NewzIntel.com

Category: Commerce

  • MIL-OSI USA: Senator Markey Celebrates Opening of South Coast Rail

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    For the first time in 65 years, cities and towns in southeastern Massachusetts will have passenger rail service
    Boston (March 24, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, released the following statement celebrating the formal opening of South Coast Commuter Rail service. South Coast Rail will offer reliable public transit between Boston and communities in southeastern Massachusetts, including Taunton, New Bedford, Fall River, Middleborough, Freetown, and the surrounding region. It represents the first time since the late 1950s that riders on the South Coast can take a one-seat rail trip to Boston. Now, all major cities within 50 miles of Boston have Commuter Rail access.
    “We are one stop closer to transit justice with daily Commuter Rail service to southeastern Massachusetts,” said Senator Markey. “The opening of South Coast Rail represents a long-awaited celebration for Taunton, Fall River, New Bedford, and beyond. I am grateful to Governor Healey, the MBTA, the Massachusetts Department of Transportation, and all the leaders and advocates on the South Coast who are making this project a reality. This milestone represents a major leap in addressing a critical gap in our state’s public transit system. Together, we are expanding rail service, reducing congestion, increasing economic opportunity, and more equitably connecting our Commonwealth. I look forward to continuing to work with state and local officials, community members, and our federal delegation to expand public transit throughout the South Coast and across Massachusetts.”
    Senator Markey is a long-time advocate for expanding rail transit. He previously introduced the Building Rail Across Intercity Networks To Ride Around Interior of the Nation (BRAIN TRAIN) Act, which established a new $25 billion passenger rail grant program and required the Federal Railroad Administration to prioritize projects that connect historically under-connected areas such as the South Coast. The Bipartisan Infrastructure Law established a new Corridor Identification and Development Program aligned with, and that includes language from Senator Markey’s BRAIN TRAIN Act. Last Congress, he introduced the All Aboard Act, which would dedicate $200 billion over five years to build high-speed rail, expand existing passenger rail service, and electrify the most heavily polluting railyards and corridors. The legislation also includes critical labor protections for the existing union labor workforce and creates a rail personnel training grant program for rail workers. Senator Markey has also been a strong advocate to secure funding for West-East passenger train service running through Boston, Worcester, and Western Massachusetts, helping to secure a $108 million grant for the project, followed by a second $36.8 million grant.

    MIL OSI USA News –

  • MIL-OSI USA: Medicaid Cuts Would Cost Money and Endanger Lives, Say Central WA Health Care Providers

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    03.21.25
    Medicaid Cuts Would Cost Money and Endanger Lives, Say Central WA Health Care Providers
    Medicaid, known in WA as Apple Health, would face significant cuts from GOP budget proposal to slash up to $880 billion from essential health care program
    RICHLAND, WA – Today, U.S. Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, held a press conference with Central Washington health care professionals and providers to discuss the harms that would result from proposed cuts to Medicaid.
    “Our health care system today does save money when we give people the freedom to see a doctor when they need to, instead of forcing them to wait until they absolutely have to,” said Sen. Cantwell. ”These attempts aren’t about reducing costs, they are literally about destroying our health care system.”
    “It is a tsunami. And trust me, this is not a drill,” she continued. “This is a real proposal, and we have to wake up the American people, and certainly here in Central Washington, to the devastating impacts they could see if Medicaid was cut.”
    “There’s very good evidence from multiple studies that preventive care delivers better quality of life, better health outcomes, at a lower overall cost,” said Dr. Richard Meadows, Chief Medical Officer, Providence Clinical Network. “The thought that somehow saving money by not funding Medicaid would be better for our country, it just does not make any financial sense, because we know from studies that if you wait and treat things later on it is far more expensive. People miss more time from work, they’re not able to be there for their families, and ultimately it costs all of us as taxpayers more money.”
    Brenda Morgan, a Tri-Cities area home care provider, shared the story of her client, Samantha, an autistic young adult with a heart condition, who needs a feeding tube for meals and medications. “She wants me to ask you,” Morgan said, “’Why aren’t people thinking about us? Do they not know that I can’t survive without Medicaid?’”
    Medicaid is the federal program that insures many low-income adults and children, pregnant people, seniors, and people with disabilities. Washington state’s Medicaid program, Apple Health, ensures that eligible Washingtonians can afford to seek health care and see providers when they need to.  The program also ensures that hospitals receive reimbursements for the significant number of low-income people they serve. Medicaid paid for $3.36 billion in hospital care in Washington state in state fiscal year 2024. More than 1.9 million Washingtonians are enrolled in Medicaid.
    In the 4th U.S. Congressional District, 70% of children and 24% of adults are covered by Medicaid / Apple Health.
    In Washington state legislative district 16, which includes Richland, 60% of kids and 32% of the total population are covered by Medicaid / Apple Health.
    In legislative district 8, which includes Kennewick and most of Benton County, 49% of kids and 26% of the total population are covered by Medicaid / Apple Health.
    In Yakima County’s legislative district 15, 87% of kids and 51% of the population are covered by Medicaid / Apple Health. These are the highest numbers for any legislative district in the state.
    On February 25, House Republicans voted to advance President Trump’s budget resolution, which proposes up to an $880 billion cut from Medicaid.
    Last month, Sen. Cantwell released a snapshot report highlighting the impact that slashing Medicaid to fund tax cuts for corporations and the ultra-wealthy would have on Washington state’s health care system — especially in Central and Eastern Washington.
    The other participants in today’s roundtable were Reza Kaleel, Chief Executive Southeast Washington Service Area Kadlec and Providence St. Mary; Regina Ahl, Director of Pharmacy, Tri-Cities Community Health; Dr. John Matheson, Chief Medical Officer, Kadlec Regional Medical Center; and Everett Maroon, Executive Director, Blue Mountain Heart to Heart.       
    Video of today’s entire press conference is HERE; video of Sen. Cantwell’s opening statement is HERE; photos are HERE; and a transcript of Sen. Cantwell’s opening statement is HERE.

    MIL OSI USA News –

  • MIL-OSI China: Multinational CEOs flock to China for business opportunities

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

    This photo taken on March 23, 2025 shows the Symposium on Macro Policies and Economic Growth of the China Development Forum 2025 in Beijing, capital of China. The China Development Forum 2025 is scheduled from March 23 to 24. The theme of this year’s forum is “Unleashing Development Momentum for Stable Growth of Global Economy.” [Photo/Xinhua]

    BEIJING, March 24 — Heads of some 80 multinationals including Siemens, Apple, Samsung and Pfizer have flocked to China to seek new cooperation opportunities with the world’s second-largest economy.

    The transnational corporate chiefs were present at the China Development Forum 2025 in Beijing, scheduled from March 23 to 24. The annual event, hosted by the Development Research Center of China’s State Council, has become an important platform of dialogue for the Chinese government, global businesses, academia, and international organizations.

    China will continue to welcome enterprises from around the world with open arms, further expand market access, actively address the concerns of businesses, and facilitate the deeper integration of foreign-funded enterprises into the Chinese market, Chinese Premier Li Qiang said in a keynote speech at the opening ceremony of the forum.

    Prior to the forum, British pharmaceutical giant AstraZeneca signed a landmark 2.5-billion-U.S. dollar agreement on Friday to invest in Beijing over the next five years, the largest single investment in Beijing’s biopharmaceutical sector in recent years.

    Under the agreement, AstraZeneca will establish a global strategic R&D center in Beijing, its sixth worldwide and second in China after one in Shanghai. The new center, equipped with an advanced artificial intelligence and data science laboratory, will accelerate early-stage drug research and clinical development.

    “The investment highlights our confidence in Beijing’s world-class life sciences innovation ecosystem, extensive collaborative opportunities, and exceptional talent pool,” AstraZeneca CEO Pascal Soriot said in an interview with Xinhua.

    In 2024, BMW delivered over 100,000 battery electric vehicles to customers in China for the first time, making China its strongest single market for electric vehicles.

    The company is committed to expanding its investment in China and accelerating the localization of production as well as research and development, said Oliver Zipse, chairman of the board of management of BMW AG, in a meeting with Chinese Commerce Minister Wang Wentao.

    Zipse also noted that there are only losers and no winners in a tariff war. The company firmly opposes the EU imposing additional tariffs on Chinese EVs and hopes that both the EU and China can properly resolve their differences, he said.

    At a symposium of the forum, Zipse said he was impressed by the AI Plus initiative in China’s government work report this year, and that BMW is working with Chinese sci-tech leaders to apply generative AI and large language model technologies into its vehicles.

    Miguel Lopez, CEO of Thyssenkrupp AG, an industrial conglomerate, said China is not only one of the largest markets, but also the country with the most comprehensive industrial chain and supply chain in the world, as well as a good logistics system.

    Thyssenkrupp will continue to strengthen supply chain management in China and establish good relationships with local suppliers, which will not only reduce its costs and improves its resilience, but also improves its performance on global markets, Lopez said.

    Lim Boon Heng, chairman of Singapore’s Temasek Holdings, said he truly feels during his visit the growing innovation and vitality of the Chinese market and the improved business environment.

    Noting China has become one of Temasek’s most important investment destinations, he said Temasek is full of confidence in the long-term prospects of the Chinese economy and will continue to deepen its presence in the Chinese market.

    For Otis, the elevator industry leader has benefited from China’s rapid urbanization over the past few decades.

    Judy Marks, CEO of Otis Worldwide Corporation, said the country still offers great opportunities in the future, and compared with decades ago, China is no longer just a production base and sales market, but also a research and development base for elevators.

    “I think most of the world will not only want to partner with China but also strengthen economic relations with China,” said Jeffrey Sachs, an economics professor at Columbia University.

    Official data has shown that China remains a top destination for transnational investment. Some 60,000 foreign-invested companies were established in China in 2024 alone, a 9.9 percent year-on-year increase. The return rate of FDI in China has remained at approximately 9 percent over the past five years, ranking among the highest around the world.

    This year’s government work report notes that China will encourage foreign investors to increase their reinvestment in the country, and it will ensure equal treatment for foreign-funded enterprises in fields such as production factor access, license applications, standards setting and government procurement.

    MIL OSI China News –

  • MIL-OSI USA: Attorney General Bonta Seeks Court Order to Block Mass Firings, Transfer of Core Functions from Department of Education

    Source: US State of California

    Cites immediate and potentially devastating harms to California schools and students 

    OAKLAND – California Attorney General Rob Bonta today led a multistate coalition in filing a motion for a preliminary injunction to prevent the Trump Administration’s mass firing of U.S. Department of Education employees and the transfer of core statutory functions to other departments. These actions will devastate the Department of Education’s ability to meet its statutory obligations across numerous programs — direct funding for K-12 education, student aid, services for students with disabilities, civil rights enforcement, vocational training, and more. California schools alone receive $7.9 billion annually from the Department of Education, and these schools have already reported impacts and disruptions to their ability to provide public education to California’s children as a result of these actions. As such, Attorney General Bonta and the coalition argue that the actions violate the Administrative Procedures Act, are unconstitutional, and should be enjoined while litigation continues.

    “California receives billions of dollars each year from the U.S. Department of Education. The programs and initiatives these funds support help ensure all our children have access to a high-quality public education and are able to learn in a safe, healthy environment,” said Attorney General Bonta. “All of this is at risk with the Trump Administration’s mass firing of Department employees and outsourcing of core statutory functions like the administration of federal student loans. President Trump has made no secret of his desire to shut down the Department of Education for good – and we know that these actions are just a step toward that end goal. But as his own administration has acknowledged, he lacks the authority to unilaterally do so. I respectfully ask the court to block the Trump Administration’s efforts to dismantle the Department of Education from within while our litigation continues.”

    On March 11, the Department of Education initiated a mass termination impacting nearly 50% of the Department’s employees, as part of the Trump Administration’s “final mission” to dismantle the Department. The mass firings were not accompanied by any reasoning to explain why these employees — and indeed, some whole teams — were targeted. The rationale is nevertheless clear — the Trump Administration believes the Department should not exist and is using these firings as a tool in furtherance of that goal. President Trump’s directive last week for Education Secretary Linda McMahon to take all necessary steps to dismantle the Department is further evidence that the firings are part of a broader effort to undermine the Department’s ability to carry out its most vital, congressionally-mandated functions. These steps including transferring the administration of federal student loans to the Small Business Administration, which recently fired 40% of its workers, and of special needs and nutritional programs to the U.S. Department of Health and Human Services.

    The U.S. Department of Education provides $7.9 billion annually in federal funding to more than 9,000 public schools across California – serving 5.8 million students. This includes funding for Title I to support low-income families, Individuals with Disabilities Education Act (IDEA) funds and support for students with disabilities, school lunch programs, services to families living on military bases and Indian reservations, and post-secondary financial aid. Already, the mass firings have led to the closure of seven regional offices of the Office for Civil Rights, including the one in San Francisco, leaving 1,500 pending cases, including open investigations, cases in mediation, resolved cases under monitoring, and complaints under research by staff, in limbo. 

