Category: Commerce

MIL-OSI Russia: IMF Executive Board Concludes 2023 Article IV Consultation with El Salvador

Source: IMF – News in Russian

March 19, 2025

Washington, DC: On March 20, 2023, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^{^[1]} with El Salvador.

Despite a series of adverse external shocks, the Salvadoran economy has fared relatively well to date, and is estimated to have grown by 2.8 percent in 2022. Annual inflation jumped to 7¼ percent, mainly due to high global food prices while fuel price inflation was moderated by large subsidies. Vulnerabilities mounted, with international reserves falling below 2 months of imports. In the context of limited financing options, the fiscal deficit narrowed to 2½ percent of GDP, but fiscal policy is expected to turn expansionary in 2023. Under current policies, public debt is on an unsustainable path.

The economy is expected to grow by 2.4 percent in 2023, but the outlook is fragile, given the macroeconomic imbalances and a less favorable international environment. A comprehensive and credible policy package is urgently needed to put public debt on a firmly declining path and strengthen macroeconomic and financial stability.

Over a year after the adoption of Bitcoin as legal tender, its use has been minimal but risks for financial and market integrity, financial stability, and consumer protection remain and need to be addressed.

Executive Board Assessment^[2]

Executive Directors noted the strong post‑pandemic recovery supported by the authorities’ timely responses to shocks and the improved security situation. Pointing to the fragile outlook amid rising risks and vulnerabilities, Directors urged the authorities to adopt a comprehensive plan to address macroeconomic imbalances, including unsustainable public debt and limited reserve coverage, along with structural reforms to support stronger, inclusive growth.

Directors welcomed recent fiscal efforts but underscored the urgent need for an ambitious fiscal consolidation plan, based on greater revenue mobilization and efficiency of spending, including better targeting energy subsidies and social safety nets and rightsizing the wage bill. This is critical to put public debt on a firm downward trajectory and allow a gradual return to international capital markets. Restoring and upgrading the Fiscal Responsibility Law would also improve the transparency and credibility of fiscal policy. Directors stressed the importance of ensuring the sustainability of the pension system to limit contingent liabilities.

Directors noted that the banking system remains healthy but cautioned against rising exposures to the sovereign and the erosion of liquidity buffers. They called for raising banks’ reserve requirements, enacting promptly the Financial Stability Bill, closing regulatory gaps, and continuing to implement the 2020 Safeguards Assessment recommendations.

Directors underscored the importance of narrowing the scope of the Bitcoin law and removing Bitcoin’s legal tender status. They noted that while Bitcoin has had a minimal impact on financial inclusion, high risks to financial integrity and stability, fiscal sustainability, and consumer protection persist. Directors urged that Bitcoin transactions be transparently disclosed, together with the financial statements of public companies operating in the Bitcoin ecosystem. They also called on the authorities to carefully weigh the implications of the new crypto assets legislation and avoid expanding government exposure to Bitcoin.

Directors stressed the importance of structural reforms to strengthen governance, the investment climate and productivity. They called for continued efforts to strengthen fiscal transparency, public procurement, AML/CFT legislation, and the independence of the judicial system. Directors also stressed the importance of enhancing human capital, infrastructure, and climate resilience, as well as continuing to upgrade the statistical framework.

El Salvador: Selected Economic Indicators

I. Social Indicators
Per capita income (U.S. dollars, 2021)	4,408		Population (million, 2021)				6.5
Percent of pop. below poverty line (2021)	24.6		Gini index (2019)				39

II. Economic Indicators (percent of GDP, unless otherwise indicated)

						Proj.
	2018	2019	2020	2021	2022	2023	2024

Income and Prices
Real GDP growth (percent)	2.4	2.4	-8.2	10.3	2.8	2.4	1.9
Consumer price inflation (average, percent)	1.1	0.1	-0.4	3.5	7.2	4.1	2.1
Terms of trade (percent change)	-3.9	1.7	4.8	-7.6	-1.6	5.0	0.7
Sovereign bond spread (basis points)	424	453	760	837	1,485	…	…

Money and Credit
Credit to the private sector	57.3	59.1	66.3	61.8	63.1	61.2	60.0
Broad money	54.8	59.1	70.4	61.5	58.5	58.5	60.5
Interest rate (time deposits, percent)	4.2	4.3	4.1	3.9	…	…	…

External Sector
Current account balance	-3.3	-0.4	0.8	-5.1	-8.3	-5.4	-5.3
Trade balance	-21.7	-21.2	-21.0	-28.6	-31.4	-27.5	-27.4
Transfers (net)	20.6	21.0	24.4	25.9	24.0	22.9	22.4
Foreign direct investment	-3.2	-2.4	-1.1	-1.1	-0.2	-1.6	-2.2
Gross international reserves (mill. of US$)	3,569	4,446	3,083	3,426	2,440	2,798	3,382

Nonfinancial Public Sector
Overall balance	-2.7	-3.1	-8.2	-5.6	-2.5	-3.4	-3.4
Primary balance	0.9	0.6	-3.8	-1.1	2.2	0.3	0.4
Of which: tax revenue	18.0	17.7	18.5	20.1	20.3	19.0	19.0
Public sector debt 1/	70.4	71.3	89.4	82.4	77.2	76.1	78.3

National Savings and Investment
Gross domestic investment	18.4	18.3	18.9	22.2	20.7	19.8	19.4
Private sector 2/	15.7	15.9	16.9	19.6	18.8	17.4	17.1
National savings	15.1	17.9	19.8	17.1	12.4	14.5	14.2
Private sector	14.7	18.0	25.4	19.5	12.8	14.9	14.9

Net Foreign Assets of the Financial System
Millions of U.S. dollars	2,655	3,372	3,618	3,022	1,114	1,227	1,400

Memorandum Items
Nominal GDP (billions of US$)	26.0	26.9	24.6	28.7	31.6	33.7	35.1

Sources: Central Reserve Bank of El Salvador, Ministry of Finance, and IMF staff estimates.
1/ Gross debt of the nonfinancial public sector.
2/ Includes inventories.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Meera Louis

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/03/19/pr25069-el-salvador-imf-executive-board-concludes-2023-article-iv-consultation-with-el-salvador

MIL OSI

MIL OSI Russia News –

March 20, 2025

MIL-OSI: Wearable Devices Announces Full Year 2024 Financial Results and Provides Corporate Update

Source: GlobeNewswire (MIL-OSI)

YOKNE’AM ILLIT, Israel, March 19, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced its financial results for the year ended December 31, 2024.

Asher Dahan, Chief Executive Officer and Chairman of the Board of Directors of Wearable Devices, commented, “2024 was characterized by strategic capital allocation and the execution of our growth strategy as we delivered our Mudra Band for Apple Watch, and entered into several collaborations with companies and contractors at the forefront of their respective industries. With a strong focus on technological breakthroughs and innovation, we introduced the Mudra Link, a universal gesture control wearable wristband in September 2024. This launch marked a significant milestone in our neural interface technology, enabling seamless, touch-free interaction with a wide range of digital devices. The Mudra Link is open for orders, and we have started to ship the Mudra Link to customers in the first quarter of 2025. We invested significant resources in pursuit of these milestones, mainly due to strategic investments primarily in sales and marketing and research and development as we continue to innovate and showcase our technology, as well as an enhanced focus on business development on the business-to-business (“B2B”) side of our business.”

“Collaborations represent a key part of our business, and we expect our B2B offerings to be a significant driver of revenue for us as we grow. At the beginning of 2024, we launched the B2B Mudra Developer Kit (“MDK”), providing our B2B customers with enhanced capabilities and additional features that improve our B2B offering. The MDK allows original equipment manufacturers (“OEMs”) to design new, customized gestures to create a user interface specifically tailored to their needs. At the beginning of 2024, we announced a collaboration agreement with Qualcomm Incorporated (“Qualcomm”), for the development of products using the Qualcomm Snapdragon Spaces XR Developer Platform. In October 2024, we announced an innovative collaboration with TCL-RayNeo™ (“RayNeo”), a leader in augmented reality (“AR”) technology, aiming at bringing mass-market neural interface wristband for AR glasses to life. We anticipate interest in our B2B product to grow as the market for wearable devices and AI-based technology expands, with more and more customers recognizing the value that our products can add to their operations.

“Our business-to-customer (“B2C”) product, the Mudra Band, is an award-winning aftermarket band for the Apple Watch that enables touchless control of multiple Apple devices. In addition, we’re seeing considerable interest in the Mudra Link, and during the first quarter of 2025 we commenced shipment of our first manufacturing batch to Mudra Link customers. 2024 was characterized by strategic capital allocation and the execution of our growth strategy, with a focus on three key areas: technological breakthroughs and innovation, adoption trends and market outlook, and strategic positioning for future growth.

First, we continued to lead in innovation with groundbreaking technologies that enable natural, touch-free interaction. Second, we are witnessing an increasing adoption trend in neural interface solutions, with growing interest from both consumers and business partners. Finally, we are well-positioned for future growth, supported by our marketing efforts, strong presence at leading trade shows such as CES and MWC, and the growing recognition of Mudra Link as a market-defining product. We continue to receive orders for the product and see significant growth potential as our technology and capabilities evolve.”

Mr. Dahan concluded, “We have a comprehensive strategy with innovative B2B and B2C offerings to maximize our presence in what we believe to be a market that is poised for tremendous growth. We are very encouraged by the progress that we made in 2024 and believe that Wearable Devices is positioned for transformation in coming years, as we continue to invest in our operations, bring innovative products to market, and showcase the breadth and depth of our technology.”

2024 and Recent Business Highlights:

Strategic Collaborations & Expansion

Signed a collaboration agreement with Qualcomm to elevate extended reality (“XR”) experiences using Mudra neural technology.
Collaborated with RayNeo to lead the neural control revolution for AR glasses, positioning Mudra ahead of competitors like Meta.
Signed a reseller agreement to scale licensing efforts in South Korea and China.

Product & Technology Innovations

Launched Mudra Link, the first AI Neural Interface Wristband for Android and beyond, expanding accessibility of neural gesture control.
Released the Mudra Developer Kit (MDK) for B2B customers, enabling OEMs to create tailored user interfaces.
Unveiled AI-powered Large MUAP Models to revolutionize gesture control with personalized neural interactions.
Showcased future AI-powered gesture personalization technology, advancing next-gen human-computer interaction.

Market Recognition & Sales Expansion

Awarded the CES 2025 Innovation Award in XR Technologies and Accessories for Mudra Link.
Chosen as Best Wearable of CES 2024 by SlashGear.com.
Featured in Mashable, VentureBeat, and leading tech magazines.

Strategic Deployments

Successfully completed the first-stage deployment testing for a leading XR glasses OEM, meeting key evaluation criteria.
Demonstrated Mudra technology integration with Qualcomm Snapdragon Spaces at CES 2025 and AWE 2024.
Showed positive results on Lenovo’s XR headset, validating Mudra’s neural technology for next-gen spatial computing.

Intellectual Property & Regulatory Progress

Filed a patent application for touchless pinch-to-zoom technology for AR/VR (virtual reality) applications.
Secured a Chinese patent for its AI Gesture-Controlled Interface.
Expanded international IP portfolio with a neural wrist technology patent filing in South Korea.

Full Year 2024 Financial Highlights:

Revenues: Revenues increased from $82 thousand in 2023 to $522 thousand in 2024, marking a significant step forward in the Company’s transition toward a commercially driven business. This growth was primarily driven by increased sales of the Mudra Band, demonstrating early market adoption and growing demand for neural interface technology. While revenues are still at an early stage, the upward trend reflects positive momentum and a foundation for future expansion.
Research and Development Expenses: Research and development expenses decreased by 11% to $3.0 million in the full year of 2024 compared to $3.3 million in the full year of 2023, reflecting the successful completion of key development phases, particularly Mudra Link, and a transition toward production and sales. The Company continued to focus on creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software and hardware.
Sales and Marketing Expenses: Sales and marketing expenses increased by 4% to $2.1 million in the full year of 2024 compared to $2.0 million in the full year of 2023, related to the Company driving awareness of its technology and products across various channels including participation at multiple leading industry conferences.
General and administrative expenses: General and administrative expenses decreased by 1.3% to $2.8 million in the full year of 2024 compared to $2.9 million in the full year of 2023.
Net Loss: Net loss increased to $(7.9 million), or $(24.2) per diluted share, for the year ended December 31, 2024, as compared to a net loss of $(7.8 million), or $(38.4) per diluted share, for the year ended December 31, 2023.
The per share information reflects the Company’s 1-for-20 reverse share split, which became effective on October 10, 2024, and an additional 1-for-4 reverse share split, which became effective on March 17, 2025.

Cash Position: Cash and deposits as of December 31, 2024 were $4.0 million.
Inventory: Inventory increased to $1.2 million at the end of 2024, as part of the completion of the transition phase from research and development to production and to serve our planned B2C and B2B initiatives in 2025.

About Wearable Devices Ltd.

Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbol “WLDS” and “WLDSW,” respectively.

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits, capabilities, advantages and expected demand, an increasing adoption trend in neural interface solutions, with growing interest from both consumers and business partners, momentum and growth of our products and technology, our expectation for the growth of the B2B market and that our B2B offerings will be a significant driver of revenue for us as we grow, our anticipation that interest in our B2B product will grow as the market for wearable devices and AI-based technology expands and our belief that Wearable Devices is positioned for transformation in coming years. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our use of proceeds from the offering; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Contact:

Michal Efraty
IR@wearabledevices.co.il

WEARABLE DEVICES LTD. AND ITS SUBSIDIARY
CONSOLIDATED BALANCE SHEETS

	December 31
	2024			2023
	U.S. dollars in thousands
Assets
CURRENT ASSETS:
Cash and cash equivalents		3,089			810
Short-term bank deposits		862			4,045
Governmental grant receivable		17			108
Other receivables and prepaid expenses		322			757
Inventories		1,226			1,032
TOTAL CURRENT ASSETS		5,516			6,752

NON-CURRENT ASSETS:
Long-term bank deposits		–			54
Right-of-use assets		330			592
Property and equipment, net		130			194
TOTAL NON-CURRENT ASSETS		460			840
TOTAL ASSETS		5,976			7,592

Liabilities and Shareholders’ Equity
CURRENT LIABILITIES:
Accounts payable		157			410
Advance payments		83			312
Convertible promissory note		770			–
Accrued payroll and other employment related accruals		402			579
Accrued expenses		392			190
Lease liabilities		291			297
TOTAL CURRENT LIABILITIES		2,095			1,788
Lease liabilities		21			278
TOTAL LIABILITIES		2,116			2,066

SHAREHOLDERS’ EQUITY:
Ordinary shares no par value : Authorized 50,000,000 as of December 31, 2024 and December 31, 2023; Issued and outstanding 707,463 shares as of December 31, 2024 and 254,843 shares as of December 31, 2023.		67			57
Additional paid-in capital		32,895			26,692
Accumulated losses		(29,102	)		(21,223)
TOTAL SHAREHOLDERS’ EQUITY		3,860			5,526
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		5,976			7,592

WEARABLE DEVICES LTD. AND ITS SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

	Year ended December 31
	2024			2023			2022
	U.S. dollars in thousands (except per share amounts)

Revenues		522			82			45
Cost of revenues		437			(62	)		(10	)
GROSS PROFIT		85			20			35
Research and development, net		(2,964	)		(3,316	)		(2,271	)
Sales and marketing expenses, net		(2,096	)		(2,008	)		(1,370	)
General and administrative expenses		(2,845	)		(2,882	)		(1,948	)
Initial public offering expenses		–			–			(904	)
OPERATING LOSS		(7,820	)		(8,186	)		(6,458	)
Financing income (expenses), net		(52	)		372			(38	)
LOSS BEFORE TAX EXPENSES		(7,872	)		(7,814	)		(6,496	)
Tax expenses		(7	)		–			–
NET LOSS AND TOTAL
COMPREHENSIVE LOSS		(7,879	)		(7,814	)		(6,496	)

Net loss per ordinary shares,
basic and diluted *		(24.2	)		(38.4	)		(42.4	)
Weighted average number of
ordinary shares and pre- funded warrants outstanding basic and diluted *		325,690			202,515			153,465

* The share and per share information in these financial statements reflects the 1-for-20 reverse share split became effective on October 10, 2024 and an additional 1-for-4 reverse share split of our issued and outstanding Ordinary Shares became effective on March 17, 2025.

WEARABLE DEVICES LTD. AND ITS SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year ended December 31
	2024			2023		2022
	U.S. dollars in thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		(7,879	)		(7,814)		(6,496)
Adjustments required to reconcile net loss to net cash used in
operating activities
Depreciation		107			68		23
Interest expenses on convertible promissory note		4			–		–
Accrued interest on deposits		(3	)		(45)		–
Share based compensation expenses		182			241		790
Unrealized gain from foreign currency derivative activities		68			(68)		–
Marketing expenses paid in ordinary shares		100			–		–
Provision for inventory write-off		75			–		–

Changes in operating assets and liabilities items:
Decrease in accounts receivable		–			–		8
Decrease (increase) in inventories		(269	)		(1,026)		5
Decrease (increase) in governmental grants receivables		91			(54)		8
Decrease (Increase) in other receivables and prepaid expenses		357			(136)		(496)
Increase (decrease) in advance payments		(228	)		(41)		79
Increase (decrease) in deferred revenues		–			(12)		(12)
Increase (decrease) in accounts payable		(253	)		254		84
Increase (decrease) in accrued payroll and other employment related accruals		(177	)		163		194
Increase in accrued expenses		212			36		99
Net cash used in operating activities		(7,613	)		(8,434)		(5,714)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(43	)		(194)		(48)
Decrease (Increase) in deposits, net		3,240			(4,054)		–
Prepayments of leasing		–			–		(18)
Net cash provided by (used in) investing activities		3,197			(4,248)		(66)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares issued in the public offering, net of issuance cost		1,578			1,670		–
Proceeds from issuance of units of ordinary shares and warrants in connection with the initial public offering, net of issuance expenses					–		14,319
Proceeds from issuance of SAFEs		–			–		500
Refund to SAFE investors		–			–		(100)
Proceeds from credit line		–			–		800
Repayment of credit line		–			–		(800)
Proceeds from issuance of ordinary shares as a result of exercise of warrants		–			1,449		160
Proceeds from issuance of ordinary shares associated with the SEPA		4,353			–		–
Proceeds from issuance of convertible promissory note		1,920			–		–
Repayment of convertible promissory note		(1,156	)
Net cash provided by financing activities		6,695			3,119		14,879

Net increase (decrease) in cash and cash equivalents		2,279			(9,563)		9,099
Cash and Cash Equivalents at the beginning of year		810			10,373		1,274
Cash and cash equivalents at the end of year		3,089			810		10,373
Supplemental Disclosure:
Interest paid		49			–		40
Interest received		(144	)		(305)		–
Conversion of SAFEs to equity		–			–		400
Right-of-use asset recognized against lease liability		–			644		229

The MIL Network –

March 20, 2025

MIL-OSI New Zealand: Dairy and Business – Fonterra’s momentum delivers strong FY25 interim earnings and dividend
Source: Fonterra

Operating profit: NZ $1,107 million, up 16%

Profit after tax: NZ $729 million, up 8% 

Earnings per share: 44 cents per share, up 10%

Return on capital: 10.2% down from 13.4%

Interim dividend, fully imputed: 22 cents per share

Forecast Farmgate Milk Price range narrows: NZ $9.70 – $10.30 per kgMS

Forecast milk collections: 1,510 million kgMS, up 2.7%  

FY25 full year forecast earnings range: 55-75 cents per share.

