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Category: Commerce

  • MIL-OSI United Kingdom: Update on Lay Members on the Security Vetting Appeals Panel

    Source: United Kingdom – Executive Government & Departments

    News story

    Update on Lay Members on the Security Vetting Appeals Panel

    An update on the term of four Lay Members who sit on the Security Vetting Appeals Panel.

    Four Lay Members on the Security Vetting Appeals Panel (SVAP) have had their terms extended until 31st March 2027.

    The Lay Members are Claire Stokes, James Barron, Nicholas Griffin and Sally Berlin, whose terms were due to finish on 31st March 2025. Their terms have been extended for continuity of board expertise.

    The Security Vetting Appeals Panel reviews decisions to refuse or withdraw National Security Vetting and the process involved. You can find out more about what the Panel does here.

    The Panel currently has 15 sitting members: a Chair, a Deputy Chair and 13 Lay Members. 

    There are no statutory limits on the number of terms a Lay Member can serve. However, the Governance Code for Public Appointments sets out that no individual should serve in a single role for more than two terms or ten years.

    Claire Stokes was Risk Management Lead Partner for PricewaterhouseCoopers (PwC) and is currently an Independent Contractor with PwC Global. 

    James Barron is a former senior civil servant and prior to retirement was Chief Executive of the Office of Parliamentary Counsel.

    Nicholas Griffin QC founded the QEB Hollis Whiteman Public Law Group and is the head of Chambers’ Business and Human Rights Group. He is Trustee of Anti-Slavery International; UK Anti-Doping board member and Former Assistant Commissioner for the Boundary Commission for England. 

    Sally Berlin is Director of Casework Operations at the Criminal Cases Review Commission.

    Updates to this page

    Published 18 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Ambitions are high as UK celebrates a year in Horizon Europe

    Source: United Kingdom – Government Statements

    Press release

    Ambitions are high as UK celebrates a year in Horizon Europe

    Hundreds of researchers, business leaders and academics gather at the Oval in London to mark a year of UK success in Horizon – and plan for much more.

    • Hundreds of researchers, business leaders and academics gather at the Oval in London to mark a year of UK success in Horizon – and plan for much more
    • £80 billion Horizon Europe programme is the world’s largest international research endeavour, and an important part of the UK’s relationship with Europe
    • International research collaboration is a key driver of economic growth, and the government’s Plan for Change

    More than 500 of the UK’s leading researchers, businesspeople and scientists will gather at London’s Oval today (Tuesday 18 March) to celebrate the successes that have already been delivered since the UK associated to the Horizon Europe programme, last year. They’ll also hear advice from industry experts, European diplomats, and leading academics on how to seize the opportunities for funding and collaboration that Horizon offers, with £80 billion up for grabs through the programme.

    Initial signs suggest UK association is trending in the right direction. Recent ERC Synergy Grants saw awards made to 18 UK-hosted projects, the second highest number. Horizon is giving British researchers and innovators access to funding, so they can tackle some of the biggest issues facing society, from breakthroughs in healthcare, to putting AI to work across the economy. All of this stands to unleash growth and create jobs in high-potential new industries, all of which supports the growth goals at the heart of the government’s Plan for Change.

    In 2025, the government is doubling down on its efforts to help the UK’s brightest minds access the opportunities on offer through Horizon, through a new PR blitz, networking events in Italy, Germany and Spain for British businesspeople and researchers, and grants to help cover the businesses cover the cost of attending R&D events across Europe.

    Science Minister Lord Vallance, who will speak at today’s Showcase, said:

    Science is stronger when we work together with others, and as new technologies like AI develop rapidly international collaboration on research is more important than ever before.

    Investing in R&D unlocks the door to more productive businesses, highly skilled and paid jobs, economic growth, and innovations that improve our lives and health. We need to go even further to seize the opportunity our association to Horizon represents and then reap the benefits.

    Besides Lord Vallance’s keynote, attendees at the Showcase will also hear from UKRI’s International Champion Professor Christopher Smith, DSIT’s Chief Scientific Adviser Professor Chris Johnson, and Cyril Robin-Champigneul from the EU’s delegation to the UK. That will be supplemented by sessions with experts from the UKRI on how to build the best bids for Horizon grants, and networking opportunities.

    DSIT Chief Scientific Adviser Professor Chris Johnson said:

    Over the last year we’ve seen some initial green shoots of recovery when it comes to UK participation in Horizon Europe. Events like today are an important chance to build on that positive momentum, and learn from the experience of those who’ve already been successful in building bids for funding.

    In 2025 and beyond, we want more researchers and businesses to seize the benefits of Horizon, to accelerate the discoveries that will boost our economy, and deliver new technologies that will improve all our lives.

    UKRI International Champion Professor Christopher Smith said:

    Today’s gathering at the Oval is a testament to the extraordinary progress we’ve made since associating to the Horizon Europe programme. The collaboration and innovation fostered through Horizon Europe are driving breakthroughs that will shape our future, from healthcare advancements, to climate monitoring, to AI integration across industries.

    As we look ahead, it’s crucial that we continue to leverage these opportunities to work collaboratively with our international partners, advancing research, fostering innovation, and supporting our vibrant research community.

    Businesses up and down the country are already carrying out cutting-edge R&D thanks to Horizon backing, as well as building consortia with partners in countries ranging from Canada to South Korea, and beyond.

    We know from recent history that the UK can be a leader in this area. We have 4 of the top 10 universities in the world, and the second-highest number of Nobel prize winners globally. A quarter of projects in which the UK participated, funded through Horizon Europe’s predecessor, were UK-led. 

    Further information, including practical support on how to apply, is available on the Horizon Hub – found on Innovate UK and UK Research and Innovation websites. UKRI also host regular events that help guide businesses and researchers through the opportunities on offer and the application process. 

    Potential applicants can find Horizon Europe calls (funding opportunities) open to UK-based applicants using the European Commission’s funding and tender opportunities portal. They can apply for Horizon Europe funding through the European Commission’s funding and tenders portal, where the original funding call is found. More information on how to submit applications are available on the European Commission’s website.

    DSIT media enquiries

    Email press@dsit.gov.uk

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

    Updates to this page

    Published 18 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: New Master’s program at GUU: the foundation of the future of domestic automobile manufacturing

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    The State University of Management announces the launch of a new master’s program “Organizer of production in the automotive industry”. The industrial partner of the program is FSUE “NAMI”.

    The program is implemented in the direction 38.04.02 “Management”. The main goal is to train highly qualified specialists who are able to effectively manage production processes in the automotive industry and adapt to changes in the industry.

    The implementation of the educational program components in terms of engineering is carried out on the basis of the Federal State Unitary Enterprise “NAMI”, as well as the developing infrastructure of the State University of Management: the Center for Management of Engineering Projects, the Center for Intellectual Property and Technology Transfer and other divisions.

    The program is a unique educational product that combines the best experience of the State University of Management in the field of transport and logistics, as well as the competencies and expertise of the Federal State Unitary Enterprise “NAMI” in the field of implementing projects for the transport industry.

    In addition, the industrial partners of the program are leading companies in the automotive and logistics sectors: the Union of Automotive Services, the Association of Russian Automobile Dealers, GLT, Sovtransavto, Orekh JSC and others.

    Who is this program suitable for?

    1. Bachelor’s degree graduates: – Young people who have completed their studies in management, economics, engineering, technology and related fields; – Students interested in deepening their knowledge and skills in the field of production process management in the automotive industry.

    2. Professionals and practitioners: – Automotive industry workers who want to improve their skills and move into management positions; – Engineers, technologists and managers who want to expand their knowledge in the field of production organization and project management.

    3. Entrepreneurs and Business Owners: – People running their own business in the automotive or related industries who want to improve their management skills and optimize production processes.

    4. Government Officials: – Government officials involved in the regulation and development of the automotive industry who require in-depth knowledge of production processes and management in this area.

    5. International students: – Foreign citizens interested in receiving quality education in the field of management and automotive engineering in Russia, with the aim of developing a career both in the Russian and international markets.

    Why choose the “Production Organizer in the Automotive Industry” program at the State University of Management?

    The program was developed with the direct participation of FSUE “NAMI”; The Department of Transport Systems Management provides practical training and employment options; Project work: development of own startups and research in the automotive industry; Practical focus: inclusion of practical classes, internships and projects in real conditions based on FSUE “NAMI” and other enterprises of the automotive industry, which allows students to gain valuable experience and skills; Modern educational facilities: access to the latest technologies and equipment used in the automotive industry, which contributes to a deeper understanding of the processes and methods of production management; Qualified teaching staff: teaching is conducted by experts with experience in the automotive industry and academia, which ensures a high level of education and the relevance of knowledge.

    What will students learn if they choose the “Automotive Production Organizer” program?

    Modern technologies in automobile development; Automobile life cycle; Fundamentals of design in the automotive industry; Business process management in the automotive business; Analysis, management and insurance of risks in automotive business projects; State regulation of the automotive business; Management of competitiveness of the automotive business; Customs support of the automotive sector; Innovative management in the automotive business; Customer service in the automotive business; Economic security of the automotive business.

    Details of the educational program can be found on the official website.

    Let us also recall that the Department of Transport Systems Management of the State University of Management launched a new bachelor’s degree program, “Transport Systems Management,” at the end of February.

    Subscribe to the TG channel “Our GUU” Date of publication: 03/18/2025

    ФГУП «НАМИ»….” data-yashareImage=”https://guu.ru/wp-content/uploads/Организатор-производства-на-транспорте.jpg” data-yashareLink=”https://guu.ru/%d0%bd%d0%be%d0%b2%d0%b0%d1%8f-%d0%bf%d1%80%d0%be%d0%b3%d1%80%d0%b0%d0%bc%d0%bc%d0%b0-%d0%bc%d0%b0%d0%b3%d0%b8%d1%81%d1%82%d1%80%d0%b0%d1%82%d1%83%d1%80%d1%8b-%d0%b3%d1%83%d1%83-%d1%84%d1%83%d0%bd/”>

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

    MIL OSI Russia News –

  • MIL-OSI Economics: ADB, Vinschool Sign First Sustainability-Linked Loan in Viet Nam’s Education Sector

    Source: Asia Development Bank

    HA NOI, VIET NAM (18 March 2025) — The Asian Development Bank (ADB) has led and signed a $150 million syndicated sustainability-linked loan with Vinschool Joint Stock Company. The loan will be used to expand the Vinschool education system, providing educational facilities for 20,400 students in urban areas of Ha Noi, Ho Chi Minh City (HCMC), and Hung Yen.   

    “This project marks ADB’s first private sector investment in Viet Nam’s education sector and highlights our commitment to fostering sustainable development in the country,” said ADB Country Director for Viet Nam Shantanu Chakraborty. “By supporting the country’s first sustainability-linked loan in the education sector, we aim to enhance educational infrastructure while contributing to new residential hub development in the country.”

    As the mandated lead arranger and bookrunner, ADB has syndicated and structured a financing package that includes a $40 million loan from ADB Ordinary Capital Resources, a $35 million loan from the Leading Asia’s Private Sector Infrastructure Fund 2 (LEAP 2) administered by ADB, and $75 million in parallel loans.  

    The parallel loans comprise $40 million from ILX, an Amsterdam-based emerging market asset manager, and $35 million from the Emerging Africa & Asia Infrastructure Fund, an emerging market infrastructure debt fund established by the Private Infrastructure Development Group and managed by NinetyOne. The loan has been validated through a second-party opinion from DNV Business Assurance Vietnam Co., Ltd.

    Viet Nam has made significant progress in expanding education coverage, achieving an impressive 98% literacy rate and over 98% primary education enrollment. However, as the nation strives to transition from a developing to a middle-income country, there is a critical need to improve education quality and enhance education access in rapidly urbanizing cities. The private sector, including institutions like Vinschool, is vital in bridging this gap.

    “We are delighted to partner with ADB and other impact focused lenders on this groundbreaking initiative. This investment will enable us to provide high-quality learning opportunities to more students while setting a benchmark for sustainable education in Viet Nam,” said Vinschool Chief Executive Officer Phan Ha Thuy. “This is a project that underscores Vinschool’s commitment to Environmental, Social, and Governance principles, reinforcing its dedication to sustainable development.”

    LEAP 2 is an ADB-managed fund with a $1.5 billion commitment from the Japan International Cooperation Agency (JICA). It focuses on sustainable private sector infrastructure projects that reduce carbon emissions, improve energy efficiency, and provide affordable health care, education, and communication services to ADB’s developing member countries.

    Established in 2013, Vinschool is the largest private school system in Viet Nam, offering high quality education from kindergarten to high school. Vinschool currently serves more than 48,000 students across 54 campuses in Ha Noi, HCMC, and four other provinces, offering both national curriculum and Cambridge bilingual programs. Vinschool is a subsidiary of Vingroup Joint Stock Company, one of Viet Nam’s largest conglomerates. 

    ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Russia: The employment service invites wives of SVO participants to free business trainings

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    From April 14 to 17, the “Moya Rabota” center on Shabolovka Street will host the “Women’s Business” accelerator. Spouses of special military operation participants are invited to join. Visitors will be taught the basics of running a business and developing a personal brand, public speaking and writing a marketing plan, preparing project promotion strategies, and much more.

    Modern women are increasingly striving for professional self-realization, often choosing the entrepreneurial scenario. The Moscow Employment Service offers various programs that help residents develop their careers and improve their skills and competencies.

    “Entrepreneurship allows you to gain financial independence, monetize your hobby, create a unique product, and plan your time more flexibly. For the wives of the special military operation participants, we have prepared an intensive program where they will learn a lot about opening and developing their own business, make new acquaintances, and have a useful time. In four days, the guests will learn to work in a team and present their projects to investors, and will immerse themselves in financial and other important nuances of business,” said Andrey Tarasov, head of the Moscow employment service and the Professions of the Future center.

    On the first day, April 14, participants will discuss organizational issues and measures of state support for business, learn the basics of entrepreneurship, and learn teamwork and business thinking.

    On April 15, experienced trainers will talk about entering marketplaces and successful examples of existing businesses. The participants will delve into the intricacies of customer service and writing a marketing plan, and will also prepare to defend projects and work with presentations.

    The program on April 16 will be dedicated to the art of public speaking, analysis of tax, financial and other aspects, as well as communication strategies of an entrepreneur.

    On the final day of the accelerator, April 17, participants will defend their projects and receive awards for the winners.

    The meetings will take place at the flagship center “My work” at the address: Shabolovka street, building 48. Participation is free, registration open until April 5. The “Women’s Business” accelerator is organized with the participation of the Moscow City Branch “Support of Russia”.

    The Moscow City Employment Service is the largest state personnel operator that helps residents of the capital find work. Its structure includes employment offices, many of which are located in the My Documents government service centers. The flagship centers are open at the following addresses: Kuusinen Street, Building 2, Building 1, and Shabolovka Street, Building 48. The specialized My Career employment center is located on Sergiya Radonezhskogo Street (Building 1, Building 1).

    At the Professions of the Future center (38 Shchepkina Street, Building 1), you can master one of 75 in-demand professions in various sectors of the economy in a maximum of three and a half months. Career mentors will help you find a job after completing your training. The center’s partners include more than three thousand employers. In addition, a comprehensive career guidance program is being implemented here for ninth-grade students.

    How noted Sergei Sobyanin, in his strategy for developing Moscow’s social security system until 2030, the city offers residents the opportunity to develop their human resources and join the country’s largest labor market.

    The My Work Center has been helping Muscovites become entrepreneurs for 4 years — Sobyanin

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/151439073/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Coastal Development

    Source: Government of India

    Posted On: 18 MAR 2025 3:48PM by PIB Delhi

    The ‘National Policy on Marine Fisheries, 2017 notified by the Government of India, provides guiding principles of conservation and optimum utilization of fisheries resources. The policy also highlights marine environment and pollution issues including micro-plastic and ghost nets. The policy supports regulatory mechanisms to control pollutants from land and sea-based sources, which can be effectively controlled and the ecosystems monitored for pollution related aspects. To combat marine plastic pollution, particularly from fishing and maritime sectors, the Department of Fisheries, Government of India has been actively engaged in the global efforts like Glolitter Partnership Project and Reglitter Project both of which are jointly implemented by the International Maritime Organization (IMO), Food, and Agriculture Organization of the United Nations (UN-FAO).

    These projects focus on preventing and reducing Marine Plastic Litter (MPL) from sea-based sources, with an emphasis on addressing abandoned, lost, or discarded fishing gear (ALDFG) and wastes from ships. As a Lead Partnering Country (LPC) in the Glolitter Project, Department of Fisheries, Government of India has published its National Action Plan (NAP), which outlines strategic measures to reduce Marine Plastic Litter from Sea-based Sources. To address the issues of destructive fishing, the Government of India has banned fishing methods such as pair or bull trawling and the use of LED or artificial lights for fishing in the EEZ area.

    To ensure long-term viability of the sector and to address the issues related to climate change, protection and restoration of critical habitat, the Department of Fisheries, Government of India is working closely with the State Governments and environmental agencies. These efforts include establishment of artificial reefs along the entire coastline of India, conduct of sea ranching, promotion of seaweed farming, implementation of uniform fishing ban for 61 days during the major fish breeding period and installation of Turtle Excluder Devices (TEDs) in trawl nets for conservation of turtles, etc. Further, advisories are issued to States/UTs to take measures to prevent juvenile fishing such as implementation of mesh size regulations and minimum legal size of fish under their Marine Fishing Regulation Acts (MFRAs) to ensure sustainable and responsible fishing practices. In addition, to enhance the economic resilience of coastal communities impacted by the climate change, the Department of Fisheries, Government of India under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) has identified 100 coastal fishermen villages situated close to the coastline as Climate Resilient Coastal Fishermen Villages (CRCFV). The activities in the identified coastal fishermen villages are need-based facilities, including common facilities like fish drying yards, fish processing centers, fish markets, fishing jetties, ice plants, cold storages, and emergency rescue facilities. The Government is promoting climate resilient livelihoods like aquaculture, especially the mariculture of seaweed, food and ornamental fishes, bivalves etc through the schemes of the Department of Fisheries in a large way. Additionally, the ICAR-Fisheries Research Institutes have been contributing to enhance inland and marine aquaculture through ongoing research, technology development, and capacity-building with funding support of the Government of India.

    The regulatory framework such as Maritime Zones of India (Regulation of fishing by foreign vessels) Act, 1981 and the Marine Fishing Regulation Acts of all maritime States/Union Territories have provisions to prevent certain forms of Illegal, Unreported and Unregulated (IUU) fishing by foreign vessels and Indian vessels respectively. Further, implementation of ReALCraft, a web-based portal for registration and licensing of fishing vessels, issuance of biometric identity cards to marine fishers and vessel communication and support system supported under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) also help in prevention of IUU fishing. In addition, the Fishery Survey of India (FSI) is conducting awareness programs in coastal fishing villages across the country to educate fishers about the FAO-CCRF (Code of Conduct for Responsible Fisheries) and need for prevention of IUU fishing. The Department of Fisheries, Government of India, is also collaborating with the international bodies, like the Indian Ocean Tuna Commission (IOTC), which works to prevent, deter and eliminate IUU fishing in the Indian Ocean region.

    To address the issue of price instability and ensure fair and predictable income for fishermen, PMMSY has supported 27189 units of fish transportation facilities (refrigerated vehicles, insulated vehicles, two wheelers/ three wheelers), 21 state-of-the-art wholesale fish markets, 202 fish retail markets, 6694 fish kiosks and 5 E-platforms for e-trading and e-marketing of fish and fisheries products in all the States/UTs across the country with a total outlay of Rs. 1654.51 crore. To provide real-time and accurate price information to fishers and fish farmers and to help them to negotiate better price, the Department through the National Fisheries Development Board (NFDB) has launched the ‘Fish Market Price Information System’ (FMPIS) during 2018-19 to capture and disseminate fish market prices of commercially important marine and inland fishes from 111 wholesale and retail fish markets in 29 States/UTs. Further, the Department of Fisheries signed a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) with an objective to provide a digital platform and empower all stakeholders including traditional fishermen, fish farmers’ producer organizations and entrepreneurs in the fisheries sector to buy and sell their products through e-marketplace.

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Lok Sabha on 18th March, 2025.

     *******

    AA

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Sahkar se Samriddhi

    Source: Government of India (2)

    Ministry of Cooperation

    Sahkar se Samriddhi

    Posted On: 18 MAR 2025 3:15PM by PIB Delhi

    To achieve the prosperity in the country through the mantra of “Sahakar Se Samriddhi” given by the Prime Minister, a pilot project to promote ‘Cooperation among Cooperatives’ was launched by Union Minister of Home and Cooperation on 21st May,2023 in Banaskantha and Panchmahal District Central Cooperative Banks (DCCBs) of Gujarat to promote all financial transactions of Primary Dairy Cooperative Societies (PDCSs) with Rural Cooperative Banks and to strengthen and make the cooperative sector Aatma Nirbhar. Activities taken up under the pilot project are as under:

    1. Dairy cooperative societies were made Bank Mitras of DCCBs: To ensure ease of doing business of PDCSs through digital financial transactions and to promote financial inclusion, micro-ATMs were given to these Bank Mitra PDCS with support from NABARD’s Financial Inclusion Fund (FIF) to provide doorstep financial services.
    2. Rupay KCC through DCCBs: To expand the business and reach of DCCBs and to provide necessary liquidity/credit to the members of dairy cooperative societies, RuPay Kisan Credit Cards (KCCs) were issued by DCCBs to the members of PDCS and other societies for providing timely credit at comparatively lower interest rates and enabling other financial transactions.
    3. Awareness about the campaign was created through Financial Literacy Camps (FLCs) which was also supported through FIF.

    On the basis of learnings during the pilot project, the campaign was expanded and launched in all districts of Gujarat from 15th January 2024. Achievements during the campaign in the state of Gujarat are provided below:-

    • Over 2,23,994 new RuPay KCCs were issued by DCCBs.
    • 6446 micro-ATMs were distributed to new Bank Mitra PDCS
    • 6529 Bank Mitras were enrolled
    • More than 23 lakh deposit accounts opened
    • Total amount deposited was Rs. 8329 crore

    A Standard Operating Procedure for the nation-wide implementation of the Campaign on ‘Cooperation among Cooperatives’ was launched on 19.09.2024.

    Ministry of Cooperation with active participation of various States/ UTs has taken various initiatives to revitalize and strengthen the cooperative sector across the country ensuring uniform development of Cooperative Societies across all the States, which are enclosed at Annexure. These initiatives also include the measures taken to strengthen cooperative societies in those States where the cooperative movement is not in good position at present.