    It is clear that the mass firing of nearly 50% of all Department of Education employees will make it impossible for the Department to meet its current obligations under federal law, violating the separation of powers and the Executive Branch’s obligation to take care that the law is faithfully executed, and exceeding the Department’s authority under the law in violation of the Administrative Procedures Act. Given the immediate and potentially devastating harm that these firings and subsequent transfer of core programs could cause to California’s schools and children, Attorney General Bonta, along with the coalition, respectfully asks the court to grant a preliminary injunction while the states’ litigation continues.  

    Attorney General Bonta is leading this lawsuit with Hawaii Attorney General Anne Lopez, Massachusetts Attorney General Andrea Campbell, and New York Attorney General Letitia James. They are joined by the attorneys general of Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Michigan, Minnesota, Nevada, New Jersey, Oregon, Rhode Island, Washington, Wisconsin, Vermont, and the District of Columbia.

    A copy of the motion is available here. 

    MIL OSI USA News –

  • MIL-OSI USA News: IMPOSING TARIFFS ON COUNTRIES IMPORTING VENEZUELAN OIL

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code, and in view of the national emergency declared with respect to Venezuela in Executive Order 13692 of March 8, 2015 (Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Venezuela), as continued most recently in the notice of February 27, 2025 (Continuation of the National Emergency with Respect to Venezuela), I, DONALD J. TRUMP, President of the United States of America, find that the actions and policies of the regime of Nicolás Maduro in Venezuela continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States.  The activities of the Tren de Aragua gang, a transnational criminal organization originating in Venezuela and designated as a Foreign Terrorist Organization and a Specially Designated Global Terrorist organization, have intensified this threat, as highlighted in Proclamation 10903 of March 14, 2025 (Invocation of the Alien Enemies Act Regarding the Invasion of the United States by Tren De Aragua).  Furthermore, Venezuela’s ongoing destabilizing actions, including its support for illicit activities, necessitate further economic measures to protect United States interests.

    In light of these circumstances, and to address the continued national emergency with respect to Venezuela that forms the basis for Executive Order 13692 and subsequent orders, I hereby order:

    Section 1.  Findings.  (a)  The Tren de Aragua gang, a transnational criminal organization with origins in Venezuela, has been designated as a Foreign Terrorist Organization by the United States due to its extensive involvement in terrorist activities such as kidnapping and violent attacks, including the assassination of a Venezuelan opposition figure, that destabilize communities across the Western Hemisphere.  The prior administration’s open-borders policies facilitated the infiltration of the United States by members of Tren de Aragua, allowing these dangerous criminals to establish a foothold within United States cities and prey upon American citizens. The Maduro regime aided and facilitated the influx of Tren de Aragua members into the United States during the prior administration by failing to control its borders, permitting the gang’s operations to flourish within Venezuela, and refusing to take action against its members, thereby exacerbating the illegal immigration crisis.

    (b)  Existing sanctions on Venezuela, including those imposed in Executive Order 13692, Executive Order 13808 of August 24, 2017 (Imposing Additional Sanctions with Respect to the Situation in Venezuela), Executive Order 13850 of November 1, 2018 (Blocking Property of Additional Persons Contributing to the Situation in Venezuela), and Executive Order 13884 of August 5, 2019 (Blocking Property of the Government of Venezuela), remain in effect.  The actions and policies of the Maduro regime that were the basis for those orders continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States.  These actions include:

    (i)    The systematic undermining of democratic institutions through the suppression of free and fair elections and the illegitimate consolidation of power by the regime of Nicolás Maduro;

    (ii)   Endemic economic mismanagement and public corruption at the expense of the Venezuelan people and their prosperity;

    (iii)  The regime’s responsibility for the deepening humanitarian and public health crisis in Venezuela; and

    (iv)   The destabilization of the Western Hemisphere through the forced migration of millions of Venezuelans, imposing significant burdens on neighboring countries.

    Sec. 2.  Imposition of Tariffs.  (a)  On or after April 2, 2025, a tariff of 25 percent may be imposed on all goods imported into the United States from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties.  Duties imposed by this order will be supplemental to duties on imports already imposed pursuant to IEEPA, section 232 of the Trade Expansion of 1962, section 301 of the Trade Act of 1974, or any other authority.

    (b)  The Secretary of State, in consultation with the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, is hereby authorized to determine in his discretion whether the tariff of 25 percent will be imposed on goods from any country that imports Venezuelan oil, directly or indirectly, on or after April 2, 2025.

    (c)  Once imposed on a country at the Secretary of State’s discretion, the tariff of 25 percent shall expire 1 year after the last date on which the country imported Venezuelan oil, or at an earlier date if the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of the Treasury, the Secretary of Homeland Security, and the United States Trade Representative, so determines at his discretion.  

    Sec. 3.  Administration and Enforcement.  (a)  The Secretary of State, in coordination with the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, is hereby authorized to impose the tariffs established by this order.

    (b)  The Secretary of Commerce, in coordination with the Secretary of State and the Attorney General, is hereby authorized to:

    (i)    Determine whether a country has imported Venezuelan oil, directly or indirectly;

    (ii)   Issue regulations, guidance, and determinations as necessary to implement this order;

    (iii)  Coordinate with the heads of other executive departments and agencies to ensure compliance; and

    (iv)   Take any additional actions consistent with applicable law to carry out the purposes of this order.

    (c)  Any prior Presidential Proclamation, Executive Order, or other Presidential directive or guidance that is inconsistent with the direction in this order is hereby terminated, suspended, or modified to the extent necessary to give full effect to this order.

    (d)  Any other Presidential Proclamation, Executive Order, or other Presidential directive or guidance that applies to Venezuela or a country subject to a tariff under section 2 of this order remains in full effect, except to the extent specified in subsection (c) of this section.

    (e)  If the Secretary of State, at his discretion, decides to impose a tariff under section 2 of this order on China, that tariff shall also apply to both the Hong Kong Special Administrative Region and the Macau Special Administrative Region, as a measure to reduce the risk of transshipment and evasion.

    Sec. 4.  Reporting and Review.  The Secretary of State and the Secretary of Commerce shall submit periodic reports to the President, within 180 days of the date of this order and no less than every 180 days thereafter, assessing the effectiveness of the tariffs described in this order and the ongoing conduct of the Maduro regime.

    Sec. 5.  Definitions.  For the purposes of this order:

    (a)  The term “Venezuelan oil” means crude oil or petroleum products extracted, refined, or exported from Venezuela, regardless of the nationality of the entity involved in the production or sale of such crude oil or petroleum products.

    (b)  The term “indirectly” includes purchases of Venezuelan oil through intermediaries or third countries where the origin of the oil can reasonably be traced to Venezuela, as determined by the Secretary of Commerce.

    Sec. 6.  Effective Date.  This order is effective at 12:01 a.m. eastern daylight time on April 2, 2025.

    Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   The authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  The functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        March 24, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Markey, Van Hollen Urge Trump to Work with Congress to Keep TikTok Online

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker

    WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ), Edward J. Markey (D-MA), a member of the Commerce, Science, and Transportation Committee, and Chris Van Hollen (D-MD) wrote to President Donald Trump, requesting additional information on any efforts to keep TikTok online in the United States and urging the Administration to work with Congress on any potential resolutions to the TikTok ban.

    Under the Protecting Americans’ Data from Foreign Adversaries Act, ByteDance had until January 19 to either divest TikTok or face a ban in the U.S. In an executive order, President Trump directed the Department of Justice to not enforce the law for 75 days. This nonenforcement of the TikTok ban was not only unlawful but also raised serious questions about TikTok’s future, as the law imposes liability—up to $850 billion in fines—on companies for facilitating TikTok’s continued operations in the U.S. That 75-day extension expires on April 5. With a qualified divestiture unlikely to occur by that deadline, the Senators urged the Trump administration to work with Congress to keep TikTok online.

    In the letter, the lawmakers write, “There is a better solution: Work with Congress. We have previously introduced legislation — the Extend the TikTok Deadline Act — that would extend the TikTok deadline to October 16, 2025, but Senate Republicans blocked passage of our bill. If you need additional time to complete a deal, we urge you to direct Senate Republicans to pass our legislation and provide the companies with legal certainty to keep TikTok online and in the app stores over the next few months. If you intend to proceed with the reported Oracle deal, we urge you to work with Congress to propose modifications to the Protecting Americans’ Data from Foreign Adversaries Act to ensure that any Oracle deal prevents TikTok from going dark. Regardless of your approach, the path to saving TikTok should run through Capitol Hill.

    “Without any further action from Congress, the 170 million Americans that rely on TikTok will continue to face uncertainty about TikTok’s future. Creators will continue to fear that the platform could disappear at any moment. This situation is unfair and unworkable. We urge you to stand up for TikTok’s users and use your immense influence over congressional Republicans to demand a long-term solution to the TikTok ban.”

    Ahead of the April 5, 2025 deadline, the lawmakers request responses by March 28, 2025, to the following questions:

    1.     Is your administration considering further extending the TikTok divestment deadline by executive order? If so, please identify the statutory basis for such an extension.

    2.     Are news reports accurate that your administration is considering a potential deal with Oracle under which Oracle would take a stake in TikTok and provide certainty about the security of TikTok’s user data?

    3.     Does your administration believe that any further legislative action is necessary to ensure that TikTok remains online in the United States?

    On January 16, 2025, Senator Booker, along with Senators Markey and Van Hollen, sent a letter to President Joe Biden urging him to trigger the 90-day extension in the Protecting Americans’ Data from Foreign Adversary Controlled Applications Act to allow ByteDance additional time to divest from TikTok. Senators Booker, Markey, and Van Hollen, along with Senator Ron Wyden (D-OR) and Congressman Ro Khanna (D-CA-17), introduced the Extend the TikTok Deadline Act, legislation that would delay the January 19 deadline by which ByteDance must sell TikTok or face a ban, by an additional 270 days.

    To read the full text of the letter, click here.

    MIL OSI USA News –

  • MIL-OSI: Brookfield Corporation Announces Results of Conversion of its Series 38 Preferred Shares

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, March 24, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that after having taken into account all election notices received by the deadline for the conversion of its Cumulative Class A Preference Shares, Series 38 (the “Series 38 Shares”) (TSX: BN.PF.E) into Cumulative Class A Preference Shares, Series 39 (the “Series 39 Shares”), there were 42,035 Series 38 Shares tendered for conversion, which is less than the one million shares required to give effect to conversion into Series 39 Shares. Accordingly, there will be no conversion of Series 38 Shares into Series 39 Shares and holders of Series 38 Shares will retain their Series 38 Shares.

    About Brookfield Corporation
    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    For more information, please visit our website at bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    kerrie.mchugh@brookfield.com    		 Investor Relations:
    Katie Battaglia
    Tel: (212) 776-2252
    Email: katie.battaglia@brookfield.com

    The MIL Network –

  • MIL-OSI Canada: Amendments to the Income Tax Act, 2000 will Continue to Make Life More Affordable for Saskatchewan Residents

    Source: Government of Canada regional news

    Released on March 24, 2025

    The Government of Saskatchewan will amend The Income Tax Act, 2000 to incorporate initiatives announced in the 2025-26 Budget. Changes to the Act include introducing the Fertility Treatment Tax Credit and Small and Medium Enterprise Investment Tax Credit, as well as ensuring the continued indexation of tax credits for initiatives in The Saskatchewan Affordability Act and other income tax programs. 

    “Our government listened to the priorities of Saskatchewan people and delivered a budget that addresses those priorities, including making life more affordable,” Deputy Premier and Minister of Finance Jim Reiter said. “These tax credits provide relief for parents trying to grow their families without worrying about the high costs of fertility treatments and create incentives for businesses to invest and scale-up their operations.”

    The Fertility Treatment Tax Credit supports access to fertility treatments by offering a refundable tax credit of 50 per cent toward the costs of an eligible fertility treatment in Saskatchewan of up to $20,000.  

    The Small and Medium Enterprise Investment Tax Credit supports Saskatchewan’s small and medium-sized businesses, which are critical to a growing economy. It includes a 45 per cent non-refundable tax credit for individuals or corporations who invest equity in eligible small and medium-sized businesses in Saskatchewan. The credit focuses on sectors such as food and beverage manufacturing, as well as machinery and transportation equipment manufacturing sectors.

    “The introduction of the Small and Medium Enterprise Investment Tax Credit will have a positive effect on the Regina and Saskatchewan business communities,” Regina and District Chamber of Commerce President Mike Tate said. “By introducing tax relief and incentives, the amendments will reduce the financial burden on businesses and allow for reinvestment in innovation, expansion and job creation. This will enable local businesses to thrive while attracting new investments to Saskatchewan.”

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: Brookfield Corporation Completes Annual Filings

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, March 24, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that it has filed its 2024 annual materials on Form 40-F, including its audited financial statements and management’s discussion and analysis for the year ended December 31, 2024, with the SEC on EDGAR as well as with the Canadian securities authorities on SEDAR+. These documents are also available at www.brookfield.com and a hardcopy will be provided to shareholders free of charge upon request.

