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  • MIL-OSI United Kingdom: CMA proposes to accept commitments to protect competition on UK-US passenger routes

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    Press release

    CMA proposes to accept commitments to protect competition on UK-US passenger routes

    Five airlines have offered commitments to resolve the CMA’s competition concerns over their agreement to cooperate on passenger routes between the UK and US.

    iStock

    • Five well-known airlines – British Airways, Iberia, Aer Lingus, American Airlines, and Finnair – together form the Atlantic Joint Business Agreement, where members agree on key business decisions including prices and schedules
    • As part of a CMA investigation, these airlines have offered commitments to give competitors slots for take-off and landing at London airports on 3 key routes: London-Boston, London-Miami, and London-Chicago; and to carrying a minimum number of passengers on London-Dallas
    • The CMA is consulting on the airlines’ commitments, and interested parties can provide feedback ahead of the CMA reaching a decision on whether to accept them

    The Competition and Markets Authority (CMA) is investigating the Atlantic Joint Business Agreement (AJBA), a group of 5 airlines that cooperate, rather than compete, on transatlantic flights. The companies involved – British Airways, Iberia, Aer Lingus, American Airlines, and Finnair – contribute aircraft and flight slots, coordinate routes and selling and distribution, and share revenue, under the agreement.

    The European Commission reviewed the AJBA in 2010, accepting commitments (including the availability of slots on some UK-US routes) which were effective for 10 years.

    The CMA commenced investigating the AJBA in 2018 (in preparation for the end of those commitments) and considered a potential commitments package in early 2020. However, due to the impact of the COVID-19 pandemic, the CMA instead imposed Interim Measures (effectively extending the key terms of commitments which had been accepted by the Commission for 5 years). As the sector is now sufficiently recovered from the pandemic, the CMA has completed its review of the AJBA and has considered a new package of commitments offered by the parties which it provisionally considers will address its competition concerns.

    Commitments under consultation

    The commitments would require American Airlines and British Airways – the only 2 of these airlines to fly directly on these routes – to offer slots to competitors on 3 key UK-US routes: London-Boston, London-Miami, and London-Chicago. Rival airlines would then be able to apply for these slots, available at London’s Heathrow and Gatwick airports, allowing them to offer or increase flights on these routes – ensuring UK-US travelers can get the best deals when choosing which airline to fly with. Remedy slots allowing competitor airlines to operate on US-UK routes have been a core part of the commitments which have been in place since 2010.

    Slots at these two London airports are difficult to obtain. The airlines that have the rights to them are able to keep them provided they meet the minimum use criteria every year. This means these sought-after slots rarely become available – however, the commitments will continue to allow rival airlines to compete on the specific UK-US routes by reducing this key barrier to entry.

    A further aspect of the commitments package is a requirement that British Airways and American Airlines carry a minimum number of ‘local passengers’ (those who do not start or end their journeys elsewhere) on the London-Dallas route each year. This would protect against a reduction in services on the route and help to constrain prices. The commitments also include measures to support competing airlines on the 3 key routes, including giving access to connecting passengers on preferential terms.

    Juliette Enser, Executive Director of Competition Enforcement at the CMA, said:

    Airline alliances can deliver broader economic benefits, such as enhanced connectivity and new services. But the CMA has concerns about the AJBA’s impact on key UK-US routes.

    Accepting these commitments could address those concerns and protect passengers on the routes, including by making it easier for other airlines to compete, and bring our investigation to a close while allowing the AJBA to continue to operate.

    As is standard practice, the CMA is consulting on the commitments offered by the airlines. Interested parties now have the opportunity to provide feedback on the proposed commitments, which will be considered by the CMA before it makes a decision on whether to accept the commitments in their current form.

    More information about the CMA’s investigation can be found on the dedicated web page: Investigation of the Atlantic Joint Business Agreement.

    Notes to editors

    1. British Airways, Iberia and Aer Lingus are owned by International Consolidated Airlines Group SA.
    2. The CMA is today publishing its Notice of Intention to Accept Commitments. Comments from interested parties are invited until 23 April 2025.
    3. Formal acceptance of the commitments would result in the CMA terminating its investigation and not proceeding to a decision on whether the Competition Act 1998 has been infringed. Accordingly, a decision by the CMA accepting binding commitments would not include any statement as to whether or not the conduct of any of the parties has infringed the Competition Act 1998 prior to the acceptance of the commitments or once the commitments are in place.
    4. The CMA has engaged with the US Department of Transportation throughout the investigation to date.
    5. Further details of the CMA’s procedures in Competition Act 1998 cases can be found here.
    6. For media enquiries, please contact the CMA press office on 0203 738 6460 or press@cma.gov.uk

    Updates to this page

    Published 28 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: GOVERNMENT RECEIVES $100,000 TO RESOLVE FRAUDULENT PAYCHECK PROTECTION PROGRAM LOAN

    Source: Office of United States Attorneys

    GAINESVILLE, FLORIDA – Mac C. Johnson and a company he owned and operated, Mac Johnson & Sons Dumpster, Crane & Demolition, LLC, agreed to pay $100,000 to settle allegations that they violated the False Claims Act by knowingly providing false information in support of a Paycheck Protection Program (“PPP”) loan application. 

    In 2019, Johnson was sentenced to one year and a day in prison after pleading guilty to tax fraud, wire fraud, structuring financial transactions to evade reporting requirements, and harboring undocumented aliens.

    Following his conviction, Johnson knowingly submitted false claims to the U.S. Small Business Administration (“SBA”) in support of a PPP loan made to Defendant Mac Johnson & Sons Dumpster, Crane & Demolition, LLC. Specifically, in the April 2020 loan application, Johnson failed to report that the owner of the company had been convicted of a felony within the prior five years. Knowing that his company was ineligible to participate in the PPP, Johnson used false information to secure a loan for $48,514. 

    “This settlement, which is more than twice the fraudulently obtained amount, reflects the diligence and determination we will use to pursue businesses who defraud the government,” said Acting U.S. Attorney Michelle Spaven. “Here, a defendant who was punished for fraud and harboring aliens continued to take funds unlawfully.  Our Civil Division ensured that this fraudster will not benefit from what rightfully belongs to the American people.” 

    This matter was handled by Assistant U.S. Attorneys Mary Ann Couch and Marie Moyle from the United States Attorney’s Office for the Northern District of Florida, with assistance from the U.S. Small Business Administration.

    The criminal matter is detailed at the following link:  https://www.justice.gov/usao-ndfl/pr/alachua-county-man-sentenced-prison-harboring-undocumented-aliens-and-evading-workers

    The United States Attorney’s Office for the Northern District of Florida is one of 94 offices that serve as the nation’s principal litigators under the direction of the Attorney General.  To access public court documents online, please visit the U.S. District Court for the Northern District of Florida website. For more information about the United States Attorney’s Office, Northern District of Florida, visit http://www.justice.gov/usao/fln/index.html.

    MIL Security OSI –

  • MIL-OSI Security: Ohio Man Found Guilty of Using His Tax Prep Clients’ Identities to Defraud the Federal Government of Pandemic Funding

    Source: Office of United States Attorneys

    CLEVELAND – A federal jury has convicted Mustafa Ayoub Diab, 41, of Ravenna, Ohio, of orchestrating a financial conspiracy that defrauded the U.S. government of pandemic benefits. After an approximately week-long trial, Diab was found guilty on 12 counts of theft of government funds, 12 counts of bank fraud, 11 counts of wire fraud, 6 counts of aggravated identity theft, and 1 count each of conspiracy to commit wire and bank fraud and to launder monetary instruments.

    According to court documents, Diab owned and operated a tax return preparation business in Akron, Ohio. Along with his co-conspirator, Elizabeth Lorraine Robinson, 33, of Ravenna, the couple developed a scheme to take advantage of government programs that expanded unemployment and small business benefits that became available during the COVID-19 pandemic.

    One such program, the Pandemic Unemployment Assistance Program, was expanded to individuals who otherwise did not qualify for regular benefits. Additionally, the Paycheck Protection Program, was administered by the U.S. Small Business Administration and provided resources and assistance to small businesses to cover payroll, utilities, rent/mortgage, accounts payable and other bills incurred which were tied to the COVID-19 pandemic. Diab exploited both of these programs for his benefit.

    From around, June 2020 to August 2021, Diab submitted fraudulent applications for pandemic unemployment benefits and small business assistance for many of his tax preparation business clients. Without their knowledge, he lied about their employment, or about being small business owners, on the applications so they would qualify to receive pandemic funds and benefits.

    Investigators also discovered that Diab opened bank accounts in his clients’ names to receive the pandemic benefit funds via direct deposit, which the clients did not have access to, along with accounts in the names of Robinson and Diab’s sister. When the pandemic relief funds were deposited into these accounts, he immediately withdrew the funds in cash for his personal use. With the cash, Diab bought real estate, cars and took international trips. In evidence presented to the jury at trial, Diab submitted fraudulent applications in the names of nearly 80 victims, causing the federal government to pay out more than $1.2 million in pandemic benefits that were deposited into the various bank accounts that Diab controlled.

    Sentencing is scheduled for July 28, 2025. Diab faces a maximum penalty of 30 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Robinson pleaded guilty to conspiracy, wire fraud, bank fraud, and theft of government funds in February and is currently awaiting sentencing. She also faces up to 30 years in prison.

    The FBI Akron Division investigated this case. Assistant U.S. Attorneys Vanessa V. Healy and Brenna L. Fasko prosecuted that case for the Northern District of Ohio.

    MIL Security OSI –

  • MIL-OSI: Urbana Corporation recognized for highest executive gender diversity on The Globe and Mail’s 2025 Women Lead Here list for the third time

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./

    TORONTO, March 28, 2025 (GLOBE NEWSWIRE) — Urbana Corporation (TSX & CSE: URB & URB.A) is pleased to announce it will be recognized on The Globe and Mail’s 2025 Report on Business magazine’s sixth annual Women Lead Here list. This annual editorial benchmark identifies top-level Canadian businesses with the highest executive gender diversity.

    The Women Lead Here benchmark was established in 2020 by Report on Business magazine and applies a proprietary research methodology to provide an overview of the largest Canadian corporations with the highest degree of gender diversity among executive ranks. The ranked companies have made tangible and organizational progress related to executive gender parity.

    “We have an incredible team of highly committed professionals dedicated to building an exceptional company. We are extremely grateful for the contributions of our female executives,” quoted Thomas S. Caldwell, C.M., Chair of Urbana Corporation.

    For the 2025 ranking, Report on Business conducted a journalistic analysis of approximately 500 large publicly-traded Canadian companies based on revenue, evaluating the ratio of female-identifying to male-identifying executives in the top three tiers of executive leadership. The resultant data was applied to a weighted formula that also factored in company performance, diversity and year-to-year change.

    In total, 93 companies earned the 2025 Women Lead Here seal, with a combined average of 46% of executive roles held by female-identifying individuals.

    The 2025 Women Lead Here list is published in the April 2025 issue of Report on Business magazine, distributed with The Globe and Mail on March 29, 2025 and online at tgam.ca/WomenLeadHere

    ABOUT URBANA CORPORATION
    Urbana Corporation is a diversified investment company. Urbana’s strategy is to seek out, and invest in, private investment opportunities for capital appreciation and invest in publicly traded securities to provide growth, income and liquidity.

    ABOUT THE GLOBE AND MAIL
    The Globe and Mail is Canada’s foremost news media company, leading the national discussion and causing policy change through brave and independent journalism since 1844. With our award-winning coverage of business, politics and national affairs, The Globe and Mail newspaper reaches 6.1 million readers every week in our print or digital formats, and Report on Business magazine reaches 2.8 million readers in print and digital every issue. Our investment in innovative data science means that as the world continues to change, so does The Globe. The Globe and Mail is owned by Woodbridge, the investment arm of the Thomson family.

    For further information contact:

    Elizabeth Naumovski, Investor Relations (416) 595-9106 enaumovski@urbanacorp.com

    The MIL Network –

  • MIL-OSI Global: The UK has a lot of people out of work because of mental illness – but listening to those affected reveals that’s rarely the whole story

    Source: The Conversation – UK – By Annie Louise Irvine, Research Affiliate, King’s College London

    ARMMY PICCA/Shutterstock

    What is going on in the UK when it comes to the massive rise in benefit claims related to mental health? It’s complicated, that much is certain.

    Understanding the causes of mental health-related economic inactivity and what to do about it is at the top of the UK government’s policy agenda. It recently set out plans in a green paper to improve access to effective employment support for people with mental health problems. At the same time, controversial reforms to health and disability benefits were central to Chancellor Rachel Reeves’s spring statement.

    As a social researcher, listening closely to people’s lived experiences has taught me that while their distress is genuine, significant and at times severe, it is rarely the whole story of what is constraining their ability to find and stay in work.

    Mental distress is almost invariably bound up in other challenging circumstances that also pose barriers to work – issues such as homelessness, violence and abuse, caring commitments, lone parenthood, poverty, involvement with the criminal justice system, and the obstacles caused by inflexible employers and insecure work.

    This has made me wonder if the system’s very narrow focus on health as a barrier to work is part of the problem.

    It’s not that the mental health conversation has gone too far – but it may have become too narrow. While it is essential to respond to people’s distress, we can’t understand their capacity for work, or support their steps back into employment, unless we pay attention to all the other factors that limit their opportunities for work.

    The work capability assessment (WCA) was introduced 17 years ago to determine how far and in what ways someone’s disability, illness or health condition limits them from working. Since then, welfare support has been narrowed down to questions of obligation and conditionality – with health as the central focus.

    But this narrow approach, and the exclusive link between ill health and work-related obligations, has crowded out the full range of challenges, constraints and contingencies that affect people’s capacity for work. When health is the only thing the system is interested in, it’s the only thing claimants can discuss.

    So now, with the UK government’s plan to scrap the WCA and introduce a new kind of “support conversation”, there is an opportunity to bring this broader range of factors back into the picture.

    In a positive shift, the government has recognised that discussions about work need to include a better understanding of people’s goals and aspirations, and that these conversations should also facilitate access to support for debt, housing, careers, training and social connection.

    How this might be done is a question that needs careful thought and experimentation. The government is seeking responses on how this “support conversation” should be designed and delivered.

    In a recent workshop, we explored the opportunities and challenges that might arise from a more holistic approach to assessing capacity for work. Participants in our workshop felt there was potential for more positive experiences and effective support.

    But they also envisaged risks both for claimants and welfare services, including the potential for claimants to be retraumatised, as well as extra admin and the possibility of raising unrealistic expectations.

    Better support for people who want to work

    As the government’s Pathways to Work green paper recognises, there are many people for whom formal paid employment may never be possible. But there are some people in the health-related benefits group who would like to work.

    In my most recent research project, I met people living with mental health difficulties and neurodivergence who were keen to work but felt frustrated at the lack of personalised support. Here are a few examples of what they told me:

    In my experience, they don’t help you, they just tell you to do this, that and the other. But they’re not supporting you through the process of finding a job. They’re just throwing these jobs at you. (female, 26)

    I do want to work. It’s just, I want to be able to work and then keep the job. And right now, I just I don’t feel like I’ve got the right things in place to help me with that … I don’t want to use it as just an excuse … What I want is: ‘Oh, I’ve got ADHD, can you please take that into account?’ (male, 33)

    I really don’t know what [job] to go for … A lot of my issues have been connected to frustration and feeling stuck, and not being able to find a pathway into sustainable employment – and things related to education. It’s all kind of linked in a bundle (male, 38)

    Shifting the balance towards personalised and holistic support is a step in the right direction. But the spectre of welfare conditionality, and the threat of sanctions if someone is unable to fulfil work-related activities, will always be a block on engaging those who might be able to work, given the appropriate time and support.

    While the green paper describes sanctions as a “last resort”, it does not go far enough on removing compliance from people’s encounters with the system.

    Mental ill health is often part of a bigger picture of challenging circumstances including lone parenthood or poverty.
    Alena Ozerova/Shutterstock

    The goal should be to make a safe space for people to go beyond the health conversation. The new “support conversation” must allow people to talk about their health and non-health constraints, and the full range of support they need to move into appropriate work.

