect India’s commitment to achieving Atmanirbharta in defence. With ambitious targets set for 2029, the nation is poised to further expand its global footprint, reinforcing its position as a dependable partner in the international defence market while enhancing national security and economic growth.

    References:

    Click here to see PDF.

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  • MIL-OSI Asia-Pac: Government Launches BAANKNET and e-BKray to enhance PSU Bank E-Auctions for Asset Sales

    Source: Government of India (2)

    Government Launches BAANKNET and e-BKray to enhance PSU Bank E-Auctions for Asset Sales

    BAANKNET Portal ensures Transparency with automated KYC and Secure Payments

    Posted On: 24 MAR 2025 6:18PM by PIB Delhi

    In order to boost the sale value realized through bank e-auctions, Public Sector Banks(PSBs) were requested by Department of Financial Services to redesign their e-auction platform. The platform “e-BKray” was launched on 28th February, 2019. In order to further streamline the listing and auctioning of assets of Banks, a revamped e-auction portal named “BAANKNET” was launched on 03rd January, 2025.

    The salient features of the BAANKNET portal are as follows:

    • State-of-the-art Innovative Platform: A cutting-edge property listing and e auction platform specifically designed for banks and lending institutions to address the recovery of Non-Performing Asset (NPA) loans through efficient property auctions.
    • Robust Architecture: Ensures seamless reliability and accessibility for users through both mobile and web interfaces, making it easy for stakeholders to interact with the platform.
    • Automated KYC and Secure Payment Gateways: Integrates advanced Know Your Customer (KYC) tools and secure payment gateways, ensuring a transparent and secure auction process.
    • Comprehensive Property Listings: Offers a convenient solution from property “search” to “sale” for all types of properties across India, streamlining the entire auction journey.
    • Simplified Navigation: Provides an easy-to-use interface for property search and auctions, making the process user-friendly and accessible.
    • Smart Auctions and Fair Pricing: Facilitates intelligent auction mechanisms, ensuring fair pricing and maximum value for all listed properties.
    • Transparency and Seamlessness: Guarantees transparent, efficient, and seamless auction processes, enhancing stakeholder trust and confidence.
    • Bank Verified Titles: Ensures that all property titles are verified by banks, providing authenticity and reliability in the auction process.

    The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of Non-Performing Asset (NPA) cases. By leveraging state-of-the-art technology and integrating automated KYC tools, secure payment gateways, and bank-verified property titles, the platform ensures a high level of transparency throughout the property auction process.

    All 12 Public Sector Banks, and Insolvency and Bankruptcy Board of India (IBBI) are using the platform for listing and auction of properties across the country.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary written reply to a question in Lok Sabha today.

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  • MIL-OSI Asia-Pac: Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs

    Source: Government of India (2)

    Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs

    Government has announced a new Loan Scheme for Women, SC/ST Entrepreneurs in the Union Budget 2025-26

    Credit to women by Public Sector Banks has seen a substantial increase over last 5 years

    Jan Samarth Portal simplifies access to 15 government

    Posted On: 24 MAR 2025 6:17PM by PIB Delhi

    The Government reviews all credit linked schemes from time to time and takes several initiatives in order to facilitate ease of access to credit to the entrepreneurs including women entrepreneurs.

    As per para 32 of Union Budget 2025-26 “A new scheme will be launched for 5 lakh women, Scheduled Castes and Scheduled Tribes first- time entrepreneurs. This will provide term loans upto Rs. 2.00 crore during next 5 years.  The Scheme will incorporate lessons from successful Stand Up India Scheme. Online capacity building for entrepreneurship and managerial skills will also be organized.”

    The entrepreneurs are also provided collateral free loans upto Rs. 20 lakh to enable them to set up or expand their business activities under Pradhan Mantri MUDRA Yojana (PMMY) launched on 8th April 2015.

    Further, as informed by Reserve Bank of India (RBI), the details of credit extended to women by Public Sector Banks during the last five years is as under:

    Credit to women by Public Sector Banks

    (No. of A/cs in Lakh and Amount in ₹ Crore)

    Financial Year

    No of A/cs

    Amount Outstanding

    Mar-20

    207.60

                  488,459.43 

    Mar-21

    289.46

                  731,617.22 

    Mar-22

    305.56

                 836,200.08 

    Mar-23

    350.90

              1,008,935.62 

    Mar-24

    387.24

              1,169,279.00 

    The Government has taken various steps towards effective implementation of the Schemes and for addressing the challenges faced by potential beneficiaries including women which, inter alia, include intensive publicity campaigns, simplification of application form, Credit Guarantee Scheme, providing support in Stand-Up India Scheme by reduction in margin money as well as inclusion of activities allied to agriculture.

    The Jan Samarth portal is a one-stop digital platform for linking fifteen Government-sponsored loans and subsidies Schemes. It provides a quick and efficient way to apply for loans and obtain approvals based on a digital evaluation of the applicant’s data. Further, many Banks and financial institutions have developed online platforms and mobile apps for end to end digital processing of loan applications, reducing the need for physical paperwork and in-person visits.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.

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  • MIL-OSI Asia-Pac: Competition Commission of India (CCI) investigated 35 cartel cases in last five years

    Source: Government of India (2)

    Competition Commission of India (CCI) investigated 35 cartel cases in last five years

    CCI has Signed MoUs with Global Regulators for Competition Law Cooperation

    Competition Act 2023 Introduced ‘Lesser Penalty Plus’ for Cartel Disclosures

    Posted On: 24 MAR 2025 6:15PM by PIB Delhi

    The Competition Commission of India (CCI) investigated a total of 35 cartel cases across various sectors over the last five financial years (till 13.03.2025).

    CCI has signed Bilateral/Multilateral Memorandum of Understanding (MoU) with Egypt, Mauritius, Japan, Brazil, BRICS (Brazil, the Russian Federation, People’s Republic of China and the Republic of South Africa), Canada, European Commission, Australia and United States Department of Justice (DOJ) for cooperation in the field of competition law and policy. These MOUs include provision for enforcement cooperation between CCI and its MoU partners, subject to their respective legal framework, constraints, enforcement interests and available resources.

    In addition, India has signed 14 Free Trade Agreements (FTAs) with its trading partners. Some of these FTAs have a separate Chapter on Competition, according to which each Party shall, in accordance with its laws and regulations, take measures which it considers appropriate against anticompetitive activities, in order to facilitate trade and investment flows between the Parties and the efficient functioning of its market.

    The Commission has a Division for trend analysis and conducting research in various sectors of the economy to have a holistic view and to detect any anti-competitive activities. The Competition (Amendment) Act, 2023 introduced the concept of “lesser penalty plus” within the framework of Section 46 of the Act. Consequently, on 20.02.2024, the CCI (Lesser Penalty) Regulations, 2024 were notified, replacing the 2009 regulations and introducing a “lesser penalty plus”(LPP) mechanism to incentivize disclosures of cartels. The LPP mechanism was introduced to incentivize an existing lesser penalty applicant in respect of a cartel to give full, true, and vital disclosures about another cartel, hitherto not in the knowledge of the CCI.