    About Brookfield Corporation
    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    For more information, please visit our website at bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		 Investor Relations:
    Katie Battaglia
    Tel: (212) 776-2252
    Email: katie.battaglia@brookfield.com

    The MIL Network –

  • MIL-OSI: Diversified Royalty Corp. Announces Fourth Quarter and Year End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 24, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months (“Q4 2024”) and year ended December 31, 2024.

    Highlights

    • The weighted average organic royalty growth1 of DIV’s diversified royalty portfolio was 5.9% in Q4 2024 and 5.0% for the year ended December 31, 2024, compared to 6.8% for the three months ended December 31, 2023 (“Q4 2023”) and 8.4% for the year ended December 31, 2023. The weighted average organic royalty growth1 on a constant currency basis was 5.4% in Q4 2024 and 4.8% for the year ended December 31, 2024.
    • Revenue was $17.0 million in Q4 2024 and $65.0 million for the year ended December 31, 2024, up 3.9% and 15.0%, respectively, compared to the same periods in 2023.
    • Adjusted revenue1 was $18.4 million in Q4 2024 and $70.2 million for the year ended December 31, 2024, up 3.8% and 14.0%, respectively, compared to the same periods in 2023.
    • Distributable cash1 was $12.6 million in Q4 2024 and $44.8 million for the year ended December 31, 2024, up 21.5% and 17.5%, respectively, compared to the same periods in 2023.
    • Payout ratio1 was 82.3% in Q4 2024 based on dividends of $0.0625 per share for the quarter, compared to 84.2% in Q4 2023 based on dividends of $0.0609 per share for the comparable quarter and 90.0% for the year ended December 31, 2024 based on dividends of $0.2487 per share for the year, compared to 90.2% based on dividends of $0.2415 per share for the comparable year.
    • In celebration of DIV’s 10-year anniversary, we are proud to recognize the following:
      • On October 6, 2014, we announced our name change to “Diversified Royalty Corp.”
      • DIV’s very first dividend was $0.0157 per share, paid on November 28, 2014
      • The total dividends paid to shareholders since then is $269.1 million, or $2.25 per share

    Fourth Quarter Commentary

    Sean Morrison, President and Chief Executive Officer of DIV stated, “Overall, DIV is pleased with how its royalty partners performed with weighted average organic royalty growth of 5.9% in Q4 2024 and 5.0% for the year ended December 31, 2024. As with all portfolios, there are varying degrees of performance within the portfolio. Mr. Lube, our largest royalty partner, continued to see strong double-digit growth, generating SSSG1 (defined below) of 12.0% for the three-month period ended December 31, 2024, and 10.5% for the year ended December 31, 2024. This exceptional performance is the result of Mr. Lube’s management team working with their franchisees to share best practices and optimize the performance of each location. DIV’s other variable royalty partners generated mixed results with Oxford generating positive SSSG and Mr. Mikes generating negative SSSG in Q4. DIV’s fixed royalty partners, Nurse Next Door, Stratus and BarBurrito made their fixed royalty payments. DIV is deferring 20% of Sutton’s royalties to help them invest in the business and build on the positive momentum in Q4. DIV continues to see a decrease in royalty income from AIR MILES® because of the loss of Metro as a loyalty partner and continued softness across the AIR MILES® Rewards Program.”

    1. Adjusted revenue and distributable cash are non-IFRS financial measures, payout ratio is a non-IFRS ratio and weighted average organic royalty growth and Same-store-sales growth or SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Fourth Quarter Results

       Three months ended December 31,
    		     Year ended December 31,
    		  
    (000’s)   2024     2023       2024     2023  
    Mr. Lube + Tires $ 8,602   $ 7,810     $ 31,190   $ 28,429  
    Stratusa   2,268     2,099       8,714     8,171  
    BarBurrito   2,101     2,032       8,403     2,032  
    Nurse Next Doorb   1,341     1,316       5,309     5,207  
    Oxford   1,206     1,162       4,530     4,521  
    Sutton   899     1,095       4,206     4,339  
    Mr. Mikes   1,040     1,130       4,226     4,570  
    AIR MILES®   896     1,044       3,640     4,352  
    Adjusted revenuec $ 18,352   $ 17,688     $ 70,218   $ 61,621  
                               

    a) Stratus royalty income for the three months and year ended December 31, 2024, was US$1.6 million and US$6.4 million, respectively, translated at an average foreign exchange rate of $1.4000 and $1.3703 to US$1, respectively (three months and year ended December 31, 2023 – royalty income of US$1.5 million and US$6.1 million, respectively, translated at an average foreign exchange rate of $1.3610 and $1.3493 to US$1, respectively).
    b) Represents the DIV Royalty Entitlement plus management fees received from Nurse Next Door.
    c) DIV Royalty Entitlement and adjusted revenue are non-IFRS financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    In Q4 2024, DIV generated $17.0 million of revenue compared to $16.4 million in Q4 2023. After considering the DIV Royalty Entitlement2 (defined below) related to DIV’s royalty arrangements with Nurse Next Door, DIV’s adjusted revenue2 was $18.4 million in Q4 2024, compared to $17.7 million in Q4 2023. Adjusted revenue increased primarily due to incremental revenue received through the acquisition of the BarBurrito rights on October 4, 2023, positive SSSG2 at Mr. Lube + Tires and Oxford, the annual contractual royalty increases at Stratus and Nurse Next Door, partially offset by negative SSSG from Mr. Mikes and lower royalty income from AIR MILES® and the 20% deferral of the Sutton royalties, all as discussed in further detail below.

    2. Adjusted revenue and DIV Royalty Entitlement are non-IFRS financial measures and SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Royalty Partner Business Updates

    Mr. Lube + Tires: Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) generated SSSG3 of 12.0% for the Mr. Lube + Tires stores in the royalty pool for Q4 2024 and 10.5% for the year ended December 31, 2024, compared to SSSG of 14.0% and 17.1%, for the same respective prior periods in 2023.

    3. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Stratus: Royalty income from SBS Franchising LLC (“Stratus”) was $2.3 million (US$1.6 million translated at an average foreign exchange rate of $1.4000 to US$1.00) for Q4 2024 and $8.7 million (US$6.4 million translated at an average foreign exchange rate of $1.3703 to US$1.00) for the year ended December 31, 2024. The fixed royalty payable by Stratus increases each November at a rate of 5% until and including November 2026 and 4% each November thereafter during the term of the license, with the most recent increase effective November 15, 2024.

    Nurse Next Door: The royalty entitlement to DIV (the “DIV Royalty Entitlement4”) from Nurse Next Door Professional Homecare Services Inc. (“Nurse Next Door”) was $1.3 million in Q4 2024 and $5.2 million for the year ended December 31, 2024. The DIV Royalty Entitlement from Nurse Next Door grows at a fixed rate of 2.0% per annum during the term of the license, with the most recent increase effective October 1, 2024.

    4. DIV Royalty Entitlement is a non-IFRS measure – see “Non-IFRS Measures” below.

    Mr. Mikes: SSSG5 for the Mr. Mikes Restaurants Corporation (“Mr. Mikes”) restaurants in the Mr. Mikes royalty pool was -4.7% in Q4 2024 and -3.4% for the year ended December 31, 2024, compared to SSSG of 7.3% and 10.1%, for the same respective prior periods in 2023. The lower SSSG percentage in the current period is primarily due to lower restaurant guest traffic. In addition, in the comparable period, SSSG was measured against quarters that included the impact from COVID-19 related government regulations, including vaccine mandates.

    Royalty income and management fees of $1.0 million were generated by Mr. Mikes in Q4 2024, compared to $1.2 million in Q4 2023, which excludes approximately $0.05 million from the partial payment of deferred contractual royalty fees and accrued management fees. Royalty income and management fees of $4.2 million were generated for the year ended December 31, 2024, compared to $4.4 million generated for the year ended December 31, 2023, excluding approximately $0.18 million from the partial payment of deferred contractual royalty fees and accrued management fees.

    5. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Oxford: The Oxford Learning Centres, Inc. (“Oxford”) locations in the Oxford royalty pool generated SSSG6 (on a constant currency basis) of 4.0% in Q4 2024 and 0.2% for the year ended December 31, 2024, compared to SSSG of -0.2% and 5.9%, for the same respective prior periods in 2023. Oxford’s SSSG has returned to being positive after lapping the completion of the Ontario Government funding of student learning support, which included private tutoring, which funding completed in the first half of 2023.

    6. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    AIR MILES®: In Q4 2024, royalty income of $0.9 million was generated from the AIR MILES® Licenses compared to $1.0 million generated in Q4 2023, a decrease of 14.2% from the comparable quarter. For the year ended December 31, 2024, royalty income of $3.6 million was generated compared to $4.4 million generated in the comparable year, a decrease of 16.4%. The decrease is largely due to the loss of AIR MILES® sponsor Metro and continued softness in the AIR MILES® Rewards Program.

    Sutton: In Q4 2024, royalty income of $0.9 million was generated by Sutton, which is net of a 20% royalty deferral, compared to $1.1 million generated in Q4 2023. For the year ended December 31, 2024, royalty income of $4.1 million was generated, which includes a 20% royalty deferral for Q4, 2024, compared to $4.3 million generated in the comparable year. DIV and Sutton entered into a royalty deferral agreement during Q4 2024, which provides Sutton with a 20% deferral of royalties from October 1, 2024 to December 31, 2025. The deferred royalties do not accrue interest and are due in full on December 31, 2027. Sutton finished 2024 on a strong note, opening two new franchise locations in Q4 and has a growing pipeline of franchise opportunities across Canada. Sutton intends to invest the deferred royalties to complete the rebuild of its management team, increase investment in marketing, roll out its rebranded logo across Canada, increase business development, and build on the positive momentum that began in the back half of 2024.

    BarBurrito: Royalty income from BarBurrito Restaurants Inc. (“BarBurrito”) was $2.1 million for Q4 2024 and $8.3 million for the year ended December 31, 2024. The royalty payable by BarBurrito initially grows at a fixed rate of 4% per annum each March from and including March 2025 to and including March 2030 and, commencing on January 1, 2031, will fluctuate based on the gross sales of the BarBurrito locations in the royalty pool.

    Distributable Cash and Dividends Declared

    In Q4 2024 and for the year ended December 31, 2024, distributable cash7 increased to $12.6 million ($0.0759 per share) and $44.8 million ($0.2762 per share), respectively, compared to $10.4 million ($0.0723 per share) and $38.1 million ($0.2671 per share), in the respective periods in 2023.

    The increase in distributable cash7 for the quarter was primarily due to higher adjusted revenue7, lower general and administrative expenses, lower professional fees, lower interest expense, and lower salaries and benefits. The increase in distributable cash7 for the year was primarily due to higher adjusted revenue7, lower general and administrative expenses, and lower professional fees, partially offset by higher interest expense and higher and salaries and benefits.

    The increase in distributable cash per share7 for the quarter and year end were primarily due to an increase in distributable cash, partially offset by a higher weighted average number of common shares outstanding.

    In Q4 2024 and for the year ended December 31, 2024, the payout ratio7 was 82.3% on dividends of $0.0625 per share and 90.0% on dividends of $0.2487 per share, respectively, compared to the payout ratio of 84.2% on dividends of $0.0609 per share and 90.2% on dividends of $0.2410 per share for the same respective periods in 2023. The decrease in payout ratio for the quarter and year end were primarily due to higher distributable cash per share7, partially offset by higher dividends declared per share.

    7. Adjusted revenue and distributable cash are non-IFRS financial measures and distributable cash per share and payout ratio are non-IFRS ratios – see “Non-IFRS Measures” below.

    Net Income

    Net income for Q4 2024 and for the year ended December 31, 2024, was $4.0 million and $26.6 million, respectively, compared to net income of $9.1 million and $31.7 million for the same respective periods in 2023. The decrease in net income in Q4 2024 was primarily due to impairment loss on intangible assets and higher share-based compensation expense, partially offset by higher adjusted revenue8 and lower general and administrative expenses, interest expense on credit facilities, and income tax expense. The decrease in net income for the year was primarily due to impairment loss on intangible assets, higher share-based compensation expense, salaries and benefits, and interest expense on credit facilities, partially offset by higher adjusted revenue8 and lower general and administrative expenses, and income tax expense.

    8. Adjusted revenue is a non-IFRS financial measure – see “Non-IFRS Measures” below.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward-Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: Sutton having a growing pipeline of franchise opportunities across Canada; Sutton intends to invest the deferred royalties to complete the rebuild of its management team, increase investment in marketing, roll out its rebranded logo across Canada, increase business development and build on the positive momentum that began in the back half of 2024; DIV’s intention to pay monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, risks and uncertainties include: DIV’s royalty partners may not make their respective royalty payments to DIV, in whole or in part; the decline in royalties received under the AIR MILES® licenses could cause AM Royalties Limited Partnership (“AM LP”) to be required to make partial or full repayment of the outstanding principal amount under its credit agreement, or cause AM LP to be in default under its credit agreement; current positive trends being experienced by certain of DIV’s royalty partners (and their respective franchisees) may not continue and may regress, and current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) may continue and may regress; DIV and its royalty partners performance may not meet management’s expectations; DIV may not be able to make monthly dividend payments to the holders of its common shares; Sutton may not pay all deferred royalties in accordance with the timing required or at all; Sutton’s investment of the deferred royalties may not achieve their intended effects; Sutton may require further deferrals of royalties beyond those contemplated by the current deferral agreement; dividends are not guaranteed and may be reduced, suspended or terminated at any time; or DIV may not achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release is not a guarantee of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s management’s discussion and analysis for the three months and year ended December 31, 2024, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any other necessary covenant waivers to DIV and its royalty partners; the performance of DIV’s royalty partners will be consistent with DIV’s and its royalty partners’ respective expectations; recent positive trends for certain of DIV’s royalty partners (including their respective franchisees) will continue and not regress; current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) will not materially regress; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; Sutton’s investment of the deferred royalties will achieve its intended effects; the businesses of DIV’s respective royalty partners will not suffer any material adverse effect; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends and the performance of its royalty partners. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation and its royalty partners than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    “Adjusted revenue”, “adjusted royalty income”, “DIV Royalty Entitlement” and “distributable cash” are used as non-IFRS financial measures in this news release.