    We do need to talk about mental health – the reality of people’s distress must never be undermined. But we need to talk about more than just mental health, and approach people’s work-related challenges with an appreciation that mental health problems rarely arise out of nowhere. We cannot understand capacity for work without understanding people’s wider social context.

    Lastly, we really need to ditch the “any job” approach. It is the fit of a particular workplace and particular job with a person’s unique life circumstances that makes the difference as to whether work is feasible, fulfilling and sustainable.

    Annie Louise Irvine has received research funding from the Economic and Social Research Council. She is affiliated with the ESRC Centre for Society and Mental Health, the University of York School for Business and Society, and serves as a non-executive Director for the organisation Better Connect.

    – ref. The UK has a lot of people out of work because of mental illness – but listening to those affected reveals that’s rarely the whole story – https://theconversation.com/the-uk-has-a-lot-of-people-out-of-work-because-of-mental-illness-but-listening-to-those-affected-reveals-thats-rarely-the-whole-story-252891

    MIL OSI – Global Reports –

  • MIL-OSI USA: FDA Grants Marketing Authorization of First Home Test for Chlamydia, Gonorrhea and Trichomoniasis

    Source: US Department of Health and Human Services – 3

    For Immediate Release:
    March 28, 2025

    Today, the U.S. Food and Drug Administration granted marketing authorization to Visby Medical for the Visby Medical Women’s Sexual Health Test. This is the first diagnostic test for chlamydia, gonorrhea and trichomoniasis that can be purchased without a prescription and performed entirely at home. The test is intended for females with or without symptoms and delivers results in approximately 30 minutes.
    “Home tests can give people information about their health from the privacy of their home. This can be particularly important for sexual health tests for which patients may experience fear or anxiety, possibly resulting in delayed diagnosis or treatment,” said Courtney Lias, Ph.D., director of the Office of In Vitro Diagnostic Devices in the FDA’s Center for Devices and Radiological Health. “Expanding access to tests for sexually transmitted infections is an important step toward earlier and increased diagnosis, which can result in increased treatment and reduced spread of infection.”
    According to the Centers for Disease Control and Prevention’s Sexually Transmitted Infections (STI) Surveillance Report, more than 2.2 million cases of chlamydia and gonorrhea were diagnosed and reported in the U.S. in 2023. Additionally, it is estimated that trichomoniasis is the most prevalent nonviral STI worldwide, affecting approximately 2.6 million people in the U.S., according to the CDC’s treatment guidelines. Typically, all three infections can be treated with antibiotics, but if left untreated, can cause serious health complications for patients, including infertility.
    The Visby Medical Women’s Sexual Health Test is a single use, at home test, that includes a collection kit (self-collected vaginal swab) and a powered testing device, which communicates securely to the Visby Medical App, which displays results when the test is complete.In individuals with and without symptoms, the Visby Medical Women’s Sexual Health Test correctly identified 98.8% of negative and 97.2% of positive Chlamydia trachomatis samples, 99.1% of negative and 100% of positive Neisseria gonorrhoeae samples and 98.5% of negative and 97.8% of positive Trichomonas vaginalis samples.
    Individuals with positive results for any of the three infections should seek medical care. Individuals with symptoms, recent exposure to an STI or other concerns despite a negative result should contact their health care provider for additional testing.
    As with many other tests, the risks associated with this test are mainly the possibility of false positive and false negative test results. False negative test results can result in delays to effective treatment and spread of infection to other persons. False positive results could lead to unnecessary treatment and/or a delay in receiving a correct diagnosis and appropriate treatment.
    The FDA reviewed this test under the FDA’s De Novo premarket review pathway, a regulatory pathway for low- to moderate-risk devices of a new type. Along with this De Novo authorization, the FDA is establishing special controls that define the requirements related to labeling and performance testing. When met, the special controls, in combination with general controls, provide a reasonable assurance of safety and effectiveness for tests of this type. This action creates a new regulatory classification, which means that subsequent devices of the same type with the same intended use may go through FDA’s 510(k) premarket notification process, whereby devices can obtain marketing authorization by demonstrating substantial equivalence to a predicate device, which may save a developer time and expense compared to other review pathways.
    This announcement follows last year’s authorization of the first at-home syphilis test, as well as the authorization of the first diagnostic test for chlamydia and gonorrhea with at-home sample collection in 2023, which was the first FDA-authorized test with at-home sample collection for any sexually transmitted infection other than HIV.
    ###

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    The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.

    Inquiries

    Consumer:
    888-INFO-FDA

    Content current as of:
    03/28/2025

    Regulated Product(s)

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    MIL OSI USA News –

  • MIL-OSI: Liquidia Corporation Announces FDA Acceptance of New Drug Application Resubmission for YUTREPIA™ (treprostinil) Inhalation Powder

    Source: GlobeNewswire (MIL-OSI)

    MORRISVILLE, N.C., March 28, 2025 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, today announced that the U.S. Food and Drug Administration (FDA) has accepted its New Drug Application (NDA) resubmission for YUTREPIA™ (treprostinil) inhalation powder to treat pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The FDA confirmed that the resubmission was a complete, Class 1 response to the previous action letter issued on August 16, 2024, which granted tentative approval of YUTREPIA for both PAH and PH-ILD. The FDA has set a Prescription Drug User Fee Act (PDUFA) goal date of May 24, 2025.

    Dr. Roger Jeffs, Ph.D., Chief Executive Officer of Liquidia, said: “We are pleased that the FDA has responded promptly to the resubmission that we filed on Monday. We look forward to working with the FDA over the coming months as we seek final approval for YUTREPIA and, in the meantime, will continue preparations to support a launch of YUTREPIA as soon as possible.”

    About Liquidia Corporation
    Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

    Cautionary Statements Regarding Forward-Looking Statements
    This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward-looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, including the potential for final FDA approval of the NDA for YUTREPIA, which may occur after the expiration of the exclusivity period of TYVASO DPI, if at all, the timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware, litigation with United Therapeutics and FDA in the U.S. District Court for the District of Columbia or other litigation instituted by United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA, if approved, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. The FDA’s final action of the NDA for YUTREPIA could be delayed beyond the assigned PDUFA date. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact Information

    Investors:
    Jason Adair
    Chief Business Officer
    919.328.4350
    jason.adair@liquidia.com

    Media:
    Patrick Wallace
    Director, Corporate Communications
    919.328.4383
    patrick.wallace@liquidia.com

    The MIL Network –

  • MIL-OSI United Kingdom: Success at the 2025 Local Government Awards!

    Source: Northern Ireland City of Armagh

    Councils throughout Northern Ireland celebrated as the ten award winners of the 2025 Local Government Awards were announced at an event hosted by Barra Best at the Game of Thrones Studio in Banbridge last night (Thursday 27 March).

    Coordinated by the Northern Ireland Local Government Association (NILGA), the awards ceremony also marked the 10th anniversary of the newly established councils and the evolving role of councillors, who are vital in advocating and delivering for their communities and the wider region.

    This year’s awards attracted 69 entries and were designed to celebrate the exceptional efforts of councils in their communities. They highlighted the innovative service provision, new initiatives, and the personal commitment of councillors, local government staff, and local government partners.

    The award categories focused on showcasing the dedication, hard work, and creative approaches that local councils demonstrate daily, while also creating opportunities for local government staff and elected members to shine.

    Armagh City, Banbridge and Craigavon Borough Council collected two awards on the night.

    Food Heartland took home the award for ‘Best Outcome of the Past Decade Award.’ This council-led initiative connects farmers, food producers and chefs across the borough to work collaboratively to foster a vibrant food culture and showcase the region’s exceptional culinary offerings.

    Local Government Awards 2025. Best Outcome of the Past Decade Award. Winner: Food Heartland – Armagh City, Banbridge & Craigavon Borough Council. The award was presented by Jonathon Carr West, CEO, LGiU.

    ABC Place Plans, which helps to empower communities, promotes collaboration and integrates sustainability to strengthen civic pride, enhance wellbeing and ensure long-term prosperity and resilience of our towns and cities, won the ‘Innovative Planning for the Future Award.’

    Local Government Awards 2025. Innovative Planning for the Future Award Winner: ABC Place Plans – Armagh City, Banbridge and Craigavon Borough Council. The award was presented by Stephanie Singer, Director, Quadra Consulting.

    NILGA President, Cllr Alison Bennington stated, “Councils across Northern Ireland are committed to enhancing the communities they serve while also supporting broader government and civic initiatives. Our councils undertake valuable work and dedicate time and resources to modernise and improve their areas for local communities, businesses, and visitors, as well as for wider government and civic society.

    “The Local Government Awards are a testament to these services and provide benchmarks for broader government. They offer fantastic learning tools for councils in an environment where every penny and resource counts.

    “We can improve by learning from the best. This is a passion of NILGA, which is evident in each of our ambitious and resourceful councils. Congratulations to our winners and finalists and thank you to everyone who took the time to nominate and support the 2025 Local Government Awards.”

    Celebrating a “Decade of Achievement” for Northern Ireland’s councils, Communities Minister Gordon Lyons said “Councils play a central role in delivering a wide range of services and in helping to develop and grow the local economy – making life better for all our citizens.

    The Minister continued, “Councils have made significant progress, taking on planning responsibilities, introducing Community Planning, and working in partnership with central government to develop and deliver City and Growth Deals. This has brought decision-making closer to local communities, ensuring services are tailored to meet specific needs. Local councils have also driven economic regeneration by partnering with businesses, investing in infrastructure, and promoting tourism. Initiatives like Labour Market Partnerships and the £1 billion investment in City and Growth Deals are creating jobs, boosting entrepreneurship, and enhancing connectivity.”

    APSE Chief Executive Mo Baines remarked, “Across local government, day in and day out, our unsung frontline heroes go above and beyond to deliver for their local communities. The Local Government Awards highlight their commitment to the goals of continuous improvement and excellence in public services. From maintaining beautiful parks and managing waste collection to attracting businesses and promoting arts, culture, and leisure, it is a privilege to recognise the fantastic work that local councils do on the front lines.”

    The awards cover ten categories, with sponsor partners and support bodies including agendaNi, the Association for Public Service Excellence (APSE), CCLA Good Investment, Greenwich Leisure Limited (GLL), Hays Recruitment, the Local Government Information Unit (LGiU), the Local Government Staff Commission (LGSC), Quadra Consulting, the Small Business Research Initiative (SBRI), and the William Johnston Memorial Trust (WJMT).

    Also shortlisted for the awards were the Inclusive ABC Initiative (Local Government Equality, Diversity and Inclusion Award), Council-wide Quality Management System (Best Use of Data and Technology Award) and ABC Safeguarding Officer, Gary Scott (Employee of the year).

    Click here for a full list of the winners.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Attorney General Alan Wilson joins settlement with Sigue Corporation; affected customers eligible for refundsRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – Attorney General Alan Wilson announced today that the Money Services Division of the South Carolina Attorney General’s Office (the “Money Services Division”) joined a settlement with money transmitter Sigue Corporation (NMLS ID 915912) (“Sigue”) in connection with Sigue’s failure to fulfill its obligations to customers during its collapse last year.

    This settlement comes one year after financial regulatory agencies from 39 states, Puerto Rico, and the District of Columbia ordered the company to cease engaging in any further money transmission activities due to Sigue’s declining financial position. As Sigue’s financial condition deteriorated, the company failed to complete multiple money orders and transmissions, including those for consumers in South Carolina, and failed to maintain adequate net worth and permissible investments to cover outstanding liabilities, both violations of state money transmission law.

    Under the terms of the settlement agreement, Sigue surrendered its money transmitter license. Additionally, Sigue’s owner, Guillermo de la Viña, has agreed to refrain from any position of management, control, or employment with any money transmitter unless first approved by the Money Services Division.

    Furthermore, this settlement agreement also requires Sigue and Guillermo de la Viña to resolve Sigue’s failure to meet its outstanding liabilities. Pursuant to the settlement agreement, customers may file claims for refunds by following the instructions on Sigue’s website (https://sigue.com/). Sigue will maintain its public website for two years to provide this information directly to consumers.

    If Sigue fails to comply with the terms of the settlement agreement or fails to provide information needed to process customer bond claims, Sigue will pay a $1,000,000 monetary penalty to be divided equally amongst the jurisdictions that entered into the settlement agreement with Sigue.

    The Money Services Division can be reached by calling 803-734-1221 or by email at [email protected]. Consumers can learn more about the Money Services Division by visiting the Attorney General’s Office website at https://www.scag.gov/inside-the-office/legal-services-division/money-services/ or can submit a complaint at https://tinyurl.com/SCMSB. 

    MIL OSI USA News –

  • MIL-OSI Russia: The results of the VI International Arctic Forum “The Arctic: Territory of Dialogue” have been summed up

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The 6th International Arctic Forum “The Arctic: Territory of Dialogue” was held in Murmansk on March 26–27. The organizer was the Roscongress Foundation with the support of the Russian Government.

    “The International Arctic Forum “The Arctic: Territory of Dialogue” – 2025 was attended by about 1.3 thousand participants and media representatives from 21 countries, as well as about 230 representatives of Russian and foreign businesses from more than 110 companies. The business program included 20 events with the participation of more than 150 speakers. The forum turned out to be truly international and significant. At the plenary session, the President of the Russian Federation Vladimir Vladimirovich Putin announced a number of fundamental decisions for the socio-economic development of the Arctic. The most important task of the IAF is to discuss current problems that the Government of Russia, federal ministries and regions must jointly solve for the successful operation of enterprises, improving the standard of living of people, supporting the territories as a whole,” emphasized Deputy Prime Minister – Plenipotentiary Representative of the President in the Far Eastern Federal District Yuri Trutnev.

    The IAF has become a platform for international dialogue on issues such as the development of the Northern Sea Route, increasing the investment and entrepreneurial potential of the Arctic zone, as well as environmental issues, humanitarian and cultural cooperation.

    “Right now, the Arctic is becoming a territory of opportunities for the entire country. Given the revision of traditional technological chains, given participation in large-scale Arctic projects, huge prospects are opening up for enterprises across the country and creative, artistic people. The development of the Northern Sea Route as the main transport artery in the Arctic, the construction of new railway approaches to northern ports will also have a multiplier effect for the entire country. Within the framework of the upcoming major international forums, including the St. Petersburg International Economic Forum and the Eastern Economic Forum in Vladivostok, the Arctic theme will be taken into account and allocated to a separate block of the business program of events,” said Anton Kobyakov, Advisor to the President of Russia, Executive Secretary of the Organizing Committee for the Preparation and Holding of the International Arctic Forum “The Arctic – Territory of Dialogue”.

    One of the central topics of the forum was the discussion of state policy in the Arctic, aimed at the comprehensive development of the Far North and the growth of the well-being of the region’s residents.

    “The mechanisms of state support need to be improved for the accelerated development of the macro-region, the implementation of investment projects, and the improvement of the quality of life of people. Based on the results of the implementation of the first stage of the Arctic development strategy until 2035, proposals will be prepared to update this fundamental document,” said Minister for the Development of the Far East and Arctic Alexey Chekunkov at a joint meeting of the State Council commissions on the development of the Arctic and the Northern Sea Route.

    The forum was held under the motto “Live in the North!” The event brought together representatives of federal and regional authorities, businesses and the expert community.

    “Our strategic plan is “Live in the North!” This is the motto of today’s forum. For us, this is a plan in addition to national projects. Clear, worked out with people, designed, aimed at ensuring investment growth and, of course, increasing people’s incomes and their quality of life,” noted Murmansk Region Governor Andrei Chibis during a meeting with Russian President Vladimir Putin as part of the MAF.

    Business program

    The business program of the forum included 20 sessions divided into four thematic blocks: “The Arctic and the NSR: how to win in the competitive struggle of world routes”, “The Arctic and the NSR: a pole for attracting investments”, “The Arctic and the NSR: development of key settlements”, “International cooperation and ecology”. More than 150 speakers took part in the discussions.

    The forum included a joint meeting of the State Council commissions on the development of the Arctic and the Northern Sea Route, which united five State Council commissions – in the areas of “Northern Sea Route and the Arctic”, “International Cooperation and Export”, “Energy”, “Youth and Children”, and “Efficient Transport System”.

    The session “The Arctic: Bridges of Cooperation between Peoples and States” summed up the results of the VIII International Scientific and Practical Conference “The Universe of the Polar Bear: Effective Cooperation in the Arctic”.