    To further widen the scope of cartel investigation, Hub & Spoke mechanism has been incorporated by introducing the Proviso in Section 3(3) of the Competition Act, 2002 through the Amendment Act 2023 which provides that an enterprise or association of enterprises or a person or association of persons though not engaged in identical or similar trade shall also be presumed to be part of the agreement under this sub-section if it participates or intends to participate in the furtherance of such agreement. 

    CCI, through its enforcement and advocacy mandate, seeks to promote and sustain competition in the markets by conducting market studies and advocacy events, imparting training about competition issues besides carrying out market corrections to eliminate distortions. The CCI conducted 1446 advocacy programmes during the last five financial years (till 19.03.2025).

    This information was given by Minister of Finance and Corporate Affairs, Shri Nirmala Sitharaman, in  reply to a question in the Lok Sabha today.

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  • MIL-OSI Asia-Pac: Strategic Supply Chain Management for Critical Minerals

    Source: Government of India

    Posted On: 24 MAR 2025 5:20PM by PIB Delhi

    The Union Cabinet has approved the National Critical Mineral Mission (NCMM) on January 29, 2025. The NCMM aims to secure a long-term sustainable supply of critical minerals and strengthen India’s critical mineral value chains encompassing all stages from mineral exploration and mining to beneficiation, processing, and recovery from end-of-life products. The NCMM components also include ‘increasing domestic critical mineral production’ and ‘Acquisition of Critical Mineral Assets abroad’.

    For acquisition of overseas mineral assets, the Ministry of Mines has established a joint venture company, Khanij Bidesh India Ltd. (KABIL). KABIL has signed an Exploration and Development Agreement with CAMYEN, a state-owned enterprise of Catamarca province of Argentina, for exploration and mining of five Lithium Brine Block in Argentina in an area of 15703 Ha.

    Further, an MoU has been signed between KABIL and Critical Mineral Facilitation Office (CMFO), Department of Industry, Science and Resources (DISER), Government of Australia for carrying out joint due diligence and further joint investment in Li & Co mineral assets of Australia.

    NCMM has provision of critical mineral processing parks for which there is budget provision of Rs. 500 Crore. Further, there is also budget provision of Rs. 1500 crore for recycling. In addition, there are also provisions for skill development and R&D activity support.

    The governance framework of NCMM includes an Empowered Committee chaired by the Cabinet Secretary with CEO of NITI Aayog and Secretaries of other stakeholder Ministries as members.

    This information was given by Union Minister of Coal and Mines Shri G. Kishan Reddy in a written reply in Rajya Sabha today.

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  • MIL-OSI Asia-Pac: Reserves and Extraction of Critical Minerals

    Source: Government of India

    Posted On: 24 MAR 2025 5:19PM by PIB Delhi

    The cumulative resources of various critical minerals augmented by GSI since the Mines and Minerals (Development and Regulation) Amendment Act, 2015 are as follows:

    (in million tonne)

    Sl. No

    Ore of Commodity

    Resource

    Sl. No.

    Ore of Commodity

    Resource

    1.

    REE-RM

    310.94

    9.

    Vanadium

    116.46

    2.

    Niobium

    282.0

    10.

    Molybdenum

    3.6

    3.

    PGE

    1.0

    11.

    Tungsten

    21.5

    4.

    Graphite

    72.91

    12.

    Lithium

    12.3

    5.

    Glauconite/Potash

    1496.0

    13.

    Nickel

    4.8

    6.

    Phosphorite

    31.88

    14.

    Cobalt

    275 (tonne)

    7.

    Titanium

    41.0

    15.

    Tin

    3.0

    8.

    Gallium

    74.0

     

    As per the Mines and Minerals (Regulation and Development) Amendment Act, 2015, the State Governments conduct auction of mineral blocks. The MMDR Amendment Act, 2023 has empowered the Central Government to exclusively auction Mining Leases (ML) and Composite Licences (CL)(prospecting licence-cum-mining lease) in respect of any ‘critical and strategic mineral’ specified in Part D of the First Schedule of the MMDR Act. From 2020-21 till MMDR Amendment Act 2023, a total of 44 critical mineral blocks, (8 MLs and 36 CLs) were auctioned, out of which 20 critical mineral blocks (4 MLs and 16 CLs) were auctioned by State Governments. Post MMDR Amendment 2023, the Central Government has auctioned 24 critical mineral blocks (4 MLs and 20 CLs) till date.

    The Khanij Bidesh India Limited (KABIL), a joint venture company under the Ministry of Mines has signed an Exploration and Development Agreement on 15.01.2024 with the State owned company of Catamarca province of Argentina, CAMYEN S A and has obtained exclusivity rights for exploration, development and mining in 5 brine type Lithium Blocks, covering an area of 15,703 hectares, in Fiambala division of Catamarca province of Argentina.

    This information was given by Union Minister of Coal and Mines Shri G. Kishan Reddy in a written reply in Rajya Sabha today.

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    Shuhaib T

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  • MIL-OSI Asia-Pac: India to host 3-day FATF Private Sector Collaborative Forum 2025 (PSCF 2025) from 25th -27th March, 2025, in Mumbai

    Source: Government of India (2)

    India to host 3-day FATF Private Sector Collaborative Forum 2025 (PSCF 2025) from 25th -27th March, 2025, in Mumbai

    FATF President Ms. Elisa de Anda Madrazo to formally inaugurate PSCF 2025 on 26th March, 2025, with RBI Governor Shri Sanjay Malhotra presiding over the event

    The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems

    Posted On: 24 MAR 2025 5:05PM by PIB Delhi

    The Financial Action Task Force (FATF) Private Sector Collaborative Forum (PSCF) 2025 will be held from 25th -27th March, 2025, in Mumbai. The forum is being hosted by the Reserve Bank of India (RBI) and the Department of Revenue, Ministry of Finance, Government of India, reaffirming India’s responsible leadership in global efforts to combat money laundering and terrorist financing.

     

    FATF President Ms. Elisa de Anda Madrazo will formally inaugurate the PSCF 2025 on 26th March, 2025, with Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra presiding over the event. The Indian delegation to PSCF is a multi-disciplinary team led by Shri Vivek Aggarwal, Additional Secretary (Revenue), Ministry of Finance.

    India’s Leadership in AML/CFT Efforts

    India’s participation in FATF initiatives has been widely recognised. India is a member of steering group of FATF and also co-chairs a working group on Risks, Trends and Methodologies work group. In November 2024, India hosted the plenary of Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore. In June 2024, India’s FATF Mutual Evaluation Report was tabled at the FATF Plenary in Singapore and subsequently released in September 2024. India achieved the best possible outcome by being placed in ‘regular follow-up,’ a status that only a few countries have attained in their Mutual Evaluations.

    The report commended India’s exemplary efforts in curbing money laundering and terrorist financing, highlighting the country’s advanced fintech ecosystem, innovations like the Unified Payments Interface (UPI) and Aadhaar-enabled digital identity verification, and proactive inter-agency coordination. India’s approach has set a global benchmark for integrating technology with financial security.

    PCSF 2025

    The upcoming PCSF event is another milestone in India’s journey in its efforts in curbing money laundering and terrorist financing. The PSCF is an annual event that provides a critical platform for dialogue between FATF member countries, international organisations, and private sector stakeholders. It aims to enhance the implementation of FATF’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards by fostering collaboration, exchanging best practices, and addressing emerging global challenges.

