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Category: Commerce

  • MIL-OSI Asia-Pac: 2.66m tax returns issued

    Source: Hong Kong Information Services

    The Inland Revenue Department today sent out about 2.66 million tax returns for individuals for the year of assessment 2024-25.

     

    Taxpayers should file their tax returns by June 2. For sole proprietors, a three-month period is allowed and the filing deadline is August 2. Those filing through eTAX will be granted a one-month extension.

     

    At a press conference this afternoon, Commissioner of Inland Revenue Benjamin Chan said that salaries tax, tax under personal assessment and profits tax for 2024-25 will be reduced by 100%, subject to a ceiling of $1,500 per case.

     

    From the year of assessment 2024-25, a two-tiered standard rates regime for salaries tax and tax under personal assessment has been implemented.

     

    When calculating the amount of salaries tax or tax under personal assessment at standard rates, the first $5 million of net income is subject to the standard rate of 15%, and the portion exceeding $5 million is subject to the standard rate of 16%.

     

    Also, there has been an increase in the deduction ceilings for home loan interest or domestic rent from $100,000 to $120,000 for taxpayers who were residing with their newborn children born on or after October 25, 2023.

     

    Furthermore, a new deduction for expenses on assisted reproductive services has been introduced, subject to a ceiling of $100,000.

     

    On the enhancement measures for the deduction of expenses under profits tax, there have been tax deductions for expenses incurred for reinstating the condition of leased premises to their original condition, and the time limit for claiming annual allowances in respect of industrial/commercial buildings or structures has been removed.

     

    Mr Chan added that in July, the department will launch three interconnected portals, namely Individual Tax Portal, Business Tax Portal and Tax Representative Portal, under eTAX to facilitate taxpayers and enhance the efficiency, reliability and accuracy of return filing.

     

    On revenue collection, the department collected $374.5 billion for 2024-25, an increase of 10% from the previous year.

     

    The revenue collection for 2025-26 is estimated at $401.4 billion, representing a 7% year-on-year increase.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Brookfield Business Partners Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, News, May 02, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended March 31, 2025.

    “We had an active start to the year, generating over $1.5 billion from our capital recycling initiatives, progressing the acquisition of two market-leading industrial operations and investing approximately $140 million to repurchase our units and shares,” said Anuj Ranjan, CEO of Brookfield Business Partners. “During periods of uncertainty and volatility, our consistent strategy of owning market leading businesses and executing on our operational improvement plans is more important than ever. With the enhanced strength of our balance sheet, we are well positioned to support our capital allocation priorities and continue compounding long-term value for our investors.”

      Three Months Ended
    March 31,
    US$ millions (except per unit amounts), unaudited   2025   2024  
    Net income (loss) attributable to Unitholders1 $ 80 $ 48  
    Net income (loss) per limited partnership unit2 $ 0.38 $ 0.23  
         
    Adjusted EBITDA3 $ 591 $ 544  

    Net income attributable to Unitholders for the three months ended March 31, 2025 was $80 million ($0.38 per limited partnership unit) compared to net income of $48 million ($0.23 per limited partnership unit) in the prior period.

    Adjusted EBITDA for the three months ended March 31, 2025 was $591 million compared to $544 million in the prior period. Current period results included contribution from the recent acquisition of our electric heat tracing systems manufacturer in January 2025. Prior period results included $37 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    Operational Update

    The following table presents Adjusted EBITDA by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Industrials $ 304   $ 228  
    Business Services   213     205  
    Infrastructure Services   104     143  
    Corporate and Other   (30 )   (32 )
    Adjusted EBITDA $ 591   $ 544  

    Our Industrials segment generated Adjusted EBITDA of $304 million for the three months ended March 31, 2025, compared to $228 million during the same period in 2024. Current period results included $72 million of tax benefits at our advanced energy storage operation and contribution from our electric heat tracing manufacturer which was acquired in January 2025.

    Our Business Services segment generated Adjusted EBITDA of $213 million for the three months ended March 31, 2025, compared to $205 million during the same period in 2024. Strong performance at our residential mortgage insurer and increased contribution from our construction operation was partially offset by the impact of higher costs associated with technology upgrades at dealer software and technology services. Prior period results included contribution from our road fuels operation which was sold in July 2024.

    Our Infrastructure Services segment generated Adjusted EBITDA of $104 million for the three months ended March 31, 2025, compared to $143 million during the same period in 2024. Prior period results included contribution from our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    The following table presents Adjusted EFO4 by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Adjusted EFO    
    Industrials $ 130   $ 180  
    Business Services   117     168  
    Infrastructure Services   166     72  
    Corporate and Other   (68 )   (89 )

    Adjusted EFO in the current period included a $114 million of net gain related to the disposition of the shuttle tanker operation at our offshore oil services. Industrials Adjusted EFO included the impact of withholding taxes on a distribution received from our advanced energy storage operation during the quarter. Adjusted EFO in the prior period included $62 million of net gains primarily related to the sale of public securities and $50 million of other income related to a distribution at our entertainment operation.

    Strategic Initiatives

    • Specialty Equipment Manufacturer
      In February, we agreed to acquire Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. Brookfield Business Partners expects to invest approximately $160 million for an approximate 25% economic interest. The transaction is expected to close in the second quarter, subject to customary closing conditions and regulatory approvals.
    • Unit Repurchase Program
      During the quarter and subsequent to quarter end, we invested approximately $140 million to repurchase 5.9 million5 units and shares of Brookfield Business Partners at an average price of approximately $24 per unit and share. The repurchases were completed under our normal course issuer bid (NCIB) which we plan to renew once it expires in August this year.

    Liquidity

    We ended the quarter with approximately $2.4 billion of liquidity at the corporate level including $59 million of cash and liquid securities, $25 million of remaining preferred equity commitment from Brookfield Corporation and approximately $2.3 billion of availability on our corporate credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is $2.3 billion.

    Distribution

    The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on June 30, 2025 to unitholders of record as at the close of business on May 30, 2025.

    Additional Information

    The Board has reviewed and approved this news release, including the summarized unaudited interim consolidated financial statements contained herein.

    Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

    Notes:

    1. Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
    2. Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three months ended March 31, 2025 which was 80.0 million (March 31, 2024: 74.3 million).
    3. Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
    4. Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.
    5. Inclusive of all limited partnership units and BBUC exchangeable shares repurchased under our NCIB during the three months ended March 31, 2025 and up to market close on May 1, 2025, based on settlement date.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    Media:
    Marie Fuller
    Tel: +44 207 408 8375
    Email: marie.fuller@brookfield.com    		 Investors:
    Alan Fleming
    Tel: +1 (416) 645-2736
    Email: alan.fleming@brookfield.com
       

    Conference Call and Quarterly Earnings Webcast Details

    Investors, analysts and other interested parties can access Brookfield Business Partners’ first quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

    The results call can be accessed via webcast on May 2, 2025 at 10:00 a.m. Eastern Time at BBU2025Q1Webcast or participants can preregister at BBU2025Q1ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

                               
    Brookfield Business Partners L.P.
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 3,442       $ 3,239  
    Financial assets     11,642         12,371  
    Accounts and other receivable, net     6,948         6,279  
    Inventory and other assets     5,063         5,728  
    Property, plant and equipment     12,529         13,232  
    Deferred income tax assets     1,767         1,744  
    Intangible assets     19,157         18,317  
    Equity accounted investments     2,307         2,325  
    Goodwill     13,032         12,239  
    Total Assets   $ 75,887       $ 75,474  
               
    Liabilities and Equity          
    Liabilities          
    Corporate borrowings   $ 1,017       $ 2,142  
    Accounts payable and other     15,085         16,691  
    Non-recourse borrowings in subsidiaries of the partnership     42,316         36,720  
    Deferred income tax liabilities     2,614         2,613  
               
    Equity          
    Limited partners $ 2,158       $ 1,752    
    Non-controlling interests attributable to:          
    Redemption-exchange units   1,246         1,644    
    Special limited partner   —         —    
    BBUC exchangeable shares   1,732         1,721    
    Preferred securities   740         740    
    Interest of others in operating subsidiaries   8,979         11,451    
          14,855         17,308  
    Total Liabilities and Equity   $ 75,887       $ 75,474  
                 
    Brookfield Business Partners L.P.
    Consolidated Statements of Operating Results
     
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 6,749   $ 12,015  
    Direct operating costs   (5,402 )   (10,878 )
    General and administrative expenses   (311 )   (317 )
    Interest income (expense), net   (770 )   (796 )
    Equity accounted income (loss)   (8 )   23  
    Impairment reversal (expense), net   —     10  
    Gain (loss) on acquisitions/dispositions, net   214     15  
    Other income (expense), net   (83 )   116  
    Income (loss) before income tax   389     188  
    Income tax (expense) recovery    
    Current   (197 )   (90 )
    Deferred   64     105  
    Net income (loss) $ 256   $ 203  
    Attributable to:    
    Limited partners $ 30   $ 17  
    Non-controlling interests attributable to:    
    Redemption-exchange units   23     15  
    Special limited partner   —     —  
    BBUC exchangeable shares   27     16  
    Preferred securities   13     13  
    Interest of others in operating subsidiaries   163     142  
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2025
    US$ millions, unaudited   Business
    Services    		   Infrastructure
    Services    		   Industrials   Corporate
    and Other    		   Total
                         
    Net income (loss)   $ —     $ 156     $ 145     $ (45 )   $ 256  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     222       165       343       —       730  
    Gain (loss) on acquisitions/dispositions, net     —       (214 )     —       —       (214 )
    Other income (expense), net1     68       (79 )     93       1       83  
    Income tax (expense) recovery     18       25       101       (11 )     133  
    Equity accounted income (loss)     (3 )     26       (15 )     —       8  
    Interest income (expense), net     230       149       366       25       770  
    Equity accounted Adjusted EBITDA2     24       33       15       —       72  
    Amounts attributable to non-controlling interests3     (346 )     (157 )     (744 )     —       (1,247 )
    Adjusted EBITDA   $ 213     $ 104     $ 304     $ (30 )   $ 591  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $125 million of gains recorded at our offshore oil services due to vessel upgrades and unrealized gains recorded on reclassification of property, plant and equipment to finance leases, $78 million of business separation expenses, stand-up costs and restructuring charges, $50 million of net revaluation losses, $35 million of transaction costs and $45 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2024
    US$ millions, unaudited   Business
    Services    		   Infrastructure
    Services    		   Industrials   Corporate
    and Other    		   Total
                         
    Net income (loss)   $ 240     $ (65 )   $ 98     $ (70 )   $ 203  
                         
    Add back or deduct the following:                    
    Depreciation and amortization expense     254       212       342       —       808  
    Impairment reversal (expense), net     (4 )     (12 )     6       —       (10 )
    Gain (loss) on acquisitions/dispositions, net     (15 )     —       —       —       (15 )
    Other income (expense), net1     (140 )     (18 )     32       10       (116 )
    Income tax expense (recovery)     24       (3 )     (27 )     (9 )     (15 )
    Equity accounted income (loss)     (1 )     (4 )     (18 )     —       (23 )
    Interest income (expense), net     252       180       327       37       796  
    Equity accounted Adjusted EBITDA2     17       39       16       —       72  
    Amounts attributable to non-controlling interests3     (422 )     (186 )     (548 )     —       (1,156 )
    Adjusted EBITDA   $ 205     $ 143     $ 228     $ (32 )   $ 544  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $158 million of net revaluation gains, $50 million of other income related to a distribution at our entertainment operation, $21 million of transaction costs, $19 million of business separation expenses, stand-up costs and restructuring charges and $52 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Corporation Reports First Quarter 2025 Results

    BROOKFIELD, News, May 2, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended March 31, 2025.

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Net income (loss) attributable to Brookfield Business Partners $ (58 ) $ (150 )

    Net loss attributable to Brookfield Business Partners for the three months ended March 31, 2025 was $58 million compared to net loss of $150 million during the same period in 2024. Current period results included $7 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS. As at March 31, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $23.46 per unit.

    Dividend

    The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on June 30, 2025 to shareholders of record as at the close of business on May 30, 2025.

    Additional Information

    Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

    In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

                               
    Brookfield Business Corporation
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 968       $ 1,008  
    Financial assets     324         353  
    Accounts and other receivable, net     3,397         3,229  
    Inventory, net     59         52  
    Other assets     641         627  
    Property, plant and equipment     2,479         2,480  
    Deferred income tax assets     206         197  
    Intangible assets     6,031         5,966  
    Equity accounted investments     201         198  
    Goodwill     4,993         4,988  
    Total Assets   $ 19,299       $ 19,098  
               
    Liabilities and Equity          
    Liabilities          
    Accounts payable and other   $ 5,371       $ 5,276  
    Non-recourse borrowings in subsidiaries of the company     8,711         8,490  
    Exchangeable and class B shares     1,682         1,709  
    Deferred income tax liabilities     951         988  
               
    Equity          
    Brookfield Business Partners $ (78 )     $ (59 )  
    Non-controlling interests   2,662         2,694    
          2,584         2,635  
    Total Liabilities and Equity   $ 19,299       $ 19,098  
       
    Brookfield Business Corporation
    Consolidated Statements of Operating Results
       
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 1,966   $ 1,865  
    Direct operating costs   (1,789 )   (1,652 )
    General and administrative expenses   (75 )   (64 )
    Interest income (expense), net   (219 )   (210 )
    Equity accounted income (loss)   3     1  
    Impairment reversal (expense), net   —     (2 )
    Remeasurement of exchangeable and class B shares   (7 )   (111 )
    Other income (expense), net   (34 )   (11 )
    Income (loss) before income tax   (155 )   (184 )
    Income tax (expense) recovery    
    Current   (23 )   (44 )
    Deferred   43     54  
    Net income (loss) $ (135 ) $ (174 )
    Attributable to:    
    Brookfield Business Partners $ (58 ) $ (150 )
    Non-controlling interests   (77 )   (24 )


    Cautionary Statement Regarding Forward-looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

    Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Statement Regarding the Use of a Non-IFRS Measure

    This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

    References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the first quarter ended March 31, 2025 furnished on Form 6-K.

    The MIL Network –

  • MIL-OSI USA: Food Co. Issues Allergy Alert on Undeclared Milk in Monkfish Liver – Ankimo

    Source: US Food and Drug Administration

    Summary

    Company Announcement Date:
    April 28, 2025
    FDA Publish Date:
    May 01, 2025
    Product Type:
    Food & BeveragesAllergens
    Reason for Announcement:

    Recall Reason Description
    Potential or Undeclared Allergen – Milk

    Company Name:
    JJWV Marketing Corporation
    Brand Name:

    Brand Name(s)
    Ankimo

    Product Description:

    Product Description
    Monkfish Liver

    Company Announcement
    JJWV Marketing Corporation of Santa Fe Springs, California is recalling Ankimo Monkfish Liver because it may contain undeclared milk. People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume this product.
    Ankimo Monkfish Liver was distributed in California through retailers at Little Tokyo Market Place and H Marts, and it reached consumers through retail stores shelves.
    Vacuum packed with red label with white “ANKIMO” lettering. UPC number is 894042-002562, expiring either October 21st or 22nd of 2026, and expiring October 17, 2027. You can find it in the frozen food section.
    There were “No illnesses” have been reported to date.
    The recall was initiated after it was discovered that product containing the milk protein was in packaging that did not properly label the presence of milk.
    Consumers who have purchased the ANKIMO Monkfish Liver are urged not to consume the products and return it to the place of purchase for a full refund. Consumers with questions may contact the company at 1-562-906-9988 from 8:00 am to 5:00 pm, Monday through Friday, Pacific Standard Time.
    This recall is being made with the knowledge of the U.S. Food and Drug Administration.

    Company Contact Information

    Consumers:
    1-562-906-9988

    Media:
    Jonathan Park, Victor Pak
    562-606-4150, 213-255-8849

    Product Photos

    Content current as of:
    05/01/2025

    Regulated Product(s)

    Topic(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI: From Exchange to Ecosystem Builder: MEXC Celebrates 7th Anniversary at TOKEN2049 Dubai with $300M Ecosystem Development Fund Launch

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, May 02, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange serving over 36 million users, concluded its successful participation as an exclusive Title Sponsor at Token2049 Dubai, where the company celebrated its milestone 7th anniversary and announced a groundbreaking $300 million ecosystem development fund.