Fonterra Co-operative Group Ltd today announced a positive FY25 interim result as the Co-op continues to make good progress on implementing its strategy.

Fonterra has reported a half year Profit after Tax of $729 million, earnings of 44 cents per share and a decision to pay an interim dividend of 22 cents per share, alongside a 2024/25 season forecast Farmgate Milk Price midpoint of $10.00 per kgMS.

Fonterra CEO Miles Hurrell says it’s pleasing to be able to deliver these results for farmer shareholders and unit holders.

“We’re focusing on driving value which includes delivering strong financial performance while achieving the highest sustainable Farmgate Milk Price,” says Mr Hurrell.

“At the same time, we’re looking ahead as we implement our strategy and continue to invest for the future. We have commenced projects to unlock manufacturing production capacity for our Ingredients and Foodservice channels, with site works now underway at Studholme for high-value protein capacity and at Edendale for a new UHT cream plant.

“We’re also continuing to invest to future proof our operations and supply chain network, with work underway on a new Whareroa coolstore and plans for decarbonisation projects at Clandeboye, Edendale, Edgecumbe and Whareroa to secure energy supply and reduce the Co-op’s emissions.

“As we focus on delivering the strongest farmer offering, we have announced new funding for farmers with lower emissions milk and expanded the Fixed Milk Price programme that farmers can use to get more certainty around the Farmgate Milk Price,” says Mr Hurrell.

Farmgate Milk Price

Fonterra is committed to delivering the highest sustainable Farmgate Milk Price to farmers. For the current season, the forecast Farmgate Milk Price range is narrowing from $9.50-$10.50 per kgMS to $9.70-$10.30, with the midpoint holding at $10.00 per kgMS.

“We’re seeing good demand for our quality products, and our teams have worked hard to optimise our product portfolio to capture value from the market conditions, leaving us well contracted for the season.

“We have also optimised the current season’s Advance Rate Schedule to get cash to farmers sooner, underpinned by our balance sheet strength.

“In terms of milk flows, our forecast milk collections for the year are up 2.7% on this time last year to 1,510 million kgMS. This follows favourable pasture growth across most of New Zealand earlier in the season, noting many parts of the country are currently experiencing very dry conditions,” says Mr Hurrell.

Business performance

Fonterra’s strong half year performance was underpinned by an optimised product mix, designed to capture value across the Co-op’s sales channels.

“Our robust first half performance saw earnings growing alongside the strong Farmgate Milk Price, reflecting the strength of our core business.

“Ingredients channel performance has been a highlight this half, with sales volume down 3.9% and operating profit up $229 million to $696 million, reflecting better margins and improved product mix.

“Our Foodservice channel has seen sales volume growth of 8.3% this half, with Q2 gross margins significantly up on Q1 as pricing adjusted to the higher milk price. Foodservice operating profit for the half was a healthy $230 million, compared to the record high of $342 million in FY24 when input costs were much lower.

“The Consumer channel saw good sales volumes, up 8.5%, and margin growth, despite the higher Farmgate Milk Price,with operating profit largely flat on prior period at $173 million.

“Meanwhile, our IT & Digital transformation project, a once in a generation replacement of the Co-op’s Enterprise Resource Planning software, is progressing well and remains on budget. The project is expected to cost NZ $450-500 million across six years and annual expenditure reaches its peak in FY25 at $130 million. This spend is included in our previously announced earnings forecast and despite this spend, our FY25 results remain strong,” says Mr Hurrell.

Outlook

We have recently increased Fonterra’s FY25 full year forecast earnings range to 55-75 cents per share*, which reflects the underlying strength of our core business as well as the resilience in our Consumer channel.

“The Co-op is in a great shape, with milk collections, the forecast Farmgate Milk Price and earnings performance all up on this time last year.

“As we look to the balance of the year ahead, we’re focused on maintaining this momentum in performance, while progressing delivery of our strategy, including the dual-track Consumer divestment process which is on track as planned,” says Mr Hurrell.

Note: *This forecast earnings range reflects Fonterra’s underlying earnings before any deduction for forecast costs associated with the Consumer divestment. When the Fonterra Board considers the full year dividend for FY25, it will consider, amongst other factors, the nature of the underlying earnings and whether it is appropriate to include any costs associated with asset sales in the financial year.
MIL OSI New Zealand News –
March 20, 2025
MIL-OSI Asia-Pac: India-Latin America & Caribbean (LAC) partnership holds immense potential for economic and trade expansion: Shri PiyushGoyal

Source: Government of India (2)

Posted On: 19 MAR 2025 10:16PM by PIB Delhi

Union Minister of Commerce & Industry, Shri Piyush Goyal highlighted thatthere remains significant untapped potential for economic and trade expansion.Shri Goyal, addressed the 10th CII India-LAC Conclave today at New Delhi, emphasizing the growing importance of India’s economic engagement with the Latin American and Caribbean (LAC) region.

He said, the India-LAC partnership is not just about business but also about cultural exchanges, shared traditions, and a collective commitment to preserving heritage. He noted that the passion for festivals, sporting spirit, and rich histories of both regions provide a strong foundation for enhanced economic collaboration. He underscored that the conclave serves as an excellent platform for fostering enduring economic ties and deeper people-to-people connections between the two regions.

He called for ambitious targets, aiming to double trade volumes in the next five years by focusing on sectors such as engineering, healthcare, renewable energy, critical minerals, tourism, agriculture, gems and jewelry, and digital services.

Shri Goyal outlined several key areas for deeper cooperation, including trade expansion through preferential trade agreements with MERCOSUR and bilateral agreements where necessary. He emphasized the need for collaboration in renewable energy, highlighting the LAC region’s vast lithium reserves and proposing joint ventures in lithium processing, battery manufacturing, and electric mobility. He also pointed to India-Brazil cooperation in biofuels and the potential for ethanol-powered vehicles. Agriculture and food security were also identified as crucial areas of partnership, with India and the LAC region complementing each other’s needs through investments in climate-resilient agriculture, post-harvest storage, cold chain logistics, and value-added food processing. Additionally, Shri Goyal stressed the importance of improving trade infrastructure through enhanced shipping routes, direct air connectivity, and digitalizing customs procedures to streamline market access. He called for expanding sectoral engagement beyond traditional industries, urging collaboration in pharmaceuticals, artificial intelligence, digital public infrastructure, and high-end manufacturing.

Shri Goyal acknowledged the global economic slowdown and supply chain disruptions but emphasized that India remains committed to strengthening economic ties with the LAC region. He urged governments, businesses, and institutions to seize emerging opportunities and move beyond incremental progress toward transformative growth.

In conclusion, Shri Goyal reaffirmed India’s commitment to fostering a dynamic and mutually beneficial partnership with the LAC region, built on trust, cooperation, and shared prosperity.

***

Abhishek Dayal/ Abhijith Narayanan/ Ishita Biswas

(Release ID: 2113110) Visitor Counter : 40

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: APEDA showcases India’s Agricultural offerings, Processed Foods and alcoholic beverage products at the IFE London 2025

Source: Government of India (2)

Posted On: 19 MAR 2025 7:11PM by PIB Delhi

The Agricultural and Processed Food Products Export Development Authority (APEDA) commenced participation, showcasing India’s Agricultural offerings, Processed Foods and Alcoholic Beverage Products at the International Food & Drink Event (IFE) London, 2025 on 18 March 2025. A delegation of 16 leading Indian exporters from Gujarat, Punjab, Telangana, Haryana, Maharashtra, Bihar, Himachal Pradesh and Tamil Nadu amongst other states represented by 27 participants are showcasing a wide array of premium products at the India Pavilion, providing a platform for business opportunities to the UK market.

India’s pavilion features a diverse selection of homegrown value-added products, including a variety of agricultural produce, processed foods and beverages.

The Deputy High Commissioner of India in the UK, Mr. Sujit Ghosh and First Secretary (Trade, Tourism and OCI), Mr. Rakesh Dahiya along with officials from APEDA inaugurated the India Pavilion, today. APEDA’s presence at the IFE London 2025 underlines India’s commitment to promoting its agricultural offerings on the global stage.

Notable highlights of the exhibition include fresh fruits like Mangoes, Pomegranates and Guavas, a premium range of Processed Foods as well as a fine collection of Indian Liquor such as Rampur, Sula, Godawan, Old Monk Coffee Rum, Jamun Gin and Jaisalmer amongst others. Visitors can explore an extensive showcase of offerings such as Basmati rice, Honey, Namkeen, Peanut Butter, Makhana, Sauces, Millets, Soya Chaap, Baby Corn, Masala Soda, dried Petha, Ready-to-Cook (RTC) dishes like Rajma Rice, Samosas, Dal Rice, Sarson Ka Saag, Chana Rice and Coconuts.

A special emphasis is placed on promoting Organic products, Millets and Indian fruits like mangoes and pomegranates. Sampling sessions are being organized, giving attendees the opportunity to experience authentic Indian flavours with offerings like vegetarian and non-vegetarian Basmati Rice Biryani and Millet Khichdi. As part of its strategic efforts to further enhance the global footprint of Indian agricultural exports, India’s participation in IFE London 2025 serves as a platform for Indian exporters to connect with potential buyers, explore new business collaborations and promote the diverse offerings of India’s agricultural and processed food sectors globally.

The Agricultural and Processed Food Products Export Development Authority (APEDA) is a Statutory body under the Ministry of Commerce & Industry, Government of India. APEDA’s mission is to develop, facilitate and promote the exports of agricultural and processed food products from India and to enhance the nation’s footprint in the global food and beverage industry.

***

Abhishek Dayal/ Abhijith Narayanan

(Release ID: 2112981) Visitor Counter : 59

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: Bharat Pavilion Makes Historic Debut at Hong Kong FILMART

Source: Government of India

Bharat Pavilion Makes Historic Debut at Hong Kong FILMART

Consul General of India, Hong Kong Inaugurates First-ever Bharat Pavilion at Hong Kong (FILMART)

“Pavilion represents new era of global partnerships for Indian cinema”: Consul General of India, H.E. Ms. Satwant Khanalia

Posted On: 19 MAR 2025 6:10PM by PIB Mumbai

Mumbai, 19^th March 2025

In a landmark moment for Indian cinema on the global stage, the first-ever Bharat Pavilion made its debut at the prestigious Hong Kong International Film & TV Market (FILMART). Consul General of India, Hong Kong & Macau, H.E. Ms. Satwant Khanalia, inaugurated the pavilion, marking a significant step in strengthening India’s presence in the international film and media industry.

Organised by the Services Export Promotion Council (SEPC), Ministry of Commerce and Industry, and the National Film Development Corporation (NFDC) under the aegis of the Ministry of Information and Broadcasting, the Bharat Pavilion is supported by the Consulate General of India, Hong Kong & Macau. This initiative highlights the growing influence of Indian cinema and its expanding global footprint, promoting international collaborations and showcasing the immense potential of India’s storytelling prowess.

At the inauguration, H.E. Ms. Satwant Khanalia expressed her pride in India’s dynamic cinematic landscape. “It is an honor to launch the first-ever India Pavilion at FILMART. India’s film industry is one of the largest in the world, and its stories resonate with audiences across cultures. This pavilion represents a new era of global partnerships and opportunities for Indian cinema,” she said.

Promoting WAVES: India’s Premier Global M&E Summit

A key focus of the Bharat Pavilion is to promote the World Audio Visual and Entertainment Summit (WAVES), scheduled to take place in Mumbai from 1st to 4th May 2025. WAVES is poised to be a premier platform aimed at bringing the global Media & Entertainment (M&E) industry’s attention to India, fostering trade, innovation, and cross-border collaborations. With a diverse array of industry leaders, innovators, and stakeholders expected to participate, WAVES aims to position India as the Content Hub of the World.

Driving Collaborations and Expanding Opportunities

On its first day, the Bharat Pavilion at FILMART buzzed with activity, hosting dialogues, meetings, and networking sessions with international industry representatives. The pavilion facilitated discussions on co-productions, content distribution, and collaborations, opening doors for Indian filmmakers and content creators to explore new markets and expand their global reach.

About NFDC

National Film Development Corporation of India is the central agency established to encourage the good cinema movement in the country. Through its participation in key international events such as FILMART, Cannes Film Festival, and Berlinale, NFDC facilitates co-productions, market access, and distribution opportunities for Indian content creators.

About WAVES

The first World Audio Visual & Entertainment Summit (WAVES), a milestone event for the Media & Entertainment (M&E) sector, will be hosted by the Government of India in Mumbai, Maharashtra, from May 1 to 4, 2025.

Whether you’re an industry professional, investor, creator, or innovator, the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

Have questions? Find answers here

Come, Sail with us! Register for WAVES now (Coming soon!).

PIB TEAM WAVES 2025 | Dhanlakshmi/ Preeti Malandkar | 072

Follow us on social media: @PIBMumbai /PIBMumbai /pibmumbai pibmumbai[at]gmail[dot]com /PIBMumbai /pibmumbai

(Release ID: 2112927) Visitor Counter : 109

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: Moong Dal available under Bharat Dal brand for consumers at subsidized price

Source: Government of India (2)

Posted On: 19 MAR 2025 5:53PM by PIB Delhi

To make dals available to consumers at affordable prices, Bharat Dal was launched in July, 2023 by converting Chana stock in the PSF into Chana dal for retail disposal. The Bharat Chana Dal was made available to consumers at subsidized rates of Rs.60 per kg for 1 kg pack and Rs.55 per kg for 30 kg pack. 12.32 lakh MT of Bharat Chana Dal has been sold to retail consumers in Phase- I of Bharat Chana Dal. Distribution of bharat chana dal was made through 25023 Stationary outlets and mobile vans in 1732 cities across the country by Bharat dal implementing agencies.

Further, additional quantity of 3 LMT has been allocated for retail distribution under Bharat (Chana) dal phase-II. The allocated Chana stock being sold in Dal form and Whole form in 1 kg pack at MRP of Rs. 70/kg for Chana Dal and Rs.58/kg for Chana Whole. A quantity of 1.18 LMT chana dal and 13,495 MT of Chana whole have been sold till 12-03-2025. Under phase-II of Bharat dal, the distribution of bharat dals are ensured through 3051 stationary outlets, 8939 mobile vans across 26 States/UTs and 9 major e-commerce platforms.

The Bharat Dal has been extended to include Bharat Moong Dal by converting Moong stock in the PSF buffer into Moong Dal for retail sale to consumers at subsidized prices. Further, the Bharat Dal has also been extended to include Masur Dal by converting Masur stock in the PSF buffer into Masur Dal for retail sale to the consumers at price of Rs.89 per kg.

Assessment of Bharat Chana Dal phase-I has been undertaken by Quality Council of India. To ensure maximum traceability in the distribution of Bharat Dal, agencies are regularly directed to maintain real time distribution photos of bharat dal and share the sale progress with the department on daily basis. Regular meetings with NCCF, NAFED, and Kendriya Bhandar are conducted to monitor stock movement, sales progress, and address operational challenges.

Bharat Brand dals under Phase –II are distributed by three central cooperative organizations such National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), Kendriya Bhandar, and National Cooperative Consumers’ Federation of India Limited (NCCF) through their Own Outlets, Mobile vans, e-commerce platforms and big Chain Retailers.

This information was given by the Union Minister of State for the Ministry of Consumer Affairs, Food

and Public Distribution, Shri B.L. Verma in a written reply today in the Lok Sabha.