    To enhance international market access for cooperative based products, Ministry of Cooperation has set up National Cooperative Export Limited (NCEL). NCEL will focus on exporting the surpluses available in the Indian cooperative sector by accessing wider markets beyond the geographical contours of the country, thereby, increasing the demand of Indian Cooperative products/services across the globe and fetch best possible prices for such products/services. It will promote exports through various activities including procurement, storage, processing, marketing, branding, labelling, packaging, certification, research and development, etc, and trading of all types of goods and services produced by cooperative societies. 8,863 cooperatives have become member of NCEL.

    *****

    ANNEXURE

    Progress on major initiatives taken by Ministry of Cooperation

    Ministry of Cooperation, since its inception on 6th July, 2021, has undertaken several initiatives to realize the vision of “Sahakar-se-Samriddhi” and to strengthen & deepen the cooperative movement from Primary to Apex level Cooperatives in the country. List of initiatives taken and progress made so far are as follows:

    A. Making Primary Cooperatives economically vibrant and transparent

    1. Model Bye-Laws for PACS making them multipurpose, multidimensional and transparent entities: Government, in consultation with all the stakeholders, including States/ UTs, National Level Federations, State Cooperative Banks (StCBs), District Central Cooperative Banks (DCCBs), etc., has prepared and circulated Model Bye-laws for PACS to all the States/ UTs, which enable PACS to undertake more than 25 business activities, improve governance, transparency and accountability in their operations. Provisions have also been made to make the membership of PACS more inclusive and broad-based, giving adequate representation to women and Scheduled Castes/Schedules Tribes. So far, 32 States/ UTs have adopted Model Bye-laws or their existing bye-laws are in line with Model Bye-laws.
      1. Strengthening of PACS through Computerization: In order to strengthen PACS, project for Computerization of functional PACS with a total financial outlay of ₹2,516 Crore has been approved by the Government of India, which entails bringing all functional PACS in the Country onto a common ERP based national software, linking them with NABARD through StCBs and DCCBs. A total of 67,930 PACS from 30 States/ UTs have been sanctioned under the project. A total of 50,455 PACS have been onboarded on ERP Software and hardware has been procured by 30 States/UTs.
      1. Establishing New Multipurpose PACS/ Dairy/ Fishery Cooperatives in covering all the Panchayats: The Government of India has approved the plan to establish new multipurpose PACS/dairy/fisheries cooperatives, aiming to cover all panchayats and villages in the country over the next five years. This initiative is supported by NABARD, NDDB, NFDB and State/UT Governments. For effective implementation of the initiative, ‘Margadarshika’ has been launched on 19.9.2024, indicating the targets and timelines for stakeholders. As per National Cooperative Database, a total of 12,957 new PACS, Dairy and Fishery Cooperative Societies have been registered as on 27.1.2025 across the country since the approval of the plan on 15.2.2023.
      1. World’s Largest Decentralized Grain Storage Plan in Cooperative sector: Government has approved a plan to create warehouses, custom hiring centers, primary processing units and other agri-infrastructure for grain storage at PACS level, through convergence of various GOI schemes, including AIF, AMI, SMAM, PMFME, etc. This will reduce wastage of food grains and transportation costs, enable farmers to realize better prices for their produce and meet various agricultural needs at the PACS level itself. Under the pilot project, construction of godowns in 11 PACS of 11 States has been completed.
      2. PACS as Common Service Centers (CSCs) for better access to e-services: An MoU has been signed between Ministry of Cooperation, MeitY, NABARD and CSC e-Governance Services India Limited for providing more than 300 e-services such as banking, insurance, Aadhar enrolment/ updation, health services, PAN card and IRCTC/ Bus/ Air ticket, etc. through PACS. So far, 42,080 PACS have started providing CSC services to rural citizens.
      1. Formation of new Farmer Producer Organizations (FPOs) by PACS: Government has allowed 1100 additional FPOs to be formed by PACS with the support of NCDC, in those blocks where FPOs have not yet been formed or the blocks are not covered by any other implementing agency. Against this allocation of 1100 blocks, 958 FPOs have been registered/ on-boarded as on 27.01.2025. Apart from this, 730 FPOs have already been formed by NCDC in cooperative sector. As on date, a total of 1,688 FPOs have been registered / on-boarded by NCDC in cooperative sector. This will be helpful in providing farmers with necessary market linkages and get fair and remunerative process for their produce.
      1. PACS given priority for Retail Petrol/ Diesel outlets: Government has allowed PACS to be included in the Combined Category 2 (CC2) for allotment of retail petrol/ diesel outlets. As per information received from Oil Marketing Companies (OMCs), 286 PACS from 25 States/UTs have applied online for retail petrol/ diesel outlets.
      1. PACS given permission to convert bulk consumer petrol pumps into retail outlets: The existing bulk consumer licensee PACS have been given a one-time option by Oil Marketing Companies to convert into retail outlets. As per information shared by OMCs, 116 wholesale consumer pump licensee PACS from 5 States have given consent for conversion into Retail Outlets, out of which 56 PACS have been commissioned by the OMCs.
      1. PACS eligible for LPG Distributorship for diversifying its activities: Government has now allowed PACS to apply for LPG Distributorships. This will give PACS an option to increase their economic activities and diversify their income stream. As of now, 2 PACS from the state of Jharkhand have applied for LPG distributorship under CC Category.
      1. PACS as PM Bharatiya Jan Aushadhi Kendra for improving access to generic medicines at rural level: PACS have been allowed to operate Pradhan Mantri Bhartiya JanaushadhiKendras (PMBJKs), which will provide additional income source to them and ease the access to quality generic medicines for rural citizens. So far, 4,523 PACS/ cooperative societies have applied online for PMBJKs, out of which 2,744 PACS have been given initial approval by Pharmaceutical & Medical Devices Bureau of India (PMBI) and 785 PACS have received drug license from State Drug Controllers and 716 PACS have got store codes from PMBI which are ready to function as PM Bhartiya Jan Aushadhi Kendras.
      1. PACS as Pradhan Mantri Kisan Samriddhi Kendras (PMKSK): PACS have been enabled to operate PMKSK for ensuring easy accessibility of fertilizer & related services to farmers in the country. As per the information shared by Department of Fertilizers (GOI) and States/ UTs, a total of 36,193 PACS are functioning as PMKSK.
      1. PACS to carry out O&M of rural piped water supply schemes (PWS): PACS have been made eligible to carry out the Operations & Maintenance (O&M) of PWS in rural areas. As per information received from States/ UTs, 934 PACS have been identified/ selected by 13 States/ UTs to provide O&M services at Panchayat/ Village level.
      1. Convergence of PM-KUSUM at PACS level: Farmers associated with PACS can adopt solar agricultural water pumps and install photovoltaic modules in their farms.
      2. Micro-ATMs to Bank Mitra Cooperative Societies for providing doorstep financial services: Dairy and Fisheries cooperative societies can be made Bank Mitras of DCCBs and StCBs. To ensure their ease of doing business, transparency and financial inclusion, Micro-ATMs are also being given to these Bank Mitra Co-operative Societies with support from NABARD to provide ‘Door-step Financial Services’. To facilitate effective implementation of the initiative, an SOP has been launched on 19th September 2024. So far, 8,322 Micro-ATMs have been distributed to Bank Mitra cooperative societies in Gujarat.
      1. Rupay Kisan Credit Card to Members of Milk Cooperatives: In order to expand the reach of DCCBs/ StCBs and to provide necessary liquidity to the members of Dairy Cooperative societies, Rupay Kisan Credit Cards (KCCs) are being distributed to the members of cooperatives for providing credit at comparatively lower interest rates and to enable them to carry out other financial transactions. To facilitate effective implementation of the initiative, an SOP has been launched on 19th September 2024. So far, 7,43,810 Rupay KCC have been distributed in the State of Gujarat.

    16. Formation of Fish Farmer Producer Organization (FFPO): In order to provide market linkage and processing facilities to fishermen, NCDC has registered 70 FFPOs in the initial phase. In addition, Department of Fisheries, Government of India has allocated the work of converting 1000 existing fisheries cooperative societies into FFPOs to National Cooperative Development Corporation. National Cooperative Development Corporation has identified 997 Primary Fisheries Cooperatives Societies to strengthen as FFPOs, with an approved outlay of Rs. 280.65 crore.

      1. White Revolution 2.0: The Ministry of Cooperation has launched an initiative to usher Cooperative-led “White Revolution 2.0” aimed at expanding cooperative coverage, employment generation and women’s empowerment with an objective “To increase the milk procurement of dairy cooperatives by 50% from the present level over next five years by providing market access to dairy farmers in uncovered areas and increasing the share of dairy cooperatives in organised sector.” The SOP for White Revolution 2.0 was launched on 19.11.2024 by Hon’ble Home & Cooperation Minister in presence of Hon’ble Minister of Fisheries, Animal Husbandry and Dairying. On 25.12.2024 Hon’ble Home & Cooperation Minister in the presence of Hon’ble Minister of Fisheries, Animal Husbandry and Dairying inaugurated 6,600 newly set up Dairy Cooperative Societies. So far, 8,294 DCSs have been registered in 27 States/UTs.
      2.  Atmanirbharta Abhiyan: Ministry of Cooperation has launched the initiative to incentivize production of pulses (tur, masur and urad) to reduce dependency on imports, and production of maize to be used for production of ethanol for meeting the goal of Ethanol Blending Programme (EBP) through National Cooperative Consumer Federation (NCCF) and National Agricultural Cooperative Marketing Federation of India (NAFED). Both have developed their own web portal i.e. e-samyukti and e-samridhi respectively for registration of farmers through cooperatives. Both have assured pre-registered farmers of tur, urad, masur and maize to procure 100% of their produce at Minimum Support Price (MSP). However, if market prices exceed the MSP, farmers are free to sell their produce in the open market. A total of 12,64,212 farmers have already registered on the e-samyukti portal of NCCF. Similarly, 6,75,178 farmers have registered themselves on the e-samridhi portal of NAFED.

    B. Strengthening the Urban and Rural Cooperative Banks

    1. Urban Cooperative Banks (UCBs) have been allowed to open new branches to expand their business: UCBs can now open new branches up to 10% (maximum 5 branches) of the existing number of branches in the previous financial year without prior approval of RBI.
    1. UCBs have been allowed by RBI to offer doorstep services to their customers: Door step banking facility can now be provided by UCBs. Account holders of these banks can now avail various banking facilities at home such as cash withdrawal, cash deposit, KYC, demand draft and life certificate for pensioners, etc.
    1. Cooperative banks have been allowed to make one-time settlement of outstanding loans, like Commercial Banks: Co-operative banks, through board-approved policies, can now provide the process for settlement with borrowers, along with technical write-off.
    1. Time limit increased to achieve Priority Sector Lending (PSL) targets given to UCBs: RBI has extended the timeline for UCBs to achieve Priority Sector Lending (PSL) targets by two years i.e., up to March 31, 2026.
    1. A Nodal Officer designated in RBI for regular interaction with UCBs: In order to meet the long pending demand of the cooperative sector for closer coordination and focused interaction, RBI has notified a nodal officer.

    24. Individual housing loan limit more than doubled by RBI for Rural and Urban Cooperative Banks:

      1. Housing loan limit of Urban Cooperative Banks has now been doubled from Rs. 30 lakhs to Rs.60 lakhs.
      2. Housing loan limit of Rural Cooperative Banks has been increased to two and a half times to Rs.75 lakhs.

    25. Rural Cooperative Banks will now be able to lend to commercial real estate/ residential housing sector, thereby diversifying their business: This will not only help Rural Cooperative Banks to diversify their business, but will benefit Housing cooperative societies also.

    1. License fee reduced for Cooperative Banks: License fee for onboarding Cooperative Banks to ‘Aadhaar Enabled Payment System’ (AePS) has been reduced by linking it to the number of transactions. Cooperative financial institutions will also be able to get the facility free of cost for the first three months of the pre-production phase. With this, farmers will now be able to get the facility of banking at their home with through biometrics.
    1. Non-scheduled UCBs, StCBs and DCCBs notified as Member Lending Institutions (MLIs) in CGTMSE Scheme to increase the share of cooperatives in lending: Cooperative banks will now be able to take advantage of risk coverage up to 85 percent on the loans given. Also, cooperative sector enterprises will also be able to get collateral free loans from cooperative banks now.
    1. Notification of Scheduling norms for including Urban Cooperative Banks: UCBs that meet the ‘Financially Sound and Well Managed’ (FSWM) criteria and have maintained the minimum deposits required for classification as Tier 3 for the last two years are now eligible to be included in Schedule II of the Reserve Bank of India Act, 1934 and get ‘Scheduled’ status.
    1. Monetary ceiling doubled by RBI for Gold Loan: RBI has doubled monetary ceiling from Rs. 2 lakhs to Rs.4 lakhs, for those UCBs that meet the PSL targets.
    1. Umbrella Organization for Urban Cooperative Banks: RBI has accorded approval to the National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) for the formation of an Umbrella Organization (UO) for the UCB sector, which will provide necessary IT infrastructure and operational support to around 1,500 UCBs.

    C. Relief to Cooperative Societies in the Income Tax Act

    1. Surcharge reduced from 12% to 7% for co-operative societies having income between Rs. 1 to 10 Cr.: This will reduce the burden of Income Tax on Cooperative Societies and more capital will be available with them to work for the benefit of their members.
    1. MAT reduced for cooperatives from 18.5% to 15%: With this provision, now there is parity between Cooperative Societies and Companies in this regard.
    1. Relief in cash transactions under section 269ST of the Income Tax Act: In order to remove difficulties in cash transactions by cooperatives under Section 269ST of IT Act, Government has issued a clarification that cash transaction of less than Rs. 2 lakhs done by a cooperative society with its distributor in a day will be considered separately, and will not be charged with income tax penalty.
    2. Tax cut for new manufacturing Cooperative societies: Government has decided that a flat lower tax rate of 15% will be charged, compared to an earlier rate of up to 30% plus surcharge, for new cooperatives commencing manufacturing activities by March 31, 2024. This will encourage the formation of new cooperative societies in the manufacturing sector.
    1. Increase in limit of Cash Deposits and Cash Loans by PACS and PCARDBs: Government has enhanced the limit for Cash Deposits and Cash Loans by PACS and Primary Cooperative Agriculture and Rural Development Banks (PCARDBs) from Rs. 20,000 to Rs.2 lakh per member. This provision will facilitate their activities, increase their business and benefit members of their societies.
    1. Increase in the limit of Tax Deducted at Source (TDS) in Cash Withdrawal: Government has increased the cash withdrawal limit of cooperative societies without deduction of tax at source from Rs.1 crore to Rs.3 crore per year. This provision will save Tax Deducted at Source (TDS) for cooperative societies, which will enhance their liquidity.

    D. Revival of Cooperative Sugar Mills

    1. Relief from Income Tax to Sugar Cooperative Mills: Government has issued a clarification that cooperative sugar mills would not be subjected to additional income tax for paying higher sugarcane prices to farmers up to Fair and Remunerative or State Advised Price, from April, 2016 onwards.
    1. Resolution of decades old pending issues related to Income Tax of Sugar Cooperative Mills: Government has made a provision in its Union Budget 2023-24, wherein Sugar cooperatives have been allowed to claim as expenditure their payments to sugarcane farmers for the period prior to assessment year 2016–17, giving them a relief of more than Rs.46,000 crore.
    1. Rs.10,000 crore loan scheme launched for strengthening of Sugar Cooperative Mills: Government has launched a scheme through NCDC for setting up ethanol plants or cogeneration plants or for working capital or for all three purposes. So far, the Ministry has released Rs. 875 crore to NCDC (Rs. 500 crore in FY 2022-23 and Rs. 375 crore in FY 2024-25) under the scheme and as of now, NCDC has sanctioned 80 loans amounting to Rs.9,169.76 crore to 44 CSMs.
    1. Preference to Cooperative Sugar Mills in purchase of ethanol: Cooperative Sugar Mills have now been put at par with private companies for ethanol procurement by Government of India under the Ethanol Blending Programme (EBP).
    1. Strengthening of Cooperative Sugar Mills by converting their molasses-based ethanol plants into multi feed ethanol plants: Ministry of Cooperation has taken initiative in consultation with National Federation of Cooperative Sugar Factories Ltd. (NFCSFL) for conversion of existing molasses-based ethanol plants of CSMs into multi feed ethanol plants. The Cooperative Sugar Mills (CSMs) also produce ethanol from molasses and sugar syrup by installing ethanol production plants. However, the availability of raw material i.e., molasses and sugar syrup for production of ethanol is limited by many factors viz, Government Policy on diversion of sugarcane syrup, B heavy molasses for production of ethanol and duration of sugar cane crushing season and availability of sugarcane depending on rainfall, etc. On account of these limiting factors, the CSMs having ethanol plants are not able to operate them at full capacity round the year. The Government of India has prioritized maize for production of ethanol, therefore, it is prudent for CSMs to convert their existing ethanol production units into multi feed ethanol production units so that they are able to produce ethanol by using maize as raw material.
    1. Reduction in GST on molasses from 28% to 5%: Government has decided to reduce the GST on molasses from 28% to 5% which will enable cooperative sugar mills to earn more profits for their members by selling molasses to distilleries with higher margins.

    E. Three new National Level Multi-State Societies

    43. New National Multi-State Cooperative Seed Society for certified seeds: Government has established a new apex multi-state cooperative seed society under the MSCS Act, 2002, namely Bharatiya Beej Sahakari Samiti Limited (BBSSL) as an umbrella organization for quality seed cultivation, production and distribution under a single brand. During the Rabi 2024-25 season, 57 Varieties of 12 Crops were sown/ planted in 5,596 hectares. Similarly, during the Kharif 2024 season, 23 varieties of 8 Crops have been planted on 176.59 hectare of land. So far, 17,425 PACS/ Cooperative Societies have become members of BBSSL.

    1. New National Multi-State Cooperative Organic Society for organic farming: Government has established a new apex multi-state cooperative organic society under the MSCS Act, 2002, namely National Cooperative Organics Limited (NCOL) as an umbrella organization to produce, distribute and market certified and authentic organic products. So far, 5,184 PACS/ cooperative societies have become members of NCOL. NCOL has launched 13 products i.e., Whole Wheat Flour, Moong Dhuli, Moong Whole, Moog Chilka Dal, Moog Split, Arhar/ Toor Dal, Urad Whole, Urad Dal, Masoor Whole, Masoor Malka, Brown Chana, Rajma Chitra, Chana Dal under ‘Bharat Organics Brand’.
    1. New National Multi-State Cooperative Export Society for promoting exports: Government has established a new apex multi-state cooperative export society under the MSCS Act, 2002, namely National Cooperative Export Limited (NCEL) as an umbrella organization to give thrust to exports from cooperative sector. So far, 7,933 PACS/ cooperative societies have become members of NCEL. Till date, NCEL has achieved a total export quantity of commodities (rice, sugar, onion, wheat, maize and Jeera) of 12,52,083 Metric tonnes with an exported value of Rs. 5,099.24 crore.

    F. Capacity Building in Cooperatives

    1. Promotion of training and awareness through National Council for Cooperative Training (NCCT): By increasing its reach, NCCT has conducted 2,872 training programs and provided training to 2,35,060 participants till December 2024.

    G. Use of Information Technology for ‘Ease of Doing Business’

    1. Computerization of the Central Registrar’s Office: Central Registrar’s office has been computerized to create a digital ecosystem for Multi-State Cooperative Societies, which will assist in processing applications and service requests in a time bound manner.
    1. Scheme for computerization of office of RCSs in States/ Union Territories: To increase ‘ease of doing business’ for cooperative societies and create a digital ecosystem for transparent paperless regulation in all the States/ UTs, a Centrally Sponsored Project for Computerization of RCS Offices has been approved by the Government. Grants are provided for the purchase of hardware, development of software, etc. to the States/ UTs. So far, proposals received from 35 States/ UTs have been sanctioned by GOI.
    1. Computerization of Agriculture and Rural Development Banks (ARDBs): To strengthen the long-term cooperative credit structure, the project of computerization of 1,851 units of Agriculture and Rural Development Banks (ARDBs) spread across 13 States/ Union Territories has been approved by the Government. NABARD is the implementing agency for the project. So far, proposals from 10 States/UTs have been received and sanctioned. Further, GOI share amounting to Rs 5.08 crore has been released to 9 States/UTs in FY 2023-24 and FY 2024-25 for procurement of hardware, digitization and setting up of support system.

    H. Other Initiatives

    1. New National Cooperative Database for authentic and updated data repository: A database of cooperatives in the country has been prepared with the support of State Governments to facilitate stakeholders in policy making and implementation of programmes/ schemes related to cooperatives across the country. So far, data of more than

    8.2 lakh cooperatives across 30 sectors, with approximately 30 crore members, has been captured in the database.