    This year’s forum will see participation from countries across FATF’s Global Network, along with representatives from financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), international organisations, and academia.

    Key Highlights and Agenda Focus Areas

    The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems. With financial crimes evolving due to technological advancements — such as cryptocurrency-related laundering — India’s expertise in leveraging technology and fostering a risk-based approach offers valuable insights for the international community. By hosting this significant event, India reinforces its commitment to FATF’s global standards.

    Over the next three days, discussions at the forum will revolve around several critical issues shaping the global AML/CFT landscape. Participants will explore how FATF can continue to address evolving threats while promoting financial inclusion through robust, risk-based supervision of regulated entities. The dialogue will also focus on enhancing transparency in beneficial ownership and leveraging digital tools to strengthen AML/CFT compliance mechanisms.

    Information-sharing practices within the private sector will be evaluated to identify ways to better address emerging financial crime threats. Furthermore, the forum will engage in deliberations on emerging terrorist financing and proliferation financing risks, emphasising the need for measures that reinforce global resilience against these challenges.

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    NB/KMN

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  • MIL-OSI Asia-Pac: 1,84,865 Beneficiaries Availed Concessional Credit under NMDFC Schemes

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:47PM by PIB Delhi

    1,84,865 beneficiaries have availed concessional credit under the National Minorities Development and Finance Corporation (NMDFC) schemes of the Ministry of Minority Affairs during the Financial Year 2023-24. The percentage of women beneficiaries amongst them is 90.57%.

    This information was given by the Union Minister of Minority Affairs & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

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    SS/ISA

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  • MIL-OSI Asia-Pac: LegCo to consider Courts (Remote Hearing) Bill

    Source: Hong Kong Government special administrative region

    LegCo to consider Courts (Remote Hearing) Bill 
         The Legislative Council (LegCo) will hold a meeting on Wednesday (March 26) at 11am in the Chamber of the LegCo Complex. During the meeting, the Second Reading debate on the Courts (Remote Hearing) Bill will resume. If the Bill is supported by Members and receives its Second Reading, it will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bill and its report is adopted by the Council, the Bill will be set down for the Third Reading.
     
         Meanwhile, the Electoral Legislation (Miscellaneous Amendments) Bill 2025, the Buildings Energy Efficiency (Amendment) Bill 2025, the Electronic Health Record Sharing System (Amendment) Bill 2025, the Supplementary Medical Professions (Amendment) Bill 2025 and the Merchant Shipping (Safe and Environmentally Sound Recycling of Ships) Bill will be introduced into the Council for the First Reading and the Second Reading. The Second Reading debate on the Bills will be adjourned.
     
         On Government motion, the Secretary for Commerce and Economic Development will move a proposed resolution under the Hong Kong Export Credit Insurance Corporation Ordinance to resolve that the maximum percentage prescribed for section 13(2) of the Hong Kong Export Credit Insurance Corporation Ordinance is 95 per cent. The proposed resolution is set out in Appendix 1.
     
         On Members’ motions, Mr Dennis Leung will move a motion on accelerating the development of a smart government to better assist the public in integrating into the life in the Greater Bay Area. The motion is set out in Appendix 2. Mr Chan Siu-hung and Mr Steven Ho will move separate amendments to Mr Leung’s motion.
     
         Mr Tommy Cheung will move a motion on reviewing the effectiveness of the small class teaching mode in primary and secondary schools. The motion is set out in Appendix 3. Mr Chu Kwok-keung will move an amendment to Mr Cheung’s motion.
     
         Members will also ask the Government 22 questions on various policy areas, six of which require oral replies.
     
         The agenda of the above meeting can be obtained via the LegCo Website (www.legco.gov.hkIssued at HKT 19:30

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Prime Minister’s New 15 Point Programme Implemented in The Country, Including Odisha

    Source: Government of India

    Posted On: 24 MAR 2025 4:34PM by PIB Delhi

    The Prime Minister’s New 15 Point Programme for welfare of minorities is implemented in the country, including Odisha, as an overarching programme. The programme covers various schemes/initiatives of the Government implemented by various Ministries/Departments, with an aim to ensure that underprivileged and weaker sections of six centrally notified minority communities have equal opportunities for availing the various Government welfare Schemes.

    The schemes of the Ministry of Minority Affairs covered under the 15 Point Programme are exclusively meant for six notified minorities. Further, 15% of the outlays and targets, to the extent possible, of schemes/ initiatives implemented by other participating Ministries/ Departments are earmarked for notified minorities. However, the Schemes are being implemented by the respective Ministries/Departments under the saturation approach of Government. Under the saturation approach of the Government many of the components have achieved mainstreaming. Furthermore, consistent efforts are being made to improve the full delivery of benefits in the various relevant schemes for minority communities.

    The schemes of Ministry of Minority Affairs and other participating Ministries included in the Programme are as under:

    i. Pre-Matric Scholarship Scheme (Ministry of Minority Affairs)

    ii. Post-Matric Scholarship Scheme (Ministry of Minority Affairs)

    iii. Merit-cum- Means based Scholarship Scheme (Ministry of Minority Affairs)

    iv. National Minorities Development Finance Corporation (NMDFC) Loan Schemes

    v. Samagra Shiksha Abhiyaan (M/o Education)

    vi. Deen Dayal Antyodaya Yojana (DAY-NRLM) (M/o Rural Development)

    vii. Deen Dayal Upadhyay Gramin Kaushal Yojana (M/o Rural Development)

    viii. Pradhan Mantri Awaas Yojana (M/o Rural Development)

    ix. Deen Dayal Antyodaya Yojana -National Urban Livelihoods Mission (M/o Housing & Urban Affairs)

    x.  Priority Sector Lending by Banks (Department of Financial Services)

    xi.  Pradhan Mantri Mudra Yojana (Department of Financial Services)

    xii.  POSHAN Abhiyaan (Ministry of Women & Child Development)

    xiii.  National Health Mission (Department of Health & Family Welfare)

    xiv.  Ayushman Bharat (Department of Health & Family Welfare)

    xv. National Rural Drinking Water Programme (Jal Jeevan Mission), (Department of Drinking Water & Sanitation)

    This information was given by the Union Minister of Minority Affairs & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

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  • MIL-OSI Asia-Pac: PM VIKAS Scheme Focuses on Upliftment of Minority Communities

    Source: Government of India

    Posted On: 24 MAR 2025 4:33PM by PIB Delhi

    The Pradhan Mantri Virasat Ka Samvardhan (PM VIKAS) is a Central Sector Scheme of the Ministry of Minority Affairs which converges five erstwhile schemes viz. ‘Seekho Aur Kamao’, ‘Nai Manzil’, ‘Nai Roshni’ and ‘USTTAD’ & ‘Hamari Dharohar’ schemes and focuses on upliftment of six notified minority communities through the following:

    1. Skilling and Training (Non-traditional and traditional)
    2. Women Leadership and Entrepreneurship
    3. Education (through National Institute of Open Schooling)
    4. Infrastructure Development (through Pradhan Mantri Jan Vikas Karyakram)

    The scheme also provisions to facilitate credit linkages by connecting beneficiaries with loan programs offered by the National Minorities Development & Finance Corporation (NMDFC).