*****

Abhishek Dayal/Nihi Sharma

(Release ID: 2112892) Visitor Counter : 83

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI USA: DR-4861-WV NR-012 A Second Disaster Recovery Center in McDowell County WV Opening Thursday; Over $10 Million in FEMA Assistance Has Been Approved

Source: US Federal Emergency Management Agency

Headline: DR-4861-WV NR-012 A Second Disaster Recovery Center in McDowell County WV Opening Thursday; Over $10 Million in FEMA Assistance Has Been Approved

DR-4861-WV NR-012 A Second Disaster Recovery Center in McDowell County WV Opening Thursday; Over $10 Million in FEMA Assistance Has Been Approved

News releaseA Second Disaster Recovery Center in McDowell County, W

Va

Opening Thursday March 20; Over $10 Million in FEMA Assistance Has Been ApprovedCHARLESTON, W

Va

– A second Disaster Recovery Center (DRC) will be opening in McDowell County at the Board of Education Building at 8:00 a

m

on Thursday March 20, 2025

The opening of this additional DRC coincides with the $10 million milestone in approved FEMA assistance

FEMA encourages all residents of the impacted counties to register for assistance, including homeowners and renters

The center is located at: McDowell County (Welch) Disaster Recovery CenterBoard of Education Building900 Mount View High School RoadWelch, WV 24801 Hours of operation:Monday through Friday: 8 a

m

to 6 p

m

Saturday March 22: 9 a

m

to 1 p

m

, weather dependentSaturday, March 29: 9 a

m

to 1 p

m

, weather dependent Closed on Sundays The DRCs located in the table below remain open

DRCs are open to all, including survivors with mobility issues, impaired vision, and those who are who are Deaf or Hard of Hearing

Residents of the designated counties can visit any open DRC for assistance

Mercer County Disaster Recovery CenterMcDowell County Disaster (Bradshaw) Recovery Center Lifeline Princeton Church of God250 Oakvale Road Princeton, WV 24740 Hours of operation:Monday to Friday: 9 a

m

– 5 p

m

Saturdays: 10 a

m

– 2 p

m

Closed Sundays Closed March 12, March 22, April 19Bradshaw Town Hall10002 Marshall HwyBradshaw, WV 24817 Hours of operation:Monday to Saturday: 8 a

m

to 6 p

m

Closed SundaysMingo County Disaster Recovery CenterWyoming County Disaster Recovery CenterWilliamson Campus1601 Armory DriveWilliamson, WV 25661 Hours of operation:Monday through Friday, 8 a

m

to 6 p

m

Saturdays: 9 a

m

to 3 p

m

Closed on SundaysWyoming Court House24 Main AvePineville, WV 24874 Hours of operation:Monday through Friday: 8 a

m

to 6 p

m

Saturdays: 9 a

m

to 3 p

m

Closed on Sundays Residents in Logan, McDowell, Mercer, Mingo, Wayne, and Wyoming counties who were impacted by the winter flooding between February 15 – 18, 2025 can visit a DRC to apply for assistance, ask questions about their application, speak with representatives from other agencies, including the Small Business Administration, submit receipts for eligible cleanup and repair costs, and more

Renters may also have eligible costs and should apply for FEMA assistance

FEMA and SBA staff survey damages in the impacted areas of WV following the February 15-18, 2025 winter flooding

(FEMA)As a reminder, FEMA disaster assistance comes in the form of grants, which do not need to be repaid, accepting FEMA funds will not affect eligibility for Social Security – including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) – Medicare, Medicaid, Supplemental Nutrition Assistance Program (SNAP) benefits, or other federal benefit programs

FEMA assistance does not need to be repaid

Residents should file insurance claims as soon as possible, in addition to submitting an application for FEMA assistance

By law, FEMA cannot cover expenses that have already been covered by other sources like insurance, crowdfunding, local or state programs, donations, or financial assistance from voluntary agencies

FEMA remains dedicated to assisting the residents of West Virginia and encourages everyone in Logan, McDowell, Mercer, Mingo, Wayne, and Wyoming counties who were impacted by the winter flooding between February 15 – 18, 2025 to connect with FEMA to identify next steps in your recovery

For more information on West Virginia’s disaster recovery, visit emd

wv

gov, West Virginia Emergency Management Division Facebook page, www

fema

gov/disaster/4861, and www

facebook

com/FEMA

### FEMA’s mission is helping people before, during and after disasters

Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account

Also, follow on X FEMA_Cam

For preparedness information follow the Ready Campaign on X at @Ready

gov, on Instagram @Ready

gov or on the Ready Facebook page

kimberly

fuller
Wed, 03/19/2025 – 17:24

MIL OSI USA News –

March 20, 2025
MIL-OSI USA: Disaster Recovery Center Opens in Simpson County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opens in Simpson County

Disaster Recovery Center Opens in Simpson County

FRANKFORT, Ky

–A Disaster Recovery Center will open tomorrow, March 20, in Simpson County

Disaster Recovery Centers, operated by the Kentucky Division of Emergency Management and FEMA, offer in-person support to survivors in declared counties as the result of severe storms, straight-line winds, flooding, landslides and mudslides from February

FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

The deadline to apply for federal assistance is April 25

Address: Simpson County Courthouse, 100 Courthouse Square, Franklin KY 42134Hours: 7 a

m

to 7 p

m

CDT Monday through Saturday and 1 to 7 p

m

CDT on SundaysMore Disaster Recovery Centers will continue to open in the counties eligible for disaster assistance

In addition to FEMA personnel, representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

S

Small Business Administration (SBA) will be available at the recovery centers to assist survivors

If you are unable to visit the center, there are other ways to apply: online at DisasterAssistance

gov, use the FEMA mobile app or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

For an accessible video on how to apply for FEMA assistance, go to youtube

com/watch?v=WZGpWI2RCNw

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4860

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Wed, 03/19/2025 – 14:01

MIL OSI USA News –

March 20, 2025
MIL-OSI USA: FEMA to Host Housing Resource Fair Mar. 22 in Appling County

Source: US Federal Emergency Management Agency 2

FEMA to Host Housing Resource Fair Mar. 22 in Appling County

FEMA is hosting a Housing Resource Fair from 9 a.m. to 5 p.m., Saturday, Mar. 22, in Appling County at the following location:Appling County Extension Education Center83 South Oak Street Baxley, GA 31513The 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
Wed, 03/19/2025 – 12:22

MIL OSI USA News –

March 20, 2025
MIL-OSI USA: While other states chase Hollywood, California locks in record-breaking film slate
Source: US State of California 2
Mar 19, 2025

What you need to know: 51 projects — including 46 independent features — will generate nearly $580 million in economic activity and employ over 6,490 cast and crew thanks to California’s Film & Television Tax Credit Program.

HOLLYWOOD — Governor Newsom today announced the California Film Commission selected 51 film projects for the latest round of awards under the California Film & Television Tax Credit Program. This batch represents the most projects ever approved in one application window.

While other states try to chase California’s on-screen success, everyone knows the Golden State is the entertainment capital of the world – built through decades of innovation and hard work. Today’s awards are vital to keeping production where it belongs – generating thousands of good-paying jobs ‘below the line,’ and supporting the local businesses that rely on a thriving film and television industry.

Governor Gavin Newsom
Why this matters

Collectively, these productions are estimated to spend $346.9 million in wages, generate approximately $577.8 million in qualified expenditures statewide, and are expected to hire 6,490 cast and crew members, with 37,000 background performers hired (measured in days worked).

This latest allocation round includes an impressive slate of 46 independent and 5 non-independent films, reflecting an unprecedented regional diversity and offering significant economic benefits across the state with 31 projects planning to film in various areas beyond Los Angeles. These projects plan to film more than 360 days in Contra Costa, Oakland, Ojai, Merced, and San Diego Counties, among others.

“The devastating wildfires in Southern California have presented unprecedented challenges for our film and television community, disrupting more than a dozen productions within our Film & Television Tax Credit Program alone and impacting countless more,” said Colleen Bell, Director of the California Film Commission. “These disruptions have impacted employment for thousands of cast and crew members, affecting everything from production schedules and financing to housing and location access. Now more than ever, this program is a critical tool to help productions recover, keeping jobs and investment here in our state, all while ensuring that California remains the heart of the entertainment industry.”

Highlights from this round of awards include:

Untitled Daniels/Wang Project (NBCUniversal), expected to receive $20.8 million in tax credits, generating estimated wages of $61.9 million and total qualified spending of $106.8 million.

Business Women (Twentieth Century Studios), securing $5.7 million in tax credits, estimated wages of $27.6 million, and total qualified spending of $49.4 million.

Behemoth! (Dialogue Industries Inc.), projected to bring $36.1 million in total qualified spending and generate $28.9 million in wages, securing $7.4 million in tax credits.

Cut Off (Warner Bros. Pictures), receiving $10 million in tax credits, with estimated wages of $28.3 million and total qualified spending of $49.4 million.

Untitled Drag Queen Movie (World of Wonder Productions), securing $1.7 million in tax credits, estimated wages of $4.4 million, and total qualified spending of $6.6 million.

“We are LA filmmakers, with very dear LA friends, who happen to be some of the greatest creative talents we’ve worked with,” said The Daniels and Wang in a joint statement. “On ‘Everything Everywhere All At Once’ we received the California tax credit, and had we not, it would have been utterly impossible to make that film. We were also deeply moved by the CFC’s commitment to supporting local filmmakers and the broader community. We’re thrilled to have the opportunity to film our next project in Los Angeles, creating jobs and opportunities for countless Californians.”

“Category is: there’s no place like home!” said producer RuPaul Charles. “As someone who’s produced a TV series in Los Angeles for 17 years, I’m thrilled that our feature film, ‘Untitled Drag Queen Movie,’ is receiving tax credits from the California Film Commission. These incentives have been instrumental in supporting our financing. And best of all, we’re getting people back to work in Hollywood.”
Press Releases, Recent News
Recent news

Mar 19, 2025

News What you need to know: Governor Newsom streamlined a solar and battery storage project in the Fresno area that would provide clean energy to power up to 300,000 homes. SACRAMENTO – Governor Gavin Newsom today announced he is taking action to streamline a clean…

Mar 18, 2025

News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring March 17, 2025 through March 23, 2025, as Women’s Military History Week. The text of the proclamation and a copy can be found below: PROCLAMATION From the Revolutionary War to…

Mar 18, 2025

News What you need to know: California will provide a total of $2.4 billion in utility bill credits this year thanks to the state’s Cap-and-Trade program that funds critical climate action. SACRAMENTO – Today, Governor Gavin Newsom announced millions of Californians…

MIL OSI USA News –
March 20, 2025

MIL-OSI: TWFG Announces Fourth Quarter 2024 and Full Year Results

Source: GlobeNewswire (MIL-OSI)

– Total Revenues increased 30.8% for the quarter over the prior year period to $51.7 million –
– Total Written Premium increased 20.0% for the quarter over the prior year period to $361.4 million –
– Organic Revenue Growth Rate* of 20.5% for the quarter –
– Diluted Earnings Per Share and Adjusted Diluted Earnings Per Share* of $0.11 and $0.19 for the quarter, respectively –
– Adjusted EBITDA* increased 91.7% for the quarter over the prior year period to $13.8 million –

THE WOODLANDS, Texas, March 19, 2025 (GLOBE NEWSWIRE) — TWFG, Inc. (“TWFG”, the “Company” or “we”) (NASDAQ: TWFG), a high-growth insurance distribution company, today announced results for the fourth quarter and the full year ended December 31, 2024.

Fourth Quarter 2024 Highlights

Total revenues for the quarter increased 30.8% to $51.7 million, compared to $39.6 million in the prior year period
Net income for the quarter was $8.2 million, compared to $5.2 million in the prior year period
Commission income for the quarter increased 20.7% to $43.7 million, compared to $36.2 million in the prior year period
Contingent income for the quarter increased 371.4% to $5.0 million, compared to $1.1 million in the prior year period
Total Written Premium for the quarter increased 20.0% to $361.4 million, compared to $301.4 million in the prior year period
Organic Revenue Growth Rate* for the quarter was 20.5%
Adjusted Net Income* for the quarter increased 57.0% from the prior year period to $10.5 million, and Adjusted Net Income Margin* for the quarter was 20.3%
Adjusted EBITDA* for the quarter increased 91.7% over the prior year period to $13.8 million, and Adjusted EBITDA Margin* for the quarter was to 26.8% compared to 18.3% in the prior year period
Cash flow from operating activities for the quarter was $11.6 million, compared to $6.1 million in the prior year period
Adjusted Free Cash Flow* for the quarter was $5.7 million, compared to $6.0 million in the same prior year period

Full Year 2024 Highlights

Total revenues for the year increased 18.4% to $203.8 million, compared to $172.0 million in the prior year period
Net income for the year was $28.6 million, compared to $26.1 million in the prior year period
Commission income for the year increased 15.4% to $183.2 million, compared to $158.7 million in the prior year period
Contingent income for the year increased 113.5% to $8.7 million, compared to $4.1 million in the prior year period
Total Written Premium for the year increased 18.3% to $1.5 billion, compared to $1.2 billion in the prior year period
Organic Revenue Growth Rate* for the year was 14.5%
Adjusted Net Income* for the year increased 9.8% from the prior year period to $33.0 million, and Adjusted Net Income Margin* for the year was 16.2%
Adjusted EBITDA* for the year increased 44.7% over the prior year period to $45.3 million, and Adjusted EBITDA Margin* for the year was 22.3% compared to 18.2% in the prior year period
Cash flow from operating activities for the year was $40.5 million, compared to $30.2 million in the prior year period
Adjusted Free Cash Flow* for the year was $28.2 million, compared to $19.7 million in the prior year period

*Organic Revenue Growth Rate, Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Diluted Earnings Per Share are non-GAAP measures. Reconciliations of Organic Revenue Growth Rate to total revenue growth rate, Adjusted Net Income and Adjusted EBITDA to net income, Adjusted Diluted Earnings Per Share to diluted earnings per share, and Adjusted Free Cash Flow to cash flow from operating activities, the most directly comparable financial measures presented in accordance with GAAP, are outlined in the reconciliation table accompanying this release.

Gordy Bunch, Founder, Chairman, and CEO said “Our fourth quarter results demonstrate the continued success of our agents, carriers, employees, and business model with total revenues increasing by 30.8% over the prior year period and Adjusted EBITDA increasing by 91.7%. We generated 20.5% of organic growth and increased our Adjusted EBITDA Margin to 26.8%.

In addition, our fourth quarter recruiting efforts continued to outpace our historical growth trends. Our continued expansion throughout the US was fueled by both recruitment of start-up agencies and strategic acquisitions in the following states Colorado, Connecticut, Idaho, Indiana, Missouri, Nevada, New Mexico, Oregon, South Carolina, South Dakota, Tennessee, Utah, Vermont, Washington and Wyoming.

Finally, I want to remind our fellow stockholders that experienced agents typically take between two to three years to become productive. We do not expect the 100-plus new branches we launched in 2024 to have a significant impact on revenues this year or next, but over the long term we expect the agents onboarded in 2024 to contribute meaningfully to our longer-term organic growth.”

Fourth Quarter 2024 Results

For the fourth quarter of 2024, Total Written Premium was $361.4 million, a 20.0% increase compared to the same period in the prior year. Revenues were $51.7 million, an increase of 30.8% compared to the same period in the prior year. Organic Revenues, a non-GAAP measure that excludes contingent income, fee income, and other income, for the fourth quarter of 2024 were $43.6 million compared to $34.8 million in the same period in the prior year. Organic Revenue Growth Rate in the fourth quarter was 20.5%, driven by strong new business growth, moderating retention levels, rate increases and an uptick in new business growth with one of our MGA programs.

Total commission expense for the fourth quarter of 2024 was $28.9 million, a 11.2% increase from $26.0 million in the same period in the prior year. Commission expenses increased primarily due to the growth in the business, partially offset by the conversion of nine branches to corporate branches, which transitioned our non-employee commission-based colleagues to employees. Upon conversion, these corporate branch employees received salaries, employee benefits, and bonuses for services rendered instead of commissions. Salaries and employee benefits for the fourth quarter of 2024 were $7.7 million, up 97.8% from $3.9 million in the same period in the prior year. Approximately $1.0 million of the increase was due to equity compensation expense, while $3.0 million of the increase was due to the branch conversions and 2023 corporate branch acquisitions, along with the growth in the business. Other administrative expenses for the fourth quarter of 2024 were $5.0 million, a 69.9% increase compared to the same period in the prior year. The increase was due to growth in the business, increase in corporate branches and the absorption of public company costs.

For the fourth quarter of 2024, net income was $8.2 million, and net income margin was 15.8%, compared to net income of $5.2 million and net income margin of 13.2%, in the same period in the prior year. Adjusted Net Income for the fourth quarter of 2024 was $10.5 million, compared to $6.7 million in the same period in the prior year. Adjusted Net Income Margin for the fourth quarter was 20.3%, compared to 16.9% in the same period in the prior year.

Adjusted EBITDA for the fourth quarter was $13.8 million, an increase of 91.7% over the same period in the prior year. Our Adjusted EBITDA Margin was 26.8% in the fourth quarter of 2024 compared to 18.3% in the same period in the prior year.

Cash flow from operating activities for the fourth quarter was $11.6 million, compared to $6.1 million in the same period in the prior year.

Adjusted Free Cash Flow for the fourth quarter of 2024 was $5.7 million, compared to $6.0 million in the same period in the prior year.

Liquidity and Capital Resources

As of December 31, 2024, the Company had cash and cash equivalents of $195.8 million. We had $50.0 million unused capacity on our revolving credit facility of $50.0 million as of December 31, 2024. The total outstanding term notes payable balance was $5.9 million as of December 31, 2024.

2025 Outlook

Our guidance for the full year 2025 is as follows:

Organic Revenue Growth rate* for the full year 2025 is expected to be in the range of 11% to 16%
Adjusted EBITDA Margin* for the full year 2025 is expected to be in the range of 19% to 21%
Total revenues are expected to be between $235 million and $250 million

The Company is unable to provide a reconciliation to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.

*For a definition of Organic Revenue Growth rate and Adjusted EBITDA Margin, see “Non-GAAP Financial Measures” below.

2025 Acquisitions

We began 2025 acquiring two new corporate locations in Ohio and Texas. The new locations are in line with our acquisition expectations for revenue and EBITDA. Our robust pipeline provides us many quality acquisition targets to achieve the remainder of our 2025 M&A goals. Our M&A models included beginning 2025 with acquiring $3 million of revenues and $0.7 million of EBITDA with an additional $20 million of revenue and $5 million of EBITDA being acquired with a mid-year convention.

Conference Call Information

TWFG will host a conference call and webcast tomorrow at 10:00 AM ET to discuss these results.

To access the call by phone, participants should register at this link, where they will be provided with the dial in details. A live webcast of the conference call will also be available on TWFG’s investor relations website at investors.twfg.com. A webcast replay of the call will be available at investors.twfg.com for one year following the call.

About TWFG

TWFG (NASDAQ: TWFG) is a high-growth, independent distribution platform for personal and commercial insurance in the United States and represents hundreds of insurance carriers that underwrite personal lines and commercial lines risks. For more information, please visit twfg.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our prospectus (the “IPO Prospectus”) relating to our Registration Statement on Form S-1, as amended (Registration No. 333-280439), filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and in our other filings with the SEC. You should specifically consider the numerous risks outlined under “Risk factors” in the IPO Prospectus.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Non-GAAP Financial Measures and Key Performance Indicators

Non-GAAP Financial Measures

Organic Revenue, Organic Revenue Growth, Adjusted Net Income, Adjusted Net Income Margin, Adjusted Diluted Earnings Per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow included in this release are not measures of financial performance in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered substitutes for GAAP measures, including revenues (for Organic Revenue and Organic Revenue Growth), net income (for Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin) diluted earnings per share (Adjusted Diluted Earnings Per Share), and cash flow from operating activities (for Adjusted Free Cash Flow) which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for revenues, net income, operating cash flow or other consolidated financial statement data prepared in accordance with GAAP. Other companies may calculate any or all of these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

Organic Revenue. Organic Revenue is total revenue (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, fee income, other income and those revenues generated from acquired businesses with over $0.5 million in annualized revenue that have not reached the twelve-month owned milestone.

Organic Revenue Growth. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period to period.

