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Category: Economy

  • MIL-OSI Asia-Pac: The Indian Statistical Institute (ISI) celebrates 59th Convocation, Prof. Abhijit Banerjee delivered convocation Address

    Source: Government of India (2)

    Posted On: 04 FEB 2025 6:13PM by PIB Delhi

    The Indian Statistical Institute (ISI), one of the country’s premier institutions in the field of statistical research and education, and an institution of national importance, hosted its 59th Convocation Ceremony at its Delhi center on Tuesday, February 4, 2025, marking a significant milestone in the academic and professional journey of its graduates. The ceremony was presided over by Prof. Sankar Kumar Pal, President of the Institute, with Dr. Saurabh Garg, IAS, Secretary, Ministry of Statistics and Programme Implementation (MoSPI), gracing the occasion as the Special Guest. The Chief Guest for the ceremony was Prof. Abhijit Banerjee, recipient of the Nobel Memorial Prize in Economic Sciences and Ford Foundation International Professor of Economics at MIT, USA, who delivered the Convocation Address.

    The event began with the traditional Academic Procession by the members of the Academic Council of the Institute followed by singing of the Vedic Hymn by members of the staff and students of the Institute and proceeded with the formal Opening of the Convocation and Welcome Address by the President of the Institute. He reminded the students that the degree they received has a very high academic value that comes with great responsibilities and that when you belong to a privileged group you should apply your acquired knowledge to improve knowledge of the less privileged ones and give back something positive to the society. Prof. Sanghamitra Bandyopadhyay, Director of ISI presented the Annual Review, outlining the Institute’s academic achievements and progress. Afterward, Dr. Saurabh Garg addressed the gathering as the Special Guest. In his address, he highlighted the role of official statistics in evidence-based policy-making and in realising the vision of making India a developed Nation or Viksit Bharat by 2047. While felicitating the graduating students, he also stated that they will get a unique opportunity to contribute through their skillsets, to the transformative journey towards a Viksit Bharat. He also highlighted various initiatives undertaken by MoSPI for enhancing user friendly data dissemination and reforms of the sample surveys to provide timely and reliable statistics for policy making. He further stated, that National Sample Survey data has played a key role in shaping the key policies of the Government. He mentioned, that the ISI will be a crucial partner in Ministry’s endeavor to strengthen the Statistical System to meet the data needs of all stakeholders. Prof. Abhijit Banerjee then delivered his Convocation Address, offering his thoughts on the global impact of statistical sciences and the importance of rigorous research in shaping policy and economics worldwide. In his address, while highlighting the rich legacy of the Indian Statistical Institute, Prof. Banerjee urged the students to put their learnings to good use and find ways to create opportunities for the different segments of the society.

    The ceremony culminated in the award of Degrees and Diplomas, followed by the announcement of Prizes and Medals for outstanding academic performance. The programme concluded with a Vote of Thanks by Prof. Biswabrata Pradhan, Dean of Studies at ISI.

    This year, 470 students from various programs, including Ph.D. (a total of 42), M.Tech.(CS), M.Tech.(CrS), M.Tech. (QROR), M.Stat., M.Math, MS(QE), MS(QMS), B.Stat., B.Math., PGDSMA, PGDRSMA, and PGDAS, were awarded their degrees.

    About the Indian Statistical Institute (ISI):

    Founded in 1931 by the legendary statistician Prof. P. C. Mahalanobis, ISI is a globally renowned institute that has made significant contributions to the fields of statistics, mathematics, economics and computer science. From its humble beginnings as a small research institute, ISI has grown into an institution of international acclaim, consistently ranked among the top institutions for statistical education and research in the world.

    ISI’s primary objective has been to promote the advancement of statistical sciences, offer high-quality education, and conduct cutting-edge research. Over the years, ISI has played a crucial role in shaping national policies and contributing to the growth of India’s statistical infrastructure. The Institute is also known for its expertise in areas such as data science, machine learning, and economics and policy research, producing many of India’s leading statisticians, economists and computer scientists. The Institute also has other scientific disciplines where it conducts research including various areas of biology, geology and physics. In recent days it has also become a hub of cryptology and security science research.