    Adjusted revenue is calculated as royalty income plus DIV Royalty Entitlement and management fees. The following table reconciles adjusted revenue and adjusted royalty income to royalty income, the most directly comparable IFRS measure disclosed in the financial statements:

       Three months ended December 31,
    		     Year ended December 31,
    		  
    (000’s)   2024     2023       2024     2023  
    Mr. Lube + Tires $ 8,543   $ 7,750     $ 30,953   $ 28,196  
    Stratus   2,269     2,099       8,714     8,171  
    BarBurrito   2,080     2,013       8,320     2,013  
    Oxford   1,194     1,152       4,487     4,481  
    Sutton   872     1,068       4,096     4,229  
    Mr. Mikes   1,025     1,115       4,181     4,520  
    AIR MILES®   896     1,044       3,640     4,352  
    Royalty income $ 16,879   $ 16,241     $ 64,391   $ 55,962  
    DIV Royalty Entitlement   1,320     1,295       5,228     5,126  
    Adjusted royalty income $ 18,199   $ 17,536     $ 69,619   $ 61,088  
    Management fees   153     152       599     533  
    Adjusted revenue $ 18,352   $ 17,688     $ 70,218   $ 61,621  
                               

    For further details with respect to adjusted revenue and adjusted royalty income, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The most closely comparable IFRS measure to DIV Royalty Entitlement is “distributions received from NND LP”. DIV Royalty Entitlement is calculated as distributions received from NND LP, before any deduction for expenses incurred by NND Holdings Limited Partnership (“NND LP”), which expenses include legal, audit, tax and advisory services. Note that distributions received from NND LP is derived from the royalty paid by Nurse Next Door to NND LP. The following table reconciles DIV Royalty Entitlement to distributions received from NND LP in the financial statements:

       Three months ended December 31,     Year ended December 31,
    		  
    (000’s)   2024     2023       2024     2023  
    Distributions received from NND LP $ 1,314   $ 1,284     $ 5,197   $ 5,095  
    Add: NND Royalties LP expenses   2     2       27     22  
    DIV Royalty Entitlement   1,316     1,286       5,224     5,117  
               
    Less: NND Royalties LP expenses   (2 )   (2 )     (27 )   (22 )
    DIV Royalty Entitlement, net of NND Royalties LP expenses $ 1,314   $ 1,284     $ 5,197   $ 5,095  
                               

    For further details with respect to DIV Royalty Entitlement, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The following table reconciles distributable cash to cash flows generated from operating activities, the most directly comparable IFRS measure disclosed in the financial statements:

      Three months ended December 31,
    		     Year ended December 31,
    		  
    (000’s)   2024     2023       2024     2023  
               
    Cash flows generated from operating activities $ 11,724   $ 7,400     $ 46,491   $ 30,816  
               
    Current tax expense   (1,300 )   (845 )     (6,516 )   (5,061 )
    Accrued interest on convertible debentures   788     788       –     –  
    Accrued interest on bank loans   (13 )   –       (438 )   –  
    Distributions on MRM units earned in current periods   (34 )   (38 )     (138 )   (164 )
    Mandatory principal payments on credit facilities   –     (577 )     (643 )   (1,008 )
    Payment of lease obligations   (28 )   (28 )     (110 )   (107 )
    NND LP expenses   (2 )   (2 )     (27 )   (22 )
    Accrued DIV Royalty Entitlement, net of distributions   2     –       27     –  
    Foreign exchange and other   (13 )   394       146     229  
    Changes in working capital   (33 )   (527 )     303     3,579  
    Transactions costs   –     32       –     32  
    Taxes paid   1,512     1,648       6,012     7,691  
    Note receivable   –     2,130       (305 )   2,130  
    Distributable cash $ 12,603   $ 10,376     $ 44,802   $ 38,115  
                               

    For further details with respect to distributable cash, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Distributable cash per share” and “payout ratio” are non-IFRS ratios that do not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar ratios presented by other issuers. Distributable cash per share is defined as distributable cash, a non-IFRS measure, divided by the weighted average number of common shares outstanding during the period. The payout ratio is calculated by dividing the dividends per share during the period by the distributable cash per share, a non-IFRS measure, generated in that period. For further details, refer to the subsection entitled “Non-IFRS Ratios” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Weighted average organic royalty growth” is the average same store sales growth percentage related to Mr. Lube + Tires, Oxford and Mr. Mikes (excluding the collection of Mr. Mikes deferred royalty management fees) plus the average increase in adjusted royalty income from AIR MILES®, Sutton (less 20% deferral in Q4, 2024), Nurse Next Door and Stratus over the prior comparable period taking into account the percentage weighting of each royalty partner’s adjusted royalty income in proportion of the total adjusted royalty income for the period, excluding BarBurrito as there was no full-period adjusted royalty income generated from BarBurrito in the prior period. Weighted average organic royalty growth is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. However, the Corporation believes that weighted average organic royalty growth is a useful measure as it provides investors with an indication of the change in year-over-year growth of each royalty partner, taking into account the percentage weighting of royalty partner’s growth in proportion of total growth, as applicable. The Corporation’s method of calculating weighted average organic royalty growth may differ from those of other issuers or companies and, accordingly, weighted average organic royalty growth may not be comparable to similar measures used by other issuers or companies.

    “Same store sales growth” or “SSSG” and “system sales” are supplementary financial measures and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. SSSG and system sales figures are reported to DIV by its Royalty Partners – see “Third Party Information”. For further details, refer to the subsection entitled “Supplementary Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    Third Party Information

    This news release includes information obtained from third party company filings and reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    The information in this news release should be read in conjunction with DIV’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months and year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.com.

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI New Zealand: INVESTOR SUMMIT SPEECH

    Source: New Zealand Government

    Ka nui te mihi kia kotou, kia ora, and good morning everyone. 
    To those of you visiting us from overseas, can I extend a very special welcome to each and every one of you. 
    Welcome to New Zealand, welcome to the best country on planet Earth, and welcome to our stunning Auckland waterfront. 
    And to all those Kiwis I see in the room today, thank you for being here and showcasing some of the extraordinary businesses and talent that exists in our business community. 
    And it was a real pleasure to meet many of you informally last night, and my Ministers and I are really looking forward to spending much more time with you over the next two days. 
    I meant it before when I said this is the best country on planet Earth. 
    Because what makes New Zealand so very special and unique is our Kiwi Spirit which is exemplified in the qualities, character, and attitude of New Zealanders.  
    For us, it‘s about resilience and determination, ingenuity and innovation, adventure and exploration, creativity and practical problem-solving, humility and mateship, fairness, and a deep care for our land and community. 
    It’s no surprise that growing up in New Zealand, our heroes are Kiwi trailblazers and pioneers, people who have dared to push boundaries, challenge the status quo, and leave a lasting mark on the world.
    From our early Māori explorers navigating vast oceans guided by the stars, to modern-day adventurers like Sir Edmund Hillary conquering Everest.   
    To Ernest Rutherford, the father of nuclear physics, who split the atom and revolutionised our understanding of science. To Rocket Lab’s Peter Beck and his groundbreaking developments in rocket technology launching satellites into space. 
    And Kate Shepperd, who secured New Zealand women the right to vote – the very first country in the world to do so. 
    And our phenomenal athletes who show the world what determination and talent can achieve. Or the stunning world of The Lord of the Rings created by one of our most creative storytellers – Peter Jackson.
    We may be a small country, but time and again, we have proven that size is no barrier to greatness. From the peaks of Everest to the frontlines of social progress, from scientific breakthroughs to arts and sporting legends, Kiwis have led the way.
    And we’re living in an age when New Zealand has never been closer to the action – right in the middle of the booming Indo-Pacific with direct connections to Asia and North America. 
    With the weight of global economic activity shifting from the Atlantic to the Pacific and digital connections breaking down barriers, New Zealand has never been closer to the world.  
    But for all our spirit and hard work, we also know New Zealand can’t do it alone. 
    We’re a small country of around five million people like Ireland, Singapore, and Denmark. 
    Just as those countries have prospered by tapping into larger markets, building stronger international connections, and fostering trade and investment, New Zealand needs to do the same. 
    If we want our country to thrive, we need to work even harder to compete on the world stage – and, in particular, to unlock the commercial partnerships that will supercharge the next generation of growth in the New Zealand economy. 
    That means the Government will work more with Industry to deliver much of the infrastructure and projects that will be showcased over the next two days. 
    Many of your organisations will have extensive experience delivering outstanding world-class infrastructure to national and regional governments worldwide.
    I want New Zealand to seize every opportunity to partner with the private sector and deliver a fresh generation of infrastructure investment to unleash economic growth.  
    But it’s not just infrastructure. 
    I want to develop closer ties between outstanding New Zealanders and their companies based here, with investors and organisations based offshore.  
    I also want to unlock more partnerships between indigenous Iwi Māori organisations and commercial investors, whether they are based in Auckland or Abu Dhabi, Dunedin or Denver.  
    I want start-ups based in Christchurch and Hamilton fighting for seed capital in San Francisco and London – winning their share of global influence and success. 
    Breaking perceptions about the New Zealand economy is critical to that. 
    Yes, we have globally competitive dairy, film, and tourist industries, but our space industry is also operating at the cutting edge, ranking fourth in the world for launches behind the US, China, and Russia. 
    Over the next two days, you will hear more about our plan to unleash growth and ensure New Zealand reaches its full potential. 
    We want you to join us on that journey, and we will have several opportunities on display. 
    That will include the opportunity to deliver infrastructure in partnership with the Crown – both in the form of immediate opportunities and the pipeline of projects going forward. 
    It will include working with Iwi Māori organisations to grow their businesses as they make a multigenerational investment in their people. 
    It will include opportunities in a range of specific sectors where we believe New Zealand has a unique role to play and where we expect the Government to focus its efforts on growth. 
    In the very short term, we have made good economic progress in our first year in Government, although there’s still a long way to go. 
    New Zealand is now in the early stages of a cyclical economic recovery, with growth beginning to pick up and unemployment expected to peak around its current rate. 
    Inflation has fallen and now sits comfortably anchored within the Reserve Bank’s target band at 2.2%. 
    Annual tourism expenditure was up 23% last year, and services and manufacturing activity have returned to growth after extended periods of contraction. 
    Business confidence is at around its highest level in a decade. As confidence has risen, retail trade has picked up, and growth is expected to rise, hitting 3% in 2026. 
    So, there’s now cause for optimism in the New Zealand economy that the recovery is underway and better days lie ahead. 
    For policymakers here in New Zealand, that poses an opportunity – not just to watch the economic recovery, but to shape it. 
    Step-changing economic productivity, lifting incomes, creating jobs, and unleashing the investment New Zealand needs to become much more prosperous.  
    Which brings us to today. 
    I know the only way we will raise incomes, lift New Zealanders’ standard of living, and fund the quality public services we rely on is by unlocking more investment, more innovation, and more entrepreneurship.
    Having broken inflation last year, our collective focus has now turned to shaping the economic recovery – ensuring we take every possible step to lift New Zealand’s economic performance. 
    That renewed energy and effort forms the backdrop of this Summit. 
    My Government is working around the clock to make New Zealand an outstanding place to do business. 
    But before I highlight some of those reforms and my economic priorities as Prime Minister, I want to make a more fundamental point about New Zealand as an investment destination. 
    New Zealand has been and will continue to be a poster child for social and political stability in a more volatile and challenging world. 
    That reputation is long-standing, but in challenging times, it has come into sharper focus. 
    We stand up for our values and live by them, too. That means respecting civil liberties, private property and private life, and the democratic and social institutions that underpin them. 
    We consistently advocate for a rules-based international order that allows small countries like New Zealand to thrive. Free trade isn’t just an idea in New Zealand; it’s the bedrock of our prosperity. 
    For farmers and growers living in rural New Zealand, it has allowed a modern economic miracle: the opportunity to not just collectively operate one of the most efficient agricultural sectors in the world but to live in some of the most stunning parts of the world while they do it. 
    Finally, we might disagree sometimes – but we’re not disagreeable. Over the next two days, you will hear from various political leaders.
    You will hear from senior Ministers representing each of the three political parties in our Coalition Government, as well as Barbara Edmonds, the Labour Party’s Opposition Finance Spokesperson.  
    It’s pretty normal in New Zealand for political parties to disagree with each other – often loudly, and sometimes even with my own Coalition colleagues. 
    But I believe the broad political representation that is here demonstrates that most New Zealanders share the same motivations – higher incomes and more financial freedom, quality public services, and a long-standing belief that our best days lie ahead of us. 
    When you look at all the tension, volatility, and strife in the world today, I think that makes us pretty special, and a very attractive destination for anyone looking to take shelter from the global storm. 
    Political stability, however, is not an excuse for a lack of ambition. 
    You should be under no illusions about my commitment to the Government’s growth agenda and the reforms we are pushing through to unleash investment in the New Zealand economy. 
    Last month, Minister for Economic Growth Nicola Willis published our Government’s Going for Growth Agenda – we have copies for you here – which outlines a range of actions we are taking to get the New Zealand economy moving and realising its vast potential. 
    Each of those actions fits into one of five pillars we have identified as critical to lifting economic growth and improving New Zealanders’ standard of living:

    Developing talent,
    Encouraging innovation, science, and technology,
    Introducing competitive business settings,
    Promoting global trade and investment,
    And delivering infrastructure for growth. 

