Category: Commerce

MIL-OSI USA: DBEDT NEWS RELEASE: HAWAI‘I APRIL UNEMPLOYMENT RATE REMAINS AT 2.9 PERCENT

Source: US State of Hawaii

DBEDT NEWS RELEASE: HAWAI‘I APRIL UNEMPLOYMENT RATE REMAINS AT 2.9 PERCENT

Posted on May 20, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

RESEARCH AND ECONOMIC ANALYSIS DIVISION

JAMES KUNANE TOKIOKA

DIRECTOR

KA LUNA HOʻOKELE

EUGENE TIAN

CHIEF STATE ECONOMIST

HAWAI‘I APRIL UNEMPLOYMENT RATE REMAINS AT 2.9 PERCENT

Jobs Increased by 17,000 Year-Over-Year

FOR IMMEDIATE RELEASE

May 20, 2025

HONOLULU — The Hawai‘i State Department of Business, Economic Development and Tourism (DBEDT) today announced that the seasonally adjusted unemployment rate for April was 2.9 percent, the same as in March. In April, 668,650 persons were employed and 19,650 were unemployed, for a total seasonally adjusted labor force of 688,300 statewide. Nationally, the seasonally adjusted unemployment rate was 4.2 percent in April, the same as in March.

The unemployment rate figures for the state of Hawai‘i and the U.S. in this release are seasonally adjusted in accordance with U.S. Bureau of Labor Statistics (BLS) methodology. The not-seasonally adjusted rate for the state was 2.5 percent in April, compared to 2.4 percent in March.

Industry Payroll Employment (Establishment Survey)

In a separate measure of employment, total nonagricultural jobs increased by 1,500 month-over-month, from March 2025 to April 2025. Job gains were experienced in Leisure & Hospitality (+1,900); Private Education & Health Services (+1,100); Trade, Transportation & Utilities (+500); Professional & Business Services (+400); Construction (+300); and Information (+100). Within Leisure & Hospitality, the rise in employment primarily occurred in Food Services & Drinking Places. Within Private Education & Health Services, the bulk of job gains were spread out over the subsectors of Health Care & Social Assistance. Employment in Manufacturing remained unchanged. Job losses occurred in Financial Activities (-200); and Other Services (-200). Government employment went down by 2,400 jobs, primarily due to below average over-the-month change in staffing at both the Department of Education and the University of Hawai‘i system. Year-over-year, nonfarm jobs have gone up by 17,000, or 2.7 percent.

Technical Notes:

Labor Force Components

The concepts and definitions used by the Local Area Unemployment Statistics (LAUS) program are the same as those used in the Current Population Survey for the national labor force data:

Civilian labor force. Included are all persons in the civilian noninstitutional population ages 16 and older classified as either employed or unemployed. (See the definitions below.)
Employed persons. These are all persons who, during the reference week (the week including the twelfth day of the month), (a) did any work as paid employees, worked in their own business or profession or on their own farm, or worked 15 hours or more as unpaid workers in an enterprise operated by a member of their family, or (b) were not working but who had jobs from which they were temporarily absent because of vacation, illness, bad weather, childcare problems, maternity or paternity leave, labor-management dispute, job training, or other family or personal reasons, whether or not they were paid for the time off or were seeking other jobs. Each employed person is counted only once, even if he or she holds more than one job.
Unemployed persons. Included are all persons who had no employment during the reference week, were available for work, except for temporary illness and had made specific efforts to find employment sometime during the four-week period ending with the reference week. Persons who were waiting to be recalled to a job from which they had been laid off need not have been looking for work to be classified as unemployed.
Unemployment rate. The unemployed percent of the civilian labor force [i.e., 100 times (unemployed/civilian labor force)].

Seasonal Adjustment

The seasonal fluctuations in the number of employed and unemployed persons reflect hiring and layoff patterns that accompany regular events such as the winter holiday season and the summer vacation season. These variations make it difficult to tell whether month-to-month changes in employment and unemployment are due to normal seasonal patterns or to changing economic conditions. Therefore, the BLS uses a statistical technique called seasonal adjustment to address these issues. This technique uses the history of the labor force data and the job count data to identify the seasonal movements and to calculate the size and direction of these movements. A seasonal adjustment factor is then developed and applied to the estimates to eliminate the effects of regular seasonal fluctuations on the data. Seasonally adjusted statistical series enable more meaningful data comparisons between months or with an annual average.

Current Population (Household) Survey (CPS)

A survey conducted for employment status in the week that includes the twelfth day of each month generates the unemployment rate statistics, which is a separate survey from the Establishment Survey that yields the industry job counts. The CPS survey contacts approximately 1,000 households in Hawai‘i to determine an individual’s current employment status. Employed persons consist of 1) all persons who did any work for pay or profit during the survey reference week, 2) all persons who did at least 15 hours of unpaid work in a family owned enterprise operated by someone in their household and 3) all persons who were temporarily absent from their regular jobs, whether they were paid or not. Persons considered unemployed are those that do not have a job, have actively looked for work in the prior four weeks and are available for work. Temporarily laid-off workers are counted as unemployed, whether or not they have engaged in a specific job-seeking activity. Persons not in the labor force are those who are not classified as employed or unemployed during the survey reference week.

Benchmark Changes to Local Area Unemployment Statistics Data

Statewide and sub-state data for 2019 to 2024 have revised inputs and data for 1990 to 2024 have been re-estimated to reflect revised population controls and model re-estimation.

Change to Monthly Employment Estimates

This release incorporates revised job count figures for the seasonally adjusted series. The revised data reflects historical corrections applied to unadjusted super sector or sector-level series dating back from 2018 through 2024. For years, analysts with the state of Hawai‘i Department of Labor and Industrial Relations Research and Statistics Office have developed monthly employment estimates for Hawai‘i and its metropolitan areas. These estimates were based on a monthly survey of Hawai‘i businesses and analysts’ knowledge about our local economies. Beginning with the production of preliminary estimates for March 2011, responsibility for the production of state and metropolitan area (MSA) estimates were transitioned from individual state agencies to the U.S. Bureau of Labor Statistics (BLS).

For Hawai‘i, this means the transition of statewide, Honolulu and Kahului-Wailuku MSA estimates for both the seasonally adjusted and not-seasonally adjusted areas are produced by BLS. State agencies will continue to provide the BLS with information on local events that may affect the estimates, such as strikes or large layoffs/hiring at businesses not covered by the survey and to disseminate and analyze the Current Employment Statistics (CES) estimates for local data users. BLS feels this change is designed to improve the cost efficiency of the CES program and to reduce the potential bias in state and area estimates. A portion of the cost savings generated by this change is slated to be directed toward raising survey response rates in future years, which will decrease the level of statistical error in the CES estimates. Until then, state analysts feel this change could result in increased month-to-month variability for the industry employment numbers, particularly for Hawai‘i’s counties and islands. BLS can be reached at 202-691-6555 for any questions about these estimates.

The not-seasonally adjusted job estimates for Hawai‘i County, Kaua‘i County, Maui, Moloka‘i and Lāna‘i are produced by the state of Hawai‘i Department of Business, Economic Development and Tourism.

Labor Force Estimates for Small Areas

Labor Force estimates for the islands within Maui County (Maui, Moloka‘i and Lānai) are produced by the state of Hawai‘i Department of Business, Economic Development and Tourism.

Seasonally Adjusted Labor Force and Unemployment Estimates for Honolulu and Maui County

BLS publishes smoothed seasonally adjusted civilian labor force and unemployment estimates for all metropolitan areas, which includes the City and County of Honolulu and Maui County.

BLS releases this data each month in the Metropolitan Area Employment and Unemployment news release. The schedule is available at http://www.bls.gov/news.release/metro.toc.htm.

Alternative Measures of Labor Underutilization

Alternative Measures of Labor Underutilization for States, Second Quarter of 2024 through First Quarter of 2025 Averages
Area	Measure
	Measure
	U-1	U-2	U-3	U-4	U-5	U-6

United States	1.5	2.0	4.1	4.3	5.0	7.7

Hawai‘i	0.7	1.2	3.0	3.1	3.9	6.2

The six alternative labor underutilization state measures based on the Current Population Survey (CPS) and compiled on a four-quarter moving-average basis defined as:

U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force;

U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force;

U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate);

U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers;

U-5, total unemployed, plus discouraged workers, plus all other marginally attached workers*, as a percent of the civilian labor force plus all marginally attached workers; and

U-6, total unemployed, plus all marginally attached workers, plus total employed part-time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.

*Individuals who want and are available for work, and who have looked for a job sometime in the prior 12 months (or since the end of their last job if they had one within the past 12 months) but were not counted as unemployed because they had not searched for work in the four weeks preceding the survey, for such reasons as childcare or transportation problems, for example. Discouraged workers are a subset of the marginally attached.

Please note that the state unemployment rates (U-3) that are shown are derived directly from the CPS. As a result, these U-3 measures may differ from the official state unemployment rates for the latest four-quarter period. The latter are estimates developed from statistical models that incorporate CPS estimates, as well as input data from other sources, such as state unemployment claims data.

# # #

Media contacts:

Dr. Eugene Tian

Chief State Economist

Research and Economic Analysis Division

Department of Business, Economic Development and Tourism, State of Hawai‘i

Phone: 808-586-2470

Email: [email protected]

Laci Goshi

Communications Officer

Department of Business, Economic Development and Tourism, State of Hawai‘i

Cell: 808-518-5480

Email: [email protected]

MIL OSI USA News –

May 22, 2025

MIL-OSI: LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

Q4 Revenue up 10% year-over-year

FY25 Operating Cash Flow increases 46% year-over-year

FY25 Share Repurchases totaled $101 million

SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — LiveRamp^® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

Q4 Financial Highlights¹

Total revenue was $189 million, up 10%.
Subscription revenue was $145 million, up 9%.
Marketplace & Other revenue was $44 million, up 14%.
GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
Net cash provided by operating activities was $63 million compared to $28 million.
Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

Fiscal Year Financial Highlights¹

Total revenue was $746 million, up 13%.
Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
Marketplace & Other revenue was $177 million, up 21%.
GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
Net cash provided by operating activities was $154 million compared to $106 million.
Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):


	GAAP		Non-GAAP
	Q4 FY25	FY25	Q4 FY25	FY25
Subscription revenue	$145	$569	—	—
YoY change	9%	11%	—	—
Marketplace & Other revenue	$44	$177	—	—
YoY change	14%	21%	—	—
Total revenue	$189	$746	—	—
YoY change	10%	13%	—	—

Gross profit	$131	$530	$136	$550
% Gross margin	69%	71%	72%	74%
YoY change	(3 pts)	(2 pts)	(3 pts)	(1 pt)

Operating income (loss)	($12)	$5	$23	$136
% Operating margin	(6%)	1%	12%	18%
YoY change	2 pts	(1 pt)	3 pts	2 pts

Net earnings (loss)	($6)	($1)	$20	$115
Diluted earnings (loss) per share	($0.10)	($0.01)	$0.30	$1.70

Shares to calculate diluted EPS	66.0	66.1	67.5	67.5
YoY change	(1%)	(3%)	(1%)	(1%)

Net operating cash flow	$63	$154	—	—
Free cash flow	—	—	$62	$153

Totals may not sum due to rounding.

A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

Additional Business Highlights & Metrics

On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
Fourth quarter subscription net retention was 104% and platform net retention was 106%.
Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

Financial Outlook

LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

For the first quarter of fiscal 2026, LiveRamp expects to report:

Revenue of $191 million, an increase of 9%
GAAP operating loss of $33 million
Non-GAAP operating income of $6 million

For fiscal 2026, LiveRamp expects to report:

Revenue of between $787 million and $817 million, an increase of between 6% and 10%
GAAP operating loss of between $178 million and $182 million
Non-GAAP operating income of between $85 million and $89 million

Conference Call

LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

About LiveRamp

LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

The financial information set forth in this press release reflects estimates based on information available at this time.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

For more information, contact:

LiveRamp Investor Relations
Investor.Relations@LiveRamp.com

LiveRamp^®and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

________________________
^¹ Unless otherwise indicated, all comparisons are to the prior year period.


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended March 31,
					$		%
	2025		2024		Variance		Variance

Revenues	188,724		171,852		16,872		9.8	%
Cost of revenue	57,929		47,722		10,207		21.4	%
Gross profit	130,795		124,130		6,665		5.4	%
% Gross margin	69.3	%	72.2	%

Operating expenses
Research and development	45,926		45,161		765		1.7	%
Sales and marketing	56,961		60,476		(3,515	)	(5.8	)%
General and administrative	32,175		30,252		1,923		6.4	%
Gains, losses and other items, net	7,241		2,516		4,725		187.8	%
Total operating expenses	142,303		138,405		3,898		2.8	%

Loss from operations	(11,508	)	(14,275	)	2,767		19.4	%
% Margin	(6.1	)%	(8.3	)%

Total other income, net	4,762		5,070		(308	)	(6.1	)%
Loss from continuing operations before income taxes	(6,746	)	(9,205	)	2,459		26.7	%
Income tax benefit	(479	)	(3,027	)	2,548		84.2	%
Net earnings from continuing operations	(6,267	)	(6,178	)	(89	)	(1.4	)%

Earnings from discontinued operations, net of tax	–		805		(805	)	(100.0	)%

Net loss	(6,267	)	(5,373	)	(894	)	(16.6	)%

Basic loss per share:
Continuing operations	(0.10	)	(0.09	)	(0.00	)	(2.0	)%
Discontinued operations	0.00		0.01		(0.01	)	(100.0	)%
Basic loss per share	(0.10	)	(0.08	)	(0.01	)	(17.3	)%

Diluted loss per share:
Continuing operations	(0.10	)	(0.09	)	(0.00	)	(2.0	)%
Discontinued operations	0.00		0.01		(0.01	)	(100.0	)%
Diluted loss per share	(0.10	)	(0.08	)	(0.01	)	(17.3	)%

Basic weighted average shares	65,957		66,323
Diluted weighted average shares	65,957		66,323

Some totals may not sum due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the twelve months ended March 31,
					$		%
	2025		2024		Variance		Variance

Revenues	745,580		659,661		85,919		13.0	%
Cost of revenue	215,910		179,489		36,421		20.3	%
Gross profit	529,670		480,172		49,498		10.3	%
% Gross margin	71.0	%	72.8	%

Operating expenses
Research and development	176,668		151,201		25,467		16.8	%
Sales and marketing	213,106		195,693		17,413		8.9	%
General and administrative	126,499		110,166		16,333		14.8	%
Gains, losses and other items, net	7,993		11,708		(3,715	)	(31.7	)%
Total operating expenses	524,266		468,768		55,498		11.8	%

Income from operations	5,404		11,404		(6,000	)	(52.6	)%
% Margin	0.7	%	1.7	%

Total other income, net	17,436		22,957		(5,521	)	(24.0	)%
Income from continuing operations before income taxes	22,840		34,361		(11,521	)	(33.5	)%
Income tax expense	25,342		24,270		1,072		4.4	%
Net earnings (loss) from continuing operations	(2,502	)	10,091		(12,593	)	(124.8	)%

Earnings from discontinued operations, net of tax	1,688		1,790		(102	)	(5.7	)%

Net earnings (loss)	(814	)	11,881		(12,695	)	(106.9	)%

Basic earnings (loss) per share:
Continuing operations	(0.04	)	0.15		(0.19	)	(124.8	)%
Discontinued operations	0.03		0.03		(0.00	)	(5.5	)%
Basic earnings (loss) per share	(0.01	)	0.18		(0.19	)	(106.9	)%

Diluted earnings (loss) per share:
Continuing operations	(0.04	)	0.15		(0.19	)	(125.5	)%
Discontinued operations	0.03		0.03		(0.00	)	(3.1	)%
Diluted earnings (loss) per share	(0.01	)	0.17		(0.19	)	(107.0	)%

Basic weighted average shares	66,126		66,266
Diluted weighted average shares	66,126		67,918

Some totals may not sum due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended March 31,				For the twelve months ended March 31,
	2025		2024		2025		2024

Income (loss) from continuing operations before income taxes	(6,746	)	(9,205	)	22,840		34,361
Income tax expense (benefit)	(479	)	(3,027	)	25,342		24,270
Net earnings from continuing operations	(6,267	)	(6,178	)	(2,502	)	10,091
Earnings from discontinued operations, net of tax	–		805		1,688		1,790
Net earnings (loss)	(6,267	)	(5,373	)	(814	)	11,881

Basic earnings (loss) per share	(0.10	)	(0.08	)	(0.01	)	0.18
Diluted earnings (loss) per share	(0.10	)	(0.08	)	(0.01	)	0.17

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,135		3,097		14,415		8,785
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	—		—		—		1,875
Total excluded items from continuing operations	34,542		30,393		130,387		93,672

Income from continuing operations before income taxes and excluding items	27,796		21,188		153,227		128,033
Income tax expense (2)	7,759		3,947		38,296		29,882
Non-GAAP net earnings (loss) from continuing operations	20,037		17,241		114,931		98,151

Non-GAAP earnings per share from continuing operations
Basic	0.30		0.26		1.74		1.48
Diluted	0.30		0.25		1.70		1.45

Basic weighted average shares	65,957		66,323		66,126		66,266
Diluted weighted average shares	67,479		68,471		67,499		67,918

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended March 31,				For the twelve months ended March 31,
	2025		2024		2025		2024

Income (loss) from operations	(11,508	)	(14,275	)	5,404		11,404
Operating income (loss) margin	(6.1	)%	(8.3	)%	0.7	%	1.7	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,135		3,097		14,415		8,785
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	–		–		–		1,875
Total excluded items	34,542		30,393		130,387		93,672

Income from operations before excluded items	23,034		16,118		135,791		105,076
Non-GAAP operating income margin	12.2	%	9.4	%	18.2	%	15.9	%

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended March 31,				For the twelve months ended March 31,
	2024		2023		2024		2023

Net earnings (loss) from continuing operations	(6,267	)	(6,178	)	(2,502	)	10,091
Income tax expense (benefit)	(479	)	(3,027	)	25,342		24,270
Total other expense, net	(4,762	)	(5,070	)	(17,436	)	(22,957	)

Income (loss) from operations	(11,508	)	(14,275	)	5,404		11,404
Depreciation and amortization	3,803		3,823		17,207		11,508

EBITDA	(7,705	)	(10,452	)	22,611		22,912

Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)	24,166		24,780		107,979		71,304
Restructuring and merger charges (gains, losses, and other)	7,241		2,516		7,993		11,708
Transformation costs (general and administrative)	–		–		–		1,875

Other adjustments	31,407		27,296		115,972		84,887

Adjusted EBITDA	23,702		16,844		138,583		107,799

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

	March 31		March 31		$		%
	2025		2024		Variance		Variance
Assets
Current assets:
Cash and cash equivalents	413,331		336,867		76,464		22.7	%
Restricted cash	595		2,604		(2,009	)	(77.2	)%
Short-term investments	7,500		32,045		(24,545	)	(76.6	)%
Trade accounts receivable, net	186,169		190,313		(4,144	)	(2.2	)%
Refundable income taxes, net	9,708		8,521		1,187		13.9	%
Other current assets	38,886		31,682		7,204		22.7	%
Total current assets	656,189		602,032		54,157		9.0	%

Property and equipment	23,813		25,394		(1,581	)	(6.2	)%
Less – accumulated depreciation and amortization	17,629		17,213		416		2.4	%
Property and equipment, net	6,184		8,181		(1,997	)	(24.4	)%

Intangible assets, net	20,167		34,583		(14,416	)	(41.7	)%
Goodwill	501,756		501,756		–		–	%
Deferred commissions, net	44,452		48,143		(3,691	)	(7.7	)%
Other assets, net	30,623		36,748		(6,125	)	(16.7	)%
	1,259,371		1,231,443		27,928		2.3	%

Liabilities and Stockholders’ Equity
Current liabilities:
Trade accounts payable	112,271		81,202		31,069		38.3	%
Accrued payroll and related expenses	50,776		61,575		(10,799	)	(17.5	)%
Other accrued expenses	38,586		42,857		(4,271	)	(10.0	)%
Deferred revenue	45,885		30,942		14,943		48.3	%
Total current liabilities	247,518		216,576		30,942		14.3	%

Other liabilities	62,994		65,732		(2,738	)	(4.2	)%

Stockholders’ equity:
Preferred stock	–		–		–		n/a
Common stock	15,918		15,594		324		2.1	%
Additional paid-in capital	2,045,316		1,933,776		111,540		5.8	%
Retained earnings	1,313,358		1,314,172		(814	)	(0.1	)%
Accumulated other comprehensive income	4,295		3,964		331		8.4	%
Treasury stock, at cost	(2,430,028	)	(2,318,371	)	(111,657	)	4.8	%
Total stockholders’ equity	948,859		949,135		(276	)	(0.0	)%
	1,259,371		1,231,443		27,928		2.3	%


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the three months ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss	(6,267	)	(5,373	)
Earnings from discontinued operations, net of tax	—		(805	)
Non-cash operating activities:
Depreciation and amortization	3,803		3,823
Loss on disposal or impairment of assets	44		6
Lease-related impairment and restructuring charges	(28	)	(546	)
Gain on sale of strategic investments	(515	)	—
Loss on marketable equity securities	206		—
Provision for doubtful accounts	(453	)	1,947
Deferred income taxes	(496	)	(498	)
Non-cash stock compensation expense	24,166		24,780
Changes in operating assets and liabilities:
Accounts receivable, net	25,187		8,700
Deferred commissions	46		(3,971	)
Other assets	4,703		8,514
Accounts payable and other liabilities	11,738		(246	)
Income taxes	(523	)	(7,285	)
Deferred revenue	969		(1,403	)
Net cash provided by operating activities	62,580		27,643
Cash flows from investing activities:
Capital expenditures	(293	)	(1,791	)
Cash paid in acquisitions, net of cash received	—		(170,281	)
Purchases of investments	—		(24,509	)
Proceeds from sales of investments	—		25,000
Proceeds from sale of strategic investment	763		—
Net cash provided by (used in) investing activities	470		(171,581	)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	202		1
Shares repurchased for tax withholdings upon vesting of stock-based awards	(1,026	)	(719	)
Acquisition of treasury stock	(25,447	)	(15,177	)
Net cash used in financing activities	(26,271	)	(15,895	)
Net cash provided by (used in) continuing operations	36,779		(159,833	)
Cash flows from discontinued operations:
From operating activities	(798	)	805
Net cash provided by (used in) discontinued operations	(798	)	805
Net cash provided by (used in) continuing and discontinued operations	35,981		(159,028	)
Effect of exchange rate changes on cash	580		(447	)

Net change in cash, cash equivalents and restricted cash	36,561		(159,475	)
Cash, cash equivalents and restricted cash at beginning of period	377,365		498,946
Cash, cash equivalents and restricted cash at end of period	413,926		339,471

Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations	558		4,905
Cash received for income taxes, net from discontinued operations	—		(1,258	)
Cash paid for operating lease liabilities	2,426		2,594


Operating lease assets obtained in exchange for operating lease liabilities	—		148
Operating lease assets, and related lease liabilities, relinquished in lease terminations	(40	)	—
Purchases of property, plant and equipment remaining unpaid at period end	20		104
Marketable equity securities obtained in disposition of strategic investment	652		—
Excise tax payable on net stock repurchases	64		—


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the twelve months ended March 31,
	2025		2024
Cash flows from operating activities:
Net earnings (loss)	(814	)	11,881
Earnings from discontinued operations, net of tax	(1,688	)	(1,790	)
Non-cash operating activities:
Depreciation and amortization	17,207		11,508
Loss on disposal or impairment of assets	85		1,219
Lease-related impairment and restructuring charges	14		1,769
Gain on sale of strategic investments	(515	)	—
Loss on marketable equity securities	206		—
Provision for doubtful accounts	695		2,254
Impairment of goodwill	—		2,875
Deferred income taxes	(447	)	(458	)
Non-cash stock compensation expense	107,979		71,304
Changes in operating assets and liabilities:
Accounts receivable, net	3,547		(32,336	)
Deferred commissions	3,691		(11,113	)
Other assets	2,105		9,426
Accounts payable and other liabilities	3,573		8,508
Income taxes	3,430		22,275
Deferred revenue	14,897		8,334
Net cash provided by operating activities	153,965		105,656
Cash flows from investing activities:
Capital expenditures	(1,042	)	(4,255	)
Cash paid in acquisitions, net of cash received	(1,951	)	(170,281	)
Purchases of investments	(1,967	)	(48,894	)
Proceeds from sales of investments	26,989		50,750
Proceeds from sale of strategic investment	763		—
Purchases of strategic investments	(1,400	)	(1,000	)
Net cash provided by (used in) investing activities	21,392		(173,680	)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	8,833		7,222
Shares repurchased for tax withholdings upon vesting of stock-based awards	(10,331	)	(5,835	)
Acquisition of treasury stock	(101,198	)	(60,502	)
Net cash used in financing activities	(102,696	)	(59,115	)
Net cash provided by (used in) continuing operations	72,661		(127,139	)
Cash flows from discontinued operations:
From operating activities	1,688		1,790
Net cash provided by discontinued operations	1,688		1,790
Net cash provided by (used in) continuing and discontinued operations	74,349		(125,349	)
Effect of exchange rate changes on cash	106		372

Net change in cash, cash equivalents and restricted cash	74,455		(124,977	)
Cash, cash equivalents and restricted cash at beginning of period	339,471		464,448
Cash, cash equivalents and restricted cash at end of period	413,926		339,471

Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations	22,548		2,465
Cash received for income taxes, net from discontinued operations	(2,486	)	(2,765	)
Cash received for tenant improvement allowances	(2,628	)	—
Cash paid for operating lease liabilities	9,798		10,293


Operating lease assets obtained in exchange for operating lease liabilities	2,327		11,825
Operating lease assets, and related lease liabilities, relinquished in lease terminations	(595	)	(4,486	)
Purchases of property, plant and equipment remaining unpaid at period end	20		104
Marketable equity securities obtained in disposition of strategic investment	652		—
Excise tax payable on net stock repurchases	128		—

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)

	6/30/2023			9/30/2023			12/31/2023			3/31/2024			FY2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025

Net cash provided by (used in) operating activities	$	25,693		$	35,764		$	16,556		$	27,643		$	105,656		$	(9,328	)	$	55,596		$	45,117		$	62,580		$	153,965

Less:
Capital expenditures		(53	)		(200	)		(2,211	)		(1,791	)		(4,255	)		(226	)		(241	)		(282	)		(293	)		(1,042	)

Free Cash Flow	$	25,640		$	35,564		$	14,345		$	25,852		$	101,401		$	(9,554	)	$	55,355		$	44,835		$	62,287		$	152,923


(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
																															Yr-to-Yr
	FY2024															FY2025															FY2025 to FY2024
	6/30/2023			9/30/2023			12/31/2023			3/31/2024			FY2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			%		$

Revenues		154,069			159,871			173,869			171,852			659,661			175,961			185,483			195,412			188,724			745,580		13.0	%	85,919
Cost of revenue		45,621			41,212			44,934			47,722			179,489			51,749			51,234			54,998			57,929			215,910		20.3	%	36,421
Gross profit		108,448			118,659			128,935			124,130			480,172			124,212			134,249			140,414			130,795			529,670		10.3	%	49,498
% Gross margin		70.4	%		74.2	%		74.2	%		72.2	%		72.8	%		70.6	%		72.4	%		71.9	%		69.3	%		71.0	%

Operating expenses
Research and development		34,519			33,733			37,788			45,161			151,201			44,118			43,889			42,735			45,926			176,668		16.8	%	25,467
Sales and marketing		44,879			44,135			46,203			60,476			195,693			54,175			51,107			50,863			56,961			213,106		8.9	%	17,413
General and administrative		26,664			26,009			27,241			30,252			110,166			30,961			31,369			31,994			32,175			126,499		14.8	%	16,333
Gains, losses and other items, net		116			6,574			2,502			2,516			11,708			206			397			149			7,241			7,993		(31.7	)%	(3,715	)
Total operating expenses		106,178			110,451			113,734			138,405			468,768			129,460			126,762			125,741			142,303			524,266		11.8	%	55,498