    ISI’s Delhi Centre

    Although Indian Statistical Institute had a presence in Delhi since the days of the 2nd Planning Commission in the 1950’s, the current campus was inaugurated by the then Prime Minister Smt. Indira Gandhi on December 31st, 1974. The founding trio, Professors K. R. Parthasarathy, B. S. Minhas and K. G. Ramamurthy were at the helm of the Theoretical Statistics and Mathematics Unit, Economics and Planning Unit and the Statistical Quality Control Unit respectively. Because of their inspiration and academic standing in the world, soon the Delhi Centre of ISI attracted many academics who through their work enriched and created a centre of academic excellence. Eventually Delhi Centre of ISI became a major a hub for the Institute’s academic programs, research, and outreach activities in the northern region of India. Currently, the Centre offers a range of postgraduate programs, including M.Stat., MS(QE), and Ph.D. in statistics, mathematics and quantitative economics, and from this year Delhi centre along with Kolkata and Bangalore has started a new four years bachelor programme named Bachelor in Statistical Data Science (BSDS).

    The Delhi Centre which is known for its vibrant academic environment is celebrating it Golden jubilee. To commemorate this milestone the Institute decided to have it’s Convocation in the Delhi centre. This is the first time that the convocation ceremony was held outside the campus in Kolkata.

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    SB

    (Release ID: 2099729) Visitor Counter : 24

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Transforming Agricultural Finance

    Source: Government of India

    Transforming Agricultural Finance

    Enhancing KCC limit to ₹5 lakh

    Posted On: 04 FEB 2025 5:33PM by PIB Delhi

    Agriculture and Allied Activities sector in India

    The ‘Agriculture and Allied Activities’ sector has long been the backbone of the Indian economy, playing a vital role in national income and employment. With nearly 46.1 per cent of the population engaged in agriculture and allied activities, ensuring financial security and accessible credit for farmers remains a top priority for the government. Recognizing this, the Union Budget 2025-26 introduces key measures to strengthen agricultural financing, particularly through the Kisan Credit Card (KCC) scheme.

    The KCC scheme has been instrumental in fulfilling farmer’s financial needs. With a significant increase in the loan limit under the Modified Interest Subvention Scheme from ₹3 lakh to ₹5 lakh; this year’s budget underscores the government’s commitment to empowering farmers and boosting agricultural productivity.

    This article presents a comprehensive understanding of the KCC scheme and how it transforms agricultural credit accessibility in India.

    What is Kisan Credit Card Scheme

    Safeguarding and ensuring hassle-free credit availability at a cheaper rate to farmers has been the top priority of the government. Accordingly, the Kisan Credit Card Scheme (KCC) was introduced for farmers to provide farmers with easy access to affordable credit for their agricultural needs so as to meet short term /long term cultivation requirements, postharvest expenses, consumption requirement etc.

     

    How does KCC help Farmers?

    The Kisan Credit Card (KCC) scheme is designed to provide farmers with adequate and timely credit to meet their diverse financial needs. It helps farmers access institutional credit easily, ensuring their financial stability and agricultural productivity. The scheme offers support for:

    • Cultivation and post-harvest activities: Ensuring funds are available for cultivation and post-harvest costs.
    • Marketing loans: Helping farmers bridge financial gaps until they sell their produce at competitive market rates.
    • Household consumption needs: Offering financial support to meet essential household expenses, preventing dependency on informal lending sources.
    • Working capital for farm assets: Assisting in the maintenance of essential farming equipment and infrastructure.
    • Investment credit for allied activities: Expanding financial access to animal husbandry, dairying, fisheries, and other agricultural extensions.

    Recognizing the importance of allied sectors, the KCC scheme was expanded in 2019 to include animal husbandry, dairying, and fisheries. Banks can provide collateral-free loans up to ₹1.60 lakh, ensuring financial security and fostering growth in these allied fields.

     

    Understanding Short Term Loans

    The Modified Interest Subvention Scheme (MISS) offers concessional Short-term Agri-loans to farmers for crop and allied activities, providing a 7% interest rate on loans up to ₹3.00 lakh, with an additional 3% subvention for timely repayment, reducing the effective rate to 4%. MISS also includes post-harvest loans against NWRs for small farmers with KCCs.

     

    Ensuring Transparency

    The Kisan Rin Portal (KRP) launched in September 2023 addresses key challenges in the MISS-KCC scheme. Previously, banks had to submit claims for Interest Subvention (IS) and Prompt Repayment Incentive (PRI) manually to the Reserve Bank of India (RBI) and NABARD, leading to significant delays and inefficiencies. The Kisan Rin Portal digitizes this process, ensuring farmers and lending institutions benefit from quicker, seamless transactions, improving access to credit for agricultural needs.

    • Empowering Farmers with Seamless Access to Credit
    • Benefiting Financial Institutions: Banks and Cooperatives
    • Reaching the Grassroots: Training and Support

     

    By 31 December 2024, it had processed claims worth ₹108336.78 crore including Interest Subvention (IS) and PRI. About 5.9 crore farmers that are currently getting benefitted under the MISS-KCC scheme, have been mapped through KRP.