    Export Promotion Council for Handicrafts (EPCH) is a knowledge partner of the Ministry under the PM VIKAS scheme to extend support to artisans trained under traditional training components of the scheme in terms of (i) providing marketing linkages; (ii) development of related Course Module content for training; (iii) provide brand positioning & visual merchandizing to the artisan products; (iv) organise awareness program during Ministry’s events/exhibition; (v) mobilise artisans for formation of producer group companies; etc.

    Under the PM VIKAS Scheme, the implementing partners are to ensure placement of 75 per cent of total candidates trained under NSQF aligned skill programs.

    This information was given by the Union Minister of Minority Affairs & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

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  • MIL-OSI Asia-Pac: Text of the Vice-President’s address to the Sixth Batch of Participants of the Rajya Sabha Internship Programme (RSIP-I) (Excerpts)

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:06PM by PIB Delhi

    Boys and girls, I welcome you to the sixth batch. We have had so far five batches and we have been benefited by youth of the country participating in these internships to the extent of 142 so you, a group of 34, will join the group of 142.

    I strongly urge you to be in connect with the group all your life. There is a platform that will help you connect with them and members of the group are diversified as is your group. In terms of educational qualifications, in terms of gender, in terms of regional commitments, in terms of mother tongue but one thing is very common, spirit of nationalism is throbbing in the hearts of all.

    This is a unique opportunity, you are not going to be taught anything here, you will be inspired and motivated to self-learn. Your stay here in this internship is with a very laudable purpose. India is mother of democracy, largest democracy, most functional democracy, the only constitutional democracy that is at the village level, at the municipal level, at the district level, at the state level, and at the central level. Other countries have democracies but if you examine our election to Panchayat, our election to Municipality, our election to Zila Parishad or Panchayat Samiti is held under Election Commission, which is under the Constitution.

    They have the same structure, and Constitution was amended for it, part IX and part IXA of the Constitution. If you will read, you will find two Schedules 11 and 12, which give the areas of operation of Panchayati Raj institutions and Municipal institutions. As you are aware, there is a commission, Finance Commission. The job of the Finance Commission is to divide funds between the Union and the States. Similarly, there is a fund at the Panchayat and Municipal level, where funds are divisible between the State government funds, Panchayat institutions and Municipalities so Panchayat and Municipalities are institutions of self-governance.

    Now, your primary purpose is to handhold the public representative. You will have to equip yourself with parliamentary procedure, about working of Parliament, role of Members of Parliament and once you are given a lead, you have to learn on your own.

    Our country is governed first by constitutional provisions. You will have the occasion to see the Constitution signed by the Members of the Constitutional Assembly so go to the root of the matter. Try to get to micro level, try to find out that what changes have taken place in the Constitution and changes in the Constitution is the sole prerogative of Parliament but there are some changes where Parliament alone is not sufficient to endorse constitutional amendment. It has to be endorsed by 50% of State Legislatures but when it comes to amendment of the Constitution, Parliament is the repository of it, in some cases alongside State Legislatures and the final arbiter, the final authority, no intervention from any agency whatsoever is permissible with respect to constitutional amendment, but with respect to the laws made by Parliament or state legislatures, the courts have a role. The role is of judicial review and judicial review is to see if the law is in accord with constitutional provisions.

    You would have seen recently that in one state there is an indication that they will make reservation for contracts that is in the domain of business to a particular community, a religious denomination. Now look at the constitutional provisions. Does our Constitution allow any reservation on religious considerations? Find out what Dr. B.R. Ambedkar had said, and you will be enlightened that there can be no reservation on religious considerations. That is something you have to go into it, deep into it.

    Remember, the Constitution provides for hand-holding mechanism, affirmative mechanism and that is for scheduled caste, scheduled tribe, and socially and educationally backward classes, so when I was a Member of Parliament in 1989, the government of the day of which I was a part, as a Minister, promulgated what came to be known as Mandal Commission Report applicability. This was challenged in the Supreme Court after the government of which I was part had collapsed, a government collapses means it did not complete its term.

    The next government came and the next government granted further reservation to economic weaker sections. Both were challenged in the Indra Sawhney case, and nine judges of the Supreme Court, boys and girls, dealt with that judgement. The Mandal reservation, the affirmative hand-holding policy which is sanctified under Articles 14, 15 and 16, was upheld by the majority but reservation on account of economic backwardness, economy being a criteria, was struck down as unconstitutional.

    Now the question immediately arises, how come we have reservation now based on economic criteria? Because then the route was not taken through the Constitution. This time the route was taken by the government through Constitution. First the provision in the Constitution was amended, and economic criteria was made a basis, and that is why the courts upheld it. So you have to be very discerning about what you face. You can’t guide yourself immediately by perception. You have to move with a thought process.

    It is after a long gap, long gap of centuries, that we are in a state of hope and possibility. There was a time when India’s contribution to global trade was nearly one-third. There was a time when India was reckoned as Vishwaguru. There was a time when you had Nalanda but 1300 years ago, Nalanda was set on fire. The fire was there for several days. Lakhs of books were destroyed, and then followed foreign regime, reckless, brutal, destroying our culture, destroying our religious places. So was the blatant retributive approach that they destroyed our religious places and had their own. Then we were ruled by the British.

    But now there is an atmosphere of hope and possibility. Now, an ecosystem where every young boy and girl can aspire to exploit talent, potential, realise dreams and aspirations. I would urge all of you as interns, please find out the basket of opportunities that for the youth is growing up, enlarging day by day. Find out India’s development in deep sea, India’s development on the surface of sea, deep ground, on the ground, in the sky and space. We are making a huge mark. There are avenues in all these areas, Blue Economy, Space Economy, we have to have a share of it and therefore, you all will have to be messengers of the change for youth that come out of your silos.

    Youth in the country at the moment is in a silo, limited view, Government job, Private job but now things have changed. You can experiment if India is home to unicorns, startups. It is by boys and girls from tier two cities, from villages, from tier three cities. Affirmative governance, innovative schemes, financial assistance enable you. Just think one thing, if global institutions, International Monetary Fund says that India is a hot spot, a destination which is favourite for investment and opportunity, surely, it is not for Government jobs.

    The change that has taken place is, there was a time with global institutions, Indian mind was not there. Now, there is no global institution without Indian mind dominating. Girls are far ahead of it at a global level. You have to today realise that you are lucky to be living in times where India is focal centre of the world on account of economy that is performing around 8% annually.

    India is no longer a Nation with a potential, India is on a nation on progress. The development is unstoppable, incremental. A developed nation objective is no longer a dream, it’s our destination but it will be wishful thinking if as youth, you do not contribute because you are the serious stakeholders in governance in future, and therefore, you have to change the mindset of people. You have to define citizen’s attitude, you have to persuade everyone around that fundamental rights are fine, but we must first carry out fundamental duties. You’ll be surprised to know that most people are neither aware of fundamental duties nor they are aware of our rich culture, Vedas, Upanishads, Puranas. I don’t want to pose a question to you, but my experience is most people have not even seen physically Vedas. I’m sure steps will be taken to give you a book that will enlighten you about Vedas, the one which was circulated at my directive to all the Members of Parliament by Union Minister Dharmendra Pradhan.