    Also, for the first time, the MAF hosted a special session dedicated to the role of women in the development of northern regions – the “Arctic Living Room”.

    Plenary session

    The key event of the forum was the plenary session with the participation of Russian President Vladimir Putin.

    “Development of the Russian North, overcoming the challenges of harsh nature, the state’s entry into new promising frontiers – these tasks inspired many generations of our ancestors: sailors and Novgorod merchants of the Middle Ages, Arctic pioneers of the 16th and 17th centuries, industrialists of the 18th and 19th centuries, scientists, polar explorers, engineers, workers of the Soviet Union, teams of companies of modern Russia, which launched large Arctic projects in the early 2000s. And today, the northern vector of development is in the foreground, it is our sovereign, historical choice. And this means that the tasks that we set and solve in the Arctic, the projects that we implement here, must be of an appropriate, historical scale, with an expectation of decades, maybe even centuries. We will do everything to strengthen Russia’s global leadership in the Arctic, and, despite all the current difficulties and complexities, we will ensure the comprehensive development of this region and create a solid foundation for future generations,” the head of state noted.

    Participants

    The forum brought together about 1.3 thousand participants and media representatives from 21 countries, including Russia (Argentina, Great Britain, Venezuela, Vietnam, Germany, India, Kazakhstan, Qatar, China, UAE, Republic of Belarus, Republic of Korea, Russia, USA, Serbia, Singapore, Turkey, Finland, France, Switzerland, Japan).

    The forum was attended by Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin, Presidential Adviser and Special Representative of the President for International Cooperation in Transport Igor Levitin, Presidential Aide Alexei Dyumin, Presidential Aide Nikolai Patrushev, and Presidential Adviser Anton Kobyakov.

    The forum was attended by Deputy Prime Minister Vitaly Savelyev and Deputy Prime Minister – Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev, Presidential Plenipotentiary Representative in the Northwestern Federal District Alexander Gutsan, Presidential Plenipotentiary Representative in the Siberian Federal District Anatoly Seryshev, Minister for the Development of the Far East and Arctic Alexey Chekunkov and Minister of Industry and Trade Anton Alikhanov.

    The forum participants included seven heads of federal services and agencies and ten heads of constituent entities of the Russian Federation.

    The Chairman of the Committee of Senior Arctic Officials, Norwegian diplomat Morten Höglund, addressed the forum participants with a video message. In addition, the forum site was visited by the Ambassador Extraordinary and Plenipotentiary of the Republic of Korea Lee Do-hoon.

    The forum brought together about 230 representatives of Russian and foreign businesses from more than 110 companies.

    ​

    Media

    The forum was attended by 305 media representatives from Russia and nine foreign countries (Great Britain, Venezuela, Vietnam, Germany, Qatar, Serbia, Turkey, Finland, France).

    ​

    Agreements

    Nine agreements were signed at MAF-2025:

    ● PJSC Rosseti North-West, JSC Rosseti Scientific and Technical Center and the Novosibirsk State University of Architecture and Civil Engineering signed a strategic partnership agreement;

    ● JSC Far East and Arctic Development Corporation signed an agreement on information interaction with the Association of Tour Operators of Russia, as well as with JSC Arsenal on cooperation in the extraction and enrichment of rare metal ores in the Murmansk region within the framework of the Kulyok – Rare Earths project with a total investment volume of 10 billion rubles;

    ● The Federal Agency for Nationalities Affairs and PJSC Mining and Metallurgical Company Norilsk Nickel signed an additional cooperation agreement;

    ● a cooperation agreement was signed between the Government of the Republic of Karelia and Vodohod LLC;

    ● the Ministry of Property Relations of the Murmansk Region and the public-law company Roskadastr signed an agreement on the implementation of the pilot project “Involvement of real estate objects in economic circulation in the Murmansk Region”;

    ● the government of the Murmansk region and the Avito company signed a cooperation agreement;

    ● the government of the Murmansk region, Sberbank of Russia PJSC and the V.A. Almazov National Medical Research Center signed a cooperation agreement;

    ● The Arkhangelsk Region Government and the United Volunteer Center of the Murmansk Region signed an agreement on cooperation in the development of volunteerism and strengthening cooperation in the regions of the Arctic zone, scaling up practices to support the wives of military personnel in the Northern Fleet.

    Sports program

    The sports program included eight events. The Plenipotentiary Representative of the President of Russia in the Northwestern Federal District Alexander Gutsan and the Governor of the Murmansk Region Andrei Chibis took part in the ceremonial event dedicated to the 90th Festival of the North. The program of competitions, which will last until mid-April, included cross-country skiing, biathlon, speed skating and alpine skiing, bandy and others.

    For the forum participants, Arctic team building, exercise in ties, ice floating, alpine skiing and snowboarding, snow fights, as well as an introduction to traditional sports of the peoples of the North were organized.

    The forum included a presentation of the Arctic Mosaic sports, health and strength festival, which will be held annually in different regions of the Arctic zone. Under the auspices of the MAF, the IV All-Russian Arctic Games were held in Salekhard and Labytnangi, the program of which included nine sports.

    The final and largest event of the MAF-2025 sports program will be the 51st Murmansk Ski Marathon. On March 29 and 30, 2.5 thousand athletes will take to the start line of the 25 km and 50 km races at the Dolina Uyuta sports complex. The marathon participants will be Olympic winners and medalists Nikita Kryukov, Alexey Petukhov, Maxim Vylegzhanin and Alexander Bessmertnykh.

    Cultural program

    The cultural program included the opening of the Taste of the Arctic gastrofestival, where a joint team of restaurateurs and chefs from the subjects of the Russian Arctic zone presented a menu of regional cuisine. The Sami Village and the Taste the North ice bar operated on the site. There was also an Arctic crafts fair.

    The Murmansk Regional Museum of Local History offered the forum participants excursions that told about the uniqueness of the Murmansk Region. Thematic exhibitions were timed to coincide with the MAF. Among them was an exhibition of paintings dedicated to the development of the Arctic and the Northern Sea Route, from the collections of the Murmansk Regional Art Museum.

    There was also a ceremony of donating works of art to the Murmansk Region and the opening of the exhibition “H2O. Art about water and more…”. Seven paintings and three sculptures were donated to the Murmansk Regional Art Museum from the Siyanie Contemporary Art Center and the collections of Vladimir Nekrasov and Andrey Malakhov.

    In addition, forum participants were able to take a tour of the icebreaker Lenin, the world’s first vessel with a nuclear power plant, which provided navigation along the Northern Sea Route for about 30 years. The icebreaker has guided thousands of ships through the Arctic and traveled a total of 654,400 nautical miles. It has now become a calling card of the Murmansk Region and one of the most visited tourist sites in the Kola North.

    The Murmansk Drama Theatre hosted an “Art Cocktail”, during which the audience saw the play “Prologue to the Murmansk Region” and a concert by the Pacific Fleet ensemble.

    On March 30, a creative evening of People’s Artist of Russia Alexander Oleshko “Set the Mood” will take place.

    ​

    Project “Soul of Russia. Arctic”

    As part of the project, seven films were screened in partnership with Roskino, including the films North Pole and Village of Widows, which were dedicated to the Year of Defender of the Fatherland and the 80th anniversary of Victory in the Great Patriotic War.

    Creative meetings “Inspired by the Arctic” were held, during which viewers met with the production designer of the Soyuzmultfilm studio, creator of the animated series “Umka” Anna Popova, director of the film “North Pole” Alexander Kott, scriptwriter and producer of the film “Widows’ Village” Olga Martisova.

    During the children’s program “Arctic Film Vacations” they showed “The Best Episodes of Soyuzmultfilm Series” and “Warm Animation from Soyuzmultfilm”.

    The business program included a session entitled “The Northern Creative Path: A Territory of Business Opportunities,” where the contribution of creative industries to the economic growth of the northern territories, the use of the wealth of national cultural traditions to create unique brands, and other issues were discussed.

    Expert and analytical support

    The Roscongress Foundation’s information and analytical system continued to develop the Summary service, which uses artificial intelligence to obtain brief analytical summaries of discussions with descriptions of key conclusions, problems, and solutions voiced during the discussions.

    Based on the results of the forum, an analytical report “Results of the International Arctic Forum 2025” will be prepared, which will be available in electronic form in the information and analytical system of the Roscongress Foundation roscongress.org.

    Expert and analytical support for the forum was provided by experts representing the country’s leading scientific and educational centers that conduct research on a wide range of topics on the Arctic agenda, including the Murmansk Arctic University, the Northern (Arctic) Federal University named after M.V. Lomonosov, the St. Petersburg State University of Economics, the Russian Presidential Academy of National Economy and Public Administration, the National Research University Higher School of Economics, the G.P. Luzin Institute of Economic Problems of the Kola Scientific Center of the Russian Academy of Sciences, the Institute of Regional Economic Problems of the Russian Academy of Sciences, etc.

    Partners

    The co-organizer of the forum is the state corporation Rosatom, the strategic partner is PJSC Rosseti, the strategic scientific partner is the National Research Center Kurchatov Institute, the communications partner is the media holding MAER, the business program partners are VTB Bank, PJSC Novatek, MMC Norilsk Nickel, PhosAgro, and the business partner is VEB.RF.

    The information partners were the TV channel Rossiya 24, MIA Rossiya Segodnya, the TASS information agency, MIC Izvestia, the Vedomosti newspaper, the RT TV channel, the Business FM radio station, Sputnik, the Arguments and Facts newspaper, Rossiyskaya Gazeta, the Mir TV channel, the Komsomolskaya Pravda publishing house, Lenta.ru, Gazeta.Ru, Shkulev Media – Vokrug Sveta, the Federal Press information agency, the Expert magazine, the Regional Russia magazine, Vesti FM, the NEWS.ru portal, the GoArctic portal, the Arktik-TV TV channel, the Murmansk State Television and Radio Broadcasting Company, the TV21 TV channel, the Murmansk Herald, the Vecherniy Murmansk newspaper and the Severpost information agency.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: NANO Nuclear Energy Bolsters the Engineering Team Overseeing the Development of its ODIN™ Microreactor with Three Additional Leading Professionals

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., March 28, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that three additional professionals have joined its U.K.-based nuclear science and engineering partner Cambridge AtomWorks, led by Professors Ian Farnan and Eugene Shwageraus. Cambridge AtomWorks personnel are leading the development of NANO Nuclear’s ODIN™, a low-pressure coolant microreactor.

    Radwan Nassim Kheroua joins as a Nuclear Systems Engineer, Luke Godfrey as a Senior Nuclear Engineer, and Jake Miles as a Nuclear Engineer. Their appointments finalize NANO Nuclear’s latest round of additions to its engineering team, building on the previously announced roles for Andrew Steer, Ph.D., as NANO Nuclear’s Head of Regulatory Engagement and James Leybourn and Simon Boddington as Senior Nuclear Engineers.

    Figure 1 – NANO Nuclear Energy Inc. Appoints Radwan Nassim Kheroua as Nuclear Systems Engineer, Luke Godfrey as Senior Nuclear Engineer, and Jake Miles as Nuclear Engineer.

    Mr. Kheroua previously served as a Research Engineer in Reactor Thermal-Hydraulic Modeling at Framatome, where he carried out his first industrial research in nuclear fusion, working on plasma physics at CEA Cadarache and tritium monitoring with the United Kingdom Atomic Energy Authority’s Culham Centre for Fusion Energy (UKAEA CCFE). He brings extensive expertise in reactor accident analysis and fuel safety case justification.

    Mr. Godfrey previously served as Lead Thermohydraulic Engineer at Moltex, focusing on molten salt heat transfer, coupled reactor system modeling, and safety case development. During his time at Moltex, he was integral to designing the SSRW and FLEX reactors, leading thermal hydraulics, developing coupled simulation tools, contributing to safety cases development, planning verification and validation activities, and designing key experiments.

    Mr. Miles earned a BSc in Physics from the University of Leeds and later completed a Master’s degree in Nuclear Energy at the University of Cambridge. He briefly researched reactor physics and shutdown systems for high-temperature gas-cooled reactors before transitioning to the nuclear maritime industry, where he specialized in modeling and simulation of Molten Chloride Fast Reactors and their systems. In his new role, he will focus on shielding design and core optimization for the ODIN microreactor, supporting the technology’s ongoing development.

    “We are very pleased to continue expanding our engineering team with some of the top talent in the field of nuclear energy,” said Professor Ian Farnan, Lead of Nuclear Fuel Cycle, Radiation and Materials of NANO Nuclear. “These additions bring us a wealth of technical knowledge and a deep understanding of nuclear technologies that will be leveraged to support the development and advancement of our proprietary microreactor systems.”

    “With the additions of Mr. Kheroua, Mr. Godfrey and Mr. Miles, together with our other recent hires, I believe we are assembling a leading team of nuclear engineers,” said Professor Eugene Shwageraus, Lead of Nuclear Reactor Engineering of NANO Nuclear. “Their specialized expertise further strengthens our design process and supports a robust development schedule, ensuring we continue building on our momentum effectively.”

    As NANO Nuclear continues to expand its operations, it remains committed to developing cutting-edge nuclear solutions that redefine the global energy landscape. The addition of Mr. Kheroua, Mr. Godfrey and Mr. Miles’ cutting-edge engineering talent will support NANO Nuclear’s endeavors to tackle the particular challenges associated with the ongoing development of the proprietary ‘ZEUS’ and ‘ODIN’ microreactors, as well as the KRONOS MMR™ Energy System and the LOKI MMR™ high-efficiency nuclear systems for remote and off-grid applications.

    “It is a pleasure to welcome our newest additions to the engineering team overseeing the development of the ODIN microreactor,” said James Walker, Chief Executive Officer of NANO Nuclear. “We’ve assembled a group of highly skilled professionals for this project, and I’m confident their arrival will significantly accelerate our development timeline and strengthen the ODIN microreactor’s path toward demonstration, regulatory approval and ultimately commercialization.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (UIUC), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
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    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements includes those related to the anticipated benefits to NANO Nuclear of the appointment of the nuclear engineers, as well as the Company’s regulatory plans in general, each as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Lufthansa Group airlines boost customer services for summer

    Source: Lufthansa Group

    The Lufthansa Group is boosting the customer services provided by its hub airlines – for rebooking, online baggage tracking, services and information in the event of irregularities and more – with the start of this year’s summer schedules.

    “We’re there for our customers, offering them an optimum all-round range of services throughout their air travel experience,” confirms Lufthansa Group Chief Commercial Officer Dieter Vranckx. “Now more than ever, our guests can swiftly and simply plan every aspect of their own air travel. And, should those plans change at short notice, they can count on extensive flexibility and support. Our customers and their needs will now be even more firmly centerstage; and their whole air travel experience with our hub airlines will be further enhanced.” 

    The range of digital services that are available via the Lufthansa Group airlines app – which was recently named the world’s ‘Best Airline App’ – has been particularly substantially expanded over the past few months. The app can not only be used to swiftly and easily modify individual travel plans: it also provides more extensive support to travelers in the event of any short-notice schedule change. To take just one example: If a flight is scheduled to operate with an aircraft equipped with the new Allegris First and Business Class cabins and the aircraft is subsequently changed, travelers who have booked a seat in the cabin concerned will have their seat reservation fee automatically refunded if the seat category they have chosen is no longer available.

    Far simpler and more flexible travel preparations

    In a further innovation, customers whose travel plans change can now quickly and easily rebook themselves via the usual digital channels – even if they already have a reserved seat – instead of contacting the Service Center as they have had to do in the past. With any such rebooking, their seat reservation will be retained; and should this not be possible, their reservation fee will be automatically refunded.

    To take full advantage of all such services and options, customers are urged to install the Lufthansa Group airlines app and use it to create their own Travel ID. The Travel ID offers a wide range of benefits and helps tangibly facilitate the air travel process – by storing travel document details and other personal data, for instance, for both past and future bookings. Further services will be gradually added. Customers with a Travel ID can also be offered personalized information and tailored alternatives should their original travel plans unexpectedly change. More than 15 million customers have already created their own digital Travel ID profile.