    Achievements of Agriculture sector

    • As of March 2024, the country has 7.75 crore operational KCC accounts with a loan outstanding of ₹9.81 lakh crore.
    • 1.24 lakh KCC and 44.40 lakh KCC were issued to fisheries and animal husbandry activities, respectively.
    • In the last 10 years, Rs 1.44 lakh Crore of Interest Subsidy has been released on Kisan Credit Card loans. It has risen nearly 2.4 times, from ₹6,000 Crore in 2014-15 to ₹14,252 crore in 2023-24.
    • Institutional credit flow to agriculture has risen nearly three times since 2014-15, rising from ₹ 8.5 lakh Crore to ₹ 25.48 lakh Crore in 2023-24. Short-term agriculture credit has more than doubled, increasing from ₹ 6.4 lakh Crore in 2014-15 to ₹ 15.07 lakh Crore in 2023-24.

     

     

    • The proportion of Small and Marginal Farmers accessing agriculture loans grew from 57% in 2014-15 to 76% in 2023-24.

     

    Conclusion

    The Kisan Credit Card scheme has been instrumental in transforming agricultural credit accessibility, ensuring that farmers receive timely and affordable financial assistance. By increasing financial support under the Union Budget 2025-26, the government is reinforcing its commitment to empowering farmers. These initiatives not only promote agricultural growth but also enhance rural livelihoods, paving the way for a resilient and self-sufficient farming community in India.

     

    References

    Annual Report 2023-24 https://www.agriwelfare.gov.in/en/Annual

    https://fasalrin.gov.in/

    https://pib.gov.in/PressReleasePage.aspx?PRID=2098424#:~:text=The%20budget%20for%20Department%20of,government’s%20commitment%20to%20agricultural%20development.

    Economic Survey of India: https://www.indiabudget.gov.in/economicsurvey/index.php

    https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/dec/doc20241219474501.pdf

    Transforming Agricultural Finance

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    Santosh Kumar/ Sarla Meena/ Madiha Iqbal

    (Release ID: 2099696) Visitor Counter : 25

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Budget 2025-26: Fuelling MSME Expansion

    Source: Government of India

    Posted On: 04 FEB 2025 5:27PM by PIB Delhi

    Credit access, digitisation, and business-friendly reforms lead the way

     

    Introduction

    The Union Budget 2025-26 introduces a series of measures aimed at strengthening the Micro, Small, and Medium Enterprises (MSME) sector, recognising its role as one of the key engines in India’s journey of development, alongside agriculture, investment, and exports. To help businesses expand and improve efficiency, the investment and turnover limits for MSME classification have been raised. Access to credit is set to improve with an increase in the credit guarantee cover for micro and small enterprises, startups, and export-focused MSMEs. A new scheme will provide financial support to first-time entrepreneurs from disadvantaged backgrounds, while sector-specific initiatives will enhance productivity in areas such as footwear, leather, and toy manufacturing.

    As a vital contributor to India’s industrial landscape, the MSME sector plays a crucial role in manufacturing, exports, and employment. With 5.93 crore registered MSMEs employing more than 25 crore people, these enterprises generate a significant share of the country’s economic output. In 2023-24, MSME-related products accounted for 45.73% of India’s total exports, reinforcing their role in positioning the country as a global manufacturing hub. The new budgetary provisions aim to build on this strong foundation by fostering innovation, enhancing competitiveness, and ensuring better access to resources. Through these steps, the government seeks to equip MSMEs with the tools needed to expand their reach and strengthen their contribution to India’s economic growth.

    Key Measures for MSMEs in Union Budget 2025-26

    The Union Budget 2025-26 introduces a series of measures aimed at strengthening the MSME sector by enhancing credit access, supporting first-time entrepreneurs, and promoting labour-intensive industries.

    Revised Classification Criteria

    To help MSMEs scale operations and access better resources, the investment and turnover limits for classification have been increased by 2.5 times and 2 times, respectively. This is expected to improve efficiency, technological adoption, and employment generation.

    Enhanced Credit Availability

    • The credit guarantee cover for micro and small enterprises has been increased from ₹5 crore to ₹10 crore, enabling additional credit of ₹1.5 lakh crore over five years.
    • Startups will see their guarantee cover double from ₹10 crore to ₹20 crore, with a reduced fee of 1% for loans in 27 priority sectors.
    • Exporter MSMEs will benefit from term loans up to ₹20 crore with enhanced guarantee cover.

    Credit Cards for Micro Enterprises

    • A new customised Credit Card scheme will provide ₹5 lakh in credit to micro enterprises registered on the Udyam portal, with 10 lakh cards set to be issued in the first year.