    You have to be positive in your approach. Just imagine a country like ours, where to change the lives of people, to pick them up. 800 million people and more are getting free ration from April 1, 2020 and look at some perverted mind, they say, oh, over 800 million people are poor. They can’t feed on their own, therefore, are feeding them. I lament their negativity. I lament their perversion. They’re hand-holding them. When you go to an airport, most people walk, but there is a skeletal force and there is horizontal movement mechanism also. That is not that you are disabled, it helps you improve your proficiency.

    We have to believe in certain things which you must learn and that is countries in the world are developed. We will be developed. Our target is 2047 when India celebrates centenary of independence, and it can be earlier also, but which country in the world, number is only two, three that of civilisational depth of thousands of years. The countries that are developed, their history is 300 years, 400 years. We are that rich so we have to nurture our civilisational values while promoting indigenous development and the challenges are emanating every day because of social media also. People allow us to be calibrated by others, why? We as a Nation, we are what we are.

    Now, we have ongoing debates, when I told you about reservation in contracts to a religious denomination. Violating equality, violating level-playing field and outraging constitutional prescriptions. Therefore, we must always work that we iconize our heroes. Can we iconize our invaders, destroyers, those who engaged in reckless brutalisation of our civilisational values? Every young boy and girl has power individually, also collectively to thwart these menacing, sinister trends.

    I am sometimes amazed. How can we have public disorder? How can we have disruption of normal working? How can we have reprehensible spectacles of public property being set to fire? And if these people are visited with consequences in exemplary manner, after all, a building has to be raised to the ground only by mechanised method. Call it bulldozer then this is different hour. A bulldozer if it carries out a lawful command, is an accessory of law, not against the rule of law. We have to create national climate, national fervour that we will always keep Nation first. Partisan, economic, personal interest can never be a premise, a justifiable ground to compromise your nationalism. You must in this society move ahead by persuasion, positivity, and propriety.

    We have become so impatient, so intolerant, we don’t want to listen to the other person. We believe in ourselves being always right. We are judgemental that we alone are right and others are wrong. Democracy is all about expression and dialogue, you have a right of expression, your right of expression cannot be thwarted. If it is thwarted, or you are in fear before you speak the truth, or your point of view. Governance is not democracy but what use is expression when you don’t allow the other person to say anything contrary? And therefore dialogue is essential. Dialogue is nectar of democracy, dialogue is human interactive session. It has been reflected in our culture Vedas, as Anantavada, anyone who believes in one way traffic of expression leads to authoritarianism. It is dialogue that rationalises expression.

    Second, if you believe only you alone being right, you become victim of aham and ahankar. Human genius is aplenty. It is not in the captivity of any position, of anyone, a parliamentarian, a bureaucrat, or a judge. Every individual is gifted, and India abounds in this.

    Most of us are always in some kind of a mental tussle. We want autonomy of thought process. How do we dress? How do we eat? How do we practise? But this autonomy is not incompatible to accountability. These two are complementary, if I have a religion, and I wish to profess my religion, the religion professing has to be there as a private affair. It can’t be on a public street, or a public space like a railway station or airport, or even a flight because when you are at these places, you are bound by rules, rules of the game as they say. There has to be rule-based regime in every working and therefore, to converge, to demonstrate, it is a right to create an unsettled situation. Young minds have to change the mindset of others and work in that direction.

    Time has come when we must nurture our culture, One Nation, One Culture. No civilisation in the world is as inclusive as Bharat, no civilisation. We have never believed in confrontation, never in adversarial stance but what we find is, even political temperature is very high in the country. We quickly take irretrievable, confrontational, positioning on issues. We are the only way out in dialogue. You will have the occasion to go through what happened in the Constituent Assembly. It happened in 18 sessions, a little less than three years- two years, 11 months and few days.

    You will be surprised, they dealt with very divisive issues of language, of reservation. Very divisive, contentious issues, but there was no disruption. There was no disturbance, there were no placards, there was no shouting. All in a spirit of cooperation, coordination, convergence and that is why consensual approach is fundamental to evolution of democratic values.

    India is recognised in the world as a great power because of you boys and girls. Our demographic dividend, it is envy of the world and you have to perform. You have to neutralise racism, negativity. There is effort in the nation and outside to run us down but you must always realise India’s rise is for global stability. India’s rise is for global peace and youth alone can bring big change. I’m sure you all will work in that direction.

    You will have the occasion to get a real intellectual feast of experienced minds; but most of it will have to be self-learning. Use every moment with inquisitiveness, self-learning, what you can add more every day. Write a diary daily. Pose good questions to one another also. I will have the occasion to interact with you at completion and that I will organise at Vice-President’s House.

    I have indicated and you will have the occasion to ask searching questions. Let me give you two, three poses, you’ll be surprised. There are 12 nominated members in Rajya Sabha. They vote for the Vice-President, they don’t vote for the President. Surprised! 12 nominated Members of Rajya Sabha vote for the Vice-President.

    Now the reasoning given is that the President appoints him, that situation arose earlier but there has been a constitutional change, which was not earlier. That the President is bound 100% by the advice of Council of Ministers s       o the fact is the President doesn’t appoint as such. He goes by the advice of the Council of Ministers then why the distinction? Second, if an MLA has to vote for the President, which he does, there is secrecy of ballot but if the same MLA has to vote for a Member of Rajya Sabha, like two of them here on my right, he has to show his vote to his party boss. Why? Just think about it. These things must be in your mind.

    You must find out how many members were there in the Constituent Assembly to begin with. With the partition, how many went? Who are those six who did not sign, or could not sign? You have to think deeply why the country started celebration of Constitution Day. It was not earlier. It was started 10 years back. Why did a decision was taken to have Samvidhan Hatya Diwas? Why? Because you boys and girls are not aware that the nation was plunged in darkness in 1975. Lakhs of people were put in jail. The glorious rights of democracy, one of which being the right to approach the court, access to judiciary was availed. Nine high courts decided citizens have that right. Supreme Court declined and said two things. One, during emergency, you have no fundamental rights so people languished in jail and who languished in jail, they later on became Prime Ministers. So Chaudhary Charan Singh became a Prime Minister, Atal Bihari Vajpayee became Prime Minister, Chandra Shekharji became Prime Minister, to just name a few but it happened.

    Then how long will Emergency last? It was decided by the court as long as the executive wants. So we were plunged in darkness. You are not aware and therefore to remind you, that why do we have Constitution at the House. If you will find out other things also, get to the deep of it. Parakram Diwas, Netaji Subhas Chandra Bose, we had forgotten him. Birsa Munda, Janjatiya Diwas, we had forgotten him. Many like him.

    Therefore we have rediscovered our real heroes, who should have been well sung but either they were not well sung, or unsung, or forgotten because culture is something, history is something that has to inspire and motivate us. Do we have a box where we can put suggestions? We have a portal. 

    I am initiating a new mechanism, a box will be put, where during the day without revealing your identity, you can make any suggestion and I will look into that on a daily basis.

    Best of luck. Enjoy your day.