    1. Cooperative Ranking Framework: The Government launched the Cooperative Ranking Framework on 24th January 2025 to rank cooperatives State-wise and sector-wise. The ranking framework enables State RCS to assess Cooperative Societies’ performance based on key parameters, including audit compliance, operational activities, financial performance, infrastructure, and basic identity information. The RCS of the States/ UTs, through login on NCD portal, can generate ranks of Cooperative Societies, initially of 7 major sectors namely PACS, Dairy, Fishery, Urban Cooperative Banks, Housing, Credit and Thrift, and Khadi and Gram Udyog. This ranking system aims to enhance transparency, reliability and competitiveness among cooperative societies, ultimately fostering their growth. Furthermore, top-performing cooperative societies in each sector will be recognized and honoured by the Ministry of Cooperation and respective State/ UT authorities, aligning with the objectives of the International Year of Cooperatives.
    1. International Year of Cooperatives – 2025 in India: The United Nations has declared 2025 as the International Year of Cooperatives (IYC 2025) to highlight the role of cooperatives in economic growth, social inclusion, and sustainability. The Ministry of Cooperation has developed an action plan in collaboration with National Cooperative Federations, State Governments, Central Ministries and other stakeholders emphasizing transparency, policy reforms, and rural economic transformation through PACS. Activities include training, board meetings, cooperative flag hoisting, exhibitions, and business expansion workshops at District, State, and National levels. To ensure effective execution, committees at national, state, and district levels have been formed. The National Execution Committee (NEC) and National Cooperative Committee (NCC) will oversee coordination and financial mobilization. State Apex Committees (SAC), along with State and District Cooperative Development Committees (SCDC & DCDC), will organize and manage State/ District/ Village level programs.
    1. Multi-State Co-operative Societies (Amendment) Act, 2023: Amendment has been brought in the MSCS Act, 2002 to strengthen governance, enhance transparency, increase accountability, reform electoral process and incorporate provisions of 97th Constitutional Amendment in the Multi State Cooperative Societies.
    1. Cooperative Ombudsman: Following the amendment in the Multi–State Cooperative Societies (MSCS) Act, 2002, Cooperative Ombudsman has been appointed under Section 85A of the said Act vide gazette notification dated 05.03.2024. The Ombudsman office is fully functional and deals with complaints or appeals, from members of the MSCS regarding their deposits, equitable benefits of the Multi–State Co-operative Society’s functioning or any other issue affecting the individual rights of the concerned member.
    1. Cooperative Election Authority (CEA): Following the amendment in the Multi–State Cooperative Societies (MSCS) Act, 2002, the Cooperative Election Authority has been set up to strengthen governance and accountability, with a mandate to conduct free and fair election in all MSCSs. Elections in more than 80 MSCS have been conducted successfully up to December, 2024.
    2. Inclusion of Cooperatives as ‘buyers’ on GeM portal: The Government has permitted cooperatives to register as ‘buyer’ on GeM, enabling them to procure goods and services from over 67 lakh vendors to facilitate economical purchases and greater transparency. So far, 574 cooperative societies have been onboarded on GeM as buyers.
    3. Expansion of National Cooperative Development Corporation (NCDC) to increase its range and depth: NCDC has launched new schemes in various sectors such as ‘Swayamshakti Sahkar’ for SHGs; ‘Deerghavadhi Krishak Sahkar’ for long term agricultural credit and ‘Dairy Sahkar’ for dairy. During the current FY 2024-25, so far, total financial assistance of Rs. 84,673.70 crores has been disbursed by NCDC.
    4. Financial assistance by NCDC for Deep Sea Trawlers: NCDC is providing financial assistance for projects related to deep sea trawlers in coordination with the Department of Fisheries, Government of India. NCDC has already sanctioned financial assistance of Rs.

    25.95 crore for purchase of total 44 deep sea trawlers for the Fisheries Cooperative Societies of Maharashtra and Gujarat State.

    1. National Cooperation Policy (NCP): The formulation of New National Cooperation Policy (NCP) has been envisaged to fulfil the mandate of the Ministry of Cooperation – “Sahakar se Samriddhi.” A National level committee was constituted on 2.9.2022 under Shri Suresh Prabhakar Prabhu with experts of the cooperative sector, representatives from National/ State/ District/ Primary level cooperative societies, Secretaries (Cooperation) and RCSs from States/ UTs and officers from Central Ministries/ Departments to formulate the New Cooperation Policy to provide a framework to unlock the true potential of the Cooperative sector. The Committee conducted four regional workshops throughout the country to elicit suggestions from stakeholders. The received suggestions have been incorporated into the draft policy appropriately. The draft policy has been prepared and is under finalization.
    2. Refund to Investors of Sahara Group of Societies: A portal has been launched for making payments to the genuine depositors of the cooperative societies of Sahara Group in a transparent manner. Disbursements have already started after proper identification and submission of proof of their deposits and claims. So far, Rs. 2,025.75 crores have been disbursed to 11.61 lakh applicants.

    This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Lok Sabha.

    ****

    RK/VV/ASH/RR/PR/PS

    (Release ID: 2112225)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Target achieved under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission

    Source: Government of India (2)

    Ministry of Rural Development

    Target achieved under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission

    Posted On: 18 MAR 2025 2:57PM by PIB Delhi

    The Ministry is implementing Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY – NRLM) across the country (except Delhi & Chandigarh) with the objective of organizing the rural poor women households into Self Help Groups (SHGs) and continuously nurturing and supporting them till they attain appreciable increase in incomes over a period of time and improve their quality of life and come out of abject poverty.

    As of 28th February 2025, the Mission is being implemented in 7144 blocks in 745 districts across 28 States and 6 UTs. Cumulatively, 10.05 crore rural women households have been mobilized into more than 90.90 lakh SHGs. A total of Rs. 51368.39 crore of capitalisation support (Revolving Funds and Community Investment Funds) has been provided to SHGs and their federations. From FY 2013-14, an amount of Rs. 10.20 lakh crore bank credit has been accessed by women SHGs under DAY-NRLM.

    The State/UT-wise targets and achievements for the FY 2024-25 under Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) is given below.

     The DAY-NRLM scheme under Ministry of Rural Development has taken numerous measures to strengthen marketing support for products made by women Self Help Groups. This includes Saras Melas being organised at National and State levels to promote the sale of SHG products in urban markets. The Ministry in collaboration with Government e-Marketplace (GeM) has created “SARAS Collection” as a Store Front in GeM for marketing of SHG products. Also, Memorandum of Understandings (MoUs) have been signed between the Ministry and Flipkart Internet Pvt. Ltd., Amazon and Fashnear Technologies Pvt. Ltd. (Meesho) to facilitate the Self-Help Group (SHGs) producers including artisans, weavers and craftsmen to access national markets through the Flipkart Samarth programme, Amazon Saheli initiative and Meesho for marketing of SHGs products. A MoU was also signed between MoRD and JioMart for onboarding and marketing of SHGs product. An e-Commerce platform (www.esaras.in) has also been launched by the Ministry for online marketing of SHG products. Further, eSARAS is also live as a Seller Network Participant on ONDC. Curated products of women SHGs are now available on 11 Apps of ONDC network i.e. Paytm, Mystore, Craftsvilla, Jagran, Snapdeal, Novopay, Easypay, Gonuclei, Rubaru, Mappls, Himira etc.

    Annexure

     

    State-wise target and achievement of Amount of capitalization support provided to SHGs under DAY-NRLM for the FY 2024-25 (Rs. in Lakhs)

    Sl No.

    States/UT’s

    Targets

    Achievement

    (as on 28.02.25)

    1

    Assam

    7,174

    14,181

    2

    Nagaland

    1,667

    2,971

    3

    Uttarakhand

    3,667

    6,291

    4

    West Bengal

    52,000

    81,404

    5

    Daman & Diu and Dadra & Nagar Haveli

    150

    223

    6

    Himachal Pradesh

    1,528

    1,986

    7

    Tripura

    7,081

    9,125

    8

    Chhattisgarh

    15,899

    19,977

    9

    Odisha

    20,395

    25,614

    10

    Bihar

    96,389

    1,05,132

    11

    Uttar Pradesh

    1,14,137

    1,23,326

    12

    Ladakh

    247

    263

    13

    Jammu & Kashmir

    2,567

    2,668

    14

    Gujarat

    15,690

    16,179

    15

    Maharashtra

    53,183

    54,719

    16

    Goa

    601

    602

    17

    Karnataka

    22,167

    21,679

    18

    Meghalaya

    7,519

    6,072

    19

    Tamil Nadu

    24,682

    18,362

    20

    Manipur

    5,719

    3,908

    21

    Jharkhand

    41,919

    27,606

    22

    Rajasthan

    30,475

    20,021

    23

    Arunachal Pradesh

    2,232

    1,327

    24

    Puducherry

    744

    420

    25

    Madhya Pradesh

    54,900

    25,590

    26

    Andaman And Nicobar Islands

    233

    103

    27

    Punjab

    5,140

    2,090

    28

    Kerala

    4,539

    1,814

    29

    Mizoram

    958

    357

    30

    Telangana

    1,505

    453

    31

    Haryana

    6,675

    1,918

    32

    Lakshadweep

    43

    12

    33

    Andhra Pradesh

    2,989

    650

    34

    Sikkim

    978

    32

     

    Total

    6,05,787

    5,97,075

     

     

    State-wise target and achievement of amount of Loan disbursed to SHGs for the FY 2024-25 (Rs in Lakhs)

    Sl. No.

    States/UTs

    Targets

    Achievement

    (as on 28.02.25)

    1

    Andaman & Nicobar Islands

    200

    99

    2

    Andhra Pradesh

    32,19,000

    34,83,725

    3

    Arunachal Pradesh

    4,000

    3,093

    4

    Assam

    4,10,000

    4,64,206

    5

    Bihar

    15,58,000

    8,79,591

    6

    Chhattisgarh

    2,14,000

    1,98,214

    7

    Goa

    5,000

    5,570

    8

    Gujarat

    1,22,000

    55,174

    9

    Haryana

    49,000

    49,567

    10

    Himachal Pradesh

    30,000

    17,096

    11

    Jammu & Kashmir

    60,000

    43,563

    12

    Jharkhand

    3,30,000

    3,97,269

    13

    Karnataka

    3,53,000

    16,18,013

    14

    Kerala

    7,63,000

    4,49,610

    15

    Ladakh

    100

    74

    16

    Lakshadweep

    100

    49

    17

    Madhya Pradesh

    3,35,000

    3,24,258

    18

    Maharashtra

    6,38,000

    8,25,995

    19

    Manipur

    5,000

    3,281

    20

    Meghalaya

    15,000

    10,108

    21

    Mizoram

    5,000

    1,391

    22

    Nagaland

    5,000

    4,566

    23

    Odisha

    8,20,000

    10,78,827

    24

    Puducherry

    15,000

    16,996

    25

    Punjab

    20,000

    13,085

    26

    Rajasthan

    2,55,000

    2,15,392

    27

    Sikkim

    5,000

    5,100

    28

    Tamil Nadu

    11,55,000

    14,11,090

    29

    Telangana

    16,10,000

    16,88,421

    30

    Dadra and Nagar Haveli and Daman and Diu

    600

    75

    31

    Tripura

    40,000

    47,700

    32

    Uttar Pradesh

    2,50,000

    2,50,522

    33

    Uttarakhand

    30,000

    37,304

    34

    West Bengal

    19,90,000

    21,87,156

     

    Total

    1,43,11,000

    1,57,86,181

     

     

    State-wise targets and achievement of Mahila Kisans under Agro-Ecological Practices (AEP) and Mahila Kisans having Agri-Nutri Garden (ANG) during FY 2024-25

    Sr No

    STATE / UTs

    Mahila Kisan under AEP

    Mahila Kisan household having ANG

    Target

    Achievement

    Target

    Achievement

    1

    Andaman And Nicobar

    2,000

    734

    8,000

    1,638

    2

    Andhra Pradesh

    8,50,000

    10,43,085

    1,50,000

    1,13,150

    3

    Arunachal Pradesh

    80,000

    42,396

    90,000

    32,738

    4

    Assam

    3,50,000

    4,29,920

    5,00,000

    5,13,045

    5

    Bihar

    6,00,000

    8,23,463

    2,00,000

    5,50,041

    6

    Chhattisgarh

    2,10,000

    1,82,239

    2,10,000

    1,77,044

    7

    Goa

    660

    982

    330

    826

    8

    Gujarat

    2,50,000

    2,22,360

    2,50,000

    2,19,500

    9

    Haryana

    20,000

    22,411

    20,000

    26,285

    10

    Himachal Pradesh

    70,000

    92,301

    1,00,000

    1,04,553

    11

    Jammu And Kashmir

    1,05,335

    1,00,501

    1,05,000

    74,019

    12

    Jharkhand

    2,32,000

    1,19,924

    1,00,000

    65,024

    13

    Karnataka

    5,00,000

    8,08,241

    4,50,000

    4,67,985

    14

    Kerala

    2,00,000

    1,58,140

    3,00,000

    3,68,789

    15

    Ladakh

    2,200

    444

    2,500

    612

    16

    Madhya Pradesh

    1,50,000

    1,90,640

    3,00,000

    2,68,946

    17

    Maharashtra

    8,00,000

    12,97,051

    3,00,000

    3,33,254

    18

    Manipur

    38,478

    9,706

    19,734

    3,666

    19

    Meghalaya

    80,750

    73,255

    54,510

    48,039

    20

    Mizoram

    4,320

    4,937

    5,590

    7,111

    21

    Nagaland

    30,000

    17,359

    30,000

    17,006

    22

    Odisha

    5,00,000

    89,391

    10,00,000

    1,60,664

    23

    Puducherry

    10,000

    2,833

    56,000

    3,450

    24

    Punjab

    34,000

    48,239

    34,000

    49,133

    25

    Rajasthan

    6,00,000

    9,33,294

    2,00,000

    1,88,241

    26

    Sikkim

    5,000

    3,739

    5,000

    250

    27

    Tamil Nadu

    3,00,000

    2,30,092

    1,00,000

    71,251

    28

    Telangana

    4,00,000

    7,38,936

    4,00,000

    3,62,112

    29

    Tripura

    80,000

    81,948

    50,000

    68,065

    30

    Uttarakhand

    80,000

    95,703

    75,000

    1,02,537

    31

    Uttar Pradesh

    7,00,000

    11,37,950

    16,00,000

    5,88,356

    32

    West Bengal

    3,00,000

    4,35,704

    3,00,000

    1,51,642

     

    Total

    75,84,743

    94,37,918

    70,15,664

    51,38,972

     

    State-wise target and achievement of number of enterprises supported under SVEP in 2024-25

    No.

    State

    Targets

    Achievement
    (as on 28.02.25)

    1

    Andhra Pradesh

    0

    30

    2

    Arunachal Pradesh

    300

    107

    3

    Assam

    10200

    9,557

    4

    Bihar

    4300

    1,614

    5

    Chhattisgarh

    2,251

    1,796

    6

    Goa

    1152

    1,002

    7

    Gujarat

    0

    0

    8

    Haryana

    0

    684

    9

    Himachal Pradesh

    706

    612

    10

    Jammu & Kashmir (UT)

    1,376

    1,009

    11

    Jharkhand

    2051

    1,214

    12

    Karnataka

    680

    291

    13

    Kerala

    6952

    5,802

    14

    Madhya Pradesh

    2,200

    1,837

    15

    Maharashtra

    2,220

    1,702

    16

    Manipur

    700

    694

    17

    Meghalaya

    616

    354

    18

    Mizoram

    1769

    946

    19

    Nagaland

    851

    29

    20

    Odisha

    1,301

    0

    21

    Punjab

    1,194

    802

    22

    Rajasthan

    2,452

    1,993

    23

    Sikkim

    400

    279

    24

    Tamil Nadu

    1,429

    1,076

    25

    Telangana

    2,827

    1,797

    26

    Tripura

    1528

    1,207

    27

    Uttar Pradesh

    3,850

    2,831

    28

    Uttarakhand

    960

    696

    29

    West Bengal

    7,180

    4,933

    Total

    61,445

    44,894

    This information was given by the Minister of State for Rural Development Dr. Chandra Sekhar Pemmasani in a written reply in Lok Sabha today.

    *****

     

    MG/RN/KSR/2884

    (Release ID: 2112203)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Aadhaar Based Payment Systems under Mahatma Gandhi National Rural Employment Guarantee Scheme

    Source: Government of India (2)

    Posted On: 18 MAR 2025 2:54PM by PIB Delhi

    To ensure timely payment of wages to the beneficiaries under Mahatma Gandhi NREGS and to address the issues arising due to frequent changes in bank account numbers of the beneficiaries and subsequent non-updation, it was decided to implement Aadhar Payment Bridge System (APBS). This has been made mandatory with effect from 1st January 2024. Payment of wages through Direct Benefit Transfer (DBT) mode has had positive impact on the livelihood of the beneficiaries as it ensures that the payment reaches directly into the accounts of the intended beneficiaries. Currently, against total of 13.55 crore active workers Aadhaar seeding of 99.49% have already been completed. State/UTs are continuously being monitored by the Central Government for achieving 100% Aadhaar Seeding and APBS conversion in NREGASoft. As and when any issue is flagged by the State/UT or any other stakeholders, same is resolved on priority basis.

    As per section 6(1) of Mahatma Gandhi NREGA, the Central Government may, by notification, specify the wage rate for unskilled work for Mahatma Gandhi NREGS workers. Accordingly, the Ministry of Rural Development notifies wage rate for unskilled workers under Mahatma Gandhi NREGA every financial year. To compensate the Mahatma Gandhi National Rural Employment Guarantee Scheme (Mahatma Gandhi NREGS) workers against inflation, the Ministry of Rural Development revises the wage rates every financial year based on Consumer Price Index for Agricultural Labourer (CPI-AL). The wage rate is made applicable from 1st April of each financial year. There is around 7% increase in the average notified wage rate during the FY 2024-25 compared to FY 2023-24.

    Each State/UT can provide wages over and above the wage rate notified by the Central Government.    In order to ensure transparency and accountability in the implementation of Mahatma Gandhi National Rural Employment Guarantee Scheme (Mahatma Gandhi NREGS), the Ministry has decided that States/UTs shall ensure capturing of attendance at the worksite through National Mobile Monitoring System (NMMS) App with two-time stamped, geo-tagged photographs of the workers in a day for all the works (except Individual Beneficiary Work) through NMMS w.e.f 1st January, 2023.

    Further, to avoid any inconvenience to the workers due to NMMS, it has been decided that in case any worksite is not located in network covered area or attendance could not be uploaded due to any other network issue then attendance can be captured in offline mode and can be uploaded once the device comes into network covered area. In case of exceptional circumstances owing to which attendance could not be uploaded, the provision for exemption also exists which has been further decentralized to the level of Block administration.

    To make the NMMS App more robust and user friendly, new enhancements have been done such as the provision of Eye blink facility, Head Count facility, Mate id mapping with Muster roll and relaxation in proximity range in linear types of community works (permissible) etc. in the NMMS application. Usage of NMMS app has also helped to ensure timely payment of wages to the workers.

    Any issue brought to the notice of Ministry concerning NMMS are attended on top priority basis and efforts are to made to resolve the same at the earliest. Further, continuous awareness campaigns and training programs are being organized across States/UTs to familiarize workers/officials with the NMMS app.

    State/UT-wise average wage per person day under Mahatma Gandhi NREGS during the current financial year 2024-25 (as on 13.03.2025) is given below:

    State/UT-wise average wage per person day under Mahatma Gandhi NREGS during the current financial year 2024-25 (as on 13.03.2025)

    		  

    SI. No.

    States/UTs

    Average Wage per person day (In Rs.)

    		  
     
     

    1

    Andhra Pradesh

    255.52

    		  

    2

    Arunachal Pradesh

    233.88

    		  

    3

    Assam

    248.43

    		  

    4

    Bihar

    239.03

    		  

    5

    Chhattisgarh

    219.32

    		  

    6

    Goa

    356

    		  

    7

    Gujarat

    248.16

    		  

    8

    Haryana

    363.55

    		  

    9

    Himachal Pradesh

    270.89

    		  

    10

    Jammu And Kashmir

    257.61

    		  

    11

    Jharkhand

    271.79

    		  

    12

    Karnataka

    328.57

    		  

    13

    Kerala

    344.23

    		  

    14

    Ladakh

    258.64

    		  

    15

    Madhya Pradesh

    228.77

    		  

    16

    Maharashtra

    282.1

    		  

    17

    Manipur

    271.61

    		  

    18

    Meghalaya

    253.9

    		  

    19

    Mizoram

    265.95

    		  

    20

    Nagaland

    233.97

    		  

    21

    Odisha

    270.56

    		  

    22

    Punjab

    316.86

    		  

    23

    Rajasthan

    206.51

    		  

    24

    Sikkim

    249.71

    		  

    25

    Tamil Nadu

    275.14

    		  

    26

    Telangana

    213.9

    		  

    27

    Tripura

    218.35

    		  

    28

    Uttar Pradesh

    236.33

    		  

    29

    Uttarakhand

    236.89

    		  

    30

    West Bengal#

    0

    		  

    31

    Andaman and Nicobar

    330.15

    		  

    32

    Dadra and Nagar Haveli and Daman and Diu

    324

    		  

    33

    Lakshadweep@

    0

    		  

    34

    Puducherry

    290.7

    		  

     

    Total

    252.63

    		  

    As per NREGASoft

    # Release of funds to the State of West Bengal has been stopped since March 9, 2022, under Section 27 of the Act due to non-compliance with Central Government directives.

    @ As per information available on NREGASoft no Person days have been generated in Lakshadweep in FY 2424-25 till date.

    This information was given by the Minister of State for Rural Development Shri Kamlesh Paswan in a written reply in Lok Sabha today.

    *****

    MG/RN/KSR/2844

    (Release ID: 2112199) Visitor Counter : 45

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: BOOSTING EXPORT OF SHRIMP CONTAINERS

    Source: Government of India

    Posted On: 18 MAR 2025 2:37PM by PIB Delhi

    The Government, under Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme, provides financial assistance to State Government, Union Territories and Implementing agencies for construction of fishing harbour, fish landing centres, modernisation/upgradation of existing fishing harbours and maintenance dredging of the fishing harbours. During the year, last five years from 2020-21 to 2024-25, Rs.3490 crore have been allocated under the scheme. The scheme provides for sustainable investment in infrastructure with objective of enhancing production, productivity, exports and addressing key gaps including reduction of post-harvest losses in various component of value chain.

    Marine Products Export Development Authority (MPEDA), a statutory body under Ministry of Commerce and Industry promotes and regulates the export of marine products. The initiatives by MPEDA for boosting shrimp exports are oriented towards production and processing and not port specific. To strengthen the export value chain, the Government has sanctioned projects adjacent to Major Ports namely, modernisation and upgradation of fishing harbour at Visakhapatnam, Chennai, Paradip, Cochin and Mumbai Port with 100% financial assistances under PMMSY in convergence with Sagarmala at a total cost of Rs 651.14 crores. During the financial year 2023-24, India exported an all-time high volume of 17,81,602 MT of sea food worth Rs. 60,523.89 crore. 

    The information was given by the Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal in a written reply to the Rajya Sabha.

    *****

    GDH/HR/SJ

    (Release ID: 2112193) Visitor Counter : 61

    MIL OSI Asia Pacific News –

  • MIL-OSI: KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and a Final Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 18, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, and also announced a final cash dividend.

    Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2024

    • Gross transaction value (GTV)1 in 2024 was RMB3,349.4 billion (US$458.9 billion), an increase of 6.6% year-over-year. GTV of existing home transactions was RMB2,246.5 billion (US$307.8 billion), an increase of 10.8% year-over-year. GTV of new home transactions was RMB970.0 billion (US$132.9 billion), a decrease of 3.3% year-over-year. GTV of home renovation and furnishing was RMB16.9 billion (US$2.3 billion), an increase of 27.3% year-over-year. GTV of emerging and other services was RMB116.0 billion (US$15.9 billion), an increase of 17.6% year-over-year.
      In the fourth quarter of 2024, GTV was RMB1,143.8 billion (US$156.7 billion), an increase of 55.5% year-over-year. GTV of existing home transactions was RMB744.8 billion (US$102.0 billion), an increase of 59.1% year-over-year. GTV of new home transactions was RMB355.3 billion (US$48.7 billion), an increase of 49.3% year-over-year. GTV of home renovation and furnishing was RMB5.3 billion (US$0.7 billion), an increase of 34.7% year-over-year. GTV of emerging and other services was RMB38.3 billion (US$5.3 billion), an increase of 50.0% year-over-year.
    • Net revenues in 2024 were RMB93.5 billion (US$12.8 billion), an increase of 20.2% year-over-year.
      In the fourth quarter of 2024, net revenues were RMB31.1 billion (US$4.3 billion), an increase of 54.1% year-over-year.
    • Net income in 2024 was RMB4,078 million (US$559 million), a decrease of 30.8% year-over-year. Adjusted net income2in 2024 was RMB7,211 million (US$988 million), a decrease of 26.4% year-over-year.
      In the fourth quarter of 2024, net income was RMB577 million (US$79 million), a decrease of 13.9% year-over-year. Adjusted net income was RMB1,344 million (US$184 million), a decrease of 21.6% year-over-year.
    • Number of stores was 51,573 as of December 31, 2024, a 17.7% increase from one year ago. Number of active stores3 was 49,693 as of December 31, 2024, an 18.3% increase from one year ago.
    • Number of agents was 499,937 as of December 31, 2024, a 16.9% increase from one year ago. Number of active agents4 was 445,271 as of December 31, 2024, a 12.1% increase from one year ago.
    • Mobile monthly active users (MAU)5 averaged 43.2 million in the fourth quarter of 2024, relatively flat compared to 43.2 million in the same period of 2023.

    Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “in 2024, China’s real estate industry is accelerating towards an advanced stage, with customer demand shifting towards reducing decision-making risks and pursuing higher living quality. We empower service providers with technology, enabling optimal decision-making and driving the industry’s leap toward higher service efficiency.”

    “Under the strategy of active growth and ecosystem optimization, we achieved significant growth in several key metrics in 2024. The number of active stores on the platform reached nearly 49,700, an 18.3% increase year-on-year, while the number of active agents surpassed 445,000, a 12.1% increase year-on-year. The total GTV was RMB3,349.4 billion, with net revenues hitting a historic high of RMB93.5 billion, a 20.2% increase year-on-year. GTV of existing home transactions grew 10.8% year-on-year, while net revenues from new home transaction services increased by 10.1% year-on-year. The home renovation and furnishing services saw continuous improvement in scale and delivery capability, achieving net revenues of RMB14.8 billion, a 36.1% year-on-year increase. The home rental services managed over 430,000 units by the end of 2024, generating net revenues of RMB14.3 billion, a 135.0% year-on-year increase, with refined operations improving customer experience. Our Beihaojia business explored driving product strength and reduce risks in the new home industry through the C2M (customer to manufacturing) model.”

    “Looking ahead, we remain committed to our strategic direction of becoming ‘more technology-driven and more human-centric.’ AI-powered technology will enable deeper insights into personalized customer needs and redefine the boundaries of service providers’ capabilities, while a human-centered approach will highlight the value of service. We believe that the integration of technology and human touch will drive a step-change in consumer experience and service efficiency, unlocking new possibilities for the residential services industry,” concluded Mr. Peng.

    Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “in 2024, both the existing and new home markets saw a significant recovery following the stimulus policies introduced in September. The total volume of existing home transactions saw year-on-year growth in 2024, and structurally, the proportion of existing home transactions within the overall real estate market further increased.

    Facing market opportunities, we continued to make breakthroughs in scale in 2024. Our full-year net revenues reached RMB93.5 billion, up 20.2% year-over-year. Net revenues from existing and new home transaction services both grew year-over-year. Net revenues from non-housing transaction services grew by 64.2% year-over-year, accounting for 33.8% of total net revenues, serving as a new growth engine. Our earnings quality improved as well. Net operating cash inflow in 2024 was RMB9.45 billion, 1.3 times our adjusted net income for the year.

    We placed great emphasis on shareholder returns. We have in aggregate repurchased shares with a total consideration of approximately US$716 million in 2024, which accounted for approximately 3.9% of the Company’s total issued shares at the end of 2023. Meanwhile, we are here to declare our final cash dividend, with an aggregate amount of approximately US$0.4 billion, reaffirming our commitment to sharing long-term value with our shareholders.

    We believe our outstanding financial management capabilities will safeguard our ‘one body, three wings’ strategy and facilitate the steady growth of all business lines.”

    Fourth Quarter 2024 Financial Results

    Net Revenues

    Net revenues increased by 54.1% to RMB31.1 billion (US$4.3 billion) in the fourth quarter of 2024 from RMB20.2 billion in the same period of 2023, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 55.5% to RMB1,143.8 billion (US$156.7 billion) in the fourth quarter of 2024 from RMB735.6 billion in the same period of 2023, primarily attributable to the recovery of housing transaction market driven by the supportive policies and the Company’s proactive growth strategy and enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB8.9 billion (US$1.2 billion) in the fourth quarter of 2024, increased by 47.5% from RMB6.0 billion in the same period of 2023. GTV of existing home transactions increased by 59.1% to RMB744.8 billion (US$102.0 billion) in the fourth quarter of 2024 from RMB468.1 billion in the same period of 2023. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a decrease in the commission rate of existing home sales transaction services, driven by a strategic scaling-down of certain value-added services offerings as the Company prioritized service quality assurance to ensure the premium offerings maintain their value proposition to customers.

      Among that, (i) commission revenue was RMB7.4 billion (US$1.0 billion) in the fourth quarter of 2024, increased by 53.0% from RMB4.9 billion in the same period of 2023, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 65.7% to RMB311.7 billion (US$42.7 billion) in the fourth quarter of 2024 from RMB188.1 billion in the same period of 2023, partially offset by the decrease in the commission rate of existing home sales transaction services charged by Lianjia stores which was driven by a strategic scale back certain value-added services offerings; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 25.0% to RMB1.5 billion (US$0.2 billion) in the fourth quarter of 2024 from RMB1.2 billion in the same period of 2023, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 54.7% to RMB433.2 billion (US$59.3 billion) in the fourth quarter of 2024 from RMB280.0 billion in the same period of 2023, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

    • Net revenues from new home transaction services increased by 72.7% to RMB13.1 billion (US$1.8 billion) in the fourth quarter of 2024 from RMB7.6 billion in the same period of 2023, primarily due to the increase of GTV of new home transactions of 49.3% to RMB355.3 billion (US$48.7 billion) in the fourth quarter of 2024 from RMB238.0 billion in the same period of 2023, and the improved monetization capability. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 51.6% to RMB287.5 billion (US$39.4 billion) in the fourth quarter of 2024 from RMB189.7 billion in the same period of 2023, and the GTV of new home transactions served by Lianjia brand increased by 40.4% to RMB67.8 billion (US$9.3 billion) in the fourth quarter of 2024 from RMB48.3 billion in the same period of 2023.
    • Net revenues from home renovation and furnishing increased by 12.8% to RMB4.1 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB3.6 billion in the same period of 2023, primarily attributable to a) the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home renovation and furnishing business and b) a larger contribution from furniture and home furnishing sales in categories such as customized furniture, soft furnishings, and electrical appliances.
    • Net revenues from home rental services increased by 108.7% to RMB4.6 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB2.2 billion in the same period of 2023, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services were RMB0.4 billion (US$0.1 billion) in the fourth quarter of 2024, compared to RMB0.7 billion in the same period of 2023.

    Cost of Revenues

    Total cost of revenues increased by 59.1% to RMB24.0 billion (US$3.3 billion) in the fourth quarter of 2024 from RMB15.1 billion in the same period of 2023.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 71.7% to RMB8.7 billion (US$1.2 billion) in the fourth quarter of 2024, from RMB5.1 billion in the same period of 2023, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 64.8% to RMB6.5 billion (US$0.9 billion) in the fourth quarter of 2024 from RMB3.9 billion in the same period of 2023, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 9.8% to RMB2.9 billion (US$0.4 billion) in the fourth quarter of 2024 from RMB2.6 billion in the same period of 2023, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 101.8% to RMB4.4 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB2.2 billion in the same period of 2023, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores increased by 8.1% to RMB0.8 billion (US$0.1 billion) in the fourth quarter of 2024 from RMB0.7 billion in the same period of 2023, primarily attributable to the increased number of Lianjia stores.
    • Other costs. The Company’s other costs increased to RMB0.7 billion (US$0.1 billion) in the fourth quarter of 2024 from RMB0.5 billion in the same period of 2023, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 39.4% to RMB7.2 billion (US$1.0 billion) in the fourth quarter of 2024 from RMB5.1 billion in the same period of 2023. Gross margin was 23.0% in the fourth quarter of 2024, compared to 25.5% in the same period of 2023, primarily due to a) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services and b）a lower contribution margin of emerging and other services.

    Income from Operations

    Total operating expenses increased by 15.8% to RMB6.2 billion (US$0.8 billion) in the fourth quarter of 2024 from RMB5.3 billion in the same period of 2023.

    • General and administrative expenses were RMB3.0 billion (US$0.4 billion) in the fourth quarter of 2024, compared with RMB2.6 billion in the same period of 2023, mainly due to the increase in personnel costs, partially offset by the decrease of share-based compensation expenses.
    • Sales and marketing expenses increased by 12.7% to RMB2.3 billion (US$0.3 billion) in the fourth quarter of 2024 from RMB2.1 billion in the same period of 2023, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 38.4% to RMB739 million (US$101 million) in the fourth quarter of 2024 from RMB534 million in the same period of 2023, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB1,011 million (US$139 million) in the fourth quarter of 2024, compared to loss from operations of RMB173 million in the same period of 2023. Operating margin was 3.2% in the fourth quarter of 2024, compared to negative 0.9% in the same period of 2023, primarily due to the improved operating leverage in the fourth quarter of 2024, compared to the same period of 2023.

    Adjusted income from operations6 was RMB1,755 million (US$240 million) in the fourth quarter of 2024, compared to RMB856 million in the same period of 2023. Adjusted operating margin7 was 5.6% in the fourth quarter of 2024, compared to 4.2% in the same period of 2023. Adjusted EBITDA8 was RMB2,343 million (US$321 million) in the fourth quarter of 2024, compared to RMB1,700 million in the same period of 2023.

    Net Income

    Net income was RMB577 million (US$79 million) in the fourth quarter of 2024, compared to RMB670 million in the same period of 2023, primarily due to an increase in income tax expenses.

    Adjusted net income was RMB1,344 million (US$184 million) in the fourth quarter of 2024, compared to RMB1,714 million in the same period of 2023.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB570 million (US$78 million) in the fourth quarter of 2024, compared to RMB670 million in the same period of 2023.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,336 million (US$183 million) in the fourth quarter of 2024, compared to RMB1,713 million in the same period of 2023.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.51 (US$0.07) and RMB0.49 (US$0.07) in the fourth quarter of 2024, respectively, compared to RMB0.58 and RMB0.56 in the same period of 2023, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.19 (US$0.16) and RMB1.14 (US$0.16) in the fourth quarter of 2024, respectively, compared to RMB1.49 and RMB1.44 in the same period of 2023, respectively.

    Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

    As of December 31, 2024, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB61.6 billion (US$8.4 billion).

    Fiscal Year 2024 Financial Results

    Net Revenues

    Net revenues increased by 20.2% to RMB93.5 billion (US$12.8 billion) in 2024 from RMB77.8 billion in 2023, primarily attributable to the increase of net revenues from new home transaction services and the expansion of home renovation and furnishing and home rental business. Total GTV increased by 6.6% to RMB3,349.4 billion (US$458.9 billion) in 2024 from RMB3,142.9 billion in 2023, primarily attributable to the Company’s proactive growth strategy and enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB28.2 billion (US$3.9 billion) in 2024, relatively flat compared with RMB28.0 billion in 2023. GTV of existing home transactions increased by 10.8% to RMB2,246.5 billion (US$307.8 billion) in 2024 from RMB2,028.0 billion in 2023.

      Among that, (i) commission revenue increased by 1.0% to RMB23.1 billion (US$3.2 billion) in 2024, from RMB22.9 billion in 2023, primarily attributable to the GTV of existing home transactions served by Lianjia stores increased by 8.4% to RMB918.5 billion (US$125.8 billion) in 2024 from RMB847.6 billion in 2023, mainly offset by a lower commission rate of existing home transaction services charged by Lianjia stores in Beijing; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform were RMB5.1 billion (US$0.7 billion) in 2024, relatively flat compared with RMB5.1 billion in 2023, while the GTV of existing home transactions served by connected agents on the Company’s platform increased by 12.5% to RMB1,328.0 billion (US$181.9 billion) in 2024 from RMB1,180.4 billion in 2023. The increase was mainly offset by the decrease in revenues from certain value-added services which were not directly driven by GTV of existing home transactions served by connected agents.

    • Net revenues from new home transaction services increased by 10.1% to RMB33.7 billion (US$4.6 billion) in 2024 from RMB30.6 billion in 2023, primarily due to the improved monetization capability, which was partially offset by the decrease of GTV of new home transactions of 3.3% to RMB970.0 billion (US$132.9 billion) in 2024 from RMB1,003.0 billion in 2023. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels decreased by 3.1% to RMB784.4 billion (US$107.5 billion) in 2024 from RMB809.9 billion in 2023, and the GTV of new home transactions served by Lianjia brand decreased by 3.9% to RMB185.6 billion (US$25.4 billion) in 2024 from RMB193.2 billion in 2023.
    • Net revenues from home renovation and furnishing increased by 36.1% to RMB14.8 billion (US$2.0 billion) in 2024 from RMB10.9 billion in 2023, primarily attributable to a) the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home renovation and furnishing business, b) a larger contribution from furniture and home furnishing sales in categories such as customized furniture, soft furnishings, and electrical appliances, and c) the shortened lead time driven by enhanced delivery capabilities.
    • Net revenues from home rental services increased by 135.0% to RMB14.3 billion (US$2.0 billion) in 2024 from RMB6.1 billion in 2023, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services increased by 8.8% to RMB2.5 billion (US$0.3 billion) in 2024 from RMB2.3 billion in 2023, primarily attributable to the increase of net revenues from financial services.

    Cost of Revenues

    Total cost of revenues increased by 25.8% to RMB70.5 billion (US$9.7 billion) in 2024 from RMB56.1 billion in 2023.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 11.5% to RMB22.8 billion (US$3.1 billion) in 2024 from RMB20.4 billion in 2023, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 11.1% to RMB18.9 billion (US$2.6 billion) in 2024 from RMB17.0 billion in 2023, primarily due to an increase in the net revenues from new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 32.8% to RMB10.2 billion (US$1.4 billion) in 2024 from RMB7.7 billion in 2023, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 121.0% to RMB13.6 billion (US$1.9 billion) in 2024 from RMB6.2 billion in 2023, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores was RMB2.9 billion (US$0.4 billion) in 2024, relatively flat compared with RMB2.9 billion in 2023.
    • Other costs. The Company’s other costs increased by 13.6% to RMB2.1 billion (US$0.3 billion) in 2024 from RMB1.9 billion in 2023, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 5.6% to RMB22.9 billion (US$3.1 billion) in 2024 from RMB21.7 billion in 2023. Gross margin was 24.6% in 2024, compared to 27.9% in 2023, primarily due to a) a lower contribution ratio of net revenues from existing home transaction services with a relatively higher margin than other revenue streams; and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

    Income from Operations

    Total operating expenses increased by 13.3% to RMB19.2 billion (US$2.6 billion) in 2024 from RMB16.9 billion in 2023.

    • General and administrative expenses increased by 8.8% to RMB9.0 billion (US$1.2 billion) in 2024 from RMB8.2 billion in 2023, mainly due to the increase in personnel costs.
    • Sales and marketing expenses increased by 17.0% to RMB7.8 billion (US$1.1 billion) in 2024 from RMB6.7 billion in 2023, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 17.9% to RMB2.3 billion (US$0.3 billion) in 2024 from RMB1.9 billion in 2023, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB3,765 million (US$516 million) in 2024, compared to RMB4,797 million in 2023. Operating margin was 4.0% in 2024, compared to 6.2% in 2023, primarily due to a lower gross margin partially offset by the improved operating leverage in 2024, compared to 2023.

    Adjusted income from operations was RMB6,890 million (US$944 million) in 2024, compared to RMB8.7 billion in 2023. Adjusted operating margin was 7.4% in 2024, compared to 11.2% in 2023. Adjusted EBITDA was RMB9,534 million (US$1,306 million) in 2024, compared to RMB11.3 billion in 2023.

    Net Income

    Net income was RMB4,078 million (US$559 million) in 2024, compared to RMB5,890 million in 2023.

    Adjusted net income was RMB7,211 million (US$988 million) in 2024, compared to RMB9,798 million in 2023.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB4,065 million (US$557 million) in 2024, compared to RMB5,883 million in 2023.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders12 was RMB7,198 million (US$986 million) in 2024, compared to RMB9,792 million in 2023.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders13 were RMB3.58 (US$0.49) and RMB3.45 (US$0.47) in 2024, respectively, compared to RMB5.01 and RMB4.89 in 2023, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders14 were RMB6.33 (US$0.87) and RMB6.10 (US$0.84) in 2024, respectively, compared to RMB8.34 and RMB8.13 in 2023, respectively.

    Share Repurchase Program

    As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of December 31, 2024, the Company in aggregate has purchased approximately 109.1 million ADSs (representing approximately 327.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,625.4 million under this share repurchase program since its launch.

    Final Cash Dividend

    The Company is pleased to announce that its board of directors (the “Board”) has approved a final cash dividend (the “Dividend”) of US$0.12 per ordinary share, or US$0.36 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 9, 2025, Beijing/ Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the Dividend to be paid will be approximately US$0.4 billion, which will be funded by cash surplus on the Company’s balance sheet.

    For holders of ordinary shares, in order to qualify for the Dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 9, 2025 (Beijing/Hong Kong Time). Dividend to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The payment date is expected to be on or around April 22, 2025 for holders of ordinary shares, and on or around April 25, 2025 for holders of ADSs.

    Under the Company’s current dividend policy, the Board has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, the Company’s shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by the Board. If the Company decides to pay dividends, the form, frequency and amount will be based upon its future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

    Conference Call Information

    The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, March 18, 2025 (8:00 P.M. Beijing/Hong Kong Time on Tuesday, March 18, 2025) to discuss the financial results.

    For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

    Participant Online Registration:

    English Line: https://s1.c-conf.com/diamondpass/10045435-su5md1.html

    Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10045436-c4n72s.html

    A replay of the conference call will be accessible through March 25, 2025, by dialing the following numbers:

    United States: +1-855-883-1031
    Mainland, China: 400-1209-216
    Hong Kong, China: 800-930-639
    International: +61-7-3107-6325
    Replay PIN (English line): 10045435
    Replay PIN (Chinese simultaneous interpretation line): 10045436

    A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

    Exchange Rate

    This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

    Non-GAAP Financial Measures

    The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

    The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

    Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    Email: ke@tpg-ir.com

    Source: KE Holdings Inc.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share, per share data)
        As of
    December 31,    		   As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    ASSETS            
    Current assets            
    Cash and cash equivalents   19,634,716   11,442,965   1,567,680
    Restricted cash   6,222,745   8,858,449   1,213,603
    Short-term investments   34,257,958   41,317,700   5,660,502
    Financing receivables, net of allowance for credit losses of RMB122,482 and RMB147,330 as of December 31, 2023 and 2024, respectively   1,347,759   2,835,527   388,466
    Accounts receivable and contract assets, net of allowance for credit losses of RMB1,681,127 and RMB1,636,163 as of December 31, 2023 and 2024, respectively   3,176,169   5,497,989   753,221
    Amounts due from and prepayments to related parties   419,270   379,218   51,953
    Loan receivables from related parties   28,030   18,797   2,575
    Prepayments, receivables and other assets   4,666,976   6,252,700   856,615
    Total current assets   69,753,623   76,603,345   10,494,615
    Non-current assets            
    Property, plant and equipment, net   1,965,098   2,400,211   328,828
    Right-of-use assets   17,617,915   23,366,879   3,201,249
    Long-term investments, net   23,570,988   23,790,106   3,259,231
    Intangible assets, net   1,067,459   857,635   117,496
    Goodwill   4,856,807   4,777,420   654,504
    Long-term loan receivables from related parties   27,000   131,410   18,003
    Other non-current assets   1,473,041   1,222,277   167,451
    Total non-current assets   50,578,308   56,545,938   7,746,762
    TOTAL ASSETS   120,331,931   133,149,283   18,241,377
     
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   6,328,516   9,492,629   1,300,485
    Amounts due to related parties   430,350   391,446   53,628
    Employee compensation and welfare payable   8,145,779   8,414,472   1,152,778
    Customer deposits payable   3,900,564   6,078,623   832,768
    Income taxes payable   698,568   1,028,735   140,936
    Short-term borrowings   290,450   288,280   39,494
    Lease liabilities current portion   9,368,607   13,729,701   1,880,961
    Contract liability and deferred revenue   4,665,201   6,051,867   829,102
    Accrued expenses and other current liabilities   5,695,948   7,268,505   995,782
    Total current liabilities   39,523,983   52,744,258   7,225,934
    Non-current liabilities            
    Deferred tax liabilities   279,341   317,697   43,524
    Lease liabilities non-current portion   8,327,113   8,636,770   1,183,233
    Other non-current liabilities   389   2,563   352
    Total non-current liabilities   8,606,843   8,957,030   1,227,109
    TOTAL LIABILITIES   48,130,826   61,701,288   8,453,043
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
        As of
    December 31,    		   As of
    December 31,
        2023     2024  
        RMB   RMB   US$
                 