    Across each of those pillars, we have Ministers from across the Government working day and night to drive through reform – in transport,  tourism, aquaculture, construction, advanced aviation, mining, energy, agriculture, and horticulture. 
    Over the next two days, you will hear much more about our work programme in those areas that will play a critical role in the next phase of New Zealand’s growth story – with more information on a series of specific investable propositions available in the private sector. 
    Among that reform programme are some significant changes designed to achieve a profound step change in the New Zealand economy that I would like to touch on today. 
    For a start, we are clearing away decades of broken planning law – brick by brick. 
    We have introduced the Fast Track regime, which streamlines the consenting process for projects that are regionally and nationally significant. 
    In short, instead of seeking different permissions under different laws, under Fast Track, it’s all done in one place, with a faster process and fewer hurdles to getting underway. 
    That regime is now up and running, and I know a number of projects have already submitted applications since it became operational last month. 
    In short, if you want to build a wind farm, a highway, a quarry, hundreds of new homes, or any other regionally or nationally significant projects, we are busting down the doors to make it happen faster and cheaper. 
    149 projects have already been listed in legislation, but nothing prevents new projects from applying for referral into the scheme. 
    And it doesn’t stop with Fast Track. 
    Further planning reforms are also on the way, including a total replacement of the Resource Management Act. 
    We are also eliminating the barriers to more significant investment in energy and generation to unleash abundant, affordable energy. 
    The impact of unaffordable and unreliable energy on economic growth has been brought into the spotlight in recent years following the Russian invasion of Ukraine. 
    Industries in Europe that had historically relied on access to low-cost natural gas came under tremendous strain, putting pressure on growth and household incomes. 
    In New Zealand, we are lucky that 85% of electricity generation is already renewable, thanks to decades of investment in hydro, wind, solar, and geothermal.  
    But we can’t risk falling short in the years to come. So, as a Government, we are tearing down the barriers to fresh energy investment. That means introducing more permissive rules for renewables.
    But it also means ending restrictions on offshore oil and gas exploration – and providing certainty for market participants by confidently saying that gas has to be part of New Zealand’s energy mix going forward.  
    At the same time, we are making it easier to invest in New Zealand from offshore.  
    That started last year, with fresh directives to our Overseas Investment Office, which slashed processing times and made applications more predictable. 
    Today, an application for offshore investment is approved within 18 days on average, compared to 28 days prior to those changes.
    And two weeks ago, we announced upcoming changes to legislation designed to further improve the timeliness and reliability of our overseas investment regime. 
    We also announced just last month that, from April 1 this year, individuals who invest at least $5 million in New Zealand will be eligible for an Active Investor Visa, with a pathway to residency after three years. 
    I know that for many of you from offshore in this room, that will be positive news. But as a New Zealander, I have to say it’s an even bigger deal for the sharp, ambitious Kiwis here and all around the country, who are hungry for capital and hungry to grow. 
    We know the impact foreign investment has on local businesses. It’s not just the capital investment; it’s the skills, connections, and linkages into new markets. 
    That translates into higher wages, more jobs, more money in Kiwi wallets, and more resilient businesses that make an even greater contribution in the community. 
    We need more of it, especially for a small country hungry to grow like New Zealand, which is why I have invited many of you here today. 
    I believe New Zealand’s best days are ahead of us—and we can make them happen if we get serious about partnering with commercial expertise to solve some of our biggest economic challenges and seize on the huge economic opportunities ahead of us. 
    Helping to end New Zealand’s infrastructure deficit through private sector partnership.
    Fattening out our capital markets and opening up new sectors for growth.
    Strengthening our connections to the world, enhancing technology, lifting productivity, and opening new markets for our products and services. 
    Over the next two days, you will hear from a range of leaders—cabinet Ministers, business leaders, and Iwi Māori leaders—who I know are committed to responding to our challenges and opportunities. 
    There will also be plenty of time across both days for closer interactions and to discuss the opportunities and challenges that you are confronting in your own businesses. 
    While you’re here, please also enjoy our hospitality and culture. We’re not just here to do business—we’re here to build relationships and make the case for New Zealand as an outstanding country to invest in, to visit, and to establish roots in. 
    So once again, and on behalf of the New Zealand Government and the New Zealand people, welcome to this year’s Summit. 
    I’m excited to get stuck in – and I can’t wait to hear more from you over the next two days about your approach to business and the difference you could make for growth, investment, jobs, and opportunity for us here in New Zealand. 
    Thank you. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: Reed: Shame on Trump Admin. for Threatening to Shut Down SSA & Denigrating Seniors Who Rely on Social Security

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    PROVIDENCE, RI – Arbitrary mass-firings, field office closings, and deep staff cuts at the Social Security Administration (SSA) threaten the agency’s capacity to deliver for seniors and Americans with disabilities.  This week, President Trump’s hand-picked temporary SSA boss threatened to shut down the entire agency over an unfavorable court ruling.  Such an irresponsible move would jeopardize the delivery of monthly Social Security payments to millions of Americans.  Yesterday, President Trump’s billionaire Secretary of Commerce Howard Lutnick went on a podcast hosted by fellow billionaires and doubled down on this threat and declared his 94-year old mother-in-law wouldn’t complain if her Social Security check didn’t arrive; only “fraudsters” would miss monthly Social Security payments; and people wouldn’t mind if the U.S. government stopped sending out Social Security checks for a month.
    In response, U.S. Senator Jack Reed stated:
    “I hope Secretary Lutnick washes his feet frequently because he seems to stick them in his mouth quite a bit.
    “Trump’s cabinet is shamefully out of touch and clearly does not care about everyday Americans.  President Trump and his billionaire golfing buddies have no use for Social Security.  Their Project 2025 manifesto makes clear their intention to eliminate America’s social safety net in order to give themselves a bigger tax break.
    “Americans pay into Social Security rightfully expecting it to deliver when they need it.  Missing a check could mean missing the rent, missing a prescription, or going hungry.  These folks don’t deserve to be denigrated by the Trump Administration and lumped in with ‘fraudsters.’
    “Secretary Lutnick’s message is ‘don’t complain when the payments stop or it means you’re a fraud.’  First of all, there is no reason Social Security payments should be halted.  Second, if they are, Americans have every right to complain and damn well should.  And third, if the Trump Administration follows through with threats to shut Social Security down and stop people’s payments then they will be the ones investigated for fraudulent activity and more.
    “If people aren’t getting their checks on time or if they can’t get through to someone at SSA who can assist, President Trump and his team are to blame and must be held accountable.  Instead of shaming seniors, this Administration should be ashamed of itself.”
    According to SSA data, over 7 million Americans 65 and older receive at least 90 percent of their income from Social Security.
    Unelected billionaire Elon Musk, who heads up Trump’s so-called DOGE office claims there is “massive” fraud in the Social Security payment system and that it is an illegal “Ponzi scheme.”   Lee Dudek, who Trump named as acting commissioner of the SSA, said this week that around $100 million is lost each year in direct deposit fraud, which would make up about 0.006 percent of the total sum paid out each year.

    MIL OSI USA News –

  • MIL-OSI USA: Reed: Trump Slashing SBA, Decimating Service and Oversight, & Shifting New Student Loan Portfolio onto Agency is Another Economic Blow to Main Street and Taxpayers

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    PROVIDENCE, RI – After the Trump Administration announced plans to slash 43 percent of the U.S. Small Business Administration’s (SBA) workforce while also reducing SBA capabilities and shifting management of the federal government’s student loan portfolio from the U.S. Department of Education to the SBA, U.S. Senator Jack Reed (D-RI) denounced the move as irresponsible and harmful to small businesses, students, and taxpayers alike.
    “Small businesses are a big part of our economy and we should be helping them innovate, grow, and thrive,” said Senator Reed, the Ranking Member of the Senate Appropriations Financial Services and General Government (FSGG) Subcommittee, which oversees funding for the SBA.  “Instead of cutting red tape, President Trump is piling on new bureaucratic challenges and decimating customer service capabilities of federal agencies.  He is eliminating key SBA resources and staff that help small businesses access capital and create jobs while at the same time trying to tack on new student loan mandates.  His chaotic tariff taxes are already raising costs for entrepreneurs, and these latest SBA cuts will add more financial pressure and uncertainty for many small businesses.”
    “President Trump’s irresponsible decision to downsize the SBA and saddle it with overseeing a massive $1.6 trillion student loan portfolio of over 40 million-plus Americans makes zero sense. The intent to transfer these loans flies in the face of both education and appropriations law.  It would sow chaos and confusion, burden borrowers, and needlessly cost taxpayers.  If people don’t know where to turn or can’t get the expert help they need from the proper federal agency then it could lead to a spike in loan defaults,” said Reed, noting President Trump can’t legally transfer management of the loan portfolio to the SBA without Congressional authorization.
    Reed continued: “Putting the financial interests of students and small businesses at risk is a screwup by the Trump Administration.  I expect these cynical ploys will be challenged in court.  And I will work with my colleagues in Congress to uphold the law, support small businesses, and ensure that student borrowers can get the loan servicing and protections they need.”
    Reed says Congressional authorization is needed in order to legally transfer management of the extensive student loan portfolio from the U.S. Department of Education to the SBA.
    Created by Congress in 1953, the SBA helps American entrepreneurs nationwide start, build, and grow businesses. The SBA is a key partner for Rhode Island small businesses, offering a variety of services that small businesses can leverage, including:
    Financing: SBA offers a range of loans, grants, and other funding programs to eligible businesses.
    Education and training: SBA offers educational programs and counseling to help small business owners start and grow their businesses.
    Disaster assistance: When disaster strikes, SBA provides critical assistance to businesses, homeowners, and renters.
    Government contracting: SBA helps small businesses compete and win government contracts.
    Policy advocacy: SBA works with Congress and local governments to ensure small business input is heard in policy matters.
    Support underserved businesses: SBA helps level the playing field for veteran, women, and minority small business owners.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Wedding Tourism

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:05PM by PIB Delhi

    Development and promotion of tourist destinations and products, including wedding tourism is undertaken by the respective State Government/Union Territory Administration. The Ministry complements the efforts of States/UTs by promoting various tourism products of the country, including wedding tourism through various initiatives.

    The Ministry of Tourism launched a promotional campaign “India says I do” which aims at showcasing India as a premier wedding destination on the global stage. The campaign aims to leverage digital marketing, website, social media campaigns, influencers, offline and online activations.

    The Ministry of Tourism in collaboration with Department of Tourism, Government of Rajasthan and Federation of Indian Chambers of Commerce and Industry (FICCI) organized the ‘Wed in India’ expo alongside the Great India Travel Bazaar at Jaipur on 5thMay 2024. The event was attended by wedding planners from India and abroad, State Governments, media, international and domestic tour operators and event management companies.

    Registration of marriages is dealt by the local administrations in various States and Union Territories.