    7 Years of Excellence: A Foundation for Ecosystem Expansion

    The premier crypto event, which took place from April 30 to May 1, 2025 in Dubai, provided MEXC with the perfect platform to commemorate seven years of growth and innovation in the cryptocurrency space. During the celebratory “Celebra7e MEXC Cocktail Party”, Tracy Jin, COO of MEXC, delivered an inspiring opening speech highlighting the exchange’s remarkable journey.

    “Seven years may sound short, but in the fast-moving world of crypto, it’s a lifetime,” Jin told attendees. “To thrive in this ever-evolving space takes resilience, vision, and trust—and we’ve only made it this far because of you.”

    Jin revealed impressive growth metrics: the MEXC team has nearly doubled to 2,000 employees across Growth, R&D, and Business Support divisions. The platform now offers more than 3,000 crypto assets and has built a community of over 2.25 million Twitter followers and approximately 193,000 Telegram members.

    “We’ve also hosted over 2,293 airdrop events, distributing over $136 million in rewards,” Jin added. “This is our way of thanking you for your ongoing trust and loyalty.”

    $300 Million MEXC Ecosystem Development Fund Unveiled

    The highlight of MEXC’s Token2049 Dubai participation was the official announcement of its $300 million Ecosystem Development Fund, signaling the company’s strategic evolution from an exchange service to a comprehensive ecosystem builder. The five-year fund represents MEXC’s commitment to fostering blockchain innovation across multiple sectors.

    The fund will focus on strategic investments in public chains, stablecoins, wallets, and media platforms, providing not only financial backing but also leveraging MEXC’s exchange business cooperation to deliver enhanced value to portfolio projects. This dual approach positions fund recipients to benefit from both capital investment and operational synergies within the MEXC ecosystem.

    “After seven years of market resilience, MEXC is uniquely positioned as a trusted ecosystem partner,” said Tracy Jin. “This fund represents our vision for the future of decentralized finance and our commitment to supporting the next generation of blockchain innovations.”

    IgniteX: $30 Million CSR Initiative for Web3 Talent Development

    Alongside the ecosystem fund, MEXC Ventures launched “IgniteX” – a $30 million, five-year CSR initiative to foster Web3 talent and innovation. The program will support early-stage startups, research, developer communities, and academic institutions, with focus on decentralized infrastructure, AI-blockchain integration, stablecoins, and fintech. IgniteX combines mentorship, education, and funding to build a future-ready ecosystem and prepare the next generation of Web3 users and leaders.

    Industry Insights Shared at Panel Discussion

    MEXC’s presence at Token2049 Dubai extended beyond celebrations and announcements to include thought leadership. Tracy Jin participated in a panel discussion titled “What’s Next for Crypto Markets: The Exchange Perspective” on the OKX main stage on 1 May. The discussion explored upcoming trends, challenges, and opportunities in the cryptocurrency exchange sector, with Jin offering insights drawn from MEXC’s seven years of operational experience.

    During the panel, Jin emphasized MEXC’s continued focus on product innovation and market expansion while maintaining its core commitment to being “Your Easiest Way to Crypto” for users worldwide.

    Successful Side Events Strengthen Community Connections

    MEXC hosted multiple successful side events throughout TOKEN2049 Dubai, including the “Celebra7e MEXC Cocktail Party,” “Dao People x MEXC: VIP Party” at BIRDS, a “TR KOL Exclusive Yacht Party” aboard Xclusive Yachts, and participation in the “AFTER2049” event at Be Beach. These gatherings provided valuable networking opportunities for industry professionals, partners, and MEXC community members.

    At the company’s exhibition booth, MEXC showcased its revolutionary DEX+ platform and displayed a collection of seven limited-edition anniversary merchandise items that proved popular with attendees. Throughout the conference, MEXC representatives conducted product demonstrations, engaged with visitors, and discussed potential partnerships.

    Behind the scenes, Jin noted that MEXC’s service team has resolved more than 1 million user requests and recovered over $1.8 million in user assets—underscoring the company’s commitment to security and user experience.

    Looking Ahead

    As Token2049 Dubai concluded, MEXC’s successful participation not only celebrated its past achievements but also laid the groundwork for its future vision. The announcement of the $300 million Ecosystem Development Fund, combined with ongoing product innovations and market expansion efforts, positions MEXC for continued growth in its eighth year and beyond.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website | X | Telegram | How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e8a5c052-bac1-4ead-bdd2-d6a2ed2c24dd

    The MIL Network –

  • MIL-OSI Asia-Pac: India’s Creator Economy Projected to Influence Over $1 Trillion in Consumer Spend by 2030: BCG Report to be Unveiled at WAVES 2025

    Source: Government of India

    Posted On: 02 MAY 2025 2:33PM by PIB Mumbai

    Mumbai, 2 May 2025

     

    India’s digital landscape is undergoing a significant transformation driven by the rise of its creator economy. A new report by the Boston Consulting Group (BCG), titled “From Content to Commerce: Mapping India’s Creator Economy”, set to be launched tomorrow (3rd May 2025)  at WAVES 2025 in Mumbai,will reveal that India’s creators currently influence over $350 billion in consumer spending annually — a figure expected to surpass $1 trillion by 2030.

    The report highlights that India is home to 2 to 2.5 million active digital creators, defined as individuals with over 1,000 followers. Despite the scale, only 8–10% of them currently monetize their content effectively, underscoring the untapped potential of this fast-growing sector. The creator ecosystem’s direct revenues, estimated at $20–25 billion today, are projected to reach $100–125 billion by the end of the decade.

    Key insights from the report will include:

    • Creators influence more than 30% of consumer decisions, shaping $350–400 billion in spending today.
    • The ecosystem is expanding beyond Gen Z and metropolitan centres, reaching varied age groups and city tiers.
    • Short-form video remains the dominant content format, with comedy, films, daily soaps, and fashion being the most consumed genres.
    • Brand strategies are evolving, with increased emphasis on faster content production, greater creative freedom, diversified consumer targeting, and outcome-based testing.
    • Revenue models are diversifying, with consumer-funded avenues such as virtual gifting, live commerce, and subscriptions gaining traction.
    • Brands are expected to scale up their investments in creator marketing by 1.5 to 3 times in the coming years, signalling a pivotal shift in marketing and commerce driven by the digital creator ecosystem.

    The BCG report will be officially released during WAVES 2025 in Mumbai tomorrow. Discussions at the ongoing mega event WAVES 2025 on the emerging contours of AI, Social Media, AVGC Sector and Films reflect India’s expanding footprint in the Digital Media sphere.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ministry of I&B to release Statistical Handbook on Media and Entertainment Sector 2024-25 Tomorrow at WAVES 2025

    Source: Government of India

    Posted On: 02 MAY 2025 2:29PM by PIB Mumbai

    Mumbai, 2 May 2025

     

    WAVES 2025 to witness the release of Statistical Handbook on Media and Entertainment Sector 2024-25 of Ministry of Information and Broadcasting, tomorrow. This is part of Government’s affirmation of the need for timely, reliable, authentic and comprehensive data on the M&E Sector as Media and Entertainment is an important component of the service sector having huge potential to contribute to growth of the economy of the country.  Media & Entertainment ecosystem is a sunrise sector expected to grow at 7% CAGR to reach 3067 billion INR in 2027 as per the latest estimate. Various policy initiatives taken and its implementation need to be backed by appropriate data to have the optimum outcome.

    Keeping in view the data requirement of the Ministry and other stakeholders in the sector, the Statistical Handbook on Media & Entertainment sector 2024-25, with the updated data and information on different segments of M&E sector will be launched at WAVES 2025 tomorrow.

    A few snippets from the Statistical Handbook on Media & Entertainment sector 2024-25 are as follows:

    • Registered print publications soared from 5,932 in 1957 to 154,523 in 2024-25, with a CAGR of 4.99%
    • A total of 130 books on various themes including Children’s literature, History and freedom struggles, personalities and biographies, Builders of modern India, Science, technology and environment and other themes have been published by Publications Division, Ministry of Information & Broadcasting during 2024-2025.
    • 100% geographical coverage through DTH service by March 2025.
    • Doordarshan Free Dish Channels: 33 channels in 2004 to 381 in 2025.
    • All India Radio (AIR) Coverage: Provides 98% population coverage through radio as of March 2025. Number of AIR radio stations grew from 198 in 2000 to 591 in 2025. 
    • Private Satellite TV Channels surged from 130 in 2004-05 to 908 in 2024-25
    • Private FM stations grew from 4 in 2001 to 388 by 2024.
    • Information on State/UT-wise operational Private FM Radio Stations in India as on 31.03.2025.
    • Community Radio Stations (CRS) surged from 15 in 2005 to 531 in 2025. Data about State/UT/District/Location wise Operational CRS in India as on 31.03.2025 are also included.
    • 741 Indian feature films certified in 1983, which was increased to 3455 in 2024-25, with a cumulative total of 69,113 by 2024-25

     

    In addition to statistical data, information on the following is also available in the Handbook:

    • Awards in the film sector including International Film Festivals organized and documentaries produced by NFDC are also available in the Handbook.
    • Digital Media and Creator Economy including WAVES OTT Platform, Indian Institute of Creative Technologies (IICT) and Create in India Challenge (CIC) under WAVES 2025.
    • Landmark events in Information and Broadcasting Sector viz. the Press Registrar General of India (PRGI), Akashwani, Doordarshan, Private FM Radio Stations and TV-INSAT
    • Skilling courses under Ministry of Information & Broadcasting.

    Ease of Doing Business initiatives by Ministry of Info & Broadcasting including Transformative Portals.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Inland Revenue Department issues tax returns for individuals

    Source: Hong Kong Government special administrative region

    Inland Revenue Department issues tax returns for individuals???
    Mr Chan said that the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 was passed by the Legislative Council on April 30, 2025, which gives effect to the proposal in the 2025-26 Budget to reduce salaries tax, tax under personal assessment and profits tax for the year of assessment 2024/25 by 100 per cent, subject to a ceiling of $1,500 per case. Taxpayers only need to complete the tax returns for the year of assessment 2024/25 as usual. The tax concessions will be reflected in their final tax payable. 
    He said, “The IRD is committed to promoting tax digitalisation and has been upgrading the functions of electronic tax filing to facilitate taxpayers and enhance the efficiency, reliability and accuracy of return filing. The IRD will launch three portals under eTAX this July, namely Individual Tax Portal, Business Tax Portal and Tax Representative Portal. Existing individual tax services provided by eTAX will be migrated to the Individual Tax Portal with a new design and enhanced functions. A mobile application for the portal will also be launched. The Business Tax Portal and the Tax Representative Portal enable businesses and service agents respectively to handle tax and business affairs electronically.”
     
    He reminded taxpayers that when filing profits tax returns online, they may submit at the same time supporting documents in a specified electronic format. Details on electronic filing of profits tax returns are available on the IRD’s website 
    Taxpayers may visit the IRD’s “    e-Seminars—————————————————————
     

    Categories

    MIL-OSI

    Next PostAnime Ascending: Experts Decode Global Storytelling Strategies and Industry Growth at WAVES 2025

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India and EU Reaffirms Commitment to Conclude Ambitious FTA by the End of 2025, Deepen Strategic Trade Ties

    Source: Government of India

    Posted On: 02 MAY 2025 10:24AM by PIB Delhi

    Shri Piyush Goyal, Minister of Commerce & Industry of India, and Mr. Maroš Šefčovič, European Commissioner for Trade and Economic Security, engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. This commitment builds on the strategic direction given by Prime Minister, Shri Narendra Modi and President of the European Commission, Ms. Ursula von der Leyen during the landmark visit of the EU College of Commissioners to New Delhi in February 2025.

    The high-level engagement underscores the strategic importance both partners attach to building a commercially meaningful, mutually beneficial, balanced, and a fair trade partnership that supports economic resilience and inclusive growth. The meeting highlighted the progress made across multiple negotiating tracks and emphasized the importance of maintaining the ongoing momentum through monthly negotiating rounds and continued virtual engagement. Both sides reiterated their aim to address pending issues in a spirit of mutual respect and pragmatism, including at the next round scheduled to be held from 12-16 May 2025 in New Delhi.

    India emphasized that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade. 

    The India-EU FTA aspires to reflect the evolving realities of global commerce by supporting digital transition, promoting  diversified and resilient supply chains. Both sides expressed optimism that the agreement, once concluded, will serve as a transformative pillar of the broader India-EU strategic partnership, enhancing market access, supporting regulatory cooperation, and fostering innovation and competitiveness on both sides. Both sides acknowledged the crucial role of investment flows and people-to-people mobility in sustaining economic vitality.

    In the spirit of India’s emergence as a “Vishwa Mitra”—a partner to the world—and aligning with its 2047 development goals, the India- EU FTA is seen as an instrument to promote diversified production networks and uphold fair trade principles​. As India continues to broaden its footprint through multiple free trade deals, this dialogue reflects its broader vision of shaping a future-ready framework aligned with national priorities and global aspirations.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Anime Ascending: Experts Decode Global Storytelling Strategies and Industry Growth at WAVES 2025

    Source: Government of India

    Anime Ascending: Experts Decode Global Storytelling Strategies and Industry Growth at WAVES 2025

    India has a unique ability to scale bold models that have not worked elsewhere: Jeremy Lim, GFR Fund
    Visionaries Behind the Screen: Fireside Chat Explores the Future of VFX in Cinematic Universes at WAVES 2025

    India to become a superpower in the VFX industry and WAVES is a great initiative to take it forward

    Posted On: 01 MAY 2025 9:39PM by PIB Mumbai

    Mumbai, 1 May 2025

     

    The inaugural day at the maiden WAVES 2025 Summit at the Jio World Convention Centre in Mumbai witnessed insightful breakout sessions delving deep into the vibrant AVGC sector of India.

    A dynamic breakout session titled “Anime Ascending: Unlocking Global Potential in Storytelling, Fandom & Industry Growth” brought together leading figures from the Japanese and Indian animation industries for a high-powered conversation on the evolution, emotional core, and global trajectory of anime, with key focus on India’s growing potential.

    Moderated by Shri Munjal Shroff, Chair, FICCI AVGC-XR Forum, the session featured a distinguished panel: Mr. Makoto Tezka, Director & CEO, Nontetra; Mr. Hideo Katsumata, President, The Anime Times Company, Japan; Mr. Makoto Kimura, CEO, Blue Rights, Japan; Mr. Atsuo Nakayama, CEO & President, Re Entertainment Co. Ltd.; and Ms. Anu Sikka, Business Head – Kids Entertainment and Infotainment, Jiostar.

    Mr. Hideo Katsumata spoke about the increasing focus on Indian audiences and languages. He underscored the importance of societal engagement and cultural integration, stating, “We are exploring ways to blend Japanese animation with Indian traditions to connect with local audiences.”

    Mr. Atsuo Nakayama offered valuable insights into the economic impact of anime in Japan and noted the vital role of the consumer. He expressed optimism about India as a promising market for Japanese animation and stressed the potential of the entertainment business in bridging cultural and commercial ties between the two nations.

    In a detailed presentation, Mr. Makoto Tezka traced the origin of anime, emphasizing that the roots of Japanese animation lie deeply embedded in manga culture.

    Ms. Anu Sikka highlighted the extensive research undertaken in India to better understand what resonates with young viewers. “The cultural relatability and emotional connect with Japanese content have contributed to anime’s growing popularity among Indian children,” she said, adding that behavioral analysis of viewership trends has significantly guided programming decisions

    Mr. Makoto Kimura emphasized on the growing global footprint of anime and its visible impact across countries.

    Moderated by Aditya Mani, CEO of Yologram Style, an insightful breakout session titled The New Arcade: VC’s Perspective on Gaming’s New Frontier, provided an in-depth look at the exciting opportunities and innovations within India’s gaming sector. The session featured a distinguished panel of venture capitalists (VCs) who discussed key trends, challenges, and opportunities within the gaming industry. The panel included Anuj Tandon, Partner at Bitkraft Venture, Sharan Tulsiani, Founder of Jetapult, Vinay Bansal, Founder & CEO of Inflection Point Ventures, Nihansh Bhat, Corporate Development Lead at KRAFTON India, and Jeremy Lim, Principal at GFR Fund.

    The panel emphasised India’s unique position as a country of storytellers. India’s rich cultural narrative tradition is increasingly being woven into interactive media. Gaming, they pointed out, is converging not only with films and digital fashion but also with mainstream media with Indian gaming studios emerging as significant contributors.

    Jeremy Lim pointed out that India has a unique ability to scale bold models that have not worked elsewhere.

    A key focus of the session was the role of localisation in driving success within emerging markets. While global models serve as inspiration, the panel underscored the necessity of adapting gaming experiences to local insights and consumer behaviours.