    Support for Startups and First-Time Entrepreneurs

    • A new Fund of Funds with ₹10,000 crore will be established to expand support for startups.
    • A scheme for 5 lakh first-time women, Scheduled Caste, and Scheduled Tribe entrepreneurs will provide term loans up to ₹2 crore over five years, incorporating lessons from the Stand-Up India scheme.

     

    Focus on Labour-Intensive Sectors

    • A Focus Product Scheme for the footwear and leather sector will support design, component manufacturing, and non-leather footwear production, expected to create 22 lakh jobs and generate a turnover of ₹4 lakh crore.
    • A new scheme for the toy sector will promote cluster development and skill-building, positioning India as a global toy manufacturing hub.
    • A National Institute of Food Technology, Entrepreneurship and Management will be established in Bihar to boost food processing industries in the eastern region.

    Manufacturing and Clean Tech Initiatives

    • A National Manufacturing Mission will provide policy support and roadmaps f or small, medium, and large industries under the Make in India initiative.
    • Special emphasis will be given to clean tech manufacturing, fostering domestic production of solar PV cells, EV batteries, wind turbines, and high-voltage transmission equipment.

     

    Budgetary Outlay of Ministry of MSME

    (In Rs. Crore)

    Financial Year

    Budget Estimates

    Revised Estimates

    2019-20

    7,011.29

    7,011.29

    2020-21

    7,572.20

    5,664.22

    2021-22

    15,699.65

    15,699.65

    2022-23

    21,422.00

    23,628.73

    2023-24

    22,137.95

    22,138.01

    2024-25

    22,137.95

    17,306.70

    2025-26

    23,168.15

    –

     

    Current Landscape of MSMEs in India

    The MSME sector continues to be a cornerstone of India’s economic growth, contributing significantly to employment, manufacturing, and exports. In recent years, the sector has displayed remarkable resilience, with its share in the country’s Gross Value Added (GVA) increasing from 27.3% in 2020-21 to 29.6% in 2021-22 and 30.1% in 2022-23, highlighting its growing role in national economic output.

    Exports from MSMEs have seen substantial growth, rising from ₹3.95 lakh crore in 2020-21 to ₹12.39 lakh crore in 2024-25. The number of exporting MSMEs has also surged, increasing from 52,849 in 2020-21 to 1,73,350 in 2024-25.

    Their contribution to India’s total exports has steadily grown, reaching 43.59% in 2022-23, 45.73% in 2023-24, and 45.79% in 2024-25 (up to May 2024). These trends underscore the sector’s increasing integration into global trade and its potential to drive India’s position as a manufacturing and export hub.

    Government Initiatives for MSMEs

    The Government of India has implemented a robust array of initiatives aimed at bolstering the Micro, Small, and Medium Enterprises (MSME) sector, recognizing its pivotal role in the economy. These efforts range from financial support and procurement policies to capacity building and market integration. Key initiatives include the Udyam Registration Portal, PM Vishwakarma scheme, PMEGP, SFURTI, and the Public Procurement Policy for MSEs, all aimed at fostering entrepreneurship, enhancing employment, and integrating informal sectors into the formal economy. These initiatives reflect the government’s commitment to supporting MSMEs and driving inclusive economic growth nationwide.

    PM Vishwakarma

    The ‘PM Vishwakarma’ scheme, launched by the Government of India, aims to enhance the quality and reach of products and services by artisans and craftspeople, integrating them into domestic and global value chains. Announced in the 2023-24 Budget and launched on September 17, 2023, this scheme seeks to provide comprehensive support to Vishwakarmas, improving their socio-economic status and quality of life.

    PM Vishwakarma is fully funded by the Government of India with an initial outlay of Rs. 13,000 crores for 2023-24 to 2027-28.

    Since its launch, the PM Vishwakarma scheme has achieved significant milestones, with over 2.65 crore applications submitted and 27.13 lakh applications successfully registered. Registered applicants will undergo a 5-day ‘Basic Training’ program, and those opting for credit support will receive collateral-free credit. These accomplishments highlight the scheme’s early success in empowering artisans and craftspeople nationwide.

    Udyam Registration Portal

    Launched on July 1, 2020, the Udyam Registration Portal serves as a pivotal platform for facilitating the registration of enterprises across India. The portal encourages enterprises previously registered under the Udyog Aadhaar Memorandum and Entrepreneurship Memorandum-II to migrate to this new system. It offers a free, paperless, and self-declaration-based registration process, eliminating the need for document uploads, thus simplifying the formalization of businesses.