    A further new facility introduced this month and now available on the app and elsewhere enables travelers with a multi-person booking to cancel the ticket for an individual group member and have its price refunded in line with the applicable fare conditions. Also available online is a new service providing details of immigration guidelines and passport or visa requirements for international travelers. And in yet another innovation, sports baggage and pets destined for carriage in the cabin can now also be booked quickly and conveniently online.

    New services in the event of flight irregularities or baggage delays

    Any traveler who loses their original seat reservation as a result of an aircraft change for the flight concerned will now be actively issued with a new seat and informed of the change. They may then further modify their seat reservation online if they wish to do so.

    Customers traveling with an AirTag can now also securely share the location of their checked baggage with the Lufthansa Group’s baggage tracing teams via the usual digital channels should it be misdirected or mislaid, to help speed up its retrieval and delivery. This new facility supplements the options already available to customers on their airlines’ apps to verify their current baggage status.

    In a further new feature, any Lufthansa Group airline customer wishing to submit a suggestion or a claim for compensation can now do so using a new and improved online form which will automatically check the details they enter for any discrepancies, to help expedite its subsequent processing.  

    A new Help Center for service inquiries and requests

    A new Help Center has also been added to the Lufthansa Group airlines’ websites and apps to offer customers tailored travel solutions and respond to their specific service inquiries and requests. Travelers with more urgent concerns – such as a flight within the next eight hours – are offered more prioritized personal Service Center support. The AI Chat Assistant can provide the answers to many service questions – not only in English, but also in German, French, Italian or Spanish. 

    MIL OSI Economics –

  • MIL-OSI Video: Int’l Day of Zero Waste- UN Chief Remarks | United Nations

    Source: United Nations (Video News)

    Remarks by António Guterres, Secretary-General of the United Nations, at the International Day of Zero Waste 2025.

    “Mr. President, Madame First Lady, Excellencies, Dear Friends,

    The waste crisis is an issue that goes to the heart of how we produce, and how we consume.

    And one that requires action at every level – local, national, and global.

    This year’s International Day focuses on fashion and textiles.

    And rightly so.

    Unless we accelerate action, dressing to kill could kill the planet.

    Textile production often uses thousands of chemicals – many of them harmful to people and the environment.

    It devours resources like land and water – putting pressure on ecosystems.

    And it belches out greenhouse gases – inflaming the climate crisis.

    Clothes are being produced and discarded at a staggering rate – driven by business models that prioritize newness, speed, and disposability.

    Every second, the equivalent of one garbage truck full of clothing is incinerated or sent to landfill.

    Excellencies, Dear Friends,

    Fashion is just the tip of a toxic iceberg.

    Waste is an issue in every sector.

    Every year, humanity produces over two billion tonnes of garbage.

    If you pack all that into shipping containers stacked end to end, they would stretch to the moon and back.

    Here on Earth, toxin-filled waste is seeping into our soil, our water, and our air. And ultimately into us.

    As usual, the poorest pay the highest price.

    More than one billion people live in slums and informal urban settlements, where waste management is non-existent and disease runs rampant.

    The rich world is flooding the Global South with garbage, from obsolete computers to single-use plastic and more.

    Many nations do not have the infrastructure to process even a fraction of what is dumped on their shores.

    As a result, materials that could be recycled are burned or sent to landfill.

    And waste pickers are exposed to toxic chemicals as they sift through potentially hazardous materials, including broken electronics, in appalling conditions.

    Excellencies, Dear Friends,

    We need a different approach: one that delivers on the commitment in the Sustainable Development Goals for sustainable production and consumption.

    And there are signs of hope.

    Change is possible. And it presents exciting opportunities.

    In fashion, for example, designers are experimenting with recycled materials.

    Consumers are increasingly demanding sustainability.

    In many countries, resale markets are booming.

    And important initiatives are bringing together large and small businesses, industry associations, civil society and many others to drive sustainability across the sector.

    They include the Fashion Industry Charter for Climate Action, and the Fashion Pact.

    We must celebrate the power of these innovations to transform the industry.

    But we need more.

    And we need change in every sector.

    I welcome the work of the Chair and the First Lady and members of the United Nations Advisory Board on Zero Waste to raise awareness, and help meet the SDGs.

    The fight against waste requires us all.

    Governments must act:

    Through policies, regulations and subsidies:

    That promote sustainability, and zero waste initiatives…

    That encourage businesses to adopt positive practices…

    That provide decent jobs…

    And that empower everyone – not just the wealthy – to afford products that last.

    The current negotiations for a legally binding treaty to end plastic pollution – due in August this year – are a key opportunity for governments to drive progress.

    I urge them to take it…

    And to translate any treaty into action to support consumers to make environmentally friendly choices, and into a clear roadmap across industries.

    Addressing plastic pollution must be at the core of corporate responsibility.

    There is no space for greenwashing.

    Businesses must increase circularity, waste reduction and resource efficiency across their supply chains.

    We need accountability for corporate sustainability commitments.

    We need transparency for customers.

    And we need consumers to use their purchasing power to encourage change:

    Reducing excessive consumption, valuing products that last, and embracing exchanges and resales.

    And we need young people and civil society to keep using their voices and power to demand change through advocacy.

    Excellencies, Dear Friends,

    We must build on progress, to end the waste practices wasting our planet.

    On this International Day, let us commit to do our part to clean up our act, and build a healthier, more sustainable world for us all.

    And I thank you”.

    https://www.youtube.com/watch?v=y-dhcR7MsiQ

    MIL OSI Video –

  • MIL-OSI China: Chinese vice premier calls for upholding true multilateralism, inclusive globalization

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

    Chinese vice premier calls for upholding true multilateralism, inclusive globalization

    BOAO, Hainan, March 28 — Chinese Vice Premier Ding Xuexiang met with members of the Board of Directors of the Boao Forum for Asia (BFA) and representatives of the board’s corporate members on Thursday, calling for upholding true multilateralism and inclusive economic globalization.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said the world is undergoing profound changes, with challenges such as slowing growth, development imbalances and governance issues.

    Ding called for upholding true multilateralism and promoting inclusive economic globalization and strengthening cooperation for scientific and technological innovations. He also urged the forum to continue to expand its global influence and inject more positive energy into regional and global peace, stability and prosperity.

    BFA Chairman Ban Ki-moon and other attendees praised China’s commitment to multilateralism and opening-up, pledging to contribute more to regional and global growth.

    In a separate meeting with Chinese and foreign business leaders, Ding thanked companies for their long-term participation in China’s reform and modernization efforts. He said that the conditions and fundamentals in China for sustaining long-term economic growth remain unchanged, with broad prospects for high-quality development.

    “Investing in China means investing in the future,” Ding said, pledging continued improvements to the business environment and welcoming foreign investment.

    Business leaders expressed confidence in China’s growth prospects and their commitment to further expansion in the Chinese market.

    MIL OSI China News –

  • MIL-OSI USA: California urges FEMA to add businesses, non-profits, and multi-family structures to LA fire debris cleanup

    Source: US State of California 2

    Mar 27, 2025

    What you need to know: California has formally requested that the federal government add commercial structures and multi-family units to the ongoing fire debris removal efforts in Los Angeles. 

    LOS ANGELES – Working to expand the scope of the fast-moving wildfire clean up effort currently underway in Los Angeles, Governor Gavin Newsom has asked the federal government to make more structures eligible for debris removal.

    In a letter sent to FEMA, Governor’s Office of Emergency Services (Cal OES) Director Nancy Ward requested that commercial and multi-family residential properties be included in the US Army Corps of Engineers debris removal program, specifically the special inclusion of small businesses and residential apartments, condominiums, and mobile homes.

    “Our state stands with Los Angeles residents and businesses. We are dedicated to restoring all parts of our communities swiftly and safely after these fires and are grateful to our federal partners for their continued support.”

    Governor Gavin Newsom

    Under Governor Gavin Newsom’s leadership, California has expedited the cleanup process by cutting red tape and eliminating bureaucratic barriers, allowing highly trained crews to enter impacted communities sooner and help survivors rebuild their lives faster.

    Debris removal from private commercial property is typically the responsibility of property owners and is usually not eligible for federal programs. 

    If this request is approved, it would expand the scope of cleanup to a number of facility types that are not currently eligible for debris removal including non-profits, houses of worship, businesses, and multi-family housing structures.

    Deadline quickly approaching

    The rapid pace of this cleanup makes it even more critical for survivors to apply for assistance from the Federal Emergency Management Agency (FEMA) and the U.S. Small Business Administration (SBA), and to complete a Right-of-Entry (ROE) form for no-cost debris removal. 

    There are now just a handful of days left before the March 31 deadline.

    If you are eligible and want to participate in the cost-free government cleanup service, you must complete the ROE form.

    After submitting, you can track your submission through the county recovery and US Army Corps of Engineers pages. County staff may contact you if additional documentation is needed to process your form. Once approved, officials will begin the cleanup process.

    The US Army Corps of Engineers has established a Debris Call Center to help answer questions regarding Private Property Debris Removal.  Hours of operation are from 6:00 AM to 6:30 PM; call 213-308-8305 for assistance. 

    Track LA’s recovery, including the latest air quality results, at CA.gov/LAfires.

    Press Releases, Recent News

    Recent news

    Mar 27, 2025

    News What you need to know: Governor Newsom is taking additional steps to speed up the rebuilding process for Los Angeles by further suspending CEQA and the California Coastal Act to expedite the rebuilding of utility and telecommunication infrastructure, including…

    Mar 26, 2025

    News Highlights California’s economic investments in creative economy, LA’s recovery What you need to know: Governor Newsom today joined Anna Wintour to welcome the Vogue World event to Hollywood, promoting the state’s proposal to more than double California’s Film…

    Mar 26, 2025

    News What you need to know: Financial assistance for Los Angeles fire recovery has now surpassed $2 billion, survivors may apply until March 31st, 2025. LOS ANGELES – Building upon California’s ongoing support for disaster survivors and small businesses, Governor…

    MIL OSI USA News –

  • MIL-OSI Europe: ECB Consumer Expectations Survey results – February 2025

    Source: European Central Bank

    28 March 2025

    Compared with January 2025:

    • median consumer perceptions of inflation over the previous 12 months decreased, while median inflation expectations for the next 12 months and for three years ahead remained unchanged;
    • expectations for nominal income growth over the next 12 months increased, while expectations for spending growth over the next 12 months decreased;
    • expectations for economic growth over the next 12 months became more negative, while the expected unemployment rate in 12 months’ time increased;
    • expectations for growth in the price of homes over the next 12 months remained unchanged, while expectations for mortgage interest rates 12 months ahead declined.

    Inflation

    The median rate of perceived inflation over the previous 12 months decreased in February to 3.1%, from 3.4% in January. This is its lowest level since September 2021. Median expectations for inflation over the next 12 months were unchanged at 2.6%, as were those for inflation three years ahead at 2.4%. Inflation expectations at the one-year and three-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months decreased slightly in February to its lowest level since January 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, over the previous year and a half inflation perceptions and expectations for lower income quintiles were, on average, slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months increased to 1.0% in February from 0.9% in January. Perceived nominal spending growth over the previous 12 months decreased further to 4.9% in February, from 5.1% in January and 5.2% in December. This decrease was observed across most income groups. Expected nominal spending growth over the next 12 months also decreased to 3.5% in February, the same value as in December, from 3.6% in January. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were more negative, standing at -1.2%, compared with -1.1% in January, but still above the December value of -1.3%. Expectations for the unemployment rate 12 months ahead increased to 10.5%, the same as in December, from 10.4% in January. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.0%), implying a broadly stable labour market. Expectations for both economic growth and the unemployment rate remained broadly stable in the previous fourth months, fluctuating within a narrow range. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 3.0% over the next 12 months, which was unchanged from January. Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.5% and 2.7% respectively). Expectations for mortgage interest rates 12 months ahead declined slightly to 4.4% from 4.5%. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.0%), while the highest income households expected the lowest rates (3.9%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months declined, as did the net percentage of those expecting a tightening over the next 12 months. (Housing and credit access results)

    The release of the Consumer Expectations Survey (CES) results for March is scheduled for 29 April 2025.

    For media queries, please contact: Nicos Keranis, Tel: +49 172 758 7237

    Notes

    MIL OSI Europe News –

  • MIL-OSI Economics: Samsung Galaxy A56 5G, Galaxy A36 5G and Galaxy A26 5G Are Now Available Worldwide

    Source: Samsung

    Samsung Electronics today announced the global availability1 of the Galaxy A56 5G, Galaxy A36 5G and Galaxy A26 5G, marking a significant step toward opening up new possibilities for even more users through advanced mobile AI technology. This is the first Galaxy A series to feature Awesome Intelligence – a comprehensive and intuitive mobile AI experience that offers powerful and fun AI-powered tools2 for easy search and amazing visual experiences.
     
    “As Samsung continues to lead the way in mobile AI, we are committed to bringing its power to even more users, providing new ways to explore and capture the world around them through Awesome Intelligence,” said TM Roh, President and Head of Mobile eXperience Business at Samsung Electronics. “With the launch of the new Galaxy A series, we look forward to more people benefitting from smart and fun mobile experiences that unleash their creativity, all while ensuring the security and reliability users expect from us.”
     
    The latest Galaxy A series brings users Galaxy’s fan-favorite AI-powered features. Enhanced Circle to Search with Google3 offers a seamless way to find answers, enabling users to instantly bring information to their fingertips with a simple gesture. With Object Eraser,4 users can easily remove unwanted elements from photos for a cleaner, more polished look. For those who enjoy customizing their photos even further, Filters5 can create unique effects inspired by their favorite images. Available only on Galaxy A56 5G within the Galaxy A series, Best Face6 allows users to select the best expressions from multiple frames and combine them into a single photo so everyone looks their best.

     
    Galaxy A56 5G and Galaxy A36 5G feature a 6.7-inch7 FHD+ Super AMOLED display with a peak brightness of up to 1200 nits,8 offering a vivid and immersive viewing experience in any environment. A 5,000mAh battery powers all three models, allowing users to enjoy every moment for longer. Galaxy A56 5G and Galaxy A36 5G deliver enhanced performance, with a larger vapor chamber9 that ensures smoother multitasking, gaming and video playback. The new Galaxy A series also provides an extra, fortified layer of device safety, transparency and user choice with Samsung Knox Vault. Additionally, these devices are built for long-term use and peace of mind, with support for up to six generations of OS upgrades and six years of security updates.
     
    The new Galaxy A series will be available globally through carriers, retailers and Samsung.com starting March 28, and will come in a range of stylish color options.10 Galaxy A56 5G is available in Awesome Lightgray, Awesome Graphite, Awesome Olive and Awesome Pink. Galaxy A36 5G comes in Awesome Lavender, Awesome Black, Awesome White and Awesome Lime. Galaxy A26 5G is available in Black, White, Mint and Peach Pink.
     

     

     

     

     
    For more information about Galaxy A56 5G, Galaxy A36 5G and Galaxy A26 5G, please visit: Samsung Newsroom, Samsung Mobile Press and Samsung.com.
     
     

    1 Availability may vary by country, region and carrier.2 Samsung Account login may be required to use certain features. Samsung does not make any promises, assurances or guarantees as to the accuracy, completeness or reliability of the output provided by Intelligent features. Availability of features may vary depending on the region/country, OS/One UI version, device model and carrier.3 Service availability may vary by country, language and device model. Requires an internet connection. Users may need to update Android and Google app to the latest version. Results may vary depending on visual or audio matches. Accuracy of results is not guaranteed. Works on compatible apps and surfaces, and with ambient music only. Will not identify music coming through headphones or if phone volume is off.4 Results may vary based on the images and the object the user is trying to remove.5 Filters feature is unavailable in the 3:4 64MP aspect ratio setting. Its availability might differ based on device model and software version. Filter availability may vary based on resolution and aspect ratio settings.6 Accuracy of results is not guaranteed. Best Face feature is available exclusively on the Galaxy A56 5G device from the Galaxy A series. Best Face is only available for photos taken with Motion Photo turned on. The feature does not generate new facial expressions but selects from frames within the Motion Photo video clip. It can recognize up to five people per image and suggest up to three alternative expressions per person.7 Measured diagonally, the screen size is 6.7″ in the full rectangle and 6.5″ accounting for the rounded corners. Actual viewable area is less due to the rounded corners and the camera hole.8 1,200 nits in High Brightness Mode (HBM).9 Compared to previous generation.10 Color and model availability may vary depending on country, region or carrier.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Norwich secures £750,000 funding boost to empower local communities

    Source: City of Norwich

    A major funding boost is coming to Norwich, with £750,000 set to strengthen community initiatives, improve housing stability, and enhance street cleanliness across the city.