    Looking ahead to 2025, the growing influence of artificial intelligence (AI) was underscored. AI is set to play a key role in personalising gameplay, enhancing user interaction, and driving immersive storytelling.

    The breakout session on VFX provided a unique opportunity to explore the pivotal role of visual effects in modern cinema and its future in shaping storytelling. Moderated by Sh. Akhauri P. Sinha, Managing Director, Framestore India, the session featured distinguished panelists Sh. Jaykar Arudra, VFX Supervisor, DNEG; Sh. Sandeep Kamal, Independent VFX Supervisor; and Sh. Srinivas Mohan, acclaimed for his work on Baahubali and 2.0. The panelists provided insights into how VFX is revolutionizing cinematic narratives.

    Sh. Jaykar Arudra stressed the importance of research and design in meeting the creative demands of VFX-intensive productions. “It’s not just about spectacle—it’s about story integrity,” he noted. He further stated, “India is poised to become a superpower in the VFX industry, and WAVES is a great initiative to take this vision forward.”

    “Technology is a game-changer,” noted Sh. Srinivas Mohan. He said, “When applied wisely, it allows us to break limitations and create world-class visuals.”.

    Sh. Sandeep Kamal discussed the increasing accessibility of high-quality VFX tools and how affordability is no longer a barrier to excellence. “A clear vision is what guides us in achieving both quality and deadlines,” he noted.

    The breakout sessions embodied deep sentiments of optimism and collaboration, as Anime, VFX and Gaming continue to evolve as powerful cultural and commercial forces worldwide. These sectors hold unprecedented potential for India. True to the spirit of WAVES, the breakout sessions were a celebration of innovation and storytelling.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India Showcases Creative and Technological Might at WAVES 2025

    Source: Government of India

    India Showcases Creative and Technological Might at WAVES 2025

    Discussions at WAVES on AI, Social Media and Advertising reflect India’s expanding footprint in the Digital Media sector

    Posted On: 01 MAY 2025 9:24PM by PIB Mumbai

    Mumbai, 1 May 2025

    The inaugural session of WAVES 2025 was graced by Prime Minister Narendra Modi, who officially opened the summit at the Jio World Centre in Mumbai. In his keynote address, PM Modi emphasized India’s rich storytelling heritage and its potential to become a global hub for content creation. He highlighted the convergence of content, creativity, and culture as the pillars of the ‘Orange Economy,’ urging creators worldwide to “Create in India, Create for the World.” The Prime Minister also paid tribute to Indian cinema legends by releasing commemorative postage stamps. He called upon global creators to explore India’s diverse narratives, stating that every street, mountain, and river in India carries a story waiting to be told. The session was attended by dignitaries from over 100 countries, industry leaders, and renowned artists, marking a significant step in India’s journey to becoming a creative superpower.

    https://pib.gov.in/PressReleasePage.aspx?PRID=2125725

    AI and Creativity: Adobe and NVIDIA Chart the Future

    Shantanu Narayen, CEO of Adobe, highlighted India’s emergence as a global hub of creativity powered by digital tools and generative AI. With over 100 million content creators and 500 million OTT consumers, Narayen described India as “the world’s next creative superpower.” He showcased Adobe’s Firefly AI models and stressed ethical AI, content authenticity, and creator attribution as vital for sustainable growth.

    In a fireside chat, Richard Kerris and Vishal Dhupar of NVIDIA explored how AI is revolutionizing the creative pipeline—allowing content to be generated, localized, and personalized at scale. “India has long exported talent. Now it can export culture,” Kerris declared, emphasizing AI’s ability to amplify regional voices and transform India into a storytelling giant.

    https://pib.gov.in/PressReleasePage.aspx?PRID=2125947

    YouTube to offer more support to boost the Creator Economy

    YouTube CEO Neal Mohan announced a ₹850 crore investment to accelerate India’s creator economy, citing over 15,000 Indian channels with more than 1 million subscribers. Joined by global creators Mark Rober and Gautami Kawale (Slayy Point), Mohan underlined YouTube’s role in taking Indian stories global. “India isn’t just leading in music and film—it’s now a Creator Nation,” he said. Kawale shared how regional Indian content, when rooted in culture, has universal appeal, while Rober spoke about the power of STEM content crossing borders through AI-enabled dubbing and localization.

    WPP and the Advertising Renaissance

    Mark Read, CEO of WPP, described the advertising industry’s $1 trillion global footprint and its shift towards AI-led storytelling. He unveiled WPP’s open video production platform and shared a campaign featuring Shah Rukh Khan to demonstrate hyper-personalized content creation using motion AI. “AI is not replacing creativity—it is expanding it,” Read said, outlining the role of MSMEs and digital tools in democratizing access to quality advertising.

     

    Global Collaboration: UK-India Cultural Pact

    In a keynote that blended diplomacy and personal heritage, Lisa Nandy, UK Secretary of State for DCMS, emphasized the cultural bridge between India and the UK. She announced a Bilateral Cultural Federation Agreement to strengthen ties across cinema, museums, and performing arts. “From Manchester to Mumbai, we must empower the next generation of storytellers,” she urged, citing the legacy of figures like Sophia Duleep Singh and modern UK-Indian creatives.

    Panel Highlights: AI, Culture, and Influence; Two panel discussions deepened the discourse:

    “India M&E @100: The Future of Media and Entertainment” featured leaders from Eros Now, Jetsynthesys, and GroupM. They emphasized that India is in the fourth wave of disruption, where AI-led IP creation and Gen Z consumption patterns are reshaping the industry.

    https://pib.gov.in/PressReleasePage.aspx?PRID=2125886

    “The Business of Influence”, moderated by YouTube’s Gautam Anand, showcased creators like Chef Ranveer Brar, ChessTalk’s Jeetendra Advani, and Japanese YouTuber Mayo Murasaki. From chess to agriculture, they demonstrated how digital platforms are taking Indian knowledge global while preserving cultural authenticity.

    https://pib.gov.in/PressReleasePage.aspx?PRID=2125889

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Christodoulos Patsalides: The economy of Cyprus – developments and outlook

    Source: Bank for International Settlements

    Intoduction

    Your Excellency, the President of the Republic of Cyprus, distinguished guests, esteemed colleagues, and friends,

    It is a great pleasure to address the 3rd Capital Link Cyprus Business Forum here in New York, a city that has long served as a global hub for business, finance, and innovation. I would like to extend my sincere gratitude to the organizers for bringing us together today to exchange insights on the economic trajectory of Cyprus. Events like this are crucial in fostering dialogue and reinforcing the strong economic ties between Cyprus and the international business community.

    Key metrics of the Cypriot Economy

    The Cypriot economy and its banking sector have continued to demonstrate remarkable resilience, despite an increasingly volatile global environment marked by geopolitical uncertainty and rising trade tensions. In 2024, Cyprus achieved robust economic growth, significantly outpacing the euro area average and primarily driven by foreign investment, robust tourism, and rapid expansion in Information and Communication Technologies. At the same time, unemployment declined notably, falling well below the euro area average and approaching conditions of full employment, while inflation declined significantly and remains well on track. Fiscal performance also strengthened considerably, with public debt reduced to levels well below the euro area average, highlighting the country’s improved fiscal discipline.

    Meanwhile, key indicators of banking sector strength remained solid. Capital adequacy levels, as measured by the Common Equity Tier 1 (CET1) ratio, are significantly above the EU average, and profitability, as measured by Return on Equity, reached one of the highest levels across the Union. Cypriot banks also continue to maintain some of the strongest liquidity positions in the EU, further reinforcing the sector’s soundness and resilience.

    The remarkable economic performance of Cyprus was recently acknowledged by the International Monetary Fund. As mentioned in its Concluding Statement of its recent Article IV Mission:

     “Cyprus has demonstrated impressive resilience to successive shocks. Growth has remained among the highest in the euro area, mainly supported by foreign investment, strong tourism, and a boom in the ICT sector.”

    All major credit rating agencies have also recognized the notable progress of the economy, upgrading Cyprus’s credit rating to the ‘A’ category. This progress not only reflects solid economic performance but also acts as a safeguard against global uncertainty and constitutes key factor for sustaining strong growth potential.

    Domestic Economy

    Growth Outlook

    Having outlined the broader context of the Cyprus economy, I will now turn to the growth outlook in more detail. In 2024, GDP growth reached 3.4% compared to 0.9% in the euro area. Domestic demand, and most specifically, private consumption has been a key driver of growth, complemented by a positive contribution from net exports, particularly export of services. Investments also registered an increase in 2024, across both housing and other private investments, such as ongoing implementation of major infrastructure projects with foreign financing as well as projects under the Recovery and Resilience Facility. Despite geopolitical challenges, tourism arrivals and revenue reached record levels in 2024, exceeding four million tourists for the first time. On the production side, the services sectors of the economy were the key drivers for economic activity. Specifically, the sectors of trade, transportation (particularly shipping), hotels and restaurants gave the greatest support to GDP growth. The information and communication sector as well as financial and professional services were also important contributors to growth. Finally, healthcare and education, real estate management activities, construction and manufacturing sectors also fueled economic activity.

    I would like to highlight at this point that the steps taken to diversify our economy-both across sectors, including services, tourism, and non-tourism-related industries, as well as across different markets-have played a key role in strengthening our resilience. These efforts have significantly enhanced our ability to withstand external shocks, particularly in times of geopolitical turmoil.

    Looking ahead, based on March 2025 projections of the Central Bank of Cyprus, GDP is expected to continue to grow robustly at around 3% per year over 2025-2027. This continued expansion is anticipated to largely stem from domestic demand, with external demand playing, to a lesser extent, a supporting role. Investments are also expected to remain strong. Nevertheless, persistent geopolitical tensions may introduce downside risks to the speed of external recovery.

    Fiscal Developments and Public Debt Reduction

    On the fiscal side, Cyprus has made significant strides in reinforcing fiscal stability, a cornerstone of sustainable economic progress. Notably, public debt declined substantially from 113.6% of GDP in 2020 to 65.4% in 2024. As of January 2025, the debt-to-GDP ratio had fallen further to 61.9%, reflecting disciplined fiscal policies and sound economic management. It should be noted that in the euro area, public debt stood at 88.2% at the end of the third quarter of 2024.

    Looking forward, the Ministry of Finance projects that this downward trajectory will persist, with public debt expected to fall below 50% of GDP by 2028. This fiscal consolidation not only strengthens Cyprus’ financial resilience but also enhances investor confidence, reinforcing the country’s attractiveness for foreign direct investment and securing long-term economic stability.

    Inflation Trends

    Turning to inflation, price stability remains a key focus. Inflationary pressures have eased significantly, with the headline inflation significantly declining to 2.3% in 2024 from 3.9% in 2023. This reduction has been largely driven by the correction of external supply-side shocks, particularly in energy markets, as well as the European Central Bank’s monetary policy tightening.

    Over the period 2025-2027, inflation is projected to sustainably stabilize around 2%. This is in line with the medium-term target we set at the Governing Council of the ECB. Although certain services sectors continue to experience relatively elevated price growth, overall inflationary pressures remain well-contained, ensuring a stable environment for households and businesses alike. However, we must remain vigilant, as exceptionally high uncertainty continues to pose upside risks to inflation, alongside climate-related factors.

    The Cyprus Banking Sector

    The banking sector in Cyprus has demonstrated remarkable progress and resilience over the past years. Our financial institutions have not only navigated a challenging global environment but have also shown notable strides in strengthening their foundations. A primary indicator of this resilience is the enhancement of the solvency capacity, with the Common Equity Tier 1 (CET1) ratio increasing to 24.5% in December 2024. This increase places Cyprus at the top of the EU spectrum, well above the EU average of 16.1%.

    Despite the ongoing challenges from successive crises, Cyprus has experienced no clear signs of a decline in credit quality. On the contrary, the Non-Performing Loans (NPL) ratio has continued to show improvement. As of December 2024, it has decreased to 6.2%. Even though this is a positive trend, we must acknowledge that more work is needed, especially considering the EU’s average NPL ratio of 1.9% as of the same period.

    Profitability has remained strong and persistent, with the Return on Equity (RoE) reaching 20.0% in December 2024, significantly higher than the EU average of 10.5% in the same period. Operational efficiency has also seen progress, as the cost-to-income ratio decreased to 37% in December 2024, a considerable improvement compared to previous years and lower than the EU’s 54% average in the same period.

    Cypriot banks maintain some of the highest liquidity levels within the EU. This strong liquidity position enhances their capacity to navigate potential market disruptions and to continue supporting economic stability. As of December 2024, the Liquidity Coverage Ratio (LCR), which reflects a bank’s ability to withstand significant liquidity outflows during stressful periods, stands at 333%, well above the EU average of 163% as of the same period and the minimum requirement of 100%. Similarly, the Net Stable Funding Ratio (NSFR), which measures the stability of a bank’s funding sources, is at 188% in December 2024, exceeding both the EU average of 127% recorded in the same period and the required 100%.

    Looking ahead, the banking industry must navigate several challenges, including integrating AI, managing cyber risks, responding to geopolitical instability, shifting towards a more sustainable economy, addressing the growing need for substantial investments in technology, and adapting to heightened competition from the non-banking sector, particularly in the area of payment services. Addressing these key issues is crucial for maintaining the sector’s positive growth and will continue to be a primary focus of our oversight efforts.

    Conclusion

    Cyprus has demonstrated resilience and strong economic performance against a backdrop of global uncertainties. Despite elevated international risk and the increasing geopolitical fragmentation, it is my belief that Cyprus will continue to prosper thanks to its commitment on prudent, yet business-friendly policies.

    Let me bring my speech to a close by quoting Warren Buffett’s renowned advice: “Risk comes from not knowing what you’re doing.” This obviously highlights the necessity for informed decision-making. I therefore urge you to examine the country’s track record and to assess the ingredients of its pursued policies. I am confident that Cyprus will stand out as a compelling and reliable destination for investment.

    Thank you.

    MIL OSI Global Banks –

  • MIL-OSI: Best Email Service For Business (2025): Klaviyo Awarded Top Email Marketing Software by Software Experts

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK CITY, May 02, 2025 (GLOBE NEWSWIRE) — Software Experts has named Klaviyo one of the top email marketing platforms of the year. Klaviyo’s AI-powered automation, real-time customer data integration, and multi-channel marketing capabilities position it as a primary choice for businesses who want to enhance customer engagement and maximize revenue.

    Top Email Marketing Software

    • Klaviyo – an AI-powered email marketing platform that leverages real-time customer data and automation to drive engagement and sales

    This article is sponsored by Klaviyo. All opinions expressed are those of Software Experts. Software Experts offers news and reviews on consumer products and services and may earn commissions from purchases made through featured links.

    Email marketing remains a critical channel for businesses aiming to foster customer relationships, increase brand awareness, and generate sales. However, the effectiveness of email campaigns depends on personalization, automation, and data-driven decision-making. Klaviyo distinguishes itself by leveraging advanced AI and machine learning algorithms to optimize email content, segmentation, and automation flows in real time.

    Key Features

    Software Experts highlighted several core capabilities that contributed to Klaviyo’s recognition as a leading email marketing software:

    Real-Time Data and Segmentation: Klaviyo collects and processes customer data in real time, allowing businesses to create highly targeted audience segments. This ensures that marketing messages reach the right customers at the right time to help increase engagement and conversions.

    Automation Flows for Scalable Engagement: Klaviyo offers pre-built automation workflows for welcome emails, cart abandonment reminders, shipping updates, and post-purchase follow-ups. These automated sequences help businesses maintain continuous communication with their customers while reducing manual effort.

    Multi-Channel Marketing Integration: Beyond email, Klaviyo integrates SMS, push notifications, and e-commerce platforms to ensure a consistent and synchronized marketing approach across multiple channels. This is particularly valuable for businesses using platforms like Shopify, WooCommerce, and Magento.

    AI-Powered Content and Personalization: Klaviyo’s AI marketing tools enable hyper-precise personalization, from dynamic product recommendations to predictive analytics that forecast customer behavior. Businesses can tailor emails based on past purchases, browsing activity, and engagement patterns.

    User-Friendly Template Editor: With an intuitive drag-and-drop editor, Klaviyo makes it easy for both beginners and experienced marketers to create high-converting emails without needing advanced design skills.

    Data-Driven Reporting and Benchmarking: Klaviyo provides AI-generated insights that help businesses measure campaign effectiveness, track revenue impact, and compare performance against industry benchmarks.