Income (loss) from operations		2,270			8,208			15,201			(14,275	)		11,404			(5,248	)		7,487			14,673			(11,508	)		5,404		(52.6	)%	(6,000	)
% Margin		5.0	%		24.3	%		40.2	%		(31.6	)%		1.7	%		(3.0	)%		4.0	%		7.5	%		(6.1	)%		0.7	%

Total other income, net		4,849			6,431			6,607			5,070			22,957			4,444			4,197			4,033			4,762			17,436		(24.0	)%	(5,521	)

Income (loss) from continuing operations before income taxes		7,119			14,639			21,808			(9,205	)		34,361			(804	)		11,684			18,706			(6,746	)		22,840		(33.5	)%	(11,521	)
Income tax expense (benefit)		8,705			10,163			8,429			(3,027	)		24,270			6,685			9,952			9,184			(479	)		25,342		4.4	%	1,072
Net earnings (loss) from continuing operations		(1,586	)		4,476			13,379			(6,178	)		10,091			(7,489	)		1,732			9,522			(6,267	)		(2,502	)	(124.8	)%	(12,593	)

Earnings from discontinued operations, net of tax		–			387			598			805			1,790			–			–			1,688			–			1,688		(5.7	)%	(102	)

Net earnings (loss)	$	(1,586	)	$	4,863		$	13,977		$	(5,373	)	$	11,881		$	(7,489	)	$	1,732		$	11,210		$	(6,267	)	$	(814	)	(106.9	)%	(12,695	)

Basic earnings (loss) per share:
Continuing Operations		(0.02	)		0.07			0.20			(0.09	)		0.15			(0.11	)		0.03			0.15			(0.10	)		(0.04	)	(124.8	)%	(0.19	)
Discontinued Operations		0.00			0.01			0.01			0.01			0.03			0.00			0.00			0.03			0.00			0.03		(5.5	)%	(0.00	)
Basic earnings (loss) per share		(0.02	)		0.07			0.21			(0.08	)		0.18			(0.11	)		0.03			0.17			(0.10	)		(0.01	)	(106.9	)%	(0.19	)

Diluted earnings (loss) per share:
Continuing Operations		(0.02	)		0.07			0.20			(0.09	)		0.15			(0.11	)		0.03			0.14			(0.10	)		(0.04	)	(125.5	)%	(0.19	)
Discontinued Operations		0.00			0.01			0.01			0.01			0.03			0.00			0.00			0.03			0.00			0.03		(3.1	)%	(0.00	)
Diluted earnings (loss) per share		(0.02	)		0.07			0.21			(0.08	)		0.17			(0.11	)		0.03			0.17			(0.10	)		(0.01	)	(107.0	)%	(0.19	)


Basic weighted average shares		66,497			66,284			65,961			66,323			66,266			66,621			66,294			65,631			65,957			66,126
Diluted weighted average shares		66,497			67,868			67,943			66,323			67,918			66,621			67,309			66,743			65,957			66,126

Some earnings (loss) per share amounts may not add due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
	FY2024										FY2025
	6/30/2023		9/30/2023		12/31/2023		3/31/2024		FY2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		FY2025
Expenses:
Cost of revenue	45,621		41,212		44,934		47,722		179,489		51,749		51,234		54,998		57,929		215,910
Research and development	34,519		33,733		37,788		45,161		151,201		44,118		43,889		42,735		45,926		176,668
Sales and marketing	44,879		44,135		46,203		60,476		195,693		54,175		51,107		50,863		56,961		213,106
General and administrative	26,664		26,009		27,241		30,252		110,166		30,961		31,369		31,994		32,175		126,499
Gains, losses and other items, net	116		6,574		2,502		2,516		11,708		206		397		149		7,241		7,993

Gross profit, continuing operations:	108,448		118,659		128,935		124,130		480,172		124,212		134,249		140,414		130,795		529,670
% Gross margin	70.4	%	74.2	%	74.2	%	72.2	%	72.8	%	70.6	%	72.4	%	71.9	%	69.3	%	71.0	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,290		1,217		1,181		3,097		8,785		3,846		3,748		3,686		3,135		14,415
Non-cash stock compensation (cost of revenue)	629		629		817		1,478		3,553		1,596		1,499		1,455		1,615		6,165
Non-cash stock compensation (research and development)	5,077		5,293		6,960		9,859		27,189		10,205		10,920		10,085		10,494		41,704
Non-cash stock compensation (sales and marketing)	3,736		4,786		4,089		6,337		18,948		7,093		7,383		7,278		5,716		27,470
Non-cash stock compensation (general and administrative)	3,850		5,027		5,631		7,106		21,614		9,091		9,266		7,942		6,341		32,640
Restructuring charges (gains, losses, and other)	116		6,574		2,502		2,516		11,708		206		397		149		7,241		7,993
Transformation costs (general and administrative)	1,875		—		—		—		1,875		—				—		—		—
Total excluded items	18,573		23,526		21,180		30,393		93,672		32,037		33,213		30,595		34,542		130,387

Expenses, excluding items:
Cost of revenue	41,702		39,366		42,936		43,147		167,151		46,307		45,987		49,857		53,179		195,330
Research and development	29,442		28,440		30,828		35,302		124,012		33,913		32,969		32,650		35,432		134,964
Sales and marketing	41,143		39,349		42,114		54,139		176,745		47,082		43,724		43,585		51,245		185,636
General and administrative	20,939		20,982		21,610		23,146		86,677		21,870		22,103		24,052		25,834		93,859

Gross profit, excluding items:	112,367		120,505		130,933		128,705		492,510		129,654		139,496		145,555		135,545		550,250
% Gross margin	72.9	%	75.4	%	75.3	%	74.9	%	74.7	%	73.7	%	75.2	%	74.5	%	71.8	%	73.8	%

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
	FY2024							FY2025
	6/30/2023		9/30/2023	12/31/2023	3/31/2024		FY2024	6/30/2024		9/30/2024	12/31/2024	3/31/2025		FY2025

Income (loss) from continuing operations before income taxes	7,119		14,639	21,808	(9,205	)	34,361	(804	)	11,684	18,706	(6,746	)	22,840
Income tax expense (benefit)	8,705		10,163	8,429	(3,027	)	24,270	6,685		9,952	9,184	(479	)	25,342
Net earnings (loss) from continuing operations	(1,586	)	4,476	13,379	(6,178	)	10,091	(7,489	)	1,732	9,522	(6,267	)	(2,502	)

Earnings from discontinued operations, net of tax	–		387	598	805		1,790	–		–	1,688	–		1,688

Net earnings (loss)	(1,586	)	4,863	13,977	(5,373	)	11,881	(7,489	)	1,732	11,210	(6,267	)	(814	)

Earnings (loss) per share:
Basic	(0.02	)	0.07	0.21	(0.08	)	0.18	(0.11	)	0.03	0.17	(0.10	)	(0.01	)
Diluted	(0.02	)	0.07	0.21	(0.08	)	0.17	(0.11	)	0.03	0.17	(0.10	)	(0.01	)

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,290		1,217	1,181	3,097		8,785	3,846		3,748	3,686	3,135		14,415
Non-cash stock compensation (cost of revenue and operating expenses)	13,292		15,735	17,497	24,780		71,304	27,985		29,068	26,760	24,166		107,979
Restructuring and merger charges (gains, losses, and other)	116		6,574	2,502	2,516		11,708	206		397	149	7,241		7,993
Transformation costs (general and administrative)	1,875		–	–	–		1,875	–		–	–	–		–
Total excluded items from continuing operations	18,573		23,526	21,180	30,393		93,672	32,037		33,213	30,595	34,542		130,387

Income from continuing operations before income taxes and excluding items	25,692		38,165	42,988	21,188		128,033	31,233		44,897	49,301	27,796		153,227
Income tax expense (2)	6,167		9,036	10,732	3,947		29,882	7,371		10,745	12,421	7,759		38,296
Non-GAAP net earnings from continuing operations	19,525		29,129	32,256	17,241		98,151	23,862		34,152	36,880	20,037		114,931

Non-GAAP earnings per share from continuing operations
Basic	0.29		0.44	0.49	0.26		1.48	0.36		0.52	0.56	0.30		1.74
Diluted	0.29		0.43	0.47	0.25		1.45	0.35		0.51	0.55	0.30		1.70

Basic weighted average shares	66,497		66,284	65,961	66,323		66,266	66,621		66,294	65,631	65,957		66,126
Diluted weighted average shares	67,388		67,868	67,943	68,471		67,918	68,463		67,309	66,743	67,479		67,499

Some totals may not add due to rounding

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
(Unaudited)
(Dollars in thousands)
	For the		For the
	quarter ending		year ending
	June 30, 2025		March 31, 2026

			Low		High

GAAP income from operations	$	6,000	$	85,000	$	89,000

Excluded items:
Purchased intangible asset amortization		3,000		11,000		11,000
Non-cash stock compensation		24,000		82,000		82,000
Total excluded items		27,000		93,000		93,000

Non-GAAP income from operations	$	33,000	$	178,000	$	182,000


(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

APPENDIX A

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

Q4 FISCAL 2025 FINANCIAL RESULTS

EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS

To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.

Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:

Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.

Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.

Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.

Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.

Our non-GAAP financial schedules are:

Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.

Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.

Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

PDF available: http://ml.globenewswire.com/Resource/Download/f10eae40-8315-4829-8708-f54db5dee34b

The MIL Network –

May 22, 2025

MIL-OSI: Zoom Communications Reports Financial Results for the First Quarter of Fiscal Year 2026

Source: GlobeNewswire (MIL-OSI)

First quarter total revenue of $1,174.7 million, up 2.9% year over year as reported and 3.4% in constant currency
First quarter Enterprise revenue of $704.7 million, up 5.9% year over year
First quarter GAAP operating margin of 20.6% and non-GAAP operating margin of 39.8%
First quarter GAAP EPS of $0.81, up 18.7% year over year, and non-GAAP EPS of $1.43, up 6.0% year over year
Number of customers contributing more than $100,000 in trailing 12 months revenue up 8.0% year over year
Repurchased approximately 5.6 million shares of common stock in Q1, up from 4.3 million shares in Q4

SAN JOSE, Calif., May 21, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM), today announced financial results for the first fiscal quarter ended April 30, 2025.

“We delivered another solid quarter, exceeding guidance in both revenue and profitability — a testament to the strength of our platform and AI-first innovation,” said Eric S. Yuan, Zoom’s founder and CEO. “In an uncertain macro-economic environment, customers are turning to Zoom to drive efficiency, improve customer and employee experiences, and future-proof their businesses. We saw continued momentum in Zoom Customer Experience, Zoom Revenue Accelerator, and Workvivo as customers look to elevate CX, reinvigorate sales, and strengthen culture. In Q1, we launched multiple new products, maintained strong operational discipline, and accelerated our share repurchase activity, reinforcing our commitment to shareholder value.”

First Quarter Fiscal Year 2026 Financial Highlights:

Revenue: Total revenue for the first quarter was $1,174.7 million, up 2.9% year over year. Adjusting for foreign currency impact, revenue in constant currency was $1,179.5 million, up 3.4% year over year. Enterprise revenue was $704.7 million, up 5.9% year over year, and Online revenue was $470.0 million, down 1.2% year over year.
Income from Operations and Operating Margin: GAAP income from operations for the first quarter was $241.6 million, compared to GAAP income from operations of $203.0 million in the first quarter of fiscal year 2025. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, was $467.3 million for the first quarter, compared to non-GAAP income from operations of $456.6 million in the first quarter of fiscal year 2025. For the first quarter, GAAP operating margin was 20.6% and non-GAAP operating margin was 39.8%.
Net Income and Diluted Net Income Per Share: GAAP net income for the first quarter was $254.6 million, or $0.81 per share, compared to GAAP net income of $216.3 million, or $0.69 per share, in the first quarter of fiscal year 2025. Non-GAAP net income for the first quarter, which adjusts for stock-based compensation expense and related payroll taxes, gains/losses on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $448.3 million, or $1.43 per share. In the first quarter of fiscal year 2025, non-GAAP net income was $426.3 million, or $1.35 per share.
Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of April 30, 2025 was $7.8 billion.
Cash Flow: Net cash provided by operating activities was $489.3 million for the first quarter, compared to $588.2 million in the first quarter of fiscal year 2025. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $463.4 million, compared to $569.7 million in the first quarter of fiscal year 2025.

Customer Metrics: Drivers of total revenue included acquiring new customers. At the end of the first quarter of fiscal year 2026, Zoom had:

4,192 customers contributing more than $100,000 in trailing 12 months revenue, up 8.0% from the same quarter last fiscal year.
A trailing 12-month net dollar expansion rate for Enterprise customers of 98%.
Online average monthly churn of 2.8% for the first quarter, down 40 bps from the same quarter last fiscal year.
The percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 74.2%, up 40 bps year over year.

Financial Outlook: Zoom is providing the following guidance for its second quarter of fiscal year 2026 and its full fiscal year 2026.

Second Quarter Fiscal Year 2026: Total revenue is expected to be between $1.195 billion and $1.200 billion and revenue in constant currency is expected to be between $1.196 billion and $1.201 billion. Non-GAAP income from operations is expected to be between $460.0 million and $465.0 million. Non-GAAP diluted EPS is expected to be between $1.36 and $1.37 with approximately 310 million weighted average shares outstanding.
Full Fiscal Year 2026: Total revenue is expected to be between $4.800 billion and $4.810 billion and revenue in constant currency is expected to be between $4.808 billion and $4.818 billion. Full fiscal year non-GAAP income from operations is expected to be between $1.865 billion and $1.875 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $5.56 and $5.59 with approximately 312 million weighted average shares outstanding. Full fiscal year free cash flow is expected to be between $1.680 billion and $1.720 billion.

The EPS and share count figures do not include any impact from $1.2 billion of authorized share repurchase remaining as of April 30, 2025.

Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

Zoom Video Earnings Call

Zoom will host a Zoom Video Webinar for investors on May 21, 2025 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.com/

About Zoom

Zoom’s mission is to provide the AI-first work platform for human connection. Zoom Workplace — the company’s AI-powered, open collaboration platform built for modern work — will streamline communications, increase employee engagement, optimize in-person time, improve productivity, and offer customer choice with third-party apps and integrations. Zoom Workplace, powered by Zoom AI Companion, will include collaboration solutions like meetings, team chat, phone, scheduler, whiteboard, spaces, Workvivo, and more. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com

Forward-Looking Statements

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s financial outlook for the second quarter of fiscal year 2026 and full fiscal year 2026, Zoom’s market position, opportunities, and growth strategy, product initiatives, including future product and feature releases and the potential of agentic AI, and go-to-market motions and the expected benefits resulting from the same, market trends, and Zoom’s stock repurchase program. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers, renewals or upgrades, or decline in demand for our platform, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, the effect of macroeconomic conditions on our business, including geopolitical tensions, tariffs and escalating trade tensions, interest rate fluctuations, inflationary pressures and market and foreign currency exchange rate volatility, lengthened sales cycles with large organizations, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access, compromised security measures, including ours and those of the third parties upon which we rely, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our annual report on Form 10-K for the fiscal year ended January 31, 2025. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures

Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Non-GAAP Income from Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, and acquisition-related expenses. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. In fact, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods that may or may not include such expenses and assist in the comparison with the results of other companies in the industry. Zoom defines non-GAAP operating margin as non-GAAP income from operations divided by GAAP revenue.

Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income as GAAP net income adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, gains/losses on strategic investments, net, and the tax effects of all non-GAAP adjustments. Zoom excludes these items because they are considered by management to be outside of Zoom’s core operating results. These adjustments are intended to provide investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitate comparison of its results with other periods, and may also facilitate comparison with the results of other companies in the industry. Zoom defines non-GAAP net income per share, basic and diluted, as non-GAAP net income divided by the number of shares outstanding, basic and diluted, calculated in accordance with GAAP.

Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Zoom defines free cash flow margin as free cash flow divided by GAAP revenue.

Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how Zoom’s underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

Customer Metrics

Zoom defines a customer as a separate and distinct buying entity, which can be a single paid user or an organization of any size (including a distinct unit of an organization) that has multiple users. Zoom defines Enterprise customers as distinct business units that have been engaged by either our direct sales team, resellers, or strategic partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers’ earlier indication to us of their intention to cancel that subscription. Zoom then determines the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter (“Applicable Quarter MRR Churn”) and divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn.

Public Relations

Colleen Rodriguez
Head of Global Public Relations
press@zoom.us

Investor Relations

Charles Eveslage
Head of Investor Relations
investors@zoom.us

Zoom Communications, Inc. Condensed Consolidated Balance Sheets (In thousands)

	As of
	April 30, 2025		January 31, 2025
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	1,228,847	$	1,349,380
Marketable securities		6,563,976		6,442,329
Accounts receivable, net		477,242		495,228
Deferred contract acquisition costs, current		175,900		188,358
Prepaid expenses and other current assets		220,812		200,679
Total current assets		8,666,777		8,675,974
Deferred contract acquisition costs, noncurrent		114,513		123,464
Property and equipment, net		312,211		330,475
Operating lease right-of-use assets		53,217		55,900
Strategic investments		576,139		591,481
Goodwill		307,295		307,295
Deferred tax assets		769,189		749,759
Other assets, noncurrent		152,555		154,073
Total assets	$	10,951,896	$	10,988,421
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	14,205	$	8,345
Accrued expenses and other current liabilities		473,951		558,562
Deferred revenue, current		1,409,217		1,336,387
Total current liabilities		1,897,373		1,903,294
Deferred revenue, noncurrent		16,185		17,274
Operating lease liabilities, noncurrent		35,894		37,406
Other liabilities, noncurrent		100,076		95,363
Total liabilities		2,049,528		2,053,337

Stockholders’ equity:
Common stock		302		305
Additional paid-in capital		4,832,800		5,130,271
Accumulated other comprehensive (loss) income		15,145		4,990
Retained earnings		4,054,121		3,799,518
Total stockholders’ equity		8,902,368		8,935,084
Total liabilities and stockholders’ equity	$	10,951,896	$	10,988,421

Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $108.1 million and $118.5 million as of April 30, 2025 and January 31, 2025, respectively.

Zoom Communications, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except share and per share amounts)

	Three Months Ended April 30,
		2025			2024
Revenue	$	1,174,715		$	1,141,234
Cost of revenue		278,402			273,302
Gross profit		896,313			867,932
Operating expenses:
Research and development		205,416			205,558
Sales and marketing		346,970			348,008
General and administrative		102,335			111,344
Total operating expenses		654,721			664,910
Income from operations		241,592			203,022
(Losses) gains on strategic investments, net		(13,619	)		17,354
Other income, net		87,792			71,588
Income before provision for income taxes		315,765			291,964
Provision for income taxes		61,162			75,656
Net income		254,603			216,308

Net income per share:
Basic	$	0.84		$	0.70
Diluted	$	0.81		$	0.69
Weighted-average shares used in computing net income per share:
Basic		304,908,652			308,700,582
Diluted		312,783,861			315,360,678

Zoom Communications, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands)

	Three Months Ended April 30,
		2025			2024
Cash flows from operating activities:
Net income	$	254,603		$	216,308
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense		201,569			229,425
Amortization of deferred contract acquisition costs		69,557			68,125
Depreciation and amortization		35,316			26,667
Deferred income taxes		(24,690	)		(7,952	)
Losses (gains) on strategic investments, net		13,619			(17,354	)
Provision for accounts receivable allowances		5,855			6,782
Unrealized foreign exchange (gains) losses		(7,626	)		7,237
Non-cash operating lease cost		6,108			5,368
Amortization of discount/premium on marketable securities		(12,845	)		(17,668	)
Other		4,142			98
Changes in operating assets and liabilities:
Accounts receivable		12,485			12,260
Prepaid expenses and other assets		(12,293	)		35,839
Deferred contract acquisition costs		(48,148	)		(40,128	)
Accounts payable		7,252			7,276
Accrued expenses and other liabilities		(80,383	)		(14,942	)
Deferred revenue		72,141			77,964
Operating lease liabilities, net		(7,401	)		(7,114	)
Net cash provided by operating activities		489,261			588,191
Cash flows from investing activities:
Purchases of marketable securities		(1,135,024	)		(867,911	)
Maturities of marketable securities		1,033,279			776,941
Sales of marketable securities		2,525			—
Purchases of property and equipment		(25,910	)		(18,508	)
Purchases of strategic investments		—			(3,000	)
Proceeds from strategic investments		—			4,654
Net cash used in investing activities		(125,130	)		(107,824	)
Cash flows from financing activities:
Proceeds from exercise of stock options		954			1,016
Proceeds from employee equity transactions to be remitted to employees and tax authorities, net		8,690			6,581
Cash paid for repurchases of common stock		(418,021	)		(150,048	)
Taxes paid related to net share settlement of equity awards		(82,153	)		—
Net cash used in financing activities		(490,530	)		(142,451	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		11,854			(6,852	)
Net (decrease) increase in cash, cash equivalents, and restricted cash		(114,545	)		331,064
Cash, cash equivalents, and restricted cash – beginning of period		1,361,417			1,565,380
Cash, cash equivalents, and restricted cash – end of period	$	1,246,872		$	1,896,444

Zoom Communications, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, in thousands, except share and per share amounts)

	Three Months Ended April 30,
		2025			2024
GAAP income from operations	$	241,592		$	203,022
Add:
Stock-based compensation expense and related payroll taxes		216,730			242,874
Acquisition-related expenses		9,004			10,701
Non-GAAP income from operations	$	467,326		$	456,597
GAAP operating margin		20.6	%		17.8	%
Non-GAAP operating margin		39.8	%		40.0	%

GAAP net income	$	254,603		$	216,308
Add:
Stock-based compensation expense and related payroll taxes		216,730			242,874
Losses (gains) on strategic investments, net		13,619			(17,354	)
Acquisition-related expenses		9,004			10,701
Tax effects on non-GAAP adjustments		(45,663	)		(26,211	)
Non-GAAP net income	$	448,293		$	426,318

Net income per share – basic and diluted:
GAAP net income per share – basic	$	0.84		$	0.70
Non-GAAP net income per share – basic	$	1.47		$	1.38
GAAP net income per share – diluted	$	0.81		$	0.69
Non-GAAP net income per share – diluted	$	1.43		$	1.35

GAAP and non-GAAP weighted-average shares used to compute net income per share – basic		304,908,652			308,700,582
GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted		312,783,861			315,360,678

Net cash provided by operating activities	$	489,261		$	588,191
Less: Purchases of property and equipment		(25,910	)		(18,508	)
Free cash flow (non-GAAP)	$	463,351		$	569,683
Net cash used in investing activities	$	(125,130	)	$	(107,824	)
Net cash (used in) provided by financing activities	$	(490,530	)	$	(142,451	)
Operating cash flow margin (GAAP)		41.6	%		51.5	%
Free cash flow margin (non-GAAP)		39.4	%		49.9	%

	Three Months Ended April 30,
		2025
	Revenue			YoY Revenue Growth (%)
GAAP revenue	$	1,174,715			2.9	%
Add: Constant currency impact		4,762			0.5	%
Revenue in constant currency (non-GAAP)		1,179,477			3.4	%

The MIL Network –

May 22, 2025

MIL-OSI Economics: DG Okonjo-Iweala: MC14 must deliver outcomes on WTO reform

Source: World Trade Organization

Reporting to the meeting in her capacity as Chair of the Trade Negotiations Committee (TNC), the Director-General said that in recent meetings she had with leaders and ministers in Japan and the Republic of Korea, the issue of WTO reform “was front and centre” of the discussions.

“Prime Minister Ishiba (of Japan) and his ministers of trade, foreign affairs and finance, along with virtually every APEC minister that I met in Jeju, have bought into the idea that we must not waste a crisis, and that we need deep and thorough reform of the WTO if it is to remain relevant,” DG Okonjo-Iweala said.

“For a successful MC14, we must act here in Geneva to deliver a package of reform proposals for ministers to consider and bless at MC14,” she added. “Nothing short of this can reposition this organization in the way and form needed.”

The Director-General met with Prime Minister Ishiba and other senior Japanese government officials in Tokyo on 13 May and then attended a meeting of trade ministers from the Asia-Pacific Economic Cooperation (APEC) forum in Jeju, Republic of Korea, on 15-16 May.

At their 12th Ministerial Conference in 2022, WTO members for the first time agreed to undertake a comprehensive review of the WTO’s functions in order to ensure the organization is capable of responding more effectively to both the challenges facing the multilateral trading system and the opportunities provided by contemporary developments in global trade.

The Director-General said that while the ministers she met “made clear they value the system, they also admitted it cannot continue the way it is.”

“Members keep sweeping things under the carpet and not solving problems,” she said. “I think what has brought us here is the inability to solve problems when they occur, and this has led to unilateral actions, instead of a cooperative approach to solve these problems.”

“It has taken time for members to admit that things are not working as well as they should, and that they want solutions,” she continued.

The Director-General said she was pleased work is continuing on possible deliverables for MC14, including further work on fisheries subsidies, agriculture, the Investment Facilitation for Development initiative, electronic commerce, and issues pertaining to least developed countries (LDCs). Members will have a chance to assess progress on these issues at the next TNC meeting in July and decide later which packages are ready to take forward to MC14 for decision.

She welcomed the recent progress made on member acceptances of the Agreement on Fisheries Subsidies, noting that 99 members have now accepted the Agreement with only 12 more needed to bring it into force.

Twenty-six delegations took the floor after the Director-General’s intervention, some of them speaking on behalf of groups of members. Many members commented on a suggested road map for MC14 prepared by the WTO Secretariat and highlighted issues of interest, including WTO reform, new disciplines on fisheries subsidies, progress on agriculture, the e-commerce moratorium, and industrial policy, among others.

General Council Chair to initiate MC14 consultations

Under a separate agenda item, the General Council Chair, Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia), noted that discussions he had with delegations over the past weeks revealed various calls to proceed with work in three key areas, namely: WTO reform; dispute settlement reform; and the process towards preparing a possible MC14 outcome document.

With MC14 taking place in 10 months, “time is not on our side,” he told members. “Accordingly, immediately after this General Council meeting, I intend to consult interested delegations on how to take forward work in each of these areas.”

Investment facilitation for development

On the Investment Facilitation for Development (IFD) initiative, members were once again unable to reach consensus on the request supported by 126 members to incorporate the IFD Agreement under Annex 4 of the Marrakesh Agreement establishing the WTO. This marked the eighth time the proposal has been submitted to members for adoption.

Speaking on behalf of the 126 co-sponsors, the Republic of Korea underlined the urgent need for incorporating the Agreement into the WTO framework in order to help members attract investment, in particular developing and least developed country members. IFD Agreement participants are also actively engaging with non-participating members to build understanding and highlight the Agreement’s benefit, the Republic of Korea said.

Three members reiterated their objections to incorporating the IFD Agreement into the WTO multilateral framework.

Current trade tensions

On behalf of 47 members, Singapore and Switzerland introduced a statement in support of the rules-based multilateral trading system. The statement cites the value and achievements of the WTO since it was established in 1995, underlining how the organization has contributed to the economic development of both developed and developing members by promoting trade liberalization and facilitating economic integration, fostering stability, predictability and consumers’ trust while preserving incentives for innovation. The WTO’s support for developing economies, including LDCs, has lifted millions out of poverty, the co-sponsors said.

China introduced its communication regarding heightened trade turbulence and responses from the WTO. Faced with the current situation of heightened trade turbulence, China said, members should safeguard the rules-based multilateral trading system with the WTO at its core. China proposed a “Stability, Development and Reform” (SDR) approach for the WTO and said it stands ready to work with all parties to safeguard the WTO rules system and inject more certainty and predictability into the global economy.

The European Union introduced an item on fragmentation of global trade through tariffs and the global costs. The EU said the item was submitted in response to the economic and trade uncertainty created by recent tariff actions. The EU underlined its support for a rules-based multilateral trading system and highlighted the importance of ongoing dialogue on tariffs to assess impacts, monitor trade patterns, and consider systemic effects.

WTO retreat on sustainable agriculture

Brazil expressed its appreciation for the recent WTO retreat on sustainable agriculture and the broad engagement across regions and constituencies. It highlighted trends in agriculture production globally, including towards increased productivity and the search for greater resilience and sustainability. Brazil said it saw value in further discussing this topic in a forward-looking manner as a conversational WTO exercise.