    In a significant step towards integrating informal micro-enterprises into the formal economy, the Government introduced the Udyam Assist Platform on November 11, 2023. This initiative aims to bring these micro-enterprises under the formal sector, enabling them to access benefits such as Priority Sector Lending, which is essential for their growth and sustainability.

    As of February 4, 2025, the Udyam Portal boasts an impressive total of 5,93,38,604 registered MSMEs, with the vast majority classified as micro-enterprises. Beyond their economic contributions, these MSMEs have generated substantial employment opportunities, providing jobs to over 25.18 crore individuals. This extensive employment generation underscores the sector’s crucial role in driving economic development and enhancing social stability by offering livelihoods to millions across the country.

    Prime Minister’s Employment Generation Programme (PMEGP)

    Prime Minister’s Employment Generation Programme (PMEGP) is a credit linked subsidy scheme for providing employment opportunities through establishment of micro-enterprises in the non-farm sector. Under the Scheme, Margin Money (Subsidy) is provided to beneficiaries availing loan from banks for setting up new enterprises. The maximum project cost admissible for setting up of new project is Rs. 50 lakhs in manufacturing sector and Rs. 20 lakhs in Service Sector

    Subsidies under PMEGP vary by category:

    • Special Categories, including SC, ST, OBC, Minorities, Women, Ex-Servicemen, Transgenders, Differently-abled individuals, NER, Aspirational Districts, and Hill and Border areas, are eligible for a subsidy of 25% in urban areas and 35% in rural areas
    • General Category applicants are eligible for a subsidy of 15% in urban areas and 25% in rural areas.

    In a notable development, units in Aspirational Districts and Transgenders have been included in the Special Category. Additionally, geo-tagging of PMEGP units has been initiated to capture details of the products and services offered by these units and to create market linkages for them. Furthermore, prospective entrepreneurs receive free 2-day Entrepreneurship Development Programme (EDP) training to equip them with the necessary skills and knowledge to succeed.

    In 2023-24, the Prime Minister’s Employment Generation Programme (PMEGP) supported 89,118 enterprises, facilitating entrepreneurship across various sectors. The scheme disbursed ₹3,093.87 crore as margin money subsidy, enabling small businesses to scale operations and sustain growth. As a result, an estimated 7,12,944 employment opportunities were generated, reinforcing PMEGP’s role in strengthening self-employment and job creation nationwide.

    Scheme of Fund for Regeneration of Traditional Industries (SFURTI)

    Launched in 2005-06, the Scheme of Fund for Regeneration of Traditional Industries (SFURTI) aims to organize traditional artisans into collectives or clusters, facilitating product development, diversification, and value addition. The scheme promotes traditional sectors and seeks to sustainably increase the income of artisans. SFURTI was revamped in 2014-15 to further enhance its impact and reach.

    The primary objective of SFURTI is to organize artisans and traditional industries into clusters to improve competitiveness, create employment opportunities, and enhance the marketability of their products. By bringing artisans together, the scheme helps them leverage collective resources and skills, leading to better income prospects and sustained growth.

    Achievements:

    • Since 2014-15, SFURTI has approved the formation of 513 clusters and 376 clusters have successfully become functional.
    • A total grant of ₹1,336 crore has been extended to support these clusters.
    • Sustainable employment opportunities have been generated for around 2,20,800 artisans in 376 functional clusters (as on 12 Dec 2024).

     

    Public Procurement Policy for Micro and Small Enterprises

    The Ministry of MSME, Government of India, notified the Public Procurement Policy for Micro and Small Enterprises (MSEs) in 2012. This policy mandates that 25% of annual procurement by Central Ministries, Departments, and Central Public Sector Enterprises (CPSEs) must be sourced from MSEs. Within this 25%, 4% is reserved for MSEs owned by Scheduled Castes/Scheduled Tribes (SC/ST), and 3% is reserved for MSEs owned by women entrepreneurs. Additionally, 358 items are exclusively reserved for procurement from MSEs.

     

    (Year: 2023-24)

    Achievements:

    • In 2023-24, Central Ministries, Departments, and CPSEs procured a total of ₹74,717 crore worth of goods and services from MSEs, which constituted 43.71% of their total procurement.
    • This policy benefitted 2,58,413 MSEs, ensuring they had access to significant business opportunities and support through government procurement.