Adjusted Net Income. Adjusted Net Income is a supplemental measure of our performance and is defined as net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist. We believe Adjusted Net Income is a useful measure because it adjusts for the after-tax impact of significant one-time, non-recurring items and eliminates the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

We are subject to U.S. federal income taxes, in addition to state, and local taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. Adjusted Net Income pre-IPO did not reflect adjustments for income taxes since TWFG Holding Company, LLC is a limited liability company and is classified as a partnership for U.S. federal income tax purposes. Post-IPO, the calculation incorporates the impact of federal and state statutory tax rates on 100% of our adjusted pre-tax income as if the Company owned 100% of TWFG Holding Company, LLC.

Adjusted Net Income Margin. Adjusted Net Income Margin is Adjusted Net Income divided by total revenues. We believe that Adjusted Net Income Margin is a useful measurement of operating profitability for the same reasons we find Adjusted Net Income useful and also because it provides a period-to-period comparison of our after-tax operating performance.

Adjusted Diluted Earnings Per Share. Adjusted Diluted Earnings Per Share is Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the “Class B Common Stock”) and Class C common stock of the Company (the “Class C Common Stock”) (together with the related limited liability units in TWFG Holding Company, LLC (the “LLC Units”)) into shares of Class A common stock of the Company (“Class A Common Stock”) and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock. This measure does not deduct earnings related to the noncontrolling interests in TWFG Holding Company, LLC for the period prior to July 19, 2024, when we did not own 100% of the business. The most directly comparable GAAP financial metric is diluted earnings per share. We believe Adjusted Diluted Earnings Per Share may be useful to an investor in evaluating our operating performance and efficiency because this measure is widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon acquisition activity and capital structure. This measure also eliminates the impact of expenses that do not relate to core business performance, among other factors.

Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our performance and is defined as EBITDA adjusted to reflect items such as equity-based compensation, interest income, other non-operating and certain nonrecurring items. EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation, and amortization. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it adjusts for significant one-time, non-recurring items and eliminates the ongoing accounting effects of certain capital spending and acquisitions, such as depreciation and amortization, that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Adjusted EBITDA Margin. Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA Margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.

Adjusted Free Cash Flow. Adjusted Free Cash Flow is a supplemental measure of our performance. We define Adjusted Free Cash Flow as cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property, plant, and equipment and acquisition-related costs. We believe Adjusted Free Cash Flow is a useful measure of operating performance because it represents the cash flow from the business that is within our discretion to direct to activities including investments, debt repayment, and returning capital to stockholders.

The reconciliation of the above non-GAAP measures to their most comparable GAAP financial measure is outlined in the reconciliation table accompanying this release.

Key Performance Indicators

Total Written Premium. Total Written Premium represents, for any reported period, the total amount of current premium (net of cancellation) placed with insurance carriers. We utilize Total Written Premium as a key performance indicator when planning, monitoring, and evaluating our performance. We believe Total Written Premium is a useful metric because it is the underlying driver of the majority of our revenue.

Contacts
Investor Contact:
Gene Padgett, CAO for TWFG
Email: gene.padgett@twfg.com

PR Contact:
Alex Bunch, CMO for TWFG
Email: alex@twfg.com

Consolidated Statements of Income (Unaudited)
(Amounts in thousands, except share and per share data)

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2024		2023			2024		2023
Revenues
Commission income⁽¹⁾	$	43,711	$	36,228		$	183,158	$	158,679
Contingent income		5,005		1,062			8,722		4,085
Fee income⁽²⁾		2,751		1,968			10,562		8,311
Other income		276		313			1,318		968
Total revenues		51,743		39,571			203,760		172,043
Expenses
Commission expense		28,915		25,994			118,086		116,847
Salaries and employee benefits		7,663		3,874			29,064		13,970
Other administrative expenses⁽³⁾		4,978		2,930			16,665		10,973
Depreciation and amortization		3,054		1,522			12,020		4,862
Total operating expenses		44,610		34,320			175,835		146,652
Operating income		7,133		5,251			27,925		25,391
Interest expense		98		450			2,223		1,003
Interest income		2,174		421			4,376		891
Other non-operating income (expense), net		1		(7	)		9		(17	)
Income before tax		9,210		5,215			30,087		25,262
Income tax expense		1,057		—			1,495		—
Net income from continuing operations		8,153		5,215			28,592		25,262
Net income from discontinued operation, net of tax		—		—			—		834
Net income		8,153		5,215			28,592		26,096
Less: net income attributable to noncontrolling interests		6,561		5,215			25,847		26,096
Net income attributable to TWFG, Inc.	$	1,592	$	—		$	2,745	$	—

Weighted average shares of common stock outstanding:
Basic		14,811,874					14,772,115
Diluted		15,056,430					14,982,409
Earnings per share:
Basic	$	0.11				$	0.19
Diluted	$	0.11				$	0.19

(1) Commission income – related party of $3,562 and $1,139 for the three months ended and $9,609 and $4,203 for the twelve months ended December 31, 2024 and 2023, respectively
(2) Fee income – related party of $905 and $335 for the three months ended and $2,704 and $1,593 for the twelve months ended December 31, 2024 and 2023, respectively
(3) Other administrative expenses – related party of $326 and $145 for the three months ended and $1,478 and $415 for the twelve months ended December 31, 2024 and 2023, respectively

Consolidated Balance Sheets (Unaudited)
(Amounts in thousands, except share/unit data)

		December 31, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents		$	195,772	$	39,297
Restricted cash			9,551		7,171
Commissions receivable, net			27,067		19,082
Accounts receivable			7,839		5,982
Deferred offering costs			—		2,025
Other current assets			1,619		1,551
Total current assets			241,848		75,108
Non-current assets
Intangible assets, net			72,978		36,436
Property and equipment, net			3,499		597
Lease right-of-use assets, net			4,493		2,459
Other non-current assets			610		837
Total assets		$	323,428	$	115,437

Liabilities and Equity
Current liabilities
Commissions payable		$	13,848	$	12,487
Carrier liabilities			12,392		8,731
Operating lease liabilities, current			1,013		882
Short-term bank debt			1,912		2,437
Deferred acquisition payable, current			601		5,369
Other current liabilities			9,851		5,006
Total current liabilities			39,617		34,912
Non-current liabilities
Operating lease liabilities, net of current portion			3,372		1,518
Long-term bank debt			4,007		46,919
Deferred acquisition payable, non-current			1,122		1,037
Other non-current liabilities			24		—
Total liabilities			48,142		84,386
Commitment and contingencies
Stockholders’/Members’ Equity
Members’ Equity (631,750 common units issued and outstanding at December 31, 2023)			—		632
Class A common stock ($0.01 par value per share – 300,000,000 authorized, 14,811,874 shares issued and outstanding at December 31, 2024)			148		—
Class B common stock ($0.00001 par value per share – 100,000,000 authorized, 7,277,651 shares issued and outstanding at December 31, 2024)			—		—
Class C common stock ($0.00001 par value per share – 100,000,000 authorized, 33,893,810 shares issued and outstanding at December 31, 2024)			—		—
Additional paid-in capital			58,365		25,114
Retained earnings			15,288		4,805
Accumulated other comprehensive income			83		500
Total stockholders’ equity attributable to TWFG, Inc. /members’ equity			73,884		31,051
Noncontrolling interests			201,402		—
Total stockholders’/members’ equity			275,286		31,051
	Total liabilities and equity	$	323,428	$	115,437

Non-GAAP Financial Measures

A reconciliation of Organic Revenue and Organic Revenue Growth Rate to Total Revenue and Total Revenue Growth Rate, the most directly comparable GAAP measures, is as follows (in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Total revenues	$	51,743		$	39,571		$	203,760		$	172,043
Acquisition adjustments⁽¹⁾		(105	)		(1,405	)		(3,687	)		(4,052	)
Contingent income		(5,005	)		(1,062	)		(8,722	)		(4,085	)
Fee income		(2,751	)		(1,968	)		(10,562	)		(8,311	)
Other income		(276	)		(313	)		(1,318	)		(968	)
Organic Revenue	$	43,606		$	34,823		$	179,471		$	154,627
Organic Revenue Growth⁽²⁾	$	7,429		$	2,527		$	22,746		$	15,514
Total Revenue Growth Rate⁽³⁾		30.8	%		7.3	%		18.4	%		11.8	%
Organic Revenue Growth Rate⁽²⁾		20.5	%		7.8	%		14.5	%		11.2	%

(1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
(2) Organic Revenue for the three months ended December 31, 2023 and 2022, and for the twelve months ended December 31, 2023 and 2022, used to calculate Organic Revenue Growth for the three months ended December 31, 2024 and 2023, and for the twelve months ended December 31, 2024 and 2023, was $36.2 million, $32.3 million, $156.7 million and $139.1 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the year ended December 31, 2024 and 2023, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.

Applying the use of enhanced data consistently throughout the prior periods, revenue growth rate for the three months ended and twelve months ended December 31, 2023 compared to the same period in 2022 would have been 9.9% and 14.9%, respectively, and Organic Revenue Growth Rate for the three months ended and twelve months ended December 31, 2023 compared to the same period in 2022 would have been 10.7% and 14.5%, respectively.

A reconciliation of Adjusted Net Income and Adjusted Net Income Margin to Net Income and Net Income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

*Revised Calculation Methodology Applied to Current Period*
	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Total revenues	$	51,743		$	39,571		$	203,760		$	172,043
Net income	$	8,153		$	5,215		$	28,592		$	26,096
Income tax expense		1,057			—			1,495			—
Acquisition-related expenses		20			36			20			204
Restructuring and related expenses		—			—			—			17
Discontinued operation income		—			—			—			(834	)
Equity-based compensation		1,207			—			2,219			—
Other non-recurring items⁽¹⁾		257			—			(1,220	)		—
Amortization expense		2,950			1,451			11,721			4,594
Adjusted income before income taxes		13,644			6,702			42,827			30,077
Adjusted income tax expense⁽²⁾		(3,123	)		—			(9,802	)		—
Adjusted Net Income	$	10,521		$	6,702		$	33,025		$	30,077
Net Income Margin		15.8	%		13.2	%		14.0	%		15.2	%
Adjusted Net Income Margin		20.3	%		16.9	%		16.2	%		17.5	%

*Legacy Calculation Methodology Applied to Current Period*
	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Total revenues	$	51,743		$	39,571		$	203,760		$	172,043
Net income	$	8,153		$	5,215		$	28,592		$	26,096
Income tax expense		1,057			—			1,495			—
Acquisition-related expenses		20			36			20			204
Restructuring and related expenses		—			—			—			17
Discontinued operation income		—			—			—			(834	)
Equity-based compensation		1,207			—			2,219			—
Other non-recurring items⁽¹⁾		257			—			(1,220	)		—
Adjusted income before income taxes		10,694			5,251			31,106			25,483
Adjusted income tax expense⁽²⁾		(2,447	)		—			(7,119	)		—
Adjusted Net Income	$	8,247		$	5,251		$	23,987		$	25,483
Net Income Margin		15.8	%		13.2	%		14.0	%		15.2	%
Adjusted Net Income Margin		15.9	%		13.3	%		11.8	%		14.8	%

(1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.
(2) Post-IPO, we are subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. For the three and twelve months ended December 31, 2024, the calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a blended state income tax rate of 1.88% on 100% of our adjusted income before income taxes as if we owned 100% of the TWFG Holding Company, LLC.

A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net Income and Net Income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Total revenues	$	51,743		$	39,571		$	203,760		$	172,043
Net income	$	8,153		$	5,215		$	28,592		$	26,096
Interest expense		98			450			2,223			1,003
Interest income⁽²⁾		2,174			421			4,376			891
Depreciation and amortization		3,054			1,522			12,020			4,862
Income tax expense		1,057			—			1,495			—
EBITDA		10,188			6,766			39,954			31,070
Acquisition-related expenses		20			36			20			204
Restructuring and related expenses		—			—			—			17
Equity-based compensation		1,207			—			2,219			—
Interest income⁽²⁾		2,174			421			4,376			891
Discontinued operation income		—			—			—			(834	)
Other non-recurring items⁽¹⁾		257			—			(1,220	)		—
Adjusted EBITDA	$	13,846		$	7,223		$	45,349		$	31,348
Net Income Margin		15.8	%		13.2	%		14.0	%		15.2	%
Adjusted EBITDA Margin		26.8	%		18.3	%		22.3	%		18.2	%

(1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.
(2) Interest income reflects interest and other earnings on cash balances held by the Company. This income is included in Adjusted EBITDA as we view our total interest and investment income as an integral part of our business model and earnings stream until deployed.

A reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities, the most directly comparable GAAP measure, for each of the periods indicated is as follows (in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Cash Flow from Operating Activities	$	11,600		$	6,051		$	40,479		$	30,154
Purchase of property and equipment		(2,921	)		(43	)		(3,201	)		(260	)
Tax distribution to members⁽¹⁾		(3,002	)		—			(9,106	)		(9,526	)
Acquisition-related expenses		—			36			20			204
Net cash flow provided by operating activities from discontinued operation		—			—			—			(839	)
Adjusted Free Cash Flow	$	5,677		$	6,044		$	28,192		$	19,733

(1) Tax distributions to members represents the amount distributed to the members of TWFG Holding Company, LLC in respect of their income tax liability related to the net income of TWFG Holding Company, LLC allocated to its members.

A reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most directly comparable GAAP measure, is as follows:

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024		2024
Earnings per share of common stock – diluted	$	0.11	$	0.19
Plus: Impact of all LLC Units exchanged for Class A Common Stock⁽¹⁾		0.04		0.32
Plus: Adjustments to Adjusted net income⁽²⁾		0.04		0.08
Adjusted Diluted Earnings Per Share	$	0.19	$	0.59

Weighted average common stock outstanding – diluted		15,056,430		14,982,409
Plus: Impact of all LLC Units exchanged for Class A Common Stock⁽¹⁾		41,171,461		41,171,461
Adjusted Diluted Earnings Per Share diluted share count		56,227,891		56,153,870

(1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three months ended and twelve months ended December 31, 2024, this includes $6.6 million and $25.8 million of net income, respectively, on 56,227,891 and 56,153,870 weighted-average shares of common stock outstanding – diluted, for the three and twelve months ended December 31, 2024, respectively. For both the three months ended and twelve months ended December 31, 2024, 41,171,461 weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,227,891 and 56,153,870 weighted-average shares of common stock outstanding – diluted within diluted earnings per share calculation.

(2) Adjustments to Adjusted Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to Net Income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between Net Income of $8.2 million and $28.6 million and Adjusted Net Income of $10.5 million and $33.0 million for the three and twelve months ended December 31, 2024, respectively. For the three and twelve months ended months ended December 31, 2024, Adjusted Diluted Earnings Per Share include adjustments of $2.3 million and $4.4 million to Adjusted Net Income, respectively, on 56,227,891 and 56,153,870 weighted-average shares of common stock outstanding – diluted for both periods presented, respectively.

Key Performance Indicators

The following presents the disaggregation of Total Written Premium by offerings, business mix and line of business (in thousands):

		Three Months Ended December 31,								Twelve Months Ended December 31,
			2024				2023				2024				2023
		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Offerings:
Insurance Services
Agency-in-a-Box		$	246,116	68	%	$	237,678	79	%	$	982,815	66	%	$	998,938	80	%
Corporate Branches			61,642	17			18,806	6			275,331	19			53,963	4
Total Insurance Services			307,758	85			256,484	85			1,258,146	85			1,052,901	84
TWFG MGA			53,602	15			44,961	15			218,214	15			195,194	16
Total written premium		$	361,360	100	%	$	301,445	100	%	$	1,476,360	100	%	$	1,248,095	100	%

Business Mix:
Insurance Services
Renewal business		$	236,033	65	%	$	203,338	67	%	$	975,657	66	%	$	827,112	66	%
New business			71,725	20			53,146	18			282,489	19			225,789	18
Total Insurance Services			307,758	85			256,484	85			1,258,146	85			1,052,901	84
TWFG MGA
Renewal business			37,741	10			37,797	13			163,105	11			165,348	13
New business			15,861	5			7,164	2			55,109	4			29,846	3
Total TWFG MGA			53,602	15			44,961	15			218,214	15			195,194	16
	Total written premium	$	361,360	100	%	$	301,445	100	%	$	1,476,360	100	%	$	1,248,095	100	%

Written Premium Retention:
Insurance Services				92	%			92	%			93	%			95	%
TWFG MGA				84				88				84				89
Consolidated				91				91				91				94

Line of Business:
Personal lines		$	292,750	81	%	$	239,134	79	%	$	1,197,122	81	%	$	997,431	80	%
Commercial lines			68,610	19			62,311	21			279,238	19			250,664	20
Total written premium		$	361,360	100	%	$	301,445	100	%	$	1,476,360	100	%	$	1,248,095	100	%

The MIL Network –

March 20, 2025

MIL-OSI Economics: Verizon named a Leader in Gartner® Magic Quadrant™ for Managed IoT Connectivity Services, Worldwide
Source: Verizon

Headline: Verizon named a Leader in Gartner® Magic Quadrant for Managed IoT Connectivity Services, Worldwide

What you need to know:
- Recognition as a Leader is based on a combination of “Ability to Execute” and “Completeness of Vision.”
- According to the report, “Leaders invest in the future of IoT that includes a continuum of value from IoT edge devices to IoT platforms and related analytics. Leaders perform skillfully and often exceed expectations. They have a clear vision of the market’s direction and develop competencies to maintain their leadership. Leaders engage customers and provide value across multiple geographies. They shape the market, rather than follow it, and they often set the benchmark for market growth.”
- The recognition follows Verizon’s earlier recognition as a 2024 Gartner® Peer Insights Customers’ Choice for IoT, reflecting ratings from customers and end-users of IoT services.
NEW YORK – Verizon announced today that it has been recognized as a Leader in the Gartner Magic Quadrant for Managed IoT Connectivity Services, Worldwide. Recognition as a Leader is based on “Completeness of Vision” and “Ability to Execute” for managed IoT services.

“We feel that this recognition of Verizon’s managed IoT connectivity services is a testament to the strength and completeness of our end-to-end IoT offering for customers of different industries, geographies and sizes,” said Daniel Lawson, SVP, Global Solutions and IoT, Verizon Business. “Our IoT connectivity offering — especially when integrated with other Verizon solutions and platforms like private 4G/5G, fixed wireless access, edge computing, and Sensor Insights — can help customers with data-driven automation in near-real time, asset tracking and monitoring, cybersecurity, quality control, and more. As we continue to strengthen our global IoT offerings and platforms, we look forward to further proliferating capabilities like these with business customers in the U.S. and abroad.”