    Revenue Impact and Business Growth

    One of the key reasons Klaviyo earned recognition from Software Experts is its ability to drive measurable results. Businesses using Klaviyo’s automated email campaigns consistently report higher revenue per recipient compared to those relying on manual email marketing efforts.

    “AI-driven automation is no longer just a trend—it’s a necessity for modern businesses,” Drew Thomas, Software Experts spokesperson, added. “Klaviyo’s ability to translate data into revenue-generating marketing strategies gives it a distinct advantage in competitive email marketing.”

    Scalable Pricing for Businesses of All Sizes

    Klaviyo’s pricing model is based on active profiles (customers that can be emailed) to make sure that businesses only pay for the contacts they actively engage with. Pricing starts at $60 per month, with a free tier available that allows up to 500 emails per month. This flexibility makes Klaviyo accessible to startups, small businesses, and large enterprises alike.

    Additionally, Klaviyo offers built-in compliance and deliverability tools This helps marketing emails reach inboxes effectively while adhering to industry regulations.

    A Leading B2C CRM for Customer Engagement

    Beyond email marketing, Klaviyo is positioning itself as a B2C CRM, enabling businesses to build deeper customer connections and drive lifetime value. With over 350 pre-built integrations, Klaviyo seamlessly connects with e-commerce platforms, customer data tools, and marketing automation systems, making it a central hub for customer engagement.

    Recognition Among Industry Leaders

    Software Experts’ ranking of top email marketing software is based on an evaluation of innovation, usability, performance, scalability, and ROI impact. Klaviyo’s commitment to AI-driven marketing, customer data utilization, and automation efficiency solidified its position as a top choice for businesses looking to scale their marketing operations.

    For businesses seeking an AI-powered, data-driven email marketing solution, Software Experts recognizes Klaviyo as an industry leader that delivers measurable growth, enhances customer engagement, and simplifies marketing automation.

    Click here for more details on Klaviyo’s features and capabilities. For a more in-depth review, please visit the Software Expert website.

    About Klaviyo

    Klaviyo is a B2C CRM designed to help consumer brands unify marketing, analytics, and customer interactions through AI-driven automation and real-time data insights. Founded in 2012 by Andrew Bialecki and Ed Hallen, Klaviyo has evolved from a customer database into a platform used by over 167,000 brands worldwide, enabling businesses to personalize messaging, automate engagement, and build lifelong customer relationships. Its key milestones include launching email marketing (2013), marketing attribution (2018), SMS marketing (2020), customer reviews (2022), a customer data platform (2023), and its full B2C CRM (2025). Headquartered in Boston with offices in Denver, San Francisco, London, Dublin, and Sydney, Klaviyo’s name—derived from clavija (Spanish for mountaineering pitons)—reflects its mission to support brands as they scale and grow.

    About Software Experts: Software Experts provides news and reviews of consumer products and services. As an affiliate, Software Experts may earn commissions from sales generated using links provided.

    The MIL Network –

  • MIL-OSI: xSuite Asia Invites Customers to the 2025 User Conference in Singapore

    Source: GlobeNewswire (MIL-OSI)

     Under the Theme “One Team. One Journey,” the Software Provider Showcases Innovations and Solutions for the Finance Sector

    Singapore, May 2, 2025 – xSuite Asia invites users to join the 2025 User Conference, taking place on May 29 in Singapore, for an in-depth look at future-ready technologies. The one-day event will focus on today’s most critical topics for IT and finance professionals: artificial intelligence, invoice processing, SAP S/4HANA, cloud computing, and SAP Clean Core strategies.

    A highlight of the agenda will be a customer keynote presenting real-world insights into the deployment of xSuite’s automated invoice processing solution. Attendees will learn about the initial project setup, the challenges that were addressed, and the measurable outcomes that have been achieved.

    Finance Technology with a Forward Focus
    Technologies like cloud platforms and AI are creating new possibilities in financial operations—and development is accelerating. At the conference, xSuite will present its latest product innovations and roadmap, while also exploring emerging technology trends shaping the future of finance.

    Key Focus Areas
    1. Deep Dive Artificial Intelligence: xSuite’s Prediction Server delivers AI-powered support for invoice processing in SAP environments. This session will highlight how AI is expanding its capabilities across additional finance workflows, and how Large Language Models (LLMs) are transforming document recognition and data extraction.

    2. Deep Dive SAP S/4HANA and Cloud: As many organizations are progressing with or preparing for their SAP S/4HANA migration, aligning with SAP’s Clean Core strategy is essential—even in Private Cloud environments—to prevent future technical debt. Participants will explore xSuite’s solution architecture, including SAP-integrated Business Solutions 6.0 and offerings built on the SAP Business Technology Platform (BTP).

    Networking and Strategic Discussions
    The event will conclude with networking opportunities and discussions around customer requirements, xSuite’s role as a premium partner, and best practices for implementing successful digital transformation projects.

    Event Details:
    xSuite User Conference
    Date: May 29, 2025
    Location: Oasia Hotel Downtown, 100 Peck Seah Street, Singapore 079333
    Time: 10:00 AM – 3:00 PM
    More information and registration: https://news.xsuite.com/en/user-conference-2025-singapore

    About xSuite Group

    xSuite is a software manufacturer of applications for document-based processes and provides standardized, digital solutions worldwide that enable simple, secure, and fast work. We focus mainly on the automation of important work processes in conjunction with end-to-end document management. Our core competence lies in accounts payable (AP) automation in SAP (including
    e-invoicing), for leading companies worldwide, as well as for public clients. This is supplemented by applications for purchasing and order processes as well as archiving – all delivered from a single source, including both software components and services. xSuite solutions operate in the cloud or in hybrid scenarios. We take pride in the high-quality solutions we offer, as evidenced by the regular certifications we receive for our SAP solutions and deployment environments.” With over 300,000 users benefitting from our solutions, xSuite processes more than 80 million documents per year in over 60 countries.

    Founded in 1994 and headquartered in Ahrensburg, Germany, xSuite has around 300 staff across nine locations worldwide – in Europe, Asia, and the United States. Our company has an established information security management system that is certified in accordance with ISO 27001:2022.

    Contact:
    Barbara Wirtz
    xSuite Group GmbH
    Marketing & PR
    Tel. +49 (0)4102/88 38 36
    barbara.wirtz@xsuite.com
    www.xsuite.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Public Statement concerning the imposition of a civil penalty on RL360

    Source: Isle of Man

    RL360 Insurance Company Limited and RL360 Life Insurance Company Limited (together referred to as “RL360”)

    1.  Action

    1.1 The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred upon it under each of section 35 of the Insurance Act 2008 (the “IA08”) and regulation 5(7) of the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 (the “Regulations”).

    1.2 The making of such public statement supports the Authority’s regulatory objectives of, among other things, securing an appropriate degree of protection for customers of persons carrying on a regulated activity, reducing financial crime and maintaining confidence in the Isle of Man’s financial services industry.

    1.3 Following an inspection of RL360 by the Authority under section 36 of the IA08 (the “Inspection”), which identified a number of contraventions by RL360 in relation to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (the “Code”), the Authority has deemed it reasonable, appropriate and proportionate, in all the circumstances, that RL360 be required to pay a civil penalty imposed under the Regulations in the sum of £2,785,714, which is discounted by 30% to £1,950,000 (the “Civil Penalty”).

    1.4 RL360 has proactively brought about operational changes across its business to address the issues identified and it has already taken substantial steps to remediate matters. Further, the Authority acknowledges the constructive and pragmatic dialogue between RL360 and the Authority and gives credit for the engagement in this regard.

    1.5 The level of the Civil Penalty reflects the level of co-operation with the Authority and that a settlement was agreed at an early stage as well as RL360’s proactive implementation of operational enhancements to address the issues identified. As with all discretionary civil penalties issued by the Authority, the level of the Civil Penalty is calculated as a percentage of RL360’s relevant income at the time that the contraventions noted within this public statement were identified. The absolute amount of the Civil Penalty relative to other civil penalties that have been issued by the Authority previously is not necessarily indicative of the seriousness of the contraventions and is determined each time on the facts of a particular matter. The level of a civil penalty is determined each time on the facts of a particular matter and regard is had by the Authority to the level and the percentage of civil penalties imposed in other matters. In determining the Civil Penalty, the Authority considered mitigating factors specific to the circumstances of this case.     

    2. Background

    2.1 RL360 at all material times has been authorised with the Authority as an authorised insurer pursuant to Section 8 of the IA08.

    2.2 The Authority conducted the Inspection in February 2023 and identified a number of contraventions of the Code by RL360 (the “Contraventions”).

    2.3 RL360 has engaged positively with the Authority throughout this matter in a timely and constructive manner.

    2.4 RL360 undertook an extensive remediation programme to address the shortcomings identified and continues to enhance its related internal processes and procedures.

    2.5 The RL360 remediation programme has not resulted in the risk profile of the business changing materially.

    3. Key Findings from inspection report

    Contraventions of the Code identified by the Inspection included:

    • The Business Risk Assessment (the “BRA”) did not independently assess Money Laundering/Terrorist Financing (“ML/TF”) risks specific to each entity and failed to adequately incorporate customer risk assessments and relevant risk factors into RL360’s broader risk management framework. (Paragraph 5 of the Code)
    • The Customer Risk Assessment (“CRA”) process lacked sufficient detail, clarity, and a clear methodology. In some instances, high-risk customers were incorrectly classified, or their assessments failed to incorporate all relevant risk factors, including jurisdiction and product risk. (Paragraph 6 of the Code)
    • In some instances, RL360 could not evidence obtaining adequate documentation and sufficient due diligence collected at the point of onboarding. (Paragraph 8 of the Code)
    • RL360 conducted insufficient ongoing monitoring for high-risk customers, and trigger event reviews were often not carried out or were insufficient. This includes neglecting to reassess customer risk profiles when changes occurred. (Paragraph 13 of the Code)
    • For some matters, Customer Due Diligence (“CDD”) and Enhanced Customer Due Diligence (“ECDD”) records were insufficient, especially for high-risk customers such as PEPs. Missing or incomplete information, and a failure to evidence proactive assessment of customers’ source of funds and wealth, resulted in non-compliance with AML obligations. (Paragraph 14 & 15 of the Code)
    • In some instances, RL360 failed to adhere to internal policies, such as annual reviews of high-risk customers, and did not fully follow procedures for ensuring that required CDD/ECDD was obtained, resulting in significant compliance gaps. (Paragraph 4 of the Code)
    • Business relationships with certain high-risk jurisdictions were not properly documented or factored into the CRA process. This impacted RL360’s ability to appropriately risk-rate customers and properly assess and manage risk. (Paragraph 30 of the code)

    4. Key Learning Points for Industry

    4.1 Compliance with the Code is a legal requirement; all firms undertaking business in the regulated sector have an obligation to conduct their affairs in a manner that adequately mitigates the risks faced by it in order to ensure that the Isle of Man retains its reputation as a responsible, and well regulated, international financial centre.

    4.2 It is imperative that firms conduct a comprehensive, independent, and detailed risk assessment for each entity within their group. The CRA must be based on accurate data, consider all relevant risk factors (including customer geography, product type, and business activities), and be updated regularly to reflect any changes. The results of the CRA should directly inform the BRA to ensure that identified risks are fully integrated into the firm’s broader risk management framework (particularly when dealing with higher risk jurisdictions which should be noted in the CRA with appropriate senior management approval). A failure to properly assess and address the specific risks posed by customers will lead to regulatory breaches and inadequate AML controls.

    4.3 Higher risk customers must be subject to ongoing monitoring, with periodic reviews conducted as per the risk rating assigned during onboarding. Ongoing monitoring cannot be neglected or limited to PEPs and sanction-listed individuals; any customer with higher risk indicators must undergo enhanced scrutiny, and trigger event reviews must be conducted in a timely, thorough, and consistent manner. A failure to adequately monitor higher risk customers exposes the firm to significant compliance risk. Sector specific guidance can be found on the Authority’s website that recommends how this ongoing monitoring can occur.

    4.4 Firms are required to take a proactive approach to updating and maintaining accurate and complete customer information, not deferring CDD/ECDD updates until a trigger event occurs. Promptly obtaining and verifying missing or updated information where required ensures that customer profiles remain accurate and compliant with the AML Code[1].

    4.5 If Internal policies, such as conducting annual reassessments of high-risk customers, are in place they must be rigorously followed. Non-compliance with these policies not only breaches internal standards but also undermines the firm’s ability to manage its AML risks effectively. Failing to follow documented procedures, particularly in relation to high-risk customers or jurisdictions, can lead to serious regulatory and reputational consequences.

    [1] ‘Anti-Money Laundering and Countering the Financing of Terrorism Code 2019’ Para 10 Page 19 & Para 13 Page 23.

    MIL OSI Economics –

  • MIL-OSI Economics: Portfolios of Deputy Governors

    Source: Reserve Bank of India

    Consequent on the appointment and assumption of charge by Dr. Poonam Gupta as Deputy Governor, the distribution of portfolios among the Deputy Governors with effect from May 2, 2025 will be the following:

    Name Departments
    Shri M. Rajeshwar Rao 1. Co-ordination
    2. Department of Regulation
    3. Enforcement Department
    4. Legal Department
    5. Risk Monitoring Department
    6. Secretary’s Department
    Shri T Rabi Sankar 1. Central Security Cell
    2. Department of Currency Management
    3. Department of External Investments & Operations
    4. Department of Government and Bank Accounts
    5. Department of Information Technology
    6. Department of Payment and Settlement Systems
    7. Fintech Department
    8. Financial Markets Regulation Department
    9. Foreign Exchange Department
    10. Human Resource Management Department
    11. Internal Debt Management Department
    12. Right to Information (RIA) Division
    Shri Swaminathan Janakiraman 1. Consumer Education and Protection Department
    2. Department of Supervision
    3. Deposit Insurance and Credit Guarantee Corporation
    4. Financial Inclusion and Development Department
    5. Inspection Department
    6. Premises Department
    7. Rajbhasha Department
    Dr. Poonam Gupta 1. Corporate Strategy and Budget Department
    2. Department of Communication
    3. Department of Economic and Policy Research
    4. Department of Statistics and Information Management
    5. Financial Markets Operations Department
    6. Financial Stability Department
    7. International Department
    8. Monetary Policy Department

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/229

    MIL OSI Economics –

  • MIL-OSI: Solid results for the first quarter of 2025 driven by good customer activity across the business and strong credit quality in an uncertain global environment. Net profit of DKK 5.8 billion.

    Source: GlobeNewswire (MIL-OSI)

    Press release Danske Bank
    Bernstorffsgade 40
    DK-1577 København V
    Tel. + 45 45 14 14 00

    2 May 2025

    Page 1 of 3

    Solid results for the first quarter of 2025 driven by good customer activity across the business and strong credit quality in an uncertain global environment
    Net profit of DKK 5.8 billion.

    Carsten Egeriis, Chief Executive Officer, comments on the financial results:

    “For Danske Bank, the first quarter of 2025 was a continuation of our satisfactory and stable performance in 2024. We delivered solid results in line with our expectations, driven by a steady development in core income and a stable cost level. In addition, credit quality remained strong, and this resulted in low loan impairments.

    Our solid financial results and capital position enable us to be a strong financial partner that offers expert advice and helps our customers and society navigate the uncertainty. We continue to invest in technology and customer offerings, and we are well on track to meet our targets and to deliver on our Forward ’28 strategy.”

    Solid financial performance

    In a challenging market environment, we continued our work to deliver on our strategic ambitions and achieved a strong return on shareholders’ equity of 13.3% in the first quarter of 2025, up from 12.9% in the first quarter of 2024, while also reducing the cost/income ratio from 45.4% to 45.2%.

    Net profit increased 2% to DKK 5.76 billion as a result of an 8% increase in net fee income, driven by solid customer demand for cash management and everyday banking activities, a 15% increase in net trading income, which also benefited from good customer activity, as well as lower operating expenses and low loan impairment charges. The increases in net fee income and net trading income were partly offset by slightly lower net interest income due to rate cuts and the divestment of the personal customer business in Norway as well as lower net income from insurance business, which was affected by a one-off provision.

    The improvement was based on strong business customer activity as our Business Customers and Large Corporates & Institutions units both saw solid growth in lending volumes and an expanding customer base, underpinning core income line increases.

    Continuously good demand for our products from personal customers in Denmark resulted, among other things, in an increase in deposits as well as in the market share of bank lending. We have therefore seen a stable performance, despite the divestment of the personal customer business in Norway, as deposit growth and the rise in net fee income due to strong customer activity partially offset the effect of interest rates coming down.