    Awarded by Norwich City Council through central government’s UK Shared Prosperity Fund (UKSPF), this funding builds on the success of the £1.6 million already allocated between 2022 and 2025. The new funding will support fourteen carefully selected projects that align with the government’s latest UKSPF priorities: strengthening communities and places, supporting local businesses, and enhancing people’s skills.

    Extending successful community-led projects

    Two established projects will receive extended funding to continue their impactful work:

    • Brighter Futures (run by Future Projects): Having already helped 105 unemployed individuals into work, training, or volunteering, this programme will now expand its reach to support even more people facing employment barriers.

    Daniel Childerhouse chief executive of Future Projects, said:

    “We’re absolutely thrilled to continue this work, offering flexible, creative support where it’s needed most—and changing lives in the process.”

    • MENTA (in collaboration with FUSE): Offering essential start-up advice, training, and mentoring for businesses, social enterprises, and entrepreneurs, this initiative has already equipped over 250 individuals and start-ups with crucial skills to launch and grow their ventures.

    Willow Farrell, chief executive of FUSE, said:“We are delighted to be working with FUSE and to see the extension of UKSPF funding for enterprise support within Norwich. This vital investment ensures that new, emerging, and existing microbusinesses—alongside those exploring social enterprise—continue to receive the guidance and resources they need to thrive.”

    Supporting a diverse range of community initiatives

    The funding will also boost several other key initiatives, including:

    • BITC (Business in the Community): Business Encounter Schools in East Earlham, working with education providers to bridge the gap between business and education and enhance social mobility.
    • INTERACT: A multi-agency intervention supporting those at risk of falls.
    • Clean streets: Additional resources dedicated to improving the cleanliness of the city and its neighbourhoods.
    • Community safety: Increased capacity to tackle anti-social behaviour and respond to safety concerns.
    • Homelessness prevention: Early intervention, tenancy support, and mediation services to reduce the risk of homelessness.
    • Let NCC: Incentives designed to increase the availability of affordable rental properties in Norwich.
    • Housing estate enhancements: Improvements to estates to support ongoing clean street initiatives.
    • Reducing inequality: Strengthening neighbourhood networks in target areas to foster a more inclusive community.
    • NoW: Project management support to streamline services, making it easier for residents to access the help they need.

    A track record of success

    Previous rounds of UKSPF funding have already delivered significant community benefits across Norwich, from upgrading public spaces and facilities to supporting local engagement. Alongside training and skills programmes, the fund has helped deliver community-led improvements, refurbished public buildings, and established a popular skill-sharing hub in Mile Cross.

    Initiatives such as the Love Norwich grants have contributed to the creation of new community gardens and murals, while increased support for events, volunteering, and social enterprises has strengthened local participation. Neighbourhood cleanliness efforts have also led to improved waste management and enforcement.

    A Fairer Norwich for all

    Davina Howes, Norwich City Council’s executive director overseeing communities, welcomed the additional funding, stating: “Norwich is home to many fantastic community groups and initiatives, and we are proud to support them as part of our commitment to A Fairer Norwich.

    “The additional UKSPF funding is a testament to the achievements of these projects, which continue to make a real difference in our city.

    “Investing in these projects will enable us to further support our residents, improve quality of life, and foster a stronger, more vibrant Norwich.”

    The funding proposals will be presented to Norwich City Council’s cabinet for approval on Wednesday, 2 April.

    Achievements to date:

    Since its inception, the UKSPF has enabled Norwich City Council to deliver a broad range of impactful initiatives:

    1. Love Norwich grants: 39 grants awarded for community-led improvements to public outdoor spaces, including community gardens, wildflower areas, murals, and park improvements.
    2. Community building improvements: 60 small capital grants for upgrades to public buildings, enhancing facilities and energy efficiency.
    3. New Community facility: A skill-sharing hub, 185, opened in Mile Cross, offering activities focused on creativity and wellbeing, with 4,000 visitors since September 2023.
    4. Green Hearts in Mile Cross: Partnership creating seven new community gardens, improving biodiversity, reducing fly-tipping, and fostering community action.
    5. Community insights: Insights from community connectors have informed various initiatives, including employment support and age-friendly city work.
    6. Community action: 131 events held and 35 people supported into regular volunteering.
    7. Support for social enterprises: Workshops and one-to-one support delivered by FUSE, bringing an additional £137k into the city’s social enterprises.
    8. Business support: Startup and growth support provided to 189 businesses and 74 entrepreneurs.
    9. Employment support: 21 long-term unemployed individuals helped into employment, with 66 receiving training or volunteering support through the Brighter Futures project.
    10. Neighbourhood cleanliness: Improved 52 communal bin facilities and piloted CCTV enforcement to reduce fly-tipping, with 57 new street bins being installed.

    MIL OSI United Kingdom –

  • MIL-OSI: Katapult Delivers Double-Digit Gross Originations Growth in the Fourth Quarter, Above Outlook

    Source: GlobeNewswire (MIL-OSI)

    Strong Holiday Season Performance; Momentum Continuing into 2025
    Establishes 2025 Outlook; Expects Growth to Continue in Q1 2025

    PLANO, Texas, March 28, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the fourth quarter ended December 31, 2024.

    “We had a great fourth quarter, which included stronger-than-expected gross originations growth and 50% growth in application volume,” said Orlando Zayas, CEO of Katapult. “The fourth quarter holiday season is an incredibly important time for many of our merchant-partners and the Katapult marketplace delivered, including more than 100% year-over-year gross originations growth during the Cyber 5 period in 2024. This growth was driven by a number of initiatives including targeted and co-branded marketing campaigns and the launch of new app features that enhance the customer experience. Given our high repeat customer rate and the incremental sales we’re generating for our merchant-partners, we are confident that retailers, partners and consumers alike understand the value Katapult brings to the table.”

    “Prior to the launch of our app, we relied on direct and waterfall merchants to send us consumers and we developed a consistent track record for converting this traffic to the benefit of our merchant-partners. When we launched the Katapult app two years ago, we believed we could transform our operating model from a single-input driven business to a two-sided marketplace with a multidimensional growth engine. Our fourth quarter results demonstrated the progress we are making toward this goal. Customers are engaging more and more frequently with our marketplace, and during the fourth quarter, this led to approximately 61% of our gross originations starting in the Katapult app marketplace. The two-sided Katapult app marketplace, powered by KPay (Katapult Pay (R)), has become a reliable shopping destination for consumers across the US and a growth partner for durable goods merchants. We are excited about our potential and are looking forward to a great 2025.”

    Operating Progress: Recent Highlights

    • Successfully transitioning business model to two-sided marketplace and increasing platform velocity
      • ~61% of fourth quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source
      • Customer satisfaction remained high and Katapult had a Net Promoter Score of 58 as of December 31, 2024
      • 61.5% of gross originations for the fourth quarter of 2024 came from repeat customers1
    • Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
      • Lease applications grew 50% year-over-year in the fourth quarter driven by new and existing customers
      • KPay gross originations grew approximately 52% year-over-year in the fourth quarter; 41% of total gross originations were transacted using KPay
      • Launched Metro by T-Mobile(R) (December 2024), Zales(R) (January 2025) and Rooms to Go(R) (February 2025) in the Katapult app marketplace, bringing the total number of merchants in our ecosystem to 33.
    • Strong progress against merchant engagement initiatives
      • Direct and waterfall gross originations, which represented 68% of total fourth quarter originations, grew approximately 44%, excluding the home furnishings and mattress category
      • Continued to expand our waterfall partnerships by onboarding 11 new merchants, including eight that are new to the Katapult app marketplace and three that already had a direct integration with Katapult
      • Together with several merchant-partners, we launched co-branded, co-promoted marketing campaigns that helped drive gross originations during the Cyber 5 period higher by more than 100% compared with the same period of last year
    • Entered new partnerships focused on expanding our applicant pool and providing consumers with more reasons to engage with the Katapult app marketplace

    Fourth Quarter 2024 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $75.2 million, an increase of 11.3%. Excluding the home furnishings and mattress category within our direct/waterfall channel, gross originations grew 50% year-over-year.
    • Total revenue was $63.0 million, an increase of 9.4%
    • Total operating expenses in the fourth quarter decreased 37.4%. Our fixed cash operating expenses2, which exclude litigation settlement expenses, decreased approximately 7.1%.
    • Net loss was $9.6 million for the fourth quarter of 2024, an improvement compared with net loss of $14.6 million reported for the fourth quarter of 2023.
    • Adjusted net loss2 was $8.0 million for the fourth quarter of 2024 compared to an adjusted net loss of $6.3 million reported for the fourth quarter of 2023
    • Adjusted EBITDA2 loss was $1.1 million for the fourth quarter of 2024 compared to Adjusted EBITDA2 loss of $0.3 million in the fourth quarter of 2023. The year-over-year performance was driven largely by higher cost of sales related to rapid, faster-than-expected gross originations growth in the fourth quarter of 2024.
    • Katapult ended the quarter with total cash and cash equivalents of $16.6 million, which includes $13.1 million of restricted cash. The Company ended the quarter with $82.8 million of outstanding debt on its credit facility.
    • Write-offs as a percentage of revenue were 9.6% in the fourth quarter of 2024 and are within the Company’s 8% to 10% long-term target range. This compares with 8.7% in the fourth quarter of 2023.

    2024 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $237 million, an increase of 4.7%
    • Total revenue was $247 million, an increase of 11.6%
    • Total operating expenses decreased 11.0%. Excluding litigation settlement expenses, total operating expenses decreased 17.0%. Our fixed cash operating expenses2, which exclude litigation settlement expenses, decreased approximately 7.1%.
    • Net loss was $26 million, an improvement compared with net loss of $37 million for 2023
    • Adjusted net loss2 was $17 million, an improvement compared to an adjusted net loss of $23 million for 2023
    • Adjusted EBITDA2 was $5 million compared to Adjusted EBITDA2 loss of $2 million in 2023
    • Write-offs as a percentage of revenue were 9.2% in 2024 and are within the Company’s 8% to 10% long-term target range. This compares with 9.2% in 2023.

    [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
    [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.  

    First Quarter and Full Year 2025 Business Outlook

    The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

    Given our quarter-to-date progress, Katapult expects the following results for the first quarter of 2025:

    • Approximately 11% year-over-year increase in gross originations
    • Approximately 10% year-over-year increase in revenue
    • Approximately $3 million of positive Adjusted EBITDA

    Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult expects to deliver the following results for full year 2025:

    • We expect gross originations to grow at least 20%

      This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

      Both our first quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category does not improve materially from our 2024 performance.

    • We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay
    • Revenue growth is expected to be at least 20%
    • Finally with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

    “During 2024, we delivered strong top-line growth while continuing to lean into fiscal discipline and as a result, we were able to generate our first full year of Adjusted EBITDA profitability since 2021,” said Nancy Walsh, CFO of Katapult. “Since we have a two-sided marketplace business model, we can continue to scale our revenue without adding commensurate expenses. This means that in times of rapid revenue growth, as we are expecting in 2025, we can meaningfully accelerate our Adjusted EBITDA flow-through. We are executing well across the breadth of our two-sided marketplace and we expect to build on this momentum throughout 2025.”

    Conference Call and Webcast

    The Company will host a conference call and webcast at 8:00 AM ET on Friday, March 28, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com 

    Forward-Looking Statements

    Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our first quarter of 2025 and full year 2025 business outlook and underlying assumptions, the expectation that the home furnishings category will not materially improve in the first quarter or throughout 2025, statements regarding our expectations for 2025, the impact of KPay on customer acquisition and our relationship with existing customers, the durability and timing of macroeconomic headwinds, the impact of our integrations within third-party waterfalls and our relationships with new merchant-partners on gross originations and financial expectations beyond 2025. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

    These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

    If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

    Key Performance Metrics

    Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

    Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

    Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

    Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

    Non-GAAP Financial Measures

    To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations. The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

    Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

    Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, and litigation settlement and other related expenses.

    Adjusted net loss is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense, and litigation settlement and other related expenses.

    Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, net and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

    Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

    • Are widely used to measure a company’s operating performance;
    • Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
    • Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

    Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (amounts in thousands, except per share data)
           
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
                   
    Revenue              
    Rental revenue $ 62,031     $ 56,735     $ 243,978     $ 218,347  
    Other revenue   932       823       3,216       3,241  
    Total revenue   62,963       57,558       247,194       221,588  
    Cost of revenue   55,557       48,657       201,423       179,881  
    Gross profit   7,406       8,901       45,771       41,707  
    Operating expenses:              
    Servicing costs   1,156       1,118       4,589       4,311  
    Underwriting fees   814       549       2,304       1,919  
    Professional and consulting fees   631       1,247       5,201       6,694  
    Technology and data analytics   1,740       1,642       7,170       6,905  
    Compensation costs   4,376       5,396       20,076       22,732  
    General and administrative   3,208       2,594       10,866       10,938  
    Litigation settlement, net   314       7,000       3,666       7,000  
    Total operating expenses   12,239       19,546       53,872       60,499  
    Loss from operations   (4,833 )     (10,645 )     (8,101 )     (18,792 )
    Loss on partial extinguishment of debt   —       —       —       (2,391 )
    Interest expense and other fees   (4,849 )     (4,271 )     (18,851 )     (17,822 )
    Interest income   148       363       1,163       1,697  
    Change in fair value of warrant liability   (5 )     36       17       807  
    Loss before income taxes   (9,539 )     (14,517 )     (25,772 )     (36,501 )
    Provision for income taxes   (30 )     (112 )     (143 )     (165 )
    Net loss $ (9,569 )   $ (14,629 )   $ (25,915 )   $ (36,666 )
                   
    Weighted average common shares outstanding – basic and diluted   4,518       4,130       4,347       4,088  
                   
    Net loss per common share – basic and diluted $ (2.12 )   $ (3.54 )   $ (5.96 )   $ (8.97 )
                                   
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
       
      December 31,
        2024       2023  
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 3,465     $ 21,408  
    Restricted cash   13,087       7,403  
    Property held for lease, net of accumulated depreciation and impairment   67,085       59,335  
    Prepaid expenses and other current assets   6,731       4,491  
    Litigation insurance reimbursement receivable   —       5,000  
    Total current assets   90,368       97,637  
    Property and equipment, net   253       327  
    Security deposits   91       91  
    Capitalized software and intangible assets, net   2,076       1,919  
    Right-of-use assets, non-current   383       888  
    Total assets $ 93,171     $ 100,862  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 1,491     $ 903  
    Accrued liabilities   17,372       24,146  
    Accrued litigation settlement   2,199       12,000  
    Unearned revenue   4,823       4,949  
    Revolving line of credit, net   82,582       —  
    Term loan, net, current   30,047       —  
    Lease liabilities   179       297  
    Total current liabilities   138,693       42,295  
    Revolving line of credit, net   —       60,347  
    Term loan, net, non-current   —       25,503  
    Other liabilities   828       95  
    Lease liabilities, non-current   444       614  
    Total liabilities   139,965       128,854  
    STOCKHOLDERS’ DEFICIT      
    Common stock, 0.0001 par value– 250,000,000 shares authorized; 4,446,540 and 4,072,713 shares issued and outstanding at December 31, 2024 and 2023, respectively   —       —  
    Additional paid-in capital   101,657       94,544  
    Accumulated deficit   (148,451 )     (122,536 )
    Total stockholders’ deficit   (46,794 )     (27,992 )
    Total liabilities and stockholders’ deficit $ 93,171     $ 100,862  
                   
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (dollars in thousands)
       