In June of 2024, Verizon was named as a 2024 Gartner® Peer Insights Customers’ Choice for IoT, reflecting feedback from Verizon customers and end users of its IoT services. Customers’ Choice vendors meet or exceed both the market average Overall Experience and the market average User Interest and Adoption.

Verizon was also recently named a Leader in the first-ever Gartner Magic Quadrant for 4G and 5G Private Mobile Network Services.

Magic Quadrant Market Definition for IoT Connectivity Services

Gartner defines managed IoT connectivity services as “a market that enables secured connectivity, data collection, analysis, and additional decision services. These services provide businesses with the ability to monitor, manage and control (manually and through automation) assets associated with business processes. This includes connected consumer, commercial, or industrial products.”

According to the report, “Leaders invest in the future of IoT that includes a continuum of value from IoT edge devices to IoT platforms and related analytics. Leaders perform skillfully and often exceed expectations. They have a clear vision of the market’s direction and develop competencies to maintain their leadership. Leaders engage customers and provide value across multiple geographies. They shape the market, rather than follow it, and they often set the benchmark for market growth.”

Evaluation Criteria

For Ability to Execute, “Gartner evaluates vendors on the quality and efficacy of the processes, systems, methods or procedures that enable IT provider performance to be competitive, efficient and effective, and to positively impact revenue, retention and reputation within Gartner’s view of the market,” according to Gartner.

Gartner puts “high” weighting on the following for Ability to Execute: Customer Experience, Product or Service, Sales Execution/Pricing, and Operations. “Medium” weighting is placed on Market Responsiveness/Record and Marketing Execution.

For Completeness of Vision, “service providers on their ability to articulate logical statements convincingly about the market’s current and future direction, innovations, customer needs, and competitive forces, and on how well these correspond to Gartner’s position,” according to Gartner.

Gartner evaluation criteria puts “high” weighting on the following for Completeness of Vision: Market Understanding, Sales Strategy, Offering (Product) Strategy, Vertical/Industry Strategy, Innovation, and Geographic Strategy. “Medium” weighting is placed on Marketing Strategy and Business Model.

Read the full report.

Learn more about managed IoT connectivity services.

Gartner, Magic Quadrant for Managed IoT Connectivity Services, Worldwide; Pablo Arriandiago, Kameron Chao, Jon Dressel; March 11, 2025

Gartner, Voice of the Customer for Managed IoT Connectivity Services, Worldwide, Peer Contributors, 22 March 2024

Gartner, Magic Quadrant for 4G and 5G Private Mobile Network Services, Sylvain Fabre, Peter Liu, et al., 6 January 2025

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, PEER INSIGHTS and MAGIC QUADRANT are registered trademarks of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
MIL OSI Economics –
March 20, 2025
MIL-OSI Global: How Canadian small businesses can expand into Asian markets and reduce their dependence on the U.S.

Source: The Conversation – Canada – By Michael Joseph Dominic Roberts, Associate Dean & Associate Professor, Faculty of Business and Communications Studies, Mount Royal University

The recent escalation of trade tensions under United States President Donald Trump has significantly increased uncertainty for Canadian SMEs (small- and medium-sized enterprises), particularly in the high-value service sector.

Examples of this sector include financial technology and investment services, aerospace and advanced manufacturing, and clean technology sectors focused on renewable energy and sustainable resource management.

For decades, Canadian businesses have relied on a stable trade relationship with the U.S. But under Trump’s “America First” protectionist policies, that stability has crumbled.

With tariffs, trade barriers and shifting political dynamics making North American markets increasingly unpredictable, many Canadian businesses are searching for ways to reduce their dependence on the U.S. and expand elsewhere.

Expanding into Asia

Asia has emerged as an attractive alternative for businesses due to its rapidly expanding middle class, growing investments in infrastructure and technology, and rising demand for specialized expertise.

This trend is particularly evident in the energy sector. The Asia-Pacific region — though currently accounting for only eight per cent of the global market — is expected to grow significantly as countries expand energy infrastructure and seek advanced technologies to improve resource extraction for environmental sustainability.

Read more:
Trump’s tariff threat is a sign that Canada should be diversifying beyond the U.S.

This presents promising growth opportunities for Canadian businesses in sectors like engineering consulting, technology, energy and environmental services, where they already have a competitive edge.

However, entering Asian markets presents unique challenges, requiring businesses to rethink their strategies.

Breaking into Asian markets

Expanding into Asian markets is no easy task for SMEs. These businesses face substantial barriers, including significant differences in regulatory environments, business practices and customer expectations.

For service-based businesses, the challenge is even greater. Unlike physical products, which can be easily displayed and tested, services are harder to quantify and prove to new clients. This makes it more difficult for SMEs to build credibility and demonstrate their value in unfamiliar markets.

Our recent study explored how Canadian SMEs in the service sector can successfully overcome these barriers when entering Asian markets like China, India and South Korea.

We brought together industry experts, government officials and senior executives from SMEs already operating successfully in Asia for a two-day workshop. We analyzed their firsthand experiences, challenges and recommendations to develop a clear and actionable framework called the 4P strategy (potential, proposition, presence and policy).

These four steps offer SMEs a structured approach to understanding local conditions, differentiating offerings, establishing trusted partnerships and gaining government support.

1. Potential: Understand the local market

SMEs must understand Asian market regulations, business culture and market structures. Unlike North America’s relatively stable environment, Asian markets often feature rapidly evolving regulations and unpredictable policy changes.

Businesses should balance these regulatory uncertainties against economic opportunities and be prepared to swiftly adapt when necessary. For example, policy changes in Asian markets, such as shifting foreign investment regulations or evolving environmental standards, can create uncertainty for SMEs operating abroad.

Companies must remain agile to navigate regulatory shifts while leveraging the relative economic stability of the region.

Patience and flexibility are also critical. In many Asian markets, business deals take longer to close due to hierarchical, relationship-driven decision-making. SMEs should anticipate these extended timelines and factor them into their planning.

Our study found that deals that might be finalized quickly in North America can take years to develop in Asia, requiring firms to exercise patience before realizing significant profits. Successful market entry depends on a long-term approach and the ability to adapt to extended gestation periods.

2. Proposition: Adapt services to fit local needs

SMEs need to localize their offerings beyond language translation, adapting their branding, marketing and customer-engagement strategies to fit local contexts.

A clearly defined and differentiated service offering is critical. Businesses must clearly define what sets them apart from local competitors and ensure their services address specific market needs.

Pricing strategies should also align with local market expectations. Many Asian markets, especially in business-to-business services, are highly price-sensitive. SMEs must balance competitive pricing with value.

In some cases, businesses may need to use performance-based pricing models — where clients pay based on results rather than a fixed fee — to remain competitive while protecting profit margins.

3. Presence: Build a local network and partnerships

A strong local presence is vital for success in Asia. SMEs should invest in trusted local partnerships or regional offices to build credibility, facilitate smoother operations and better understand local customer needs.

Relationships play a central role in doing business in Asia. Unlike in North America, where successful transactions often lead to partnerships, in Asia, relationships must be built first.

This relationship-first approach is deeply embedded in business culture, requiring firms to prioritize long-term engagement over immediate gains. Research has shown that trust-building is essential for long-term success in Asian markets, as strong relationships ultimately lead to transactions.

Canadian SMEs entering these markets should be prepared to shift their approach, recognizing that sustained commitment and relationship-building are key to unlocking business opportunities.

4. Policy: Take advantage of government support

Many Canadian SMEs underestimate the extent of available government support and miss out on resources that reduce risks and make it easier to establish a foothold abroad.

Our study found that SMEs expanding to Asia can access valuable support from government departments and trade commissioners at Canadian embassies. In energy services subsectors, government and non-governmental organizations can assist SMEs in forming partnerships with Asian firms.

Additionally, agencies like Export Development Canada offer training, financial support and market-entry resources that many SMEs overlook. Taking advantage of these programs can help businesses navigate regulatory challenges and accelerate their international expansion.

Government-backed programs also support research, development and technology adaptation to help businesses tailor their services to local markets. Our study found that making use of these resources reduces barriers, lowers entry risks and significantly enhances businesses’ likelihood of success in Asia.

Seizing the opportunity

Rather than merely serving as an alternative to the increasingly restrictive U.S. market, Asia presents significant growth opportunities for Canadian SMEs but demands strategic patience, adaptability and sustained commitment.

However, success in Asia won’t come overnight. Unlike the relatively familiar North American market, expanding into Asia requires a patience, adaptability and a willingness to learn a different business culture.

By adopting the 4P strategies, Canadian businesses can effectively navigate market-entry barriers and position themselves for success in an era of shifting global trade dynamics.

Etayankara Muralidharan receives funding from Social Sciences and Humanities Research Council (SSHRC).

Michael Joseph Dominic Roberts does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. How Canadian small businesses can expand into Asian markets and reduce their dependence on the U.S. – https://theconversation.com/how-canadian-small-businesses-can-expand-into-asian-markets-and-reduce-their-dependence-on-the-u-s-251991

MIL OSI – Global Reports –

March 20, 2025
MIL-OSI USA: SBA Offers Relief to North Dakota Private Nonprofits Affected by October Wildfires

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to North Dakota private nonprofit (PNP) organizations who sustained physical damages and economic losses from the wildfires and straight-line winds occurring Oct. 5–6, 2024.

The disaster declaration covers McKenzie and Williams counties.

Under this disaster declaration, PNPs providing services of a governmental nature are eligible to apply for physical disaster loans and may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster.  

The SBA also offers  Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses for PNPs.  EIDL assistance is available regardless of whether the organization suffered any physical property damage. 

Interest rates are as low 3.25% for PNPs, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

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 Sept. 24.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

March 20, 2025
MIL-OSI USA: Ernst Names Small Business of the Week, Deimco Finishing Equipment

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: Deimco Finishing Equipment of Tama County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
“Since 1983, Deimco Finishing Equipment has specialized in American-made high-quality finishing systems that cater to the automotive, military, medical industries, and more,” said Chair Ernst. “With 99% on-time delivery on over 2,800 completed projects, Deimco Finishing Equipment sure knows how to engineer a smooth finish.”
In 1983, Tom Deimerly established Deimco Finishing Equipment and grew it steadily until 2002 when Kirk and Cindy Shirar bought the business. Their vision to provide high-quality finishing systems and automation solutions steered the company to Tama, Iowa in 2003 to accommodate their expansion. In 2024, the Shirars passed the family business to their son and daughter-in-law, Jacob and Kyrsten, who manage the business today. This year, Deimco Finishing Equipment will celebrate its 42nd anniversary in Iowa.
Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

MIL OSI USA News –

March 20, 2025
MIL-OSI United Kingdom: British start-up wins £1 million AI prize for breakthrough slashing materials development from years to days
Source: United Kingdom – Executive Government & Departments

Press release

British start-up wins £1 million AI prize for breakthrough slashing materials development from years to days

A British AI-driven innovation that dramatically speeds up the development of materials used in wind turbines and electric vehicle batteries has won the UK government’s £1 million Manchester Prize.
Manchester Prize winner announced.

Polaron awarded £1 million for revolutionary AI technology transforming materials innovation.

Breakthrough expected to fast-track new materials for energy, infrastructure, and electric vehicles.

Manchester Prize helping to unlock AI innovation to drive growth as part of government’s Plan for Change.

A British AI-driven innovation that dramatically speeds up the development of materials used in wind turbines and electric vehicle batteries has won the UK government’s £1 million Manchester Prize.

Advanced materials are essential to modern life, from metal alloys reinforcing bridges and skyscrapers to batteries powering electric vehicles. Yet, developing them has traditionally been slow, costly and unpredictable.

Polaron, a spin out from Imperial College London, speeds up the development of these materials from years to days – which could be game-changing for the government’s Plan for Change to get Britain building, deliver economic growth and accelerate net zero through British innovation.

It will receive £1 million in UK government funding to further develop its groundbreaking AI solution which uses microstructural images – the microscopic features of a material visible under a microscope – to rapidly analyse and predict how materials will perform. This new approach helps manufacturers create stronger, lighter and more efficient materials for clean energy, transport and infrastructure.

Secretary of State Peter Kyle said:

Polaron exemplifies the promise of AI and shows how, through our Plan for Change, we are putting AI innovation at the forefront.

AI could generate £400 billion to our economy over the next five years, supporting trailblazing companies like Polaron is essential to achieving that vision.

Technologies like these will help us meet our net zero targets while creating new jobs and opportunities for working people. Our commitment is clear – we are fully embracing AI to drive growth, improve public services and position the UK as a global leader in AI innovation. ¹

The Manchester Prize rewards innovative AI solutions addressing major societal challenges, with the first round focused on energy, environment, and infrastructure. Nearly 300 teams from across the UK competed in its first year, with ten finalists each receiving £100,000 and support to further develop their innovations.

Polaron’s win comes on the back of the UK government’s new blueprint for AI, which will unleash the technology to help deliver a decade of national renewal. Harnessing innovative AI solutions like this is key to realising the government’s Plan for Change and demonstrates the transformative potential of AI, not only to drive breakthroughs in industry but also to transform public services and improve the lives of citizens across the country.

Business Secretary Jonathan Reynolds said:

Our Plan for Change will deliver economic growth, and for that to succeed we need to support companies such as Polaron across the UK in delivering the cutting-edge materials of the future, supported by our Industrial Strategy.

This government is determined to embrace each and every opportunity of new technologies like AI, which will not only help British companies develop products we can use at home but also open up access for them to export them overseas.

The government has already taken steps to accelerate how game changing technologies and innovations can be put into the hands of the British public – announcing the new Regulatory Innovation Office which will reduce burdens for businesses hoping to bring new products and services to market. This will involve supporting regulators to update regulation, speeding up approvals, and ensuring regulators can work seamlessly together – bulldozing barriers to innovation to help grow the economy.

The Manchester Prize was launched in December 2023 by the Department for Science, Innovation, and Technology (DSIT) and is delivered in partnership with Challenge Works. It supports UK AI innovations which will help to tackle some of society’s biggest shared challenges.

The second round of the Manchester Prize was launched in November 2024, focussed on ‘AI for Clean Energy Systems’. The 10 finalists selected to receive £100,000 will be confirmed in Spring, before a panel of judges selects the winner who will secure a £1 million grand prize to further support their innovation.

Notes to editors

Public First, ‘Google’s Impact in the UK 2023’, 2024

For further information and to follow the Manchester Prize, visit www.challengeworks.org.uk//challenge-prizes/manchester-prize.

Challenge Works is a global leader in designing and delivering high-impact challenge prizes that incentivise cutting-edge innovation for social good.

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 300

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Published 19 March 2025
MIL OSI United Kingdom –
March 20, 2025

MIL-OSI: Hybrid Software Group PLC reports 2024 results with €51.50 million revenue and €12 million EBITDA

Source: GlobeNewswire (MIL-OSI)

PRESS RELEASE – REGULATED INFORMATION

HYBRID SOFTWARE GROUP PLC REPORTS 2024 RESULTS WITH €51.50 MILLION REVENUE AND €12 MILLION EBITDA

Cambridge (UK), 19 March 2025 (19:00 CET): Hybrid Software Group PLC (Euronext: HYSG) announces that it has published its annual report and financial statements for the financial year ended 31 December 2024.

The full document is available to download from the financial reports section of the Company’s web site at: https://www.hybridsoftware.group/investors/financial-reports.

CEO Mike Rottenborn comments, “2024 was a successful year for Hybrid Software Group, with healthy growth in all business units despite difficult market conditions. We expect similar conditions in 2025, yet we are still very positive about the outlook for Hybrid Software and our customers.

“Synergies in the business plan aren’t always realised in the market, so it’s very encouraging to see the tandem growth in both our OEM and end-user businesses, with an overall revenue growth of 7% over the previous year. In last year’s letter, I promised to focus on improving the profitability of Hybrid Software, so it’s gratifying to report that we delivered a 286% improvement in our adjusted operating result over 2023, as well as a 64% increase in our EBITDA, despite heavy marketing spending on the Drupa trade fair. We expect to deliver further improvements in the coming year.

“2024 also saw the launch of a new business unit, Hybrid Software BrandZ, to serve brands and manufacturers of consumer packaged goods with software solutions for artwork management which facilitate downstream print production, opening a market that is potentially much larger than the print providers themselves.”

Executive Chairman Guido Van der Schueren adds, “We enter 2025 in similar business conditions to 2024 but as a much stronger company, with revenue growth across all our business segments and an even more significant improvement in profitability. We achieved this through careful cost management while continuing to fully fund our engineering teams and software development programs.

“In late 2024 we instituted a share buyback program, committing €1 million to buy back and cancel shares as a sort of tax-free dividend to all shareholders. There are strict limits to the number of shares we can buy and the price we can pay for shares, but the impact on our share price has been significant already and we plan to continue this initiative throughout 2025.”

Financial highlights

For the year ended 31 December
In thousands of euros	2024	2023
*Continuing operations*
Revenue	51,501	48,043
Operating loss	(3,090)	(1,161)
Loss before tax	(3,361)	(1,667)
Tax credit	653	2,986
(Loss)/Profit from continuing operations	(2,708)	1,319
Loss on sale of discontinued operation, net of tax	(120)	–
(Loss)/Profit for the period	(2,828)	1,319

EBITDA – continuing operations	11,989	7,306

Adjusted operating profit – continuing operations	7,204	2,517
Adjusted net profit – continuing operations	6,952	1,676

Basic earnings per share (euro) – continuing operations	(0.09)	0.04
Adjusted net basic earnings per share (euro) – continuing operations	0.21	0.05

Cash and cash equivalents	9,513	7,079
Loans & borrowings	(6,500)	(7,800)
Net cash/(debt)	3,013	(721)

The consolidated pre-tax result for continuing operations was a loss of €3.36 million compared with a loss of €1.67 million in 2023. The increase in the loss of €1.69 million is due to:

an increase in revenue of €3.46 million;
a decrease in cost of sales of €0.59 million;
a decrease in selling, general and administrative expenses of €0.58 million
an increase of €6.28 million impairment charge on goodwill;
an increase in research and development expenses of €0.17 million;
an increase in other operating expenses of €0.06 million;
a decrease in other income of €0.05 million;
an increase in net finance expenses of €0.02 million; and
a decrease in foreign exchange losses of €0.26 million.

Revenue for the Printing Software Segment was €16.67 million for the year (2023: €14.94 million). During 2024 new contracts were agreed with two existing customers which resulted in €4.3 million of revenue being recognised. In 2023 a new contract was agreed with an existing customer which resulted in €2.6 million of revenue being recognised in that year.