    Sustainability remains a core pillar of our Forward ’28 strategy, and we have published our Climate Action Plan Progress Report 2024, which provides an update on the Group’s climate targets set in January 2023.

    “Thanks to our strong capital and liquidity positions, we continue to support our customers in these uncertain times, as evidenced by our Q1 results. We saw a solid financial performance, driven in particular by strong business customer activity, which resulted in stable core banking income and higher net trading income. The increase in net profit was supported by stable costs and a low level of impairments,” says Cecile Hillary, Chief Financial Officer.

    First quarter 2025 vs first quarter 2024

    Total income of DKK 13.9 billion (DKK 14.0 billion in the first quarter of 2024)

    Operating expenses of DKK 6.3 billion (DKK 6.3 billion in the first quarter of 2024)

    Loan impairments of DKK 50 million (DKK 101 million in the first quarter of 2024)

    Net profit of DKK 5.8 billion (DKK 5.6 billion in the first quarter of 2024)

    Return on shareholders’ equity of 13.3% (12.9% in the first quarter of 2024)

    Strong capital generation further supported capital ratios: Total capital ratio of 22.9 % and CET1 capital ratio of 18.4% (total capital ratio of 23.0% and CET1 capital ratio of 18.5% in the first quarter of 2024)

    Stable economies in uncertain environment

    Danske Bank’s results for the first quarter of 2025 highlight the resilience of the Nordic economies amid global uncertainty. In the first quarter of 2025, we saw an increasingly promising outlook for growth and inflation and robust employment across the Nordic countries. Although household credit demand remained modest, consumer spending continued to hold up well throughout the Nordic countries, despite the higher degree of uncertainty.

    Globally, US tariffs and potential retaliatory measures have created significant uncertainty regarding global growth prospects. While a potential risk of recession is highlighted in the US, a more moderate impact is expected on European growth, including in the Nordic countries.

    “A trade war and tariffs are likely to dampen growth in the Nordic countries, but the foundation is still in place for a decent economic outlook, as many interest rates have been lowered, real incomes are increasing and export markets other than the US continue to grow,” says Las Olsen, Head of Macro Research.

    Personal Customers

    Despite challenges, the housing market in Denmark showed consistent growth, and signs of recovery emerged in Finland, while Sweden’s housing market continued to face difficulties. Profit before tax for Personal Customers decreased 18% relative to the level in the first quarter of 2024 and amounted to DKK 2.25 billion. The decrease was due mainly to higher loan impairment charges. Additionally, both income and operating expenses were affected by the divestment of our personal customer business in Norway. We concluded negotiations with Blackrock to implement their Aladdin Wealth platform to enhance investment services and improved the digital self-service tools that customers use to manage their mortgages.

    Business Customers

    In the first quarter of 2025, we expanded our customer base in the mid-sized segment across the Nordic markets and grew our business with international subsidiaries. Profit before tax amounted to DKK 2.83 billion and increased 64% from the level in the same period last year, primarily on the back of loan impairment reversals and increased net fee income, although the increase was to some degree offset by lower income from our leasing company. We continued to support our customers’ business growth as a strategic financial partner, sharing expert insights on economic issues and launching training programmes to enhance the skills of our leaders and advisers.

    Large Corporates & Institutions

    Despite increased geopolitical uncertainty, macroeconomic conditions remained stable. We supported customers with advisory services, backed by a strong product offering, and supported major bond issues in the Nordic region. Our fee business maintained the positive momentum across all areas. Profit before tax decreased to DKK 2.4 billion, or 12% relative to the level in the same period last year, due to higher loan impairment charges, although the return on allocated capital before impairments increased to 27.2%.

    Danica

    Danica experienced a decrease in net income from insurance business to DKK 201 million in the first quarter of 2025, a fall of 59% from DKK 492 million in the same period last year. This was due primarily to a decrease in the insurance service result, which was impacted by provisions related to legacy life insurance products in run-off and more expensive claims in the health and accident business, partly offset by adjustment of an accrued interest income. The return on customer pension savings was impacted by large volatility in the equity markets, but bonds and alternative investments saw a more stable development.

    Northern Ireland

    Profit before tax increased 32% to DKK 602 million, reflecting strong growth in net interest income and net impairment recoveries. Profit before impairments was 15% higher than for the same period in 2024.

    Outlook for 2025

    We maintain our guidance and expect net profit to be in the range of DKK 21-23 billion. The outlook is subject to uncertainty and depends on economic conditions.

    Danske Bank        

    Contact: Helga Heyn, Head of Media Relations, tel. +45 45 14 14 00

    Attachments

    The MIL Network –

  • MIL-OSI: ING posts 1Q2025 net result of €1,455 million, with strong growth in customer balances and fee income

    Source: GlobeNewswire (MIL-OSI)

    ING posts 1Q2025 net result of €1,455 million, with strong growth in customer balances and fee income

     
    1Q2025 profit before tax of €2,124 million with a CET1 ratio of 13.6%
    • Strong increase in fee income, driven especially by an increase in investment products
    • Total income was resilient, supported by an excellent growth in deposits and a continued increase in mortgage volumes, as well as strong results in Financial Markets
    • Operating expenses excluding regulatory costs slightly lower quarter-on-quarter
    • We continue to move our capital towards our target level and announce a €2.0 billion share buyback
     

    CEO statement
    “While the geopolitical and macroeconomic circumstances remain uncertain, we believe there is an opportunity for Europe to collectively drive competitiveness and resilience through simplification of regulations and investments in infrastructure, technology and defence,” said Steven van Rijswijk, CEO of ING Group. “As one of the largest and most geographically diversified European banks, we are well-positioned to play a key role in supporting this growth while navigating volatility. During these times, we are staying particularly close to our clients to understand their concerns and banking needs. Our scale, strong performance and robust capital ratios enable us to provide our customers with the support required to manage uncertainties, mitigate risks and capture opportunities.

    “During the first quarter of 2025, we have delivered continued commercial growth, driven by excellent growth in deposits and higher mortgage volumes. Total income has increased, supported by resilient commercial net interest income and a strong increase in fee income. Expenses have decreased slightly quarter-on-quarter and the increase year-on-year was in line with our guidance, reflecting the impact of inflation and client acquisition expenses. Risk costs were €313 million and below our through-the-cycle-average, reflecting the quality of our loan portfolio.

    “In Retail Banking, our mobile primary customer base has grown by 174,000 customers this quarter, mainly attributable to Germany, the Netherlands, Spain and Poland. We have attracted €17 billion in retail core deposits, primarily in Germany. And we have increased core lending by €9 billion, of which €6 billion is in residential mortgages, particularly in the Netherlands and Germany, and nearly €2 billion in Business Banking. Across our markets, we have seen 125,000 mortgage applications during this quarter, up 20% year-on-year. Retail fee income has risen 18% year-on-year, primarily driven by growth in the number of investment product customers, higher assets under management and an increase in customer trading activity.

    “In Wholesale Banking, total income was stable, with strong results in Financial Markets as we have supported our clients during the turbulent market conditions. This turbulence has also led to muted lending volumes. Fee income in Wholesale Banking has increased quarter-on-quarter, mainly driven by higher fees from Global Capital Markets and Trade Finance. Moreover, we have continued to invest in front office growth, our digital customer experience and the scalability of our systems.

    “We continue to support clients in their sustainability transition by launching innovative services or by entering into partnerships. In Wholesale Banking, we have increased sustainable volume mobilised to €30 billion, a 23% increase versus last year. In Spain, we have launched a service that helps retail customers get insights into their CO2e emissions and provides tips on how to reduce their environmental footprint. In Australia, ING has become the first bank to participate in a new digital energy ratings programme that provides our customers with free energy ratings of their homes and identifies potential sustainability improvements.

    “We continue to converge our CET1 ratio to our target level while taking the ongoing geopolitical and macroeconomic uncertainty into account. In that light, today we announce a share buyback programme of €2.0 billion.

    “We’re pleased with our first-quarter performance and are confident in our ability to deliver value to our stakeholders in the current macroeconomic turbulence. We are well on track to meet our 2027 targets and I would like to thank our employees across the world for their contributions to these strong results and their commitment to serving our customers.”
     
    Further information
    All publications related to ING’s 1Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors.

    A short ING ON AIR video with CEO Steven van Rijswijk discussing our 1Q 2025 results is available on Youtube.
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and its executives are available for download at Flickr.
     
    Investor conference call and webcast
    Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 2 May 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.
     
    Investor enquiries
    E: investor.relations@ing.com

    Press enquiries
    T: +31 20 576 5000
    E: media.relations@ing.com
     
    ING Profile
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

    Important legal information
    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) noncompliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: Education – Whitireia and WelTec Celebrate Graduates in Lively Lower Hutt Ceremony

    Source: Whitireia and WelTec

    On 30 April Whitireia and WelTec proudly celebrated the Whakapōtaetanga (graduation) of ākonga (students) from Engineering, Business, IT, Health, Creative, and Hospitality. The event was the second of two graduation ceremonies to be held in 2025, celebrating over 1,000 graduates.
    The ceremony was opened by the cultural leadership of Whitireia and WelTec Tamaiti Whangai Mentor and Jobs Broker Tame Ngaheke (Te Āti Awa). Te Ara Whānui Kura Kaupapa Māori o ngā Kōhanga Reo o Te Awa Kairangi performers welcomed the graduands as they took their places in the Lower Hutt Town Hall and set the scene for what was a moving ceremony.
    Mayor of Lower Hutt Campbell Barry and Upper Hutt Mayor Wayne Guppy (as pictured) joined the celebrations to acknowledge the achievements of the graduates and their families.
    Mayor Campbell Barry said, “It’s been fantastic to join today’s celebrations and see the pride across the community. Graduation is a major milestone-not just for the students, but for the whānau and friends who have supported them. Whitireia and WelTec graduates bring real skills and talent to our city and will play an important role in shaping Lower Hutt’s future. I’m proud to celebrate with them and look forward to seeing what they achieve next.”
    The ceremony ran seamlessly under the guidance of Whitireia and WelTec Jobs Broker, Tui Bradbrook, as MC. It featured inspiring speeches from special guest Vanessa Stacey, Director of the NZ Fringe Festival, and international ākonga speaker, Sonam Narayan.
    Vanessa Stacey shared career highlights and commented on the importance of working hard and taking opportunities as they come.
    “We live in a world where we are constantly comparing ourselves. The only real commodity that you have is in your own individuality, your own sense of self. Please hold onto that as you take these first steps into the beginning of the rest of your lives.”
    Representative of the ākonga body, Sonam Narayan shared her unique experience moving from a new country to join Whitireia and WelTec, and her life-changing journey through tertiary education.
    Whitireia and WelTec Executive Director Mark Oldershaw congratulated the ākonga and thanked the families, friends, and the dedicated kaimahi (staff) who have supported them every step of the way.
    “We look forward to seeing these talented graduates make their mark on the world, confident that the knowledge, skills, and connections they have gained will empower them to shape a brighter future for themselves and their communities.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Research – Latest insolvency report urges Kiwi business owners to heed early warning signs

    Source: BWA Insolvency
    Latest insolvency figures reveal a sharp rise in business failures, highlighting both challenges and opportunities for New Zealand business owners.

    The BWA Insolvency Quarterly Market Report released today shows insolvency rates between January and March 2025 surged by 31% compared to the same period in the previous year. Liquidations rose by 40%, while receiverships and voluntary administrations saw a decline.
     
    The report’s author, BWA Insolvency principal Bryan Williams, says that despite the data there is a path forward for those with strategic foresight.
     
    “These numbers, while concerning, serve as a crucial alert for business owners to review their financial strategies,” Williams says.

     
    Key Data
    NZ Insolvencies Q1 2025 vs. Q1 2024 – Annual Comparison

    • Liquidations: Up from 504 to 705 (40%) 
    • Receiverships: Down from 40 to 39 (-3%) 
    • Voluntary Administrations: Down from 25 to 4 (-84%) 
    • Total Insolvencies: Up from 569 to 748 (31%) 

    NZ Insolvencies Q1 2025 vs. Q4 2024 – Quarterly Comparison

    • Liquidations: Up from 666 to 705 (5.86%) 
    • Receiverships: Up from 37 to 39 (5.41%) 
    • Voluntary Administrations: Down from 6 to 4 (-33.33%) 
    • Total Insolvencies: Up from 709 to 748 (5.5%) 

    Williams says the rise is partially attributed to global economic factors, including trade instabilities and market uncertainties, but is also a carryover of COVID-19 and the accumulated debt that resulted.
     
    “Insolvency is always late to the party. It has a long incubation period and often doesn’t show itself until the conditions that caused it have moved on.”
     
    Williams believes that amid rising insolvency rates, companies should remain vigilant in looking for ways to minimise the impact of the current turbulence. “Hedge against the potential for risk wherever and whenever you can,” he says. “By identifying warning signs early, businesses can adapt and thrive despite the economic pressures.”
     
    Industries hit hardest in the last quarter were tourism, transport and delivery, construction and manufacturing. The construction industry has seen continued high rates of business failures, with this quarter’s figures showing no reprieve—insolvencies increased by 44%, up from 130 in Q1 2024 to 187 in Q1 2025.
     
    “Companies with solid balance sheets can expect to ride out the challenges immediately ahead. Focusing on efficiency and innovation will be the wet weather coat for these companies.”
     
    Acknowledging the impact of the current “arm wrestle” between the United States and China, Williams hopes both parties will soon recognise that fighting it out may cost more than it will gain.
     
    “The best that can be hoped for is that leaders will pull back and let their respective societies grow as they will. The interplay of global tensions and local economic factors means New Zealand businesses must be agile and prepared. Our current insolvency figures are a reflection of these broader issues.”
     
    Looking ahead, Williams believes there are reasons to be optimistic: “Though the short-term outlook remains challenging, New Zealand’s inherent resilience and adaptability are its greatest assets.
     
    “Even one or two major projects within the country can dramatically shift business optimism, reinvigorating growth and opportunity,” he says. “Such developments can serve as a catalyst for broader economic revival.
     
    “There is a road of turbulence ahead and this will damage plans that were made during more stable times. The effects will be universal and avoiding them will be like a rally driver trying to avoid potholes.
     
    “Businesses that stay nimble, focus on core strengths, and prepare for future opportunities will be well-positioned when stability returns.”
     
    The full Quarterly Market Report is available here: https://bwainsolvency.co.nz/wp-content/uploads/2025/05/BWA_Insolvency-Market-Report_Q1-2025_FINAL.pdf
     
    About BWA Insolvency 
    BWA Insolvency is a leading insolvency firm that supports New Zealand businesses through liquidations, receiverships and voluntary administrations (VA), specialising in VA in particular.  Founder Bryan Williams has 30 years’ experience in the industry and has recently become just the second person in New Zealand and one of 200 people worldwide to be named a Fellow of global insolvency organisation Insol International. 
     
    About the BWA Insolvency Quarterly Market Report
    BWA Insolvency has been tracking data on liquidations, receiverships and voluntary administrations since 2012. The Registrar of Companies Office records the filings of companies that have gone into a formal state of insolvency. BWA Insolvency then does a deeper investigation to show industry trends and provide a detailed snapshot of what’s happening in the market for the Quarterly Market Report.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Gun Trafficker Sentenced to 135 Months in Prison for Robbing ATF Agent with Machine Gun

    Source: Office of United States Attorneys

    SAN DIEGO – Jonathan Manuel Flores was sentenced in federal court today to 135 months in prison for his role in an illegal firearms business and for robbing an undercover Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Special Agent at gun point during a machine gun deal gone wrong.

    ATF special agents were conducting a months-long investigation into the trafficking of privately manufactured firearms, commonly referred to as “ghost guns,” and guns modified with illegal auto conversion devices that transform everyday firearms into dangerous machine guns, when the defendant decided to rob an undercover ATF special agent, instead of selling the agent the firearm.

    During that deal on February 17, 2023, ATF special agents conducted an undercover operation in San Diego to purchase a Glock pistol with a full auto conversion device, commonly known as a “Glock Switch,” for $2,400.

    In a meeting in the parking lot of Walmart on Murphy Canyon Road, the defendant insisted that the gun deal take place in the backseat of his car. The undercover agent got into the back seat of the defendant’s parked car as requested. When the undercover agent entered the car there were two other individuals seated in the driver’s seat and front passenger seat of the car. Once inside the car, Flores showed the agent a Glock pistol with an extended magazine inserted and a machinegun conversion device installed.