      Year Ended December 31,
        2024       2023  
    Cash flows from operating activities:      
    Net loss $ (25,915 )   $ (36,666 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   140,636       126,533  
    Depreciation for early lease purchase options (buyouts)   29,061       25,784  
    Depreciation for impaired leases   24,962       22,019  
    Change in fair value of warrants and other non-cash items   (256 )     (807 )
    Stock-based compensation   5,759       7,034  
    Loss on partial extinguishment of debt   —       2,391  
    Amortization of debt discount   3,104       2,760  
    Amortization of debt issuance costs, net   220       277  
    Accrued PIK interest expense   1,440       1,555  
    Amortization of right-of-use assets   318       355  
    Changes in operating assets and liabilities:      
    Property held for lease   (201,189 )     (183,695 )
    Prepaid expenses and other current assets   (2,053 )     3,610  
    Litigation insurance reimbursement receivable   5,000       (5,000 )
    Accounts payable   588       (361 )
    Accrued liabilities   (6,775 )     4,419  
    Accrued litigation settlement   (7,055 )     12,000  
    Lease liabilities   (288 )     (387 )
    Unearned revenues   (126 )     765  
      Net cash used in operating activities   (32,569 )     (17,414 )
    Cash flows from investing activities:      
    Purchases of property and equipment   (54 )     (20 )
    Additions to capitalized software   (1,249 )     (954 )
      Net cash used in investing activities   (1,303 )     (974 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   34,421       14,297  
    Principal repayments on revolving line of credit   (12,406 )     (11,551 )
    Principal repayment on term loan   —       (25,000 )
    Payments of deferred financing costs   —       (34 )
    Repurchases of restricted stock   (613 )     (355 )
    Proceeds from exercise of stock options   211       1  
      Net cash provided by (used in) financing activities   21,613       (22,642 )
    Net (decrease) in cash, cash equivalents and restricted cash   (12,259 )     (41,030 )
    Cash and cash equivalents and restricted cash at beginning of period   28,811       69,841  
    Cash and cash equivalents and restricted cash at end of period $ 16,552     $ 28,811  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 13,709     $ 13,014  
    Cash paid for income taxes $ 270     $ 206  
    Deferred financing costs included in accrued liabilities $ —     $ 481  
    Issuance of warrants to purchase common stock in connection with debt refinancing $ —     $ 4,060  
    Issuance of common stock in connection with litigation settlements $ 1,756     $ —  
    Right-of-use assets obtained in exchange for operating lease liabilities $ —     $ 471  
    Cash paid for operating leases $ 359     $ 513  
                   

    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
                   
    Net loss $ (9,569 )   $ (14,629 )   $ (25,915 )   $ (36,666 )
    Add back:              
    Interest expense and other fees   4,849       4,271       18,851       17,822  
    Interest income   (148 )     (363 )     (1,163 )     (1,697 )
    Change in fair value of warrants   5       (36 )     (17 )     (807 )
    Provision for income taxes   30       112       143       165  
    Depreciation and amortization on property and equipment and capitalized software   287       454       1,219       1,133  
    Provision for impairment of leased assets   1,921       1,508       2,227       1,727  
    Loss on partial extinguishment of debt   —       —       —       2,391  
    Stock-based compensation expense   1,331       1,356       5,759       7,034  
    Litigation settlement and other related expenses, net   226     $ 7,000       3,666       7,000  
    Adjusted EBITDA $ (1,068 )   $ (327 )   $ 4,770     $ (1,898 )
                                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
                   
    Net loss $ (9,569 )   $ (14,629 )   $ (25,915 )   $ (36,666 )
    Add back:              
    Change in fair value of warrants   5       (36 )     (17 )     (807 )
    Stock-based compensation expense   1,331       1,356       5,759       7,034  
    Litigation settlement and other related expenses, net   226       7,000       3,666       7,000  
    Adjusted net loss $ (8,007 )   $ (6,309 )   $ (16,507 )   $ (23,439 )
                                   
      Three Months Ended December 31,   Year Ended December 31,
        2024     2023     2024     2023
                   
    Total operating expenses $ 12,239   $ 19,546   $ 53,872   $ 60,499
    Less:              
    Depreciation and amortization on property and equipment and capitalized software   287     454     1,219     1,133
    Stock-based compensation expense   1,331     1,356     5,759     7,034
    Servicing costs   1,156     1,118     4,589     4,311
    Underwriting fees   814     549     2,304     1,919
    Litigation settlement and other related expenses, net   226     7,000     3,666     7,000
    Fixed cash operating expenses $ 8,425   $ 9,069   $ 36,335   $ 39,102
                           
      Three Months Ended December 31,   Year Ended December 31,
        2024     2023     2024     2023
                   
    Total revenue $ 62,963   $ 57,558   $ 247,194   $ 221,588
    Cost of revenue   55,557     48,657     201,423     179,881
    Gross profit   7,406     8,901     45,771     41,707
    Less:              
    Servicing costs   1,156     1,118     4,589     4,311
    Underwriting fees   814     549     2,304     1,919
    Adjusted gross profit $ 5,436   $ 7,234   $ 38,878   $ 35,477
                           

    CERTAIN KEY PERFORMANCE METRICS

    (in thousands) Three Months Ended December 31,   Year Ended December 31,
        2024     2023     2024     2023
    Total revenue $ 62,963   $ 57,558   $ 247,194   $ 221,588
                           

    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER

        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2024   $ 55.6   $ 55.3   $ 51.2   $ 75.2
    FY 2023   $ 54.7   $ 54.7   $ 49.6   $ 67.5
    FY 2022   $ 46.7   $ 46.4   $ 44.1   $ 59.8
    FY 2021   $ 63.8   $ 64.4   $ 61.0   $ 58.9

    The MIL Network –

  • MIL-OSI United Kingdom: Peter Kyle’s speech at the Space-Comm Expo 2025

    Source: United Kingdom – Executive Government & Departments 2

    Speech

    Peter Kyle’s speech at the Space-Comm Expo 2025

    A speech delivered by Secretary of State for Science, Innovation, and Technology, Peter Kyle, at the Space-Comm Expo 2025 on Tuesday 11 March.

    The British Space programme began in the same year that our late queen, Her Majesty Queen Elizabeth II, ascended to the throne.

    Sixty-three years ago, the launch of Ariel One, the first British-American satellite, made Britain only the 3rd country to launch into orbit.

    In little more than a decade, we went from a nation with space ambition to one of the few countries with a satellite operation. 

    Then, as I was enjoying my first birthday, Prospero became the first British satellite to be launched by a British rocket.

    All those years ago, deciding to have a space programme, designing, building and launching a spacecraft, took decades of planning.

    Fast-forward to today:

    • When, somewhere around the world, there is a rocket launching every 34 hours.
    • When the UK’s space economy is outpacing the growth of our economy as a whole.
    • And when, just this month, the second-ever private spacecraft touched down successfully on the surface of the moon. Powered by British engines, engineered in Buckinghamshire.

    An international effort, with British expertise, contributing to a successful lunar mission.

    There is no mistaking the increasing pace of change.

    Or just how much the people in this room – and the businesses you lead – now contribute towards the growing the British economy.

    So, to begin with, it’s my job to say thank you to all of you.

    Britain’s space sector is not just safe in your hands. It is thriving under your stewardship.

    And with the British economy, it’s felt increasingly, and it’s felt day by day.

    This is a government that has economic growth as our number one mission.

    And for us, growth isn’t just a soundbite.

    It is our very purpose.

    Growth rates are more than an indicator of the state of the economy…

    …They are an indication of this government’s state of mind.

    We are:

    • ambitious for Britain

    • determined to build the wealthier, fairer nation for everyone.

    • And we are impatient for the increased wealth and opportunities that economic growth brings to communities, businesses and to people alike.

    With 16% of UK GDP depending on satellite services, there’s no doubt that the space sector is important to that.

    Because Britain has never had a space flight with our own crew on board, it is too easy for some ‘armchair astronauts’ to dismiss the UK space programme.

    I believe we are approaching a space tipping point. At which it becomes simply impossible for even the most determined science-cynic to ignore. 

    From how we message family and friends or check the weather, to how our country protects itself from climate change and national security threats that we increasingly face – space technologies simply underpin our lives.

    From the everyday, right through to the extraordinary.

    As heavy launches into low orbit become less costly – 95% cheaper than 40 years ago – and the barriers to entry are more easily overcome, the space tipping point now brings with it new risks that we have to face up to:

    • Hundreds of millions of pieces of space junk that threaten the satellites that support almost every part of our interconnected world.
    • As that figure rises, so does the chance of an accidental collision of catastrophic consequences.
    • And at the same time, space is becoming more and more accessible to hostile actors as well, eventually, possibly seeking to do Britain harm.

    The severity of these risks cannot be overstated.

    But neither should we be blind to the extraordinary opportunities that space technologies offer to our country and to us.

    To embed innovation in every part of our economy…

    …and open the doors to a new era of high productivity and growth.

    To secure our nation for the century ahead…

    …and make discoveries that will transform citizens’ lives.

    We reach this tipping point, and we have a narrow window to secure our stake in space.

    We sometimes talk about scientific progress as if it were inevitable.

    But there is nothing inevitable about progress as every one of you knows well.

    If we and our allies stand still, whilst our competitors stride ahead – or hostile actors get a foot in the door – we will find ourselves locked out of the opportunities space can bring.

    And left exposed further to the risks.

    That’s why space is a strategic priority for this Labour government as we deliver our Plan for Change.

    That requires strategic partnerships with our allies in Europe and around the globe, and between the public and the private sectors.

    And it also means being clear about the roles and responsibilities of each.

    There are some activities – like national security – which only governments can and should do.

    Others, where the creativity, the ingenuity and the enterprise of the private sector will suffice.

    And then there is a third way, where the power of partnership of governments and enterprise is the route to discovery, prosperity and to greater growth as well.

    Since we took office in July, I’ve met many of the players behind Britain’s burgeoning space economy.

    Businesses like Astroscale and ClearSpace, designing new missions to remove dangerous space clutter from orbit.

    And Space Forge, who are finding ways to manufacture semiconductors in microgravity.

    The success of businesses like these depends on world-leading research and an ambitious, entrepreneurial mindset.

    The UK is well placed to lead in both.

    These businesses also need a government that understands and appreciates their potential, has their back, and gives them the foundations to keep pushing the frontiers forward.

    Since 2015, the UK has attracted more private investment in space than any other country outside of the United States.

    We cherish Britain as a beacon for innovation, investment, stability and the rule of law.

    And we are determined to keep that beacon burning brightly in the increasingly competitive and uncertain international environment.

    Space is one of the first 4 areas singled out for attention by the new Regulatory Innovation Office (RIO).

    That Office will cut the burden of bureaucracy, freeing up your time and your resources to invest and innovate further and faster.

    Government must, always must, continue to fulfil our side of the bargain, backing British space with the support the sector needs.

    That means grant funding for innovation; direct investment into strategically significant projects; and procuring from the UK firms from government contracts.

    Take our £20 million investment into Orbex, to fund the first British-made, British-launched rocket, set for orbit later this year.

    Prime is designed to take small satellites into the polar orbits, to improve our understanding of a region right at the frontline of climate change.

    The launch will transform the UK space industry.

    It will bring highly-paid jobs to the Shetland Islands, whilst boosting Europe’s ability to access space from our own continent.

    The UK space sector is further bolstered by Britain’s membership of the European Space Agency.

    Indeed, Britain does better because of that key partnership.

    From inspiring the nation with Tim Peake’s flight to the International Space Station, to our instrumental role in the James Webb Space Telescope, our partnership with the ESA means British firms winning in this unique global marketplace.

    In the last quarter of 2024, UK businesses’ net revenues from the ESA were £80 million higher than our contribution.

    That’s a record for any member state.

    And this success is a direct result of public and private sectors working closer together to make sure the UK sees the great return on our collective investment.

    The knock-on effects of these contract wins will add up to a £1 billion of boost across our economy.

    They’ll create 3,800 highly skilled jobs, from Stevenage right up to the Shetland Isles.

    And they will ensure that British businesses have the power and investment to continue making discoveries that will transform people’s lives:

    • Like Airbus, selected to build a spacecraft to help us weather violent solar storms.
    • Thales Alenia Space, which will propel crucial cargo and scientific instruments right up to the moon’s surface.
    • And Open Cosmos, granted contracts to study the magnetic field, and using what they learn to bolster our satellites and better fight climate change.

    The immense contribution British businesses make to our island’s space story shows ambition, integrity, and leadership.

    It is testament to these traits, alongside the determination and dedication of our people.

    As we stand in this space tipping point, the government’s commitment to economic growth demands that we support science and we invest in innovation.

    We also champion the critical technologies to maximise the power and potential of the British economy.

    Your contribution and the commitment to our economic growth mission is profoundly important.

    So, I want to finish exactly where I started:

    By acknowledging your efforts and extending our appreciation for them, as you help to make Britain more productive, more prosperous, and more pioneering.

    On this planet and beyond.

    Thank you very much.

    Updates to this page

    Published 11 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Natural England board member reappointed

    Source: United Kingdom – Executive Government & Departments

    News story

    Natural England board member reappointed

    Clare Fitzsimmons has rejoined the board for a second term

    Clare Fitzsimmons has today (Friday 28 March) been reappointed to the board of Natural England.

    Her second term will run for three years from 12 March 2025 until 11 March 2028.

    This appointment has been made in accordance with the Governance Code on Public Appointments published by the Cabinet Office.

    Natural England is the government’s statutory adviser for the natural environment in England. Its purpose is to help conserve, enhance and manage the natural environment for the benefit of present and future generations, thereby contributing to sustainable development.

    Biography:

    • Clare Fitzsimmons is Professor of Marine Ecosystems and Governance at Newcastle University. She is Director of Business, Innovation and Skills in the School of Natural and Environmental Sciences and chairs the External Advisory Board, gaining commercial experience in defence and consultancy sectors.

    • Clare is also a Marine Management Organisation-appointed member of the North Eastern Inshore Fisheries and Conservation Authority. She is co-chair of Natural England’s Science Advisory Committee, multi-disciplinary experts to ensure the best available scientific advice is used to underpin decision-making for nature recovery.

    Updates to this page

    Published 28 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: 27 Polytechnic students became recipients of Potanin Foundation scholarships

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Potanin Foundation has summed up the results of the 2024/2025 scholarship competition. This prestigious scholarship is a recognition of the outstanding achievements of master’s students in their studies, leadership and public activities. This year, 750 people became winners of the competition. Among the lucky ones are 27 talented students of SPbPU, who will now receive a scholarship of 25,000 rubles until the end of their studies.

    The result of the Advanced Engineering School “Digital Engineering” was especially successful – five students of the SPbPU PISh were among the winners. They demonstrated not only deep academic knowledge, but also the ability to turn theory into practice, which is especially valuable for modern engineering education.

    We are proud of our students, who have once again proven that SPbPU PISh is a forge of talents and innovations. Their victory is not only a personal achievement, but also recognition of the high level of training, – noted the Vice-Rector for Digital Transformation of SPbPU, the head of SPbPU PISh Alexey Borovkov.

    Master’s students of the program “Organization and management of high-tech technologies in the oil and gas industry” shared their impressions of the competition:

    Ksenia Grigorieva: Participation in the competition was not only an opportunity for me to demonstrate my knowledge and skills, but also an important stage in my personal and professional growth. This is not just a competition, but a unique platform for exchanging ideas, finding inspiration and meeting talented people from all over the country. I would like to express special gratitude to the teachers of the Advanced Engineering School, my mentors.

    During her years of bachelor’s degree at the Polytechnic University in the specialty “General Biotechnology”, Ksenia actively demonstrated herself in scientific, educational and creative activities. She considers her participation in the project on the synthesis of human parathyroid hormone and work in the biochemistry department of the “Institute of Experimental Medicine”, the main goal of which was to identify antibodies to modified low-density lipoproteins and study the effect of these antibodies on the development of atherosclerotic lesions, to be some of her main achievements. In addition to scientific activities, last year Ksenia successfully graduated with honors not only from her bachelor’s degree, but also from the additional education program “Digital Departments”. Ksenia’s interests are not limited to study and science – for the fifth year now, the girl has been singing in the youth choir “Polyhymnia”.

    Artem Shcherbak: The purpose of my participation in the Vladimir Potanin scholarship competition was to establish contacts in the professional sphere and meet proactive young people for the potential construction of new projects and work on joint events. I have friends who have previously become laureates of this award, their experience inspired me.