Revenue for the Printhead Solutions segment was €11.59 million for the year (2023: €11.30 million). In 2022 revenue in this segment had been severely impacted by the shortage of its most commonly used chip. In 2023 it recovered significantly throughout the year which continued into 2024 although at a slower pace.

Revenue for the Enterprise Software segment was €23.24 million for the year (2023: €21.81 million). In 2023 the segment experienced unfavourable business conditions in its two most important markets, the United States and Germany, which improved in 2024. For the segment year-over-year license royalty income increased by €0.8 million, maintenance and after-sale support services income €0.4 million and services income by €0.2 million.

Gross profit for the period decreased to 84% of revenue (2023: 82%), primarily due to the lower mix of printing electronics related sales during the year, which have a lower level of gross margin than software because of their manufacturing costs.

Included in selling, general and administrative expenses is amortisation of €0.90 million (2023: €0.97 million) related to intangible assets recognised as a result of acquisitions.

In 2024 the Group recorded a goodwill impairment charge of €6.28 million (2023: €nil) in aggregate.

Research and development expenses includes the capitalisation and amortisation of internally generated intangible assets and the amortisation of certain intangible assets recognised as a result of acquisitions. During the period there was a net capitalisation of development expenditure of €0.53 million (2023: €1.39 million) and amortisation of acquired intangible assets of €4.57 million (2023: €4.76 million).

The net capitalisation of development expenditure was comprised of €3.45 million (2023: €3.82 million) of capitalised expenditure less €2.92 million (2023: €2.43 million) of amortisation.

Total operating expenses increased by €5.93 million, or 14.56% compared to the same period in the prior year. Making abstraction of the goodwill impairment of €6.28 million, total operating expenses decreased by €0.35 million, or 0.86% compared to the same period in the prior year.

Foreign exchange gains and losses are primarily due to the revaluation of currency balances held at the balance sheet date and the change in exchange rates during the year.

The Company presents EBITDA (earnings before interest, tax, depreciation and amortisation) and adjusted profit when reporting its financial results to provide investors with an additional tool to evaluate the Group’s results in a manner that focuses on what the Group believes to be its underlying business operations. The Group’s management believes that the inclusion of adjusted financial results provides consistency and comparability with past reports.

Additional commentary and analysis of the Company’s consolidated results for the year ending 31 December 2024 can be found in the annual report and financial statements.

Should you wish to receive a printed copy of the annual report, please send an e-mail to investor-relations@hybridsoftware.group or make your request in writing, for the attention of the Company’s Chief Financial Officer, to 2030 Cambourne Business Park, Cambourne, Cambridge, CB23 6DW, UK.

Annual General Meeting
The Company will hold its annual general meeting on Thursday 15 May 2025. The official notice of the meeting will be available on the Company’s website at: https://www.hybridsoftware.group/investors/shareholders-annual-general-meeting.

About Hybrid Software Group
Through its operating subsidiaries. Hybrid Software Group PLC (Euronext: HYSG) is a leading developer of enterprise software for industrial print manufacturing. Customers include press manufacturers such as HP, Canon, Durst, Roland, Hymmen, and hundreds of packaging printers, trade shops, and converters worldwide.

Hybrid Software Group PLC is headquartered in Cambridge UK. Its subsidiary companies are colour technology experts ColorLogic, printing software developers Global Graphics Software, enterprise software developer HYBRID Software, 3D design and modelling software developers iC3D, the industrial printhead driver solutions specialists Meteor Inkjet, and pre-press workflow developer Xitron.

Contacts

Attachment

2025-03-19 Annual report announcement-Final

The MIL Network –

March 20, 2025

MIL-OSI USA: Senators Coons, colleagues introduce bipartisan bill to strengthen medical supply chains

US Senate News:

Source: United States Senator for Delaware Christopher Coons
WASHINGTON – U.S. Senators Chris Coons (D-Del.), Thom Tillis (R-N.C.), John Cornyn (R-Texas), and Michael Bennet (D-Colo.) introduced the Medical Supply Chain Resiliency Act, bipartisan legislation to jump start trade negotiations to ensure that hospitals, doctors, and patients have access to critical medical goods. U.S. Representatives Brad Schneider (D-Ill.) and Nicole Malliotakis (R-N.Y.) introduced companion legislation in the House.
“Life-threatening shortages of testing kits, drugs, and masks during the COVID-19 pandemic showed us just how fragile our medical supply chains are. If we are caught off-guard like we were during COVID once again, more Americans will die,” said Senator Coons. “Working with our most trusted trading partners to make our supply chains more resilient will strengthen our response to future public health emergencies while ensuring that health care providers have access to essential medical products and patients have access to life-saving care.”
“The Medical Supply Chain Resiliency Act is a critical step toward ensuring that America’s healthcare providers have reliable access to the essential supplies they need,” said Senator Tillis. “By strengthening trade partnerships with our allies and expanding domestic manufacturing, we can enhance our nation’s preparedness for future health challenges. I’m proud to support this bipartisan effort to reinforce our medical supply chains and protect public health.”
“America’s medical supply chains rely heavily on China, posing risks to U.S. national security and public health,” said Senator Bennet. “Our bipartisan bill will address this vulnerability by authorizing the president to deepen relationships with our trading partners.”
“During the pandemic, the U.S. faced severe shortages of medical supplies due to overreliance on foreign adversaries like China,” said Senator Cornyn. “This legislation would allow the U.S. to engage in trade negotiations with trusted allies for medical goods and services, helping ensure we’re better prepared to respond to future global health crises.”
“The Medical Supply Chain Resiliency Act is the type of positive approach to trade America must embrace to deepen its economic partnerships with key allies,” said Brad Wood, Senior Director for Trade and Innovation Policy, National Foreign Trade Council.“By empowering the United States Trade Representative to negotiate new agreements with trusted trade partners, the United States has the opportunity to strengthen supply chain security, support U.S. innovation and jobs, and, ultimately, improve health outcomes. It is critically important that the United States collaborate with its allies to support the public health demands of our populations and prepare to meet the challenges of the next global health emergency. NFTC applauds Senators Tillis, Coons, Cornyn, and Bennet for championing this legislation, and urges Congress to support its swift passage.”
“Premier commends Senators Thom Tillis, Chris Coons, John Cornyn and Michael Bennet and Representatives Brad Schneider and Nicole Malliotakis for their bipartisan leadership in reinforcing the resilience of our nation’s healthcare supply chain,” said Soumi Saha, Senior Vice President of Government Affairs, Premier Inc. “Building a stronger, more sustainable, and secure supply chain demands a balanced approach – expanding domestic manufacturing while fostering strategic trade partnerships. The Medical Supply Chain Resiliency Act is a critical step toward this goal by enabling the designation of trusted trade partners to diversify sourcing for medical devices and pharmaceuticals. Ensuring providers have reliable access to the essential supplies needed to deliver quality patient care is a paramount priority for our nation.”
“The Chamber strongly supports the Medical Supply Chain Resilience Act, which will strengthen supply chains for medical goods and services while bolstering manufacturing in the U.S. and among our close allies and partners,” said John Murphy, Senior Vice President for International Policy, U.S. Chamber of Commerce. “Enhancing the resilience of medical supply chains is important to both our public health and our national security. The bill would direct the U.S. Trade Representative to negotiate trade agreements with trusted allies to eliminate tariffs and other trade barriers that weaken the U.S. medical goods manufacturing base and that of our allies. These agreements would also support intellectual property protection, regulatory cooperation, and collaboration on public and private R&D efforts. Only close allies and partners would qualify for such agreements. Close consultation with the legislative branch would be essential, and Congress would retain a right to disapprove any agreements. This is practical legislation that, if enacted, will apply lessons learned in the COVID-19 pandemic to strengthen America’s health preparedness. The Chamber urges Congress to pass it into law.”
“Authorizing the administration to negotiate meaningful trade agreements with trusted partners, including the European Union, Japan, Switzerland, and the United Kingdom, would reduce trade barriers and strengthen medical supply chains. The biopharmaceutical industry, whose exports exceeded $101 billion in 2023, welcomes the Medical Supply Chain Resiliency Act and encourages the administration to embrace this pathway to expand trade with allies,” said PhRMA.
The COVID-19 pandemic presented significant challenges for supply chains around the world, disproportionately hampering health care providers’ access to medical devices, treatments, and equipment at a time when these products were desperately needed. By expanding U.S. engagement with our allies across the globe, this legislation would combat shortages of medical products and supplies by strengthening supply chain resiliency and safeguarding against future health crises.
You can read the full text of the bill here.

MIL OSI USA News –

March 20, 2025
MIL-OSI USA: Wisconsinites’ Years of Work Fighting Fentanyl
US Senate News:
Source: United States Senator for Wisconsin Ron Johnson

The Halt All Lethal Trafficking of Fentanyl (HALT) Act passed the Senate last week with an overwhelmingly bipartisan vote of 84-16.

The HALT Fentanyl Act incorporates the permanent scheduling of fentanyl-related substances, which I first introduced in 2017 in the Stopping Overdoses of Fentanyl Analogues Act (SOFA). It ensures law enforcement has the tools they need to stop fentanyl’s flow into our country.

SOFA served as the template for the Trump administration’s temporary scheduling rule in 2018, and it recognizes the admirable devotion of Wisconsinites Dr. Tim Westlake and Lauri Badura (pictured above). Ms. Badura, who founded Saving Others for Archie, made it her life’s mission to end the fentanyl crisis after tragically losing her son, Archie, to fentanyl poisoning.

WATCH: Video message from families (including Baduras) to pass the HALT Act

WATCH: 2017 video with Lauri telling Archie’s story

As a member of the U.S. Senate Committee on Finance, I met with President Trump last week and we discussed my plan to get spending back to pre-pandemic levels – saving a minimum of $700 billion.

There is so much room for reducing the size of the federal government and balancing the budget is entirely doable. I look forward to working with the White House and getting spending under control.

Thank you to Kevin O’Leary for highlighting my chart on Fox Business. This is an eminently reasonable approach to returning to a pre-pandemic level of spending.

WATCH: Sen. Johnson on Fox Business discusses his White House meeting

WATCH: Sen. Johnson on the Jesse Kelly podcast reviews his plan to balance budget
- LISTEN: I joined the MAHA Alliance podcast for a powerful discussion on the MAHA movement, RFK Jr., and government corruption.
- I was highly disappointed to hear that the nomination of Dr. David Weldon to lead the CDC has been withdrawn. Although we will never know exactly why his nomination was pulled, I suspect it had something to do with the fact he has had the courage to be skeptical of the consensus “narrative” surrounding the childhood vaccine schedule. Skepticism is the vital attribute of true science, and it is beyond unfortunate that someone with his background and integrity will not be able to help fix what is broken at the CDC. (I discussed this on Off the Record podcast with Emily Jashinsky.)
- My X post on the news that Steak n’ Shake will soon be using Wisconsin butter instead of a “buttery blend”.
I helped introduce a bipartisan, bicameral bill to expand federal funding for bike and pedestrian safety. The bill is named for American diplomat and Wisconsin native Sarah Debbink Langenkamp, who was killed in 2022 while riding her bicycle in Bethesda.

The Sarah Debbink Langenkamp Active Safety Transportation Act will expand federal funding opportunities for local governments to improve roadway safety for bicyclists and pedestrians.

While honoring Sarah, this bill will protect Wisconsinites by investing in infrastructure to enhance road safety for pedestrians and cyclists. By using taxpayer dollars effectively, it will help prevent further deaths from preventable traffic accidents and ensure Americans feel safe when using our roads.

Thank you to everyone who participated in my 114th telephone town hall last week.

We are now streaming our town halls on X, so you can listen to it here.

Questions asked include:

11:45    Introduction
13:45    Protecting personal information from DOGE
16:27    Will there be cuts to Social Security and Medicare?
18:40    Justice System transparency
20:20    Wasteful spending examples
24:00    Is Social Security a legal Ponzi scheme?
29:00    ICE and deportations
31:31    Federal worker layoffs
35:04    How do we make the spending cuts permanent?
40:55    Inspector Generals and oversight
43:30    Support for Veterans and the VA
46:08    COVID-19 vaccine requirements for citizenship
48:04    Wisconsin manufacturing and tariffs
51:35    Controlling crime and fentanyl
54:35    Taxing pensions
56:45    Bipartisanship
1:00:25 Federal voter ID and proof of citizenship
1:02:36 Balancing the budget

To join future telephone town halls live, sign up here. There is also a link on that page to submit written questions during the live town halls.
MIL OSI USA News –
March 20, 2025
MIL-OSI USA: SBA Sets Dates for Free National Small Business Week Virtual Summit

Source: United States Small Business Administration

WASHINGTON — Today, the U.S. Small Business Administration and SCORE, mentors to America’s small businesses and an SBA resource partner, set the dates for the 2025 National Small Business Week virtual summit. The free two-day online event will take place May 6 and 7 from 10 a.m. to 6 p.m. ET and registration is required.

The virtual summit will feature educational workshops presented by cosponsors, access to federal resources, and networking and mentorship opportunities. Participants will be able to learn about a wide range of topics including manufacturing, digital marketing, cybersecurity and AI, cryptocurrency and online business resources. A detailed agenda and list of speakers for the virtual summit will be published soon.

“Fostering small business growth is at the heart of what we do, and the National Small Business Week virtual summit embodies that commitment,” SCORE CEO Bridget Weston said. “SCORE is proud to once again co-host this event with the SBA. We’re looking forward to this opportunity to empower entrepreneurs with the timely, useful resources and information they need to launch and grow their businesses.”

The National Small Business Week virtual summit is part of SBA’s year-round efforts to leverage technology to reach small business owners in communities across America. An in-person, national award celebration will take place on May 5 in Washington, D.C., and local winners will be recognized at award events across the nation.

Details on National Small Business Week, the virtual summit and registration are featured on National Small Business Week and will be updated as additional information and activities are confirmed. Local events will be featured on Find upcoming events and identifiable by searching with #SmallBusinessWeek.

###

About SCORE

SCORE, the nation’s largest network of volunteer, expert business mentors, is dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, SCORE has provided education and mentorship to more than 11 million entrepreneurs. SCORE is a 501(c)(3) nonprofit organization and a resource partner of the U.S. Small Business Administration.

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and 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.

Cosponsorship Authorization #24-44-C. SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.

MIL OSI USA News –

March 20, 2025
MIL-OSI Canada: Government of Canada announces appointment to the Windsor-Detroit Bridge Authority Board of Directors

Source: Government of Canada News

Biography

Marie Campagna – Chair, Board of Directors

Marie Campagna has been a member of the WDBA Board of Directors since 2017 and has most recently served in the role of interim Chair since May 2024.

Since retiring from her role as Chief Financial Officer (CFO) of Hotel Dieu Grace Healthcare, Ms. Campagna was appointed as an Executive in Residence at the University of Windsor’s Odette School of Business. She is a facilitator in the Chartered Professional Accountants of Ontario’s CFO of the Future program.

Ms. Campagna holds several governance positions that include Board Chair of Essex Energy Corporation, Member of the LaSalle Police Board, Member of Assumption University, Member of Invest Windsor Essex, Past Chair of Transform Shared Services Organization, and a past Board Member of the Windsor-Essex Regional Chamber of Commerce. She also previously held many board and committee positions with Essex Power Corporation, CMA Ontario, and CMA Canada.

Ms. Campagna holds an ICD.D designation from the Institute of Corporate Directors, a CPA designation, and is a Fellow and life member of the Chartered Professional Accountants of Ontario. She holds a Bachelor of Commerce degree and an MBA from the University of Windsor.

MIL OSI Canada News –

March 20, 2025
MIL-OSI: Hidden Tax Challenges for Small Businesses: FreshBooks 2025 Tax Trend Report
Source: GlobeNewswire (MIL-OSI)

Toronto, CANADA, March 19, 2025 (GLOBE NEWSWIRE) — FreshBooks, a leader in cloud-based accounting software for small businesses and accountants, released its in-depth report on how small business owners are thinking about their taxes in 2025. The report uncovers trends among American small business owners on what’s going behind the scenes about their tax habits, fears, and what they do to procrastinate.

“At FreshBooks, we understand that tax season can be a source of stress for many small business owners. Our ‘2025 Small Business Tax Trends: Procrastinator or Planner’ report highlights that only 26% of small businesses feel confident about their tax submissions,” said Faye Pang, Chief Growth Officer at FreshBooks. “The data reveals a concerning trend: many small businesses, the backbone of our economy, are essentially ‘winging it’ when it comes to tax submissions. This may lead to costly penalties and unnecessary financial risk. It’s why having an accounting solution like FreshBooks is so important – we keep the hard parts of running a business, easy.”

Key Takeaways
- Confidence gap: Only 26% of small business owners and freelancers feel completely confident about their taxes.
- Tax preparation methods: Small business owners and freelancers primarily manage their taxes through software (35%) or by hiring accountants (33%).
- Top challenges: The biggest tax-related headaches include organizing receipts (35%), understanding complex tax laws (33%), and identifying proper deductions (32%).
- Procrastination trends: While 78% claim to start tax preparation early, 51% of Gen Z self-employed individuals wait until the last minute.
- Tax compliance: Tax compliance is primarily motivated by fear, with 46% concerned about penalties and 37% worried about potential audits.
Read the full report.

Methodology:
FreshBooks designed and conducted an online survey of approximately 1,300 self-employed individuals, freelancers, and small business owners from the United States. Participants were sourced through an online panel representing a diverse range of small businesses across various industries, revenue levels, and employment sizes. The study examined tax preparation habits, challenges, and attitudes across demographic segments.

The survey’s margin of error is +/- 2.7% at 95% confidence.

About FreshBooks

FreshBooks is a leading cloud-based SaaS accounting software platform built for small business owners and consistently ranks #1 for ease of use. With an emphasis on keeping things simple and stress-free wherever possible, FreshBooks makes the hard parts of running a business easier. With Freshbooks, small businesses can get paid faster and spend less time on administrative tasks and paperwork, so they can focus on what they do best — growing their businesses.

The MIL Network –
March 20, 2025
MIL-OSI: ThoughtSpot Appoints Micheline Nijmeh as Chief Marketing Officer

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., March 19, 2025 (GLOBE NEWSWIRE) — ThoughtSpot, the AI-native Intelligence Platform, has announced the appointment of Micheline Nijmeh as Chief Marketing Officer (CMO). Reporting to CEO Ketan Karkhanis, this strategic appointment to the leadership team underscores ThoughtSpot’s commitment to disrupting the old ways of business intelligence and empowering every decision maker with the power of data.