    Although the agent asked to hold the firearm, Flores insisted the agent show and count the money first. As the undercover agent finished counting $2,000 in cash, the defendant pulled back the slide on the pistol to make it ready to shoot and pushed the muzzle into the undercover agent’s ribcage. He then said, “Get the f—- out of the car dog before I smoke you” while grabbing the cash from the agent’s hand. The agent successfully exited the vehicle. Flores and his two companions fled. Flores was later apprehended with the assistance of the San Diego Police Department.

    “This robbery is a stark reminder of the extreme danger our agents face every day in their efforts to keep illegal firearms off our streets,” said U.S. Attorney Adam Gordon. “We are grateful for our law enforcement partners working to keep these dangerous firearms out of the hands of felons.”

    “ATF’s core mission is to protect the public by investigating and apprehending the most violent offenders in our communities,” said ATF Los Angeles Special Agent in Charge Kenny Cooper. “It is an honor to work with our state, local, and federal partners to successfully carry out our public safety mission.” Cooper thanked the U.S. Attorney’s Office, the El Cajon Police Department, and San Diego Police Department for working with ATF in the investigation, apprehension, and successful prosecution of Jonathan Manuel Flores.

    This case is being prosecuted by Assistant U.S. Attorneys Evangeline Dech and Alicia Williams.

    DEFENDANT                                               Case Number 23cr00512CAB                                 

    Jonathan Manuel Flores                                  Age: 20                                   Chula Vista, CA

    SUMMARY OF CHARGES

    Assault on a Federal Officer with a Deadly or Dangerous Weapon – 18 U.S.C. § 111(b)

    Maximum Penalties: Twenty Years in prison; $250,000 fine

    Brandishing a Firearm in Furtherance of a Crime of Violence – 18 U.S.C. § 924(c) 

    Maximum Penalty: Mandatory minimum seven years to life in prison, consecutive to any other term of imprisonment imposed as to Count 5; $250,000 fine

    Engaging in the Business of Dealing Firearms Without a License – 18 U.S.C. § 922(a)(1)(A), 923(a), and 924(a)(1)(D); Aiding and Abetting – 18 U.S.C. § 2

    Maximum penalties: Five years in prison; $250,000 fine 

    INVESTIGATING AGENCY

    Bureau of Alcohol, Tobacco, Firearms and Explosives

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    MIL Security OSI –

  • MIL-OSI USA: Ernst: “Make ‘Made in America’ the Norm, Instead of the Exception”

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – To continue the domestic manufacturing explosion happening under the Trump administration, Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) unveiled a significant new initiative to unlock a key part of the White House’s “Made in America” agenda.
    Ernst, alongside Small Business Administration (SBA) Administrator Kelly Loeffler and House Small Business Committee Chairman Roger Williams (R-Texas), touted their Made in America Manufacturing Finance Act that will unleash small businesses and lead to job growth in Iowa and across America.

    Click here to watch Ernst’s full remarks.

    MIL OSI USA News –

  • MIL-OSI USA: Senate Advances Padilla, Murkowski Bipartisan Legislation to Reauthorize National Earthquake Hazards Reduction Program

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Senate Advances Padilla, Murkowski Bipartisan Legislation to Reauthorize National Earthquake Hazards Reduction Program

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.) and Lisa Murkowski (R-Alaska) announced that the Senate Commerce Committee unanimously advanced their bipartisan legislation to reauthorize the National Earthquake Hazards Reduction Program (NEHRP) through Fiscal Year 2028. The bill would provide lifesaving funding to support research, development, and implementation activities related to earthquake safety and risk reduction.

    The NEHRP Reauthorization Act of 2025 would reauthorize annual funding from FY 2024-2028 across the four federal agencies responsible for long-term earthquake risk reduction under NEHRP: the Federal Emergency Management Agency (FEMA), the National Institute of Standards and Technology (NIST), the National Science Foundation (NSF), and the United States Geological Survey (USGS). The Senate unanimously passed a version of this bill late last year, but it was not taken up in the House of Representatives.

    “It is not a matter of if, but when the next major earthquake strikes, and Californians know the importance of staying prepared,” said Senator Padilla. “The National Earthquake Hazards Reduction Program supports crucial tools like the ShakeAlert Earthquake Early Warning System, works to advance scientific understanding of earthquakes, and strengthens earthquake resilience in communities nationwide. I am glad to see this bipartisan effort move forward, and with the safety of our communities at stake, we must reauthorize this critical program as soon as possible.”

    “Alaska is no stranger to massive earthquakes that can cause serious damage to our communities. From the 1964 Good Friday earthquake, the 7.1 earthquake in 2018, to the thousands of smaller quakes that rattle our state each year—it’s critical we invest in programs that keep us prepared and ready to respond to disaster,” said Senator Murkowski. “I am pleased to see that the Commerce Committee has advanced the National Earthquake Hazards Reduction Program Reauthorization Act, which will modernize earthquake safety programs in western states, reinforcing our readiness for future seismic activity. I look forward to supporting legislation on the Senate Floor.”

    “The Earthquake Engineering Research Institute applauds the Senate Commerce Committee’s bipartisan advancement of the National Earthquake Hazards Reduction Program Reauthorization Act of 2025. This is a critical step in strengthening our nation’s long-term resilience to earthquakes. With an estimated $15 billion in losses from earthquakes in the U.S. every year, sustained support for mitigation is not only cost-effective—it is essential. We are encouraged to see momentum behind this program and look forward to continuing the vital work of reducing seismic risk in communities across the country,” said Ellen Rathje, President of the Earthquake Engineering Research Institute.

    “The International Code Council welcomes Senator Padilla and Murkowski’s bipartisan leadership to reauthorize the National Earthquake Hazards Reduction Program (NEHRP),” said Code Council Chief Executive Officer John Belcik. “We call on Congress to immediately reauthorize NEHRP to continue the advancement of model building codes that improve building safety and earthquake resilience.”

    “The American Society of Civil Engineer (ASCE) applauds Senators Alex Padilla and Lisa Murkowski for prioritizing the resilience of our nation’s infrastructure against seismic events and is pleased to support their efforts to reauthorize the National Earthquake Hazards Reduction Program (NEHRP). Since 1977, NEHRP has provided the resources and leadership that have led to significant advances in understanding the risk earthquakes pose and the best ways to mitigate them. This reauthorization will ensure that NEHRP resources continue to improve our understanding of earthquakes and guide the ASCE standards that form the backbone of building codes that protect public health, safety, and economic vitality,” said ASCE Past President Marsia Geldert-Murphey.

    “The National Council of Structural Engineers Associations is proud to support the NERHP reauthorization bill and is grateful for the bi-partisan leadership of Senators Padilla and Murkowski.  NCSEA urges Congress to prioritize reauthorization to enable the NEHRP agencies to contribute critical science, knowledge, and other best practices toward the development of codes, standards, and other resources used by structural engineers around the country to improve the earthquake resilience of our communities,” said Alfred Spada, Executive Director of the National Council of Structural Engineers Associations (NCSEA).

    “SEAOC commends Senators Padilla and Murkowski for championing NEHRP reauthorization, aligning with Structural Engineers Association of California’s (SEAOC) commitment to enhanced seismic safety and community resilience. SEAOC implores Congress to act promptly in fortifying California and the entire nation against the seismic challenges ahead,” said Don Schinske, Executive Director of the Structural Engineers Association of California (SEAOC).

    This NEHRP reauthorization includes:

    • Directing state and local entities to inventory high risk buildings and structures;
    • Expanding seismic events to include earthquake-caused tsunamis;
    • Providing more technical assistance to tribal governments; and
    • Improving mitigation for earthquake-connected hazards.

    California faces substantial earthquake risks. According to the California Department of Conservation, over 70 percent of Californians live within 30 miles of a fault that could cause high ground shaking within the next 50 years. The state averages two to three earthquakes per year at magnitude 5.5 or higher, risking moderate structural damage. Because of these major earthquake risks, California has become a leader in earthquake research, including through the California Institute of Technology Seismological Laboratory.

    The NEHRP Reauthorization Act of 2025 is endorsed by the American Society of Civil Engineers (ASCE), Earthquake Engineering Research Institute (EERI), International Code Council, National Council of Structural Engineers Associations (NCSEA), and Structural Engineers Association of California (SEAOC).

    Senator Padilla has long been a leader in mitigating earthquake risks. As a California State Senator, Padilla authored Senate Bill 135, signed by Governor Jerry Brown in 2013, which required the state to establish the nation’s first statewide early warning system. In 2021, he led five of his U.S. Senate colleagues in requesting details from the U.S. Geological Survey (USGS) on future plans and funding needs for the West Coast Early Earthquake Warning system.

    MIL OSI USA News –

  • MIL-OSI USA: Schakowsky, Matsui, Bonamici, 63 House Democrats Demand Answers on the Disbandment of the Administration for Community Living

    Source: United States House of Representatives – Representative Suzanne Bonamici (1st District Oregon)

    WASHINGTON – U.S. Representatives Jan Schakowsky (IL-09), Doris Matsui (CA-07), and Suzanne Bonamici (OR-01) led 63 House Democrats in a letter to Secretary Robert F. Kennedy Jr. expressing their strong opposition to the elimination of the Administration for Community Living (ACL) and the unjustified termination of nearly half of the agency’s workforce. 

    “Established in 2012, the ACL was created to eliminate fragmentation in federal programs for aging and disability populations, improve access to quality healthcare and long-term services, and ensure consistent policies across federal agencies,” wrote the lawmakers. “ACL’s workforce plays a crucial role in managing and coordinating federal, state, and local programs aimed at helping seniors and people with disabilities remain healthy and thrive in their homes and communities.”

    “We are gravely concerned about your arbitrary directive to dismantle the ACL and urgently request answers to understand the wide-ranging consequences this decision will have upon the health and wellbeing of older adults and individuals with disabilities,” continued the Members. 

    This letter is in response to the U.S. Department of Health & Human Services (HHS) announcement to end ACL’s critical programs across the Administration for Children and Families (ACF), Assistant Secretary for Planning and Evaluation (ASPE), and Centers for Medicare and Medicaid Services (CMS). This month, a draft budget proposal outlining the proposed elimination of ACL’s Aging Programs and Nutrition and Disability Services Programs from the Office of Management and Budget (OMB) was made public. 

    Full text of the letter can be found here. 

    This letter has been endorsed by Justice in Aging, National Health Law Program (NHeLP), National Consumer Voice for Quality Long-Term Care, National Adult Protective Services Association (NAPSA), USAging, Caring Across Generations, Autistic Self Advocacy Network, and National Association of Social Workers (NASW). 

    In addition to Reps. Schakowsky, Matsui, and Bonamici, the letter was also signed by Reps. Nydia Velázquez, Jill Tokuda, Lucy McBath, Nanette Diaz Barragán, Dwight Evans, Paul Tonko, Debbie Dingell, Jesús G. “Chuy” García, Alexandria Ocasio-Cortez, Danny K. Davis, Salud Carbajal, Henry C. “Hank” Johnson, Jr.,  Eric Sorensen, Mark Pocan, Juan Vargas, Sean Casten, J. Luis Correa, Brittany Pettersen, Terri A. Sewell, Sarah McBride, Stephen F. Lynch, Rashida Tlaib, Gwen S. Moore, James P. McGovern, Andrea Salinas, Bennie G. Thompson, David Scott, Haley M. Stevens, Mikie Sherrill, Betty McCollum, Seth Magaziner, Alma S. Adams, Ph.D., Nikki Budzinski, Adam Smith, Hillary J. Scholten, Delia C. Ramirez, Ritchie Torres, Shri Thanedar, Troy A. Carter, Sr., Seth Moulton, Greg Landsman, Greg Stanton, Gabe Amo, Angie Craig, Debbie Wasserman Schultz, Jennifer L. McClellan, Eugene Simon Vindman, Becca Balint, Lois Frankel, Eleanor Holmes Norton, Ro Khanna, LaMonica McIver, Kevin Mullin, Maggie Goodlander, Judy Chu, Chellie Pingree, Val Hoyle, George Latimer, Mary Gay Scanlon, Dave Min, Steve Cohen, Kelly Morrison, and Donald S. Beyer Jr.

                                                                     ###

    MIL OSI USA News –

  • MIL-OSI USA: Sullivan Presses Commerce Nominee on NOAA Surveys Needed for Alaska Fishermen

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan
    05.01.25
    WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska), a member of the Senate Commerce, Science and Transportation Committee, today pressed the nominee to serve as deputy secretary of the Department of Commerce, Mr. Paul Dabbar, on concerns about the National Oceanic and Atmospheric Administration’s (NOAA) ability to complete fisheries stock surveys in Alaska if staffing and approved funding from the department are not prioritized. Sen. Sullivan noted in the committee hearing that conducting surveys is one of the Commerce Department’s core responsibilities with regard to fisheries, and surveys are needed in order for Alaskans to harvest in various fisheries across the state. Sen. Sullivan also demanded that Dabbar and Commerce officials work promptly with Commerce Secretary Howard Lutnick to sign the pending maintenance contract for the Kodiak, Alaska-based NOAA research vessel, Oscar Dyson, which conducts these critically important surveys.
    “When you don’t do stock assessment surveys, you know what happens? My fishermen can’t fish,” said Sen. Sullivan. “All they need is a survey and it’s not happening. I have a whole list and I’m going to mention them here. I hope to hell someone from Commerce is watching. Okay? Because if you’re not doing surveys, that’s the basic stuff you’re supposed to do at NOAA, then my guys can’t fish. They don’t want subsidies. They just want to fish.”
    Fishing and seafood processing employ more Alaskans than any other industry and are vital to the economic well-being of dozens of coastal communities throughout the state. Roughly two-thirds of all seafood harvested in America comes from Alaska’s waters.
    [embedded content]
    Below is a transcript of Sen. Sullivan’s exchange with Mr. Dabbar.
    SEN. SULLIVAN: I think we’re off to a good start, certainly on fisheries. We have this “Unleashing Alaska’s Extraordinary Resource Potential” executive order from President Trump on day one. This includes fisheries, LNG, all kinds of great things in Alaska. Then, just a couple days ago, the “Restoring America’s Seafood Competitiveness” EO. So we’re off to a good start. I want to commend the President, Secretary Lutnick, and their team. But I am concerned, to Senator Cantwell’s point—and this is a big issue—that we’re not having the staffing to do the two things that Commerce has to do for fisheries. American fisheries, unlike CHIPS and Science—a quarter of $1 trillion in subsidies—my guys don’t get subsidized at all. The federal government has to do two things: They need to do robust surveys to inform accurate stock assessments, and they need to do timely promulgation of regulations to open fisheries. That’s it. When the federal government doesn’t do that, you screw the hard-working fishermen of Alaska and America. Just think of “Deadliest Catch.” They do have to compete with Russia and China. To be honest, right now, it’s starting not to look good. I’m starting to get really upset, because when you got—Biden was horrible on the surveys. Horrible. We threw a ton of money at NOAA and the guy did climate change and all this BS. He didn’t do the blocking and tackling of NOAA, which is stock assessment surveys. You guys came in: “Hey, we’re not going to be like Biden.” But you’re not…I’m getting really worried that you guys aren’t doing this either. When you don’t do stock assessment surveys, you know what happens? My fishermen can’t fish. They don’t get $240 billion in subsidies. All they need is a survey and it’s not happening. I got a whole list and I’m going to mention them here. And I hope to hell someone from Commerce is watching. Okay? Because if you’re not doing surveys, that’s the basic stuff you’re supposed to do at NOAA. Then my guys can’t fish. They don’t want subsidies and they just want to fish. Can I get your commitment—and I hope to hell someone from NOAA’s watching this. I got a whole list of surveys right now that looks like you’re not going to complete. So what happens? My fishermen don’t fish. That is wrong. Can I get your commitment—and I hope to hell someone from NOAA and Commerce is watching this right now—get on with the surveys. Can I get your commitment? You can tell I’m a little rattled about this.
    DABBAR: Yes, Senator, and I know that I’ve read your proposed bill, the latest one, and also how understanding research of, for example, salmon in Alaska, where some things are going well strong, and some things are weaker, and why. So I’m certainly committed on that also.
    SULLIVAN: I just need your commitment to get the staffing and money to do the surveys. That’s it. If we’re failing on this, this is not good. Let me ask one final question. This relates. There’s a contract we’re trying to get the Secretary to sign, like right now. It’s for the Oscar Dyson. It’s a NOAA survey vessel homeported in Kodiak, Alaska. It’s coming up for its contract. It needs to be signed this week. Again, I hope Commerce people are watching. Okay? Just sign the contract so we can do the surveys from the Oscar Dyson. That’s a NOAA survey vessel ship. If that’s not signed in the next couple of days, that vessel won’t be able to do surveys. Again, this is blocking and tackling to take care of our fishermen, which is in the President’s EOs. But we’ve got to be able to support them with science. Can I get your commitment on that and maybe have someone get to the Secretary and sign this contract on the Oscar Dyson like today?
    DABBAR: I’ll follow up, and there are people behind me watching, listening to you. I’m certain.
    SULLIVAN: It’s really, really important. Thank you.