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  • MIL-OSI: Radix Recognized in the 2025 Verdantix APM Buyers Guide for Shaping Asset-Intensive Industries with Operational Value

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) — Radix, a global leader in Asset Performance Management (APM), has been recognized in the 2025 Verdantix APM Buyers Guide, highlighting its robust expertise in enhancing operational value for Asset-Intensive Industries. This recognition underscores Radix’s longstanding commitment to assisting clients in overcoming operational challenges through strategic cost reductions, streamlined operations, improved safety, and extending asset longevity.

    Kiran Darmasseelane, Senior Analyst at Verdantix, said: “Industrial organizations are increasing spend on consulting services for industrial maintenance and operations over the next 12 months, with the Verdantix report expecting the IAM digital services market to reach $2.5 billion by 2025. Radix is seizing on this growing trend by leveraging strong partnerships with AVEVA and Cognite to deliver comprehensive APM and industrial data management services. With a proven track record in bespoke integrations, predictive models, digital twins, multi-site deployments, and navigating complex change management challenges, Radix helps firms in high-risk environments, such as pipelines, FPSOs, and power plants, reduce costs, improve asset integrity, enhance reliability, and achieve regulatory and decarbonization goals.”

    The Verdantix report emphasizes Radix’s extensive experience in delivering digital asset management solutions to high-risk industries, including pipelines, floating production storage and offloading (FPSOs) units, and power plants. Radix’s capabilities have consistently enabled customers to enhance reliability, reduce operational costs, strengthen asset integrity, and meet stringent regulatory and sustainability objectives.

    Alex Clausbruch, CEO of Radix North America, said: “APM for many of our customers is vital to their goals of achieving operational excellence. Here at Radix, we enjoy the unique challenges that we can solve for our customers. As a result, they continue to trust our work and come back for more services as we continue to help customers not just in North America, but globally. It is an honor to be mentioned with a stamp of approval by Verdantix. We look forward to helping other asset intensive companies scale.”

    The Verdantix 2024 survey indicates that 84% of industrial firms intend to boost maintenance budgets, and 46% plan digital transformations for plant operations within the next year. This growing trend has led businesses to increasingly partner with industrial asset management (IAM) technology providers to modernize maintenance strategies effectively. Verdantix’s annual asset management report highlights 12 leading IAM implementation providers, offering valuable insights for executives addressing asset maintenance challenges and guiding them in forming successful asset management partnerships and strategies.

    Flavio Guimaraes, Chief Practices & Alliances Officer, Radix, said: “As we continue to grow our portfolio at Radix, I am proud of our entire company and everything we have been building in the past 15 years, and we are also honored for being recognized by Verdantix. This auspicious acknowledgement shows the value of our expertise and the trust our customers have in Radix; highlighting our work in the market in Asset Performance Management.”

    The full report is available online for Radix clients and corporate customers at www.radixeng.com.

    About Radix

    Founded in 2010, Radix is a privately held global technology solutions company providing consulting, engineering, operations technology, and data and software technology solutions.

    Radix combines key capabilities and practices to empower customers to thrive along their digital transformation journey. Radix provides technology-based, data-driven solutions to industrial and non-industrial companies worldwide. Radix has experience leading projects in more than 30 countries and has more than 1,700+ employees around the globe, with North American headquarters in Houston, Texas, main headquarters in Rio de Janeiro, additional offices in Sao Paulo and Belo Horizonte, and a presence in Singapore and Amsterdam. To learn more, visit www.radixeng.com.

    For more information:
    Citalouise Geiggar, Ph.D.
    citalouise.geiggar@radixeng.com
    Radix

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bc2f9128-6a35-4f3a-8bd7-23a61fd383a2

    The MIL Network

  • MIL-OSI USA: Roofing Business Owner and Payroll Administrator Sentenced for Employment Tax Conspiracy

    Source: US State of California

    Two Florida residents were sentenced today to three years and a year and a day in prison, respectively, for conspiring to defraud the United States by not paying employment taxes to the IRS.

    According to court documents and statements made in court, William Skaggs Jr. owned and operated Nastar Roofing, a roofing company that worked throughout the Ft. Myers area. Billie Adkison was the business’ main office administrator, whose duties included managing payroll. 

    Between 2013 and 2023, Nastar employees — including Skaggs, Adkinson, and others acting at their direction — withdrew over $21 million from the company’s bank accounts to pay employees predominantly in cash without withholding Social Security, Medicare, and federal income taxes from those wages. They did this to escape paying employment taxes they knew were legally required.

    At times, Nastar used a payroll provider to issue employees nominal paychecks, but Nastar did not inform the payroll company about the cash wages. As such, when the payroll company filed employment tax returns with the IRS, the forms were false because they did not report the cash wages. Similarly, when Nastar did not use a payroll provider and filed its own employment tax returns, it did not report the substantial cash wages paid to employees. Both Skaggs and Adkison signed some of these tax returns, knowing that they were false.

    In total, Skaggs and Adkison caused a tax loss to the IRS of nearly $2.5 million.

    In addition to their prison sentences, U.S. District Judge Sheri Polster Chappell for the Middle District of Florida ordered Skaggs and Adkison to serve three years of supervised release. The court will determine restitution at a later date.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Sara Sweeney for the Middle District of Florida made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney Kevin Schneider of the Tax Division and Assistant U.S. Attorneys Michael Leeman and Benjamin Winter for the Middle District of Florida prosecuted the case.

    MIL OSI USA News

  • MIL-OSI Security: Roofing Business Owner and Payroll Administrator Sentenced for Employment Tax Conspiracy

    Source: United States Attorneys General

    Two Florida residents were sentenced today to three years and a year and a day in prison, respectively, for conspiring to defraud the United States by not paying employment taxes to the IRS.

    According to court documents and statements made in court, William Skaggs Jr. owned and operated Nastar Roofing, a roofing company that worked throughout the Ft. Myers area. Billie Adkison was the business’ main office administrator, whose duties included managing payroll. 

    Between 2013 and 2023, Nastar employees — including Skaggs, Adkinson, and others acting at their direction — withdrew over $21 million from the company’s bank accounts to pay employees predominantly in cash without withholding Social Security, Medicare, and federal income taxes from those wages. They did this to escape paying employment taxes they knew were legally required.

    At times, Nastar used a payroll provider to issue employees nominal paychecks, but Nastar did not inform the payroll company about the cash wages. As such, when the payroll company filed employment tax returns with the IRS, the forms were false because they did not report the cash wages. Similarly, when Nastar did not use a payroll provider and filed its own employment tax returns, it did not report the substantial cash wages paid to employees. Both Skaggs and Adkison signed some of these tax returns, knowing that they were false.

    In total, Skaggs and Adkison caused a tax loss to the IRS of nearly $2.5 million.

    In addition to their prison sentences, U.S. District Judge Sheri Polster Chappell for the Middle District of Florida ordered Skaggs and Adkison to serve three years of supervised release. The court will determine restitution at a later date.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Sara Sweeney for the Middle District of Florida made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney Kevin Schneider of the Tax Division and Assistant U.S. Attorneys Michael Leeman and Benjamin Winter for the Middle District of Florida prosecuted the case.