Thirty-six delegations took the floor to comment.

Electronic commerce

Japan, on behalf of the co-sponsors of the Agreement on Electronic Commerce, informed members of the co-sponsors’ recent efforts to gather members’ support for incorporation of the Agreement into the WTO multilateral framework. Japan also reported that the co-sponsors are undertaking work to advance implementation of the Agreement, including a needs assessment survey to better understand priorities for implementation support.

Several members reiterated their concerns about the Agreement and their objections to its incorporation into the WTO multilateral framework.

Next meeting

The next meeting of the General Council is tentatively scheduled for 22-23 July.

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MIL OSI Economics –

May 22, 2025
MIL-OSI New Zealand: Commonsense financial reforms underway
Source: NZ Music Month takes to the streets

Last night the Government took a major step toward restoring common sense to financial regulation, with the first readings of three important reform bills, says Commerce and Consumer Affairs Minister Scott Simpson.

“Our Government is delivering on its promise to make it easier for New Zealanders to access the financial services they need, whether it’s buying a home, growing a business, or simply managing everyday life,” says Mr Simpson.

“For too long, New Zealanders have been trapped by rules that are overly bureaucratic, unnecessarily repetitive, and sometimes just downright silly. Today, we’ve begun to fix that.”

The Credit Contracts and Consumer Finance Amendment Bill, the Financial Markets Conduct Amendment Bill, and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill are the first legislative steps in a broader package aimed at rewiring New Zealand’s financial services regulation. Together, they form part of a comprehensive overhaul that will rebalance the system to ensure consumer protection without stifling access to credit or innovation.

“For many Kiwis, the absurdity of past rules became clear when banks were forced to quiz them about what they’d been spending on takeaways or Netflix subscriptions before approving a mortgage. That wasn’t responsible lending, it was regulatory overreach.”

These three bills focus on addressing some of the most counterproductive aspects of the current law:
- Regulators empowered to take proactive action: The Financial Markets Authority will be given the tools needed to effectively oversee lending, banking and insurance markets to the benefit of consumers.
- Removing unnecessary personal liability: Senior managers and directors will no longer face personal liability for compliance failures. Responsibility will sit with the businesses, where it belongs.
- Streamlining licensing requirements: Financial service providers will no longer need to hold multiple overlapping conduct licences, reducing duplication and compliance costs across the sector.
- Improving dispute resolution services: The Bill strengthens oversight and independent governance of financial dispute resolution schemes, ensuring Kiwis can have confidence in fair, effective support when things go wrong.
- A fairer and more proportionate approach to non-disclosures: Another change, which will apply retrospectively for the period between 2015 and 2019, will enable the courts to apply greater discretion when a lender has failed to disclose certain information to consumers.
“These changes are pro-consumer, pro-competition, and pro-growth. They ensure that financial institutions are held to account without being tied up in needless red tape that drives up costs for everyone.”

The reform package delivers on a core part of the National-ACT coalition agreement to rewrite the Credit Contracts and Consumer Finance Act 2003.

“These changes are about enabling our economy to flourish. Financial regulation should protect people, not block their ambitions. This progress means we’re one step closer to a more dynamic, fair, and accessible financial system for all.”

Notes to editors

Fact sheet for the Bills is attached.

MIL OSI New Zealand News –
May 22, 2025
MIL-OSI Europe: Briefing – EU emissions trading system for buildings, road transport and additional sectors (ETS2): Status and concerns – 21-05-2025

Source: European Parliament

The EU aims to become the first climate-neutral continent in the world by 2050. Since the announcement of the European Green Deal and following the adoption of the European Climate Law in 2021, the EU’s climate agenda has been built even more around the principle of carbon pricing. The EU emissions trading system (ETS) is, today, the cornerstone of the EU’s strategy to achieve this vision, complemented by a mix of industrial, energy and climate policies. Currently, the EU ETS covers stationary (power and industrial) installations, domestic aviation and maritime transport. Following the revision of the EU ETS Directive, greenhouse gas (GHG) emissions from buildings, road transport and additional sectors not covered by the existing EU ETS will be covered under a new ETS2. Carbon pricing is expected to regulate around 75 % of EU GHG emissions from 2027. Following the adoption of the revised ETS Directive in 2023, Member States had to transpose the ETS2 into national law. The ETS2 will target GHG emissions from fuel for the sectors covered. Fuel suppliers have to buy and surrender emissions allowances and are likely to pass on the cost of this new instrument to final consumers. Consumers are likely to face higher energy bills if they do not switch to low-carbon technologies, which is why the ETS2, while aiming to achieve climate objectives, has become a social concern. A new Social Climate Fund will support the switch to low-carbon technologies in the building and transport sectors, including but not only through direct payments for vulnerable households impacted by the new ETS2. However, some stakeholders have claimed that the Social Climate Fund will not be enough and are asking for the ETS2 to be delayed or modified. This briefing looks at the recent issues and concerns that have been raised regarding the ETS2.

MIL OSI Europe News –

May 22, 2025
MIL-OSI USA: Congressman Sherman’s Bipartisan Access to Small Business Investor Capital Act Passes House Financial Services Committee

Source: United States House of Representatives – Congressman Brad Sherman (D-CA)

WASHINGTON, D.C. – On May 20th, the House Financial Services Committee voted to advance Congressman Brad Sherman’s (CA-32) bipartisan Access to Small Business Investor Capital Act, which he led along with Congressman Bill Huizenga (R-MI), Congressman Andrew Garbarino (R-NY), and Congresswoman Janelle Bynum (D-OR), clearing the way for its consideration on the House floor.

The Access to Small Business Investor Capital Act makes a technical correction to a federal securities rule allowing Business Development Companies (BDCs) to access additional capital to invest in America’s small and medium sized businesses. Business development companies play a vital role in supporting small businesses around the nation who otherwise would be unable to access capital to grow their businesses.

The most important thing that our financial institutions and capital markets do is provide capital for businesses, particularly small, medium-sized, and growing enterprises. These businesses are the engine of our economy, driving innovation, job creation, and regional economic development in ways that benefit every community. This bipartisan legislation will open the door for more investment in BDCs, thereby unlocking more capital for small and mid-sized businesses across the country. Importantly, it does so without rolling back investor protections or weakening existing SEC oversight.

“I’m pleased that the House Financial Services Committee passed this bill with broad bipartisan support, clearing the way for a vote by the full House,” said Congressman Brad Sherman. “I thank Chairman Hill and Ranking Member Waters for their assistance in advancing this legislation and urge House Republican leadership to swiftly bring it to the floor so that America’s small businesses can access the capital they need to grow and succeed.”

Senator David McCormick (R-PA) and Senator Angela Alsobrooks (D-MD) have also recently introduced an identical version of Congressman Sherman’s bill in the Senate signaling bipartisan bicameral support.

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MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Rep. Peters Thanks EPA Administrator Zeldin for Commitment to Stop Cross-Border Sewage Pollution
Source: United States House of Representatives – Congressman Scott Peters (52nd District of California)

Washington D.C. – Today, at an Energy and Commerce Committee hearing, Representative Scott Peters (CA-50) thanked Environmental Protection Agency (EPA) Administrator Lee Zeldin for touring the U.S.-Mexico border in southern San Diego and for his commitment to address the scourge of cross-border wastewater pollution. This follows a joint announcement from the EPA and U.S. International Border and Water Commission (IBWC) this morning, that both agencies will speed up the first phase of the incremental expansion of the South Bay International Wastewater Treatment Plant (SBIWTP) from two years to 100 days. This phase will increase the plant’s capacity to treat wastewater from 25 to 35 million gallons per day (mgd). The full project to repair and expand the dilapidated plant, for which Representative Peters and the San Diego delegation have secured $360 million in the last 18 months, will double treatment capacity to 50 mgd.

During the hearing, Rep. Peters stated, “I want to thank you for your recent visit to the South Bay and your tour of the Tijuana River Valley. This contamination issue remains, what I believe is one of the worst environmental catastrophes of the hemisphere and we are so encouraged by your commitment to working on a 100% solution… We’ve all worked really hard to get resources here — Republicans and Democrats. You have a partner here, and we’re happy to partner with you.”

During his opening remarks, EPA Administrator Zeldin stated, “[We] have issued immediate action items for Mexico to permanently and urgently end the Tijuana River sewage crisis that has plagued Southern California for decades.”

Last month, EPA Administrator Zeldin toured the South Bay at Rep. Peters’ invitation to see firsthand the ecological, economic, and health harms caused by this crisis.

Further Background:

Representative Peters has, for years, worked to address the cross-border pollution fouling San Diego’s coastal waters, including pushing for additional funding to fix and expand the dilapidated SBIWTP. The following are some recent actions:

2025
1. In March, Rep. Peters introduced legislation to authorize the International Boundary and Water Commission (IBWC) to accept funding from federal and non-federal entities for wastewater treatment, flood control projects, or other water conservation efforts.
2024
1. In January, Rep. Peters took to the House floor to demand that the President’s requested $310 million to fix and expand the dilapidated SBIWTP be included in any upcoming spending deal.
1. In February, Rep. Peters joined members of San Diego’s Congressional delegation to ask U.S. Navy Secretary Carlos Del Toro about the effects of cross-border pollution on Navy operations.
1. In March, Rep. Peters celebrated the inclusion of $156 million, at his request, for the International Boundary and Water Commission’s (IBWC) construction budget in the Fiscal Year 2024 Appropriations bill. The IBWC is the federal agency tasked with operating and maintaining the SBIWTP.
1. In May, Rep. Peters joined Rep. Veronica Escobar (TX-16) in a bipartisan request for $278 million for the IBWC’s construction budget in the Fiscal Year 2025 Appropriations bill.
1. In August, Rep. Peters hosted Deputy Secretary of State Richard Verma on a tour of the broken wastewater treatment plant.
1. In September, Rep. Peters joined members of San Diego’s Congressional delegation to reiterate their call for a federal state of emergency declaration amid high levels of toxic gases.
1. In December, Rep. Peters and the Congressional delegation successfully fought to include an additional $250 million to fully repair and expand the capacity of the SBIWTP in the government funding bill. This brought the total amount of funds secured to $650 million.
2023
1. In June, Rep. Peters led a letter with other members of the San Diego Congressional delegation to the governor of Baja California urging accountability for the Mexican government’s commitments to build wastewater treatment infrastructure.
1. In July, members of the San Diego congressional delegation requested that the Environmental Protection Agency assist with directing environmental justice funds from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act to help stop the flow of pollutants and urged Secretary of State Antony Blinken to tour the broken plant.
1. Also in July, they sent a letter to President Biden and submitted an amendment to the National Defense Authorization Act for Fiscal Year 2024, calling on the administration to declare this crisis a federal emergency.
1. In August, he led two letters to the Office of Management and Budget and to OMB and the State Department, calling for urgent additional funding to confront this crisis.
1. In September, he proposed an amendment to the Fiscal Year 2024 Interior, Environment, and Related Programs Appropriations Bill to boost U.S.- Mexico Border Water Infrastructure Grant Program funding. Additionally, he proposed two amendments to the Fiscal Year 2024 State, Foreign Operations, and Related Programs Appropriations Bill to boost annual construction funding to the USIBWC to $100 million.
1. In October, Rep. Peters led a bipartisan letter to the Department of State demanding a complete account of how the SBIWTP fell into such a severe state of disrepair.
1. In December, he led a letter urging leaders of the U.S. House of Representatives and U.S. Senate to include President Biden’s $310 million supplemental budget request to repair the SBIWTP in any upcoming funding package.
In previous years, Peters and colleagues have secured funding, introduced legislation, called for investigations, and arranged a visit by EPA Administrator Regan in response to the wastewater contamination crisis.

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MIL OSI USA News –
May 22, 2025
MIL-OSI Russia: China’s E-Bike Trade-In Program Generates Over 6 Million New Sales

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

BEIJING, May 21 (Xinhua) — China’s trade-in program for electric bicycles has driven steady sales growth since early 2025, with about 6.08 million new electric bicycles sold as replacements under the program as of Tuesday, the Ministry of Commerce said Wednesday.

According to the department, new electric bicycles worth a total of 17.82 billion yuan (about 2.48 billion US dollars) were sold during the reporting period.

The trade-in program for e-bikes received a new boost after five government departments, including the Ministry of Commerce, issued a joint notice in January to expand the program.

To date, approximately 79,000 retail outlets, primarily individual and small businesses, have taken part in the initiative, indicating growing market interest.

The Ministry of Commerce said the program is gaining momentum across the country, with sales of new electric bicycles in Jiangsu and Hebei provinces each exceeding 1 million units. –0–

MIL OSI Russia News –

May 22, 2025
MIL-OSI USA: Bedner Growers, Inc. Recalls Cucumbers

Source: US State of Rhode Island

The Rhode Island Department of Health (RIDOH) is advising consumers that Bedner Growers, Inc., voluntarily recalled cucumbers sold at Bedner’s Farm Fresh Market between April 29, 2025, and May 14, 2025, and businesses should not sell or serve the recalled cucumbers. These products are associated with a multi-state salmonella outbreak. Currently, there are no Rhode Island cases associated with this recall.

PRODUCT Cucumbers grown by Bedner Growers, Inc., and distributed by Fresh Start Produce Sales, Inc., to retailers, distribution centers, wholesalers, and food service distributors from April 29, 2025, to May 19, 2025. Cucumbers distributed before this timeframe should be past shelf life and should no longer be available on the market.

Cucumbers may have been sold individually or in smaller packages, with or without a label that may not bear the same brand, product name, or best by date. For distributors, restaurants, and retailers who have purchased these cucumbers, the products were labeled as either being “supers,” “selects,” or “plains”.

On May 19, 2025, Bedner Growers, Inc., recalled cucumbers sold directly to consumers at Bedner’s Farm Fresh Market and to its wholesale distributor. More information can be found in the recall notice.

SYMPTOMS OF SALMONELLA INFECTION Illness usually occurs within 12 to 72 hours after eating food that is contaminated with Salmonella, and the symptoms usually last four to seven days. Symptoms include diarrhea, fever, and abdominal cramps. Children younger than five, the elderly, and people with weakened immune systems are more likely to have severe infections.

STORES AFFECTED Some potentially contaminated cucumbers were available at Bedner’s Farm Fresh Market in three Florida locations including Boynton Beach, Delray Beach, and West Palm Beach between April 29, 2025, and May 14, 2025. The recalled cucumbers were also sold to its wholesale distributor. FDA is aware that contaminated product is available at both restaurant and retail locations. FDA is working to determine where potentially contaminated product was distributed.

RECOMMENDATIONS –Consumers: If you cannot tell if your cucumber was grown by Bedner Growers, throw it away. When eating out over the next week, ask if cucumbers were from Bedner Growers or Fresh Start Produce Sales, Inc. –Consumers, restaurants, and retailers who purchased or received potentially contaminated products, including wholesale products, should carefully clean and sanitize any surfaces or containers that it touched. Follow FDA’s safe handling and cleaning advice to reduce the risk of cross-contamination. –Contact your healthcare provider if you think you may have symptoms of a Salmonella infection after eating potentially contaminated cucumbers. –Restaurants, retailers, and distributors that purchased potentially contaminated recalled cucumbers between April 29, 2025, and May 19, 2025, should notify their customers of the potential health concern. –Retailers that have or had potentially contaminated product should clean and sanitize any areas that could have come into contact with potentially contaminated products. If potentially contaminated cucumbers were sold in bulk bins or displays, retailers should discard the contents of the bins and use extra care to clean and sanitize the bins before refilling. –Retailers that are unsure if they received this product may need to contact their supplier. If you are unable to determine whether or not potentially contaminated product was received, you should discard the contents of the bins and use extra care to clean and sanitize the bins before refilling.

More information regarding this outbreak can be found here: https://www.fda.gov/food/outbreaks-foodborne-illness/outbreak-investigation-salmonella-cucumbers-may-2025

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MIL OSI USA News –

May 22, 2025
MIL-OSI USA: TRANSCRIPT: Governor Phil Scott Highlights Housing Legislation at Weekly Press Conference
Source: US State of Vermont

Montpelier, Vt. – At his weekly press conference Wednesday, Governor Phil Scott and Housing and Community Development Commissioner Alex Farrell emphasized the importance of passing legislation this session to address Vermont’s housing crisis.

Governor Phil Scott: Good afternoon, thanks for being here today.

Since I’ve been Governor, I’ve been sounding the alarm about our housing crisis. And I thought almost everyone in the building agreed that housing should be a top priority.

That’s why in January; we presented a proposal to the legislature to help move the needle on the housing we desperately need which included important tools and regulatory changes.

As a reminder, over the past several years we’ve invested hundreds of millions in housing. But it’s still too expensive and takes too long to build.

That’s why regulatory reform is so important.

Our proposals also included common sense solutions like expanding the Tax Increment Financing program to bring infrastructure funding to smaller communities who have fewer resources.

We’ve also seen how costly permitting is because it’s difficult to navigate and time consuming, leading to project costs that skyrocket.

The complicated process prevents many smaller developers from moving forward with projects because it takes too long and doesn’t make financial sense.

In last year’s “so called” housing bill, which was actually a conservation bill, one of the few helpful provisions were the interim Act 250 exemptions.

But as helpful as they are, they’re going to expire next year. We’ve asked the legislature to extend those so communities have an opportunity to thrive and grow.

Unfortunately, we’re seeing very little traction in our proposal to extend these.

And finally, we asked the legislature to reform wetland permitting and appeals process which will help projects across the state, especially in Barre, Montpelier, and Plainfield, which all need our help as they continue to recover from recent flooding.

Last session, despite many legislators campaigning on the need for more housing and regulatory reform, they didn’t follow through.

So here we are, one year later and close to adjournment, and I’m concerned we once again aren’t going far enough to meet the moment.

If housing is truly the priority we say it is, we need to follow through, and make sure all communities have the tools they need to grow.

We can’t afford to nibble around the edges, especially when we need 41,000 more homes in 5 years – just to catch up.

We need to address it now, because if we don’t, Vermont will fall further behind.

Commissioner Alex Farrell: Thank you, Governor.

Today I am speaking not only as the Commissioner of Housing and Community Development, but also as a housing advocate. As the Governor said, we need to ask ourselves if we’re truly meeting the moment on housing.

In January, the Governor and I shared his PATH for Vermont proposal – a robust housing package that paired the most efficient investments with various regulatory reforms and systems improvements.

Now, I’d like to show how few of these proposals have made it into the primary housing bills. The red “Xs” signify proposals that did not move forward in either housing bill, orange labels indicate proposals that were reduced.

As we enter the final weeks of the session, it is clear that none of the regulatory or appeals reform proposals will be included in housing legislation, and the proposed investments have been dramatically diminished.

Regarding the proposed investments, I want to acknowledge the budgetary constraints that we faced this year, though it is important to recognize that the Governor presented a budget that kept us living within our means while still prioritizing strategic housing investments. As we enter a new era in which the massive influx of federal investment has not only dried up, but we enter a new phase of uncertainty, we are reminded that funding alone will not be enough to meet the moment on housing.

We need to reform our regulatory systems and provide new tools. We need to provide communities, developers, and homebuilders with predictability. And we need to make sure that our zoning and land use laws enable housing of all types to be built in every community in the state.

I am concerned by how often I heard the following phrase in legislative committees this year: “I know we have a housing crisis, BUT…” The words that follow “but” are almost always disappointing. Here are some examples:
- “This committee doesn’t have jurisdiction over that issue”
- “We would prefer to take that up next session”
- “We didn’t realize that’s a priority”
- “We don’t have enough time to resolve that this year”
I’ll repeat that we presented this package in January, two months after voters spoke loud and clear that Vermont is becoming too expensive to afford. Adding more homes will increase the tax base, reducing pressure on those who are already paying property taxes.

There is, however, a real opportunity in the Project-based TIF discussion. We presented this in January as a proposal to help rural communities invest in infrastructure to support housing development. Since then, the proposal has gone through many shifts and changes, including changing the name from SPARC, as proposed in our package, to CHIP – the Community & Housing Infrastructure Program. Name aside, this program presents a tremendous opportunity to support the creation of thousands of housing units.

CHIP moved through the Senate and passed through that chamber productively and in a form that the administration and housing advocates supported and were excited about. CHIP then went through productive and nuanced conversations through the housing and commerce committees in the House. However, things went very wrong when this program moved to the House Committee on Ways and Means – supposedly one of its final legislative stops. This committee proposed an amendment which makes drastic changes to the program which drew concerns from the administration, builders, municipalities, housing advocates, and many legislators. The proposed changes would narrow the applicability of the program to such an extent that very few communities could use it. Recent efforts to modify the Ways & Means amendment have not made meaningful improvements.

It is imperative that CHIP passes in a form that rural communities can benefit from. We cannot overcomplicate this tool – this housing infrastructure financing tool – out of a desire to layer on many other complex policy priorities. Our priority needs to remain housing.

In justifying the proposed amendments, here are some things I heard which are deeply concerning to me:
- “We are already building more housing than we have since the 1980s” – that’s not true. In the late 80s we were building about 4,800 homes a year. Now it’s about 2,300.
- “Vermont’s housing is the envy of the nation” – all evidence suggests otherwise. In fact, a new study by the U.S. Chamber of Commerce finds Vermont’s housing crisis is resulting in more than $700 million in lost economic output, $422 million less in personal income, and 6,800 jobs that would have been created if we had a place for those workers to live.
- “We shouldn’t push to build 30,000 homes as fast as possible” – why shouldn’t we? We have decades of underbuilding to make up for.
- “Let’s just wait for population decline to hit in the 2040s.” This is particularly galling since our housing crisis is contributing to our population decline and workforce challenges. Young Vermonters are leaving partly because they think they will never be able to own a home here.
These comments make me worry that we are taking a step back in the conversation around housing in the state house. Just ask Vermonters if they feel we can declare our mission accomplished on housing.
- Do Vermonters feel like they can buy a new home at an affordable price?
- Do Vermont renters feel like they have options for quality rental housing at a price they can afford?
The answer is a resounding “no”.

Vermonters are asking us for bold action on housing, and I fear we are not meeting the moment. We stand ready to help – our proposals are drafted and would represent meaningful change. We are eager to be partners in this.

###

MIL OSI USA News –
May 22, 2025
MIL-OSI USA: Griffith Chairs Hearing with EPA Administrator Zeldin

Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

Congressman Morgan Griffith (R-VA), Chairman of the House Committee on Energy and Commerce Subcommittee on Environment, held a hearing titled “The Fiscal Year 2026 Environmental Protection Agency Budget.” The hearing, which featured Environmental Protection Agency (EPA) Administrator Lee Zeldin, focused on the agency’s budget request for fiscal year 2026.

Chairman Griffith delivered his opening statement on the EPA’s ongoing work to rein in burdensome regulations and advance the “Powering the Great American Comeback” initiative. Click on link below.

Later in the hearing, Chairman Griffith directed questions to Administrator Zeldin on his agency’s work. See below.

BACKGROUND

In the 118^th Congress, Rep. Griffith chaired the House Committee on Energy and Commerce Subcommittee on Oversight & Investigations.

In 2024, Congressman Griffith chaired the hearing, “Fighting the Misuse of Biden’s Green Bank Giveaway.”

Later in 2024, Rep. Griffith helped lead a letter with then-Chairwoman Cathy McMorris Rodgers of the Energy and Commerce Committee pressing the EPA for answers regarding Greenhouse Gas Reduction Fund (GGRF) awards.

On April 11, 2025, Congressman Griffith joined Energy and Commerce Committee Chairman Brett Guthrie and Congressman Gary Palmer in an investigation into eight GGRF grant recipients.

In the 119^th Congress, Congressman Griffith is serving his first term as chairman of the House Committee on Energy and Commerce Subcommittee on Environment.

The Environment Subcommittee’s first two hearings of the year focused on the EPA’s regulation of chemical manufacturing and the administration of the Brownfields Program.

Congressman Griffith recently announced EPA Brownfields grants coming to Virginia’s Ninth District.