    SHAREHOLDERS’ EQUITY            
    KE Holdings Inc. shareholders’ equity            
    Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,571,960,220 Class A ordinary shares issued and 3,443,860,844 Class A ordinary shares outstanding(1)as of December 31, 2023; 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1)as of December 31, 2024; and 151,354,549 and 145,413,446 Class B ordinary shares issued and outstanding as of December 31, 2023 and 2024, respectively)   475     461     63  
    Treasury shares   (866,198 )   (949,410 )   (130,069 )
    Additional paid-in capital   77,583,054     72,460,562     9,927,056  
    Statutory reserves   811,107     926,972     126,995  
    Accumulated other comprehensive income   244,302     609,112     83,448  
    Accumulated deficit   (5,672,916 )   (1,723,881 )   (236,171 )
    Total KE Holdings Inc. shareholders’ equity   72,099,824     71,323,816     9,771,322  
    Non-controlling interests   101,281     124,179     17,012  
    TOTAL SHAREHOLDERS’ EQUITY   72,201,105     71,447,995     9,788,334  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   120,331,931     133,149,283     18,241,377  

    (1)  Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
      For the Three Months Ended   For the Year Ended
      December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net revenues                      
    Existing home transaction services 6,049,963     8,922,030     1,222,313     27,954,135     28,201,003     3,863,522  
    New home transaction services 7,574,098     13,076,767     1,791,510     30,575,778     33,653,403     4,610,497  
    Home renovation and furnishing 3,640,928     4,106,834     562,634     10,850,497     14,768,947     2,023,337  
    Home rental services 2,194,485     4,580,502     627,526     6,099,747     14,334,479     1,963,816  
    Emerging and other services 744,752     438,974     60,139     2,296,775     2,499,666     342,453  
    Total net revenues 20,204,226     31,125,107     4,264,122     77,776,932     93,457,498     12,803,625  
    Cost of revenues                      
    Commission-split (5,073,602 )   (8,709,790 )   (1,193,236 )   (20,419,577 )   (22,766,957 )   (3,119,060 )
    Commission and compensation-internal (3,917,437 )   (6,456,881 )   (884,589 )   (17,015,927 )   (18,903,786 )   (2,589,808 )
    Cost of home renovation and furnishing (2,628,015 )   (2,884,614 )   (395,190 )   (7,705,325 )   (10,229,696 )   (1,401,463 )
    Cost of home rental services (2,166,138 )   (4,370,712 )   (598,785 )   (6,163,044 )   (13,619,506 )   (1,865,865 )
    Cost related to stores (727,054 )   (785,966 )   (107,677 )   (2,872,093 )   (2,854,988 )   (391,132 )
    Others (547,934 )   (746,958 )   (102,333 )   (1,882,952 )   (2,138,510 )   (292,973 )
    Total cost of revenues(1) (15,060,180 )   (23,954,921 )   (3,281,810 )   (56,058,918 )   (70,513,443 )   (9,660,301 )
    Gross profit 5,144,046     7,170,186     982,312     21,718,014     22,944,055     3,143,324  
    Operating expenses                      
    Sales and marketing expenses(1) (2,080,363 )   (2,344,000 )   (321,127 )   (6,654,178 )   (7,783,341 )   (1,066,313 )
    General and administrative expenses(1) (2,647,739 )   (2,961,294 )   (405,695 )   (8,236,569 )   (8,960,747 )   (1,227,617 )
    Research and development expenses(1) (533,620 )   (738,683 )   (101,199 )   (1,936,780 )   (2,283,424 )   (312,828 )
    Impairment of goodwill, intangible assets and other long-lived assets (55,441 )   (115,179 )   (15,779 )   (93,417 )   (151,576 )   (20,766 )
    Total operating expenses (5,317,163 )   (6,159,156 )   (843,800 )   (16,920,944 )   (19,179,088 )   (2,627,524 )
    Income (loss) from operations (173,117 )   1,011,030     138,512     4,797,070     3,764,967     515,800  
    Interest income, net 311,963     283,417     38,828     1,263,332     1,260,163     172,642  
    Share of results of equity investees (18,130 )   6,144     842     9,098     10,192     1,396  
    Impairment loss for equity investments accounted for equity method (4,187 )   –     –     (10,369 )   –     –  
    Fair value changes in investments, net 4,127     125,333     17,171     78,320     312,791     42,852  
    Impairment loss for equity investments accounted for using Measurement Alternative (16,605 )   (971 )   (133 )   (28,800 )   (9,408 )   (1,289 )
    Foreign currency exchange loss (174,459 )   (6,805 )   (932 )   (93,956 )   (34,674 )   (4,750 )
    Other income, net 832,103     192,069     26,313     1,869,300     1,566,038     214,546  
    Income before income tax expense 761,695     1,610,217     220,601     7,883,995     6,870,069     941,197  
    Income tax expense (91,632 )   (1,032,969 )   (141,516 )   (1,994,391 )   (2,791,889 )   (382,487 )
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
      For the Three Months Ended   For the Year Ended
      December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net income attributable to non-controlling interests shareholders (458 )   (7,256 )   (994 )   (6,380 )   (13,280 )   (1,819 )
    Net income attributable to KE Holdings Inc. 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Currency translation adjustments (138,522 )   348,802     47,786     574,223     217,142     29,748  
    Unrealized gains (losses) on available-for-sale investments, net of reclassification 133,067     (15,206 )   (2,083 )   82,800     147,668     20,230  
    Total comprehensive income 664,608     910,844     124,788     6,546,627     4,442,990     608,688  
    Comprehensive income attributable to non-controlling interests shareholders (458 )   (7,256 )   (994 )   (6,380 )   (13,280 )   (1,819 )
    Comprehensive income attributable to KE Holdings Inc. 664,150     903,588     123,794     6,540,247     4,429,710     606,869  
    Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders 664,150     903,588     123,794     6,540,247     4,429,710     606,869  
     
    For the Three Months Ended
    		   For the Year Ended
      December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Weighted average number of ordinary shares used in computing net income per share, basic and diluted                      
    —Basic 3,449,700,565   3,356,948,233   3,356,948,233   3,521,379,938   3,409,772,592   3,409,772,592
    —Diluted 3,557,221,957   3,525,088,426   3,525,088,426   3,611,653,020   3,537,408,029   3,537,408,029
                           
    Weighted average number of ADS used in computing net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Net income per share attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.19   0.17   0.02   1.67   1.19   0.16
    —Diluted 0.19   0.16   0.02   1.63   1.15   0.16
                           
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.58   0.51   0.07   5.01   3.58   0.49
    —Diluted 0.56   0.49   0.07   4.89   3.45   0.47
                           
    (1) Includes share-based compensation expenses as follows:  
    Cost of revenues 138,967   135,358   18,544   502,523   521,293   71,417
    Sales and marketing expenses 51,347   53,410   7,317   180,465   197,320   27,033
    General and administrative expenses 580,363   360,801   49,430   2,345,895   1,821,817   249,588
    Research and development expenses 47,761   45,499   6,233   186,666   185,645   25,433
                           
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
      For the Three Months Ended   For the Year Ended
      December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Income (loss) from operations (173,117 )   1,011,030     138,512     4,797,070     3,764,967     515,800  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Adjusted income from operations 855,801     1,754,972     240,431     8,719,343     6,890,480     943,994  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Tax effects on non-GAAP adjustments (6,561 )   (6,495 )   (890 )   (26,243 )   (26,399 )   (3,617 )
    Adjusted net income 1,713,758     1,343,626     184,078     9,798,488     7,211,073     987,915  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Income tax expense 91,632     1,032,969     141,516     1,994,391     2,791,889     382,487  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets 158,339     38,041     5,212     627,146     268,684     36,810  
    Depreciation of property, plant and equipment 196,436     238,496     32,674     775,042     743,728     101,890  
    Interest income, net (311,963 )   (283,417 )   (38,828 )   (1,263,332 )   (1,260,163 )   (172,642 )
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Adjusted EBITDA 1,699,724     2,342,515     320,926     11,344,671     9,533,748     1,306,120  
                           
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Tax effects on non-GAAP adjustments (6,561 )   (6,495 )   (890 )   (26,243 )   (26,399 )   (3,617 )
    Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders (7 )   (7 )   (1 )   (28 )   (28 )   (4 )
    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders 1,713,293     1,336,363     183,083     9,792,080     7,197,765     986,092  
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
      For the Three Months Ended   For the Year Ended
      December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Weighted average number of ADS used in computing net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.58   0.51   0.07   5.01   3.58   0.49
    —Diluted 0.56   0.49   0.07   4.89   3.45   0.47
                           
    Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.91   0.68   0.09   3.33   2.75   0.38
    —Diluted 0.88   0.65   0.09   3.24   2.65   0.37
                           
    Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 1.49   1.19   0.16   8.34   6.33   0.87
    —Diluted 1.44   1.14   0.16   8.13   6.10   0.84
                           
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

    (All amounts in thousands)   
      For the Three Months Ended   For the Year Ended
      December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net cash provided by operating activities 1,767,804     5,202,518     712,740     11,414,244     9,447,137     1,294,255  
    Net cash provided by (used in) investing activities 3,712,203     (2,015,584 )   (276,133 )   (3,977,440 )   (9,378,025 )   (1,284,784 )
    Net cash provided by (used in) financing activities (1,475,585 )   1,109,860     152,050     (7,218,210 )   (5,794,635 )   (793,862 )
    Effect of exchange rate change on cash, cash equivalents and restricted cash (142,337 )   184,196     25,237     44,608     169,476     23,216  
    Net increase (decrease) in cash and cash equivalents and restricted cash 3,862,085     4,480,990     613,894     263,202     (5,556,047 )   (761,175 )
    Cash, cash equivalents and restricted cash at the beginning of the period 21,995,376     15,820,424     2,167,389     25,594,259     25,857,461     3,542,458  
    Cash, cash equivalents and restricted cash at the end of the period 25,857,461     20,301,414     2,781,283     25,857,461     20,301,414     2,781,283  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE

    (All amounts in thousands)                 
        For the Three Months Ended   For the Year Ended
        December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2024
        RMB   RMB   US$   RMB   RMB   US$
    Existing home transaction services                        
    Net revenues   6,049,963     8,922,030     1,222,313     27,954,135     28,201,003     3,863,522  
    Less: Commission and compensation   (3,355,714 )   (5,315,541 )   (728,226 )   (14,762,910 )   (16,016,079 )   (2,194,194 )
    Contribution   2,694,249     3,606,489     494,087     13,191,225     12,184,924     1,669,328  
    New home transaction services                        
    Net revenues   7,574,098     13,076,767     1,791,510     30,575,778     33,653,403     4,610,497  
    Less: Commission and compensation   (5,574,423 )   (9,723,154 )   (1,332,067 )   (22,455,253 )   (25,304,481 )   (3,466,700 )
    Contribution   1,999,675     3,353,613     459,443     8,120,525     8,348,922     1,143,797  
    Home renovation and furnishing                        
    Net revenues   3,640,928     4,106,834     562,634     10,850,497     14,768,947     2,023,337  
    Less: Material costs, commission and compensation   (2,628,015 )   (2,884,614 )   (395,190 )   (7,705,325 )   (10,229,696 )   (1,401,463 )
    Contribution   1,012,913     1,222,220     167,444     3,145,172     4,539,251     621,874  
    Home rental services                        
    Net revenues   2,194,485     4,580,502     627,526     6,099,747     14,334,479     1,963,816  
    Less: Property leasing costs, commission and compensation   (2,166,138 )   (4,370,712 )   (598,785 )   (6,163,044 )   (13,619,506 )   (1,865,865 )
    (Deficit)/Contribution   28,347     209,790     28,741     (63,297 )   714,973     97,951  
    Emerging and other services                        
    Net revenues   744,752     438,974     60,139     2,296,775     2,499,666     342,453  
    Less: Commission and compensation   (60,902 )   (127,976 )   (17,532 )   (217,341 )   (350,183 )   (47,974 )
    Contribution   683,850     310,998     42,607     2,079,434     2,149,483     294,479  

    1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
    2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
    “Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,021 as of December 31, 2023.
    4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 397,135 as of December 31, 2023.
    5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
    6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
    8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets,and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    12 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    13 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    14 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

    The MIL Network –

  • MIL-OSI: Aurora Mobile’s SendCloud Partners with SaleSmarly to Revolutionize Email Marketing Solutions

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, March 18, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its subsidiary Wuhan SendCloud Technology Co., Ltd. (“SendCloud”), a trusted email solution provider, has recently established a strategic partnership with SaleSmartly, a leading omni-channel customer communication platform, for over three years.

    SaleSmartly has leveraged SendCloud to send an average of 400,000 triggered notification emails per month, achieving a remarkable 96% delivery rate. Additionally, SaleSmartly’s clients send an overall of 700,000 emails per month via the SendCloud Email API. This partnership has transformed email communication strategies, enabling SaleSmartly’s business worldwide to achieve unparalleled efficiency, scalability, and performance in email campaigns and API integration.

    Key Highlights of the Partnership Include:

    • Enhanced Email Campaigns: Currently, SaleSmartly sends an average of 400,000 triggered notification emails per month to users through SendCloud. With a 96% delivery rate, these emails achieve an open rate of over 20%, making email one of the most important channels for customer engagement.
    • Seamless API Integration: As an omnichannel customer communication platform, SaleSmartly has integrated SendCloud’s powerful API into its platform to provide email services to its clients. Beyond email sending, SendCloud’s API supports real-time tracking and multi-dimensional analytics, helping clients optimize their email marketing campaigns.

    This collaboration empowers SaleSmartly with advanced email marketing capabilities, driving higher engagement rates and improving overall marketing ROI.

    SendCloud Powers EngageLab’s Email Solutions

    In addition to its collaboration with SaleSmarly, SendCloud plays a pivotal role in supporting EngageLab, another subsidiary of Aurora Mobile, by providing its email infrastructure and expertise. EngageLab leverages SendCloud’s email technology to offer businesses a comprehensive suite of email marketing solutions designed to maximize customer engagement and conversion rates.

    EngageLab, a subsidiary of Aurora Mobile (NASDAQ: JG), is a leading multi-channel engagement solution provider, that combines technology and versatility to offer seamless customer interactions across every channel, including Email, AppPush, WebPush, OTP, SMS, WhatsApp. It empowers businesses to build lasting relationships and achieve higher conversions and retention. With a strong focus on innovation and performance, EngageLab supports businesses in over 220 countries and regions, delivering more than 1 million messages every second across various channels.

    With SendCloud’s email technology at its core, EngageLab ensures a 99.97% inbox placement rate, advanced sender certification, and cutting-edge features like BIMI implementation and real-time analytics.

    For more information about EngageLab and its suite of solutions, visit www.engagelab.com.

    About SaleSmartly

    SaleSmartly is a leading omnichannel customer communication platform, trusted by over 10,000 businesses globally. By integrating tools such as Live Chat, WhatsApp, Facebook Messenger, Instagram, Telegram, Line, Email, and WeChat, SaleSmartly enables businesses to optimize the entire customer journey from connection to conversion. For more information, please visit https://www.salesmartly.com/en/.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    For Media Inquiries:
    Contact: marketing@engagelab.com  | Website: www.engagelab.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6fc678d4-f7f2-47af-8a86-f49fa7e8c331

    The MIL Network –

  • MIL-OSI Global: Theft, daydreaming and everything in between: most of us are a bit ‘deviant’ at work

    Source: The Conversation – France – By Brad Harris, Professor of management, associate dean of MBA programs, HEC Paris Business School

    We usually think of workplace deviance as linked to “bad apples”–the troublemakers who egregiously slack off, steal from the company or openly clash with coworkers. But what if deviant behaviour was also more subtle–daydreaming, taking long coffee breaks or cracking an edgy joke in a meeting? It turns out most employees engage in quieter patterns of minor misbehaviours, and it’s changing how we think about deviance on the job.

    Traditionally, research has kept deviance in neat boxes: bad behaviours are either interpersonal (aimed at coworkers) or organisational (targeted against the company). But most employees don’t fall into rigid categories of “good” or “bad”, nor do they engage only in one type of misbehaviour. Instead, many show a mix of minor, less disruptive behaviours that don’t seem to fit the bad-apple narrative.

    Breaking down misconduct

    Our research explored different patterns or “classes” of workplace misbehaviours. We meta-analysed responses from more than 6,000 employees across 20 primary studies in the US and elsewhere, and conducted multiple follow-up studies across different countries and industries.

    Using statistical modelling techniques, our analysis of previous studies found evidence for five unique classes of “deviants” at work, with several of these falling clearly outside the traditional good/bad or person/organisation dichotomies. We then conducted a second study with 553 participants that found similar evidence, and showed how behaviours linked to these classes related to job satisfaction, turnover intentions and other work outcomes.

    Here’s a breakdown of the five types of workplace “troublemakers” we identified in our follow-up studies:

    Withdrawn workers (39% of the participants in the study)

    You won’t see these workers causing a big scene, but then again, you might not see them much at all. Far from classic troublemakers, these workers act out by withholding effort, coming in late and withdrawing from the action in sometimes remarkable ways. The prevalence of this class, which is not well captured in prior deviance research, supports the phenomenon of “quiet quitting” that was popularized in recent years.

    Slacking jerks (9%)

    This group exhibits the low productivity and withdrawal of the previous class, but with an edge. They avoid tasks, work slowly, take long breaks and are often rude to coworkers.

    Stagnant workers (21%)

    Disengaged but not overtly harmful, these employees daydream and occasionally show up late without causing obvious disruptions. They don’t stand out on a typical day, but when things get rough you might notice they aren’t pulling their weight. These workers can stifle efforts at organisational change and slowly erode a positive culture.

    Elevated deviants (4%)

    The classic “bad apples”, people in this group engage in all the various disruptive behaviours described above, likely due to high job dissatisfaction.

    Minimal deviants (27%)

    Members of this group avoid most deviant behaviour and are generally good citizens at work. Even if this percentage is inflated–social desirability bias, or the inclination people have to present themselves well, may have affected study participants’ willingness to admit every act of deviance–its relatively modest size is still telling: a vast majority of workers in our sample say they are misbehaving in some way.

    Our data show that workplace deviance isn’t always about major rule-breaking; in fact, it rarely is! While serious actions like theft (e.g., stealing property or falsifying a receipt) and overt aggression are rare, smaller things like daydreaming, taking extra breaks and making snarky remarks happen rather frequently. These mundane forms of deviance can be written off because they fail to evoke visceral reactions from managers or peers. But they can also add up, eroding positive cultures in ways that aren’t seen until a major event occurs.

    What drives these behaviours?

    People often act out at work because they feel wronged by a person or situation, or because they have deeper motivations, linked to their personality traits, that are more conducive to deviance. Our study backs up this idea and offers some additional clarity. As expected, when employees feel wronged–by a demanding boss, unhelpful coworkers or a lack of support from the organisation–they’re more likely to push back with some type of misconduct. Having an abusive supervisor makes it more likely that employees will be members of the “elevated deviant” class, whereas experiencing ostracism makes membership in the “stagnant worker” class more likely.

    One could argue about which comes first–being abused or being the abuser–but the pattern we found aligns with prior work that shows causality between injustice and deviance.

    Looking beyond the work environment, we also found that certain personality traits can predict what type of “deviant” a worker is most likely to be. Agreeableness, for example, is associated with less overt deviance classes such as “stagnant workers” and “withdrawn workers”. Interestingly, while conscientiousness was predictive of belonging to the “minimal deviant” class, our data suggest that highly conscientious people do occasionally act out, usually with a mix of withdrawal and rudeness (like the “slacking jerks”).

    In short, highly conscientious people have high expectations for their own and others’ work, and they may sometimes react to stress or slights in ways that make their unmet expectations known.

    Impacts on performance

    Deviant behaviour impacts team performance and turnover. Our study shows that employees in the “minimal deviants” group generally perform well, are supportive of their teammates and are satisfied with their work, whereas those in high-deviance groups are often poorer performers who do not often behave supportively toward their coworkers. Yet, while our findings support the idea of a “bad apple” dragging down an entire team, deviance and its effects can be more complicated in some cases.

    Consider the relatively mild deviance classes of “stagnant workers” and “withdrawn workers”, whose members express relatively high intentions to quit and, accordingly, perform lower than those of other classes. These employees may fly under the radar while silently eroding an organisation’s potential.

    Workers in the “slacking jerks” class exhibit contradictory behavioural patterns: they are willing to withdraw from some parts of their job and act out rudely toward some coworkers, while also maintaining relatively higher levels of performance and even going out of their way to help other colleagues. As a result, managers are frequently navigating grey zones: what trade-offs are palatable, and where is the line between reasonable expression and outright violation?

    Our findings show that most employees engage in minor misdemeanors, like taking extra-long breaks or daydreaming, rather than major actions like theft. Many don’t just dabble in one or two types of deviance, but exhibit complex patterns in their behaviour at work that can be reliably predicted by personality-based factors and situational attributes. Without careful attention, their minor acts, which often emerge as a response to burn-out or low morale, may go unnoticed or untreated, and can accumulate into big problems for organisations.

    Beyond bad intentions

    Our findings also challenge the belief that rule-breaking is driven by a few “bad apples” intent on causing trouble, and contribute to a growing line of inquiry that shifts from asking merely “who acts out at work?” to “why do people engage in these behaviours?” For many employees, minor slip-ups are likely less about causing harm and more about coping with everyday stress.

    Motives for breaking rules can differ substantially. For instance, some workers who are withdrawn might be stepping back quietly to deal with health issues, while others stepping back may be evincing a low level of commitment. Understanding their different reasons could open the door to better ways of addressing their behaviours.

    While deviance has traditionally been viewed as something rare, our study shows a more complicated picture. On the one hand, only 4% of respondents reported high levels of all forms of deviance, which, on the surface, would support the rarity of workplace deviance. However, on the other hand, only about a quarter (27%) of employees reported that they steer clear of deviance entirely. That leaves more than two thirds (69%) of employees exhibiting milder and more nuanced patterns of misbehavior.

    This helps us understand deviance as a more common part of work life. It also complicates how managers think about, penalise and discourage it. Without levers that help employees reduce stress or make up for uncontrollable work factors (such as company-wide salary freezes), managers may feel pressure to accept some forms of deviance as “the cost of doing business” while remaining vigilant toward the most egregious and overt infractions.

    Brad Harris 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. Theft, daydreaming and everything in between: most of us are a bit ‘deviant’ at work – https://theconversation.com/theft-daydreaming-and-everything-in-between-most-of-us-are-a-bit-deviant-at-work-247936

    MIL OSI – Global Reports –

  • MIL-OSI: QuantHouse expands US equity market data offering with Cboe One Feed

    Source: GlobeNewswire (MIL-OSI)

    London, March 18, 2025 (GLOBE NEWSWIRE) — Iress today announced that its QuantHouse division is partnering with Cboe Global Markets, a leading global derivatives and securities exchange network and one of the largest US equity exchange operators, to increase its US equity market data offering through the Cboe One Feed.