     

    Conclusion

    In conclusion, the Union Budget 2025-26 outlines a strategic approach to bolster the MSME sector in India, emphasizing increased credit access, entrepreneurial support, and sector-specific initiatives. The significant revisions in classification criteria, coupled with enhanced credit guarantees and customised financial products like credit cards for micro-enterprises, are poised to catalyze growth and innovation. The focus on sectors like footwear, leather, and toys not only aims to boost employment but also positions India as a competitive player in global markets. Furthermore, the government’s ongoing initiatives like Udyam Registration, PM Vishwakarma, PMEGP, SFURTI, and the Public Procurement Policy continue to demonstrate a committed effort towards integrating and empowering MSMEs. These measures, combined with the establishment of new institutions and missions for manufacturing and clean technology, reflect a holistic strategy to not only sustain but significantly amplify the role of MSMEs in driving economic growth, employment, and inclusive development in India.

    References:

    Budget 2025-26: Fuelling MSME Expansion

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    Santosh Kumar/ Sarla Meena/ Saurabh Kalia

    (Release ID: 2099687) Visitor Counter : 74

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MENACE OF STRAY ANIMALS

    Source: Government of India

    Posted On: 04 FEB 2025 5:20PM by PIB Delhi

    The issues related to stray animals like dogs and monkeys, and the incidents arising there from, and funds available with local bodies to prevent such incidents are under the domain of concerned State Governments. However, as per the data reported on Integrated Disease Surveillance Programme (Integrated Health Information Platform) portal under Ministry of Health and Family Welfare, Government of India by the states/UTs, the details for January 2024 to December 2024 of rural areas across the country is mentioned below-

    S.No.

    Type of biting animal

    Cases

    Deaths

    1

    Dog

    2195122

    37

    2

    Other animals including monkey

    504728

    11

     

    As per the data reported by States/UTs on Integrated Health Information Platform portal under Ministry of Health and Family Welfare, Government of India for dog bite cases to the children less than 15 years of age is 519704 across the country, during Jan-Dec’2024.

    The issue of stray animals falls under the purview of State Governments concerned and therefore, local bodies are mandated to handle these incidents. However, the actions taken by the concerned Departments/ Ministries of Government of India to tackle such incidents are as follows :

    Department of Animal Husbandry & Dairying, Government of India:

    The Central Government has notified the Animal Birth Control Rules, 2023, under the Prevention of Cruelty to Animals Act, 1960, to facilitate the management of the stray dog population. Animal Welfare Board of India also provides financial assistance to recognized animal welfare organizations for sheltering stray, injured, or sick animals in their facilities. Additionally, it supports the implementation of animal birth control programs in collaboration with local bodies. The Animal Welfare Board of India (AWBI) collaborates with the National Commission for Protection of Child Rights (NCPCR) to develop comprehensive programs aimed at addressing safety concerns related to stray animals. These programs focus on preventive measures to ensure children’s safety. The AWBI has also issued several advisories and guidelines for the management of stray dogs.

    Ministry of Housing and Urban Affairs, Government of India:

    The Ministry of Housing and Urban Affairs, Government of India, issued an advisory on 25.07.2024 to all States and Union Territories regarding the implementation of recommendations made by the National Commission for Protection of Child Rights (NCPCR) to prevent stray dog attacks on children.

    Ministry of Health and Family Welfare, Government of India:

    Under the Human Health component, Ministry of Health and Family Welfare is implementing National Rabies Control Programme (NRCP) since 12th Five-year plan in all States/UTs except for non-endemic areas (Andaman and Nicobar Islands and Lakshadweep) to prevent and control Rabies in the Country. Under the program following initiatives & preventive measures have been taken across the country by Ministry of Health and Family Welfare for making rabies free India by 2030

    (i) The National Action Plan for Dog-Mediated Rabies Elimination by 2030 (NAPRE) was developed and launched on September 28, 2021, by Ministry of Health and Family Welfare and Ministry of Fisheries, Animal Husbandry & Dairying, focusing on Human Health and Animal Health. The implementation of the Human Health component is undertaken by the ‘National Centre for Disease Control’ under Ministry of Health and Family Welfare with dedicated budgetary support, while the implementation of the Animal Health component is to be undertaken by the Department of Animal Husbandry and Dairying, Government of India.  As per Animal Birth Control (Dogs) Rules, 2023, mass dog vaccination and dog population management are being done by the animal husbandry department in collaboration with local body authorities.

    (ii)Under the “National Health Mission”, the states are being supported for implementing the ‘National Rabies Control Program’ through budgetary support by Ministry of Health and Family Welfare for Capacity building of the healthcare staff, procurement of anti-rabies vaccine and immunoglobulin, the printing of Information, education and communication (IEC) for rabies & dog bite prevention, for data entry support, review meetings, monitoring and surveillance, the establishment of Model Anti Rabies Clinics & Wound Washing facilities.