###

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: DOJ Press releases at OCI (Prior Years)

Source: US Department of Health and Human Services – 3

05/21/2019
December 10, 2018: Olympus Medical Systems Corporation, Former Senior Executive Plead Guilty to Distributing Endoscopes After Failing to File FDA-Required Adverse Event Reports of Serious Infections

03/26/2019
March 30, 2018: KC Paramedic Indicted for Stealing Fentanyl, Morphine from Ambulances

03/26/2019
March 30, 2018: Counterfeit Cigarette Smuggler Sentenced to Prison

03/20/2019
April 4, 2018: Canadian Pharmacist Sentenced for Distributing Counterfeit and Adulterated Botox to Local Doctors

03/20/2019
March 27, 2018: Compounding Pharmacy Owner Sentenced to Five Years in Prison for $10.5 Million Health Care Fraud

03/20/2019
March 27, 2018: Federal Jury Finds Three Guilty in Fentanyl Distribution Conspiracy

03/20/2019
April 4, 2018: Fences Indicted in Multi-Million Dollar, Multi-State Criminal Theft Operations

03/19/2019
March 30, 2018: Lynn Man Sentenced to Over 10 Years in Prison for Role in Counterfeit Steroid Conspiracy

03/05/2019
October 1, 2018: AmerisourceBergen Corp. to Pay $625 Million to Settle Civil Fraud Allegations Resulting from Its Repackaging and Sale of Adulterated Drugs and Unapproved New Drugs, Double Billing and Providing Kickbacks

03/05/2019
October 18, 2018: Pharmacist Indicted for Taking Drugs, Carrying Firearm in Violation of Court Order

03/05/2019
October 15, 2018: Leader of Fraudulent Prescription Conspiracy Sentenced to Six Years in Prison

03/05/2019
November 29, 2018: Two Practitioners Sentenced for Drug Crimes in Connection with HOPE Clinic

03/05/2019
December 4, 2018: Medical Device Maker ev3 Agrees to Plead Guilty and Pay $17.9 Million for Distributing Adulterated Device

03/05/2019
November 20, 2018: Rochester Man Pleads Guilty to Smuggling Counterfeit Cialis and Viagra into the United States

03/05/2019
November 19, 2018: Georgia Man Charged with Social Security and Wire Fraud

03/05/2019
October 22, 2018: Medical Equipment Company Agrees to Pay $5.25 Million to Resolve Allegations of Fraudulent Claims for Compounded Medical Creams

03/05/2019
October 15, 2018: Four Men and Seven Companies Indicted for Billion-Dollar Telemedicine Fraud Conspiracy, Telemedicine Company and CEO Plead Guilty in Two Fraud Schemes

03/05/2019
November 5, 2018: Nurse Sentenced for Taking Fentanyl for Personal Use

03/05/2019
November 28, 2018: Former Vice President of Insys Pharmaceuticals Pleads Guilty to Racketeering Scheme

03/05/2019
October 18, 2018: Grand Jury Returns Superseding Indictment In Shamo Case; Adds Distribution Of Fentanyl Count Resulting In Death

03/05/2019
November 29, 2018: Dietary Supplement Ingredient Importers Arrested in Connection with Large-Scale Smuggling and Money Laundering Scheme

03/05/2019
December 4, 2018: Memphis Man Pleads Guilty to Tampering with Consumer Products

03/05/2019
October 22, 2018: Oklahoma Orthopedic Company to Pay $455,000 to Settle Claims of False Medical Billing

02/25/2019
December 13, 2018: Floridian Pleads Guilty in Complex Fraud Scheme Related to the Processing of Credit Card Payments

02/25/2019
December 13, 2018: Owner and Four Former Employees of New England Compounding Center Convicted Following Trial

02/25/2019
December 7, 2018: VA Nurse Admits to Fraudulently Obtaining and Tampering with Opioid Prescriptions

02/25/2019
December 4, 2018: Des Moines Residents Sentenced for Felony Federal Food, Drug, and Cosmetic Act Offense

02/13/2019
October 11, 2018: Two Companies Ordered to Pay More Than $7 Million for Adulterated and Misbranded Pet Food Ingredients

02/13/2019
October 4, 2018: Troutdale Doctor Sentenced for Purchasing and Administering Foreign-Sourced Botox and Juvaderm

09/25/2018
September 24, 2018: Board Certified Ophthalmologist Agrees to Civil Fraud Settlement in Medicare Fraud Investigation

09/19/2018
September 19, 2018: Springfield Doctor Sentenced for Illegally Sharing Patient Medical Files

09/17/2018
September 11, 2018: Columbus Pharmacist Sentenced for Health Care Fraud Scheme

09/17/2018
September 8, 2017: Galena Biopharma Inc. to Pay More than $7.55 Million to Resolve Alleged False Claims Related to Opioid Drug

09/10/2018
September 6, 2018: Cattle Company and Veterinarian Indicted for False Health Certificates on Livestock

09/06/2018
August 31, 2018: Former Home Health Nurse Pleads Guilty to Tampering with Patients’ Drugs

09/04/2018
August 30, 2018: Massachusetts Man Pleads Guilty to Conspiracy to Distribute Misbranded Prescription Horse Drugs

08/30/2018
August 28, 2018: Providence Nurse Sentenced for Tampering with Oxycodone

08/23/2018
August 22, 2018: Louisiana Pharmacist Convicted of Trafficking and Selling Stolen Medication

08/20/2018
August 17, 2018: Unlicensed Pharmacy Technician Pleads Guilty to Working at New England Compounding Center

08/16/2018
August 16, 2018: Genesee County Physician and Two Others Charged with Health Care Fraud

08/16/2018
August 15, 2018: Florida Man Pleads Guilty to Scheme to Market Dietary Supplements

08/06/2018
August 3, 2018: Northwest ENT Associates, P.C. to Pay Approximately $1.2 Million to Resolve False Claims Act Allegations

08/01/2018
July 31, 2018: Three Canadians and their Company Sentenced for Wholesale Distribution of Misbranded Prescription Drugs and Money Laundering

07/31/2018
July 30, 2018: Two People Guilty of Distributing Tramadol Pills

07/30/2018
July 26, 2018: Miami-Dade Resident Charged in Connection with Performance of Illicit Silicone Injections

07/24/2018
July 23, 2018: Springfield EMT/Paramedic Pleads Guilty to Stealing Fentanyl, Morphine

07/19/2018
July 18, 2018: Medical Device Maker AngioDynamics Agrees to Pay $12.5 Million to Resolve False Claims Act Allegations

07/17/2018
July 17, 2018: Former President of Cumberland Distribution, Inc. Sentenced to 15 Years in Federal Prison for $50 Million Drug Diversion Scheme

07/12/2018
July 10, 2018: Pawtucket Woman Sentenced for Participation in Opioid Prescription Conspiracy

07/11/2018
July 10, 2018: VA Medical Center Nurse Indicted, Arraigned for Allegedly Tampering with and Stealing Prescription Opioids

07/11/2018
July 10, 2018: Former Des Moines Pharmacy Technician Sentenced for Illegally Tampering with Fentanyl

07/11/2018
July 10: 2018: Former Pharmacy Technician Indicted for Stealing Fentanyl, Morphine

07/09/2018
July 6, 2018: Vero Beach Orthopedic Surgeon Sentenced to Life in Prison Following Conviction for Fentanyl Analog Drug Conspiracy Resulting in Death

07/09/2018
July 6, 2018: Internet Business Owner Pleads Guilty to Selling $2.3 Million Worth of Non-FDA Approved and Misbranded Botox and Juvederm-Related Products

07/05/2018
July 3, 2018: Canton Man Indicted on Fentanyl and Firearms Charges

06/28/2018
June 28, 2018: Southern District of Florida Charges 124 Individuals Responsible for $337 Million in False Billing as Part of National Healthcare Fraud Takedown

06/22/2018
June 20, 2018: Fitchburg Woman and Saugus Man Sentenced for Roles in Counterfeit Steroid Conspiracy

06/18/2018
June 15, 2018: Theranos Founder and Former Chief Operating Officer Charged in Alleged Wire Fraud Schemes

06/05/2018
June 5, 2018: Opioid Prescription Conspiracy Leader Pleads Guilty

05/31/2018
May 31, 2018: Notification of Stolen Fertility Drugs: Gonal-f® RFF Redi-ject® and Gonal-f® Multi-Dose

05/21/2018
May 21, 2018: Mississippi Man Pleads Guilty to Fraud Scheme Involving the Reselling of Food Products That Were to Be Destroyed

05/08/2018
May 8, 2018: Notification of Stolen Octagam

04/19/2018
April 13, 2018: Canadian Drug Firm Admits Selling Counterfeit and Misbranded Prescription Drugs Throughout the United States

04/19/2018
April 12, 2018: Chinese Citizen Pleads Guilty to Mail Fraud Related to Dietary Supplement Scheme

04/19/2018
April 6, 2018: New Hampshire Residents Sentenced for Participating in Scheme to Distribute Misbranded Drugs

03/15/2018
March 14, 2018: Meridian Nurse Practitioner Pleads Guilty to Obtaining Controlled Substances by Fraud

03/14/2018
March 12, 2018: Champaign, Illinois, Resident Sentenced to One Year in Prison for Producing and Selling Over 80,000 Homemade Tramadol Capsules to Customers without Verifying Prescriptions

03/13/2018
March 12, 2018: Pharmacist and Pharmacy Employee Sentenced for Involvement in Over $30 Million Health Care Fraud

03/08/2018
March 6, 2018: Monterey Park Woman Sentenced to Two Years in Prison for Injecting Foreign Substance into Woman for Buttocks Enhancement

03/08/2018
March 8, 2018: Four Individuals Indicted for Trafficking in Counterfeit Goods

03/05/2018
March 2, 2018: Woman Sentenced for Injecting Adulterated Liquid Silicone

03/05/2018
February 23, 2018: Lake Charles Veterinarian, Pharmacy Sentenced for In-Race Horse Doping Conspiracy

03/01/2018
February 28, 2018: Two Doctors Arrested Pursuant to Federal Indictment That Alleges Bogus Sleep Studies Helped 1-800-Get-Thin Fraudulently Bill Insurance Programs Over $250 Million Related to Lap-Band Surgeries

02/27/2018
February 27, 2018: Former President of Houston-Based Drug Company Convicted in $50 Million Drug Diversion Scheme

02/22/2018
February 21, 2018: Pharmacy Tech Sentenced to Five Years in Prison for Tampering with Opioids for IV Fluid

02/21/2018
February 20, 2018: U.S. Attorney Announces 69-count Indictment Charging Owners, Managers and Physicians Associated with Hope Clinic

02/21/2018
February 14, 2018: Palmer Man Sentenced for Conspiring to Import Prescription Drugs from Pakistan

02/20/2018
August 19, 2016: Pharmacy Owner and Medical Doctor Charged in an Internet Scheme to Dispense Medications to Customers without Valid Prescriptions

02/14/2018
February 14, 2018: Two Indian Citizens and India-based Corporation Sentenced for Conspiring to Smuggle Counterfeit Cigarettes

02/12/2018
February 8, 2018: Queensbury Oncologist and Spouse to Pay $500,000 for Submitting False Claims to Medicare for the Administration of Unapproved Cancer Drugs

02/12/2018
February 9, 2018: Tampa Resident Convicted for Involvement with Tricare Health Care Fraud Scheme

02/05/2018
February 5, 2018: Pennsylvania Firearms Dealer Sentenced To 100 Months Imprisonment

02/05/2018
November 25, 2018: Nevada Man Indicted for Distribution of Anabolic Steroids and Drug Misbranding

02/05/2018
February 5, 2018: Three Florida Residents Sentenced for Operating an Illegal Steroid and Counterfeit Prescription Drug Lab

01/31/2018
January 31, 2018: New England Compounding Center Pharmacist Sentenced for Role in Nationwide Fungal Meningitis Outbreak

01/24/2018
September 25, 2017: U.S. Attorney Charges Pharmacy Tech for Tampering with Opioids

01/24/2018
January 13, 2017: Two Louisiana Men Sentenced for Roles in On-line Pharmacy Scheme

01/24/2018
May 17, 2017: Gardner Man Charged with Conspiracy to Traffic Counterfeit Steroids

01/24/2018
December 6, 2016: Two Sentenced for Trafficking in Counterfeit Viagra and Cialis

01/24/2018
September 11, 2017: Knoxville Man Pleads Guilty to Conspiring to Defraud the FDA

01/24/2018
December 9, 2016: Carroll County Man Pleads Guilty to Federal Conspiracy Charge

01/24/2018
July 18, 2016: Cincinnati Man Sentenced for Illegally Importing Drugs into U.S.

01/24/2018
July 7, 2016: Johnston Resident Charged with Drug Trafficking, Money Laundering

01/24/2018
January 7, 2016: Former Nurse Pleads Guilty to Stealing Narcotics from Hospital

01/24/2018
February 15, 2017: Hampton-Based Spice Dealer Sentenced to 17 Years in Prison

01/24/2018
July 13, 2017: Four Charged in Counterfeit Body Building Steroid Conspiracy

01/24/2018
December 8, 2016: Pharmaceutical Executives Charged in Racketeering Scheme

01/24/2018
December 2, 2016: Woman Arrested For Injecting Adulterated Liquid Silicone

01/24/2018
September 20, 2017: Registered Nurse Sentenced for Tampering with Fentanyl

01/24/2018
June 28, 2017: Registered Nurse Pleads Guilty to Tampering with Fentanyl

01/24/2018
June 27, 2016: Hampton-Based Spice Retailer and Wholesaler Pleads Guilty

01/24/2018
May 31, 2016: Worcester Nurse Indicted on Federal Drug Tampering Charges

01/24/2018
August 7, 2017: Notification of Stolen Sterile Prescription Injectable Products

01/23/2018
January 23, 2018: Two Indian Citizens and India-based Corporation Plead Guilty to Conspiring to Smuggle Counterfeit Cigarettes

01/17/2018
January 12, 2018: Owner of Seafood Company Charged in Atlantic Blue Crab Scam

01/17/2018
September 22, 2017: Drug Maker Aegerion Agrees to Plead Guilty; Will Pay More Than $35 Million to Resolve Criminal Charges and Civil False Claims Allegations

01/16/2018
June 30, 2017: Bath County Man Sentenced For Misbranding Drugs and Obstructing Justice

01/16/2018
June 21, 2017: Gardner Man Pleads Guilty to Conspiracy to Traffic Counterfeit Steroids

01/16/2018
August 28, 2017: Costa Rican Defendant Appears in Federal Court to Face Fraud Charges

01/16/2018
July 17, 2017: Leader of $17 Million Health Insurance Fraud Scheme Ordered to Prison

01/16/2018
October 11, 2016: Foreign National Pleads Guilty To International Wire Fraud Scheme

01/16/2018
August 30, 2017: Two Charged in Federal Court with Smuggling Counterfeit Cigarettes

01/16/2018
May 31, 2017: Men Sentenced to Combined 60 Years for Selling Spice in Hampton Roads

01/12/2018
December 20, 2016: New England Compounding Center’s National Sales Director Pleads Guilty

01/12/2018
July 19, 2017: Texas Man Sentenced to Prison for Conspiring to Import Prescription Drugs

01/12/2018
March 13, 2017: Vice-President of SK Labs Found Guilty of Conspiracy, Mail Fraud Charges

01/12/2018
December 27, 2016: Providence Nurse Charged in Connection with Tampering with Oxycodone

01/12/2018
January 20, 2016: Businessman Sentenced for Marketing and Selling Unapproved Remedies for Cancer

01/12/2018
March 2, 2017: Bath County Man Convicted of Obstructing Justice and Selling Misbranded Products

01/12/2018
February 6, 2017: Arizona Man Sentenced for Trafficking in Pet Products with Counterfeit Labels

01/12/2018
January 17, 2017: Tampa-Area Medical Device Salesman Guilty of Selling Expired Lap-Band Devices

01/12/2018
August 1, 2017: Two Kansans Sentenced for Operating Multimillion-Dollar Designer Drug Business

01/12/2018
June 2, 2016: Additional Criminal Charges Brought Against Indicted Penn National Horse Trainer

01/12/2018
June 15, 2017: Gloucester Woman Charged with Conspiracy to Traffic Steroids and Launder Money

01/12/2018
June 15, 2017: Two Kansans Sentenced for Operating Multimillion-Dollar Designer Drug Business

01/12/2018
May 15, 2017: Vitamin Shop Owner Guilty of Selling Misbranded Drugs and Controlled Substance

01/12/2018
August 15, 2016: Second Trafficker Convicted of Distributing Dangerous Counterfeit Viagra and Cialis

01/12/2018
July 17, 2017: Gloucester Woman Pleads Guilty to Her Role in Counterfeit Steroid Trafficking Scheme

01/12/2018
October 12, 2016: Colombian National Charged for Unlawfully Injecting Silicone into Victims Bodies

01/12/2018
July 28, 2017: Westerly Resident to Plead Guilty to Trafficking Steroids, Money Laundering Charges

01/12/2018
September 22, 2016: Hoover Man Charged for Marketing Misbranded Male Enhancement Drugs from China

01/12/2018
September, 22, 2016 Hoover Man Charged for Marketing Misbranded Male Enhancement Drugs from China

01/12/2018
August 2, 2016: Colombian National Charged for Unlawfully Injecting Silicone into Victims’ Bodies

01/12/2018
December 13, 2016: Tampa Resident Indicted for Involvement with Tricare Health Care Fraud Scheme

01/12/2018
September 5, 2017: New Hampshire Residents Plead Guilty to Conspiracy Involving Misbranded Drugs

01/12/2018
April 3, 2017: Printing and Packaging CEO Pleads Guilty to Trafficking in Counterfeit Labels and Packaging

01/12/2018
March 14, 2017: Woman Admits to Causing the Death of Another Person by Injecting Her with Liquid Silicone

01/12/2018
April 12, 2017: Former Medical Product Distributor Charged with False Statements about Hormone Shipments

01/12/2018
September 29, 2016: New York Man Pleads Guilty To Conspiring To Illegally Manufacture Designer Steroids

01/12/2018
July 1, 2016: New Hampshire Couple Indicted On Two Counts Of Illegal Distribution Of Prescription Drugs

01/12/2018
September 22, 2017:Woman Admits to Illegally Selling Prescription Drugs Not Approved for Use in the US

01/12/2018
June 22, 2016: Former Nurse Sentenced to 82 Months for Stealing and Tampering with Patient Medications

01/12/2018
June 13, 2017: Cherry Hill Doctor and Son Admit Defrauding Medicare, Agree To $1.78 Million Settlement

01/12/2018
December 19, 2016: New York Man Sentenced to Lengthy Prison Term for Selling Unsafe Dietary Supplements Online

01/12/2018
September 25, 2017: Pharmacy Manager Pleads Guilty to Illegal Prescription Drug Diversion and Money Laundering

01/12/2018
July 28, 2017: Tampa Woman Sentenced to Prison For Misbranded Drugs Used in Connection with Buttocks Injection

01/12/2018
March 28, 2017: Former Atlantic County, New Jersey, Man Charged with Smuggling and Dispensing Misbranded Drugs

01/12/2018
September 12, 2017: Former Paramedic Pleads Guilty to Stealing Pain-killing Drugs, Replacing Vials with Water

01/12/2018
July 29, 2016: Majority Owner of NECC and Husband Plead Guilty to Illegal Cash Withdrawals Following Outbreak

01/12/2018
May 15, 2017: Printing and Packaging Business Owner Convicted of Trafficking in Counterfeit Veterinary Labels

01/12/2018
July 14, 2017: Senior Executives of Medical Drug Re-Packager Plead Guilty to Defrauding Healthcare Providers

01/12/2018
July 20, 2016: Former Acclarent, Inc. Executives Convicted of Crimes Related to the Sale of Medical Devices

01/12/2018
June 6, 2016: Pharmaceutical Companies To Pay $67 Million To Resolve False Claims Act Allegations Relating To Tarceva

01/12/2018
February 16, 2017: Atlanta Man Convicted of Illegally Importing and Distributing Male Enhancement Products from China

01/11/2018
January 11, 2018: Former New Hampshire Pharmacist Pleads Guilty for Tampering with Narcotics at Bedford Pharmacy

01/11/2018
July 22, 2016: Medical Device Manufacturer Acclarent Inc. to Pay $18 Million to Settle False Claims Act Allegations

01/11/2018
November 15, 2016: Miami-Dade Resident Sentenced to Fifteen Months in Prison for Distributing Contaminated Cheese

01/11/2018
September 25, 2017: Millions of Medicines Seized in Largest INTERPOL Operation Against Illicit Online Pharmacies

01/11/2018
January 3, 2017: Notification of Stolen Reckitt Benckiser Retail, Non-Prescription, Consumer Healthcare Products

01/09/2018
August 1, 2017: Radford Nurse Who Tampered with Liquid Morphine Intended for Nursing Home Patients Sentenced in Federal Court

01/09/2018
November 4, 2016: Two Pakistani Nationals Sentenced for Conspiring to Illegally Ship Pharmaceuticals into the United States

01/09/2018
November 29, 2016: Eight Defendants Convicted For Conspiracy to Manufacture and Distribute Counterfeit 5-Hour Energy Drink

01/09/2018
September 11, 2017: Three Florida Residents Arrested After Law Enforcement Discover Steroid and Fake Prescription Drug Lab

01/09/2018
June 21, 2017: Counterfeiters Sentenced for Convictions in Nationwide Conspiracy to Distribute Fake 5-Hour Energy Drink

01/09/2018
May 31, 2017: Drug Trafficking Organization Faces Indictment For Involvment In Manufacturing Fake Prescriptions Drugs With Fentanyl

01/09/2018
July 6, 2016: New Jersey Medical Device Manufacturer Admits Selling Contaminated Ultrasound Gel; Court Orders Permanent Injunction

01/09/2018
June 26, 2017: Owner of New England Compounding Center Sentenced for Racketeering Leading to Nationwide Fungal Meningitis Outbreak

01/09/2018
June 21, 2016: Two Pharmacists Sentenced to Prison for Adulteration of Drugs in Connection with Alabama-Based Compounding Pharmacy

01/09/2018
February 14, 2017: Two Miami-Dade Women Charged in Connection with Their Operation of a Spa Performing Illicit Silicone Injections

01/09/2018
June 22, 2017: Pharmacy Owner and Director of Compliance Charged with Defrauding United States and Distributing Adulterated Drugs

01/09/2018
April 12, 2017: Owners of Two Los Angeles-Area Drug Wholesale Companies Arrested in $20 Million Federal ‘Structuring’ Conspiracy

01/09/2018
December 2, 2016: Former Police Officer Sentenced in White Plains Federal Court to 8 Years in Prison for Selling Date Rape Drug

01/09/2018
February 7, 2017: Randallstown Woman Pleads Guilty to Injecting Non-Medical Grade Silicone into the Bodies of Victim Customers

01/09/2018
August 30, 2017: Miami-Dade Resident Sentenced to More Than 6 Years in Prison for Operating a Miami Spa Performing Illicit Silicone Injections

01/09/2018
March 28, 2017: 3 Canadians and their Vancouver Company Charged with Conspiring to Sell Foreign-Made Drugs to Western Pennsylvania Pharmacists

01/09/2018
March 9, 2017: Internet Business Owner Indicted for Selling Non-FDA Approved and Misbranded Versions of Botox and Juvederm Related Products

01/09/2018
June 8, 2017: Houston, Texas Man convicted of Smuggling Korean Human Growth Hormone Drugs to Local Patients and Professional Wrestlers

01/09/2018
February 16, 2017: Oncology Practice, Doctor and Practice Manager Pay $1.7 Million to Resolve Allegations They Billed Medicare for Illegally Imported Drugs

01/09/2018
June 27, 2017: Physician and Wife to Pay $1.2 Million to Settle False Claims Act Allegations That They Billed Medicare and Medicaid for Unapproved Drugs

01/09/2018
December 13, 2016: O.C. Man Charged with Selling Pet Meds Without a Prescription, Some of Which Were Not Approved for Distribution in the United States

01/09/2018
September 6, 2017: Bronx Pharmacist Pleads Guilty To Illegally Selling Millions Of Prescription Pills On The Internet And Agrees To Forfeit $9 Million

01/09/2018
November 10, 2016: Nurse Who Operated Spa in Laguna Niguel Agrees to Plead Guilty to Illegally Dispensing Botox Not Approved for Use in United States

01/09/2018
March 30, 2017: Lincoln Mother and Son Convicted of Conspiracy to Distribute Misbranded Substances, Drug Paraphernalia, and Related Financial Crimes

01/09/2018
January 12, 2017: Baxter Healthcare Corporation to Pay More than $18 Million to Resolve Criminal and Civil Liability Relating to Sterile Products

01/09/2018
September 20, 2017: Miami-Dade Resident Sentenced to More Than 4 Years in Prison for Managing a Miami Spa Performing Illicit Silicone Injections

01/09/2018
May 23, 2017: Citizen of Pakistan and United Kingdom Sentenced For International Wire Fraud Scheme That Sold False Cures For Multiple Illnesses

01/09/2018
April 18, 2017: SCM True Air Technologies, of Ohio and Kentucky, and Its Former Company President – Guilty of Delivering Misbranded Medical Devices from Unregistered Facilities to a Georgia V.A. Medical Center and Obstructing an FDA Investigation into their Conduct

01/09/2018
November 28, 2016: Iowa Cancer Clinic and Oncologist to Pay More Than $176,000 To Settle False Claims Act Allegations They Recklessly Billed for Cancer Drugs That Were Unapproved, Misbranded, or Counterfeit and Improperly Upcoded Office Visit Claims

01/09/2018
September 9, 2016: Owner of Major Online Colored Contact Lens Business Pleads Guilty in Largest-Ever Investigation of Counterfeit and Misbranded Contact Lenses in the United States

01/09/2018
November 7, 2016: Medical Device Maker Biocompatibles Pleads Guilty to Misbranding and Agrees to Pay $36 Million to Resolve Criminal Liability and False Claims Act Allegations

01/09/2018
September 26, 2017: Houston, Texas Man Sentenced to 40 Months and a $95,000 Fine for Smuggling Korean Human Growth Hormone Drugs to Local Patients and Professional Wrestlers

01/09/2018
December 7, 2016: GNC Enters Into Agreement with Department of Justice to Improve Its Practices and Keep Potentially Illegal Dietary Supplements Out of the Marketplace

01/09/2018
September 27, 2017: Amerisourcebergen Specialty Group Pleads Guilty to Distributing Misbranded Drugs and is Sentenced to Pay $260 Million to Resolve Criminal Liability

01/09/2018
December 5, 2016: Medical Device Saleswoman Sentenced to Three Years in Prison for Charges Relating to the Transport of Stolen Medical Devices and Money Laundering

01/09/2018
May 26, 2017: Florida Woman Sentenced to Federal Prison for Causing the Death of One Victim and Hospitalization of Others by Injecting them With Liquid Silicone

01/09/2018
September 11, 2017: Owner of O.C. Pet Products Company Pleads Guilty to Selling Pet Meds without Prescriptions, Some of Which Were Not Approved for U.S. Sale

09/17/2018
September 8, 2017: Galena Biopharma Inc. to Pay More than $7.55 Million to Resolve Alleged False Claims Related to Opioid Drug

01/24/2018
September 25, 2017: U.S. Attorney Charges Pharmacy Tech for Tampering with Opioids

01/24/2018
January 13, 2017: Two Louisiana Men Sentenced for Roles in On-line Pharmacy Scheme

01/24/2018
May 17, 2017: Gardner Man Charged with Conspiracy to Traffic Counterfeit Steroids

01/24/2018
September 11, 2017: Knoxville Man Pleads Guilty to Conspiring to Defraud the FDA

01/24/2018
February 15, 2017: Hampton-Based Spice Dealer Sentenced to 17 Years in Prison

01/24/2018
July 13, 2017: Four Charged in Counterfeit Body Building Steroid Conspiracy

01/24/2018
September 20, 2017: Registered Nurse Sentenced for Tampering with Fentanyl

01/24/2018
June 28, 2017: Registered Nurse Pleads Guilty to Tampering with Fentanyl

01/24/2018
August 7, 2017: Notification of Stolen Sterile Prescription Injectable Products

01/17/2018
September 22, 2017: Drug Maker Aegerion Agrees to Plead Guilty; Will Pay More Than $35 Million to Resolve Criminal Charges and Civil False Claims Allegations

01/16/2018
June 30, 2017: Bath County Man Sentenced For Misbranding Drugs and Obstructing Justice

01/16/2018
June 21, 2017: Gardner Man Pleads Guilty to Conspiracy to Traffic Counterfeit Steroids

01/16/2018
August 28, 2017: Costa Rican Defendant Appears in Federal Court to Face Fraud Charges

01/16/2018
July 17, 2017: Leader of $17 Million Health Insurance Fraud Scheme Ordered to Prison

01/16/2018
August 30, 2017: Two Charged in Federal Court with Smuggling Counterfeit Cigarettes

01/16/2018
May 31, 2017: Men Sentenced to Combined 60 Years for Selling Spice in Hampton Roads

01/12/2018
July 19, 2017: Texas Man Sentenced to Prison for Conspiring to Import Prescription Drugs

01/12/2018
March 13, 2017: Vice-President of SK Labs Found Guilty of Conspiracy, Mail Fraud Charges

01/12/2018
March 2, 2017: Bath County Man Convicted of Obstructing Justice and Selling Misbranded Products

01/12/2018
February 6, 2017: Arizona Man Sentenced for Trafficking in Pet Products with Counterfeit Labels

01/12/2018
January 17, 2017: Tampa-Area Medical Device Salesman Guilty of Selling Expired Lap-Band Devices

01/12/2018
August 1, 2017: Two Kansans Sentenced for Operating Multimillion-Dollar Designer Drug Business

01/12/2018
June 15, 2017: Gloucester Woman Charged with Conspiracy to Traffic Steroids and Launder Money

01/12/2018
June 15, 2017: Two Kansans Sentenced for Operating Multimillion-Dollar Designer Drug Business

01/12/2018
May 15, 2017: Vitamin Shop Owner Guilty of Selling Misbranded Drugs and Controlled Substance

01/12/2018
July 17, 2017: Gloucester Woman Pleads Guilty to Her Role in Counterfeit Steroid Trafficking Scheme

01/12/2018
July 28, 2017: Westerly Resident to Plead Guilty to Trafficking Steroids, Money Laundering Charges

01/12/2018
September 5, 2017: New Hampshire Residents Plead Guilty to Conspiracy Involving Misbranded Drugs

01/12/2018
April 3, 2017: Printing and Packaging CEO Pleads Guilty to Trafficking in Counterfeit Labels and Packaging

01/12/2018
March 14, 2017: Woman Admits to Causing the Death of Another Person by Injecting Her with Liquid Silicone

01/12/2018
April 12, 2017: Former Medical Product Distributor Charged with False Statements about Hormone Shipments

01/12/2018
September 22, 2017:Woman Admits to Illegally Selling Prescription Drugs Not Approved for Use in the US

01/12/2018
June 13, 2017: Cherry Hill Doctor and Son Admit Defrauding Medicare, Agree To $1.78 Million Settlement

01/12/2018
September 25, 2017: Pharmacy Manager Pleads Guilty to Illegal Prescription Drug Diversion and Money Laundering

01/12/2018
July 28, 2017: Tampa Woman Sentenced to Prison For Misbranded Drugs Used in Connection with Buttocks Injection

01/12/2018
March 28, 2017: Former Atlantic County, New Jersey, Man Charged with Smuggling and Dispensing Misbranded Drugs

01/12/2018
September 12, 2017: Former Paramedic Pleads Guilty to Stealing Pain-killing Drugs, Replacing Vials with Water

01/12/2018
May 15, 2017: Printing and Packaging Business Owner Convicted of Trafficking in Counterfeit Veterinary Labels

01/12/2018
July 14, 2017: Senior Executives of Medical Drug Re-Packager Plead Guilty to Defrauding Healthcare Providers

01/12/2018
February 16, 2017: Atlanta Man Convicted of Illegally Importing and Distributing Male Enhancement Products from China

01/11/2018
September 25, 2017: Millions of Medicines Seized in Largest INTERPOL Operation Against Illicit Online Pharmacies