    MIL Security OSI

  • MIL-Evening Report: Will $1 on your ticket help save Australian live music? A UK model is much more ambitious

    Source: The Conversation (Au and NZ) – By Sam Whiting, Vice-Chancellor’s Senior Research Fellow in Music Industries and Cultural Economy, RMIT University

    iam_os/Unsplash

    The Australian Music Venue Foundation launched this month to advocate for and potentially administer an arena ticket levy to support grassroots live music venues. Funds would be raised through a small levy, approximately A$1 per ticket, on the price of tickets to large music events, over 5,000 capacity.

    The foundation is partly modelled on the United Kingdom’s Music Venue Trust, a charity and advocacy body founded in 2014 that has advocated for a big ticket levy.

    While the proposed levy would certainly help to level the playing field between grassroots music venues and the big end of touring, the Music Venue Trust was founded on much more radical principles and ambitions than simple redistribution.

    Socialising live music

    Although the Music Venue Trust has moved into advocacy and policy work, such as vocal support for the big ticket levy, the trust’s original and continuing mission is to socialise grassroots music venues. This means they work to help venues transition away from for-profit models and towards alternative ownership structures.

    The trust’s “Own Our Venues” campaign spawned Music Venue Properties, a charitable landlord funded by the broader music community. The scheme has now purchased five grassroots venues around the UK, leased on the condition they continue to run as live music venues.

    The goal is to take the profit motive out of running a venue. Surplus is reinvested into venue spaces, ensuring their long-term sustainability.

    As the trust’s founder and CEO Mark Davyd states, “[the community] is the best person to own a venue”.

    We don’t want money going to private landlords, we want it in the cultural economy because that’s the way we generate more great artists and give more people the opportunity to be involved in music.

    Acknowledging that such radical ambitions require funding, the trust have been long term advocates for a big ticket levy. However, this advocacy has always accompanied their greater goal of socialising live music venues.

    The trust have helped to change the broader cultural understanding of grassroots venues in the UK. Between 2014 and 2022, the proportion of music venues in the country run as not-for-profit ventures increased from 3% to 26%.

    The Australian context

    Melbourne’s Gasometer Hotel and Brisbane’s The Bearded Lady are the latest small, but culturally significant, live music venues to face closure. The number of venues licensed for live music in Australia is falling, with the greatest reductions in the small-to-medium range.

    The recent parliamentary inquiry into the live music industry found costs like insurance and rent have risen sharply in the last five years. Meanwhile, income from alcohol sales – a core revenue source for smaller venues – has dropped in connection with changing youth culture, the cost-of-living crisis, and excises hitched to inflation.

    Costs to run music venues have increased, while income from avenues like alcohol sales have fallen.
    Frankie Cordoba/Unsplash

    Surveys of young people and other groups affirm that Australians value live music, and most people would like to attend more. The most commonly cited barrier is cost, followed by distance from appropriate venues, especially in regional areas.

    An arena ticket levy was a key recommendation of the inquiry, with the committee recommending government agency Music Australia should manage the funds.

    The committee proposed a levy could enable Music Australia to fund:

    • performances with minimum pay rates for musicians

    • capital improvements to venues, such as sound-proofing or disability access

    • festivals promoting regional, all-ages, First Nations and community participation.

    Neither the Labor government nor the opposition have indicated a position on this recommendation, which would require legislation.

    The industry proposal

    The Australian Music Venue Foundation is asking big music businesses to opt in to an industry-managed ticket levy to fund grassroots live music.

    While there has been advocacy for such a voluntary arrangement in the UK, this is yet to come to fruition. The UK government’s deadline for the arrangement of a voluntary scheme by the end of March is approaching, opening up the alternative scenario of a legislated mandatory levy.

    Australian advocates believe they may have the relationships to create a different outcome, arguing all industry players have a stake in a healthy music ecosystem.

    In the proposed Australian scheme, the recipients and use of funding would be decided by a board of industry professionals. This raises questions around potential conflicts of interest. The foundation has applied for charity status, which requires transparency around operations and finances. However, there are broader questions about priorities.

    The foundation argues all levels of the industry have a stake in their being a healthy ecosystem of venues.
    Austin/Unsplash

    If the scheme gets up, the foundation will need to consider whether to restrict its support to Australian-owned, independent venues of a certain size. Alternatively, funds may be available to venues that are part-owned by the same major, for-profit, international companies paying into the scheme.

    To replace the proposed government levy, the foundation would also need to find ways of supporting access to live music for regional, all-ages, First Nations, and other disadvantaged communities, as recommended by the inquiry’s report.

    To ensure benefits flow to artists, venue support could also be made conditional on paying a minimum performer’s fee, something venue’s have previously opposed.

    The foundation could promote social objectives such as performer diversity, patron safety, and environmental sustainability, but there are no guarantees of this under an industry-led scheme.

    These examples demonstrate the issues that can arise when economic redistribution is managed within an industry, rather than by government.

    Lofty ambitions

    The Music Venue Trust has successfully argued for grassroots music venues as a public good, worthy of longterm community and public investment as well as a structural approach to support.

    Through their work, they have provided a new narrative for live music in the UK, supporting innovative ownership and operating models that go beyond the default of a commercially-leased space run as a for-profit small business.

    Ambition and innovation has made the trust much more than another industry association advocating for the interests of a particular group of businesses. The Australian Music Venue Foundation should aspire to similar heights if it is to have the same level of influence and impact.

    Sam Whiting receives funding from RMIT University and the Winston Churchill Trust.

    Ben Green receives funding from the Australian Research Council.

    ref. Will $1 on your ticket help save Australian live music? A UK model is much more ambitious – https://theconversation.com/will-1-on-your-ticket-help-save-australian-live-music-a-uk-model-is-much-more-ambitious-252733

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Academic publishing is a multibillion-dollar industry. It’s not always good for science

    Source: The Conversation (Au and NZ) – By Lucy Montgomery, Dean of Research, Humanities, Curtin University

    Mykhailo Kopyt/Shutterstock

    In December 2024, the editorial board of the Journal of Human Evolution resigned en masse following disagreements with the journal’s publisher, Elsevier. The board’s grievances included claims of inadequate copyediting, misuse of artificial intelligence (AI), and the high fees charged to make research articles publicly available.

    The previous year, more than 40 scientists who made up the entire academic board of a leading journal for brain imaging also walked off the job. The journal in question, Neuroimage, is also published by Elsevier, which the former board members accused of being “too greedy”.

    Elsevier has previously denied using AI and has disputed that its business practices are untoward.

    Mass resignations of journal editors are becoming more frequent. They highlight the tension between running a for-profit publishing business and upholding research integrity.

    From a niche to a multibillion-dollar business

    The world’s first academic journal was called Philosophical Transactions of the Royal Society. It was established in 1665 as a publication that allowed scientists to share their work with other scientists.

    For a long time, academic journals were a niche branch of publishing. They were run by and for research communities. But this started to change from the second world war onwards.

    The expansion of research, combined with an influx of commercial publishing players and the rise of the internet in the 1990s, have transformed journal publishing into a highly concentrated and competitive media business.