    • Training modules have been developed for medical officers and health workers. Over 1.19 lakh medical officers and paramedics trained in rabies prevention (from 2019-2023).
    • Anti-Rabies Vaccine & Anti-Rabies Serum provided free at government hospitals under National Health Mission’s National Free Drug Initiative.
    • To create the awareness to the public and healthcare professionals Dog bite protocols, Information, education and communication (IEC) materials, and training videos on the management of animal bite/dog bite cases for medical officers have been created and disseminated across the country.
    • Established 279 Model Anti-Rabies Clinics in the last three years in districts of the states for better treatment of dog bite victims.

    (iii) Strengthening of surveillance for Rabies:

    • Nine government diagnostic labs strengthened for rabies detection in states/UT
    • Human Rabies classified as a notifiable disease in 26 States/UTs following an advisory by Ministry of Health and Family Welfare.
    • Integration with Integrated Disease Surveillance Programme (Integrated Health Information Platform) Portal for strengthened surveillance of animal/dog bites and rabies cases.

    (iv)  The Rabies-Free Cities initiative has commenced in a phased manner, targeting Tier 1 and Tier 2 cities for rabies prevention and action plan preparation initially for 15 cities of 6 states.

    (v) Joint Steering Committees formed at national, state, and district levels to monitor National Rabies Control Programme progress.

    (vi) A dedicated Rabies helpline (15400) (

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: IMPLEMENTATION OF THE AHIDF

    Source: Government of India (2)

    Posted On: 04 FEB 2025 5:15PM by PIB Delhi

    The current status of the implementation of the Animal Husbandry Infrastructure Development Fund (AHIDF) scheme in the Country, State-wise including Maharashtra may be seen at Annexure-I.

    The Animal Husbandry Infrastructure Development Fund (AHIDF) scheme has significantly benefited small and marginal farmers across various sectors, contributing to their economic empowerment and improved livelihoods. It is helping in creating better marketing infrastructure for the livestock products produced by the farmers, ensuring better quality, and providing access to the processing facilities for value addition benefiting the farmers for getting remunerative prices. Farmers/ entrepreneurs have been able to move from unorganized market to organized market.

    Individuals, Private companies, cooperatives, section 8 companies, MSMEs and Farmer Producer Organizations (FPOs) are eligible to avail the benefits of the Scheme. After merger of the AHIDF with the Dairy Infrastructure Development Fund(DIDF), the Dairy Cooperatives and dairy farmers have also been included thus availing benefits under the scheme. Under AHIDF, 131 Animal Feed Plants (for Poultry and Cattle) with a production capacity of 85.95 lakh metric tonnes per annum have been approved. This initiative will provide farmers with affordable, high-quality, and balanced feed and fodder, thereby enhancing health, productivity, and income from the farmers.

    The scheme has helped directly in generating employment for 60,000 people and indirectly 2,60,000 farmers have been benefited. Further, by providing access to improved infrastructure, technology, and markets, AHIDF has enabled farmers to increase their production and productivity. This has led to higher income for farmers, as they are able to produce good quality products and sell their products at better prices. So far, the total 366 projects have been approved with the cost of Rs 10367.90 crores under AHIDF.

    So far, under the Animal Husbandry Infrastructure Development Fund (AHIDF)scheme, 366 projects have been approved for interest subvention out of the total 541 sanctioned projects. Out of the approved projects,160 projects have been taken by private companies contributing 43% of the total approved projects. Additionally, projects of 8 Cooperatives, 5 FPOs, 39 individuals, 153 MSMEs, and 1 section 8 company have also been approved.

    The merger of the Animal Husbandry Infrastructure Development Fund (AHIDF) with the Dairy Infrastructure Development Fund (DIDF) has made dairy cooperatives eligible entities under the scheme. This has ensured that small- livestock farmers receive benefits through cooperative structures, which are designed to support equitable access and prevent exploitation by private players. Additionally, Farmer Producer Organizations (FPOs) are also recognized as eligible entities under the scheme, thereby empowering small-scale farmers by providing collective access to financial assistance. The numbers of dairy value addition infrastructure units and other categories established under the AHIDF so far, in the State of Maharashtra is annexed at Annexure – II.

    Primarily, the Department of Animal Husbandry and Dairying is implementing a Livestock Health, and Disease Control Scheme to improve the animal health by way of implementation of prophylactic vaccination programme against various diseases of livestock and poultry, disease surveillance and strengthening of veterinary infrastructure.

    Additionally, The AHIDF scheme aims to strengthen the infrastructure of veterinary drugs and vaccines through establishment of 3 projects, producing 90 Lakhs Boluses, 400 Lakh No of Tablets, 60,000 Kg powder and 2.75 Lakh of liquid veterinary drugs and medicines 70 Lakhs Vials, and 3 Crores Injections.