01/11/2018
January 3, 2017: Notification of Stolen Reckitt Benckiser Retail, Non-Prescription, Consumer Healthcare Products

01/09/2018
August 1, 2017: Radford Nurse Who Tampered with Liquid Morphine Intended for Nursing Home Patients Sentenced in Federal Court

01/09/2018
September 11, 2017: Three Florida Residents Arrested After Law Enforcement Discover Steroid and Fake Prescription Drug Lab

01/09/2018
June 21, 2017: Counterfeiters Sentenced for Convictions in Nationwide Conspiracy to Distribute Fake 5-Hour Energy Drink

01/09/2018
May 31, 2017: Drug Trafficking Organization Faces Indictment For Involvment In Manufacturing Fake Prescriptions Drugs With Fentanyl

01/09/2018
June 26, 2017: Owner of New England Compounding Center Sentenced for Racketeering Leading to Nationwide Fungal Meningitis Outbreak

01/09/2018
February 14, 2017: Two Miami-Dade Women Charged in Connection with Their Operation of a Spa Performing Illicit Silicone Injections

01/09/2018
June 22, 2017: Pharmacy Owner and Director of Compliance Charged with Defrauding United States and Distributing Adulterated Drugs

01/09/2018
April 12, 2017: Owners of Two Los Angeles-Area Drug Wholesale Companies Arrested in $20 Million Federal ‘Structuring’ Conspiracy

01/09/2018
February 7, 2017: Randallstown Woman Pleads Guilty to Injecting Non-Medical Grade Silicone into the Bodies of Victim Customers

01/09/2018
August 30, 2017: Miami-Dade Resident Sentenced to More Than 6 Years in Prison for Operating a Miami Spa Performing Illicit Silicone Injections

01/09/2018
March 28, 2017: 3 Canadians and their Vancouver Company Charged with Conspiring to Sell Foreign-Made Drugs to Western Pennsylvania Pharmacists

01/09/2018
March 9, 2017: Internet Business Owner Indicted for Selling Non-FDA Approved and Misbranded Versions of Botox and Juvederm Related Products

01/09/2018
June 8, 2017: Houston, Texas Man convicted of Smuggling Korean Human Growth Hormone Drugs to Local Patients and Professional Wrestlers

01/09/2018
February 16, 2017: Oncology Practice, Doctor and Practice Manager Pay $1.7 Million to Resolve Allegations They Billed Medicare for Illegally Imported Drugs

01/09/2018
June 27, 2017: Physician and Wife to Pay $1.2 Million to Settle False Claims Act Allegations That They Billed Medicare and Medicaid for Unapproved Drugs

01/09/2018
September 6, 2017: Bronx Pharmacist Pleads Guilty To Illegally Selling Millions Of Prescription Pills On The Internet And Agrees To Forfeit $9 Million

01/09/2018
March 30, 2017: Lincoln Mother and Son Convicted of Conspiracy to Distribute Misbranded Substances, Drug Paraphernalia, and Related Financial Crimes

01/09/2018
January 12, 2017: Baxter Healthcare Corporation to Pay More than $18 Million to Resolve Criminal and Civil Liability Relating to Sterile Products

01/09/2018
September 20, 2017: Miami-Dade Resident Sentenced to More Than 4 Years in Prison for Managing a Miami Spa Performing Illicit Silicone Injections

01/09/2018
May 23, 2017: Citizen of Pakistan and United Kingdom Sentenced For International Wire Fraud Scheme That Sold False Cures For Multiple Illnesses

01/09/2018
April 18, 2017: SCM True Air Technologies, of Ohio and Kentucky, and Its Former Company President – Guilty of Delivering Misbranded Medical Devices from Unregistered Facilities to a Georgia V.A. Medical Center and Obstructing an FDA Investigation into their Conduct

01/09/2018
September 26, 2017: Houston, Texas Man Sentenced to 40 Months and a $95,000 Fine for Smuggling Korean Human Growth Hormone Drugs to Local Patients and Professional Wrestlers

01/09/2018
September 27, 2017: Amerisourcebergen Specialty Group Pleads Guilty to Distributing Misbranded Drugs and is Sentenced to Pay $260 Million to Resolve Criminal Liability

01/09/2018
May 26, 2017: Florida Woman Sentenced to Federal Prison for Causing the Death of One Victim and Hospitalization of Others by Injecting them With Liquid Silicone

01/09/2018
September 11, 2017: Owner of O.C. Pet Products Company Pleads Guilty to Selling Pet Meds without Prescriptions, Some of Which Were Not Approved for U.S. Sale

12/21/2017
December 19, 2017: Senior Executives of Medical Drug Repackager Sentenced for Defrauding Healthcare Providers

12/21/2017
December 20, 2017: Fitchburg Woman Pleads Guilty to Role in Counterfeit Steroid Conspiracy

12/18/2017
December 18, 2017: Cherry Hill Doctor and Son Sentenced to Prison for Defrauding Medicare

12/14/2017
December 12, 2017: Iserve Technologies, Inc. Pled Guilty in Connection with Guilty Pleas of Former Exec and Manager of Med-Fast Pharmacy Inc.

12/04/2017
November 30, 2017: Lynn Man Pleads Guilty to Counterfeit Steroid Conspiracy

12/04/2017
November 30, 2017: Paramedic Sentenced for Stealing Fentanyl from Ambulance Company

12/04/2017
November 28, 2017: Champaign, Illinois, Resident Guilty of Producing and Selling Over 80,000 Homemade Tramadol Capsules to Customers Without Verifying Prescriptions

12/04/2017
November 29, 2017: Knoxville Man Sentenced for Conspiring to Defraud the FDA

11/27/2017
November 21, 2017: Williamsville Couple Pleads Guilty

11/27/2017
November 22, 2017: Former Pharmacy Compliance Director Pleads Guilty to Introducing Adulterated Drugs into Interstate Commerce and Conspiracy to Defraud the United States

11/27/2017
November 20, 2017: Vitamin Shop Owner Sentenced for Misbranded Drugs and Controlled Substance Conviction

11/21/2017
November 20, 2017:Queensbury Oncologist and Office Manager Plead Guilty in Connection with Administering Unapproved Drugs

11/21/2017
November 16, 2017: Palmer Man Pleads Guilty to Conspiring to Import Prescription Drugs from Pakistan

11/20/2017
November 7, 2017: Federal Jury Convicts Lake Charles Veterinarian, Pharmacy in Race Horse Doping Conspiracy

11/06/2017
November 3, 2017: Vero Beach Orthopedic Surgeon Charged in Drug Conspiracy Resulting in Death

11/06/2017
November 3, 2017: Five Charged in Alleged Opioid Prescription, Healthcare Fraud Scheme

11/06/2017
November 1, 2017: New York Man Pleads Guilty to Selling Misbranded Animal Drugs Containing Steroids

11/01/2017
November 1, 2017: FDA Supervisor and Local Businessman Charged in Bribery Scheme

11/01/2017
November 1, 2017: Pair Sentenced on Federal Conspiracy

10/31/2017
October 31, 2017: South Korean Maker of Contact Lenses, Company CEO Charged with Smuggling Products into U.S. by Failing to Declare Full Value

10/31/2017
March 28, 2017: Oakland Man Pleads Guilty to Role in Conspiracy to Manufacture Counterfeit Drugs

10/30/2017
October 27, 2017: Central Kentucky Pharmacist Sentenced for Conspiracy to Distribute Oxycodone and Money Laundering

10/26/2017
October 26, 2017: Founder and Owner of Pharmaceutical Company Insys Arrested and Charged with Racketeering

10/26/2017
October 25, 2017: Five Chinese Citizens and Four Chinese Companies Indicted in Scheme to Sell Mislabeled Dietary Supplements

10/26/2017
October 25, 2017: Supervisory Pharmacist of New England Compounding Center Convicted of Racketeering Leading to Nationwide Fungal Meningitis Outbreak

10/17/2017
October 16, 2017: Omak, Washington Nurse Sentenced to Federal Prison for Adulterating and Misbranding Pain Medications

10/10/2017
October 4, 2017: Med-Fast Pharmacy Inc. and Former Exec Agree to Resolve Criminal and Civil Charges

10/03/2017
October 2, 2017: Compounding Pharmacy Owner Charged with $10 Million Health Care Fraud

10/02/2017
September 29, 2017: Randallstown Woman Sentenced To 2 Years In Prison For Injecting Non-Medical Grade Silicone Into The Bodies Of Victim Customers

09/28/2017
September 20, 2017: Pair Plead Guilty to Federal Conspiracy Charge

08/29/2017
August 28, 2017: Shrewsbury Man Pleads Guilty to Operating Counterfeit Steroid Scheme

08/18/2017
August 18, 2017: Former Police Officer Pleads Guilty to Trafficking Steroids, Money Laundering

07/18/2017
July 6, 2017: North Olmsted Man Charged with Selling Misbranded Drugs

07/03/2017
June 28, 2017: Former VA Nurse Re-Sentenced for Stealing and Tampering with Patient Medications

07/03/2017
June 28, 2017: Distributor of Counterfeit Medications Arrested

06/28/2017
June 23, 2017: Monterey Park Woman Arrested on Federal Charges after Allegedly Injecting Foreign Substances into Woman for Buttocks Enhancement

06/26/2017
June 22, 2017: Paramedic Pleads Guilty to Removing Liquid Fentanyl from Ambulance

06/19/2017
June 16, 2017: Leawood Woman Charged With Importing Misbranded Drugs

06/09/2017
June 9, 2017: Providence Nurse Pleads Guilty to Tampering with Oxycodone

04/24/2017
April 19, 2017: Radford Nurse, Who Tampered with Liquid Morphine Intended for Nursing Home Patients, Pleads Guilty

04/13/2017
April 12, 2017: Six Charged with Trafficking Counterfeit Steroids

04/06/2017
April 5, 2017: Worcester Nurse Sentenced for Drug Tampering

03/30/2017
March 22, 2017: Diamond Bar Man Pleads Guilty to Smuggling ED Drugs that Were Sold as ‘Herbal Enhancement’ Products without Prescriptions

03/27/2017
March 22, 2017: Owner of New England Compounding Center Convicted of Racketeering Leading to Nationwide Fungal Meningitis Outbreak

01/19/2017
January 18, 2017: Owner of Major Online Colored Contact Lens Business Sentenced to 46 Months in Prison in Largest-Ever Scheme to Import and Sell Counterfeit and Misbranded Contact Lenses Prosecuted in the United States

01/19/2017
January 13, 2017: Paramedic Pleads Guilty to Tampering with Drugs

01/17/2017
January 11, 2017: Worcester Nurse Pleads Guilty to Drug Tampering

02/20/2018
August 19, 2016: Pharmacy Owner and Medical Doctor Charged in an Internet Scheme to Dispense Medications to Customers without Valid Prescriptions

01/24/2018
December 6, 2016: Two Sentenced for Trafficking in Counterfeit Viagra and Cialis

01/24/2018
December 9, 2016: Carroll County Man Pleads Guilty to Federal Conspiracy Charge

01/24/2018
July 18, 2016: Cincinnati Man Sentenced for Illegally Importing Drugs into U.S.

01/24/2018
July 7, 2016: Johnston Resident Charged with Drug Trafficking, Money Laundering

01/24/2018
January 7, 2016: Former Nurse Pleads Guilty to Stealing Narcotics from Hospital

01/24/2018
December 8, 2016: Pharmaceutical Executives Charged in Racketeering Scheme

01/24/2018
December 2, 2016: Woman Arrested For Injecting Adulterated Liquid Silicone

01/24/2018
June 27, 2016: Hampton-Based Spice Retailer and Wholesaler Pleads Guilty

01/24/2018
May 31, 2016: Worcester Nurse Indicted on Federal Drug Tampering Charges

01/16/2018
October 11, 2016: Foreign National Pleads Guilty To International Wire Fraud Scheme

01/12/2018
December 20, 2016: New England Compounding Center’s National Sales Director Pleads Guilty

01/12/2018
December 27, 2016: Providence Nurse Charged in Connection with Tampering with Oxycodone

01/12/2018
January 20, 2016: Businessman Sentenced for Marketing and Selling Unapproved Remedies for Cancer

01/12/2018
June 2, 2016: Additional Criminal Charges Brought Against Indicted Penn National Horse Trainer

01/12/2018
August 15, 2016: Second Trafficker Convicted of Distributing Dangerous Counterfeit Viagra and Cialis

01/12/2018
October 12, 2016: Colombian National Charged for Unlawfully Injecting Silicone into Victims Bodies

01/12/2018
September 22, 2016: Hoover Man Charged for Marketing Misbranded Male Enhancement Drugs from China

01/12/2018
September, 22, 2016 Hoover Man Charged for Marketing Misbranded Male Enhancement Drugs from China

01/12/2018
August 2, 2016: Colombian National Charged for Unlawfully Injecting Silicone into Victims’ Bodies

01/12/2018
December 13, 2016: Tampa Resident Indicted for Involvement with Tricare Health Care Fraud Scheme

01/12/2018
September 29, 2016: New York Man Pleads Guilty To Conspiring To Illegally Manufacture Designer Steroids

01/12/2018
July 1, 2016: New Hampshire Couple Indicted On Two Counts Of Illegal Distribution Of Prescription Drugs

01/12/2018
June 22, 2016: Former Nurse Sentenced to 82 Months for Stealing and Tampering with Patient Medications

01/12/2018
December 19, 2016: New York Man Sentenced to Lengthy Prison Term for Selling Unsafe Dietary Supplements Online

01/12/2018
July 29, 2016: Majority Owner of NECC and Husband Plead Guilty to Illegal Cash Withdrawals Following Outbreak

01/12/2018
July 20, 2016: Former Acclarent, Inc. Executives Convicted of Crimes Related to the Sale of Medical Devices

01/12/2018
June 6, 2016: Pharmaceutical Companies To Pay $67 Million To Resolve False Claims Act Allegations Relating To Tarceva

01/11/2018
July 22, 2016: Medical Device Manufacturer Acclarent Inc. to Pay $18 Million to Settle False Claims Act Allegations

01/11/2018
November 15, 2016: Miami-Dade Resident Sentenced to Fifteen Months in Prison for Distributing Contaminated Cheese

01/09/2018
November 4, 2016: Two Pakistani Nationals Sentenced for Conspiring to Illegally Ship Pharmaceuticals into the United States

01/09/2018
November 29, 2016: Eight Defendants Convicted For Conspiracy to Manufacture and Distribute Counterfeit 5-Hour Energy Drink

01/09/2018
July 6, 2016: New Jersey Medical Device Manufacturer Admits Selling Contaminated Ultrasound Gel; Court Orders Permanent Injunction

01/09/2018
June 21, 2016: Two Pharmacists Sentenced to Prison for Adulteration of Drugs in Connection with Alabama-Based Compounding Pharmacy

01/09/2018
December 2, 2016: Former Police Officer Sentenced in White Plains Federal Court to 8 Years in Prison for Selling Date Rape Drug

01/09/2018
December 13, 2016: O.C. Man Charged with Selling Pet Meds Without a Prescription, Some of Which Were Not Approved for Distribution in the United States

01/09/2018
November 10, 2016: Nurse Who Operated Spa in Laguna Niguel Agrees to Plead Guilty to Illegally Dispensing Botox Not Approved for Use in United States

01/09/2018
November 28, 2016: Iowa Cancer Clinic and Oncologist to Pay More Than $176,000 To Settle False Claims Act Allegations They Recklessly Billed for Cancer Drugs That Were Unapproved, Misbranded, or Counterfeit and Improperly Upcoded Office Visit Claims

01/09/2018
September 9, 2016: Owner of Major Online Colored Contact Lens Business Pleads Guilty in Largest-Ever Investigation of Counterfeit and Misbranded Contact Lenses in the United States

01/09/2018
November 7, 2016: Medical Device Maker Biocompatibles Pleads Guilty to Misbranding and Agrees to Pay $36 Million to Resolve Criminal Liability and False Claims Act Allegations

01/09/2018
December 7, 2016: GNC Enters Into Agreement with Department of Justice to Improve Its Practices and Keep Potentially Illegal Dietary Supplements Out of the Marketplace

01/09/2018
December 5, 2016: Medical Device Saleswoman Sentenced to Three Years in Prison for Charges Relating to the Transport of Stolen Medical Devices and Money Laundering

12/15/2016
December 13, 2016: Conagra Subsidiary Sentenced in Connection with Outbreak of Salmonella Poisoning Related to Peanut Butter

12/13/2016
December 9, 2016: Two South Florida Residents Charged with Conspiring to Misbrand and Sell Expired Gastric Banding Systems

11/21/2016
November 18, 2016: Palm Harbor Oncologist Convicted Of Buying Unapproved Cancer Medications From Foreign Sources And Defrauding Medicare

11/08/2016
November 4, 2016: University Hospital Nurse Arrested Following Grand Jury Indictment for Illegally Obtaining and Tampering with Fentanyl and Hydomorphone

10/17/2016
October 11, 2016: Florida Man Pleads Guilty to Manufacturing, Distributing Performance Enhancing Drugs

09/26/2016
September 9, 2016: Medical Device Saleswoman Convicted on Charges of Conspiring to Transport Stolen Medical Devices in Interstate Commerce, Money Laundering and Other Charges

08/19/2016
August 19,2016: North Carolina Man Sentenced to 14 Years in Federal Prison for Providing Silicone Buttocks Injections Resulting in the Death of a Client

07/26/2016
July 25, 2016: Three Charged with Manufacturing, Distributing Performance Enhancing Drugs

06/20/2016
June 20, 2016: R.I. Businessman Pleads Guilty to Running International Scheme to Label and Sell Misbranded Drugs

06/08/2016
June 2, 2016: President of Pharmaceutical Companies Sentenced to 60 Months in Prison for Long-Running Scheme to Sell Misbranded and Unapproved Chemotherapy and Other Prescription Drugs

05/27/2016
May 26, 2016: Owner of “The Wholesale Source” Convicted for Selling Unsafe Dietary Supplements Online

05/27/2016
May 27, 2016: North Carolina Man Admits Receiving and Selling Misbranded Silicone for Buttocks Injections Resulting in the Death of a Client

05/23/2016
May 9, 2016: California Man Pleads Guilty to Selling Unapproved Drug in Rhode Island

05/19/2016
May 18, 2016: Woman Charged with Illegally Administering Silicone Injections

05/16/2016
May 13, 2016: Two Key Players in Illegal Online Pharmacy Scheme Sentenced to Prison

05/16/2016
May 12, 2016: Windsor Mill Woman Indicted for Allegedly Injecting Non-Medical Grade Silicone into the Bodies of Victim Customers

05/09/2016
May 9, 2016: Owner of Bodybuilding Drug Companies Sentenced for Selling Misbranded Drugs

05/09/2016
May 9, 2016: Lodi Oncologist and Office Administrator Pay $300,000 to Settle False Claims Act Allegations

05/06/2016
May 5, 2016: Florida Man Sentenced To Prison For Illegal Diet Pill Scheme

05/05/2016
May 4, 2016: Former Buffalo Nurse Sentenced For Stealing Pain Medications Intended For Patients From Local Hospital

05/04/2016
April 28, 2016: Jury Convicts Former Police Officer For Selling Date Rape Drug

05/04/2016
May 3, 2016: Gainesville Physician Convicted of 162 Counts of Health Care Fraud

05/02/2016
April 29, 2016: Manhattan U.S. Attorney Announces Arrest Of Black Market Distributor Of Diverted HIV Medications Worth Approximately $4 Million

04/20/2016
April 20, 2016: Norfolk Man Pleads Guilty to Illegally Distributing Insulin

04/14/2016
April 7, 2016: Former Nurse Sentenced for Stealing Narcotics from Hospital

04/06/2016
April 4, 2016: Former Carlsbad Resident Jailed for Sale of Unapproved “Energy Wave” Medical Devices

03/24/2016
March 23, 2016: Federal Jury Convicts Destrehan Woman in Scheme to Sell Illegal and Mislabelled Diet Pills

03/24/2016
March 23, 2016: Detroit-Area Physician Sentenced to 45 Months in Prison for Role in $5.7 Million Medicare Fraud Scheme

03/21/2016
March 18, 2016: Bookkeeper for Online Pharmacy Sentenced to Five Years in Prison for Money Laundering

03/11/2016
March 8, 2016: Cincinnati Man Pleads Guilty to Illegally Importing Drugs into U.S.

03/08/2016
March 7, 2016: Tehachapi Doctor Sentenced to 6 Months in Prison for Defrauding Patients and Insurers by Implanting Unapproved IUDs

03/08/2016
March 4, 2016: First of Seven Defendants Who Operated Illegal Online Pharmacy Sentenced to Prison

03/04/2016
March 4, 2016: Mumbai, India, Man Sentenced on Misbranding Charge

03/03/2016
March 1, 2016: Principal of Dietary Ingredient Companies Pleads Guilty to Multi-Million Dollar Fraud and Meth Precursor Scheme

02/29/2016
February 26, 2016: Florence Man Sentenced for Smuggling and Distributing Prescription Drugs

02/25/2016
February 17, 2016: Danville Man Pleads Guilty to Manufacturing and Distributing Illegal Dietary Supplements

02/24/2016
February 24, 2016: Former VA Nurse Pleads Guilty To Stealing Controlled Substance From Hospital Syringes

02/24/2016
February 17, 2016: Two Men Sentenced For Involvement in Scheme to Distribute Misbranded Drugs

02/23/2016
February 10, 2016: Las Vegas Resident Indicted For Running Counterfeit and Misbranded Contact Lens Operation

02/19/2016
February 17, 2016: United States And Vermont Doctor Resolve Matter Involving Non-FDA Approved Drugs And False Claims

02/19/2016
February 16, 2016: Swedish Medical Center Surgical Tech/Technologist Indicted by Federal Grand Jury in Denver on Charges of Tampering with a Consumer Product and Obtaining a Controlled Substance by Deceit

02/19/2016
February 10, 2016: Owner of Cancer Treatment Clinic Convicted of Providing Fraudulent Medical Treatments to Patients

02/04/2016
January 28, 2016: Federal Criminal Charges Filed Against Two Pharmacists for Adulteration of Drugs in Connection with Alabama-Based Compounding Pharmacy

02/02/2016
February 1, 2016: Pakistani Man Makes Appearance in U.S. District Court in Denver Following Indictment and Arrest for Sale and Distribution of New, Misbranded and Counterfeit Prescription Drugs

02/02/2016
February 1, 2016: Worcester Nurse Sentenced for Stealing Oxycodone from Patients

02/02/2016
January 22, 2016: Counterfeit Cigarette Smuggler Receives Jail Sentence

02/02/2016
January 5, 2016: Two Defendants Sentenced to Prison in Conspiracy to Distribute Over $6.6 Million in Contraband Cigarettes

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Hickenlooper, Small Business Democrats Call Out Trump Admin for Turning Back on Small Businesses, Blocking Funding to Help Entrepreneurs Grow

US Senate News:

Source: United States Senator John Hickenlooper – Colorado
SBA is currently blocking funding that supports small businesses, plans to cut $167 million from future programs
WASHINGTON – U.S. Senator John Hickenlooper, along with his Democratic colleagues on the Senate Small Business and Entrepreneurship Committee, called on Small Business Administration (SBA) Administrator Kelly Loeffler to stop hurting small businesses and release entrepreneurial development program funding.
“Gutting counseling and training services for women, veterans, and underserved small businesses is not how we can grow our economy,” wrote the senators. “We strongly condemn the President’s budget and call on SBA to immediately release entrepreneurial development program funding owed to counseling and training providers.”
SBA’s entrepreneurial development programs provide free or low-cost counseling and training to support the small business owners, specifically targeting veterans, women, and other underserved entrepreneurs. Last year alone, SBA counseled and trained more than 744,000 small businesses, supported the creation of 33,240 new businesses, and supported over one million jobs.
The Trump administration’s proposed budget for fiscal year 2026 cuts $167 million dollars from SBA’s entrepreneurial development programs and $111 million from the agency’s budget for the cost of staff and other administrative expenses. The proposed budget would eliminate 15 entrepreneurial development programs, which would mean the closure of more than 150 WBCs, 250 SCORE chapters, and 31 VBOCs.
To better understand SBA’s budget plans and the extent to which entrepreneurial development program funding has been delayed or mismanaged, the lawmakers request written responses to the following questions no later than May 30:
With the elimination of all but one of its entrepreneurial development programs under President Trump’s proposed budget, what is SBA’s plan to provide quality counseling and training to America’s 34 million small businesses?
Why does the Administration believe that women and veteran entrepreneurs do not merit specialized assistance given the unique challenges they face?
Why has SBA failed to distribute appropriated funding to its entrepreneurial development programs, specifically the SBDC, WBC, VBOC, and SCORE programs
Please identify every payment, by program, to SBA’s entrepreneurial development programs that are currently past due.
Please provide a detailed timeline for disbursement, by program, of the delayed payments identified in response to the previous question.
Full text of the letter HERE and below.
Dear Administrator Loeffler:
Gutting counseling and training services for women, veterans, and underserved small businesses is not how we can grow our economy. As if the Trump Administration’s disastrous and destructive tariff policy had not caused enough harm to the nation’s entrepreneurs, the President’s Fiscal Year (FY) 2026 budget for the Small Business Administration (SBA) proposes to eliminate the vast majority of SBA’s entrepreneurial development programs. Additionally, SBA is currently blocking funding Congress has already appropriated for these programs. We strongly condemn the President’s budget and call on SBA to immediately release entrepreneurial development program funding owed to counseling and training providers.
SBA’s entrepreneurial development programs provide free or low-cost counseling and training to America’s 34 million small businesses, with specific assistance targeting veterans, women, and other underserved entrepreneurs. In FY 2024 alone, SBA counseled and trained more than 744,000 small businesses, supported the creation of 33,240 new businesses, and supported over one million jobs. SBA’s resource partners, which include Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), SCORE, and Veterans Business Outreach Centers (VBOCs), have long had bipartisan support and provide critical, costeffective assistance that catalyzes local economic growth. These programs work together to provide holistic aid to entrepreneurs in all states, creating an ecosystem of support for small businesses at every stage of development.
On May 2, 2025, President Trump released a summary of his proposed budget for FY 2026 that cut $167 million dollars from SBA’s entrepreneurial development programs and $111 million from the agency’s budget for the cost of staff and other administrative expenses.
Specifically, the proposed budget does away with 15 entrepreneurial development programs, which would mean the closure of more than 150 WBCs, 250 SCORE chapters, and 31 VBOCs. Only the SBDC program would survive. The President’s decision to eliminate dedicated veterans counseling services is particularly shocking. Although President Trump proposed $10 million in additional funding for SBDCs to serve veteran small businesses, that amount is still 46 percent less than SBA’s current level of funding for veteran services.
Equally troubling are reports that the SBA is blocking previously appropriated funding from reaching its entrepreneurial development programs. The Senate Committee on Appropriations released a report exposing the wide variety of federal funding that President Trump, Elon Musk, and Russ Vought have illegally withheld. The report revealed that, under President Trump, SBA has failed to expend at least $30 million that Congress approved to carry out small business counseling and training programs. Additionally, the Administration has attempted to renege on contracts to grantees in the Regional Innovation Clusters (RIC) program, which provides direct support, accelerators, and other services to support small innovators. Of the 25 RIC awardees across the country, it appears that the Administration unjustifiably terminated at least 20 of their contracts.
We are now five months into the second Trump presidency and it is unacceptable that the Trump SBA is incapable of properly managing its congressionally mandated responsibilities. Congress holds the power of the purse, and the executive branch must comply with the law, including duly enacted appropriations acts. SBA’s continued delays and cancellation of congressionally mandated spending not only goes against congressional intent but jeopardizes the viability of small businesses across the country.
Federal funding is subject to the Congressional Budget and Impoundment Control Act of 1974, meaning that the funds Congress appropriates to federal agencies cannot be temporarily withheld from obligation or expenditure without a presidential special message and cannot be cancelled without congressional approval. The Comptroller General of the Government Accountability Office (GAO) is required to report when a president has failed to disclose an impoundment to Congress. For this reason, GAO is currently investigating 39 federal agencies that are not expending appropriated funds. If SBA is unwilling or unable to release the funds appropriated for its entrepreneurial development programs, we will be requesting that GAO perform a formal review and pursue potential enforcement actions.
We strongly reject President Trump’s budget proposal and demand that SBA release delayed payments to its entrepreneurial development programs. To better understand SBA’s budget plans and the extent to which entrepreneurial development program funding has been delayed or mismanaged, we request written responses to the following questions no later than May 30:
With the elimination of all but one of its entrepreneurial development programs under President Trump’s proposed budget, what is SBA’s plan to provide quality counseling and training to America’s 34 million small businesses?
Why does the Administration believe that women and veteran entrepreneurs do not merit specialized assistance given the unique challenges they face?
Why has SBA failed to distribute appropriated funding to its entrepreneurial development programs, specifically the SBDC, WBC, VBOC, and SCORE programs
Please identify every payment, by program, to SBA’s entrepreneurial development programs that are currently past due.
Please provide a detailed timeline for disbursement, by program, of the delayed payments identified in response to the previous question.
Thank you in advance for your attention to this matter.