    Elsevier is the biggest player in this business. It publishes roughly 3,000 journals and in 2023 its parent company, Relx, recorded a profit of roughly A$3.6 billion. Its profit margin was nearly 40% – rivalling tech giants such as Microsoft and Google.

    Along with Elsevier, Springer Nature, Wiley, SAGE, and Taylor & Francis make up what are known as the “big five” in academic publishing. Collectively, these publishers are responsible for roughly 50% of all research output.

    Many of the most trusted and prestigious research journals are owned by commercial publishers. For example, The Lancet is owned by Elsevier.

    A key factor in their profitability is volunteer labour provided by researchers. Traditional models of peer review are a good example of this. Academics provide publishers with content, in the form of journal articles. They also review their peers’ work for free. University libraries then pay for access to the final published journal on behalf of their research community.

    Alongside the pressure on academics to publish, the push to “speed up science” through these systems of peer-review only contribute to issues of trust in research.

    In 2023, academic publisher Elsevier recorded a profit of roughly $3.6 billion.
    T.Schneider/Shutterstock

    Profit at the expense of research integrity

    The increasing frequency of editorial board resignations reflects the tension between researchers trying to uphold scientific and research integrity, and publishers trying to run a for-profit business answerable to shareholders.

    Research is most often built on spending taxpayers’ money.

    Yet there is often little alignment between the profit imperatives of large, multinational publishers and the expectations of the communities and funding bodies that pay for the costs of research.

    For example, for-profit publishing models mean the results of research often end up locked behind paywalls. This has implications for the dissemination of research findings. It also means the public may not be able to access information they need most, such as medical research.

    The business of academic publishing also doesn’t always sit comfortably with the values and motives of scholarly inquiry and researchers.

    Publishers may focus on maximising shareholder gains by publishing research outputs, rather than on the content of the research or the needs of the research community.

    As Arash Abizadeh, a former editor of Philosophy & Public Affairs – a leading political philosophy journal – wrote in The Guardian in July 2024:

    Commercial publishers are incentivised to try to publish as many articles and journals as possible, because each additional article brings in more profit. This has led to a proliferation of junk journals that publish fake research, and has increased the pressure on rigorous journals to weaken their quality controls.

    The world’s first academic journal, Philosophical Transactions of the Royal Society, was established in 1665.
    Henry Oldenburg/Philosophical Transactions, CC BY

    Better publishing practices

    What could alternative academic publishing practices that safeguard the integrity of research look like?

    The “publish-review-curate” model is one example.

    This model has been adopted by community research
    initiative MetaROR. It involves authors publishing their work as “preprints” which are immediately accessible to the community.

    The work then goes through an open peer review process. Finally, an assessment report is produced based on the reviews.

    This model aims to accelerate the dissemination of knowledge. It also aims to encourage a more transparent, collaborative, and constructive review process.

    Another important advantage of preprints is that they are not locked behind paywalls. This makes it faster and easier for research communities to share new findings with other researchers quickly.

    There are some drawbacks to this model. For example, preprints can cause confusion if they are publicised by the media too early.

    The question of who should pay for and maintain online preprint servers, on which global research communities depend, is also a subject of continuing debate.

    As the academic ecosystem continues to evolve, we will need publishing models that can adapt to the changes and needs of the research community and beyond.

    Lucy Montgomery is part of the Curtin Open Knowledge Initiative, and serves on Advisory Boards for several not-for-profit organisations involved in scholarly publishing and open access. She is a member of the UWA Press Board; as well as Chair of the Scientific Committee for the Directory of Open Access Books. She has received funding from the Andrew W. Mellon Foundation, the Arcadia Fund, and has previously consulted to both commercial and non-commercial scholarly presses.

    Emilia Bell receives funding from an Australian Government Research Training Program (RTP) Scholarship for their doctoral research. They are a non-executive director of the Australian Library and Information Association (ALIA) and Manager, Research and Digital Services at Murdoch University Library. Emilia is also affiliated with several organisations in the wider not-for-profit, higher education, and library sectors.

    Karl Huang is affiliated with the Curtin Open Knowledge Initiative (COKI) project, which receives or has received funding from Curtin University, Mellon Foundation, and Arcadia Fund. COKI also works closely with non-profit partners internationally and in Australia. Karl is also affiliated with the Centre for Culture and Technology, as its current Director, at Curtin University.

    ref. Academic publishing is a multibillion-dollar industry. It’s not always good for science – https://theconversation.com/academic-publishing-is-a-multibillion-dollar-industry-its-not-always-good-for-science-250056

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: DAUPHIN COUNTY – Shapiro Administration Welcomes Staff to Newly Renovated Flexible Office Space in North Office Building as Part of Space Optimization Utilization Project that Will Save Tens of Millions of Dollars

    Source: US State of Pennsylvania

    March 25, 2025Harrisburg, PA

    ADVISORY – DAUPHIN COUNTY – Shapiro Administration Welcomes Staff to Newly Renovated Flexible Office Space in North Office Building as Part of Space Optimization Utilization Project that Will Save Tens of Millions of Dollars

    Department of General Services Secretary Reggie McNeil will be joined by Office of Administration Secretary Neil Weaver to open a newly redesigned, flexible office space for staff in the North Office Building as part of the wider Commonwealth Space Optimization Utilization Project (SOUP). This new space was designed to demonstrate how agencies can reduce their footprint while maximizing the use of available space.

    The Shapiro-Davis Administration’s SOUP initiative is the Commonwealth’s first comprehensive review of its real estate portfolio to improve operational efficiency. SOUP will enhance the use of state-owned properties, provide modern, flexible workspaces for employees, drive long-term efficient use of real estate, and deliver more centralized, convenient service centers for taxpayers.

    WHO:
    Secretary Reggie McNeil, Department of General Services
    Secretary Neil Weaver, Office of Administration
    Catherine Califano, Deputy Secretary of Business Operations

    WHEN:
    TOMORROW, Tuesday, March 25, 2025, at 9:00 AM

    WHERE:
    North Office Building, Room 503 (5th Floor)
    401 North Street
    Harrisburg, PA 17120

    LIVE STREAM:
    pacast.com/live/gov

    RSVP:
    Press who are interested in attending may RSVP to lvezzetti@pa.gov.

    MIL OSI USA News

  • MIL-OSI Banking: Celebrating Unrivaled this Women’s History Month

    Source: Samsung

    This Women’s History Month, Samsung Galaxy is thrilled to celebrate history in the making with Unrivaled — a 3-on-3 basketball league, developed in collaboration with the biggest stars in women’s basketball. In its inaugural season, Unrivaled is already proving to be historic.
    Here at Samsung Galaxy, we are honored to play a key role in bringing this groundbreaking league to life as its Presenting and Official Technology Partner. As an Unrivaled collaborator, we are helping to celebrate and uplift the league while empowering its athletes with cutting-edge Galaxy technology to elevate their game and connect with fans like never before. We’re also aiming to amplify the voices of trailblazers like #TeamGalaxy ambassadors Napheesa Collier and Breanna Stewart, who both embody the spirit of pushing boundaries on and off the court. As co-founders of Unrivaled, Collier and Stewart created the league’s vision to elevate women’s sports, empower athletes, and engage fans in new and exciting ways.

    MIL OSI Global Banks