    The Cboe One Feed is Cboe’s premier consolidated data feed and provides market participants with a cost-effective, high-quality and unified view of the market from Cboe’s US equity exchanges, with real-time reference quotes and trade data. Cboe operates four US equity exchanges and is one of the largest exchange operators for equities trading in the US. On average, Cboe One Feed quotes are within 1% away from the National Best Bid and Offer (NBBO) 97.26% of the time.1

    QuantHouse’s Head of EMEA Sales and Business Development, Rob Kirby, said: “We’re delighted to add the Cboe One Feed to the wide range of trading venues available from QuantHouse. Demand for Cboe One has initially come from our clients in Asia Pacific and this continues to demonstrate that our clients value choice and access to the widest range of global market data available.”

    Cboe’s Global Head of Data Vantage, Adam Inzirillo, added: “Cboe is committed to meeting the growing demand for access to US markets, particularly from APAC investors, by delivering access to high-quality and real-time market data as seamlessly and efficiently as possible. We are thrilled to expand on this mission through our collaboration with QuantHouse and providing their clients with access to the Cboe One Feed. 

    “Data drives decision making and is critical for trading strategy implementation, and the Cboe One Feed helps participants better understand the markets by providing real-time and highly reliable US market data.”

    The Cboe One Feed is available now for all QuantHouse clients.

    1Cboe: https://www.cboe.com/market_data_services/us/equities/cboe_one/

    -Ends-

    For further details, please contact:

    Melanie Budden

    Mobile: +44 (0) 7974 937970

    Email: melanie.budden@therealizationgroup.com

    About QuantHouse

    QuantHouse ( part of Iress) is a leading provider of international market data. It delivers high-performance API data feeds, historical and analytics data products it has crafted over the past 20+years to hedge funds, investment banks, brokers, market makers, financial technology providers and trading venues supporting integrated trading strategies, applications, and analytic databases.

    For more information please visit the website.

    About Iress

    Iress (IRE.ASX) is a technology company providing software to the financial services industry. We provide software and services for trading & market data, financial advice, investment management, superannuation, life & pensions and data intelligence in Asia-Pacific, North America, Africa, the UK and Europe.

    www.iress.com

    The MIL Network –

  • MIL-OSI: IDEX Biometrics ASA: Results of the exercise of Warrants A

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA (the “Company”) on 12 December 2024 regarding the listing of Warrants A and Warrants B on Oslo Stock Exchange. Warrants A were exercisable between 28 February 2025 and 13 March 2025, and all Warrants A not exercised within such time lapsed without compensation to the holder.

    A total of 17,258 Warrants A were exercised, resulting in an aggregate subscription for 17,258 new shares (the “New Shares”) in the Company, each Warrant A having an exercise price of NOK 0.15.

    The Board of Directors of the Company has approved the allocation of New Shares to the exercising holders of Warrants A and has consequently resolved to increase the share capital of the Company.

    Payment for the allocated New Shares falls due one week after the Board’s resolution. The New Shares will be issued upon registration of the share capital increase in the Norwegian Register of Business Enterprises.

    Following registration of the share capital increase in connection with the exercise of Warrants A, the Company’s share capital will be NOK 124,739,134.80, divided into 831,594,232 shares each with a nominal value of NOK 0.15.

    For more information relating to the Warrants, please refer to the Prospectus approved and published by the Company on 13 November 2024.

    For further information contact:
    Marianne Bøe, Head of Investor Relations, Tel: +47 918 00186
    Kristian Flaten, CFO, Tel: +47 95092322
    E-mail: marianne.boe@idexbiometrics.com

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com (http://www.idexbiometrics.com)

    About this notice
    This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    The MIL Network –

  • MIL-Evening Report: Amid claims of abuse, neglect and poor standards, what is going wrong with childcare in Australia?

    Source: The Conversation (Au and NZ) – By Gabrielle Meagher, Professor Emerita, School of Society, Communication and Culture, Macquarie University

    On Monday, an ABC’s Four Corners investigation reported shocking cases of abuse and neglect in Australian childcare centres. This included examples of children being sexually abused, restrained for hours in high chairs, and fed nutritionally substandard meals such as pasta with ketchup.

    While acknowledging there are high-quality services operating in the community, the program also showed how centre-based childcare is big business, dominated by for-profit providers, who may not be meeting regulatory standards.

    What is going wrong with childcare in Australia?

    Differing levels of quality

    Data from Australia’s childcare regulator consistently shows for-profit childcare services are, on average, rated as lower quality than not-for-profit services.

    Of those rated by regulators, 11% of for-profit long daycare centres are not meeting national minimum quality standards (they are just “working towards”). This compares with 7% of not-for-profit centres not meeting minimum standards.

    There are 13% of for-profit centres exceeding the standards, compared to 28% of not-for-profits.

    Inquiries suggest this divergence is due to staffing levels, qualifications and pay. In 2023, the Australian Competition and Consumer Commission (ACCC) found large for-profit providers spend significantly less on staffing than not-for-profit providers.

    Large for-profit providers have a higher proportion of part-time and casual staff than not-for-profits. They also employ less experienced early childhood teachers. On top of this, they are more likely to use award rates of pay, which are typically lower than enterprise agreement rates.

    Lower pay and less job security is related to higher turnover of staff, which makes it difficult for educators to establish and maintain the trusting relationships with children and families that underpin high quality.

    Despite this, the federal government continues to support for-profit services through childcare subsidies.

    These subsidies are designed to help families with the costs of childcare. But they do not stop some providers increasing their fees. The ACCC found a consistent pattern of increased government subsidies leading to higher out-of-pocket expenses for families, due to subsequent fee increases.

    It hasn’t always been like this

    Childcare subsidies haven’t always worked in this way. “Operational subsidies” were introduced in 1972 through the historic Child Care Act, which set the precedent for Australian governments to fund childcare.

    This aimed to support women’s workforce participation through an expanded, high-quality childcare sector. Subsidies at the time were only available to not-for-profit services and required the employment of qualified staff, including teachers. In these ways, Commonwealth funding positioned childcare as a public good, like school education.

    Then, in 1991, federal government subsidies were extended to for-profit providers. This prompted dramatic changes in the childcare landscape, leading to a dominance of for-profit centres.

    Today, more than 70% of all long day-care centres are operated by private providers. Between 2013 and 2023, the number of for-profit long daycare services jumped by 60%, while not-for-profits only grew by 4%.

    Quality concerns

    There are 25 large long daycare providers in Australia and of these, 21 are run for profit. Large for-profit providers impact sector quality in several ways.

    Many have disproportionately high numbers of staffing waivers, granted by regulators, permitting them to operate centres without the required number of qualified staff.

    According to unpublished research by Gabrielle Meagher, as of October 2024, 11 large for-profit providers held waivers for a quarter or more of their services and five held waivers for more than a third. This compares to 15% of the sector overall.

    Large for-profit providers also serve investors as well as families. So there are extra incentives to cut costs and maximise profits.

    The dominance of for-profit providers also makes them powerful players in policy-making circles, as governments depend on them to provide an essential service.

    Why isn’t the system working?

    Given Australia has a regulatory and quality assurance system for childcare services, why do we have these quality issues?

    As the Productivity Commission found, regulators are under-resourced, and inspections are infrequent. Services that repeatedly fail to meet the minimum standards are still allowed to operate, sometimes for more than a decade.

    Services are notified about upcoming inspections, potentially giving them time to give a false impression of their quality and safety standards.

    As Four Corners highlighted, poor-quality services, with bad pay and working conditions are driving good educators away from the sector.

    What next?

    The Albanese government recently passed legislation to “guarantee” eligible families three days of subsidised childcare per week from January 2026.

    But families need more than access. They also require a guarantee this childcare will be high-quality and keep children safe.

    Even without the extra spending on the three-day guarantee, government spending on childcare subsidies is due to reach nearly A$15 billion by 2026–27. Thus there is also a corresponding duty to taxpayers to ensure these funds are going to high-quality providers.

    In the wake of the Four Corners report, the Greens are calling for a royal commission into childcare. But we do not need this level of inquiry to tell us the current system needs fundamental change.

    Stronger regulatory powers, while important, will not be enough on their own. High-quality services need well-educated and well-supported staff. They also need governance and leadership that value educators’ expertise and enable consistently high standards.

    Gabrielle was interviewed as part of the 4 Corners program mentioned in the article.

    Marianne Fenech receives funding from the Australian Research Council.

    – ref. Amid claims of abuse, neglect and poor standards, what is going wrong with childcare in Australia? – https://theconversation.com/amid-claims-of-abuse-neglect-and-poor-standards-what-is-going-wrong-with-childcare-in-australia-252493

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: NBPE Announces February Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    St Peter Port, Guernsey   18 March 2025

    NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 28 February 2025 monthly NAV estimate.

    NAV Highlights (28 February 2025)

    • NAV per share was $27.16 (£21.57), a total return of 0.2% in the month
    • Approximately 87% of fair value based on private company valuation information as of Q4 2024 or based on 28 February 2025 quoted prices
    • Based on information received so far, private company valuations increased by 3.1% during Q4 2024 on a constant currency basis
    • NBPE expects to receive additional updated Q4 2024 financial information which will be incorporated in the monthly NAV updates in the coming weeks
    • $279 million of available liquidity at 28 February 2025
    • ~220k shares repurchased during February 2025 at a weighted average discount of 27% which were accretive to NAV by ~$0.04 per share. Year to date, NBPE has repurchased ~359k at a weighted average discount of 28% which were accretive to NAV by ~$0.06 per share
    As of 28 February 2025 Year to Date One Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised    		 2.7% 1.6% (0.2%)
    (0.1%)    		 72.3%
    11.5%    		 165.3%
    10.3%
    MSCI World TR (USD)*
    Annualised    		 2.8% 16.1% 35.8%
    10.7%    		 96.4%
    14.5%    		 168.9%
    10.4%
               
    Share price TR (GBP)*
    Annualised    		 1.6% (0.1%) 11.3%
    3.6%    		 77.8%
    12.2%    		 205.5%
    11.8%
    FTSE All-Share TR (GBP)*
    Annualised    		 6.9% 18.4% 27.7%
    8.5%    		 53.4%
    8.9%    		 82.7%
    6.2%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 28 February 2025

    NAV performance during the month driven by:

    • 0.3% NAV increase ($3 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.1% NAV decrease ($2 million) attributable to expense accruals
    • Immaterial NAV change from new private company valuation information and changes in FX

    $29 million of realisations in 2025 year to date

    • $26 million of realisations received during the month of February, consisting primarily of exit proceeds from NBPE’s investment in USI and a partial realisation in Tendam

    $279 million of total liquidity at 28 February 2025

    • $69 million of cash and liquid investments with $210 million of undrawn credit line available

    2025 Share Buybacks

    • ~220k shares repurchased in February 2025 at a weighted average discount of 27%; buybacks were accretive to NAV by ~$0.04 per share
    • On 19 February 2025, NBPE’s board announced that it had reserved $120 million for buybacks over the next three years
    • Year to date, NBPE has repurchased ~359k at a weighted average discount of 28% which were accretive to NAV by ~$0.06 per share

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 28 February 2025 was based on the following information:

    • 6% of the portfolio was valued as of 28 February 2025
      • 6% in public securities
    • 81% of the portfolio was valued as of 31 December 2024
      • 81% in private direct investments
    • 13% of the portfolio was valued as of 30 September 2024
      • 13% in private direct investments

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 28 February 2025)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 74.8 5.9%
    Osaic 2019 Reverence Capital Financial Services 68.9 5.4%
    Solenis 2021 Platinum Equity Industrials 60.0 4.7%
    BeyondTrust 2018 Francisco Partners Technology / IT 50.0 3.9%
    Monroe Engineering 2021 AEA Investors Industrials 42.6 3.3%
    Business Services Company* 2017 Not Disclosed Business Services 40.1 3.1%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 39.2 3.1%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 35.5 2.8%
    Mariner 2024 Leonard Green & Partners Financial Services 34.8 2.7%
    FDH Aero 2024 Audax Group Industrials 33.0 2.6%
    True Potential 2022 Cinven Financial Services 32.2 2.5%
    Staples 2017 Sycamore Partners Business Services 31.6 2.5%
    Marquee Brands 2014 Neuberger Berman Consumer 31.2 2.4%
    Fortna 2017 THL Industrials 28.7 2.3%
    Auctane 2021 Thoma Bravo Technology / IT 28.7 2.3%
    Viant 2018 JLL Partners Healthcare 27.1 2.1%
    Stubhub 2020 Neuberger Berman Consumer 26.5 2.1%
    Benecon 2024 TA Associates Healthcare 26.0 2.0%
    Agiliti 2019 THL Healthcare 25.3 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.4 1.9%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 24.1 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.9%
    Kroll 2020 Further Global / Stone Point Financial Services 23.6 1.8%
    Qpark 2017 KKR Transportation 22.0 1.7%
    Excelitas 2022 AEA Investors Industrials 21.9 1.7%
    CH Guenther 2021 Pritzker Private Capital Consumer 21.4 1.7%
    Exact 2019 KKR Technology / IT 21.4 1.7%
    AutoStore (OB.AUTO) 2019 THL Industrials 19.5 1.5%
    Bylight 2017 Sagewind Partners Technology / IT 19.5 1.5%
    Real Page 2021 Thoma Bravo Technology / IT 18.5 1.5%
    Total Top 30 Investments                             $976.2 76.5%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 78%
    Europe 21%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 21%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 8%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 10%
    2017 16%
    2018 15%
    2019 14%
    2020 12%
    2021 18%
    2022 5%
    2023 2%
    2024 8%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of 31 December 2024, unless otherwise noted.

    1Based on net asset value.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Business News ‘Politics & Business’ breakfast

    Source: Australian Government – Minister of Foreign Affairs

    Acknowledgements omitted

    I always enjoy the perspective of Western Australia and Perth which reflect your economic position and your geographic position, so close to Southeast Asia and so engaged with the regional economies.

    I know the business community thinks deeply about what it means to protect and promote Australia’s interests in an increasingly uncertain world.

    I know you think deeply about how we shore up Australia’s prosperity despite that uncertainty. I don,t need to tell this room, Western Australia is vital to that prosperity: when you succeed, the whole country prospers.

    That success includes WA resources, metals, critical minerals and rare earths but it also includes WA manufacturers and workers, your universities, research and technology, which are all globally prized.

    So what’s my role as Foreign Minister? Amongst other things and importantly, it is to help create opportunities, and promote and protect Australia’s interests as a reliable exporter of choice in an increasingly competitive international environment.

    Our foreign policy helps build and maintain the strategic conditions that enable our stability and prosperity.

    And you have to say that is a task that is not getting any easier.

    Each day, our assumptions are being tested.

    We live in a world of increasing strategic surprise. We live in a world that is ever more uncertain and unpredictable.

    We see the devastating human toll of conflicts including in Ukraine, Gaza and Sudan.

    Malign actors continue to engage in sabotage and terrorism.

    Bullies threaten to use nuclear weapons, and authoritarianism is spreading.

    Some countries are shifting alignment, high global inflation continues to put pressure on working people.

    And institutions that we helped build are being eroded and rules that we helped write are being challenged.

    These factors compound threats and risks in our own region from a changing climate, military buildup without transparency, and disruption of trade – as well as the risks inherent in great power competition.

    I recently released the 2025 Snapshot of Australia in the World, a summary of our foreign policy strategy, priorities and policy achievements.

    What it clearly shows is that even though we face a time of growing uncertainty, Australia is well-placed to protect our security, our stability and our prosperity.

    But that is only if we continue to build our disciplined focus on our region, because it is here where our interests are most at stake; if we invest not only in traditional but also in more diverse relationships; and if we work with partners to uphold international rules that protect us all.

    We have to apply ourselves to these tasks with ambition and calm, consistent and disciplined engagement.

    This is the approach the Albanese Government is taking with the United States.

    President Trump’s America First agenda envisages a very different role for America in the world, and that is what the American people have chosen.

    President Trump campaigned on change and none of us should try to minimise the implications of this change.

    And over the first seven weeks of the Trump Administration we have seen how broad those implications are around the world.

    Mindful of the scale of this change involving our most important strategic partner, there has been extensive engagement across senior levels of the Albanese Government.

    In addition to our relentless Ambassador in Washington, the Prime Minister has had two productive phone calls with the President.

    I had the honour of being the first Australian Foreign Minister ever to be invited to attend a Presidential Inauguration, and I was able to put the case for Australia to the Secretary of State Marco Rubio on his first day in office.

    The Deputy Prime Minister was Secretary Hegseth’s first international counterpart to meet with him following his confirmation.

    The Treasurer has made an early connection with his counterpart, US Secretary of the Treasury Scott Bessent.

    And our Trade and Tourism Minister has also been engaging with his counterparts.

    In those interactions we make the point that the US enjoys a two-to-one trade surplus with Australia and has since the Truman Presidency.

    We make the point that US exports to Australia face no tariffs.

    And that our trade and investment relationship is important for US industry and jobs. Half of Australia’s exports are inputs into US manufacturing and construction. And of course, we are a top 10 investor in the United States.

    And given the pool of funds under management in Australia’s superannuation sector that can only grow.

    Nevertheless, last week we saw that the second Trump administration has hardened its position in favour of tariffs as a centrepiece of its economic policy.

    And whereas the first Trump administration exempted 36 countries from steel tariffs and 32 countries from aluminium tariffs, this time not one single country has been exempted.

    Not Australia. Not Japan. Not anyone.

    And the degree of a country’s engagement has not changed the outcome.

    Indeed, the administration has been clear that the exemptions granted in its first term were a mistake.

    Our response to the Trump administration’s imposition of tariffs on Australia has been firm and it has been clear.

    As the Prime Minister has said, these measures are “entirely unjustified”.

    And “it is against the spirit of our two nations, enduring friendship and fundamentally at odds with the benefits our economic partnership has delivered over more than 70 years.”

    Steel and aluminium exports to the US represent 0.18 per cent of Australia’s total exports in 2023.

    We will continue to press the case for all Australian exporters, including steel and aluminium.

    We will continue to have advocate for the existing economy-wide access commitments under the Australia-United States Free Trade Agreement. They should be maintained.

    And we will also keep making the case for the many opportunities Australia has to offer.

    After the US announced their position, Peter Dutton said he would “do a deal” and “there’s no question about that”.

    Given not one leader of the 36 countries that got a deal last time got a deal this time, Australians are right to be incredulous about that claim.

    And they,re rightly concerned Peter Dutton would do a deal at any cost.

    Unlike Mr Dutton, we are not going to give away the farm – and we don,t have to.

    We will always put the interests of Australian industries and workers first.

    Remember, these tariffs do not necessarily mean that Americans won,t keep buying Australian products.

    And many nations want our exports. This state understands that possibly more than any part of Australia.

    We have a strong track record of supporting our exporters diversify their export markets, and regardless of what happens with US tariffs, that is a priority we will continue to pursue.

    One of the priorities I have brought to this job has been a focus on Southeast Asia, in part because of where I,m from originally, but in part because of my firm belief that ASEAN and the countries of Southeast Asia are critical to our next generation’s stability and prosperity.

    So just to our north, Indonesia stands as a major and growing power in our region and beyond.

    The world’s third largest democracy, projected to become the world’s fifth largest economy.

    So deepening our economic engagement with Indonesia is of enormous value to Australia, and part of our broader effort to diversify our economy, especially through Southeast Asia.

    Now we have our work cut out. When we came to government, Australian direct investment in Southeast Asia was lower than it was in 2014.

    Over this period, while international investment in the region had grown apace, Australia’s investment in it had gone backwards, both in relative and absolute terms.

    And by 2040, Southeast Asia is predicted to be the world’s fourth-largest economy after the United States, China and India.

    Australia’s trade and investment has simply not kept pace – and we need to turn this around.

    Australia has been central to the north Asian economic growth story, so we must be to the Southeast Asian economic growth story.

    That’s why we appointed Nicholas Moore AO as Australia’s Special Envoy to Southeast Asia and charged him with developing a Southeast Asia Economic Strategy to 2040.

    In the almost 18 months since its launch, we have made tangible progress.

    We have now implemented a number of initiatives responding to its recommendations, including new deal teams to identify and facilitate Australian investment in the region.

    New landing pads in Jakarta and Ho Chi Minh City, in addition to the existing hub in Singapore, to help our tech companies scale up.

    Business and investment missions, including three to Singapore, one of which was our largest ever outbound investment mission by value, representing a combined $2.5 trillion of assets under management.

    Improved visa access for businesspeople from the region and the establishment of the ASEAN-Australia Centre because we have to continue to build Southeast Asia literacy and enhance business and cultural ties.

    It’s no accident that Austrade had their best ever client results in Southeast Asia in 2024, with over $1 billion in commercial outcomes.

    We all need to play our part in diversification.

    Complacency, or business as usual, risks compromising our influence today and our prosperity tomorrow.

    Nobody today could claim they don,t understand the risk of putting too many eggs in one market.

    As you know, China’s growth has been a crucial driver of Australia’s prosperity and the world’s prosperity – and we know this has never been straightforward for business.

    Especially during the last term of government, when China’s doors were closed to many of our exports.

    Since the Albanese Government was elected you have seen a concerted effort to restore dialogue and stabilise the relationship with our largest trading partner.

    We pressed China to lift impediments on more than $20 billion of Australian exports – barley, wine, coal, timber logs, cotton, beef, hay and copper ores, concentrates, and lobsters.

    The final impediments on lobster were lifted in late December, and we have seen in just the first month of the crayfish trade resuming into China, sales have already reached $118 million.

    We know how important that is to Western Australia. In 2023-24, China received 56 per cent of exports from this state. And what we want is grow opportunities for our great exporters – both into China and elsewhere across our region.

    The China relationship will continue to face challenges.

    You see, the term stabilisation has never meant there would be no problems.

    It has always meant we should be able to engage directly with China in order to manage differences and problems that are inevitable – without these problems derailing our ability to talk to each other – as we saw in the past.

    And that is what we will keep doing – and it is what the Australian people expect of us, your government – to engage confidently, calmly and consistently, protecting our sovereignty and advancing our interests.

    We have seen in recent weeks that the same people who had no regard for the consequences for Australian exporters and jobs are at it again – trying to turn China into an election issue, with inflammatory language.

    This country, as you all know, built our prosperity in great part because we are a trading nation.

    A great trading nation has to grapple with a world where trade can be a vulnerability as well as an opportunity.