    MIL OSI USA News –

  • MIL-OSI USA: May 1st, 2025 Heinrich, Luján, Colleagues Demand to Know Who Killed Minority Business Development Agency, Why & Where’s the Money Going?

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    “Who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?” Senators ask
    WASHINGTON – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), a member of the Senate Commerce Committee, joined U.S. Senator Maria Cantwell, Ranking Member of the Senate Commerce Committee, and five Senate Democrats in demanding that Keith Sonderling, the purported Acting Under Secretary of Commerce for the Minority Business Development Agency (MBDA), promptly turn over key documents and information related to the dismantling of the agency and recent funding termination notices sent to all grantees by a member of Elon Musk’s DOGE. The senators’ demands come as Paul Dabbar, President Trump’s nominee for Deputy Secretary of Commerce, appeared on Thursday before the Commerce Committee for his nomination hearing.
    “In one MBDA termination notice reviewed by our offices, the Department claims the grant is being terminated because it ‘is unfortunately no longer consistent with the agency’s priorities and no longer serves the interests of the United States and the MBDA Program,’” the senators wrote in a letter to Sonderling, who was confirmed by the Senate as Deputy Secretary of Labor in March. “The termination notice further states that, ‘MBDA is repurposing its funding allocations in a new direction in furtherance of the President’s agenda.’ …[T]he notice is silent about why the grants are inconsistent with the MBDA’s priorities and programs—which Congress, not the Department, set by statute. And it suggests the DOC or others in the Administration may be using funding appropriated for the MBDA for other, unrelated purposes.”
    The senators questioned Sonderling about the notice terminating all MBDA grants, which was signed by Nate Cavanaugh, a member of Elon Musk’s so-called Department of Government Efficiency (DOGE) and “Under the Authority of Keith Sonderling, Acting Undersecretary of MBDA.”  
    “This raises significant questions regarding Mr. Cavanaugh’s precise role at DOC and the mechanism by which you or other members of DOC leadership delegated him authority to terminate MDBA grants on behalf of the Department,” their letter continued. “Our offices have also obtained information indicating you may not have been aware these termination notices were being sent out by Mr. Cavanaugh under your authority, which would raise further questions about who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?”
    The letter is also signed by U.S. Senators Tammy Baldwin (D-Wis.), Lisa Blunt Rochester (D-Del.), Brian Schatz (D-Hawaii), Ed Markey (D-Mass.), and Andy Kim (D-N.J.).
    In October 2024, Heinrich  led the unveiling of a new, larger office space for the New Mexico Minority Business Development Center in Albuquerque to expand support for local businesses across the state as they create the types of careers New Mexicans can build their families around. Heinrich wrote the legislative provision that established and funded the New Mexico Business Center in 2020, securing more than $2.5 million in federal resources through the U.S. Department of Commerce’s Minority Business Development Agency for its staffing and programming.
    Today, during the Senate Commerce hearing on the nomination of Paul Dabbar to be U.S. Deputy Secretary of Commerce, Luján pressed Mr. Dabbar on the dismantlement of the MBDA by the Trump administration and highlighted the successes of the MBDA. Senator Luján championed an amendment in the Bipartisan Infrastructure Law to make the MBDA permanent. He also secured passage of a provision to double the funding level for the MBDA’s Rural Business Development Center Program and to expand this program’s eligibility to include all Minority-Serving Institutions, which will expand opportunities for New Mexico’s colleges and universities. Additionally, in 2021, Luján championed legislation to make permanent and expand the reach of the Minority Business Development Agency.
    The full text of the letter can be found HERE and below:
    The Honorable Keith Sonderling
    Acting Under Secretary for Minority Business Development Agency
    U.S. Department of Commerce
    1401 Constitution Avenue, NWWashington, DC 20230                                              
    Acting Under Secretary Sonderling:
    On March 25, 2025, and April 17, 2025, we sent letters to Secretary Howard Lutnick raising serious concerns about the apparent dismantling of the Minority Business Development Agency (MBDA), despite his testimony before the Senate Committee on Commerce, Science, and Transportation stating he would not support doing so. In our April 17 letter, we requested specific documents and information that would help address our outstanding questions and concerns regarding the MBDA. On April 24, 2025, we received a letter from the Department of Commerce (DOC) Acting Assistant Secretary for Legislative and Intergovernmental Affairs purporting to respond to our April 17 letter. This response, however, contained a mere three sentences related to the MBDA and failed to answer or meaningfully address any of our requests. Given Secretary Lutnick’s apparent disregard for our concerns about the Department’s actions against the MBDA, we are now requesting you provide documents and information related to this inquiry.
    Since our most recent letter, our offices have obtained information demonstrating that DOC has canceled all MBDA grants—further dismantling an agency Congress statutorily authorized, despite Secretary Lutnick’s testimony to the contrary. In one MBDA termination notice reviewed by our offices, the Department claims the grant is being terminated because it “is unfortunately no longer consistent with the agency’s priorities and no longer serves the interests of the United States and the MBDA Program.” The termination notice further states that, “MBDA is repurposing its funding allocations in a new direction in furtherance of the President’s agenda.” Beyond these conclusory assertions, however, the notice is silent about why the grants are inconsistent with the MBDA’s priorities and programs—which Congress, not the Department, set by statute. And it suggests the DOC or others in the Administration may be using funding appropriated for the MBDA for other, unrelated purposes.
    Raising further concerns, the termination notice was signed by Nate Cavanaugh—who we understand to be part of the so-called Department of Government Efficiency (DOGE)—and is signed “Under the Authority of Keith Sonderling, Acting Undersecretary of MBDA.” Mr. Cavanaugh has reportedly been interviewing employees at the General Services Administration and overseeing efforts to dismantle another agency, the U.S. Institute of Peace. The termination notice indicates that Mr. Cavanaugh now has a DOC e-mail address. This raises significant questions regarding Mr. Cavanaugh’s precise role at DOC and the mechanism by which you or other members of DOC leadership delegated him authority to terminate MDBA grants on behalf of the Department. Our offices have also obtained information indicating you may not have been aware these termination notices were being sent out by Mr. Cavanaugh under your authority, which would raise further questions about who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?
    Given the lack of responsiveness from the Department to date, we reiterate the requests raised in our April 17, 2025 letter, and request the following additional documents and information no later than May 14, 2025:
    A complete description of Mr. Cavanaugh’s position at DOC, including his title, job description, date(s) of employment, any salary, any benefits, supervisor, and direct reports. Please also identify all other federal e-mail addresses assigned to or used by Mr. Cavanaugh of which you are aware.
    Documents sufficient to show Mr. Cavanaugh’s delegated authority to execute termination notices to MBDA grantees. 
    Documentation sufficient to show your appointment as Acting Under Secretary for Minority Business Development Agency and the date of such appointment.
    A complete description of your decision to delegate your authority to Mr. Cavanaugh for the purpose of terminating MBDA grants, including the extent to which Secretary Lutnick or any other senior DOC official was involved in making this decision.
    A complete description of the types of funded activities that are considered “consistent with the agency’s priorities” and “serve[] the interests of…the MBDA program.”
    A detailed explanation of how the MBDA intends to “repurpos[e] its funding allocations in a new direction in furtherance of the President’s agenda,” including any specific program or activity that has received or is expected to receive repurposed funding.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Senators Murray, Wyden, and Padilla and West Coast Ports Sound Alarm on Trump’s Tariffs Leaving Shelves Bare, Forcing Painful Layoffs

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ***WATCH THE FULL PRESS CONFERENCE HERE; DOWNLOAD HERE***
    Washington, D.C. — Today, U.S. Senators Patty Murray (D-WA), Ron Wyden (D-OR), and Alex Padilla (D-CA) held a virtual press call alongside West Coast ports to sound the alarm on the dramatic decline of container ships making the trip to West Coast ports and the harmful consequences of Trump’s tariffs across the American economy—price hikes, layoffs, empty store shelves, and more.
    The Senators were joined by Mario Cordero, Chief Executive Officer of the Port of Long Beach; Ryan Calkins, Port of Seattle Commissioner; and Dick Marzano, Port of Tacoma Commissioner. The press call comes just one day after the overwhelming majority of Senate Republicans rejected a bipartisan resolution led by Senator Wyden and unanimously supported by Democrats to repeal President Donald Trump’s global tariffs.
    A new forecast by Apollo Global Management contends that the U.S. economy is on the verge of a self-inflicted recession as a result of Trump’s tariff policies, drawing a plain timeline from Trump’s so-called “Liberation Day” on April 2nd to a dramatic slowdown of container ships making their way to U.S. ports. Apollo predicts this slowdown of container ships will lead to a sharp decrease in trucking demand by mid-to-late May, which will subsequently result in supply shortages and lower sales for retailers. By late May to early June, Apollo predicts layoffs will occur across trucking and retail industries and that the U.S. economy will fall into a recession by this summer.
    During the call, the West Coast Senators sounded the alarm on the major warning signs for the economy and continued to urge their Republican colleagues to join them in asserting Congressional authority over tariffs to put an end to Trump’s trade war and minimize the economic damage already inflicted by the President.
    “We are already seeing the consequences of Trump’s tariffs at our ports: fewer ships from across the Pacific, means less cargo at our ports, less cargo at our ports means less goods for our truckers to transport—and that ultimately means bare shelves for our retailers and the American consumer,” said Senator Murray. “Our ports know better than anyone that supply chains do not reset in an instant. The time to reverse these Republican tariffs was the same day they were announced. Every day This Republican Congress refuses to reject these tariffs is a day they are actively enabling Trump’s pro-recession agenda and higher taxes on every American. Congress needs to take the matches away from the President who is setting fire to the economy. Democrats are going to make sure Republicans continue to feel the pressure until this Congress takes action and overrides this President.”
    “Oregon knows firsthand that Trump’s tariff chaos is already hurting small businesses and drying up markets for red-white-and-blue products,” said Senator Wyden. “Speaking with small businesses and workers all over Oregon last week, every single one warned of damage from tariffs in the near future. West Coast senators will be on the front lines pushing back against these senseless Republican tariffs.”
    “California’s Ports of Los Angeles and Long Beach are keystones for the success of not just our state’s economy, but our national economy. So when the San Pedro Bay ports and other West Coast ports send warning signs about the damage of Trump’s tariffs, we know they’re really warning signs for our country,” said Senator Padilla. “The drop in cargo volume caused by Trump’s tariffs will mean empty shelves when products don’t reach our stores, rising prices on everything from groceries to clothes to cars, and undoubtedly, more Americans out of work. While today, it’s Western ports — we know it will only be a matter of weeks before the ripple effect causes pain across the nation.”
    “We take our mission as ports seriously because a lot is at stake. The current tariffs will have far-reaching consequences for Washington businesses and consumers, and the thousands of jobs that rely on international trade. We are fortunate to have such a great advocate in Senator Murray and are grateful for her continued attention to these critical issues,” said Northwest Seaport Alliance Managing Member and Port of Tacoma Commissioner, Dick Marzano.
    “At the Northwest Seaport Alliance, we have already started to see serious impacts of the tariff war on our docks. As our policy makers address economic and security concerns with international trading partners, we encourage them to tread carefully in order to preserve space for a commercial relationship. We thank Senator Murray for her advocacy for policies that support Washington businesses, jobs, and communities,” said Northwest Seaport Alliance Managing Member and Port of Seattle Commissioner, Ryan Calkins.  
    “As one of America’s largest ports, Long Beach moves more than $300 billion in cargo every year to and from every congressional district, supporting 2.7 million jobs. Due to the new trade policies, we are about to see a shift from cargo surge to cargo slowdown in the supply chain, and this will have a real impact on the American economy. For workers across the country whose jobs depend on cargo moving through the Port of Long Beach – dockworkers, truckers, logistics workers, retailers, farmers, factory workers – any sort of long-term, sustained downturn in shipments caused by the tariff will be detrimental to the job market. I remain hopeful that leaders in our nation’s capital recognize the significance of the goods movement industry and will take necessary action to ensure America’s economy can thrive,” said Mario Cordero, CEO of the Port of Long Beach.
    “Cargo volume at the nation’s busiest port will drop by about one-third next week,” said Port of Los Angeles Executive Director, Gene Seroka. “That means fewer jobs along with rising prices for consumers and businesses. Additionally, counter tariffs are having a severe impact on American agricultural exporters. We need agreements quickly with our trading partners that benefit and support the U.S. economy and supply chain.”
    Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Canada is Washington’s largest trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. China is the world’s second-largest economy and Washington state exported over $12 billion in goods to China last year—making China Washington state’s top export partner—and imported $11.2 billion in goods, the most in imports from any country aside from Canada. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.
    Senator Murray has been a vocal opponent of Trump’s chaotic trade war from the very start and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade and calling on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier last month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.
    Murray has also been sounding the alarm on Trump’s tariffs across Washington state. Recently, Senator Murray held a roundtable discussion in Tacoma with local businesses and ports, met with farmers in Yakima to discuss the consequences of Trump’s tariffs, and held a roundtable discussion in Vancouver at a local metal fabrication company to highlight how Trump’s trade war is hurting businesses and our economy Washington state. Just last week, Senator Murray met with small business owners in Seattle’s University District to hear how Trump’s tariffs and the broader economic uncertainty are affecting them, and later she met with farmers in Skagit County to discuss tariffs, and visited Blaine near the Canadian border to highlight the impacts of Trump’s trade war.
    Senator Murray’s full remarks as delivered during today’s press call are below:
    “Thank you everyone for joining us, and I am so glad to be on this call today with some of my colleagues from the West Coast—the best coast. You’re going to hear from Senators Wyden and Padilla, and our West Coast ports. 
    “We are here to sound the alarm on Trump’s disaster of a trade policy with some of the ports that we represent, because the window of opportunity we have to minimize the worst consequences of this inane tariff agenda is rapidly shrinking. I want to be clear what’s happening here, one economically illiterate President is forcing a totally unpredictable and thoughtless trade war onto the entire world—and although Trump inherited a remarkably strong and resilient American economy, he is singlehandedly pushing this nation toward a painful Republican Recession while forcing a tax increase on everyone.
    “All of the major economic indicators are there, we’re talking big red, flashing sirens. We went from months of strong economic growth and predictions of more growth to come, to a shrinking economy all thanks to Trump and his tariffs. Consumer confidence is at its lowest level since COVID because it’s pretty obvious Trump is driving the economy into the ground on purpose. Small businesses in my state who rely on imports are telling me the situation is as dire for them as it was during COVID—during COVID! They’re actually calling Trump’s trade war a kind of COVID 2.0 for them.
    “They are facing tariffs on items we either don’t grow or make in the United States, and realistically never will, for things like coffee or Green Tea. They are shouting from the rooftop that Trump is singlehandedly detonating a mass extinction event for small businesses in America.
    “And listen, few people understand better than our Ports that you don’t need these tariffs to last very long for them to have a verybig impact. Fewer ships from across the Pacific, means less cargo at our ports, less cargo at our ports means less goods for our truckers to transport, and that ultimately means bare shelves for our retailers and the American consumer.
    “Now even if you assume the most optimistic outlook that Trump is going to cut amazing new trade deals with everyone he’s burned—which he won’t—there will still be a painful cost from the shock to the economy that has already been set in motion. Supply chains do not reset in an instant. The time to reverse these Republican tariffs was the same day they were announced.
    “Just three Republicans chose to support Senator Wyden’s resolution yesterday, with the majority blocking that bill. That is a dangerous and deliberate decision by Republicans to enable Trump’s pro-recession agenda and higher taxes on every American—and for every day that Republicans choose to allow Trump to sabotage the economy, more small businesses will continue to suffer.
    “Businesses in Washington state are already having to take cost cutting measures, they’re laying off employees, some may even close for good. For what? There’s no strategy here. It’s short-term pain for long-term pain. This entire debacle is already a prime example of self-inflicted economic arson. No one wins here.
    “Republicans need to cut their losses, and work with Democrats immediately to end this tax on consumers and stop these nonsense trade wars. Congress needs to take the matches away from the President who is setting fire to the economy. So, Democrats are going to make sure Republicans continue to feel the pressure until this Congress takes action and overrides this President.
    “So, with that, I want to turn it over to Senator Wyden. He has been a leader in our efforts to rein in Trump’s tariffs.”