Nijmeh is a seasoned marketing executive known for her data-driven approach, with a proven track record of building brands and driving transformation and growth at industry-leading companies, including ZScaler, Salesforce, and Xactly. Most recently she served as CMO at JFrog (Nasdaq: FROG) where she joined the company during its IPO and played a key role in driving its post-IPO growth, market expansion, and brand evolution. Nijmeh has been recognized as Silicon Valley Business Journal’s Women of Influence, a testament to her leadership and dedication to driving impact and diversity in technology.

“Micheline has helped shape some of the most transformative companies across multiple industries,” said Ketan Karkhanis, Chief Executive Officer at ThoughtSpot. “Her deep expertise in data-driven marketing across both enterprise and product-led-growth motions, combined with her proven track record of crafting impactful go-to-market strategies, make her the ideal CMO to help define the future of the autonomous enterprise and drive the intelligence imperative forward for our customers.”

In her new role, Nijmeh will spearhead ThoughtSpot’s global marketing strategy and end-to-end customer journey, focusing on increasing brand awareness and driving significant market growth across core markets.

“I am thrilled to join ThoughtSpot at this pivotal moment. In today’s dynamic market, leveraging data and AI is no longer a luxury, it’s a necessity. Yet, many organizations are still grappling with fragmented data and limited access to actionable insights,” said Micheline Nijmeh, Chief Marketing Officer at ThoughtSpot. “ThoughtSpot’s complete intelligence platform sets it apart as a democratizing force, empowering everyone from the data analyst building models, to the C-Suite executive preparing for board meetings. I look forward to amplifying ThoughtSpot’s impact of bringing this transformative power to every customer.”

Nijmeh joins ThoughtSpot after the company posted significant fiscal growth in Fiscal Year 2024, closing with 40% year-over-year SaaS growth and more than doubling its monthly active users. ThoughtSpot also unveiled a significant expansion to the company’s artificial intelligence capabilities with the launch of Spotter, an agentic AI analyst, followed by the launch of Analyst Studio, a creator space that empowers data teams to get data ready for AI and analytics.

In the last year, ThoughtSpot has bolstered its senior leadership, including Ketan Karkhanis as Chief Executive Officer, Brad Roberts as Chief Financial Officer, Ahmed Quadri as Chief Customer Officer, Anthony Lee-Masis as Chief Information Security Officer, and Francois Lopitaux as SVP and General Manager of Emerging Technologies and Products.

About ThoughtSpot
ThoughtSpot is the AI-native Intelligence Platform for every enterprise. Our mission is to create a more fact-driven world by empowering everyone to explore any data, ask any question, and uncover actionable insights faster—leading to growth, better business outcomes, and efficiency in their organizations. With ThoughtSpot’s intuitive natural language search, every user can confidently generate answers from their business data at every point of decisioning. The platform’s unified capabilities, along with our agentic AI analyst, Spotter, enable users to create precise, transparent, personalized, and actionable insights with enterprise grade trust, security, and scale. Accessible via the web and mobile app, ThoughtSpot ensures intelligent decision-making happens seamlessly, wherever and whenever needed. For developers, ThoughtSpot Embedded offers a low-code solution to integrate AI-powered analytics directly into products and services, driving data monetization and boosting user engagement for customers. Industry leaders like NVIDIA, Hilton Worldwide, Capital One and Huel rely on ThoughtSpot to transform how their employees and customers take advantage of data to create better business outcomes. Try ThoughtSpot today and experience the new era of analytics.

PR Contact:
Lindsay Noonan
Director of Communications, ThoughtSpot
press@thoughtspot.com

The MIL Network –

March 20, 2025
MIL-OSI: SoftServe Wins NVIDIA’s 2025 Americas NPN Service Delivery Partner of the Year

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, March 19, 2025 (GLOBE NEWSWIRE) — SoftServe, a premier IT consulting and digital services provider, today announced it has been selected as an NVIDIA Partner Network (NPN) 2025 partner of the year for service delivery in the Americas region. Being named NVIDIA’s 2025 Americas NPN Service Delivery Partner of the Year is a direct reflection of SoftServe’s catalyst work developing and launching a series of Generative AI (Gen AI) solutions built with NVIDIA Blueprints, providing a conduit for rapid enterprise AI adoption.

SoftServe’s Service Delivery Partner of the Year Award recognize the company’s impact accelerating enterprise deployments with NVIDIA AI Enterprise and NVIDIA Omniverse using custom NVIDIA Blueprints that tap into NVIDIA NIM microservices, including the SoftServe QA Agent, which is the eighth SoftServe Gen AI solution in the series to hit the market.

“Our teams helped propel NVIDIA Blueprints forward through rapid creation and execution of eight quality solutions that are driving Gen AI proliferation, integration, and innovation across many industries,” said Harry Propper, CEO of SoftServe. “This award is a testament to SoftServe’s mission to make our customers and partners successful. It’s also a well-deserved win underscored by the fact that SoftServe was organically nominated without prompt or application. Our hard work, ingenuity, and close collaboration with the NVIDIA team is what got us here today.”

The global NPN Program provides partners with the expertise required to develop, deploy, and prioritize energy-efficient accelerated computing solutions designed for today’s most demanding machine learning and AI workloads. Previously, SoftServe was named the 2024 Consulting Partner of the Year for EMEA and the 2023 Outstanding Impact Partner of the Year, demonstrating the company’s strong support in the NVIDIA ecosystem.

“Businesses racing to adopt AI seek trusted partners with a proven track record of delivering seamless AI experiences,” said Craig Weinstein, Vice President, Americas Partner Organization, NVIDIA. “SoftServe has demonstrated broad expertise in deploying tailored applications built with NVIDIA AI Enterprise, NVIDIA NIM microservices, and NVIDIA Omniverse to help businesses drive results across agentic and physical AI.”

This year’s awards were announced during NVIDIA’s annual conference, GTC 2025, following the launch of SoftServe QA Agent, which aims to boost quality and assurance (QA) processes with AI test automation. SoftServe is showcasing three immersive demos, including the seventh solution Gen AI Retail Shopping Assistant, at GTC booth #1009.

Catch the experts in action with presentations on AI content creation, space mission design with NVIDIA Omniverse, and more topics outlined in the GTC 2025 Session Catalog. For those at home to learn more about SoftServe’s collaboration with NVIDIA, please visit this website.

ABOUT SOFTSERVE
SoftServe is a premier IT consulting and digital services provider. We expand the horizon of new technologies to solve today’s complex business challenges and achieve meaningful outcomes for our clients. Our boundless curiosity drives us to explore and reimagine the art of the possible. Clients confidently rely on SoftServe to architect and execute mature and innovative capabilities, such as digital engineering, data and analytics, cloud, and AI/ML.

Our global reputation is gained from more than 30 years of experience delivering superior digital solutions at exceptional speed by top-tier engineering talent to enterprise industries, including high tech, financial services, healthcare, life sciences, retail, energy, and manufacturing. Visit our website, blog, LinkedIn, Facebook, and X (Twitter) pages for more information.

The MIL Network –

March 20, 2025
MIL-OSI United Kingdom: Joint Statement on UK-Philippines JETCO
Source: United Kingdom – Executive Government & Departments

News story

Joint Statement on UK-Philippines JETCO

On Monday 17 March, the UK and the Philippines held the inaugural Joint Economic and Trade Committee (JETCO) meeting.
Joint Statement on UK-Philippines Joint Economic and Trade Committee

On Monday 17 March, the UK and the Philippines held the inaugural Joint Economic and Trade Committee (JETCO) meeting.

The Ministerial JETCO reflects a commitment from both governments to upgrade the growing bilateral economic relationship between both countries, including by exploring ways to boost trade and investment, as well as addressing barriers to market access.

The committee was hosted in London by UK Minister for Trade Policy and Economic Security, Douglas Alexander MP, and co-chaired by Undersecretary Allan B. Gepty of the Philippines Department of Trade and Industry.

Minister Alexander and Undersecretary Gepty endorsed a programme of work to advance bilateral cooperation over the next 12-18 months, including government-to-government and government-to-business activity in agreed priority areas such as infrastructure, agriculture, energy, economic development, life sciences, and technology.

Much of this work will be delivered through four Sectoral Working Groups, which will meet annually to facilitate technical policy exchange and project delivery.

Infrastructure

The UK and the Philippines committed to progressing a government-to-government Financing Framework Partnership to support the delivery of national priority infrastructure and development programmes and projects in the Philippines.

The Framework aims to expand access to £5 billion of financing from UK Export Finance (UKEF) and other sources of cooperation, and provide the Philippines with new paths to UK expertise, technology, and comparative advantage.

Both countries agreed to develop a project pipeline through the Infrastructure Sectoral Working Group in anticipation of the establishment of the Framework.

Energy

The UK and the Philippines reflected on the extensive cooperation in the last year between the Department for Business and Trade (DBT), the Philippines Department of Energy, and the UK Offshore Renewable Energy Catapult, supporting the offshore wind development of the Philippines.

Both countries emphasised the importance of the sector, recognising its contribution to economic growth and an inclusive green transition and committed to continue working closely on policy and regulatory engagement in the coming year, driven by cooperation at the Energy Sectoral Working Group.

Agriculture

Minister Alexander and Undersecretary Gepty discussed the benefits of collaboration between the UK Department for Environment, Food and Rural Affairs (DEFRA) and the Philippines Department of Agriculture with a view to safeguarding and expanding market access for agri-food exporters.

They agreed to continue collaboration across issues such as animal disease detection and antimicrobial resistance as well as new opportunities for collaboration on precision breeding and genetics.

They endorsed the role of the Agriculture Sectoral Working Group to drive greater trade and investment in our respective agriculture sectors, including by promoting commercial agriculture opportunities in the Philippines and the UK.

Economic Development

Minister Alexander and Undersecretary Gepty recognised the important role of bilateral trade in furthering economic development in the Philippines and endorsed efforts to improve utilisation of the Developing Countries Trading Scheme, which offers Philippine exporters tariff-free access on 92% of products.

They were pleased to note the upcoming launch of an export handbook that details key regulatory compliance requirements, including how to leverage the UK Developing Countries Trading Scheme to benefit from preferential tariff rates.

They agreed on activities to further strengthen the business landscape in the Philippines and facilitate investment and digitalisation of trade.

This covers continuing collaboration on regulatory reform initiatives, facilitating business linkages, and capacity building on AI policy frameworks and governance.

Regional collaboration

Minister Alexander and Undersecretary Gepty used the JETCO meeting to discuss the importance of cooperation between the UK and the Philippines in support of regional economic integration.

The UK looks forward to deepening the UK-ASEAN Partnership and working with the Philippines towards its Chairship of ASEAN in 2026.

Trade promotion and investment

Minister Alexander and Undersecretary Gepty concluded discussions by acknowledging the potential for future economic growth and shared prosperity through deepening trade links.

They acknowledged that in 2024, the UK was the largest single investor in the Philippines, driven by investments in renewables.

The Philippines, being one of the fastest growing economies in Southeast Asia last year with around 6% growth, has the capacity to boost trade in sectors where the UK holds significant commercial expertise.

Minister Alexander and Undersecretary Gepty emphasised the importance of delivering real impact from strengthened trade and economic discussions.

They encouraged future trade promotion and investment activities to facilitate more business opportunities in sectors such as technology and infrastructure including energy.

After the JETCO meeting, UK Trade Envoy to the Philippines, George Freeman MP, and Undersecretary Gepty, co-hosted a business briefing in partnership with the UK-ASEAN Business Council to share insights from discussions and seek industry views on priorities for growing the bilateral trade and investment relationship.

Bilateral economic relationship

The Philippines was the UK’s 60th largest trading partner in the end of Q3 2024 accounting for 0.2% of total UK trade.

Total trade in goods and services between the UK and the Philippines in the same period was £2.8 billion.

The new UK-Philippines JETCO adds extra emphasis to the UK’s deepening relationships across the wider Asia Pacific region.

As an ASEAN Dialogue Partner, the UK is committed to further enhancing engagement with the region, through both multilateral and bilateral forums, including those with the Philippines.

The JETCO follows the launch of the UK-Philippines Joint Framework for the Enhanced Partnership – an enhancement of our bilateral relations across foreign policy, economic growth, security and defence cooperation amongst other areas.

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Published 19 March 2025
MIL OSI United Kingdom –
March 20, 2025
MIL-OSI Global: A ‘golden age’ of global free trade is over. Smaller alliances can meet the moment

Source: The Conversation – France – By Armin Steinbach, Professor of Law and Economics, HEC Paris Business School

The global trade landscape is shifting, and not in the way free traders had hoped. For decades, the belief that economic openness could foster peace and stability reigned supreme. Trade, it was argued, could transform authoritarian regimes into more peaceful players. But Russia’s invasion of Ukraine has shattered this way of thinking. Rather than mourning the end of a multilateralism based on states’ commitments to jointly agreed trade rules, we should see it as a necessary adjustment to a world where economic security takes precedence over market efficiency, and resilience over cost minimization.

The World Trade Organization (WTO), which has constrained protectionism since its inception in 1995, is no longer the linchpin of global trade it once was. Multilateral trade talks have stagnated, and the WTO’s dispute settlement system is in paralysis. The US, once a champion of rules-based trade, now finds strategic advantage in a world where power dynamics outweigh legal frameworks. Years of negotiations on agriculture and fisheries subsidies have yielded little progress, underscoring the difficulty of reaching consensus among increasingly divergent national interests.

A weekly e-mail in English featuring expertise from scholars and researchers. It provides an introduction to the diversity of research coming out of the continent and considers some of the key issues facing European countries. Get the newsletter!

Consider the Uruguay Round negotiations in the 1990s that led to the establishment of the WTO – a rare moment when 123 countries found common ground on liberalizing trade in goods, services and intellectual property. That success stemmed from a broad agenda that offered enough variety to create win-win scenarios for all. Today, narrow negotiation agendas make compromise far harder to achieve.

Free trade agreements are emerging less frequently: the average number of new trade agreements per year since 2020 is less than half the average of the previous decade. Meanwhile, protectionist measures have proliferated: there were about five times as many in 2023 as in 2015. Regardless of US President Donald Trump’s tariff frenzy, governments are erecting trade barriers and adopting policies that favour domestic industries, driven by the need to secure critical supply chains.

The trend is clear: trade liberalization is no longer the top priority for most countries. Instead, security concerns are reshaping trade policy, echoing the arguments of the 18th-century philosopher Adam Smith. In The Wealth of Nations, Smith argued that national defence is more valuable than economic wealth. (“Defence,” he wrote, “is of much more importance than opulence”). This idea feels particularly relevant today. In a world of geopolitical conflict, trade is often yielding to strategic concerns.

The United Nations, despite its mission to maintain peace, has struggled to prevent conflict. If international law cannot deter aggression, economic policy must step in.

Security-driven trade

For the EU, this translates into using its trade policy instruments, especially vis-à-vis China, on the basis of a careful dependency analysis that identifies strategic commodities and products. As the European Commission sets self-sufficiency benchmarks for green technologies following the bloc’s Net-Zero Industry Act, it errs if it sees the substitution of domestic products for imports as the right way to reduce dependencies. In most cases, reducing import concentration will require diversifying suppliers rather than European self-production.

Security-driven trade requires shifting away from fragile multilateralism toward more selective, regional alliances. These “trade clubs” would align economic interests with shared security priorities. The EU’s strengthening ties with the South American Mercosur states, a group of non-hegemonic countries reliant on open trade, exemplify this approach. Intensifying trade with targeted countries could be the best response to Trump’s tariffs, avoiding the lose-lose outcome of tit-for-tat tariff wars. The goal of autonomy from an unpredictable US offers a good framework for crafting new bilateral relationships.

Another example is the idea of a “climate club”, which policy-makers have discussed for some time. Climate clubs would consist of countries that agree on joint strategies to reduce carbon emissions while fostering energy security and protecting their economies from competitors without adequate carbon pricing.

À lire aussi :
Trump protectionism and tariffs: a threat to globalisation, or to democracy itself?

The challenge is to distinguish between “legitimate” and “illegitimate” security claims. The latter refer to countries’ growing abuse of the national security card to justify trade policies. WTO dispute settlement panels ruled against the “self-judging” character of national security claims, hence subjecting them to legal scrutiny, but this “rule of law” approach has only heightened rejection of the WTO system on the US side. To limit abuse, the EU should seek alignment with the US on issues of common concern, such as responding to industrial overcapacity or preventing technology leaks. A joint approach could avert nationalist unilateralism.

A new focus for the WTO

Some worry this shift away from multilateralism could disadvantage poorer nations, leaving them vulnerable to the whims of powerful ones. However, regional trade alliances can empower smaller states. For example, the African Continental Free Trade Area (AfCFTA) gives African nations collective bargaining power they might lack individually. Since its inception with 22 signatories, AfCFTA has grown to include 48 countries, enhancing the continent’s influence in global trade.

Abandoning multilateralism doesn’t mean sidelining the WTO entirely. Instead, the WTO can refocus on smaller, “plurilateral” agreements among like-minded countries. This “coalition of the willing” approach has already proven effective in areas like e-commerce and investment facilitation. The WTO can remain a forum for building consensus, but its future lies in fostering flexible partnerships rather than pursuing grand, all-encompassing trade deals. In a fragmented world, these smaller agreements could yield the most meaningful progress. Nascent but promising plurilateral efforts are under way to tackle fossil fuel subsidies and environmentally sustainable plastics trade.

The golden age of global free trade may be over, but that doesn’t spell disaster. As nations grapple with security challenges, trade policy must evolve to reflect new priorities. Strategic alliances, diversified supply chains and targeted trade agreements will shape the future of global commerce. Rather than lament the decline of multilateralism, we should embrace this shift as a necessary response to a more volatile world. In doing so, we can craft a trade policy that prioritizes resilience and security, safeguarding both economic stability and national interests.

Armin Steinbach ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. A ‘golden age’ of global free trade is over. Smaller alliances can meet the moment – https://theconversation.com/a-golden-age-of-global-free-trade-is-over-smaller-alliances-can-meet-the-moment-251438

MIL OSI – Global Reports –

March 20, 2025
MIL-OSI Economics: Sanjay Malhotra: Transforming grievance redress – the AI advantage

Source: Bank for International Settlements

I am delighted to participate in this year’s Annual Conference of the RBI Ombudsmen. The Reserve Bank has been organising this conference on or around the World Consumer Rights Day, that is, 15th March. World Consumer Rights Day is celebrated every year with the aim of raising global awareness about consumer rights and needs. We organise this conference to reflect on our achievements with regard to consumer services and to deliberate on how to improve services and reduce grievances. We need to improve consumer services, not only because it is our duty to do so, but because it is in our selfish interest to do so. In this age of competition, we would not survive long if we do not provide quality service to our consumers.