    And the whole country, all of us, government, business, the workforce – we have to manage these risks together.

    We can’t imagine the challenges away nor can we put other countries, interests ahead of ours.

    What we can do is recognise our challenges in the world are growing.

    That our interests are most at stake in our region.

    And that we must not just invest in our traditional relationships but also in diversified relationships.

    And if we do these things, we can be confident that together as Australians we can meet these challenges, and keep building a better future.

    MIL OSI News –

  • MIL-OSI Australia: Minns Government seeks energy bill relief for cyclone region

    Source: New South Wales Government 2

    Headline: Minns Government seeks energy bill relief for cyclone region

    Published: 18 March 2025

    Released by: Minister for Energy and Climate Change, Minister for the North Coast, Minister for Small Business

    The Minns Labor Government has written to energy companies asking them to defer electricity bills and waive a fee for NSW households and businesses hit by ex-Tropical Cyclone Alfred, to further ease the pressure on those recovering from the natural disaster.

    Residents and business owners in northern NSW have experienced substantial disruptions to their power supply due to ex-Tropical Cyclone Alfred. It delivered heavy rain and severe winds to large areas of Northern NSW, causing extensive damage to the area’s electricity distribution network.

    A total of 84,000 homes and businesses experienced power outages across various communities from Tweed Heads to Grafton, and west to Armidale. Some lost power multiple times.

    Essential Energy will waive the daily access charge for customers for the period they were without power.

    While energy retailers have not played a role in relation to the power disruptions, Minister for Energy Penny Sharpe has written to 22 companies requesting their cooperation in supporting customers who live in local government areas included in the natural disaster declaration. The Minister has asked them to:

    • waive the daily power supply charge for customers for the period they were not supplied electricity (by passing on the waiver being provided to retailers by Essential Energy)
    • defer any electricity bills that are due to be sent to customers for 14 days
    • defer any disconnections or repayment requirements for 14 days for affected customers in debt or with any amount owing on their account
    • provide additional information about payment plan options and NSW Government financial support if customers find they are unable to pay their bill as a result of the cyclone impacts.

    The NSW Government along with the Australian Government is working together to provide support to the affected area. A personal hardship grant with payments of $180 for individuals and up to $900 per family is available through Service NSW for essential costs such as food, clothing, medicine and emergency accommodation. To be eligible, individuals must have been subject to an evacuation order or have experienced a power outage of more than 48 hours.

    Customers whose ability to repay their energy bills has been impacted by Ex-Tropical Cyclone Alfred can also apply for NSW Government Energy Accounts Payment Assistance (EAPA) support to help pay their energy bills. EAPA helps people experiencing difficulty paying their electricity and/or gas bill due to a short-term financial hardship, crisis or emergency to stay connected to essential services. EAPA can only be applied to current, unpaid energy bills.

    Minister for Energy, Penny Sharpe said:

    “It is important we provide as much support as possible to households and business owners who are recovering from ex-Tropical Cyclone Alfred.

    “I have written to energy retailers asking them to join Essential Energy in providing relief to customers in the natural disaster zone, and thank them in advance for any assistance they can offer.”

    Minister for Recovery, Small Business and the North Coast, Janelle Saffin said:

    “Every bit of support counts for families, households and businesses doing it tough in the wake of this natural disaster.

    “Thank you for your consideration of this request during this difficult time for the residents and businesses of the Northern Rivers and North Coast.”

    Further information:

    • Essential Energy is one of three distribution network operators in NSW. Essential Energy, Ausgrid and Endeavour Energy are responsible for the distribution lines in a specified region:
      • Essential Energy – Riverina, South Eastern region, Northern NSW and Central Tablelands
      • Ausgrid – Sydney’s north, Central Coast and Newcastle
      • Endeavour Energy – Blue Mountains, Western Sydney, Illawarra and South Coast
    • Energy retailers such as Origin Energy, AGL, Red Energy and EnergyAustralia buy electricity from the market pool and contract with generators to manage prices.
      • Retailers then sell electricity to households and businesses. Most customers only ever interact with their retailer, which sends them their quarterly bill.
      • There are 22 energy retailers with customers in the region affected by the natural disaster from 3 March 2025.
    • To assist customer recovery from the impacts of ex-cyclone Alfred and the extended periods of time without power, Essential Energy is offering financial and non-financial support. For more information visit the Essential Energy website.

    MIL OSI News –

  • MIL-OSI Australia: ATO releases new small business benchmarks for 100 industries

    Source: Australian Department of Revenue

    The Australian Taxation Office (ATO) has released a new set of updated financial benchmarks to help small business owners take the pulse of their business.

    Updated annually, the ATO’s benchmarks act as a health check, allowing small business owners to compare their performance including average expenses against other businesses in the same industry.

    Quotes attributable to ATO Assistant Commissioner Tony Goding:

    ‘The benchmarks are a valuable tool for small businesses wanting to stay in good financial health.’

    ‘Think of our benchmarks like a routine test you take with your GP each year. These can help small businesses diagnose their strengths or spot the early warning signs.’

    ‘Whether you’re running a pizza shop, pet store or a plumbing business, the benchmarks can help you see how your business stacks up.’

    ‘If your numbers are outside of the benchmark range compared to others in your industry it may be time for a closer look at your business plan.’

    ‘Businesses that remain within industry benchmarks are generally less likely to attract the ATO’s attention.’

    ‘While we never use the benchmarks in isolation, small businesses who fall outside the ATO’s benchmarks are more likely to trigger a closer examination from us to identify if they are making mistakes or deliberately doing the wrong thing.’

    The ATO takes non-compliance with tax seriously. Small businesses avoiding their tax obligations are participating in the shadow economy which puts pressure on Australians who are doing the right thing.

    Deliberate shadow economy behaviours contribute nearly 60% of the gross small business income tax gap or around $11.2 billion per annum in missing tax. Approximately $8.9 billion of this is associated with under reporting of income and over claiming of deductions.

    ‘The benchmarks are just one of the tools we use to tackle the shadow economy, along with community tip-offs and data matching.’

    ‘It’s all about levelling the playing field for honest businesses who are being undercut by their dishonest competitors that aren’t paying the tax they’re supposed to,’ Mr Goding added.

    The benchmarks cover 100 industries and over 2 million small businesses around the country. The industries include:

    • Accommodation and food
    • Building and construction trade services
    • Education, training, recreation and support services
    • Health care and personal services
    • Manufacturing
    • Other services
    • Professional, scientific and technical services
    • Retail trade
    • Transport, postal and warehousing.

    Small business owners who need help understanding how to improve their business performance can consult a business adviser or registered tax professional. The ATO’s online learning platform Essentials to strengthen your small businessExternal Link can support small business owners to prepare for these conversations, as well as further understand their tax and super obligations.

    The benchmarks are accessible on the ATO website and via the ATO app business performance check tool. The key benchmark ratios can also be downloaded from data.gov.au.

    Example

    The below example shows a small business using the ATO benchmarks to compare its performance to similar businesses in the same industry.

    Anna’s pizza shop

    Anna operates a pizza shop as a sole trader. Anna wants to know how her business compares to her competitors and how she can improve her business.

    Anna searches online for ‘pizza shop benchmarks’ and finds the ATO small business benchmarks. She follows the instructions to download the ATO app. Then, she goes to the business performance check tool.

    Anna enters her details into the business performance check tool. She learns the key ratio of cost of sales to turnover for her shop is 44%.

    While this is within the range for businesses in her industry with a turnover of $550,300, Anna sees that the range for cost of sales starts at 37%. She realises some of her competitors have lower cost of sales.

    Anna looked at other suppliers in the market and got a better deal to reduce her business’s expenses and improve profits.

    Notes to journalists

    MIL OSI News –

  • MIL-OSI China: Railway offers discounts for senior riders

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

    China has introduced a new policy granting significant discounts on railway travel for senior passengers as part of efforts to tap into the market potential of its rapidly growing elderly population, China State Railway Group announced on Monday.

    On April 1, the railway operator will expand its loyalty program to offer increased reward points for passengers age 60 and older. While regular members earn points equal to five times the ticket price, senior members will now receive 15 times the fare amount in reward points. The accumulated points can be redeemed for train tickets, effectively providing substantial discounts.

    For example, a senior member of the program who spends 1,000 yuan ($138) on train tickets will receive 15,000 points, which can be redeemed for tickets worth 150 yuan. In comparison, regular members will receive 5,000 points, equivalent to 50 yuan for ticket redemption.

    The program is open to elderly passengers from the Chinese mainland, Hong Kong, Macao and Taiwan, as well as foreigners with permanent residency in China. The benefits do not extend to international or special tourist trains, but the policy is expected to encourage more elderly individuals to take domestic rail trips.

    The initiative is part of China’s broader strategy to expand its “silver economy”, recognizing the aging population as an economic opportunity rather than solely a social challenge. China had more than 310 million people age 60 and older at the end of last year, accounting for about 22 percent of the total population.

    Growing demand for senior-friendly tourism services prompted the government to introduce an action plan for “silver-haired train service” last month. The plan was jointly released by nine government departments, including the Ministry of Commerce and China State Railway Group.

    Features of new policy

    The initiative aims to stimulate the senior tourism market, boost the silver economy and improve the quality of life for elderly residents. The railway operator has developed a three-year plan to establish more than 100 premium railway tourism routes and 160 tailored trains for senior passengers by 2028. The plan also calls for operating more than 2,500 tourism train services annually by then.

    China’s railway sector is also making hardware improvements to accommodate elderly travelers. Tailored trains will feature larger seats, wheelchair-friendly layouts and additional safety features such as handrails and emergency call buttons.

    Onboard services will be enhanced with trained staff, medical support and tailored activities, including chess, reading and music events, to create a more engaging travel experience.

    On Saturday, a tourism train for seniors departed from Tianjin, picking up travelers from Beijing and Hebei province before heading south toward Jiangxi, Hunan and Guangdong provinces. A total of 452 passengers embarked on a 12-day cross-region journey, visiting several top-tier tourist sites along the route.

    “We offer healthy meals onboard, managing salt, sugar and oil intake. High-fiber and high-protein options ensure a balanced diet for passengers with conditions such as hypertension and diabetes,” said Zhao Huaying, a business manager at China Railway Travel Group’s tourism train division. “Dedicated medical support is also provided.”

    Onboard medical aid

    Each train is staffed with medical personnel capable of handling common health emergencies such as cardiac events or injuries. Medical kits and emergency call buttons are installed for added safety, train conductor Zhang Wenquan said.

    The initiative has received widespread praise from elderly travelers who appreciate the added convenience.

    “I have used the silver-haired train services three times now, and it makes traveling so much easier,” said a 63-year-old passenger surnamed He, who began her trip on Saturday from Beijing.

    “We get off the train for one or two nights during the trip and stay at local hotels. I only need to pack basic toiletries and a few clothes since I can leave my heavy luggage on the train. This saves us elderly travelers a lot of effort,” she said.

    “I don’t have to carry my heavy luggage everywhere, and I feel safe knowing medical staff are on board,” she added.

    MIL OSI China News –

  • MIL-OSI USA: Senator Murray, Rep. Randall, Sen. Riccelli, WA Health Care Providers Sound Alarm Over Looming Republican Cuts to Medicaid That Would Kick Washingtonians Off Their Health Care, Blow a Hole in State Budget

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    In Washington state, over 1.8 million people rely on Medicaid; Central and Eastern WA have the highest proportion of people on Medicaid

    ***PHOTOS, B-ROLL HERE***

    Olympia, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, held a press conference at the Washington State Capitol in Olympia to sound the alarm on the massive, steep cuts to Medicaid that House and Senate Republicans in Washington, D.C. are right now working to pass via their budget reconciliation bill, which only requires a simple majority of votes to pass in each chamber. Joining Senator Murray for the press conference were U.S. Representative Emily Randall, (WA-06), Washington State Senator and Floor Leader Marcus Riccelli (District 3), Dr. Crystal Shen, a pediatrician who leads advocacy efforts for the Washington Chapter of the American Academy of Pediatricians, Justin Gill, a registered nurse and the President of the Washington State Nurses Association, and Julie Clark, a Medicaid recipient who spoke about how the services she receives through Medicaid allow her to live a full and independent life away from an institution.

    Nearly 80 million Americans rely on Medicaid and the Children’s Health Insurance Program for their health coverage and access to care, including over 1.8 million people in Washington state who are enrolled in Apple Health, Washington state’s Medicaid program. In Washington state, 38 percent of children, one in six adults, three in five nursing home residents, and three in eight people with disabilities are covered by Apple Health. House Republicans have proposed cuts of at least $880 billion to Medicaid and other health care programs, which would have devastating consequences for Washington state’s health care system and everyone who relies on it. In Fiscal Year 2023, Washington state received over $12.5 billion in federal Medicaid funding, accounting for 57 percent of all federal funding to the state—cuts to federal Medicaid funding would severely exacerbate Washington state’s budget deficit, since the state would have to make up for the shortfall to try and minimize the loss of crucial health care services.

    “Cuts to Medicaid at the scale Republicans are directing will mean hospitals and clinics—especially in our rural areas—will close their doors. Moms and babies will lose health coverage. Seniors will be cut from home care services and forced out of long-term care facilities. Wait times for care will skyrocket, labor and delivery services will close, and people who need lifesaving mental health care—or help recovering from addiction—will suffer… Nearly half of kids in America get their health care through Medicaid—that is the program Trump, and Elon, and Republicans are aiming their wrecking ball at,” Senator Murray said at the press conference today.

    “House Republicans directed the Energy and Commerce committee to find $880 billion dollars worth of Medicaid cuts—because they need the room in the budget to extend Trump’s tax cuts for the richest Americans,” Senator Murray continued. “If you don’t want to see people kicked off their health care, if you don’t want to see hospitals close their doors in your community, then this is the time to get loud, pick up the phone, and tell Republicans in Congress to stop listening to Donald Trump and Elon Musk who want tax breaks for their billionaire buddies, and start listening to your constituents who just want to stay on their health care.”

    Republicans have offered various proposals to drastically cut Medicaid, all of which would mean cutting services and kicking people off their health care coverage. For example, 782,000 Washingtonians, or 42 percent of adults on Medicaid in Washington state, would be at risk of losing coverage if Republicans institute so-called work requirements, which been proven not to increase employment—but rather strip health coverage from people with low incomes, most of whom are already working full or part-time, or not working due to circumstances like school or caregiving responsibilities. Reducing the federal match rate for states like Washington that expanded Medicaid under the Affordable Care Act, another idea that has been discussed, would force Washington state to spend $2,754,000,000 more to maintain its Medicaid expansion, and threaten coverage for 647,416 people in Washington. Removing or lowering the 50 percent floor on federal Medicaid match rates would shift costs to states dramatically, and would mean Washington state would have to pay an additional $1,197,000,000, or 18 percent every year.

    “I first became aware of the good that government can do for our families when Washington state led the country in expanding Medicaid in 1993, because of brave legislators who knew that it was the right decision. And it was a decision that changed my family’s trajectory—my sister… was born with complex disabilities and my dad’s civilian government employee insurance from the Puget Sound Naval Shipyard was good, but wouldn’t have covered everything that she needed to survive. And my story is just like so many stories across the district, across the state, and across the country,” said U.S. Representative Emily Randall (WA-06). “In our rural community on the Olympic Peninsula, we have hospitals in Forks, in Port Angeles, in Elma, that are already hanging by a thread, that are struggling to keep providers employed and keep their doors open, to continue providing lifesaving care to folks who have nowhere else to go. But if this administration and the Republicans in Congress are effective and successful in delivering $880 billion dollars of cuts to people’s health care, those hospitals will have to close their doors, leaving our community without health care.”

    “Drastically cutting Medicaid would eliminate a lifeline for thousands of people in Eastern and Central Washington,” said Washington state Senator Marcus Riccelli (D-Spokane). “It will mean a loss of comprehensive services to people, including access to primary care, behavioral health, and dental care. By delaying this care, we will see a flood of people end up in already burdened emergency rooms, particularly in rural areas where hospitals are already on the brink of cutting services or closing their doors. Simply put, cutting Medicaid will mean cutting lives short in Washington state.”

    “Medicaid cuts of this massive scale would be devastating for access to care and can lead to significant preventable health harm,” said Dr. Crystal Shen, a Seattle-area pediatrician with the Washington Chapter of the American Academy of Pediatricians. “Medicaid cuts would mean that clinics are at risk of significantly limiting Medicaid access in order to keep their lights on, or could even be at risk of closing. This would lead to families having to travel even farther and wait longer for access to care, or perhaps not being able to access care at all. This means kids would miss out on care that they need and show up in emergency rooms sicker… Pediatric specialist access could become even more limited geographically and even longer waits, when some already have wait times of a year or even longer. Some pediatric specialty departments have even closed due to losing staff due to Medicaid funding challenges… If massive cuts cause clinics or specialty departments to close, then all children in that area may be impacted, not just children on Medicaid. These are difficult to re-open once they are closed, and entire communities, especially rural communities, could lack access to essential medical care. I have seen firsthand the great lengths that parents will go to help their children access medical care, whether traveling for hours or waiting months.”

    “Medicaid is a lifeline for so many of my patients. It ensures expectant parents receive essential care, seniors access long-term support, and working families stay healthy while striving to make ends meet. Cutting Medicaid will further destabilize our healthcare system by forcing clinics and hospitals throughout our state to close, leaving patients with even fewer options,” said Justin Gill, DNP, APRN, RN, President of the Washington State Nurses Association. “These cuts will make our jobs as nurses even more difficult. We will struggle to coordinate care, secure medications, and order necessary tests and diagnostics for our patients. The burden of navigating an already complex system will only grow, further contributing to burnout and workforce shortages. There is a difference between those that make reckless policy decisions, like cutting Medicaid, and those of us that are in the trenches doing the work. When I see a patient, I am accountable for the care and direction I provide. I wonder if any lawmakers supporting these cuts will apply that same standard of accountability when they decide on how to vote.”

    “My care is very high. I have a feeding tube. I love it in my own home. I can do whatever I want to do. I can go anywhere I need or want, but require a caregiver for safety… Staff take care of my physical needs because I can’t take care of myself due to my disability. My staff supports me with medications and they help me to get to and from appointments. They support my social activities. I cannot go anywhere without my caregivers. I wish I could do all these things for myself, but I cannot. I like my freedom. Everyone deserves to have the quality of life to work and live in their own home in the community. Please do not make cuts to Medicaid. These cuts would be very harmful to myself and those like me. This would affect me and my living situation drastically because I would be forced to live in an institution,” said Julie Clark, a self-advocate who relies on services paid for by Medicaid to live a full and independent life.

    Nationwide, nearly half of children in America are enrolled in Medicaid and the Children’s Health Insurance Program (CHIP), and Medicaid pays for nearly half of births in the U.S. Medicaid also pays for services for 2 in 3 nursing home residents and pays for home-based services for close to 2 million seniors—allowing them to age safely at home—as well as close to 3 million people with disabilities and other health conditions. Cutting Medicaid will lead to accelerated hospital closures, particularly in rural areas. Medicaid also covers 1 in 4 people with a mental health or substance use disorder, and serves as the largest payer for mental health and substance use services for communities nationwide amid an ongoing overdose and opioid epidemic made worse by an influx of fentanyl. Recent polling from KFF Health found 82 percent of adults think Medicaid funding should either increase or stay the same and large majorities of people across parties, those who voted for Trump in 2024, and adults living in rural areas say the program is “very important” for their local community. Polling from Hart Research found that 71 percent of voters who backed Trump said cutting Medicaid would be unacceptable, and voters overall were even more opposed to it.

    A fact sheet outlining what Medicaid cuts would mean for Washington state is HERE.

    Senator Murray’s full remarks at the press conference, as delivered, are below:

    “We are here because, back in the Other Washington, Republicans are getting ready to launch an all-out assault on a program that tens of millions of Americans, including 1.8 million people in our state, rely on for health care—and that is Medicaid.

    “Last month, House Republicans passed a budget resolution with $880 billion—that’s a ‘b,’ billion—dollars in cuts, with Medicaid in the crosshairs—explicitly laying the groundwork for legislation later this year that will cut Americans off their health care, force our rural hospitals to close their doors, and blow a massive hole in states’ budgets…

    “Including here in Washington state, where we received over twelve-and-a-half billion dollars in Medicaid funding in Fiscal Year 2023 alone.

    “One in five people in Washington state rely on Medicaid for their health care coverage, including three in eight people with disabilities, three in five seniors, and nearly forty percent of children.

    “Make no mistake: Medicaid saves lives.

    “And do you know where it saves lives the most? In rural and red communities. Here in our state, Washington’s 4th and 5th Congressional Districts—the only two represented by Republicans—have the highest proportion of people who rely on Medicaid!

    “Those are the places that are going to really get hit hardest if Republicans succeed in their plan to dramatically slash Medicaid.

    “Cuts to Medicaid at the scale Republicans are directing will mean: hospitals and clinics—especially in our rural areas—will close their doors. Moms and babies will lose health coverage. Seniors will be cut from home care services and forced out of long-term care facilities. Wait times for care will skyrocket, labor and delivery services will close, and people who need lifesaving mental health care—or help recovering from addiction—will suffer.

    “And don’t forget—Medicaid is the largest source of coverage for mental health and substance use services for communities across the country.

    “Nearly half of kids in America get their health care through Medicaid—that is the program Trump, and Elon, and Republicans are aiming their wrecking ball at.

    “And when you consider how many people rely on it, it should come as no surprise that Medicaid is overwhelmingly popular!

    “In fact, 82 percent of Americans want to see Medicaid funding increase or stay the same. Large majorities of people across political parties say Medicaid is, ‘very important’ to their local community. 71 percent of people who voted for Trump said cutting Medicaid would be unacceptable.

    “Those numbers send a clear message—and a clear warning to Republicans in Congress if they decide to charge forward.

    “You might wonder, if Medicaid is so popular, and so essential, to people all over the country—why are Republicans so hell-bent on cutting it to the bone?

    “Well the answer is simple: to pass more tax cuts for billionaires.

    “House Republicans directed the Energy and Commerce committee to find $880 billion dollars worth of Medicaid cuts because they need the room in the budget to extend Trump’s tax cuts for the richest Americans. 

    “The bottom line is that for Republicans, if there’s a choice between helping working people and helping their billionaire buddies, they’re going to side with the billionaires.

    “That’s why we are here today to raise the alarm, to spell out what the cuts they’re proposing would actually mean for folks here in our state, and to encourage people to speak out.