MIL OSI USA News –

May 22, 2025
MIL-OSI Canada: Saskatchewan Provides Nearly $1 Million to Support Young Entrepreneurs

Source: Government of Canada regional news

Released on May 21, 2025

The Saskatchewan Young Entrepreneurs Bursary applications are now open, supporting business sustainability and growth across the province

Today, Minister of Trade and Export Development Warren Kaeding, along with Saskatchewan Chamber CEO Prabha Ramaswamy launched the new Young Entrepreneur Bursary that will support up to 57 local young entrepreneurs with bursaries of $5,000 to foster business development.

The province will provide Saskatchewan Chamber of Commerce with $285,000 per year, for three years, plus administration costs to support entrepreneurs between the ages of 18 and 35 years of age who have been in operation for 10 years or less. Applications open today through to July 14, 2025 and will be awarded in the fall.

“The New Young Entrepreneur Bursary promotes business development and innovation, creating opportunities for small business owners and entrepreneurs across our Province,” Kaeding said. “Collaboration between government and organizations like Saskatchewan Chamber of Commerce is an important component of Saskatchewan’s Growth Plan and our commitment to ensure the province remains one of the best places in Canada to start and grow a business.”

The funding will be administered by the Saskatchewan Chamber of Commerce with support from local chambers across the province.

“Saskatchewan’s future depends on the bold ideas and determination of its next generation of entrepreneurs,” Ramaswamy said. “The Young Entrepreneur Bursary Program ensures that emerging business leaders have the support they need to pursue their vision and contribute to a thriving provincial economy. We are proud to partner with the Government of Saskatchewan to reduce financial barriers and champion the growth of our province’s entrepreneurial talent.”

The bursary will encourage the next generation of entrepreneurship and support economic development across the province, creating jobs and opportunities, while ensuring we continue to build resilient and vibrant communities for years to come.

Saskatchewan is committed to fostering a competitive business environment where all businesses can succeed. The Government of Saskatchewan supports small businesses through low tax rates, reduced red tape and streamlined regulations. This promotes growth and innovation that enhances the quality of life for people across the province.

The innovative businesses and government support across the province are vital to the province’s recent economic success.

Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2024 real GDP reached an all-time high of $80.5 billion, increasing by $2.6 billion, or 3.4 per cent. This ranks Saskatchewan second in the nation for real GDP growth, and above the national average of 1.6 per cent.

Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second highest anticipated percentage increase among the provinces.

For more information visit : https://saskchamber.com/initiatives/young-entrepreneur-bursary/

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For more information, contact:

MIL OSI Canada News –

May 22, 2025
MIL-OSI USA: Statement of Commissioner Kristin N. Johnson on Her Departure from the CFTC

Source: US Commodity Futures Trading Commission

It has been an honor and privilege to serve as a Commissioner at the Commodity Futures Trading Commission (CFTC). Having completed my full term, I have notified the President of my intent to step down as a CFTC Commissioner later this year. Although this is a difficult decision, I am proud of the work that I have accomplished and am deeply grateful for the chance to develop meaningful relationships with staff and current and former Commissioners during my tenure at the CFTC.
I am exceptionally fortunate to have had the opportunity to serve our great nation and am honored that President Joseph R. Biden nominated me to serve in two critical roles as a financial market regulator. In addition to nominating me to serve a three-year term as a CFTC Commissioner in the fall of 2021, last summer, President Biden nominated me to serve as Assistant Secretary for Financial Institutions at the United States Department of the Treasury.
As a graduate of Georgetown University’s Walsh School of Foreign Service, the invitation to return to Washington, D.C. as a CFTC Commissioner resonated with my life-long commitment to be “in service of others.” When I accepted the nomination to serve as a CFTC Commissioner, I requested a three-year leave of absence from Emory University School of Law where I serve as Asa Griggs Candler Professor of Law. On March 28, 2022, I was unanimously confirmed by the United States Senate. On March 30, 2022, not long after teaching my last class for the semester at Emory Law School, I was sworn in to serve as a CFTC Commissioner.
This year marks the 50th Anniversary of the CFTC, a small-but-mighty agency that works daily to advance effective supervision and oversight in derivatives markets. In 1974, Congress passed and Former President Gerald Ford[1] signed into law the Commodity Futures Trading Commission Act creating the CFTC. A few months later, on April 15, 1975, four of the first five Commissioners, including the first Chairman of the Commission, were sworn in to service.
As the Commission celebrates this important milestone, I celebrated my third anniversary at the Commission. A few days after my third anniversary, my term expired.
Our derivatives markets operate as a critical resource for price discovery, risk management, and hedging functions for many sectors in our economy but, most notably, the agriculture, energy, and financial services sectors. One of the greatest strengths of our federal government and, more specifically, the federal agencies that supervise many of the largest global financial market participants in the world, is the intellectual leadership of our regulators.[2] Over the last several decades significant events have tested the resilience of our markets. In each instance, the Commission and its regulations developed through robust engagement among the Commissioners—with the support of the Commission staff—have served to address liquidity and default risk management concerns and to enhance the integrity and stability of our derivatives markets.
I have endeavored to support the Commission’s work through constructive, substantive engagement with my fellow Commissioners, Commission staff, and the diverse businesses that we supervise. I am deeply committed to encouraging the Commission to develop well-informed, research-based, data-driven regulatory solutions that are well-tailored and fit-for-purpose. Thoughtful, effective regulation ensures that our markets are resilient even during periods of significant or persistent challenges.
It has been a privilege to serve alongside my fellow Commissioners and to have had the opportunity to work with the exceptional and indefatigable staff at the Commission. The Commission staff works tirelessly to support the Commission in tackling complex and consequential issues through careful and thoughtful deliberative processes. I am confident that the Commission will continue to do important work protecting investors and customers, combatting fraud and market manipulation, and ensuring market integrity and stability.
A Survey of Service
Serving in leadership at the Commission, I have enjoyed driving intellectual and policy developments on several critical issues facing our markets. I led the Commission by advancing proposed and final rules that enhance risk management for derivatives clearing organizations (DCOs), cyber-resilience, and effective recovery, resilience, and wind-down regulations.
I have strongly advocated for careful reflection regarding the integration of artificial intelligence (AI) in financial markets and advocated for a number of policies and strategies to enhance the Commission’s ability to better understand industry integration of AI, including information gathering; the creation of an inter-agency task force encouraging domestic and international harmonization and collaboration on guidance or policies addressing the adoption of AI; the creation of a CFTC AI Fraud and Market Manipulation Task Force; and efforts to ensure sufficient human capital and financial resources to enable the Commission staff to keep pace with rapidly-evolving AI technologies.
In the wake of a crypto-crisis in the fall of 2022, I delivered a keynote address at the inaugural Digital Assets @Duke conference, where I called for the Commission to organize roundtables and convene discussions to better understand the type of regulatory interventions that may lead to effective supervision of rapidly developing and evolving decentralized finance markets.[3] I encouraged the Commission to begin a multi-stakeholder dialogue on digital asset markets that would help to prepare the Commission staff to create regulation to carry out a Congressional mandate and, at the same time, offer educational workshops on foundational issues such as corporate governance, resolution planning, and customer protection features of CFTC regulation.[4] These regulatory pillars are hardwired in our supervision and should be part of the regulatory architecture for any novel assets or markets that come under Commission supervision. Same risks, same rules. Moreover, these governance and operational guardrails have historically served to ensure that firms are able to withstand anticipated shocks (for example, by promoting enterprise risk management) and that markets remain resilient—even in times of significant distress.
I am proud to have served as Sponsor of the Market Risk Advisory Committee (MRAC). I am grateful for the hard work of Alicia Crighton (Chair of the MRAC), the members of the MRAC, and the members of the MRAC Subcommittees—the Market Structure, Central Counterparty Risk & Governance, Interest Rate Benchmark Reform, Climate-Related Market Risk, and Future of Finance Subcommittees.
As Sponsor of the MRAC, I led the Commission in taking on, in real-time, emerging cyber defense and cyber resilience concerns. In March of 2023, the MRAC hosted a first-of-its-kind hearing to examine cyber threats and potential solutions in derivatives markets. Over the last three years, the MRAC has submitted three sets of recommendations and a cutting-edge report to the Commission. The recommendations and report address system safeguards, critical third-party service providers and cyber resilience for institutions at the center of our market infrastructure; the efficacy of recovery, resilience, and wind-down policies for intermediaries in our markets; risk management related to the cash-futures basis trade; and a report on the state of the futures commission merchant market.
The central tenants of the Commodity Exchange Act inform the CFTC’s mandate—to prevent fraud and market manipulation, protect investors and customers, and ensure the stability and integrity of our markets. In order to deter escalating or future misconduct, I have strongly supported efforts to ensure that the Commission upholds this mandate, enhances customer protection, and holds bad actors accountable.
Artificial Intelligence in Financial Markets
While derivatives transactions in financial markets date back to ancient Greece, none of the Greek philosophers who lived two thousand years ago had the ability to generate a philosophical tome or literary masterpiece by simply typing a few questions into ChatGPT.[5] Simply stated, today’s financial markets are evolving at an unprecedented and accelerated pace. I arrived at the Commission deeply committed to advancing the Commission’s understanding of AI and AI use cases relevant to our markets. During my tenure at the Commission, I partnered with leadership across the industry, government regulators, public interest advocates, academics, and Commission staff to initiate a dialogue on the increasing adoption of AI by our market participants as well as the incorporation of AI in regulatory oversight and supervision.
Information-Gathering
In January 2024, I rolled up my sleeves during a winter storm and worked in collaboration with talented CFTC senior staff to develop the Commission’s first request for comment on AI in CFTC-regulated markets.[6] Later in the year, I represented the Commission in the development of the U.S. Department of the Treasury’s request for information on AI.[7] I also represented the Commission by serving in an association of federal regulators across government agencies engaged in understanding the implications of integrating AI in government supervision and regulation.
In June of 2023, I joined a group of market regulators reflecting on the integration of AI in supervisory technology (SupTech) at the International Organization of Securities Commissions’ (IOSCO) Annual Meeting in Bangkok, Thailand. Days after IOSCO’s Annual Meeting in June 2023, I launched an annual international roundtable to explore AI and other novel technologies and the impact of these technologies on market structures with the former U.S. Ambassador to Spain and Andorra, Julissa Reynoso Pantaleón.[8] I have served as a keynote speaker at dozens of industry and trade association conferences as well as academic institutions including Yale, Stanford, Duke, New York University, the University of Pennsylvania, Georgetown, the University of Chicago, and Cornell Law Schools, as well as Rice University’s Baker Institute, among other institutions where I have been fortunate to engage in thoughtful conversations with leading experts representing diverse viewpoints.
My engagement with market participants, U.S. market and prudential regulators, and global market regulators around the world has left me with the impression that we are still in a learning phase and are continuing to develop more precise understandings of the power, potential, and limits of developed and developing applications of AI, including generative and agentic AI. I have, however, advocated for a few accessible policy initiatives that the Commission should begin to take steps to introduce.
An Inter-Agency Task Force – Collaboration and Coordination
Over the last three years, I have advocated for AI policy priorities that must be at the center of the CFTC and other regulators’ policy agenda.[9] I have called for coordination among regulators to ensure that regulators are informed and have the depth of expertise to respond effectively to emerging technologies. I have asked the Commission and other financial market regulators to create an Inter-Agency AI Task Force to establish a pathway for open dialogue through deep dive, public and closed-door roundtables among the Commission, market participants, other market and prudential regulators, and public interest advocates.[10] Shortly after the announcement of my proposal, the Commission named its first Chief AI Officer.
CFTC AI Fraud and Market Manipulation Task Force
Our markets are faced with increasingly sophisticated forms of AI driven fraud. Evidence suggests that hackers are repurposing AI-based tools previously used in cyber defense tactics to identify weaknesses in networks and cybersecurity applications. These weaknesses open back doors for cyber-attacks. Generative AI may enable sophisticated actors to execute more convincing phishing campaigns. Deep fakes and similar campaigns may be more difficult to detect, especially for less sophisticated consumers and retail participants.
I have encouraged the Commission to create an internal AI task force within the Division of Enforcement and introduce heightened civil monetary penalties in instances where bad actors use AI to engage in fraud or market manipulation. In conversations with regulators in jurisdictions around the world, I have advocated for regulators to better understand AI as a SupTech resource that may enhance our ability to more precisely target AI fueled cyber and fraud attacks that threaten to upend the integrity and stability of domestic and global financial markets causing severe market disruption.
Human Capital and Financial Resources
The CFTC continues to punch above its weight. The agency, however, must have both financial and human resources to keep pace as industry participants integrate increasingly complex iterations of AI. As our markets become more complex and reflect the incorporation of and reliance on novel technologies, the Commission must have the resources to effectively supervise more sophisticated markets. I believe that the Commission would benefit from increased resources dedicated to enabling several of the Divisions within the Commission to prepare for and meet the challenges of regulating innovative trading, clearing, and settlement technologies.[11]
The Market Risk Advisory Committee
In my role as Sponsor of the MRAC, I have convened stakeholders with diverse perspectives to address critical, complex issues facing our markets. Under my leadership and working in collaboration with industry executives representing exchanges, clearinghouses, futures commission merchants, as well as public interest advocates, academics, and many others, the MRAC examined many of the most pressing risks across our financial markets, including systemic issues that could threaten the stability of derivatives markets.
During my time as Sponsor, the MRAC has focused on increasing concerns presented by cyber threats; the significance of critical third-party service providers such as cloud-based service providers; the introduction of artificial intelligence in market infrastructure and commercial and retail transactions; and novel and nascent issues that arise with the introduction of decentralized financial products such as digital assets or cryptocurrency and other emerging markets.
In March of 2023, the MRAC hosted a first-of-its-kind post-mortem on the implications for markets following the cyberattack on back-office service provider ION. The hearing included presentations by Matthew Cronin of the White House’s Office of the National Cyber Director; Tom Sexton, President and Chief Executive Officer of the National Futures Association; Walt Lukken, President and Chief Executive Officer of the Futures Industry Association; Julie Holzrichter of CME Group; Amanda Olear, Former Director of the Market Participants Division of the CFTC; Greg Ruppert, Executive Vice President of FINRA; Ashwini Panse of Intercontinental Exchange; Suyash Paliwal, Former Director of the CFTC Office of International Affairs (OIA); and Senior Special Counsel Kirsten Robbins of the CFTC OIA, among others.[12]
At the MRAC’s most recent meeting, the Committee voted to submit recommendations on many issues—a report and recommendation on the need to evaluate our regulations governing critical third party service providers (particularly in areas marked by concentration risks due to a limited number of competitive service providers); cyber resilience for derivatives clearing organizations; and best practices for managing market, liquidity, counterparty credit, and other risks related to the cash futures basis trade.[13] In addition to these significant contributions, the MRAC advanced important recovery and resolution proposals and published a cutting-edge report on concentration risk engendered by a decline in the market for futures commission merchant services over the last two decades.[14]
The MRAC’s work on each of these critical questions will help the Commission to address emerging issues and enhance the Commission’s ability to promote the stability and integrity of derivatives markets.
The Importance of Public Service
I began my legal career as a law clerk for the Honorable Judge Joseph A. Greenaway Jr. I am thankful that the Judge was willing to take a chance on me; the Judge hired me as a second-year law student to serve as his law clerk upon my graduation from law school. Having spent the better part of his career as a federal prosecutor and later a federal judge, Judge Greenaway taught me to value public service and the importance of building relationships in the communities in which we serve.
I am grateful that I have had the opportunity to serve the CFTC community. Every well-developed proposed or final rule review, open or closed meeting briefing and engagement, advisory committee meeting agenda, and policy initiative advanced by my office benefited tremendously from the tireless work and commitment of my current and former staff. I would like to extend my sincere thanks to everyone who served my office in any counsel, policy advisor or law student intern role. I am also grateful to the incomparable executive assistants who supported the administrative functions of the office.
About Commissioner Johnson
Immediately prior to joining the Commission, Commissioner Johnson served as a tenured professor with an endowed professorship (Asa Griggs Candler Professor of Law) and Associate Dean for Faculty Research at Emory University School of Law. Commissioner Johnson also held a named professorship and served as Associate Dean for Faculty Research at Tulane University School of Law. Prior to law teaching, Commissioner Johnson served as a lawyer in private practice at Simpson Thacher & Bartlett LLC’s New York and London offices supporting the mergers and acquisitions, private credit and public and private capital markets practices. Upon leaving private practice, Commissioner Johnson joined J.P. Morgan Chase as Vice President and Assistant General Counsel in the Treasury Services Division supporting private funds. Before attending law school, Commissioner Johnson served as an analyst at Goldman Sachs in the Asset Management Division.
Commissioner Johnson is the co-author of two forthcoming books—The Cambridge University Press Handbook on Artificial Intelligence & The Law and Artificial Intelligence & The Law: Cases and Materials. Her recent work examines the implications of emerging innovative technologies including distributed digital ledger technologies that enable the creation of digital assets or cryptocurrency as well as networked, centralized and decentralized transaction-enabling infrastructure. Her early scholarship focuses on financial market disruptions that may create systemic risk concerns, with particular emphasis on the origination of derivatives and other complex financial products as well as secondary market trading, clearing, and settlement. She has testified before Congress on the benefits and risks of integrating emerging technologies such as blockchain or distributed digital ledger technologies and AI in financial markets.[15]

[3] Keynote Address of Commissioner Kristin Johnson at Digital Assets @ Duke Conference, Duke’s Pratt School of Engineering and Duke Financial Economics Center, Mitigating Crypto-Crises: Applying Lessons Learned in Governance, Risk Management, and Compliance (January 26, 2023), https://www.cftc.gov/PressRoom/SpeechesTestimony/opajohnson2.

[4] See Kristin N. Johnson, Commissioner, CFTC, Federal Reserve of Chicago Financial Markets Group Fall Conference, Investing in Investor Protection (Nov. 16, 2022), available on file with the Federal Reserve Bank of Chicago; see also Nahiomy Alvarez, Nomaan Chandiwalla, Alessandro Cocco, 2022 Financial Markets Group Fall Conference–Recap, https://www.chicagofed.org/publications/blogs/ chicago-fed-insights/2023/2022-fmg-fall-conference-recap (Feb. 6, 2023).

[5] Kristin N. Johnson, Regulating Cryptocurrency Secondary Market Trading Platforms, 1/8/2020 U. Chi. L. Rev. Online 1 (2020).

[7] See U.S. Department of the Treasury, Artificial Intelligence in Financial Services (Dec. 2024), https://home.treasury.gov/system/files/136/Artificial-Intelligence-in-Financial-Services.pdf (Treasury December Report).

[15] In April of 2021, Commissioner Johnson testified before the United States House of Representatives Subcommittee on Consumer Protection and Financial Institutions. In July of 2019, she testified before the House Financial Services Committee Artificial Intelligence Task Force on the implications of integrating artificial intelligence in financial technology (fintech) platforms.

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: NEW: 267,788 Bay Staters Slated to Lose Health Coverage Under GOP Reconciliation Bill

Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

WASHINGTON, DC – Today, Congresswoman Lori Trahan (MA-03), a member of the House Energy and Commerce Committee’s Health Subcommittee, highlighted a new report from the U.S. Congress Joint Economic Committee that found 267,788 Massachusetts residents would lose health coverage if the health provisions of the Republican reconciliation package are passed into law.
“Republicans claim they’re targeting waste, fraud, and abuse in Medicaid, but 267,788 Massachusetts residents aren’t line items to be slashed. They’re children with complex medical needs, seniors in nursing homes, and working families doing their best to stay healthy and make ends meet,” said Congresswoman Trahan. “These are our neighbors, not numbers on a spreadsheet in Washington that can be used to pay for tax cuts for billionaire campaign donors. Donald Trump’s so-called ‘big, beautiful bill’ is nothing more than a cruel attack on the care they rely on to survive.”
According to the Joint Economic Committee, Republican cuts to the Affordable Care Act will result in 100,800 Massachusetts residents losing coverage. Additionally, their decision to cut $715 billion from Medicaid will result in 166,978 Massachusetts residents losing health coverage through MassHealth. The full analysis, including congressional district-level data, can be accessed HERE.
Last week, the House Energy and Commerce Committee marked up House Republicans’ reconciliation package that will cut $715 billion from Medicaid and eliminate health coverage for at least 13.7 million Americans. Democrats on the Committee offered multiple amendments to prevent these cuts from moving forward, but all of them were rejected by Republicans along party line votes.
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MIL OSI USA News –

May 22, 2025
MIL-OSI Global: Continuing to seek Chinese investment in the UK comes at a heavy political price

Source: The Conversation – UK – By Jeffrey Henderson, Professor Emeritus of International Development, University of Bristol

Steel blast furnaces in Scunthorpe, UK. Baxter Media/Shutterstock

One major consequence of the UK government’s resistance to rejoining the European single market is that it is forced to go around the world seeking trade deals and investment.

Recently, the government has boasted of successful arrangements with India, the US, and some new agreements with the EU. But it has also found itself courting one highly dubious suitor.

Since the chancellor of the exchequer, Rachel Reeves, went to Beijing in January 2025, the government has been focusing much of its attention on China. And while investment from the world’s second-largest economy is fairly unproblematic in a few sectors (some services and domestic real estate, for example), other areas are a cause for concern.

Relying on Chinese money to support key sectors such as steel, telecommunications, advanced electronics, power and transport – all vital for Britain’s economic and geopolitical security – is potentially dangerous.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Yet it has been going on for years. Efforts to secure funding by a previous Conservative government even allowed state-owned Chinese companies to invest in the UK’s nuclear future, despite considerable criticism from the likes of MI5 and the British military.

Then there was the 2017 acquisition by a Chinese state-backed private equity firm of cutting-edge semi-conductor company, Imagination Technologies. Subsequent concerns over the leaking of its intellectual property prompted a parliamentary enquiry into foreign corporate asset-stripping.

British Steel was also a target. Sold in 2019, it is now owned by a private company, Jingye, which in April 2025 moved to shut down operations at its Scunthorpe site by not supplying the raw materials required for its blast furnaces.

In response, the UK government took emergency control of production in a scramble to stop the furnaces from going cold.

That incident should have served as an urgent reminder to the government that it needs to be wary of the effect Chinese companies can have on the UK.

Early signs, however, are not reassuring. Business secretary Jonathan Reynolds commented that Jingye was not acting in the “rational way” he would expect of a company in a market economy.

But the government should know that when it comes to strategic decision-making, Chinese companies do not operate in ways that others consider rational. Put simply, they are not comparable to their equivalents in Britain or other liberal-market economies – because they are effectively controlled by the Chinese Communist Party (CCP).

According to the CCP’s data, by 2017 it had established a formal presence inside 92% of larger private companies and 73% of all private companies in China. Those figures will certainly be higher now. And, as with the digital-technology firm Huawei, senior CCP members are often on a company’s boards of directors.

So, while Jingye almost eliminated British Steel as a viable company, it can be reasonably assumed that a decision of such strategic and geopolitical importance would not have been taken by Jingye’s executives alone. They would have been “guided” by the CCP.

Influence and infrastructure

And of course, it’s not just steel production the UK should be concerned about. Chinese ownership now extends across many vital sectors.

There’s the Chinese state-owned company, Beijing Construction Engineering helping to build a new science and innovation park next to Manchester airport. And the private Hong Kong company, CK Infrastructure which owns water companies serving north-east England, Essex and Suffolk.

China Investment Corporation (state-owned) owns part of Heathrow, while China Huaneng (state-owned) operates Europe’s largest battery storage facility in Wiltshire. Meanwhile, wind turbine producer Mingyang (privately owned and reputedly linked to the Chinese military) is the preferred bidder for a new Scottish wind farm, despite being barred from a similar Norwegian development.

All of these companies, irrespective of formal ownership, are likely to be subject to varying degrees of CCP influence and control (comment on the issue from Chinese companies is rare). And successive UK governments have either failed to appreciate the implications of this, or have accepted it as the price of gaining greater access to the Chinese market – especially for London’s financial sector.

This was almost certainly a factor behind China’s involvement in the building of Hinkley Point’s new nuclear power station, and was at the forefront in Rachel Reeves’s discussions with the Chinese government earlier this year.

Separately, Chinese investment in non-strategic sectors is much less controversial. One private conglomerate (Fosun) owns the Premier League side Wolverhampton Wanderers and formerly owned Thomas Cook.

But the lesson from the British Steel fiasco is clear. We are now in a world where the political interests of major states trump the economic interests of their business corporations. Geopolitics takes precedence over geoeconomics.

Consequently, Chinese firms – regardless of ownership status – should be barred from industries vital to the UK’s economic and political security. Anything less risks subordinating British interests to those of the Chinese Communist Party.

Funding from European Cooperation in Science and Technology (COST), for the China in Europe Research Network, contributed to the research on which this article is based.

– ref. Continuing to seek Chinese investment in the UK comes at a heavy political price – https://theconversation.com/continuing-to-seek-chinese-investment-in-the-uk-comes-at-a-heavy-political-price-255340

MIL OSI – Global Reports –

May 22, 2025
MIL-OSI USA: Peters Unveils New Investigative Report Finding Fired Inspectors General Identified More Savings than DOGE

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, released a report detailing the Trump Administration’s unprecedented attacks on Inspectors General – the independent watchdogs tasked with rooting out waste, fraud, and abuse in federal agencies. Peters’ report finds that the 19 Inspectors General (IGs) President Trump fired earlier this year identified billions of dollars more in potential savings to taxpayers than the Department of Government Efficiency (DOGE) created by the Trump Administration and Elon Musk with the supposed goal of identifying wasteful spending.
“This report underscores the value of professional, independent and nonpartisan Inspectors General and the work they do to effectively identify waste, fraud and abuse of taxpayer dollars,” said Senator Peters. “If the Trump Administration were serious about eliminating waste, it would rely on the proven track record of independent Inspectors General. Instead, President Trump’s decision to fire them will not only undermine efforts to reduce waste – it sends a message of intimidation to anyone who wants to hold this Administration accountable.”
READ THE FULL REPORT: “Undermining the Watchdogs: The 19 Independent Inspectors General Fired by President Trump Uncovered Billions in Fraud, Waste, and Abuse”
Inspectors General play a critical role in ensuring transparency and accountability in government operations. The report documents how, in his first week in office, President Trump fired 18 Inspectors General across major federal agencies, including the Departments of Defense, State, Commerce, and Veterans Affairs. The Administration later removed the USAID Inspector General, an act widely seen as retaliatory for conducting oversight of the Administration’s actions to shutter the agency. These terminations violated the Inspector General Act, which requires the President to provide Congress with a 30-day notice and a detailed justification before dismissing an IG.
The report finds that the fired IGs had a collective monetary impact of over $50 billion in fiscal year 2024 alone through investigations and audits, uncovering significant fraud and abuse. To date, the Offices of Inspectors General (OIGs) have pinpointed $175 billion in potential savings that could be achieved if federal agencies implement all of their outstanding recommendations.
These watchdogs have also conducted criminal investigations that resulted in financial recoveries, including a Department of Energy OIG probe that halted an illegal semiconductor export scheme, which led to the cancellation of $100 million in grants. Similarly, an investigation by the Department of Defense OIG uncovered fraudulent financial practices targeting Gold Star families, leading to a 12-year prison sentence and a $1.4 million penalty.
The impact of the Administration’s actions has been deeply felt across federal oversight agencies, as staffing cuts further compromise their ability to conduct audits, evaluations, and investigations. Interviews with affected IG offices revealed serious concerns about the erosion of independence and morale within these agencies.