We have made tremendous strides in improving consumer services over the years. We have enabled internet banking and mobile banking. Most of the banking services, be it opening a deposit account, or taking a small loan have been digitised, adding to the convenience and speed. We are making record number of digital transactions through UPI and other means of digital payments. Many among the younger generation may have never visited a bank branch. We have even enabled opening of accounts using video KYC.

While we have enhanced customer experience over the years, the high number of customer grievances continues to be a matter of serious concern. I am told that last year (2023-24), the 95 Scheduled Commercial Banks alone received over 10 million complaints from their customers. If we take into account the complaints received at other RBI-regulated entities (REs), the number would be even higher. One may argue that this amounts to only four complaints per thousand accounts per year as there are about 2.5 billion bank accounts. But, for us, even one complaint is a cause of concern. We have 10 million complaints and with the rapidly growing customer base and expanding suite of products, this may grow, if we do not get our act together.

Customer satisfaction – a cornerstone for banking and other financial services

Excellent customer service, in fact excellent customer experience is a sine qua non in any service industry. Our effort should be to enhance the total customer experience. The experience should be such that there is no cause for a grievance that requires a redress. Let me state a fundamental truth: every complaint is a test of trust. When a consumer files a grievance – whether for a disputed transaction, a lapse in service, inappropriate pricing or charges or an unfair practice – it is a signal that our system has fallen short. Left unresolved, such issues can erode consumer confidence and tarnish the entire ecosystem.

I am reminded of a real story about customer service. Some of you, especially the management graduates, may have heard it but it is so appropriate for today’s theme that it is worth being retold. In the winter of 1975, in a town in Alaska, a man walked into a store and complained to the salesman present that the snow tyres that he bought some time ago were not holding. The salesman was a little puzzled. He said that he could not replace them but will check what he could do and went to the back of the store. Those of you, who have visited departmental stores in the USA, would know that refunds are processed at the back of the store. The salesman came back after some time and handed over some cash as refund and the customer left satisfied. Can anyone guess why this was unique, as no questions asked policy for refunds is fairly common in the USA? It is because the company in question is Nordstrom which does not even sell tyres. It sells apparel and shoes. But, for Nordstrom, customer comes first. Trusting him and winning his trust is more important than anything else.

Some say that this is not a true story. How is this possible? How could a company offer refund for a product which it never sold? Nordstrom, however, insists that this incident did take place. Nordstrom had acquired three stores from another company that sold miscellaneous articles including tyres. The customer did not realise that the store had changed and walked in with his complaint. The key message is that Nordstrom saw itself being in the business of customer service, and not just selling goods. We too need to realise that we are in the business of providing unalloyed customer service and not just selling banking and other financial services.

Top management to accord priority to customer service

I am sure you will all agree that we are indeed in the business of customer service. However, I suspect that we are not spending enough time on customer service and grievance redressal as a result of which not only are there a large number of complaints being received by banks and NBFCs but in the absence of satisfactory resolution, a large number of them are getting escalated to RBI Ombudsmen.

Let me give you some perspective. The number of complaints received under RBI’s Integrated Ombudsman Scheme increased at a compounded average growth rate of almost 50 per cent per year over last two years to 9.34 lakh in 2023-24. The number of complaints processed at the Office of RBI Ombudsman increased by 25 per cent from about 2,35,000 in 2022-23 to almost 2,94,000 in 2023-24. Not only are large number of complaints getting escalated, a large proportion of them – nearly 57 per cent of the maintainable complaints last year – required mediation or formal intervention by the RBI Ombudsmen. You would all agree that this is a highly unsatisfactory situation and needs our urgent attention.

I would, therefore, strongly urge all the MD&CEOs, Zonal and Regional Managers and the Branch Managers to spend some time every week, if not every day on grievance redressal. This is a must. All great CEOs find time to do it. We too must keep some time in our diary for improving customer service and grievance redressal.

Improving customer service systems

Customer complaints aren’t a nuisance – they are in fact opportunities to improve, innovate, and build trust. Handling them well can define your success. Each unresolved grievance is a missed opportunity for regulated entities to reaffirm customer trust and loyalty. It is also a warning signal as repeat complaints are often signs of systemic flaws. Today, complaints often surface on social media even before reaching official channels, highlighting the need for proactive measures.

The effort thus should be to not only resolve the complaints but also to ensure that the same type of complaint does not arise again. Many of the complaints like digital transaction disputes, unauthorized charges, or miscommunication frequently recur. These are clearcut symptoms of underlying issues in the overall customer service framework of the regulated entities. A thorough root cause analysis should be performed for each complaint so as to enable remedial action and avoid repetition of same type of complaint.

In fact, I would go a step further. Best service is not one in which there is no occasion for grievance redressal but one in which there is no occasion for the customer service department to step in. Systems should work seamlessly and conveniently so that customers do not have to call the branch or the customer service centre or talk to anyone in the Bank or NBFC. Systems have to be so user-friendly that customers can rely on self-service rather than being dependent on anyone else.

Improving internal grievance redressal systems

While improving systems to reduce grievances is important, setting up a robust grievance redressal system is equally important for all regulated entities. I would urge you all to review the same. While the regulations do not make any prescription for the organisational structure for grievance redressal, my experience suggests that there should be at least two levels for grievance redressal in large REs, with unresolved grievances getting escalated from the lower to the higher level. The highest level should be at a fairly high rank. This to ensure that requests do not get rejected without having been examined by a senior functionary who is empowered to take decisions in consumer interest. This will help reduce grievances getting escalated to the Ombudsman. It must also be ensured that there are sufficient number of grievance redress officers at all levels including in the Internal Ombudsman office.

I would also like to draw your attention to the misclassification of complaints as requests, queries, and disputes by the regulated entities. This results in the complainants’ grievances remaining unaddressed. Moreover, this is also a gross regulatory violation.

Major areas of service improvement

Let me now briefly allude to some of the major areas where we need to improve. These relate to KYC, digital frauds, mis-selling, and aggressive recovery practices.

As for KYC, we need to ensure that once a customer has submitted documents to a financial institution, we do not insist on obtaining the same documents again. Once the customer has updated his details, for example, his residential address, with one regulated entity of any financial sector regulator, it gets updated in CKYCR and other REs are notified of the updation. PML Rules made by the Department of Revenue in the Ministry of Finance and RBI’s Master Directions on KYC mandate regulated entities to check the CKYCR system before seeking KYC documents for opening an account. However, most banks and NBFCs have not enabled the same in their branches/business outlets, causing avoidable inconvenience to customers. This may be facilitated early. This will be in the interest of all.

Another important issue connected to customer protection is rising digital frauds. It is a matter of great concern that innocent customers continue to fall prey to scamsters. While this could be attributed to rise in digital transactions and innovative methods adopted by fraudsters, lack of customer awareness is also a major reason for the same. To mitigate this menace, REs not only need to put in place robust internal controls but also enhance digital financial literacy.

The issues of mis-selling and aggressive recovery practices have been highlighted earlier too. In this context too, I would request you to keep consumer interest supreme.

Embracing technology – the AI way

Let me now come to the theme of this year’s conference: AI’s potential to revolutionize grievance redressal. We are entering an exciting era where technology, particularly artificial intelligence (AI), can drive remarkable improvements in speed, accuracy, and fairness of complaint resolution.

AI can help categorize incoming complaints by urgency, complexity, or subject area, ensuring minimal delay in reaching the right people or the right team. AI can also help in optimising complaint routing. Further, it can assist in decision-making and reducing processing time.

Secondly, AI can be used to pinpoint systemic gaps by analysing both structured and unstructured data such as emails, chat logs, and call transcripts. This will aid in identifying training needs and guiding necessary process reforms. Using data from millions of consumer branch visits, call centre logs, mobile apps, and social media, a unified, AI-driven view of all these interactions can help identify common pain points more efficiently. Leveraging data analytics, sentiment analysis, and predictive models, AI can be used to analyse large volumes of data to detect spikes in issues – such as ATM failures or erroneous charges – and alert REs pre-emptively.

Lastly, in a linguistically diverse country like India, AI-driven chatbots and voice recognition tools can eliminate language barriers by operating in local languages. Moreover, the implementation of conversational AI in chatbots, voicebots, and advanced IVR systems can handle routine queries round the clock, thereby freeing people to focus on cases that require empathy and complex problem-solving.

In short, integrating AI at every stage – from complaint lodging to closure – can result in a seamless, efficient, and data-driven grievance redressal system. Such a framework not only reduces processing times and addresses repetitive complaints but also fosters equitable outcomes by mitigating human biases. It is time that the banking industry explores and pioneers the integration of technology – including AI – to strengthen the grievance resolution mechanisms and make it best in class across the globe.

Challenges and guardrails in AI driven grievance redressal system

While AI presents unparalleled opportunities, we need to be cognizant of the challenges and risks that its adoption poses. There are concerns on data privacy, algorithmic bias and complexity in AI-driven models. As we embrace AI in grievance redressal or any other process, we must also remain mindful of ethical considerations. Human oversight, bias mitigation and data privacy must be integrated into the AI Systems to ensure transparent and consistent outcomes.

Investing in human resources

While technology in all its forms is a powerful enabler, I would like to emphasise that it is no substitute for integrity, empathy, and human judgment. In a world increasingly driven by data, algorithms, and automation, it is all too easy to lose sight of the human element. Every transaction represents not just a number in a ledger, but the hard-earned savings of a family, the dreams of a small entrepreneur, or the lifelong savings of a senior citizen. It is, therefore, critical that REs continue to invest in human resources dedicated for customer service and grievance redressal. It is essential to invest in training of staff, especially in behavioural aspects of customer service. Moreover, the staff needs to be empowered to take decisions based on their judgement to redress consumer grievances, enhance customer satisfaction and win consumer trust.

RBI as a facilitator

In the end, I would like to assure you that, while we exhort you to provide services efficiently to customers, we in the Reserve Bank shall also provide various services, approvals, clarifications, etc. to the regulated entities in a timely manner. We already have a citizen’s charter. We are in the process of reviewing the charter. We will make the charter comprehensive to include all services that we offer either to the REs or directly to citizens. Moreover, we are reviewing the timelines for each service. It will be our endeavour to provide all approvals, etc. within the timelines. We are also making mandatory the use of PRAVAAH, which is RBI’s secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made to the Reserve Bank in a timely manner. This will help us in expediting the disposal of applications received by the Reserve Bank.

Conclusion

We stand at a pivotal juncture as India looks to realise its dream of a more resilient and inclusive Viksit Bharat. With the financial sector touching the lives of almost the entire population, we have a critical role. To succeed in this role, we must continue to enhance customer service and customer protection.

Thank you !

MIL OSI Economics –

March 20, 2025
MIL-OSI Russia: X5 Group and HSE Graduate School of Economics Launch Updated Master’s Program

Translartion. Region: Russians Fedetion –

Source: State University Higher School of Economics – State University Higher School of Economics –

X5 Group and the Higher School of Business of the National Research University Higher School of Economics are relaunching a joint master’s program. The name “Retail Management” was changed to “B2C Business Management: Technologies and Innovations”, completely revising the program’s content. Now students will focus on studying customer experience, new technologies and innovations in management – those competencies that are most in demand in modern business.

B2C Business Management: Technologies and Innovations” will be the first specialized master’s program that trains leaders in retail and e-commerce. The training, taking into account all the latest trends, will be built around three main blocks – customer experience, new technologies, organizational and operational innovations. Among the disciplines offered to students: Data Science, Business Analytics, Digital Platforms, Digital Marketing, Customer Experience Management in an Omnichannel Environment.

The program is built on the “experience first” principle. This approach combines academic depth and practical experience: the courses are taught by teachers from the Higher School of Business of the Higher School of Economics, as well as invited teachers-practitioners who hold senior positions in the retail sector. X5 Group top managers actively participate in the program, conducting special courses, lectures, master classes and organizing practice, which allows you to gain knowledge first-hand.

The Master’s program is focused on solving real cases and business problems – during the training, students will master specific methods of working with the consumer sector, omnichannel business and modern retail, develop strategic thinking and leadership skills. Graduates are in demand in leading companies in the field of retail and e-commerce, in the financial services sector and FMCG companies, occupying leadership positions. The program is also suitable for those who run their own business, or have been working in retail for a long time, but want to master innovative approaches and grow in their career.

“Modern retail is speed, adaptability, technology and innovative solutions. Russia has long been not just following trends here, we set them, creating unique digital services and the best customer experience in the world. Young professionals are increasingly choosing retail – last year, the number of employees aged 18 to 24 at X5 increased by 12% and amounted to more than 43 thousand people. Because here there is an opportunity to grow and develop your skills in many areas – from the use of machine learning and artificial intelligence tools to managing complex operational processes and systems. In a joint program with the HSE, we have combined all our experience, expertise and accumulated knowledge. Thus, students can adopt what the most advanced retailers, including, of course, X5 as a leader in this field, have been developing for years in different areas. And we, in turn, are very interested in young specialists, so we invest in their development from the very beginning,” said Vladimir Salakhutdinov, Chairman of the Academic Council of the program, First Deputy General Director of X5 Group.

Starkov Andrey Gennadievich

Academic Director of the Master’s Program, Associate Professor of Practice at the Higher School of Business, National Research University Higher School of Economics

“We have updated the curriculum structure of the joint Master’s program with X5 Group, placing an emphasis on project-based learning. Consulting projects, group assignments, and internships will help students form an impressive portfolio in two years for successful career development or launching their own project. Modern teaching methods, elective courses, and extracurricular activities will help develop the necessary management competencies and skills. X5 Group’s participation in the program not only guarantees the relevance of the knowledge gained, but also the integration of students into the professional community through guest lectures, excursions, and round tables.”

Reception of documents for applicants to the program in 2025 will be held from June 19 to August 15: this year, 63 places are open for students from Russia and one for students from foreign countries. X5 will provide grants for the best students to study.

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

MIL OSI Russia News –

March 20, 2025
MIL-OSI Security: Florida Attorney Sentenced to 102 Months for an Attempted Bombing Near the Chinese Embassy in Washington, D.C.

Source: Federal Bureau of Investigation (FBI) State Crime News

WASHINGTON – Christopher Rodriguez, 45, of Panama City, Fla., was sentenced today to 102 months in federal prison for the September 2023 attempted bombing near the Embassy of the People’s Republic of China in Washington, D.C., and for the November 2022 bombing of a satirical sculpture depicting communist leaders Vladimir Lenin and Mao Zedong in San Antonio, Texas.

The sentence was announced by U.S. Attorney Edward R. Martin, Jr., and Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Washington Field Division.

Rodriguez, a licensed Florida attorney and a U.S. Army veteran, pleaded guilty August 2, 2024, to damaging property occupied by a foreign government, explosive materials—malicious damage to federal property, and receipt or possession of an unregistered firearm (destructive device).

In addition to the 102-month prison term, U.S. District Court Chief Judge James E. Boasberg ordered Rodriguez to serve three years of supervised release.

According to court documents, on September 23-24, 2023, Rodriguez drove from his home in Panama City, Fla., to Northern Virginia with a rifle and 15 pounds of explosive material. On the way, he stopped in Harrisonburg and Charlottesville, Va., to buy a black backpack, nitrile gloves, and a burner cell phone. On September 24, he parked his car in Arlington, Va., and used the burner phone to arrange for a taxi to drive him to within a few blocks of the Chinese Embassy. Between midnight and 3 a.m. near the back wall of the Embassy in Northwest Washington, Rodriguez placed the explosives-filled backpack next to a streetlight. Rodriguez then attempted to detonate the explosives by shooting at the backpack with a rifle. Rodriguez missed his target, and the device failed to detonate. Law enforcement officers later recovered the backpack containing explosive material, three shell casings, and bullet fragments from the ground along the outer perimeter wall of the Chinese Embassy. Impact marks were found on the Embassy wall near the bullet fragments behind the backpack.

According to court documents, DNA obtained from the black backpack was found to be consistent with DNA evidence obtained from a previous arrest of Rodriguez in June 2021 in California. During the California incident, Rodriguez possessed three firearms and apparent explosive material consistent with the explosives used during the Chinese Embassy attack. DNA evidence obtained from Rodriguez pursuant to a buccal swab warrant later confirmed this DNA match.

Between November 5 and 7, 2022, according to court documents, Rodriguez rented a vehicle in Pensacola, Fla., and drove to San Antonio, Texas. At about 2:25 a.m. on November 7, Rodriguez scaled an eight-foot fence to enter a courtyard on the 300 block of West Commerce Street, San Antonio. Inside the courtyard, he placed two canisters of explosive materials at the base of a satirical steel sculpture titled “Miss Mao Trying to Poise Herself at the Top of Lenin’s Head.” At 2:30 a.m., Rodriguez used a rifle to shoot at the canisters at the base of the statue, causing an explosion that caused damages of at least $325,000 to the Miss Mao sculpture.

Law enforcement arrested Rodriguez on November 4, 2023, in Lafayette, Louisiana. He has been held since that date.

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), Washington Field Division. Valuable assistance was provided by the U.S. Attorney’s Offices for the Northern District of Florida, the Western District of Louisiana, and the Western District of Texas; the ATF’s Tampa, New Orleans, and Houston Field Divisions; the FBI’s Washington and San Antonio Field Offices; the San Antonio Field Office of the Department of Homeland Security, Homeland Security Investigations; the U.S. Secret Service, Uniformed Division and Foreign Missions Detective Unit; the U.S. Department of State, Bureau of Diplomatic Security; and the Metropolitan Police Department.

The case is being prosecuted by Assistant U.S. Attorneys Jolie F. Zimmerman and Stuart D. Allen. Valuable assistance was provided by Assistant U.S. Attorneys Maeghan Mikorski and Kelly Stephenson and former Assistant U.S. Attorney Michael McCarthy.

23cr392

MIL Security OSI –

March 20, 2025

Category: Commerce

IMF Communications Department

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Security-driven trade

A new focus for the WTO

Customer satisfaction – a cornerstone for banking and other financial services

Top management to accord priority to customer service

Improving customer service systems

Improving internal grievance redressal systems

Major areas of service improvement

Embracing technology – the AI way

Challenges and guardrails in AI driven grievance redressal system

Investing in human resources

RBI as a facilitator

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