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

     

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2114406) Visitor Counter : 76

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: FEMA to Host Housing Resource Fair Mar. 28- 29 in Statesboro

    Source: US Federal Emergency Management Agency

    Headline: FEMA to Host Housing Resource Fair Mar

    28- 29 in Statesboro

    FEMA to Host Housing Resource Fair Mar

    28- 29 in Statesboro

    FEMA is hosting a Housing Resource Fair Friday and Saturday, Mar

    28- 29, from 9 a

    m

    to 5 p

    m

    in Statesboro at the following location: `Honey Bowen Building1 Max Lockwood Dr

    Statesboro, GA 30458The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene

     The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery

    Survivors will meet with local housing organizations, property owners and landlords, as well as gain information on the HEARTS Georgia Sheltering Program, and U

    S

    Small Business Administration (SBA) loans

    The Housing Resource Fair is an opportunity for survivors to: Explore affordable housing options and rental assistance programs

    Meet with representatives from local housing organizations, landlords and property managers

    Gain access to resources for displaced individuals and families

    Learn about community partners that will provide educational funding resources to attendees

     For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair will give survivors that needed one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said

     “We will walk them through their options to ensure they are aware of the resources that are available to fit their need

    ”Anyone who was affected by Tropical Storm Debby or Hurricane Helene, whether they have applied for FEMA assistance or not, is welcome to attend

    jakia

    randolph
    Mon, 03/24/2025 – 12:27

    MIL OSI USA News –

  • MIL-OSI USA: NEWS RELEASE: CBED Program Awards Grant to INPEACE to Support Native Hawaiian Businesses at 2025 Merrie Monarch Festival

    Source: US State of Hawaii

    NEWS RELEASE: CBED Program Awards Grant to INPEACE to Support Native Hawaiian Businesses at 2025 Merrie Monarch Festival

    Posted on Mar 24, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    BUSINESS DEVELOPMENT AND SUPPORT DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    DENNIS T. LING

    ADMINISTRATOR

    CBED PROGRAM AWARDS GRANT TO INPEACE TO SUPPORT NATIVE HAWAIIAN BUSINESSES AT 2025 MERRIE MONARCH FESTIVAL

     

    FOR IMMEDIATE RELEASE

    March 24, 2025

     

    HONOLULU – The Department of Business, Economic Development and Tourism (DBEDT) Community-Based Economic Development (CBED) Program has awarded an $8,000 grant to the Institute for Native Pacific Education and Culture (INPEACE) Center for Entrepreneurship. The funding will support nine Native Hawaiian-owned small businesses in participating as vendors at the Kākoʻo Hawaiʻi Merrie Monarch Market, taking place April 24-26, 2025 at Sangha Hall in Hilo, Hawai‘i, in conjunction with the Merrie Monarch Festival.

    “The CBED Program is committed to fostering economic opportunities that strengthen Hawaiʻi’s small business community, particularly those that align with cultural preservation and sustainability,” said DBEDT Business Support Division Branch Chief Mark Ritchie. “By supporting Native Hawaiian entrepreneurs at the Merrie Monarch Festival, we are investing in the long-term success of local businesses while celebrating and perpetuating Hawaiian culture.”

    As one of Hawai‘i’s premier cultural events, the Merrie Monarch Festival attracts thousands of attendees, including residents, visitors and cultural practitioners. The Kākoʻo Hawaiʻi Merrie Monarch Market, which runs alongside the festival, provides a unique opportunity for local artisans, food vendors and entrepreneurs to showcase their products, increase brand recognition and generate revenue.

    “This funding allows us to provide critical support for Native Hawaiian small businesses – helping them grow their brands, expand their customer base and contribute to the local economy,” said Lisa Pakele, program director of the INPEACE Center for Entrepreneurship. “We are grateful to the CBED Program for its commitment to community-based economic development.”

    The grant funding will cover vendor booth fees, travel expenses and marketing efforts to enhance visibility for participating businesses. The selected cohort includes:

    • Bujo Bae: Island-inspired stationery, paper goods, scrapbooking materials and journals. (Honolulu, O‘ahu)
    • Honolulu Baby Company: Keiki apparel and accessories that are comfy, conscious and cute. (Honolulu, O‘ahu)
    • Kākou Collective: Stationery, greeting cards, notebooks and apparel featuring hand-drawn artwork by Native Hawaiian artist Kea Peters. (‘Ewa Beach, O‘ahu)
    • Kaulana Mahina: A research-based resource promoting Hawaiian culture and language through mahina workshops, moon calendars, maps, keiki books and more. (Keaʻau, Hawaiʻi Island)
    • Keha Hawai‘i: A blend of classic and contemporary fashion for men and women that pays homage to the ʻāina, kānaka, ʻōlelo and moʻolelo of Hawaiʻi. (Honolulu, O‘ahu)
    • The Keiki Dept: A lifestyle brand for the ‘ohana that encourages families to have conversations about the plants and animals featured on their products. (ʻAiea, O‘ahu)
    • Mahina Made: A Hawaiʻi lifestyle brand of apparel, accessories and home goods. (Honolulu, O‘ahu)
    • Pawniolo Pets: Offering high-quality pet food and snacks rooted in the traditions of its family cattle ranch on Hawaiʻi Island. (Waimea, Hawaiʻi Island)
    • Sweetheart Farm: Farm-fresh products ranging from microgreens and chili pepper jelly to baked goods and lilikoi butter. (Hilo, Hawai‘i Island)

    The CBED Program supports initiatives that promote economic self-sufficiency and sustainable business development in Hawaiʻi. By investing in community-driven projects, DBEDT aims to strengthen local industries, enhance job creation and foster long-term economic resilience.

    For more information about the CBED Program and its initiatives, visit https://invest.hawaii.gov/business/cbed/. To learn more about INPEACE and its programs, visit https://inpeace.org/.

    About the Department of Business, Economic Development and Tourism (DBEDT)

    DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information, as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation-sector job growth.

    About the Community-Based Economic Development (CBED) Program

    The CBED Program is dedicated to supporting the economic growth and sustainability of Hawaiʻi’s communities. By providing grants, loans and technical assistance, CBED empowers local businesses and organizations to thrive and contribute to a vibrant local economy.

    About the Institute for Native Pacific Education and Culture (INPEACE)

    INPEACE is a nonprofit organization committed to the education, culture and economic development of Native Hawaiians. Through a range of programs and initiatives, INPEACE strives to create opportunities that promote self-sufficiency and enhance the quality of life for Native Hawaiian communities. The INPEACE Center for Entrepreneurship supports new family-owned businesses and start-ups on the Leeward Coast of O‘ahu to increase their capacity to succeed. The center provides intensive individual support, personal and business finance training, 1-on-1 coaching, access to business micro loans, peer networking, business equipment, administrative back-office support, specialized services and expert mentors.

    # # #

     

    Media Contacts:

     

    Laci Goshi

    Communications Officer

    Department of Business, Economic Development and Tourism
    Cell: 808-518-5480

    Email: [email protected]

    Mark Ritchie

    Branch Chief, Business Support Division

    Department of Business, Economic Development and Tourism

    Phone: 808-586-2355

    Email: [email protected]

    Lisa Pakele

    INPEACE Program Director

    Center for Entrepreneurship

    Phone 808-693-7222 ext. 116

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI Banking: Verizon to speak at New Street Research Conference on March 26

    Source: Verizon

    Headline: Verizon to speak at New Street Research Conference on March 26

    NEW YORK – Frank Boulben, senior vice president and chief revenue officer for the Consumer Group of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the New Street Research and BCG Future of Connectivity Leaders Conference on Wednesday, March 26, at 8:30 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

    Boulben will discuss the unit’s progress to innovate on its mobile and broadband platforms, bringing differentiated offers to the market and enhancing its value proposition, while elevating the customer experience and strengthening customer relationships.

    Verizon is on track to deliver on its full-year 2025 financial and operational guidance and remains committed to its three key priorities of growing wireless service revenue, expanding adjusted EBITDA1 and generating strong free cash flow1.

    For 2025, Verizon continues to expect the following:

    • Total wireless service revenue growth2 3 of 2.0 percent to 2.8 percent.
    • Adjusted EBITDA growth1 of 2.0 percent to 3.5 percent.
    • Adjusted EPS1 growth of 0 to 3.0 percent.
    • Cash flow from operations of $35.0 billion to $37.0 billion.
    • Capital expenditures between $17.5 billion and $18.5 billion.
    • Free cash flow1 of $17.5 billion to $18.5 billion.

    1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

    2 Total wireless service revenue represents the sum of Consumer and Business segments.

    3 Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue beginning January 2025. Reclassified 2024 annual revenues were more than $2.9 billion.

    Forward-looking statements

    In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

    Non-GAAP Reconciliations

    Free Cash Flow Forecast

    (dollars in millions)

    12 Mos. Ended 12/31/25

    Net Cash Provided by Operating Activities Forecast

    $ 35,000 – 37,000

    Capital expenditures forecast (including capitalized software)

    (17,500 – 18,500)

    Free Cash Flow Forecast

    $ 17,500 – 18,500

    MIL OSI Global Banks –

  • MIL-OSI Banking: Verizon to redeem debt securities on April 23, 2025

    Source: Verizon

    Headline: Verizon to redeem debt securities on April 23, 2025

    NEW YORK – Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on April 23, 2025 (the “Redemption Date”):

    I.D. Number

    Title of Security

    Principal Amount
    Outstanding

    CUSIP: 92343V DD3

    ISIN: US92343VDD38

    Common Code: 146607594

    2.625% Notes due 2026 (the “Notes”)

    $984,778,000

    The redemption price for the Notes will be equal to the greater of (i) 100% of the principal amount of the Notes being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (exclusive of interest accrued to the Redemption Date), as the case may be, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Notes) plus 20 basis points (the “Redemption Price”), plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. The Redemption Price will be calculated in accordance with the terms of the Notes on the third Business Day (as defined in the Notes) preceding the Redemption Date.

    Questions relating to the notice of redemption and related materials should be directed to the paying agent: U.S. Bank Trust Company, Trust Company, National Association, Attn: Corporate Trust Services, 111 Fillmore Ave E, St. Paul, MN 55107, or via telephone at 1-800-934-6802.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Verizon Business announces Partner Recognition Program winners at 2025 Channel Partners Conference & Expo

    Source: Verizon

    Headline: Verizon Business announces Partner Recognition Program winners at 2025 Channel Partners Conference & Expo

    NEW YORK – Verizon Business today announced the winners of its annual Partner Recognition Program to kick off this year’s Channel Partners Conference & Expo activation in Las Vegas, where the company will have a large presence across the mainstage and event floor.

    This year, eleven partners are being recognized for being on the leading edge of serving customers and delivering results. Recognitions include both performance-based and self-nominated awards, with winners being evaluated based on their accomplishments, alignment with social and community impact, customer business impact, and partner innovation.

    “Our partners are a very important part of our business,” said Mark Tina, Channel Chief and Vice President of Indirect Partner Sales for Verizon Business. “Partnerships are a two-way street – we win together and we lose together – and having a positive culture that extends to the community around you, as well as a spirit of innovation, are core values we look at when working with partners. The businesses being recognized this year as winners of the Verizon Partner Network Recognition Program exemplify these values, and we’re lucky to work with them.”

    The Verizon Partner Network, which was also honored today by CRN®, a brand of The Channel Company, with a 5-Star Award in the 2025 CRN Partner Program Guide, developed this recognition program to celebrate the accomplishments of vendors who demonstrate excellence in their partner program, allowing for an opportunity to recognize how their commitment to greatness is fostering innovation within the channel.

    The following winners are being recognized in the 2024 Verizon Partner Network Recognition program:

    Value Added Distributor of the Year 2024: GetWireless

    Value Added Reseller of the Year 2024: Connected Solutions Group, LLC

    Wireline Business Agent of the Year 2024: Intelisys, Inc.

    Wireless Business Agent of the Year 2024: ConectUS

    Wireline Subagent of the Year 2024: Bluewave Technology Group, LLC

    Wireless Subagent of the Year 2024: Intratem

    Alternate Channel Distribution Partner of the Year: Axe Elite – A Vaultek Company

    SMB Agent of the Year 2024: Victra

    SMB Agent of the Year 2024: Team Wireless

    Customer Business Impact Award 2024: Simple Innovations Group

    Partner Innovation Award 2024: Intwine Connect

    Social & Community Impact Award 2024: Axe Elite – A Vaultek Company

    Visit Verizon Partner Network to learn more about our business and partner solutions, and check out www.CRN.com/PPG to learn more about the program’s 5-Star Award.

    Verizon Business celebrates innovation at Channel Partners

    Verizon Business will showcase its far-reaching business solutions at the channel’s biggest industry event of the year (lounge located at Titian 2301A). At the Verizon Business lounge, attendees will be able to meet with solution experts to learn more about the transformative benefits of Verizon’s solutions, including:

    • Verizon 5G and Fixed Wireless Access (FWA) Solutions
    • Security Services and Solutions
    • Public Sector Solutions

    Additionally, attendees can hear from Verizon Business Channel Chief, Mark Tina during two different speaking engagements.

    • Tuesday, March 25, 12:20 p.m. PT in Venetian Ballroom F: Keynote – “Why Partner Experience (PX) Is Finally Getting Its Due: Practical Tools To Elevate Your Bottom Line”
    • Wednesday, March 26, 12:25 p.m. PT in Venetian Ballroom F: Channel Partners Power Panel – The Channel Connection for Telcos

    To find out more about Verizon’s Partner Network and solutions, visit the Verizon Business Experience Lounge at Titian 2301A and Verizon’s partner program site.

    MIL OSI Global Banks –

  • MIL-OSI USA: SBA Relief Still Available to Puerto Rico Private Nonprofits Affected by Spring Storm and Flooding

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Puerto Rico of the April 23, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm, flooding, landslides and mudslides occurring April 29 through May 10, 2024. 

    The disaster declaration covers PNPs in the municipalities of Adjuntas, Guánica, Lajas, Las Marìas, Luquillo, Maricao, Naranjito, Orocovis, Sàbana Grande, San Sebastìan, Toa Alta, Utuado and Yauco. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature impacted by financial losses directly related to the disaster. Example of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges. 