    “Because if you don’t want to see people kicked off their health care, if you don’t want to see hospitals close their doors in your community, then this is the time to get loud, pick up the phone, and tell Republicans in Congress to stop listening to Donald Trump and Elon Musk who want tax breaks for their billionaire buddies, and start listening to your constituents who just want to stay on their health care.

    “We cannot let Republicans charge ahead on deep and painful cuts to Medicaid just to line the pockets of the richest people in the world.

    “Now, Republicans still have a ways to go before they can actually pass these cuts into law.

    “So now is the time, again, to keep doing everything we can to raise our voices and call on Republicans to think seriously about what these cuts would do to their communities, and to reverse course before it’s too late.

    “You can bet that back in the Other Washington, I will keep fighting every way I can to protect people’s health care, lift up the voices of families here in Washington state, and make sure, at the very least, our Republican colleagues, hear from their constituents that they are so determined to hurt.”

    MIL OSI USA News –

  • MIL-OSI Australia: Workers compensation reform to address psychological safety

    Source: New South Wales Premiere

    Published: 18 March 2025

    Released by: Treasurer

    Treasurer Daniel Mookhey will today warn parliament that the State’s workers compensation system is unsustainable without reform to how it deals with workplace psychological injury.

    Mr Mookhey will set out plans to make greater use of workplace health and safety laws to prevent psychological injuries, instead of relying solely on the state’s workers compensation system as the main response. 

    In a Ministerial Statement, the Treasurer will also advise Parliament that:

    • If claims continue growing at recent rates, the State insurer icare expects an additional 80,000 people will make psychological injury claims over the next five years,
    • For every $1 needed to care for injured workers, the State’s main workers compensation scheme currently holds only 85 cents in assets, and
    • Without reform, premiums for businesses facing no claims against them are forecast to rise by 36 per cent over the three years to 2027-28.

    Mr Mookhey will outline a program of consultation with Business NSW and Unions NSW, as well as other interested parties, to create the reform. The model he will outline will see NSW:

    1. Give the NSW Industrial Relation Commission a bullying & harassment jurisdiction ahead of requiring those claims to be heard there first before a claim can be pursued for compensation. This will allow the Commission to address psychological hazards, fostering a culture of prevention.
    2. Define psychological injury, as well as ‘reasonable management action’, to provide workers and businesses with certainty – rather than let the definitions remain the subject of litigation.
    3. Align whole-person-impairment thresholds to standards established in South Australia and Queensland.
    4. Adopt some of the anti-fraud measures recently enacted by the Commonwealth to protect the National Disability Insurance Scheme.
    5. Respond further to the recommendations retired Supreme Court justice Robert McDougall made in his independent review of Safe Work NSW.

    The Treasurer has been working closely with Minister for Industrial Relations Sophie Cotsis and Minister for Emergency Services Jihad Dib on the reform.

    Treasurer Daniel Mookhey said:

    “Our workers compensation system was designed at a time when most people did physical labour – on farms and building sites, in mines or in factories.

    “A system that approaches all psychological workplace hazards the same way as physical dangers, needs to change.

    “Allowing the system to stay on autopilot will only trap more employees, employers, and the state of NSW to a fate we can avoid.

    “We must build a system that is fit for purpose – one that reflects modern workplaces and modern ways of working.”

    MIL OSI News –

  • MIL-OSI New Zealand: NZ economy: Wheels turning – BusinessNZ

    Source: BusinessNZ

    The BusinessNZ Planning Forecast for the March quarter shows signs of economic improvement – even as New Zealand continues to face significant issues at home and abroad.
    BusinessNZ Director of Advocacy Catherine Beard says New Zealand is not immune to the economic uncertainty rising around the world.
    “As trade wars continue between the United States and other nations, the world remains in a state of economic flux. As a trading nation, New Zealand cannot expect to come out of these renegotiations unscathed.
    “On the bright side, inflationary pressures continue to fall, and recent cuts to the official cash rate have taken some financial pressure off homeowners refixing their mortgage. World commodity prices are solid which is welcome news for our meat and dairy exporters.”
    “For the first time in almost two years, the manufacturing sector saw growth in 2025 – this is welcome news and a positive sign of recovery.”
    The BusinessNZ Economic Conditions Index (ECI) is a measure of NZ’s major economic indicators. It sits at 17 for the March 2025 quarter, an improvement of 7 on the previous quarter, and an improvement of 14 on a year ago.
    An ECI reading above 0 indicates that economic conditions are generally improving overall; below 0 means economic conditions are generally declining.
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Australia – Helping Australia’s small businesses unlock value and reduce costs with CommBank Yello for Business – CBA

    Source: Commonwealth Bank of Australia (CBA)

    CBA Business Bank’s customer recognition program is now available to more than 340,000 small business customers.

    More than 340,000 small businesses across Australia now have access to a broad range of exclusive benefits and discounts with the rollout of CommBank Yello for Business.

    “It takes grit, determination and hard work to run a small business, particularly as a sole trader, but with some goods and services costing 20 per cent more today than five years ago, business owners are having to work harder and get even savvier when it comes to managing costs,” said CBA’s Group Executive Business Banking Mike Vacy-Lyle. 

    “We know that our customers count on us to be there for them, which is why we’re expanding our CommBank Yello for Business program to help more than 340,000 eligible small business customers across Australia access discounts and special deals from our partners,” Mr Vacy-Lyle said.

    “Through our customer recognition program, business owners can access a variety of offers ranging from discounted internet plans to better deals on equipment hire. No matter their industry, there’s an opportunity for business owners to unlock savings,” Mr Vacy-Lyle said.

    The expansion of CommBank Yello for Business means all eligible sole proprietor and single director corporate customers can unlock business benefits from our partners1including:

    Discounted pricing on More Business nbn®, SIM-only Mobile and Business Phone Systems for 12 months when paying with your CommBank Debit or Credit card
    Various discounts on Nine Ad Manager orders (minimum spend applies)
    Exclusive pricing on all Samsung products via the Samsung portal for CommBank Yello for Business2
    20% off BioPak certified compostable food packaging (for new BioPak customers only)
    20% off equipment hire with Kennards Hire (applicable to general hire products only)
    3 months free for new Doshii customers, then 10% off thereafter
    Various discounts on products from Workwear brands Hard Yakka, NNT, and KingGee (minimum spend applies)

    These benefits are available to eligible small business customers who hold a business transaction account with CBA and who meet certain eligibility criteria. Eligible business customers can access one of two benefit sets, based on the customer’s transaction volumes and lending relationship, with eligibility typically assessed in the second week of each month, for the previous month(s).

    CommBank Yello for Business is an extension of CommBank Yello, delivering even greater value to our customers.

    Find our more information here: commbank.com.au/business/latest/commbank-yello-for-business

    About CommBank Yello

    CommBank Yello, launched in 2023, is the bank’s customer recognition program where eligible retail customers can access benefits like cashbacks, discounts and prize draws simply by being a customer.
    Customers can check their eligibility status in the CommBank Yello hub within the latest version of the CommBank app by simply tapping ‘CBA Yello’, then ‘View all’ in the CommBank app to see their personalised offers. https://www.commbank.com.au/commbank-yello.html
    CommBank Yello for Business, an extension of CommBank Yello, rewards business customers for banking with us.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Governor Kehoe Seeks Joint Damage Assessments in Preparation for Major Federal Disaster Declaration Request

    Source: US State of Missouri

    MARCH 17, 2025

    Jefferson City — Today, Governor Mike Kehoe announced the state has requested the Federal Emergency Management Agency (FEMA) participate in joint preliminary damage assessments (PDAs) for Individual Assistance in 23 counties following the severe storms and deadly tornadoes that devastated Missouri March 14-15. This request begins the process of obtaining federal disaster assistance.

    “As I observed during my visit to impacted areas this weekend, these storms and tornadoes caused widespread, devastating destruction and disrupted the lives of families and business across the Missouri,” said Governor Kehoe. “The State Emergency Management Agency (SEMA) has been working closely with local emergency management officials, and we are confident the damage meets the threshold for FEMA to participate in joint damage assessments.”

    Joint PDAs are being requested for the following counties: Bollinger, Butler, Camden, Carter, Franklin, Howell, Iron, Jefferson, Laclede, New Madrid, Oregon, Ozark, Pemiscot, Perry, Phelps, Pulaski, Reynolds, Ripley, St. Louis, Stoddard, Wayne, Webster, and Wright.

    Joint PDA teams are made up of representatives from FEMA, SEMA, the U.S. Small Business Administration and local emergency management officials. Beginning Thursday, March 20, six teams will survey and verify documented damage to determine if Individual Assistance can be requested through FEMA. Individual Assistance allows eligible residents to seek federal assistance for temporary housing, housing repairs, replacement of damaged belongings, vehicles, and other qualifying expenses.

    Initial damage assessments estimate approximately 368 houses were destroyed, 356 with major damageand 1,058 with minor damage. Damage assessments for roads, bridges and other public infrastructure are ongoing, likely resulting in a request for additional PDAs for Public Assistance later this week.

    The National Weather Service (NWS) continues to survey damage and debris patterns to determine the total number and strength of tornadoes. NWS has preliminarily confirmed the following 12 tornadoes as of March 16:

    EF1: Franklin County (Elmont to Union)

    EF1: Jefferson County (Klondike Rd)

    EF1: Webster County (near Seymour)

    EF1: Oregon County (near Rover)

    EF2: Franklin/St. Louis counties (Villa Ridge to Fox Creek)

    EF2: Jefferson County (Hillsboro to Arnold)

    EF2: St. Louis County (Bridgeton)

    EF2: Phelps County (Doolittle to Rolla)

    EF2: Dunklin/Pemiscot counties

    EF3: Iron County (Des Arc)

    EF3: Butler County (Poplar Bluff)

    EF3: Ozark County (Bakersfield)

    Outages continue to decrease as power is restored. As of 6:00 p.m., fewer than 13,000 customers remained without power – down from 47,000 at 2 p.m. Sunday. The State Emergency Operations Center remains activated to assist in the recovery process, assess ongoing needs and coordinate resources as requested by local partners and emergency management.

    Volunteer and faith-based organizations also continue to support response efforts and provide support services to those in need. The Red Cross of Missouri continues to provide meals and emergency supplies and operate shelters. Missouri Baptist Disaster Relief is assisting individuals and families with debris removal. Convoy of Hope is providing water and other emergency supplies, and the Salvation Army also continues to provide meals to those in impacted counties.

    Missourians with unmet needs are encouraged to contact United Way by dialing 2-1-1 or the American Red Cross at 1-800-733-2767. For additional resources and information about disaster recovery in Missouri, including general clean-up information, housing assistance, and mental health services, visit recovery.mo.gov.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Senator Scott Highlights Historic Ten-Week Voting Streak in Senate

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    The Senate concludes a historic commencement of the 119th Congress following ten consecutive weeks of voting, representing the longest continuous stretch in more than 15 years.

    WASHINGTON — Today, U.S. Senator Tim Scott (R-S.C.) marked the completion of the Senate’s historic ten-week voting streak, the longest continuous stretch in over 15 years. The productive and intense work period has set a tone for the 119th Congress, with Senate Republicans working hard to advance President Trump’s agenda. Senator Scott reaffirmed his commitment to building on this progress and continuing to advocate for South Carolinians and the American people.

    “This work period has been dynamic, exciting, and extremely productive. I have loved seeing so many South Carolinians in DC over the last three months,” said Senator Scott. “Senate Republicans have taken monumental steps in getting President Trump the cabinet he deserves, passing critical legislation and rolling back burdensome regulations. While the work is far from over, I remain committed to building on these efforts and delivering results for folks back home and across the country! America will be the shining city on a hill once again!”

    Since January, Senator Scott has introduced 16 pieces of legislation and resolutions including his Alan T. Shao II Fentanyl Public Health Emergency and Overdose Prevention Act, Antisemitism Awareness Act of 2025, Protect Small Businesses from Excessive Paperwork Act of 2025, Securing our Border Act, Unlocking Domestic LNG Potential Act, and the Families’ Rights and Responsibilities Act. 

    On the Senate’s duty of advice and consent…

    President Trump has selected various nominees to serve in critical positions throughout this new administration. Senator Scott has met with and voted to confirm the following nominees, now Cabinet-level positions, Treasury, Health and Human Services, Defense, Homeland Security, Education, Labor, Housing and Urban Development, SBA Administrator, and the Directors of the FBI, USTR, National Intelligence, and National Institutes of Health. Each cabinet appointee is critical to delivering on the promise to secure our borders, unleash American energy, and promote economic freedom. Senate Republicans are working hard to swiftly confirm President Trump’s nominees and bring safety and prosperity back to the American people! 

    On creating greater access to educational opportunities…

    Senator Scott celebrated the impact education freedom has on the lives of so many students and families during National School Choice Week. He also highlighted a quality education is still out of reach to countless children who desperately need it during Secretary McMahon’s confirmation hearing.

    As co-chair of the Congressional School Choice Caucus and member of the Senate Health, Education, Labor and Pensions (HELP) Committee, Senator Scott led his colleagues in introducing a Senate resolution recognizing January 26 – February 1 as National School Choice Week. The Senator continues to champion parental rights so families can choose the education that best fits their child’s individual talents and needs.

    On disaster recovery and SBA reform efforts…

    After hearing from hundreds of South Carolina businesses in the wake of Hurricane Helene, Senator Scott introduced the SBA Disaster Transparency Act, which requires the Small Business Administration to make its monthly reporting requirements for the Disaster Loan Account available to the public. During the 10-week work period, the bill successfully moved out of the Senate Small Business and Entrepreneurship Committee, marking a significant step forward in providing essential resources to communities in need. By introducing this legislation, Senator Scott is committed to ensuring that those affected by natural disasters have the tools they need to rebuild their lives.  

    On unlocking economic freedom…

    Senator Scott has been actively laying the groundwork to advance pro-growth tax policies that strengthen the economy and protect hard working Americans. That includes preventing a $5 trillion tax hike on the middle-class by pushing to extend theTax Cuts and Jobs Act that would ensure small businesses and families aren’t burdened with higher taxes.

    As the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and as a senior member of the Senate Finance Committee, Senator Scott is focused on advancing solutions to support pro-growth policies and economic opportunity across the country – with the goal of unlocking up to $1 trillion in investments for underserved communities. Senator Scott’s effort is about building a future where every American has access to the tools and resources they need to succeed. To that end, Senator Scott joined Walter Davis, founding member of Peachtree Providence partners, for an important conversation as part of Senator Scott’s Opportunity Summit series. The Opportunity Summit is designed to establish an ecosystem that drives economic growth in underserved communities, building on the success of his Opportunity Zones from the 2017 Tax Cuts and Jobs Act. Senator Scott’s goal is to create lasting economic opportunities that will continue to empower communities for generations to come, ensuring that all Americans have the chance to thrive and achieve their fullest potential.

    On the Senate Banking Committee, Senator Scott is leading Senate Republican efforts to address the un-American practice of debanking, holding hearings, meeting with industry leaders, and introducing legislation. In his committee’s first legislative markup of the 119th Congress, Senator Scott successfully advanced his debanking legislation, as well as a bipartisan bill that establishes a clear regulatory framework for payment stablecoins. Senator Scott will continue using his position as Chairman to prioritize serious solutions to support hardworking Americans and rein in burdensome regulations.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Opens Disaster Loan Outreach Center in Pacific Palisades

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) has opened a third Disaster Loan Outreach Center (DLOC) in Los Angeles County to assist small businesses, private nonprofit (PNP) organizations, and residents affected by the wildfires and straight‑line winds occurring Jan. 7-31.

    The new center, located in Pacific Palisades, provides a one-stop resource where SBA customer service representatives are available to meet individually with business owners and residents to answer questions and assist with the disaster loan application process. No appointment is necessary, but walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    LOS ANGELES COUNTY
    Disaster Loan Outreach Center
    Ronald Reagan Palisades Post 283
    15247 La Cruz Dr.
    Pacific Palisades, CA  90272

    Monday – Saturday, 8:30 a.m. – 5:00 p.m.

    Opened at 8:30 a.m., Monday, March 17

    “When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the U.S. Small Business Administration. “At these centers, our SBA specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

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

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

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

    Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.563% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA 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 filing deadline to return applications for physical property damage is March 31. The deadline to return economic injury applications is Oct. 8.

    ###

    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 –

  • MIL-OSI New Zealand: Proceeds of crime to fund safety measures in central Auckland

    Source: New Zealand Government

    The Government will boost anti-crime measures across central Auckland with $1.3 million of funding as a result of the Proceeds of Crime Fund, Auckland Minister Simeon Brown and Associate Justice Minister Nicole McKee say.

    “In recent years there has been increased antisocial and criminal behaviour in our CBD. The Government is committed to cracking down on lawlessness and antisocial behaviours in central Auckland,” Mr Brown says.

    “This funding will support Business Improvement Districts (BIDs) to deliver initiatives which will help improve safety in the CBD and surrounding retail areas. Initiatives include improved lighting, more CCTV cameras, and an increase in the number of security patrols in the area to deter criminal and anti-social behaviour in our city. 

    “These latest anti-crime measures will complement the new Federal Street 24/7 police station set to open in the coming months, and the Government’s investment to ensure there are additional police officers in the Auckland CBD to improve safety. This is all part of our plan to restore law and order.”

    Associate Justice Minister Nicole McKee is pleased to support this initiative using the Proceeds of Crime Fund. It will be jointly managed by New Zealand Police and the Auckland Council.

    “Auckland’s central city is an economic engine for both the region and for New Zealand, contributing 8 per cent of our national GDP in 2023. It’s our gateway for international visitors and investors, as well as a cultural and entertainment centre for communities. Ensuring the safety of all people in our CBD is a top priority for me as Minister for Auckland,” Mr Brown says. 

    The Criminal Proceeds (Recovery) Act 2009 enables New Zealand Police to seize money and assets that have been obtained directly or indirectly from the proceeds of crime. Once all legal matters are addressed, the recovered money is placed in the Proceeds of Crime Fund. 

    “Converting the assets seized from criminals into funding for initiatives that address crime-related harm and support community wellbeing is a valuable extension of our justice system,” Ms McKee says.

    “This funding is another positive step forward for ensuring our central city is a safe, vibrant and enjoyable place for all to live, play and work.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: In Seattle, Cantwell Draws Contrast Between PNW’s Innovation Strategy and Trump’s Trade War

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    03.17.25
    In Seattle, Cantwell Draws Contrast Between PNW’s Innovation Strategy and Trump’s Trade War
    Cantwell joins Washington Council on International Trade for Q&A with former USTR head on how the current admin’s tariffs harm the Pacific Northwest In WA state, 2 out of every 5 jobs are tied to trade-related industries; Trump’s actions are “a threat to our ethos,” Cantwell says
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined the Washington Council of International Trade (WCIT) for a Q&A session on the whiplash caused by the administration’s chaotic tariff policies – and how they particularly harm the Pacific Northwest, which is among the most trade-dependent regions in the country.
    The Q&A was moderated by WCIT President Lori Otto Punke and joined by former U.S. Trade Representative and current National Foreign Trade Council President Demetrios Marantis. Sen. Cantwell said that the current administration’s approach to trade – with a focus on punitive tariffs, even with America’s largest trading partners and closest allies, as opposed to innovation and alliance-building– is fundamentally at odds with how the Pacific Northwest has historically built its trade economy.
    “The consequences to us in the Pacific Northwest is really a threat to our ethos. We are one of the most trade-dependent states in the country, and we just see the world differently. We believe that innovation matters more than the tariffs in a fight [on] who’s going to win in aerospace or agriculture or software or any of these issues. It is like we are in this horse race, but the President wants to put 25 pounds on our horse and make it harder.
    “And what do we want to do in the Northwest? We like opening markets. We like building alliances. We like innovating our way to success.
    “So make no mistake about it — one of the states that could see the biggest economic impacts from this is ours. And we have to be very loud about how foregoing an alliance approach of building more opportunities is really what we should be doing, if we want to win in an economy that changes in the blink of an eye,” Sen. Cantwell said.
    WCIT is the Northwest’s premier organization advocating for trade and investment policies that increase the competitiveness of Northwest workers, farmers, and businesses. In addition to Sen. Cantwell, speakers at the Summit included U.S. Representatives Suzan DelBene (D,WA-01), Rick Larsen (D, WA-02), Dan Newhouse (R, WA-04), Kim Schrier (D, WA-08), Adam Smith (D, WA-09), and Emily Randall (D, WA-06).
    In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information on how President Trump’s tariffs on goods from Mexico, Canada, and China will affect consumers and businesses in the State of Washington can be found HERE. Nationwide:
    A 25% tariff on Canada and Mexico would add an estimated $144 billion a year to the cost of manufacturing in the United States.
    Tariffs on Canada and Mexico could increase U.S. car prices by as much as $12,000.
    According to the Yale Budget Lab, Trump’s proposed tariffs would result in the highest U.S. effective tariff rate in more than 80 years, and depending on the level of retaliation by other trading partners, will result in increased costs of between $1,600 and $2,000 per household. According to their analysis, food, clothing, cars, and electronics will all see above-average price increases.
    Sen. Cantwell has remained a steadfast supporter of increased trade to grow the economy and keep prices in check in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.
    For the past six weeks, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions, which have whipsawed American businesses and consumers, as well as close neighbors and allies, include:
    On January 31 — citing punishment for failing to crack down on fentanyl trafficking — the Trump administration announced plans to impose a 25% tax on many goods imported into the U.S. from Canada and Mexico and a 10% tax on goods imported from China, then abruptly postponed those tariffs.
    Last month, he doubled down, announcing an additional 25% tax on all steel and aluminum imports.
    At 12:01 a.m. ET on March 4, President Trump’s long-promised 25% tariffs on goods from Mexico and Canada and 10% tariff increase on goods from China took effect, causing stock prices in the United States to plummet.
    Then, on March 5, he announced that automobiles from Canada and Mexico would be exempt from his tariffs for one month.
    The morning of March 6, he announced that he would suspend the tariffs for some products from Mexico. Then, later that same afternoon, he announced he was suspending most new tariffs on products from both Mexico and Canada until April 2.
    On March 11, Trump threatened to double tariffs on Canadian steel and aluminum – increasing them to 50% – before reversing himself later the same day.
    On March 13, he threatened 200% tariffs on alcoholic products from the European Union, including all wine and Champagne.
    Video of Sen. Cantwell’s Q&A today is HERE; audio is HERE; photos are HERE; and a transcript is HERE.

    MIL OSI USA News –