    Artem was an organizer of major events at the Saint Petersburg Mining University of Empress Catherine II, a delegate to the Student Council of Saint Petersburg under the Committee on Youth Policy, a volunteer and organizer of events “Volunteer Company of Combat Brotherhood”, a member of the youth council of the Central District of Saint Petersburg, a laureate of the city award “Best Youth Project 2022”, the owner of a letter of gratitude “For personal contribution to the implementation of socially significant projects and the development of volunteer activities in 2023” from the Committee on Youth Policy under the Government of Saint Petersburg.

    Stepan Akimov: I am very glad that I was able to take part in the scholarship competition. The main thing here is initiative. I realized that if I approach the matter not half-heartedly, show a little interest and turn on creativity, then my approach will pay off. And so it happened! At the end of the final competition day, I felt great pleasure from everything that had been done, I was happy with the stunning victory of my team in the main test and that I was able to play an important role in this.

    Alexey Plyushch has been actively working in the Trade Union of Students of the Polytechnic University for five years now, was the first deputy chairman, head of the sports department, and acts as the main organizer in most projects. Alexey is a trainer and mentor of the inter-institutional training of “Adapters of SPbPU”, the best graduate of the “management” department of IPMET.

    Sergey Gaurgov graduated from the Institute of Mechanical Engineering, Materials and Transport of SPbPU with a bachelor’s degree in “Automation of Technological Processes and Production” in 2024. He is a versatile engineer who can work with both pneumatic and hydropneumatic devices, and is well versed in electrical engineering, circuit design and the development of electronic devices.

    For his master’s degree, Sergey chose the Advanced Engineering School: It seemed to me that studying at PISH would be a logical continuation of the direction of production automation, which I studied in my bachelor’s degree. Here I can specialize in robotics under the guidance of my teacher, an expert in autonomous unmanned systems Georgy Vasilyanov.

    Sergey is currently undergoing an internship at the Saint Petersburg Automobile Plant (formerly Nissan), where he is engaged in optimizing the logistics of unmanned robots in the automation department.

    Also among the winners of the scholarship program are master’s students: Irina Smirnova, Angelina Rubleva, Aelita Maslova and Viktor Sorokin (headquartered in Statistics), Egor Vinokurov and Vitalina Furman (headquartered in Biotechnical Systems and Technologies), Olga Obraztsova and Veronika Chernova (headquartered in Biotechnology), Denis Mametyev and Sergey Sudnishchikov (Construction), Sofia Ivanova (Business Informatics), Alexandra Voziyan (Software Engineering), Gennady Zyabkin (Automation of Technological Processes and Production), Nikita Izbyakov (Power Engineering), Konstantin Mashyanov (Mechatronics and Robotics), Anastasia Mikulenko (Materials Science and Materials Technology), Anastasia Murashova (Sociology), Nikita Oparin (Metallurgy), Zinaida Pavlenkova (Design), Daria Ryzhova (Foreign Regional Studies), Alexey Filatchev (Economics), Anastasia Yarkova (Information Systems and Technologies).

    The winners of the Potanin scholarship receive not only monthly financial support, but also the opportunity to participate in the foundation’s educational and social projects aimed at developing leadership and professional skills.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI China: Beijing cultural exchange event promotes unity, inclusion

    Source: China State Council Information Office 2

    Guests mingle at “The Night of Lights” cultural exchange event in Beijing, March 23, 2025. [Photo by Liao Jiaxin/China.org.cn]
    A vibrant cultural exchange event titled “The Night of Lights” was hosted in a Beijing cultural space on March 23, bringing together diplomats, students and business professionals from Pakistan, Tunisia, Morocco, Türkiye and other countries. The gathering, centered on themes of “unity and inclusion,” created a warm atmosphere for cross-cultural dialogue through culinary delights, traditional attire and artistic performances.
    The evening buzzed with intercultural energy as participants sampled international delicacies like Pakistani samosas, Moroccan harira soup and Argentine madeleine cakes. Many of the attendees dressed in colorful national costumes, exchanging stories about their home countries and sharing their experiences of living in China.
    Safaa Merzane, a Moroccan student at Capital University of Economics and Business, has developed a deep appreciation for Chinese cuisine during her year and a half in the country. When asked about her most memorable cultural experience in China, she enthused: “The first idea that comes to my mind is the Chinese food. When I try spicy food, I think it’s so delicious!”

    Moroccan student Safaa Merzane shares her impressions of Chinese cuisine during the cultural event, March 23, 2025. [Photo by Liao Jiaxin/China.org.cn]
    Hina Shaikh, a teacher at the Pakistan Embassy College in Beijing, expressed her delight in participating. “There are many different foods, culture traditions and cultural performances I see today,” Shaikh remarked. “That has really amused me how people interact with each other, how they respect each other’s culture. And I feel very happy when I’m a part of such an event.” She particularly noted the eagerness of the young performers to showcase their cultural heritage through dance, music and traditional dress.
    Shaikh, who regularly participates in cultural activities through her work, added: “The students of the college are normally taking part in many cultural programs. Even in our college, there are lots of Chinese students come to perform. And we have culture programs.” In her opinion, these events act as vital bridges fostering international understanding and friendship.
    Tunisian students Sirin Jridi and Khaoula Louhichi from Minzu University of China enthusiastically shared their perspectives on China’s inclusive cultural environment. “I came to this event at my friend’s invitation,” Jridi explained. “We try to showcase our traditional clothes and some of our food and introduce them to a lot of nationalities. Of course, we have tried other people’s food and we really like it. We are willing to have more of this kind of events to participate in.”

    Tunisian exchange students Khaoula Louhichi and Sirin Jridi showcase their traditional attire at the cultural gathering in Beijing, March 23, 2025. [Photo by Liao Jiaxin/China.org.cn]
    Louhichi also described how her understanding of Chinese society has transformed: “I used to think that Chinese people are cold. But when I came here, I just figured out it was totally wrong. I felt like really welcomed here.” She expressed admiration for China’s social harmony, where 56 ethnic groups coexist peacefully. “They’re all living in peace here, and Chinese culture is really immense. I really like it here. Chinese people are also very proud of their culture.”
    Louhichi credited Chinese government scholarships for enabling international students to experience the country firsthand. “Thanks to the scholarship that the Chinese government gives to other students, many people can come to China and experience the real China,” she said.
    She also praised China’s academic initiatives promoting cultural exchange. “Many universities host ‘cultural days’ during which students from all over the world will have stands and they will share with others their culture. I think in China, it’s so convenient to know other people’s culture,” she said.

    Attendees sample international delicacies at the cultural event in Beijing, March 23, 2025. [Photo by Liao Jiaxin/China.org.cn]
    The event ended on a hopeful note, as participants called for more cultural exchanges. The lively gathering showcased how such initiatives celebrate diversity while creating genuine international bonds. As a reflection of China’s vibrant multiculturalism, it highlighted the country’s growing role in fostering cross-cultural understanding through openness and mutual respect.

    MIL OSI China News –

  • MIL-OSI Africa: Secretary-General’s remarks to the General Assembly on the International Day of Zero Waste [as delivered]

    Source: United Nations – English

    r. President, Madame First Lady, Excellencies, Dear Friends,

    The waste crisis is an issue that goes to the heart of how we produce, and how we consume.

    And one that requires action at every level – local, national, and global. 

    This year’s International Day focuses on fashion and textiles.

    And rightly so.

    Unless we accelerate action, dressing to kill could kill the planet.

    Textile production often uses thousands of chemicals – many of them harmful to people and the environment.

    It devours resources like land and water – putting pressure on ecosystems.

    And it belches out greenhouse gases – inflaming the climate crisis.  

    Clothes are being produced and discarded at a staggering rate – driven by business models that prioritize newness, speed, and disposability.  

    Every second, the equivalent of one garbage truck full of clothing is incinerated or sent to landfill.

    Excellencies, Dear Friends,

    Fashion is just the tip of a toxic iceberg.

    Waste is an issue in every sector. 

    Every year, humanity produces over two billion tonnes of garbage.

    If you pack all that into shipping containers stacked end to end, they would stretch to the moon and back.

    Here on Earth, toxin-filled waste is seeping into our soil, our water, and our air. And ultimately into us.

    As usual, the poorest pay the highest price.

    More than one billion people live in slums and informal urban settlements, where waste management is non-existent and disease runs rampant.

    The rich world is flooding the Global South with garbage, from obsolete computers to single-use plastic and more.

    Many nations do not have the infrastructure to process even a fraction of what is dumped on their shores.

    As a result, materials that could be recycled are burned or sent to landfill. 

    And waste pickers are exposed to toxic chemicals as they sift through potentially hazardous materials, including broken electronics, in appalling conditions.

    Excellencies, Dear Friends,

    We need a different approach: one that delivers on the commitment in the Sustainable Development Goals for sustainable production and consumption.

    And there are signs of hope.

    Change is possible. And it presents exciting opportunities.

    In fashion, for example, designers are experimenting with recycled materials.

    Consumers are increasingly demanding sustainability.

    In many countries, resale markets are booming.

    And important initiatives are bringing together large and small businesses, industry associations, civil society and many others to drive sustainability across the sector.

    They include the Fashion Industry Charter for Climate Action, and the Fashion Pact.

    We must celebrate the power of these innovations to transform the industry.

    But we need more.

    And we need change in every sector.

    I welcome the work of the Chair and the First Lady and members of the United Nations Advisory Board on Zero Waste to raise awareness, and help meet the SDGs.

    The fight against waste requires us all.

    Governments must act:

    Through policies, regulations and subsidies:

    That promote sustainability, and zero waste initiatives…

    That encourage businesses to adopt positive practices…

    That provide decent jobs…

    And that empower everyone – not just the wealthy – to afford products that last.

    The current negotiations for a legally binding treaty to end plastic pollution – due in August this year – are a key opportunity for governments to drive progress.

    I urge them to take it…

    And to translate any treaty into action to support consumers to make environmentally friendly choices, and into a clear roadmap across industries.

    Addressing plastic pollution must be at the core of corporate responsibility.

    There is no space for greenwashing.

    Businesses must increase circularity, waste reduction and resource efficiency across their supply chains.

    We need accountability for corporate sustainability commitments.

    We need transparency for customers. 

    And we need consumers to use their purchasing power to encourage change:

    Reducing excessive consumption, valuing products that last, and embracing exchanges and resales.

    And we need young people and civil society to keep using their voices and power to demand change through advocacy.

    Excellencies, Dear Friends,

    We must build on progress, to end the waste practices wasting our planet.

    On this International Day, let us commit to do our part to clean up our act, and build a healthier, more sustainable world for us all. 

    And I thank you.
     

    MIL OSI Africa –

  • MIL-OSI China: Consumer expo expected to be biggest ever

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

    The upcoming fifth China International Consumer Products Expo, to be held from April 13 to 18 in Haikou, Hainan province, is expected to attract the highest number of participants compared with past editions, which points to the confidence of global consumer enterprises in China, the Ministry of Commerce said.

    The event, the largest consumer goods expo in the Asia-Pacific region, will become China’s first significant international expo this year, and an important platform for the country to further boost consumption and expand high-quality development, said the ministry, the co-organizer of the expo.

    In the recently delivered Government Work Report, boosting consumption was listed as a top priority among this year’s tasks.

    “This year, the expo is expected to attract the participation of more than 1,700 companies and over 4,100 brands from 71 countries and regions. This scale far exceeds the previous four editions,” said Sheng Qiuping, vice-minister of commerce, at a news conference in Beijing on Thursday.

    Hainan Free Trade Port is a pioneer in China’s opening-up efforts. An FTP system focused on trade and investment liberalization as well as facilitation will be “basically established” in Hainan by 2025, according to the plan.

    The holding of the consumer expo, coupled with the policies of the FTP, is expected to help drive the growth of duty-free shopping, catering, accommodation, and tourism consumption in Hainan, promoting its development into a globally influential tourism and consumption destination, the ministry said.

    This year, the United Kingdom will serve as the guest of honor, and the UK, France, Switzerland and Slovakia will showcase their products in the form of national exhibition groups, according to the local government of Hainan.

    In addition, different provinces and cities across the country will showcase popular domestic products and time-honored brands. In addition to the exhibition of products, services consumption — such as healthcare and wellness, sporting events and artificial intelligence — will also be highlights of the event this year.

    “With the hosting of four editions of the consumer expo, international consumer enterprises have increasingly felt the charm of the Hainan FTP and felt that the door of China’s reform and opening-up is opening increasingly wider,” said Gu Gang, vice-governor of Hainan.

    In the first two months, total retail sales of consumer goods in China reached 8.37 trillion yuan ($1.15 trillion), up 4 percent year-on-year, and the growth rate was 0.5 percentage point higher than the whole year figure of last year, the ministry said.

    MIL OSI China News –

  • MIL-OSI Economics: India VC funding landscape shows promising growth in early 2025, outpacing global trends, says GlobalData

    Source: GlobalData

    India VC funding landscape shows promising growth in early 2025, outpacing global trends, says GlobalData

    Posted in Business Fundamentals

    India’s venture capital (VC) ecosystem has outpaced global trends, recording a strong growth during January–February 2025 with a staggering around 40% year-on-year (YoY) jump in funding value and around 11% increase in deal volume. This surge highlights India’s resilience and underscores growing investor confidence in the country’s dynamic and innovation-driven startup landscape, reveals GlobalData, a leading data and analytics company.

    When compared to global trends, India’s performance stands out significantly. While global VC deal volume declined by nearly 9% YoY during January–February 2025, India bucked the trend with an 11% uptick in deal activity. Even more striking was the 40% surge in funding value—more than double the global growth rate of approximately 17%—further cementing India’s position as a bright spot in the global VC landscape.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “This growth reflects a thriving startup environment, where innovative ideas are increasingly attracting the attention of VC firms. This substantial rise in value not only highlights the growing confidence of investors but also the increase in average deal size.”

    Consequently, India continues to remain among the top five markets for VC funding activity in the word and with the notable increase in both deal volume and value, India is further solidifying its position as a key player in the global startup ecosystem.

    An analysis of GlobalData’s Deals Database revealed that India accounted for around 9% share of the total number of VC deals announced globally during January-February 2025 while also accounting for more than 4% share of global value.

    Bose concludes: “India’s growth trajectory underscores its unique position as a hub for innovation. The significant growth in both VC deal volume and value indicates that investors are increasingly recognizing the potential of Indian startups to deliver innovative solutions across various sectors. This trend is likely to continue as more entrepreneurs emerge with groundbreaking ideas.”

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

    MIL OSI Economics –

  • MIL-OSI USA: Read More (Steube and Panetta Introduce Honey Integrity Act to Establish Federal Honey Standards)

    Source: United States House of Representatives – Congressman Greg Steube (FL-17)

    March 14, 2025 | Press ReleasesWASHINGTON – U.S. Representatives Greg Steube (R-Fla.) and Jimmy Panetta (D-Calif.), joined by Rep. Mike Ezell (R-Miss.) as a cosponsor, introduced the Honey Integrity Act to establish a national standard for honey, enhance enforcement against fraudulent honey sales, and protect American beekeepers. The bill, led in the Senate by Sen. Tommy Tuberville (R-Ala.), strengthens consumer confidence in honey products without expanding government bureaucracy.
    “I’m introducing the Honey Integrity Act in the House to crack down on the mislabeling and sale of fake products to American consumers. This bill establishes clear standards for honey and accountability for bad actors without adding more government red tape. Families have the right to know the honey they are buying is real. I thank Senator Tommy Tuberville for leading on this issue in the Senate and Rep. Jimmy Panetta for his support in the House. We must protect American honey producers and make sure consumers get the quality produce they pay for at the grocery store.” —Congressman Greg Steube
    “Fraudulent honey imports undercut American beekeepers and mislead consumers. The Honey Integrity Act will help protect the industry by cracking down on adulterated honey and ensuring transparency in the marketplace.  Honey producers across the country, including those in California, work hard to ensure the integrity of their product and we need to give them a level playing field.” –Congressman Jimmy Panetta
    “Honey producers across America work hard to deliver a pure, natural product, but bad actors are undermining our efforts by flooding the market with adulterated honey. I am proud to co-lead this legislation that will ensure accountability by requiring reports on enforcement actions through the establishment of the Honey Integrity Program. As a beekeeper myself, I will always fight to protect consumers and our domestic honey industry. By strengthening testing and transparency, we can crack down on fraud and defend the integrity of American honey.” –Congressman Mike Ezell
    “Honey is one of nature’s greatest antioxidants, providing many wonderful health benefits. America’s beekeepers and honey producers work tirelessly to ensure that we have access to pure, quality honey. But sadly, the lack of uniform standards is creating loopholes that foreign honey producers are increasingly exploiting. Our honey producers deserve a level playing field, and Americans deserve to know exactly what they’re putting in their bodies. I’m proud to introduce this legislation to secure our nation’s honey industry, support our domestic beekeepers and increase food transparency for Americans.” –Senator Tommy TubervilleKey Provisions of the Honey Integrity Act:

    Creates a Federal Standard of Identity for Honey: Requires the FDA to establish a formal definition and standard for honey to prevent mislabeling and ensure product integrity.
    Enhances Federal Oversight: Directs the Secretary of Health and Human Services to submit a report to Congress detailing enforcement actions against adulterated and misbranded honey.
    Mandates the Destruction of Adulterated Honey: Ensures that when fraudulent honey is identified, it is destroyed— protecting consumers and honest beekeepers.
    Strengthens Consumer Protection Without Expanding Government: Holds fraudulent sellers accountable while avoiding unnecessary government expansion, fees, or regulatory burdens.
    Accountability Without Government Overreach: The Honey Integrity Act creates the Honey Integrity Program, an enforcement mechanism to stop those who misrepresent or knowingly sells adulterated or misbranded honey. This program will be created without requiring additional federal employees or costly government programs.