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Whitehouse Welcome GAO Report on Use of Beneficial Ownership Information to Bolster Fraud Detection

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sens. Chuck Grassley (R-Iowa) and Sheldon Whitehouse (D-R.I.) welcomed the release of a Government Accountability Office (GAO) report examining the use of beneficial ownership information in law enforcement or Inspectors General investigations to detect fraud and misconduct in government programs.
    Grassley and Whitehouse requested the report last Congress as part of their ongoing bipartisan work to improve government accountability and transparency, combat illicit finance and bolster the U.S.’s anti-corruption efforts.  
    “For decades, criminals, cartels and foreign terrorists have used shell companies to steal taxpayer dollars, launder their ill-gotten gains and endanger American lives with lethal drugs and violent crime. Last Congress, Senator Whitehouse and I uncovered just one aspect of these systemic weaknesses in lax Federal Aviation Administration (FAA) registration,” Grassley said. “In order to fight this pervasive form of fraud, and support President Trump’s agenda of cutting waste, fraud and abuse, Inspectors General must know who the true owners of U.S. corporations are. FinCEN ought to swiftly implement GAO’s recommendations and provide Inspectors General access to the company registry of beneficial owners.”
    “America is engaged in a clash of civilizations, between rule of law and international corruption and kleptocracy. Senator Grassley and I worked for years to pass the Corporate Transparency Act to support law enforcement’s ability to go after fraudsters, cartels, and criminals, who routinely use shell companies to stash dirty money in plain sight,” Whitehouse said. “This timely GAO report details how company ownership reporting betters our government’s approach to cracking down on fraudsters stealing government money and benefits at the expense of honest small businesses and taxpayers.”
    Findings:
    The GAO report found that some private companies competing for government contracts or applying for federal benefits perpetrated fraud against the government through obscuring their ownership information. The report recommends that the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) work with Inspectors General to facilitate the use of beneficial ownership information to bolster fraud detection, anti-corruption and illicit finance risk.   
    The report describes how shell company schemes result in significant financial losses and threaten our national security and public safety, including the theft of $93 million from Medicare to the transfer of sensitive military technology to foreign countries. About 85 percent of Inspectors General reported that beneficial ownership information could help prevent and investigate fraud in the government.  
    Background:
    Grassley and Whitehouse were the original sponsors of the TITLE Act, the precursor to the Corporate Transparency Act (CTA). The CTA was designed to play an important role in protecting national security and public safety by providing law enforcement and national security officials with the names of the true owners (“beneficial ownership information”) of U.S. corporations and other legal entities. This information aids the government’s efforts to combat terrorist financing, money laundering, sanctions evasion, proliferation financing, tax evasion and other forms of illicit finance carried out through shell and front companies.  
    The CTA was the culmination of more than a decade of painstaking bipartisan congressional deliberation. The measure passed as part of the FY2021 National Defense Authorization Act and was supported by a wide range of stakeholders, including national security experts, law enforcement, anti-corruption groups, human rights organizations, faith communities, financial institutions, real estate organizations, the U.S. Chamber of Commerce, labor unions and the first Trump Administration.   
    Read the full report HERE.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Weber Washington Times Op-Ed: The world runs on Southeast Texas energy

    Source: United States House of Representatives – Congressman Randy Weber (14th District of Texas)

    Washington, D.C. – In a new op-ed in the Washington Times, U.S. Rep. Randy Weber (TX-14), the Chairman of the Energy Subcommittee on the Science, Space, and Technology Committee and Vice-Chair of the Energy Subcommittee on the Energy and Commerce Committee, details the urgent need to restore American energy leadership by investing in the Gulf Coast — particularly Southeast Texas.

    Below, please find an excerpt from the op-ed.

    The world runs on Southeast Texas energy

    Washington Times

    By: Representative Randy Weber

    April 28, 2025

    “When America needs energy, it turns to Texas and more specifically, to Southeast Texas. We don’t just refine oil or export gas. We fuel economies, empower allies, and protect national security. In short: we are the energy capital of the world…

    “Our energy sector supports millions of well-paying jobs across America and tens of thousands of those are in Southeast Texas. These are jobs that don’t require four-year degrees, but do demand skill, grit, and the kind of work ethic that built this county. Welders, pipefitters, engineers, rig hands, terminal operators, truck drivers, safety techs this is the American workforce at its best…

    “We have four years to do a lot of important work that has been neglected for years. If we want to continue our energy dominance, we must double down on Southeast Texas…

    “That means investing in critical infrastructure pipelines, ports, and power grids to move our products faster and safer. It means cutting the red tape that delays permits and discourages innovation. It means unleashing the full potential of LNG, hydrogen, and carbon capture, and empowering the hardworking men and women who keep our energy economy running.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: BNZ offers support for Canterbury and Wellington customers affected by severe weather

    Source: BNZ statements

    BNZ is offering targeted support for customers affected by severe weather events in Canterbury and Wellington.

    Available immediately, the support includes package includes:

    • Ability to review home lending facilities on a case-by-case basis.
    • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies.
    • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies.
    • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies.

    “We understand that some of our customers may be facing unexpected challenges to their homes, businesses and communities and we are offering practical support to help relieve some of the pressure during this time, so people can focus on the clean-up and recovery,” says BNZ Executive Customer Products and Services Karna Luke.

    “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help.”

    To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ.

    BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz

    The post BNZ offers support for Canterbury and Wellington customers affected by severe weather appeared first on BNZ Debrief.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Gillibrand Slams Trump Administration For Making Seniors More Vulnerable To Financial Frauds And Scams

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    In 2023, More Than 4,300 Older New Yorkers Were Victims of Fraud; Victims Lost Over $200 Million;
    Trump Is Firing The Federal Regulators Who Help Older Adults Fight Frauds and Scams
    Today, U.S. Senator Kirsten Gillibrand, the top-ranking Democrat on the Senate Aging Committee, held a virtual press conference highlighting Trump administration policies that are leaving senior citizens vulnerable to financial fraud. 
    President Trump is working to dismantle the Consumer Financial Protection Bureau (CFPB), a federal agency that prevents Americans from getting scammed by big banks and corporations and responds to millions of consumer complaints each year. He has attempted to fire nearly 90% of the agency’s staff, including all but one employee of the CFPB’s Office of Financial Protection of Older Americans. Older Americans are disproportionately the targets of scams and fraud; in 2023 alone, Americans over age 60 lost $3.4 billion to scams. Without the CFPB’s financial education and counseling, coordination with other agencies, and enforcement support activity, they will be left even more vulnerable to exploitation. 
    “Since its creation after the 2008 financial crisis, the CFPB has provided over $21 billion in compensation and relief to Americans impacted by financial scams, frauds, and wrongdoing,” said Senator Gillibrand.“Now, President Trump is trying to shutter the agency and eliminate the support and resources it offers to seniors, putting them at risk of losing their savings or even plunging them into debt. I will be doing everything in my power to stop this ill-considered and illegal shutdown from moving forward.” 
    The CFPB’s Office of Financial Protection of Older Americans helps educate older Americans about common scams that target seniors and provides a variety of resources to help them navigate medical billing and debt, reverse mortgages, the death of a spouse, and more. 
    The effort to shut down the CFPB is just the latest of President Trump’s attacks on seniors’ financial wellbeing. He has attempted to shut down Social Security field offices, cut thousands of staff, and eliminate phone support – making it harder for seniors to access the benefits they have spent a lifetime earning. The administration has also paused regulations on inaccurate credit reporting that would protect victims of elder abuse. 
    The full text of Senator Gillibrand’s letter to the Acting Director of the CFPB is available here or below: 
    Acting Director
    Consumer Financial Protection Bureau
    1700 G St. NW
    Washington, DC 20552
    Dear Acting Director Vought,
    We write with grave concerns about illegal actions you are taking in your acting role at the Consumer Financial Protection Bureau (CFPB). Last week, you tried to fire nearly all of the agency’s remaining 1,700 employees—the staff responsible for fulfilling the CFPB’s mission and statutory requirements to prevent Americans from getting scammed by big banks and giant corporations. Your hasty and unjustified mass firings are an illegal shutdown of the CFPB that will leave it unable to conduct agency actions that are required by law.
    You directed the gutting of entire divisions—including departments created by Congress to protect service members and older Americans—attempting to leave a shell of only 200 employees to supervise and examine large financial institutions across the country, respond to millions of consumer complaints, answer the phone for hundreds of thousands of people seeking help, monitor emergency financial risks, and run all of the agency’s other operations. This rush to dismantle the CFPB without any careful analysis of the impact on its work is not only illegal, it also defies a court order prohibiting you from shutting down the agency and interfering with its statutorily required responsibilities.
    A bipartisan majority in Congress created the CFPB as part of the Dodd-Frank Act in the wake of the 2008 financial crisis. Since its creation, the CFPB has returned over $21 billion to Americans cheated by giant companies and has been the primary federal regulator supervising and examining the largest financial institutions across the country for compliance with consumer financial protection laws. Congress authorized the CFPB to play this role and required it to perform more than 80 specific functions to protect consumers and our economy from the types of rampant consumer abuse that set off the Great Recession. It is not possible for your proposed skeleton crew of CFPB employees to conduct anything close to all of those congressionally mandated activities to protect consumers. To take just a few examples, your planned cuts include:
    •      Slashing staff so just 16 employees would be responsible for addressing millions of complaints from scammed consumers. Under 12 U.S.C. 5493(b)(3) and 5511(c), the CFPB must maintain an office for collecting, investigating, and addressing complaints from consumers about financial products and services. Specifically, the law states that the Director shall establish a unit whose functions shall include establishing a single, tollfree telephone number, a website, and a database or utilizing an existing database to facilitate the centralized collection of, monitoring of, and response to consumer complaints regarding consumer financial products or services.” 
    In 2024 alone, CFPB received more than 2.7 million complaints, routed more than 100,000 complaints to other regulators, directed more than 100,000 complaints to companies, and oversaw the vendor responsible for handling more than 40,000 calls per month.6 But according to court filings, you have slashed the staff in that responsible section of the CFPB from approximately 135 to 16 people (and did not consult the head of the Office of Consumer Response to determine how to continue fulfilling the agency’s statutory responsibilities). In fact, the head of that office said that after the staff cuts, “the Office will be incapable of performing its statutory duties.”
    •      Wiping out the office required to help members of our military, leaving just one employee responsible for assisting thousands of service members and their families. Under 12 U.S.C. 5493(e), the Director “shall establish an Office of Service Member Affairs, which shall be responsible for developing and implementing initiatives for service members and their families.” These initiatives must include efforts to “educate and empower service members and their families to make better informed decisions regarding consumer financial products and services,” “monitor complaints by service members and their families and responses to those complaints by the Bureau or other appropriate Federal or State agency” and “coordinate efforts among Federal and State agencies . . . regarding consumer protection measures relating to consumer financial products and services offered to, or used by, service members and their families.”
    There are more than two million service members in the United States. In 2023, service members and their families submitted nearly 84,600 complaints to the CFPB, a 27% increase from 2022 and a 98% increase from 2021. But according to court filings, you have gutted the entire office so it will be staffed by a single person.
    •      Eliminating support for older Americans, leaving just one employee focused on the tens of millions of seniors who are disproportionately targeted by scams and fraud. Under 12 U.S.C. 5493(g), the CFPB must maintain an “Office of Financial Protection for Older Americans” that is “headed by an assistant director” and must “facilitate the financial literacy of [seniors] on protection from unfair, deceptive, and abusive practices and on current and future financial choices.” The office must specifically monitor certifications of financial advisors, conduct research to identify best practices for counseling seniors about personal financial management, develop goals for financial literacy programs, coordinate consumer protection efforts with other federal and state regulators, and work with outside organizations involved with assisting seniors.
    There are roughly 62 million adults aged 65 and older in the United States. According to the FBI, older Americans are disproportionately the targets of scams and fraud; these crimes against Americans over age 60 caused $3.4 billion in losses in 2023. The average older fraud victim lost $33,915 in 2023.But according to court filings, you have eliminated all but one position in the Office of Financial Protection for Older Americans.
    •      Gutting the capacity to supervise hundreds of giant financial institutions and to enforce the law. Under 12 U.S.C. 5514(b) and 5515, the CFPB has exclusive authority to supervise banks with more than $10 billion in assets—along with all nonbank lenders—to ensure they are complying with federal consumer financial laws and to assess risks they may pose to consumers and the broader market for consumer financial products. The Chair of the Federal Reserve confirmed earlier this year that the CFPB is the only federal regulator examining giant banks to ensure they are following federal consumer financial laws. The CFPB is responsible for supervising more than 180 banks and bank affiliates as well as many nonbank lenders that service more than 55% of the U.S. mortgage market. But according to court filings, you have slashed the staff responsible for this nationwide supervision of hundreds of institutions from 487 to just 50 employees, with only 50 additional people remaining from the 248 who were previously assigned to pursue legal action when the CFPB discovers illegal activity or violations of consumer protection laws.
    •      Dismantling the office responsible for monitoring developments in our markets that could crash our economy again. Under 12 U.S.C. 5493(b)(1), the CFPB must maintain a research unit to analyze and report on trends in consumer financial products and services, including on consumer understanding of costs, risks and benefits of those products; the use of disclosures; and access to fair and affordable credit for traditionally underserved communities. Under 12 U.S.C. 5499, the CFPB must maintain public access to all published data sets. Under 12 U.S.C. 5512(c), it must actively monitor and issue reports on emerging risks to consumers. Under 12 U.S.C. 5106(a)(1), 2809(a), and 2809(c), it must also help maintain a registration system for mortgage loan originators; compile statistics, on an ongoing basis, on mortgage issuance; and make mortgage issuance data available to the public. But according to court filings, your cuts would slash the research unit from 208 to 22 staff and eliminate all 10 current employees of the data office.
    •      Eliminating almost 90% of the agency that has returned $21 billion to scammed consumers and families. The examples above only illustrate the broader ways in which you are dismantling the CFPB, where you plan to leave a single person responsible for the Office of Fair Lending and Equal Opportunity, a single person in the Office of Civil Rights, a Private Education Loan Ombudsman with no staff, no Chief Data Officer, and almost no one responsible for basic tasks like running CFPB operations—much less fulfilling all of the more than 80 statutory obligations of the agency. You appear to have no plan for ensuring the CFPB meaningfully meets its responsibilities, including many not highlighted here—such as maintaining an Office of Financial Education, working with a Consumer Advisory Board, engaging in community affairs, and regulating mortgage loan servicing.
    In short, it is not possible for the CFPB to perform all of its statutorily required functions with a staff of 200 people left after slashing almost 90% of the agency. Directors from both Republican and Democratic Administrations have all made clear that they needed far more personnel to fulfill their responsibilities under the law. Even during the cuts early in the first Trump Administration, the number of employees never dropped below 1,400—nearly seven times the broken shell that would be left after you have hollowed out the staff. In fact, staffing increased after Director Kathy Kraninger—appointed by President Trump—undertook a “comprehensive planning initiative in 2019 to determine the staffing levels needed to support and execute the Bureau’s priorities in Fiscal Year 2020.”
    Maintaining the staff to perform the agency’s required functions is a critical responsibility. There is no other federal agency that is chiefly responsible for enforcing our federal consumer financial protection laws, and consumers across America will be left to fend for themselves against a broad swath of unchecked financial frauds and scams. Though the Trump Administration filed a document last week with a superficial list of the number of people assigned to some sections of the CFPB, it includes a number of zeroed-out offices and does not explain how the remaining 200 staff will perform each of the agency’s required functions.
    In light of these significant concerns, we request that you provide—by April 30, 2025—a detailed accounting of each of the more than 80 statutory obligations of the CFPB, the number of employees assigned to each of those functions as of December 2024, the number of employees who would be assigned to each function if your rushed reduction in force were to go into effect, the immediate impact of such a reduction on the agency’s ability to perform each function consistent with federal law and federal court orders, and copies of any individualized or particularized analysis of those planned reductions on the agency’s work.
    Sincerely,

    MIL OSI USA News –