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

    “SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.” 

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

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

    The deadline to return economic injury applications is April 23, 2025. 

    ### 

    About the U.S. Small Business Administration 

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

    MIL OSI USA News –

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

    US Senate News:

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

    MIL OSI USA News –

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

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

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

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

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

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

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

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

    The full text of the letter can be found here. 

    MIL OSI USA News –

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

    Source: Government of India (2)

    Make in India Powers Defence Growth

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

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

    Summary

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

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

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

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

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

    Summary

    Introduction

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

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

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

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

     

    Surge in Indigenous Defence Production

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

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

     

    Key points:

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

     

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

     

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

     

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

    Unprecedented Growth in Defence Exports

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

    Key points:

     

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

     

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

     

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

     

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

     

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

     

    Innovations for Defence Excellence (iDEX)

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

     

     

    The scheme has three key objectives:

     

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

     

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

     

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

     

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

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

    SAMARTHYA: Showcasing India’s Defence Indigenisation

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

    Among the key indigenised items displayed were:

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

     

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

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

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

     

    Advancing Self-Reliance

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

     

     

    Self-Reliant Initiatives through Joint Action (SRIJAN)

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

     

    Positive Indigenisation Lists (PILs)

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

     

     

    Defence Industrial Corridors

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

    Ease of Doing Business (EoDB)

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

     

    MAKE Projects: Driving Indigenous Defence Innovation

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

    MAKE projects have been divided into three categories:

    MAKE-I (Government Funded)

     

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

     

    MAKE-II (Industry Funded)

     

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

     

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

     

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

     

    Key points:

     

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

     

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

     

    Other Key Initiatives

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

     

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

     

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

     

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

     

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

     

    Conclusion

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

    References:

    Click here to see PDF.

    *****

    Santosh Kumar/ Sarla Meena/ Saurabh Kalia

    (Release ID: 2114546) Visitor Counter : 28

    MIL OSI Asia Pacific News –

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

    Source: Hong Kong Government special administrative region

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

    NNNN

    MIL OSI Asia Pacific News –

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

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

    iam_os/Unsplash

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

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

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

    Socialising live music

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

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

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

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

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

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

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

    The Australian context

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

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

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

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

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

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

    • performances with minimum pay rates for musicians

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

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

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

    The industry proposal

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

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

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

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

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

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

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

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

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

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

    Lofty ambitions

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

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

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

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

    Ben Green receives funding from the Australian Research Council.

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

    MIL OSI Analysis – EveningReport.nz –

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

    Source: US State of Pennsylvania

    March 25, 2025 – Harrisburg, PA

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

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

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

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

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

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

    LIVE STREAM:
    pacast.com/live/gov

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

    MIL OSI USA News –

  • MIL-OSI USA: Barr, Helping Small Businesses Reach Their Potential

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1 The United States has an enviable entrepreneurial culture and a strong track record of building new companies. Yet, new and small business owners often navigate significant challenges from establishment to growth. These challenges typically include limitations in accessing capital, in developing robust business and professional networks for peer support and opportunities, and in building the comprehensive skills, resources, and social connections that contribute greatly to business resiliency and sustainability. Women and minority entrepreneurs may face even greater obstacles. While business formation is, of course, primarily a matter for the private sector, public policy can and should encourage increased rates of entrepreneurship and business formation—and the capital, networks, and skills essential for success for all business owners.
    Today, I want to highlight the vital role that small businesses play in driving the U.S. economy, consider the challenges in accessing credit that some small business owners face, and offer some practical solutions to help small businesses thrive.
    Small Businesses and Their Role in the EconomySmall businesses are the heart of the U.S. economy. They produce nearly half of the country’s gross domestic product and employ just under half of all private sector workers.2
    Small businesses have created more than 60 percent of net new jobs since 1995, and business applications have remained consistently elevated at around 5 million annually since mid-2020.3 In recent years, women-owned businesses and minority-owned businesses were two of the fastest-growing segments of businesses. The number of small businesses owned by minorities increased by almost 60 percent and the growth rate for women-owned businesses was not far behind at 50 percent during this time period.4 We should all be encouraged by these statistics, as several studies suggest that improving business ownership and entrepreneurship across demographic groups would help grow our economy faster.5
    And from an individual perspective, entrepreneurship and small business ownership may offer meaningful economic advantages. Research suggests that entrepreneurship often correlates with enhanced job satisfaction and improved economic mobility for business owners—though outcomes naturally vary based on multiple factors including market conditions, industry, and individual circumstances.6
    As we recognize the value of small businesses, it’s also important to recognize that surviving as a small business is not easy. About one in six new businesses fail during their first year and almost 50% fail by their fifth year.7 When a small business struggles or fails, the repercussions often extend beyond the enterprise itself. Entrepreneurs who have invested personal savings and assets in their ventures may face significant financial strain, creating ripple effects that impact their families’ stability as well as the broader economic health of their communities.
    In light of these dynamics, it is essential to understand the fundamental challenges that small businesses face and develop targeted tools and policies that can effectively support entrepreneurs as they start and scale their businesses. Today, let me focus on credit access and the need for more transparency in lending terms.
    Access to Credit for Small BusinessesMany small businesses need credit to launch and grow their business. Small businesses access financing from diverse sources, including banks of all sizes, credit unions, online lenders, and other nonbank financing companies. Despite this range of sources, the Federal Reserve’s Small Business Credit Survey (SBCS) identified credit availability as a challenge faced by over a quarter of small businesses.8 In addition, many small businesses face problems with the credit they do obtain.
    While access to credit poses challenges for many small businesses, these hurdles can be even more pronounced for women and minority business owners. Research consistently shows that women-owned businesses typically start with smaller amounts of initial capital compared to other firms, even when accounting for factors like education, experience, credit scores, and business characteristics such as industry and growth potential.9 Furthermore, women- and minority-owned businesses often encounter distinct obstacles when seeking financing. Minority business owners often have lower credit scores compared to non-minority business owners, which can lead to lower approval rates for loans.10
    Banks, nonbanks, and online lenders have the potential to fill these financing needs. But to be effective, they need to understand consumer preferences and behavior to provide credit products that meet these needs in a safe and fair way.
    Addressing the Need for Financial TransparencyA significant challenge facing small businesses is the absence of policies providing essential tools and protection for small business borrowers. Despite the fact that many small businesses function more like households than Fortune 500 companies, they generally fall outside regulatory disclosure requirements intended to ensure transparency in pricing, facilitate comparison shopping, and protect the financial interest of borrowers.
    Consider the Truth in Lending Act (TILA), implemented in Regulation Z, which does not extend protection to small business borrowers.11 This exclusion stems partly from the assumption that small business owners possess financial sophistication or can access professional assistance when needed. This regulatory gap matters because business financing offers may present pricing structures that differ substantially from the standardized disclosures that small business owners are accustomed to seeing on consumer credit disclosures.
    Research from focus groups conducted by the Federal Reserve Board and the Federal Reserve Bank of Cleveland revealed that many small business owners struggle with understanding the specialized terminology used by certain nonbank lenders.12 For instance, instead of providing familiar metrics like an Annual Percentage Rate (APR) or an interest rate, some nonbank providers present a factor rate—a fundamentally different metric that cannot be directly compared to an APR or interest rate. The research identified a lender’s website that advertised a “factor rate of 1.15” which translated to an undisclosed estimated APR of approximately 70 percent. Further complicating matters, some lenders may disclose an interest rate without including an APR, meaning that various fees and additional costs may not be reflected in the stated rate that borrowers often use to evaluate their financing options.
    While complexity sometimes serves a business purpose, in many cases, it obfuscates the costs and can lead to poor financial decisions by small business owners. More broadly, product design by banks and nonbanks should help to counter, not lean into, biases that can lead to poor financial decision-making. For instance, present bias describes our natural tendency to prioritize immediate benefits over long-term considerations. This might lead business owners to focus more on quick access to funds or low initial payments rather than evaluating the complete long-term cost structure. Similarly, status quo bias suggests that once a small business borrower establishes a lending relationship, they may be less inclined to explore alternatives, even when more favorable options become available. The perceived complexity or uncertainty of refinancing or switching lenders can reinforce this tendency to maintain existing arrangements. Understanding psychological factors and cognitive biases can help small business borrowers make more informed financial decisions by recognizing how the presentation of lending terms might affect their evaluation process.
    In light of these realities, banks, small business advocates, and industry stakeholders should support policies that help small businesses better understand risks, and to drive the market towards products that are designed to overcome, not exacerbate, these problems. Potential policies would include enhancing transparency in loan terms, thus enabling business owners to make more informed financial decisions. Additional borrower safeguards worth consideration include ensuring that loan products are sustainably repayable and don’t lead businesses into costly reborrowing cycles, as well as ensuring fair treatment both during the loan origination process and throughout any restructuring efforts or collection proceedings.
    Some states are moving forward with policies that protect small businesses. California and New York, for example, now require many lenders to offer clear disclosure of the APR and estimated monthly payments.13 This requirement gives borrowers the opportunity to understand the financing being offered in a clear, concise manner, enabling informed comparisons across different product options. Several other states passed versions of disclosure laws for small business financing transactions, with some variability over the range of financing transactions covered and the types of disclosures required.14
    The Role of Community-Based ProgramsI want to recognize the important role that community-based programs can play in supporting entrepreneurs. These programs provide accessible tools, technical assistance, and educational resources that help entrepreneurs reach their full potential. Local organizations such as small business development centers, educational institutions, and community development financial institutions are connecting small business owners with personalized consulting, technical assistance and education, and entrepreneurial skills development.
    The most successful of these types of programs deliver practical technical assistance and education while fostering collaboration within local entrepreneurial ecosystems. These include university- or community college-based initiatives connecting business owners with volunteer consultants, resource hubs offering workshops, or rural development centers providing specialized support. By emphasizing both skill-building and community connections, these programs help small businesses and entrepreneurs overcome barriers to success.
    ConclusionIn conclusion, small businesses are engines of innovation, job creation, and economic mobility in our society. Great work has been done to understand what it takes to help small businesses thrive and grow, including access to sound and affordable credit, skills-building, and business networks. I encourage us to build on this work by enhancing financial transparency, implementing supportive policies, and leveraging community-based programs to enhance business opportunities. These collective efforts to support entrepreneurs and small business owners not only benefit individual enterprises but also contribute to a healthy and dynamic economy that works for all.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. U.S. Small Business Administration Office of Advocacy, “Frequently Asked Questions About Small Business, 2024.” July 2024. Return to text
    3. Id. See also Kennan Fikri and Daniel Newman, “Business Applications Eked Out a New Record in 2023,” Economic Innovation Group, January 2024. Return to text
    4. See U.S. Census Bureau, “Survey of Business Owners—Survey Results: 2012,” February 2016; “Annual Business Survey: 2022,” October 2023; “Census Bureau Releases New Data on Minority-Owned, Veteran-Owned, and Women-Owned Businesses,” October 26, 2023; and “Nonemployer Statistics by Demographics: 2021.” Return to text
    5. McKinsey Institute for Economic Mobility, The Economic Impact of Closing the Racial Wealth Gap, August 13, 2019, https://www.mckinsey.com/industries/public-sector/our-insights/-the-economic-impact-of-closing-the-racial-wealth-gap. McKinsey Institute for Economic Mobility, The Economic State of Latinos in America: the American Dream Deferred, December 2021, https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/the-economic-state-of-latinos-in-america-the-american-dream-deferred. Andre M. Perry and Carl Romer, “To Expand the Economy, Invest in Black Businesses,” The Brookings Institution. December 31, 2020. Wells Fargo, “2025 Impact of Women-Owned Businesses (PDF)”. Return to text
    6. See, e.g., Levine, R., & Rubinstein, Y. (2022). “Smart and illicit: Who becomes an entrepreneur and do they earn more?” Quarterly Journal of Economics, 137(1), 191-241; JPMorganChase & Co and Gallup. Entrepreneurial Insights: Owning and Employing as a Pathway to Wealth and Well Being. April 2024, https://news.gallup.com/poll/643268/employing-others-linked-wealth-wellbeing.aspx. Return to text
    7. US Bureau of Labor Statistics. Survival of Private Sector Establishments by Opening Year (TXT). Return to text
    8. “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey (PDF),” Small Business Credit Survey, Federal Reserve Banks, March 2024. Other financial challenges include rising costs of goods, services, and/or wages; paying operating expenses; uneven cash flow; weak sales; and making payments on outstanding debt. Return to text
    9. U.S. Department of Commerce, “Women Owned Business in the 21st Century (PDF),” October 2010. This report found that women start with less capital than men and are less likely to take on additional debt to expand their businesses. They are more likely than men to indicate that they do not need any financing to start their businesses. Susan Coleman and Alicia Robb, “A Comparison of New Firm Financing by Gender: Evidence from the Kauffman Firm Survey Data,” May 5, 2009, https://link.springer.com/article/10.1007/s11187-009-9205-7. This report found that, consistent with previous studies, women start their businesses with significantly lower levels of financial capital than men. Findings also reveal that women rely heavily on personal rather than external sources of debt and equity for both start-up capital and follow-on investments. Return to text
    10. Fairlie, Robert, Alicia Robb, and David T. Robinson. “Black and White: Access to Capital Among Minority-Owned Startups (PDF).” NBER Working Paper No. 28154. November 2020. Return to text
    11. While Regulation Z sets forth requirements for consumer credit advertising – and includes provisions to state charges as an Annual Percentage Rate (APR) and, among other things, full repayment terms when referencing payments, and certain other credit terms that may apply – Regulation Z does not apply to business credit. Because of this, lenders offering small business credit and lending products, often have more flexibility when it comes to disclosures of their products’ costs and features than do lenders offering credit products for personal or household use. Return to text
    12. Barbara Lipman and Ann Marie Weirsch, “Alternative Lending through the Eyes of “Mom-and-Pop” Small-Business Owners” (2016). Return to text
    13. California Code of Regulations, Title 10, Chapter 3, Subchapter 3 (PDF); New York State Department of Financial Services, 23 NYCRR 600 (PDF). Return to text
    14. See, e.g., Virginia, Utah, and Florida. For more details on the regulations across states, see https://onyxiq.com/commercial-financing-disclosure-laws/. Return to text

    MIL OSI USA News –

  • MIL-OSI Global: Hudson’s Bay liquidation: What happens when a company goes bankrupt?