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: SBA Relief Still Available to Georgia Small Businesses and Private Nonprofits Affected by Tropical Storm Debby

Source: United States Small Business Administration

ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations of the June 16 deadline to apply for low interest federal disaster loans to offset economic losses caused by Tropical Storm Debby occurring Aug. 5 – 6, 2024.

The disaster declaration covers Appling, Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Bryan, Bulloch Burke, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Cook, Dodge, Echols, Effingham, Emanuel, Evans, Glynn, Grady, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Long, Lowndes, McIntosh, Mitchell, Montgomery, Pierce, Richmond, Screven, Tattnall, Telfair, Thomas, Tift, Toombs, Treutlen, Turner, Ware, Wayne, Wheeler and Wilcox; in Georgia; Baker, Columbia, Hamilton, Jefferson, Leon, Madison and Nassau in Florida as well as Aiken, Allendale, Barnwell, Hampton and Jasper in South Carolina.

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

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

“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

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

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

Submit completed loan applications to SBA no later than June 16, 2025.

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About the U.S. Small Business Administration

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

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Canadian Business Delegation Visits Denver, Colorado to Promote Cross-Border Trade, Investment and Innovation
Source: US State of Colorado

DENVER — A delegation of more than a dozen public, private, and nonprofit leaders from Regina, Saskatchewan, Canada, is visiting Denver this week as part of a strategic trade and investment mission designed to strengthen economic ties between Colorado and Saskatchewan.

Led by Economic Development Regina (EDR), in partnership with the Global Business Development division within Colorado Office of Economic Development & International Trade (OEDIT), Denver Economic Development & Opportunity (DEDO), and Metro Denver Economic Development Corporation (EDC), the visit comes at a pivotal moment for North American trade and innovation.

“Colorado is proud to be hosting leaders from Regina and Saskatchewan Canada to continue strengthening our economic and social partnerships and protect both nations key industries from Trump’s reckless tariffs. I recently celebrated Colorado Canada Friendship Day, and worked with our neighbors to the north to solidify Colorado’s commitment to fostering healthy and beneficial trade relations to support both our growing and diverse economies,” said Governor Jared Polis.

The mission follows the celebration of Colorado Canada Friendship Day in March and coincides with the launch of new daily, non-stop United Airlines service between Regina and Denver, creating a direct link between Denver’s thriving economy and Saskatchewan’s capital – a hub for agriculture innovation, traditional and renewable energy, advanced manufacturing and supply chain connectivity into Western Canada.

Canada is already Colorado’s largest import and export partner. Colorado exports to Canada have grown at an average annual rate of 5.8% over the last five years, reaching $1.8 billion in 2023, while importing $5.5 billion from Canada. Colorado and Saskatchewan also enjoy a strong economic relationship, with more than $220.1 million in goods flowing between the two jurisdictions in the past year.

“At a time of growing trade uncertainty, cities like Denver and Regina can play a vital role in promoting open, collaborative economic relationships,” EDR CEO Chris Lane said. “This mission is about building connections, exploring business and investment opportunities, and growing together in sectors where our economies align.”

Denver-based organizations and investors stand to gain from enhanced access to Regina’s fast-growing agri-business sector, clean energy projects, and a workforce known for engineering, logistics, and manufacturing innovation. Conversely, Denver’s leadership in sustainability, post-secondary research, and global commerce presents important collaboration opportunities for Saskatchewan innovators.

During the visit, the host agencies will show off many of the things that contribute to Denver’s vibrant economy. Highlights include:
- A Leadership Roundtable and reception bringing together business leaders, post-secondary institutions, and trade agencies;
- Active participation in World Trade Day, Colorado’s premier international business event;
- Visits to the National Renewable Energy Laboratory (NREL) and Colorado State University’s SPUR campus, exploring shared research interests in clean tech and food systems;
- A WorldDenver Premier Briefing on U.S.-Canada economic relations.
“Colorado’s strong relationship with Canada supports trade, foreign direct investment and tourism between the two regions, supporting business growth and expansion as well as job creation. We are thrilled to welcome our partners from Regina, Saskatchewan, Canada and celebrate the new nonstop flight that will strengthen our relationship and economic development opportunities,” said Eve Lieberman, Executive Director of OEDIT.

“Denver is honored to welcome a distinguished delegation from Regina, Saskatchewan, Canada. Our cities share much in common. We are both located in the heartlands of our nations, aligned in time zones that make collaboration seamless, and we’re both dynamic centers for innovation in emerging industries like Agtech. With United Airlines’ new nonstop flight connecting Denver and Regina, we are excited to deepen our friendship with our Canadian neighbors. We look forward to continued collaboration and building an even stronger relationship in the years ahead,” said DEDO’s Global Director, Stephanie Garnica.

“This delegation reflects the kind of intentional, cross-border collaboration that drives innovation and economic growth on both sides of the border,” said Raymond H. Gonzales, President of the Metro Denver EDC. “Colorado and Saskatchewan share strengths in advanced manufacturing, clean energy, ag-tech, and workforce excellence. By connecting our ecosystems through direct air service and strategic partnerships, we’re accelerating opportunities for shared prosperity.”

The Regina delegation includes representatives from the Government of Saskatchewan, the Regina Airport Authority, the University of Regina, Saskatchewan Trade and Export Partnership, Canadian Western Agribition, Regina Chamber of Commerce, Regina Hotel Association, City of Moose Jaw, Global Transportation Hub and Saskatchewan-based manufacturing businesses.

About the Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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MIL OSI USA News –
May 22, 2025
MIL-OSI USA: Revitalizing Public Spaces in New York City
Source: US State of New York

overnor Kathy Hochul today announced awards for a total of 13 transformational projects for New York City as part of two economic development programs: the Downtown Revitalization Initiative and NY Forward. Seven projects were announced for Long Island City, the Round 7 winner of a $10 million DRI award; and six projects were announced for Hudson Square, a Round 2 winner of a $4.5 million NY Forward award.

“New York City is writing one of the greatest comeback stories in its history, and it’s happening with groundbreaking investments in projects that will endure decades into the future,” Governor Hochul said. “These projects will make our neighborhoods stronger and more vibrant — opening up doors of opportunity and ingenuity for the New Yorkers that call them home.”

New York Secretary of State Walter T. Mosley said, “When we invest in our downtowns, we’re investing in the heart of our communities. Through the Downtown Revitalization Initiative and NY Forward program, we’re not just funding projects – we’re fostering vibrant, walkable neighborhoods that spur economic growth, enhance quality of life for residents and preserve the unique character of each municipality and region. These signature programs exemplify our commitment to ensuring that every New Yorker, in every corner of our State, has the opportunity to succeed and thrive.”

Long Island City

Long Island City, located at a geographic and transportation center of New York City, is an important economic generator for the region. It is uniquely defined with a diverse set of industries and as a mixed-used district, with one of the fastest growing residential populations. The neighborhood has new advanced manufacturing, tech and life science sectors, an expanded Business Improvement District, large and highly productive Industrial Business Zones and a lively cultural and arts community. The DRI projects will be used to maximize Long Island City’s burgeoning community assets and encourage private investment to create a livable, inclusive, mixed-use community and downtown destination.

The 7 Long Island City DRI projects, totaling $9.7 million, include:
- Redevelop the Metropolitan Building into a Creative Hub ($1,400,000): Implement interior fit outs on several floors of the now vacant historic Metropolitan Building, located at 44-01 11th Street, to create affordable workspace for artists and small businesses.
- Construct the New Queens Public Library Branch ($1,583,617): Implement interior fit out of a 4,525 sq. ft. space on the second floor of a new residential building located at 22-42 Jackson Avenue, to re-establish the Queens Public Library from its former Court Square location.
- Reconstruct the 46th Avenue Pedestrian Plaza ($2,500,000): Reconstruct the temporary pedestrian plaza, located at the intersection of Jackson Avenue and 46th Avenue, into a permanent open space with new plantings, furnishings, paving and artwork.
- Enhance the 12th Street Pedestrian Plaza ($695,000): Upgrade the existing pedestrian space, located on 12th Street between 43rd Road and 44th Avenue, with new surface treatments, trees, plant beds, shade structures, bike racks and street furniture.
- Construct the Underline Open Space at Dutch Kills ($2,425,000): Construct a playground and dog run to complement other planned amenities in the new public open space along the south side of Dutch Kills Street between Jackson Avenue and Sunnyside Yards.
- Renovate and Connect SculptureCenter to the Underline Open Space ($600,000): Construct a new entryway plaza and ADA-accessible ramp to enhance visibility and navigate the grade change between the SculptureCenter and the adjacent Underline open space.
- Greening and Cleaning LIC ($496,383): Improve streetscape throughout the DRI investment area by planting new trees, installing new tree pits, tree guards, rain gardens, planters, trash receptacles, container signage and dog bag dispensers, as well as upgrading existing tree pits.
Hudson Square

Hudson Square is a roughly 33-square block neighborhood located on lower Manhattan’s west side. The neighborhood is primarily commercial in use, with over 12 million square feet of office space. The neighborhood has a long industrial history and has also been historically disconnected from neighboring parts of lower Manhattan, including SoHo, the West Village and Tribeca. The NY Forward projects will assist in growing local businesses; creating a sense of place; establishing engaging public spaces; and connecting the district with its adjacent communities.

The 6 Hudson Square NY Forward Projects, totaling $4.5 Million, include:
- Build A Signature Open Space at Hudson-Houston Plaza ($867,000): Establish an interactive, engaging and welcoming new public space at the corner of West Houston Street and Hudson Street to activate an underutilized City parcel and provide critical green space along the active pedestrian corridor.
- Expand Spring Street Park with Little 6th Avenue Plaza ($744,000): Establish a permanent plaza on Little 6th Avenue between Spring Street and Dominick Street to expand the impact of the well-loved Spring Street Park, create space for community programs and establish an inviting entrance to the Hudson Square community from the east.
- Upgrade Film Forum’s Lighting ($75,000): Upgrade lighting throughout the Film Forum’s lobby, concession stand, offices and projection booth to reduce the organization’s energy consumption and costs while ensuring a high-quality customer experience.
- Create a Hudson Square Color Walk ($600,000): Create an interactive scavenger hunt, called the Color Walk, throughout Hudson Square that highlights local businesses, institutions and public spaces with colorful installations and a map. Install a public sculpture that relates to all color walk stations and serves as a starting point for visitors.
- Install a Jackie Robinson Statue in the Museum ($227,000): Install an 8-foot-tall bronze sculpture of Jackie Robinson in the Jackie Robinson Museum space on the corner of Canal and Varick Streets to honor the legacy of Jackie Robinson, activate the ground floor of the Museum and create a point of interest that is visible from the prominent intersection.
- Renovate the NYC Fire Museum Event Space ($1,987,000): Renovate the NYC Fire Museum’s third-floor event space with new floors and ceilings, A/V equipment and HVAC system, allowing it to host fire safety classes, community events and private events that would help financially sustain the Hudson Square institution.
Empire State Development President, CEO, and Commissioner Hope Knight said, “The Downtown Revitalization Initiative and NY Forward programs are transforming communities across New York State by turning local visions into bold investments to generate place-based economic development. These projects will create new opportunities for businesses, support vibrant public spaces, and attract residents and visitors alike – laying the foundation for sustainable growth and stronger regional economies.” 

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “All across this State, the Downtown Revitalization Initiative and NY Forward programs are strategically prioritizing communities, growing economies with targeted awards, creating more housing opportunities that improve affordability for New Yorkers where it is most needed, and building on the diverse character of our neighborhoods. By working with local and municipal partners, these awards continue Governor Hochul’s commitment to developing the full potential of our downtowns as economic drivers and attractive places to live.”

NYCREDC Co-Chairs Félix V. Matos Rodríguez and William D. Rahm said, “Long Island City and Hudson Square are vital engines of economic and cultural activity for New York City. Through the DRI and NY Forward programs, we’re transforming vacant historic buildings into creative hubs, developing signature public spaces, enhancing pedestrian connections, and supporting cultural institutions that reflect each neighborhood’s unique identity. These strategic investments are creating vibrant, inclusive communities that connect residents with opportunity while celebrating what makes each area distinct.”

State Senator Brian Kavanagh said, “I’m proud to support funding for these programs in our State budget. This $4.5 million investment will deliver transformative projects that will reconnect Hudson Square with its vibrant surroundings while creating dynamic public spaces, supporting local businesses and community organizations, and honoring cultural icons like Jackie Robinson. From the new Hudson-Houston Plaza to the Fire Museum’s revitalized event space, these initiatives reflect the community’s vision for a more accessible, sustainable, and thriving district. I applaud Governor Hochul, Secretary Mosley, Samara Karasyk and her colleagues at the Hudson BID, and the tireless local advocates whose collaboration and commitment to this community have made this possible. As with the ongoing Chinatown DRI initiative, this is exactly the kind of targeted effort we need – one that uplifts overlooked corners of our city while celebrating their unique character and potential.”

State Senator Kristen Gonzalez said, “These investments are a victory for our neighbors in Long Island City. I want to thank the Governor, the Downtown Revitalization Initiative and the NY Forward Program for bringing these vital resources to our community. These projects reflect what our communities have been fighting for: public infrastructure that is equitable, sustainable, and accessible to all. I’m proud to see public dollars going toward projects that uplift our working families, support small businesses, and strengthen the cultural fabric of our district.”

Assemblymember Claire Valdez said, “I’m thrilled to see major investments in Long Island City, a powerful driver of economic activity, and home to vibrant cultural institutions and thousands of Queens residents. These awards will make LIC more walkable, safer, and cleaner, and give us even greater access to our wonderful Queens Public Library system. I’m grateful to Gov. Hochul for investing in our district, one of the fastest-growing in New York City.”

Hudson Square BID President & CEO Samara Karasyk said, “This is a transformative and exciting moment of growth for Hudson Square and these projects reflect a shared commitment to creating a more vibrant neighborhood that meets that moment. We are deeply grateful to Governor Hochul and Secretary Mosley for investing in Hudson Square’s future. We’re especially excited to lead the way on the creation of a new public plaza at Hudson and Houston Streets and to expand the footprint of Spring Street Park. These new projects will bring even more green and gathering spaces to the neighborhood, building on the BID’s continued efforts to enhance the street-level experience for all who live in, work in, and visit Hudson Square.”

DRI and NY Forward communities developed Strategic Implementation Plans (SIPs), which create a vision for the future of their downtown and identify and recommend a slate of complementary, transformative and implementable projects that support that vision. The SIPs are guided by a Local Planning Committee (LPC) comprised of local and regional leaders, stakeholders and community representatives, with the assistance of an assigned consultant and DOS staff, all of whom conduct extensive community outreach and engagement when determining projects. The projects selected for funding from the SIP were identified as having the greatest potential to jumpstart revitalization and generate new opportunities for long-term growth.

 About the Downtown Revitalization Initiative

The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all ten regions of the state to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State strengthen its economy, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through nine rounds, the DRI has awarded a total of $900 million to 91 communities across every region of the State.

About the NY Forward Program

First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State’s revitalization efforts, regardless of size, character, needs and challenges.

NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through three rounds, the NY Forward program has awarded a total of $300 million to 60 communities across every region of the State.

MIL OSI USA News –
May 22, 2025
MIL-OSI Canada: Investor Alert: Vertexgate and Wiser Investment Are Not Registered
Source: Government of Canada regional news

Released on May 21, 2025

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities known as VertexGate and Wiser Investment.

“Checking registration status at aretheyregistered.ca should be the first step for Saskatchewan residents looking to invest,” FCAA Securities Division Executive Director Dean Murrison said. “Checking registration status is a quick and critical step to protect your investments.”

VertexGate and Wiser Investment claim to offer Saskatchewan residents trading opportunities, including stocks, cryptocurrencies, forex, indices and contracts for difference (CFDs). VertexGate also claims to offer commodities.

This alert applies to the online entities using the websites “vertexgate com” and “wiser-investment com” (these URLs have been manually altered so as not to be interactive).

VertexGate and Wiser Investment are not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.

If you have invested with VertexGate, Wiser Investment or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

Tips to protect yourself:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
- Do not allow unknown or unverified individuals to remotely access your computer.
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For more information, contact:

MIL OSI Canada News –
May 22, 2025
MIL-OSI Banking: The autonomous enterprise: How generative AI is reshaping business applications
Source: Microsoft

Headline: The autonomous enterprise: How generative AI is reshaping business applications

Today at Microsoft Build 2025, we’re excited to announce the new Model Context Protocol (MCP) servers for Microsoft Dynamics 365 ERP and CRM business applications. These MCP servers will help remove the tedious work of connecting systems together to build agents and accelerate the ability for our customers and partners to build AI-powered agents to drive business processes quicker, accelerating their journey to the Frontier Firm in the era of the autonomous enterprise.

Build AI agents to drive business processes with Model Context Protocol servers

To provide some context, generative AI is fundamentally reshaping the way organizations work, introducing a new way of interacting with technology—using natural language to simplify and accelerate tasks. This innovation is driving unprecedented productivity gains, streamlining complex processes that once required manual effort and specialized tools. As this technology matures, we’re entering the next phase: the autonomous enterprise, where organizations and people use technology, particularly AI and automation, to operate and adapt in an age of rapid transformation and innovation. Where there once was “an app for that,” there will now be “an agent for that”.

This transformation isn’t just about automation—it’s about people. By putting intelligent agents in the hands of every employee, organizations are empowering individuals to focus on higher-value work, make decisions faster, and drive innovation. Sales teams can deepen customer relationships without being bogged down by administrative tasks. Finance professionals can move from manual reconciliation to strategic forecasting. Marketers can go from idea to execution, and product managers can orchestrate complex workflows with clarity and speed.

The autonomous enterprise is the future of business. Business applications will work with agents built by Microsoft and our partners. In this new era, organizations aren’t just streamlining operations, they’re amplifying human potential and accelerating their journey to the autonomous enterprise.

This is why we’re so excited about the Dynamics 365 ERP and CRM MCP servers. These servers help eliminate data and application silos, allowing agents to work seamlessly across processes and help enable new autonomous scenarios for improved business functionality and productivity.

Dynamics 365: Agent-ready business applications

Agentic AI is an AI system that can take actions generated by the system, with very limited or even no direct human intervention. Autonomous actions built into agents operating across various business processes, industries, and segments, can make businesses more efficient and responsive. Designed not just to support tasks, but to operate autonomously, AI agents can intelligently orchestrate workflows and make context-aware selections. But how do you create a context-aware agent when data, information, and processes are ever-changing?

MCP standardizes how applications provide context to language models, helping enable seamless integration with different data sources and tools. This open standard connects AI assistants and agents to various systems where data resides, such as content repositories, business tools, and development environments. An MCP-compliant agent uses rich contextual information to act efficiently, unlike a non-MCP-compliant agent, which lacks necessary context.

Using the MCP server, makers can easily connect agents to existing knowledge sources and APIs, helping enable them to interface directly with Dynamics 365 applications. Actions and knowledge synchronize automatically, facilitating real-time updates and the evolution of functionality. This model significantly simplifies agent development and minimizes ongoing maintenance efforts.

Central to this innovation is Microsoft Copilot Studio, which provides a standardized protocol for agents to seamlessly interact with Dynamics 365 applications, helping to ensure consistency, reliability, and scalability. Security and governance are also prioritized from the start as Dynamics 365 MCP servers require authentication and enforce authorization. Agents that access Dynamics 365 through the MCP server must authenticate as a valid Dynamics 365 user, helping to ensure the benefits of Entra ID identity protection. This also prevents escalation of privileges, meaning the agent will only be able to perform the MCP actions that they’re authorized to do. The MCP servers are also made available to Microsoft Copilot Studio using connector infrastructure. This means they can employ enterprise security and governance controls such as data loss prevention controls and multiple authentication methods. 

For partners and customers, MCP standardization dramatically reduces complexity, accelerates development, and increases time to value.

MCP-compliant agentic AI

At Microsoft, we bring a deep understanding of critical business processes for small and medium business (SMB) as well as large enterprise organizations through our market-leading Dynamics 365 ERP and CRM business solutions—combined with our industry-specific expertise delivered through our Microsoft Cloud for Industry solutions. This combination of experience and expertise uniquely positions us to deliver on the needs of customers across size, business process, industry, or region.

Our newly introduced set of MCP servers help enable multiple scenarios across business processes. Below are a few examples of what’s possible with Dynamics 365, Microsoft Cloud for Industry, and our broad ecosystem of partners.

Sales and service

Custom agents and AI assistants can now be connected to Microsoft Dynamics 365 Sales, Microsoft Dynamics 365 Customer Service, and Microsoft Dynamics 365 Business Central applications through MCP servers. Agents can retrieve and update CRM data, create quotes, and complete orders. They can also get order/case summaries and email drafts. These MCP servers open endless possibilities in automating tedious jobs in sales and service functions, irrespective of company size or industry.

For example, telesales representatives can use intelligent assistants, such as Claude, connected to Dynamics 365 MCP servers to prioritize leads, qualify them, generate quotes, and send personalized emails—without needing to switch contexts or rely on complex integrations. And when customers encounter an order issue, service representatives can resolve it quickly by using Dynamics 365 Customer Service data to retrieve/update case information and create replacement orders in real time.

Supply chain and finance

The AI procurement agent illustrated below efficiently validates purchase requisitions against company policies, existing inventory, and delivery records to identify a suitable supplier that meets the criteria for cost, speed, sustainability, and reliability. It further consolidates multiple items from the same supplier into one purchase order and sends it for purchase. The agent can significantly enhance efficiency in procurement processes, where timely and budget-conscious supply delivery is critical.

Business Central

For small and medium size businesses, for example, looking to optimize sourcing information and vendor compliance, the custom agent demonstrated here can quickly identify shipments containing materials that require compliance checks. The agent provides guidance on recycling requirements and updated sourcing standards, reads supplier contracts, and suggests next steps like confirming vendor certifications and updating shipment checklists. A solution like this could streamline the compliance process, which can help customers gain a competitive advantage.

Partners using the Dynamics 365 MCP server

Our partners play a crucial role in driving innovation and delivering value to customers. We’re dedicated to making Dynamics 365 MCP servers accessible, helping enable our customers and partners to develop diverse agent scenarios across industries and business processes, regardless of their business application vendor.

With MCP server becoming the standard of the future for agents, partners can use it to more quickly and efficiently orchestrate headless business services in ERP and external systems. It turns simple intent into action, automating procurement for faster, efficient, and resilient supply chain operations. Our ecosystem of partners has started using MCP server for Dynamics 365 to create a host of industry-specific agents.
- Avanade, an early adopter of Microsoft 365 Copilot for Sales and a leading Microsoft partner, is excited to use MCP servers for Dynamics 365 to enrich their AI-powered request for proposal (RFP) Insights agent. This agent helps sellers summarize, evaluate, and respond to RFPs using historical Dynamics 365 data, further streamlining proposal generation. While initially for internal use, Avanade is exploring deployment for clients in engineering, construction, and professional services.
- Emission AI agent by Fellowmind will use AI and MCP servers for Dynamics 365 to automatically classify and organize purchase transactions to prepare it for greenhouse gas (GHG) emission accounting purposes by categorizing spend-types (such as office supplies, raw materials, and travel expenses) through data extraction, classification, algorithms, taxonomy mapping, and real-time feedback and learning. The agent provides support to procurement and environmental, social, and governance (ESG) professionals, helping them streamline their processes and achieve more accurate results.
- HSO’s PayFlow Agent improves invoice payment efficiency in accounts payable. Streamlining timely payments and reducing inquiries that require manual intervention leads to faster resolutions and enhanced supplier relationships. Using MCP server for Dynamics ERP MCP, PayFlow processes seller payment inquiries, identifies invoice statuses, matches them against buyer receipts, and retrieves tracking information to notify responsible parties to either remit payment promptly or set an expectation of when payment can be received. 
- JourneyTeam is enriching its Strategic Account Manager agent that accesses MCP servers for Dynamics 365 to optimize lead engagement. The agent summarizes historical services and projects, compares lead summaries and interests, compiles recommendations, then, after manual reviews, will initiate next steps by utilizing MCP servers, Microsoft Azure AI Search, and Document Intelligence.
- MCA Connect is building a smart sourcing agent that accesses MCP servers for Dynamics 365 to automate requisition processing, supplier assignment, and workflow submission. The MCP servers give the agent access to actions like getting open requisitions, approving vendors, and assigning suppliers based on supplier performance metrics without the need to create new APIs and integrate with Dynamics 365.
- Publicis Sapient Hummingbird is building an agent to improve lead management using MCP servers for Dynamics 365 to access data that will streamline the process of managing business-to-business leads. This agent automates lead qualification, scoring, and personalized engagement, accelerating hot leads to quotes faster and nurturing warm leads through a series of targeted emails. This innovative approach enhances efficiency, improves customer experience, and drives higher conversion rates and revenue growth.
- RSM is building intelligent, secure, and context-aware agents that accelerate workflows, improve decisions, and expand capabilities by embedding them directly into real-world business processes. These agents, developed using Microsoft Copilot Studio, will access MCP servers for Dynamics 365 to support humanitarian logistics by coordinating critical supply chains, helping to ensure timely delivery of life-saving equipment, and automating procurement tasks.
- TTEC Digital is building a post-service upselling agent that accesses MCP servers for Dynamics 365 to prospect for warranty plans after a purchase, turning each sale into an upsell opportunity. The agent will help drive personalized sales and service conversations at scale by using the knowledge, tools, and actions from the MCP server.
As we look ahead, the convergence of intelligent agents, standardized platforms, and deep domain expertise will define the next frontier of business transformation. The ability to harness autonomous capabilities will define tomorrow’s market leaders. Businesses that act now will gain a decisive competitive edge and chart a course toward sustained success. The autonomous enterprise is no longer a vision of the future—it’s here, built with Microsoft and its partner ecosystem.

Join us at Microsoft Build 2025 to explore how MCP servers are transforming Dynamics 365 and the broader Microsoft Cloud–MCP server focused sessions at Microsoft Build 2025.

Let’s shape what’s next, together.

Satish Thomas

Corporate Vice President, Business and Industry Solutions

Satish is responsible for strategy, product management, and engineering execution for Microsoft Business & Industry Solutions. This organization and its partner ecosystem develop industry leading solutions and AI-driven Business Applications. Prior to this role, Satish has held various engineering product management leadership roles at Microsoft spanning Microsoft Cloud for Industries, Microsoft Insights – Customer Data Platform (CDP), Microsoft AppSource, Microsoft’s business apps marketplace, and Microsoft Dynamics 365. Satish joined Microsoft in 2006 and is from Botswana, Africa.

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MIL OSI Global Banks –
May 22, 2025
MIL-OSI USA: Congressman Nick Langworthy Introduces Bill to Save Taxpayers, Promote Infrastructure Development, and Increase Jobs

Source: US Congressman Nick Langworthy (NY-23)

WASHINGTON, D.C. – Today, Congressman Nick Langworthy (NY-23) introduced the Infrastructure Expansion Act, which would reform New York’s antiquated liability law on federally funded projects, reduce taxpayer costs, and promote more construction and jobs in our state. This legislation will preempt state law and align New York with 49 other states which utilize a comparative negligence standard to assess fault when injuries occur on a construction site.

“This bill is urgently needed to preempt this broken liability standard on federally funded projects and get New York building again,”said Congressman Langworthy. “New York’s Scaffold Law is a gift to trial lawyers and a burden on our construction workers and taxpayers, and it must change.”

“It is estimated that the scaffold law increases total construction costs between 5 and 10%. This only in New York law, dating from 1885, doesn’t protect workers and unnecessarily increases the cost for building roads and bridges, hospitals, schools, affordable housing, industrial facilities, and office buildings.

“The last state to have such a law was Illinois which repealed its statute in 1995. Since Albany refuses to act, federal preemption is the only path to proceed. Enactment of this law will save at least $2 billion in federal tax dollars over the next 10 years and significant savings to state taxpayers.