    The bill has received support from several organizations including the American Honey Producers Association and American Beekeeping Federation.
    “The American Honey Producers Association applauds Representative Steube, Senator Tuberville, and Representative Panetta for introducing the Honey Integrity Act. For years, America’s beekeepers have sought adequate protections against adulteration of the honey supply on behalf of consumers and beekeepers alike. This legislation takes critical steps forward in addressing adulteration so that consumers can be confident that their honey is natural, wholesome, and healthy. The legislation will also help level the playing field for honest American beekeepers who have had to compete against adulterated products for too many years. We look forward to working with Congress and FDA in implementing this common-sense legislation to restore fairness in the marketplace and certainty for the consumer.” —Steven Coy, President, American Honey Producers Association
    “As a commercial beekeeper from Montana and  president of the American Beekeeping Federation (ABF) a national organization representing beekeepers in all 50 states from hobbyists to commercial operations, on behalf of ABF we strongly support the Honey Integrity Act. ABF is grateful to Congressmen Stuebe and Panetta on their sponsorship of this critical legislation .  We were pleased to work closely with Congressman Stuebe a beekeeper himself, on the need for this legislation to protect U.S beekeepers and U.S. consumers from economically adulterated honey from entering the country.  ABF looks forward to working closely with the legislations sponsors to see this much needed legislation become law.” —Patty Sundberg, President of American Beekeeping Federation. Read the full bill text here.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Scott to Host 2nd Annual Jobs Fair

    Source: United States House of Representatives – Congressman David Scott (GA-13)

    Congressman David Scott is proud to host the Second Annual Thirteenth District Jobs Fair in conjunction with Comcast Cable, UPN Atlanta, and CBS 46. The fair will bring together Georgia’s top employers from the public and private sector. This event will take place at the Georgia International Convention Center in College Park right off the I-85 and I-285 Camp Creek Parkway exits near the Hartsfield-Jackson International Airport. Please remember to dress for success and bring copies of your resume because job candidates will have the opportunity to be matched up for interviews right on the spot! Also, remember to bring $1 for parking or take MARTA to the COLLEGE PARK station and catch the #182 bus shuttle. Military officials will be on hand to provide special assistance for veterans who’ve separated from active service within the past 180 days. With proper ID, qualified veterans are eligible for special entry to Congressman Scott’s Jobs Fair.

    WHEN: Friday, May 12, 2006 WHERE: Georgia International Convention Center Exhibit Halls C & D 2000 Convention Center Concourse College Park, GA 30337 (770) 997-3566 TIME: 10:00 am – 4:00 pm CONFIRMED EMPLOYERS: A Perfect Resume Abundant Healing AEI International Affiliated Insurance Group AFLAC AFLAC- Global Market AGL Resources AIG AIG/American General AirTran Airways All (n) 1 Security Services AltaTelecom Ambassador Personnel American General Life and Accident American Heart Association American Intercontinental University – Dunwoody Campus American Red Cross Ameriplan Aramark Aviation Services Atlanta and North Georgia Building and Construction Trades Council Atlanta Job Corps Atlanta Journal Constitution Atlanta Police Department Atlanta Technical College Atlanta Workforce Development Agency Atlantic Southeast Airlines Avon District 1186 Avon Products BB&T Bank Bellsouth Blue Water Security II, Inc. Bobby Dodd Institute Brian Center Nursing Care- Austell Buyers Credit Coach Care Entree’ Central Michigan University Cherokee County Sheriff’s Office Chick-fil-A, Inc. City of Douglasville City of Forest Park City of Hapeville City of Smyrna Clayton Career Resource Center Clayton County DOT Clayton County Government- Personnel Department Clayton County Public Schools Transportation Department Clayton County Water Authority Clayton State University CLP Resources Cobb County Board of Commissioners Cobb County Police Department Cobb County School System CobbWorks Coca-Cola College Park Police Department Comcast Cable Computer Mainstream Corporation Concessions/Paschals Country Hearth Suites Cyberwize.com Davita Jonesboro Dialysis Center Dekalb County Sheriff’s Office Department of Aviation Devry University Douglas County Board of Commissioners Douglasville Police Department DreamSan Inc Employment Seeker Enterprise Rent-A-Car Exel Logistics Fayette County Board of Commissioners Fayette County Board of Education, Administration Services Department Fayette County Board of Education, Food Services Department Fayette County Board of Education, Transportation Department Federal Aviation Administration Federal Bureau of Prisons FedEx Ground First Transit Franklin and Wilson Airport Concessions From Concepts to Reality, Inc Fulton County Sheriff Office GA Department of Labor Vocational Rehabilitation Program GAT Airline Ground Support Gate Gourmet GC Services L.P. Georgia Air National Guard Georgia Army National Guard Georgia Department of Corrections Georgia Department of Human Resources Georgia Institute of Technology Georgia Military College Georgia Power Georgia State University Goodwill Industries of North Georgia Grady Health System Greystone Power Company Griffin Technical College Griffin-Spalding County School System Gwinnett County Department of Corrections Gwinnett County Fire and Emergency Services Hands on Atlanta Happiness Habit Harbor Management, Inc Hartsfield Area TMA Hennesy Mazda Pontiac Buick GMC Henry County Fire Department Henry County Government Henry County School System Hertz Rent-A-Car InMotion Entertainment Installation Technology Design Systems Interactive College of Technology/ Interactive Learning Systems Internal Revenue Service JPacker Systems Kodak Dental Systems Kool Smiles Lockheed Martin Loomis, Fargo, and Co Lowe’s Home Improvement Mackey & Associates/ MMG Marketing Group MARTA MBC Concessions, Inc. Mechanical Contractors Association of Georgia Melaleuca MetroPCS HIS Modern Woodmen of Atlanta Morehouse School of Medicine National Lending Corporation National Youth Apprenticeship Collaboration Options Unlimited Personal Touch Tours Travel Agency Popeyes Chicken & Checker Hamburger Prepaid Legal Services Primerica Financial Services Professional Career Development Institute Red Lobster Revelation Consulting Riverdale Police Department Robertson Sanitation/ United Waste Rockdale County Public Schools Rollins, Inc/ Orkin Pest Control Roswell Nursing and Rehab Center Saint Josephs Hospital Securitas Security Services Self Image Success Sheraton Gateway Hotel Shorter College Smyrna Police Department Social Security Administration Southern Regional Medical Center Southside Seafood Company Spherion Staffing Strayer University SunTrust Bank Talent Tree Crystal, Inc The Tensar Corporation, LLC The Wellness Company U.S. Air Force Reserve U.S. Customs and Border Protection U.S. Drug Enforcement Administration U.S. Food and Drug Administration U.S. Marine Corps U.S. Navy U.S. Office of Personnel Management U.S. Postal Service U.S. Small Business Administration United Association, Plumbers and Pipe Fitters, Local Union No.72 of Atlanta, Georgia Universal Forest Products University of Georgia Verizon Wireless Waffle House Inc. Wal-mart, Inc. Warm Spirit Wellness Resources International, Inc. Wellstar Health System Wilsons Leather Work-tec WVFJ J93.3 Radio

    MIL OSI USA News –

  • MIL-OSI USA: CONGRESSMAN DANNY K. DAVIS SUPPORTS HOUSE DEMOCRATS’ DEFENSE OF THE CFPB AND AMERICAN CONSUMERS

    Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

    CONGRESSMAN DANNY K. DAVIS SUPPORTS HOUSE DEMOCRATS’ DEFENSE OF THE CFPB AND AMERICAN CONSUMERS

    Washington, D.C. – Congressman Danny K. Davis (D-IL) today reaffirmed his strong support for the Consumer Financial Protection Bureau (CFPB) and joined his Democratic colleagues in pushing back against Republican-led efforts to dismantle the agency that protects American consumers.

        In an amicus brief led by Ranking Member Maxine Waters (CA-43) and supported by 203 House Democrats, House leaders made clear that the Trump Administration’s attempts to shut down the CFPB are unlawful, unconstitutional, and a direct attack on consumer protections. The brief was filed in the case of National Treasury Employees Union (NTEU), et al. v. CFPB Acting Director Russell Vought, et al., currently before the U.S. District Court for the District of Columbia.

        “For over a decade, the CFPB has stood as a powerful watchdog against financial abuses, returning over $21 billion to more than 205 million defrauded consumers,” said Congressman Davis. “Now, we see a calculated effort to gut the agency, led by Donald Trump and his billionaire allies, which would leave working families vulnerable to unchecked corporate greed.”

        Congressman Davis emphasized that eliminating the CFPB would allow predatory lenders, big banks, and debt collectors to resume the very practices that led to the 2008 financial crisis—a crisis that robbed millions of their jobs, homes, and financial security.

        “The attack on the CFPB is an attack on everyday Americans who rely on strong financial protections,” Davis continued. “House Democrats will not stand by as Trump and his unelected operatives dismantle safeguards that Congress put in place to prevent another economic collapse.”

         The amicus brief outlines how recent actions taken against the CFPB—including stop-work orders, mass termination plans, and attempts to seize sensitive consumer data—blatantly violate the Constitution and the Dodd-Frank Act, which established the Bureau in 2010.

    CFPB Protections at Risk

        If Trump’s efforts to gut the CFPB succeed, key consumer protections would be severely weakened or eliminated, including:

    • Small Business Lending Transparency: Ensuring fair access to capital for entrepreneurs and small business owners.
    • Overdraft Fee Regulations: Preventing banks from charging excessive fees that disproportionately impact low-income consumers.
    • Medical Debt Credit Protections: Stopping unfair medical debt from tanking Americans’ credit scores.

         The House Democratic Leadership, including Leader Hakeem Jeffries, Assistant Leader Joe Neguse, and Judiciary Committee Ranking Member Jamie Raskin, have all echoed the urgent need to preserve the CFPB and protect working families from financial exploitation.

         “I will continue fighting alongside my colleagues to defend the CFPB, protect American consumers, and hold corporations accountable,” Congressman Davis concluded.

    Next Steps

    A hearing on the plaintiffs’ motion to block the dismantling of the CFPB is scheduled for Monday, March 3, in the U.S. District Court for the District of Columbia.

    The full amicus brief is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Juan Vargas Calls Out Trump and DOGE Efforts to Dismantle Consumer Watchdog Agency, Take Away Protections from Military Families and Seniors

    Source: United States House of Representatives – Congressman Juan Vargas (CA-51)

    March 26, 2025

    WASHINGTON – During a Financial Services Committee hearing today, U.S. Representative Juan Vargas (CA-52) called out the Trump Administration’s efforts to dismantle the Consumer Financial Protection Bureau (CFPB) – an agency that has returned more than $21 billion to families scammed by big banks and other financial institutions – and leave military families and seniors more vulnerable. President Trump and DOGE have moved rapidly to gut the CFPB by cutting off funding, firing staff, and shutting down its headquarters. 

    Watch Rep. Vargas’s questions to former Consumer Financial Protection Bureau General Counsel and Senior Advisor to the Director Seth Frotman HERE. Read Rep. Vargas’s questioning: 

    VARGAS: 

    I represent the San Diego region and the San Diego region is blessed by having the Navy there and many, many military personnel and we’re very blessed because many of them stay there. They retire there, but unfortunately, they become victims often times of financial

    scams. 

    In San Diego, in the San Diego region, we have 96% more CFPB consumer complaints filed by servicemembers. You know that, I’m sure. 

    Could you talk a little bit about what is happening right now and how we’ve helped them before and how we’re not helping them right now because I’m getting these complaints right now from people, and they’re saying they’re calling, there’s nobody there.

    FROTMAN:

    Thank you so much for the question, Congressman. I’ve actually visited the Marine Corps depot training facility with Holly Petraeus. So, this is critically important. You know, one of the central tasks that Congress directed the CFPB to do was look after military families. And the track record of the Bureau across administrations before the most recent change, I think, was stellar. 

    We got back more than $200 million dollars for military families through enforcement actions. We helped with 400,000 complaints. And what you see now is just devastating to military families. They told the people who staff the office that the Congress required, the Office of Servicemember Affairs, to stop working. They broke the complaint system. 

    So we’ve heard a ton today about overreach. We’ve heard these amorphous vague comments about CFPB overreach. Is it overreach when the Bureau took enforcement actions against a bunch of scammers who ripped off military families, who ripped off veterans, who ripped off retirees? 

    We’ve heard a lot of the abstracts about the Bureau and the prior leadership, but we haven’t heard specifics because I think that is what, this is one example of exactly what the Bureau was tasked to do, and they’re not doing right now.

    VARGAS: 

    The other thing that I think is very important also is to talk about [the] elderly. You know, again, San Diego is a young town, but it’s not that young. I mean, a number of us are retired… and there’s a lot of scams, again, against elderly. And… before I got all these positive comments about how the CFPB was doing their job. Now I’m getting all these complaints because nobody’s there. Could you comment about that?

    FROTMAN: 

    That’s correct. The Acting Director Vought told the Office of Older Americans to stop working. People who submit complaints about themselves or an elderly parent or grandparent saw that system broken. 

    So, you know, there’s been a lot of charges leveled, but I think one of the things that I think we all agree on is that the CFPB needs to work. The CFPB needs to work on behalf of consumers and servicemembers and older Americans. It needs to work on behalf of honest businesses, and it’s not now. The inspectors that are supposed to take care of service members and older Americans are sitting at home instead of doing their job.

    VARGAS: 

    Mr. Frotman, I want this on the record because I think that I’ve been around long enough now that you see cycles. And the unfortunate cycles are this: we’ve talked about predators and we’ve seen this. Oftentimes my colleagues on the other side ultimately control government and then you do see an overreach all right, but by the banks and others, and we get into a financial slide. And then we get into a recession, and then we get into real trouble. And then consumers, we saw in 2008, get ripped off. So we heard today that the CFPB is the predator, that you guys are the predator, that you were the predator. Could you straighten the record out on that, and I want this on the record because I think it’s gonna happen again. I want to make sure that you tell the truth. Go ahead, sir. 

    FROTMAN: 

    Thank you so much. So, you know, we’ve heard a lot of attacks on CFPB leadership, but these are really attacks on dedicated public servants who wake up every single day just trying to make their neighborhood safe.

    So many of us who work at the CFPB lived through the financial crisis and watched community after community decimated while a bunch of billionaire bankers got off scot-free. And what we do every day at the Bureau, or what we did every day at the Bureau, was to try to make sure that doesn’t happen again.

    What is happening now at the Bureau, where there is no oversight over massive non-banks in this country, is bad for businesses, it is bad for consumers, and they are setting up the situation that will, there will be another financial crisis in this country, and you all, or the people sitting in the chairs after you, will be forced to deal with it once again.

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    MIL OSI USA News –