    Source: The Conversation – Canada – By Michael R. King, Associate Professor, Gustavson School of Business and Lansdowne Chair in Finance, University of Victoria

    An Ontario court has approved the liquidation of nearly all Hudson’s Bay Company’s stores, marking the end of Canada’s oldest company, which has been in operation for 355 years. The liquidation is set to begin March 24, and will continue until June 15, leaving only six stores in operation.

    The court’s decision came shortly after Hudson’s Bay filed for creditor protection, signalling the company’s struggle to manage its mounting debt.

    With widespread layoffs sure to follow, this corporate collapse is both shocking and distressing. But the court documents suggest it was not unexpected. Hudson’s Bay lost $329.7 million in the 12 months leading up to Jan. 31, 2025. As of that date, Hudson’s Bay had only $3.3 million in cash and owed more than $2 billion in debt and leases.

    The final straw appears to have been trade tensions between Canada and the U.S., with the increased geopolitical and economic uncertainty leading lenders to shun Hudson’s Bay as it sought more financing, according to court documents.

    What bankruptcy looks like

    The downfall of a major company like Hudson’s Bay brings with it a wave of financial jargon. Understanding the differences between insolvency, bankruptcy, restructuring and liquidation is crucial to fully grasp the situation.

    Insolvency occurs when a business runs out of cash and cannot pay its bills. At the start of March, it was $5 million behind on rent and supplier payments, and within days of missing payroll.

    Bankruptcy is a legal process under Canada’s Companies’ Creditors Arrangement Act where a company files for protection from its creditors. The goal is to avoid the social and economic costs of liquidation, preserve jobs and protect the interests of affected stakeholders. If granted, the judge sets a “stay period” where the company works out a restructuring plan with its creditors.

    Hudson’s Bay has more than 2,000 creditors, including $430 million in secured term loans, $724 million in mortgages and $512 million to unsecured creditors, mostly owed to suppliers. Hudson’s Bay also owes payroll remittances, federal sales taxes and over $60 million in customer gift cards and loyalty points. Gift cards are good until April 6.

    A restructuring wipes out the equity holders and allows a company to negotiate a reduction in its debts. The business continues to operate under the supervision of a court-appointed monitor, using interim financing to pay bills. If successful, the company re-emerges from bankruptcy and continues to do business.

    If restructuring is not successful, the company asks the court for permission to liquidate. Liquidation means a “fire sale” of all assets such as inventory, shelving, real estate, leases and trademarks. Items are sold at a deep discount, leading to potential bargains.

    The Ontario Superior Court denied the initial request to liquidate on March 14, telling Hudson’s Bay and its creditors to “lower the temperature” and work on a deal. With only limited progress and some concessions made to support Hudson’s Bay’s joint venture with RioCan REIT, the court gave permission for the liquidation on March 21.

    Many will lose, some will win

    The collapse of Hudson’s Bay will leave many facing financial losses, while a select few stand to gain.

    Secured creditors, some suppliers and Hudson’s Bay pensioners are expected to be protected by the courts. However, many others, including thousands of customers and more than 1,800 unsecured creditors, will suffer a financial hit.

    The hardest impact will be felt by the more than 9,300 employees losing their jobs. Employees will lose their income, health and disability benefits, and life insurance, significantly impacting families across the country.

    However, employees will not lose their pension benefits. The company’s pension plan is fully funded and in surplus position. This was not the case for Sears Canada when it went bankrupt in 2018. A surplus means the value of investments is greater than the promised benefits and is good news for retirees.



    Read more:
    Sears Canada tarnishes the gold standard of pensions

    Mall landlords will also lose out. Hudson’s Bay drove foot traffic in malls across the country where it was the anchor-tenant. There will likely be painful ripple effects for smaller Hudson’s Bay store owners, including falling sales, defaults on mortgages and business failures.

    That said, some stand to benefit. For example, the American financial services company Restore Capital LLC is providing interim debtor-in-possession (DIP) financing, charging a hefty fee in the process. The lawyers and accountants involved in the bankruptcy may also benefit.

    Priority of proceeds

    When a company is liquidated, the proceeds from selling its assets are used to repay claimants based on their priority in bankruptcy. This is sometimes referred to as the waterfall of “who gets what.” Think of it as a queue with people lining up to get paid.

    Interim DIP financing is paid off first, together with legal and accounting fees related to the bankruptcy. Essential operating costs during the restructuring are also paid, including employee wages.

    Next come secured creditors. These lenders provided funding backed by specific assets, known as collateral. Collateral may include inventory and real estate. A similar process happens on a personal residence; if a homeowner defaults on their mortgage payments, the bank may take possession of the house.

    Third in line are debts granted priority by the courts. Employees receive unpaid wages up to a certain cap, just under $9,000, under the federal Wage Earner Protection Program. Pension benefits are paid out and outstanding payroll and sales tax remittances are paid.

    As the pool of assets gets smaller, unsecured creditors are paid off next including suppliers, landlords and employees owed additional wages or termination benefits.

    Last in the queue from the wind-up are equity holders — the residual claimants — who control the company through their common and preferred shares.

    In 2020, Hudson’s Bay’s CEO Richard Baker and a group of investors took the company private, meaning it was no longer publicly traded on the Toronto Stock Exchange, buying out shareholders for approximately $2 billion. This stake is now wiped out.

    Disappointing, but not surprising

    Hudson’s Bay’s current financial situation is disappointing, but not surprising. The COVID-19 pandemic made times tough for brick-and-mortar retailers. On top of this, under-investment and a failed e-commerce strategy left the company struggling to compete in an increasingly digital retail landscape.

    With tariffs and trade uncertainty hurting the Canadian economy, the unfolding trade war is expected to have far-reaching consequences for Canadian households and businesses. Hudson’s Bay was not immune to these effects.

    In the end, Hudson’s Bay backed itself into a corner, arguably waiting too long to secure funding and ultimately losing control of its own destiny. Its bankruptcy is a major blow to Canadian retail, marking the end of a era for a company that lasted more than three-and-a-half centuries.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Hudson’s Bay liquidation: What happens when a company goes bankrupt? – https://theconversation.com/hudsons-bay-liquidation-what-happens-when-a-company-goes-bankrupt-252784

    MIL OSI – Global Reports –

  • MIL-OSI USA: Markey, Van Hollen, Booker Urge Trump to Work with Congress to Keep TikTok Online

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Letter Text (PDF)

    Washington (March 24, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, and Senators Chris Van Hollen (D-Md.) and Cory Booker (D-N.J.) today wrote to President Donald Trump, requesting additional information on any efforts to keep TikTok online in the United States and urging the Administration to work with Congress on any potential resolutions to the TikTok ban.

    Under the Protecting Americans’ Data from Foreign Adversaries Act, ByteDance had until January 19 to either divest TikTok or face a ban in the U.S. In an executive order, President Trump directed the Department of Justice to not enforce the law for 75 days. This nonenforcement of the TikTok ban was not only unlawful but also raised serious questions about TikTok’s future, as the law imposes liability—up to $850 billion in fines—on companies for facilitating TikTok’s continued operations in the U.S. That 75-day extension expires on April 5. With a qualified divestiture unlikely to occur by that deadline, the Senators urged the Trump administration to work with Congress to keep TikTok online.

    In the letter, the lawmakers write, “There is a better solution: Work with Congress. We have previously introduced legislation — the Extend the TikTok Deadline Act — that would extend the TikTok deadline to October 16, 2025, but Senate Republicans blocked passage of our bill. If you need additional time to complete a deal, we urge you to direct Senate Republicans to pass our legislation and provide the companies with legal certainty to keep TikTok online and in the app stores over the next few months. If you intend to proceed with the reported Oracle deal, we urge you to work with Congress to propose modifications to the Protecting Americans’ Data from Foreign Adversaries Act to ensure that any Oracle deal prevents TikTok from going dark. Regardless of your approach, the path to saving TikTok should run through Capitol Hill.

    “Without any further action from Congress, the 170 million Americans that rely on TikTok will continue to face uncertainty about TikTok’s future. Creators will continue to fear that the platform could disappear at any moment. This situation is unfair and unworkable. We urge you to stand up for TikTok’s users and use your immense influence over congressional Republicans to demand a long-term solution to the TikTok ban.”

    Ahead of the April 5, 2025 deadline, the lawmakers request responses by March 28, 2025, to the following questions:

    1. Is your administration considering further extending the TikTok divestment deadline by executive order? If so, please identify the statutory basis for such an extension.
    2. Are news reports accurate that your administration is considering a potential deal with Oracle under which Oracle would take a stake in TikTok and provide certainty about the security of TikTok’s user data?
    3. Does your administration believe that any further legislative action is necessary to ensure that TikTok remains online in the United States?

    On January 16, 2025, Senator Markey, along with Senators Van Hollen and Booker, sent a letter to President Joe Biden urging him to trigger the 90-day extension in the Protection Americans’ Data from Foreign Adversary Controlled Applications Act to allow ByteDance additional time to divest from TikTok. Senators Markey, Booker, and Van Hollen, along with Senator Ron Wyden (D-Ore.) and Congressman Ro Khanna (CA-17), introduced the Extend the TikTok Deadline Act, legislation that would delay the January 19 deadline by which ByteDance must sell TikTok or face a ban, by an additional 270 days. In December 2024, Senators Markey and Rand Paul (R-Ky.), along with Congressman Khanna, submitted a bipartisan, bicameral amicus brief urging the U.S. Supreme Court to reverse the D.C. Circuit Court’s decision in TikTok Inc. v. Garland, which upheld the TikTok ban established under the Protecting Americans from Foreign Adversary Controlled Applications Act. On December 19, Senators Markey and Paul sent a letter to President Joe Biden urging him to provide TikTok owner ByteDance with a 90-day extension to either sell TikTok or face the ban.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Consumer Alert: Genetic Data Stored by ‘23andMe’ may be Sold in Bankruptcy Proceeding

    Source: US State of Idaho

    [BOISE] – Attorney General Raúl Labrador announced the following consumer protection alert to Idaho citizens:
    23andMe, a company that offers genetic testing and other genetic services to the public, filed for Chapter 11 bankruptcy protection on Sunday March 23, 2025.  23andMe is commonly known for providing health and ancestry information from genetic samples submitted by consumers.  As a result of the bankruptcy, 23andMe has disclosed that it intends to sell its corporate assets, which would likely include stored genetic data submitted by customers.
    “There is nothing more personal than an individual’s genetic information, said Attorney General Labrador, “and allowing that to be sold off to the highest bidder raises serious consumer protection concerns for privacy.  I want to make sure that 23andMe customers in Idaho have every opportunity to protect their genetic data.”
    Any consumer who submitted genetic data to 23andMe may have consented to 23andMe storing that data for research purposes.  According to online sources, consumers can withdraw their consent to 23andMe storing their genetic data through the following steps:

    Log into your account and navigate to Settings.
    Under Settings, scroll to the section titled 23andMe data. Select View.
    You may be asked to enter your date of birth for extra security.
    In the next section, you’ll be asked which, if any, personal data you’d like to download from the company (onto a personal, not public, computer). Once you’re finished, scroll to the bottom, and select Permanently delete data.
    You should then receive an email from 23andMe detailing its account deletion policy and requesting that you confirm your request. Once you confirm you’d like your data deleted, the deletion will begin automatically, and you’ll immediately lose access to your account.

    The above information is from the company’s website and an article from MIT Technology Review.
    Consumers may also use the Consumer Reports App to request that direct-to-consumer genetic testing companies, including 23andMe, delete any personal data. Permission Slip by CR.
    Consumers who have submitted genetic samples to other companies should determine if their genetic information has been stored by that company. If your data has been stored, you may request the company destroy any stored information either through the Consumer Reports App or through the company itself.

    MIL OSI USA News –