“My hope is that this law if enacted will finally force Albany to reform this law, saving millions each year in construction costs to build schools, residential housing, and other projects which are not typically funded by Washington. Significant technology projects, such as Micron outside Syracuse and other projects all throughout New York State would see a reduced cost of construction,” continued Langworthy.

New York State’s outdated Scaffold Law imposes absolute liability on property owners and contractors for elevation-related injuries—regardless of a worker’s own negligence. This unique-to-New York mandate has made construction insurance skyrocket, driving up the cost of housing, schools, and infrastructure across the state. New York’s law has also resulted in significant fraud as staged accident suits have flooded the courts. This situation was recently documented in an ABC News national story on construction and legal fraud, most of which occur in New York State due to the scaffold law.

Original cosponsors of this legislation include Rep. Claudia Tenney (R-NY) and Rep. Elise Stefanik (R-NY).

“New York’s burdensome and misguided Scaffold Law has caused construction costs to skyrocket, making it one of most expensive states to build in the country. The Infrastructure Expansion Act will lower costs on federally funded projects by finally bringing fairness and balance to liability rules. This is a critical step toward bringing investments to our state and making New York more affordable and competitive,”said Congresswoman Tenney.

Groups that support this legislation include the American Council of Engineering Companies of New York, Associated Builders and Contractors of New York State, Associated General Contractors of New York, Associated General Contractors of New York State, Building Trades Employer Association, Business Council of New York State, Inc., Big “I” New York, General Contractors Association, General Contractors Association of New York, Lawsuit Reform Alliance of New York, Long Island Builders Institute, National Association of Home Builders, National Electrical Contractors Association, New York Association of Homebuilders, New York Association of Towns, New York State Association for Affordable Housing, New York State Builders Association, New York State Business Council, Partnership for New York City, Real Estate Board of New York, Upstate United, Habitat for Humanity, .

“This legislation is necessary for all future development projects in New York State because it addresses the biggest ongoing concern we hear from our businesses: affordability. New York is the only state with this kind of law, which mandates unnecessary provisions that only raise the cost of doing business. Congressman Langworthy’s bill is critical to ensure key economic development projects remain affordable, such as reconstructing Penn Station and bringing high-paying jobs and economic growth to Syracuse through Micron,” said Heather Mulligan, President and CEO, Business Council of New York State, Inc.

“New York is the most expensive city in America, with the high cost of construction being a major contributor. Local legislators have been unwilling to override special interests to deal with our affordability crisis. We support the legislation introduced by Representative Langworthy that promises to impose needed fiscal discipline that we cannot seem to achieve on our own,” said Kathryn Wylde, President and CEO, Partnership for New York City.

“This commonsense legislation replaces outdated absolute liability rules with a fair and modern comparative negligence standard for federally assisted construction projects. This long-overdue reform will help reduce fraud, lower insurance premiums, and establish a more balanced legal framework for both builders and workers.Escalating insurance costs threaten the viability of construction projects, drive up consumer costs, and delay critical development needed to address housing and infrastructure demands. This legislation is a necessary step toward restoring fairness and long-term sustainability in construction-related liability policies.We commend Congressman Langworthy for his leadership on this important issue and urge swift passage of this vital legislation,” said Mike Fazio, Executive Vice President, New York State Builders Association.

“The Long Island Builders Institute supports the Infrastructure Expansion Act of 2025. This bill replaces outdated absolute liability rules with a fair comparative negligence standard for federally assisted infrastructure and transportation projects.By preempting such state laws and standardizing liability rules, this legislation ensures a balanced legal framework that encourages participation in federally supported projects without compromising worker protections.We applaud Representative Langworthy’s leadership and urge Congress to pass this commonsense reform,” said Mike Florio, CEO, Long Island Builders Institute.

“The National Association of Home Builders commends Rep. Nick Langworthy (R-N.Y.) for introducing the Infrastructure Expansion Act. At a time when rising construction and insurance costs are driving up overall project expenses, this bill would help reduce costs and better use valuable taxpayer dollars by implementing reasonable and fair liability standards for certain federally funded projects,” said Buddy Hughes, Chairman, National Association of Home Builders.

“The Scaffold Law costs New Yorkers nearly $800 million a year without delivering any tangible construction safety benefits, and as a result, we are hindering the economic growth of our communities statewide, preventing safe development from moving forward and creating new jobs and new business opportunities,” said John T. Evers, President and CEO, American Council of Engineering Companies of New York (ACEC New York.) “New York needs reasonable regulations that eliminate unnecessary costs, and this bill does just that by removing the requirements for higher-rate insurance on projects that receive federal funding. With this proposed legislation, we can expand the size, scope and number of public works projects that are critical to improving the built environment around us, and we applaud the work of Congressman Nick Langworthy and his fellow lawmakers for their efforts to reverse this alarming trend.”

“We’re grateful that Congressman Langworthy has heard the concerns of New York’s contractor community. His legislation takes aim at decades of abuse caused by an outdated, New York-only law that has helped make us one of the most expensive places to build in the country. When passed, it will help bring insurance carriers back to New York and make general liability coverage more affordable—allowing us to build more housing and repair our roads and bridges. We look forward to working with the Congressman to get this much-needed legislation across the finish line,”said Brian Sampson, ABC Empire State Chapter President.

“The Scaffold Act is a costly mandate that places undue fiscal burdens on towns and their taxpayers when trying to complete projects in their respective communities. We need this commonsense reform that will lower costs, protect the taxpayers, and help spur more investments in our infrastructure and in economic development projects across the state,”said Christopher A Koetzle, Executive Director, New York Association of Towns.

“Upstate United applauds Congressman Langworthy for introducing federal legislation that would reform New York’s outdated and costly ‘Scaffold Law.’ Originally enacted in the 1880s—when worker protections were minimal—the law now imposes an absolute liability standard for gravity-related construction accidents, a policy unique to New York. As a result, our state faces the highest general liability insurance costs for construction in the nation, burdening taxpayers with hundreds of millions of dollars each year. This proposed legislation would eliminate the absolute liability standard for federally funded projects, helping to reduce unnecessary costs and support job growth. We hope to see this legislation advance in D.C. and call on New York’s leaders to pursue long-overdue reforms at the state level,”said Justin Wilcox, Upstate United.

“The Empire State will never resolve its affordable housing crisis, properly invest in public infrastructure and transportation, or attract and retain the industries of the future if the only-in-New York Scaffold Law continues to waste public funds on liability costs,” said Tom Stebbins, Executive Director, Lawsuit Reform Alliance of New York. “Congressman Langworthy’s bill is a step in the right direction. It protects taxpayers’ money from being siphoned from federal projects to pay for lawsuits that benefit no one except the personal injury lawyer lobby. Congress is taking note, when will Albany act?”

“One of the main drivers of the high cost of construction in New York City is our antiquated Scaffold Law, which serves to protect special interests rather than any jobsite the law purportedly makes safer. Rep. Langworthy’s bill takes this outdated law head on, and if passed will allow our city to focus resources on the projects that matter, rather than increased insurance premiums and lawsuit settlements. Driving costs down and making New York City more affordable requires bold action at all levels, and Rep. Langworthy’s proposed legislation is a strong step in the right direction,” said James Whelan, President, Real Estate Board of New York.

“Congressman Langworthy’s bill takes aim at New York’s century-old Scaffold Law and its unjust absolute liability standard—a relic that saddles taxpayers with billions in extra costs while doing nothing to make jobsites safer. By replacing absolute liability with the same commonsense comparative-negligence standard, we can steer precious federal dollars toward rebuilding schools, roads, and affordable housing instead of lining trial-lawyer pockets. We applaud the Congressman’s leadership and stand ready to help get this done for workers, taxpayers and our economy,” said Mike Elmendorf, President & CEO of the Associated General Contractors of New York State.

“Congressman Langworthy’s bill is a long-overdue step toward restoring fairness and affordability in New York’s construction industry. The Scaffold Law’s absolute liability standard, which is unique to New York, inflates insurance costs by as much as 7%, directly driving up the price of affordable housing and infrastructure statewide. Reforming this outdated law is not just common sense, it’s essential to addressing our affordability crisis and ensuring that coveted federal dollars are spent building homes and communities, not fueling a broken legal system,” said Jolie Milstein, President and CEO, New York State Association for Affordable Housing.

“Representative Langworthy’s bill gives us a direct path to lowering costs on federally funded projects. Insurance costs in New York City are unreasonably high. Bringing down costs will mean more construction; more construction means more union construction jobs. Let’s get this much needed legislation across the finish line and bring more construction and construction jobs to New York,”saidElizabeth Crowley, President and CEO, Building Trades Employer Association.

“Congressman Langworthy’s bill will help in removing the effects of outdated laws on NYS’s highest in the nation insurance costs,” said Robert G. Wessels, Executive Director of the General Contractors Association of New York. “The savings obtained by decreasing the extreme cost paid by NY Contractors, for insurance on public works projects, can be used for further investment in critical infrastructure projects.”

“The National Electrical Contractors Association (NECA) strongly supports the Infrastructure Expansion Act of 2025 and applauds Congressman Nick Langworthy for his leadership in advancing this vital legislation. By ensuring that federal infrastructure projects are governed by a fair, comparative negligence standard rather than outdated absolute liability rules, this bill protects both contractors and property owners while preserving access to critical federal funding.
On behalf of our several hundred electrical contractors across New York State, we thank Rep. Langworthy for standing up for the skilled professionals who power and build America’s infrastructure. This commonsense reform promotes safety, accountability, and much-needed investment in our nation’s roads, bridges, transit systems, and energy networks,” said Marco Giamberardino, SVP, Government and Public Affairs, National Electrical Contractors Association (NECA).

MIL OSI USA News –

May 22, 2025
MIL-OSI: Sidetrade introduces first-ever AI Cash Collection Agent, autonomous and interactive
Source: GlobeNewswire (MIL-OSI)

New AI-native agent shifts Order-to-Cash from smart automation to autonomous execution, live today throughout global finance teams

Sidetrade, the global leader in AI-powered Order-to-Cash applications, has today unveiled a seismic breakthrough in enterprise finance; the world’s first-ever AI Cash Collection Agent, operating live and autonomously from a digital standpoint.

Powered by Sidetrade’s Data Lake, the new Aimie orchestrates Order-to-Cash (O2C) processes, executing phone calls, interacting with debtor clients, escalating and flagging issues or exceptions for human follow-up actions where necessary. Announced at the Gartner CFO & Finance Executive Conference today, this launch marks a decisive leap beyond automation.

Ushering in a new era for CFOs, Global Business Services, and Shared Services
In the current economic climate, traditional financial systems, rule-based automation, large teams handling low-value calls, and follow-up email campaigns have all revealed their limitations. The race for competitiveness is not just won with automation. It is also won with speed, precision, and the ability to make sense of vast and fragmented data. Chief Financial Officers (CFOs), Global Business Services, and Shared Services leaders must accelerate cash flow generation, reduce operational overheads, and scale faster.

Aimie is now agentic. Designed as an enterprise teammate, her first capability is being an autonomous Cash Collection Agent, trained on $7.2 trillion in payment experiences and insights from 40 million buyers worldwide. “Simply put, Aimie does not wait for instructions,” said Rob Harvey, Chief Product Officer at Sidetrade. “Aimie does much more than merely follow a script; she makes decisions. That’s the real breakthrough. Agentic AI propels Order-to-Cash processes beyond automation into autonomous decision-making, unlocking new levers for sustainable financial performance. By combining human oversight with self-directed agents, we are creating an opening for more adaptive, scalable finance operations, where manual processes do not hold back growth.”

Aimie’s Cash Collection Agent is ready for deployment across Europe and North America:
- Autonomous outbound calling (first contact calls, follow-up calls, voicemail messages) with personalized dialogues suited to every situation;
- Outcome qualification with automatic case updates;
- Escalation when a material risk is detected.
Unlike static bots, Aimie continuously learns from live outcomes, adjusts outreach strategies, and refines prioritization using predictive signals from Sidetrade’s Data Lake.

Championing consistency to elevate performance
Early adopters are already experiencing real-world impact. “What I love most about Aimie isn’t the cost savings; it’s her consistency,” said Stephen Dyer, VP Credit & Collections at OpenText. “I manage 100+ collectors globally, and inconsistency is inevitable. Aimie guaranteed precise, repeatable execution which is a game-changer! She also helps to reshape the modern customer 360, enabling us to move past traditional customer experiences toward a data-driven, personalized relationship that can be replicated at scale.”

Aimie empowers Sidetrade customers with distinctive capabilities:
- Rapidly learning a company’s culture, products, and terminology, adapting communication in a way that feels native to their brand.
- Engaging in interactive, qualified conversations with thousands of buyers at scale, acting as a fully-fledged game-changer for managing massive SMB account portfolios, at low cost.
- Speaking up to 29 languages: allowing for seamless cash collection in local languages and contexts.
- Making 1,000 outbound calls daily, operating 24/5.
- Accelerating cash flow by scaling the most effective channel in collections: outbound calling.
Aimie takes on the high-volume, low-value tasks that drain finance teams, automating repetitive work with consistency, wherever the geography. The results? Reduced administrative burden on accounts receivable, so talent can refocus on strategic impact. Speaking with early adopters, Harvey commented: “They are not worried about a robot taking their job… because most of them already feel like they are doing the robot’s job. Moreover, they are aware that if we fail to design an AI co-worker, tomorrow’s finance will feel less human as they will be stuck talking to accounts payable robots instead of solving real strategic problems.”

Building on CFOs economic environment
Aimie’s unique advantage is Sidetrade’s Data Lake, which manages 10 payment events per second across one billion transactions, making it the largest real-time O2C behavioral database in the market. “Aimie’s intelligence comes from context-rich data, not just clever LLM’s,” said Mark Sheldon, Sidetrade’s Chief Technology Officer. “Generic AI systems lack the contextual data needed to operate as domain experts. But Aimie does. With $7.2 trillion in behavioral payment signals, Aimie adapts with pinpoint precision, and she keeps learning. Finance departments gain access to a new resource: tireless and infinitely scalable.”

Sidetrade has been training finance-specific models since 2015, with generative capabilities added in 2024. The AI Cash Collection Agent is part of a broader rollout of Sidetrade’s new agentic AI, which includes purpose-built agentic functionalities for email auto-response, portal data extraction, and cash application exception handling. As an AI orchestrator, Aimie coordinates a team of domain-specific agents to run the O2C cycle autonomously. “AI goes agentic,” stated Harvey. “Each agent operates independently to process thousands of customer emails and payments per day. Together, they represent a step-change in how finance teams execute their O2C processes.”

Sheldon concluded: “Short-term, what companies need to define is the level of autonomy they are willing to delegate to agents, the role human oversight should play, and how best to optimize their resources in this new paradigm. Rather than giving in to fears around agentic AI or human replaceability, I encourage business leaders to rethink the role of people within organizations that fully harness this technological shift. The most forward-thinking leaders already augment operational efficiency while repositioning their teams toward higher-value, strategic work.”

Aimie, Sidetrade’s AI Cash Collection Agent, is now available for early adopters. Meet Aimie, here.

Media relations @Sidetrade
Christelle Dhrif +33 6 10 46 72 00 cdhrif@sidetrade.com
About Sidetrade (www.sidetrade.com)
Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its new-generation agentic AI, nicknamed Aimie, Sidetrade analyzes $7.2 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of 40 million buyers worldwide. Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States, and Canada, serving global businesses in more than 85 countries. Among them: AGFA, BMW Financial Services, Bunzl, DXC, Engie, Inmarsat, KPMG, Lafarge, Manpower, Morningstar, Page, Randstad, Safran, Saint-Gobain, Securitas, Siemens, UGI, Veolia.
For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.
In the event of any discrepancy between the French and English versions of this press release, only the English version is to be taken into account.

Attachment
- Sidetrade introduces first-ever AI Cash Collection Agent, autonomous and interactive
The MIL Network –
May 22, 2025
MIL-OSI USA: Italian Food Emporium Joins Rural Jump-Start Program, Bringing Artisan Pasta to Montrose

Source: US State of Colorado

MONTROSE — The Business Funding & Incentives Division of the Colorado Office of Economic Development & International Trade (OEDIT) announced today that Italian Food Emporium, LLC, an artisanal pasta manufacturing company, has joined the Rural Jump-Start (RJS) Program. Committed to time-honored Italian pasta-making techniques, Italian Food Emporium will create new jobs, support local agriculture, and sell Montrose-produced pasta to grocery stores throughout Colorado and out of the state.

“Colorado is proud to support businesses like the Italian Food Emporium that enrich communities by offering unique, high-quality goods and services, such as their artisanal pasta for Coloradans on the Western Slope. By fostering opportunities through the Rural Jump-Start initiative, we empower businesses to stimulate local economies, generate jobs, and enhance the quality of life in Colorado communities.” said Governor Jared Polis.

“The Rural Jump-Start program is an important tool to support new jobs across Colorado, and we are thrilled to see the Italian Food Emporium recognize the many benefits of being based in Montrose, CO. The company’s traditional techniques and use of local ingredients exemplifies how global expertise can integrate into regional assets to create new jobs and diversify the local economy,” said Eve Lieberman, OEDIT Executive Director.

While proudly sourcing fresh ingredients directly from Colorado, at the core of Italian Food Emporium’s mission is a commitment to time-honored Italian pasta-making techniques. Employing traditional Italian machinery and ingredients, including flour, meats, and cheeses imported directly from Italy, alongside experienced workers, the company crafts pasta with the quintessential texture and flavor of Italian craftsmanship. In Montrose, Colorado, Italian Food Emporium plans to open a storefront and manufacturing space to produce both fresh and dried pasta to sell on-site at a storefront in town, at regional farmers markets, and wholesale to grocery stores and restaurants across and outside of the state. The company plans to employ four new hires.

“Our goal is to give both professional chefs and home cooks convenient access to fresh, artisan-quality pasta that tastes just like it was made by nonna,” said Jenny Pezzica, Italian Food Emporium’s Founder. “For chefs, this means adding handmade-quality pasta to their menus without compromise. For families, it means enjoying restaurant-level meals at home, without the need to roll and knead the dough themselves.”

The Rural Jump-Start (RJS) program encourages economic development and job creation in economically distressed, rural counties of Colorado. These grants are intended to support regional economic and workforce development activities that expand local business, create new good-paying jobs, and strengthen and diversify local economies. Sponsoring entities like Montrose Economic Development Corporation (MEDC) help identify RJS candidates in their communities and work with the business to help ensure its success in the program and in the community.

“Having a startup company of this caliber in our community is exciting. MEDC works with small and large companies alike that want to create primary jobs to bring new dollars into our community. The Italian Food Emporium is a great addition to our community and to the State of Colorado,” said Sandy Head, Executive Director of the MEDC.

To learn more about the Rural Jump-Start program, please contact Quina Weber-Shirk at quina.webershirk@state.co.us.

About the Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Pushing Boundaries and Becoming Beacons for Positive Change
Source: US State of Connecticut

The Academy of Distinguished Engineers, class of 2025, gathered for this year’s induction ceremony last week on the UConn Storrs campus. The annual event featured comments from JC Zhao, dean of the College of Engineering (CoE), and was emceed by 2024 inductees Rashi Akki, and Mark Raymond. Attendees included new Academy inductees and GOLD Rising Star recipients, their friends and family, as well as past Academy members.

Zhao praised the class of 2025 for its accomplishments and contributions to engineering research, leadership and societal impact.

“This was my first Academy of Distinguished Engineers awards ceremony since becoming dean of the College of Engineering,” Zhao says. “I take great pride in recognizing and celebrating the amazing achievements of our Academy inductees and Rising Stars. It was also a pleasure meeting these CoE graduates, their families and the previous awardees who joined us.

Dean JC Zhao (left) and He Li, Academy 2025 GOLD Rising Star (Christopher LaRosa/UConn Photo)

“These highly accomplished men and women are a testament to the overall quality of education we offer here at UConn, as well as recognition for the many CoE faculty and mentors who helped guide them. We are proud of their achievements and look forward to hearing about their continued successes and their positive impact on our society.”

Induction into the Academy recognizes CoE alumni for their exemplary contributions to the engineering profession through research, practice, education, policy or service, says Kylene Perras, assistant dean, Operations and Strategic Initiatives. The GOLD (Graduates of the Last Decade) Rising Star awards recognize graduates over the past decade who inspire the world around them through their contributions to engineering and society.

“The Academy’s members are considered to be among the most successful and distinguished engineers in their respective fields,” Perras adds. “They each represent UConn Engineering, with distinction and strong leadership, and inspire current and future CoE students. And while they may not have been in the field for as many years, our Rising Stars also are making their mark and cutting successful professional trails.”

Academy inductee Erika Lindeberg (Christopher LaRosa/UConn Photo)

One of this year’s inductees, Erika Lindeberg, earned her B.S. and M.S. degrees in civil engineering at UConn. She is a senior project manager and group leader at Jacobs Engineering Group, Inc., a global leader in advanced manufacturing, energy, environmental, life sciences, transportation and more. Prior to joining Jacobs, she worked for the Connecticut Department of Transportation, including five years spent as principal engineer in their Division of Traffic Engineering.

“Both of my parents are UConn alumni and taught me the importance of mentoring and of working for the common good,” Lindeberg says. “As engineers, we have a profound responsibility to ensure that the effective application of engineering and science serve a higher purpose and improve the comfort and safety of human life. To that end, sharing our knowledge, which includes mentoring others, is a critical responsibility and obligation.”

JC Zhao (left) and Academy inductee Nasir Mannan (Christopher LaRosa/UConn Photo)

Another inductee, Nasir Mannan, earned his B.S. degree in mechanical engineering in 2007 at the then School of Engineering at UConn. Mannan is the principal engineer at the Connecticut Center for Advanced Technology’s Advanced Design Automation and Metrology lab, where he leads the integration of 4.0 technologies to help strengthen the U.S. supply chain. Like Lindberg, he shared similar sentiments about the need to help others and to become beacons for positive change.

“In addition to building things, we create, innovate, discover and connect. All society is one human race, and the work we’re doing can push the boundaries of what’s possible, as well as what’s needed,” Mannan says. “I’m grateful for this recognition, and excited about the future and the opportunities we share to greatly improve the quality of life on earth for all beings through the technology we create and help implement as engineers.”

This year’s inductees are:
- James Bosse: B.S., M.S., and Ph.D., Materials Science and Engineering, University of Connecticut (’09, ’12, ’14)
- Marat Kulakhmetov: B.S., Mechanical Engineering, University of Connecticut (’09), M.S. and Ph.D., Aeronautics and Astronautics, Purdue University (’11, ’16)
- Michael Lamont: B.S., Civil Engineering, University of Connecticut (’91)
- John Leonard: B.S., Mechanical Engineering, University of Connecticut (’89), M.S., Mechanical Engineering, Arizona State University (’94)
- Erika Lindeberg: B.S. and M.S., Civil Engineering, University of Connecticut (’94, ’04)
- Nasir Mannan: B.S., Mechanical Engineering, University of Connecticut (’07)
- Steven Naboicheck: B.S., Electrical and Computer Engineering, University of Connecticut (’81)
- Frederick Sporck: B.S., Electrical Engineering and Computer Science, University of Connecticut (’78), M.S., Physics, University of Vermont (’84)
- Adrian Weidmann: B.S., Chemical and Biomolecular Engineering, University of Connecticut (‘02)
- Peyman Zamani: B.S., Computer Science and Engineering, Master of Business Administration, University of Connecticut (’95, ’06)
This year, the GOLD (Graduates of the Last Decade) Rising Star recipients are:
- Yongduk Lee: B.S., M.S., Hankyong National University (’06, ’08), Ph.D., Electrical Engineering, University of Connecticut (’15)
- He Li: B.S., Beijing University of Technology (’05), M.S., University of Saskatchewan (’08), Ph.D., Mechanical Engineering, University of Connecticut (’15)
- Qin Lu: B.S., University of Electronic Science and Technology of China (’13), Ph.D., Electrical and Computer Engineering, University of Connecticut (’18)
MIL OSI USA News –
May 22, 2025

MIL-OSI USA: SBA Offers Disaster Assistance to Oklahoma Small Businesses, Private Nonprofits and Residents Affected by Spring Wildfires

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to Oklahoma small businesses, private nonprofits and residents to offset physical and economic losses from wildfires beginning March 14. The SBA issued a disaster declaration in response to a request SBA received from Gov. Kevin Stitt on April 16.

The declaration covers the Oklahoma counties of Canadian, Creek, Garfield, Kingfisher, Lincoln, Logan, Noble, Okfuskee, Oklahoma, Okmulgee, Osage, Pawnee, Payne, Pottawatomie, and Tulsa.

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

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

EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

Interest rates are as low as 4% for small businesses, 3.62% for nonprofits and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

“When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available.”

Beginning Wednesday, May 21, SBA customer service representatives will be on hand at the Disaster Loan Outreach Centers (DLOCs) to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their applications. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov.

DLOCs hours of operations are listed below.

LINCOLN COUNTY
Disaster Loan Outreach Center
Iowa Tribe of Oklahoma Fire Department
335174 E. 750 Rd.
Perkins, OK 74059

Opens at 1 p.m., Wednesday, May 21
Wednesday, 1 p.m. – 6 p.m.
Thursday, 9 a.m. – 6 p.m.
Friday, 9 a.m. – 6 p.m.

Closes permanently at COB Friday, May 23

LOGAN COUNTY
Disaster Loan Outreach Center
Logan County Courthouse Annex
(Across the street north of
Courthouse in the
old Girl Scout Room)
312 E. Harrison Ave.
Guthrie, OK 73044

Opens at 1 p.m., Wednesday, May 21
Mondays – Fridays, 9 a.m. – 6 p.m.

Closed Monday, May 26 for Memorial Day

PAYNE COUNTY
Disaster Loan Outreach Center
City of Stillwater Community Center, Room 102
315 W. Eighth Ave.
Stillwater, OK 74074

Opens at 1 p.m., Wednesday, May 21
Mondays – Fridays, 9 a.m. – 6 p.m.

Closed Monday, May 26 for Memorial Day
Closes permanently at COB Wednesday, June 11

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

The deadline to return physical damage applications is July 21, 2025. The deadline to return economic injury applications is Feb. 20, 2026.

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About the U.S. Small Business Administration

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

MIL OSI USA News –

May 22, 2025

MIL-OSI Russia: Chinese, ASEAN ministers call for expanded bilateral trade and economic cooperation

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

BEIJING, May 21 (Xinhua) — The ministers of economy and trade of China and the Association of Southeast Asian Nations (ASEAN) have called for deepening bilateral economic and trade cooperation to counter negative uncertainties. The call was made at a special meeting of China-ASEAN ministers of economy and trade held via video link on Tuesday.

As Chinese Commerce Minister Wang Wentao noted during the meeting, China is willing to work with ASEAN to maintain the stable and smooth operation of global industrial and supply chains, make greater contributions to promoting the development and rise of both sides, and safeguarding international fairness and justice.

Wang Wentao recalled that recently some economies have been abusing so-called “mirror duties” and engaging in economic bullying, which has seriously undermined the international trade system and introduced a high degree of uncertainty into the global economy. Such practices do not comply with economic rules and violate market principles, the head of the Ministry of Commerce of the People’s Republic of China stated.

During the meeting, the ministers called for collective action to defend the multilateral trading system and free trade, as well as for the effective use of the World Trade Organization mechanisms to establish constructive contacts, find joint solutions and address concerns in global trade.

ASEAN Secretary-General Kao Kim Horn said all parties should cooperate with a forward-looking approach, firmly uphold openness and inclusiveness, and continuously promote regional economic integration.

He expressed hope that ASEAN and China can deepen their partnership, achieve high-quality common development, promote cooperation in areas such as smart manufacturing, and strengthen connectivity and green transformation.

Following the meeting, a joint statement was issued reaffirming China and ASEAN’s position on economic exchanges and challenges to the global economy.

China and 10 ASEAN countries have completed negotiations to upgrade the China-ASEAN Free Trade Area to version 3.0, the Ministry of Commerce said on Wednesday. –0–

MIL OSI Russia News –

May 22, 2025

Category: Commerce

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