    Also, by providing the balanced ration the health and productivity is improved which is ensured by the scheme as, 131 projects with the capacity of 85.95 Lakh metric tonnes per annum has been approvedunder AHIDF

    For ensuring the better germplasm of Livestock and Poultry, 77 projects of breed improvement (Poultry), and breed multiplication farms (Cattle, Sheep, Goat, Pig) have been approved under AHIDF

    As far as modern technology, digital solutions, and innovations in Animal Husbandry Infrastructure are concerned, the AHIDF scheme encompasses projects for establishing technologically assisted breed multiplication farms, modern dairy processing units, meat processing facilities, animal feed plants, veterinary drug and vaccine production units, and animal waste-to-wealth management systems. The adoption of innovative technologies and digitization in these units is revolutionizing the sector, particularly through environmentally controlled poultry farms and advanced livestock breeding units. Technologies such as automated feeding systems and smart sensors are enhancing efficiency and productivity, while waste management technologies are contributing to sustainability.

    Also, National Digital Livestock Mission an initiative by the Department to create digital platform for the livestock sector which will improve productivity, Disease control and traceability of animals

    The Start-ups and young entrepreneurs can avail the Animal Husbandry Infrastructure Development Fund (AHIDF) scheme under any of the eligible entities as Individuals, Private companies, section 8 companies, MSME, Farmer Producer’s organization (FPOs) and Dairy Cooperatives.

    Annexure-I.

     

    The current status of the implementation of the Animal Husbandry Infrastructure Development Fund (AHIDF) scheme in the Country, State-wise including Maharashtra.

     

    S No

    State Name

    Approved Projects

    Project Cost (In Crores)

    Term Loan (In Crores)

    Interest Subvention Released (In Crores)

    1

    Maharashtra

    63

    1836.18

    1292.20

    39.76

    2

    West Bengal

    31

    492.58

    328.42

    9.67

    3

    Uttar Pradesh

    30

    776.00

    481.36

    19.60

    4

    Tamil Nadu

    29

    1294.62

    841.95

    33.90

    5

    Karnataka

    26

    741.16

    466.55

    22.92

    6

    Punjab

    26

    547.40

    329.67

    9.87

    7

    Haryana

    22

    484.29

    275.70

    11.44

    8

    Madhya Pradesh

    18

    712.32

    474.51

    19.90

    9

    Andhra Pradesh

    17

    260.29

    145.06

    4.92

    10

    Rajasthan

    17

    256.25

    168.58

    4.24

    11

    Telangana

    17

    959.87

    661.99

    29.34

    12

    Gujarat

    16

    944.53

    746.92

    17.67

    13

    Odisha

    13

    211.18

    139.88

    2.51

    14

    Jharkhand

    8

    145.48

    104.40

    4.61

    15

    Assam

    7

    91.37

    45.14

    1.99

    16

    Chhattisgarh

    7

    240.02

    191.00

    4.83

    17

    Bihar

    5

    195.66

    124.35

    10.60

    18

    Himachal Pradesh

    5

    63.01

    37.03

    0.12

    19

    Jammu& Kashmir

    3

    4.17

    2.60

    0.02

    20

    Kerala

    3

    11.87

    8.60

    0.22

    21

    Uttarakhand

    2

    95.12

    76.00

    2.51

    22

    Puducherry

    1

    4.55

    2.50

    0.00

    Grand Total

    366

    10367.94

    6944.41

    250.66

    Annexure-II

     

    The number of dairy and value addition infrastructure units established under the AHIDF in the State of Maharashtra:

    S No

    Category of Infrastructure

    Completed Projects

    1

    Dairy Processing & Value Addition

    21

     2.

    Breed improvement technology and breed multiplication farms

    5

    3.

    Animal feed plants (Cattle and Poultry feed)

    15

       4.

    Setting up of Veterinary vaccine and drug production Facilities

    1

    Grand Total

    42

     

    This information was given by the Minister of Fisheries, Animal Husbandry and Dairying Shri Rajiv Ranjan Singh alias Lalan Singh, in a written reply in Lok Sabha today.

    *****

    AA

    (Release ID: 2099670) Visitor Counter : 30

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PARLIAMENT QUESTION: Initiatives for the Empowerment of Divyangjans

    Source: Government of India (2)

    Posted On: 04 FEB 2025 4:58PM by PIB Delhi

    The Department of Empowerment of Persons with Disabilities (Divyangjan), under the Ministry of Social Justice and Empowerment, marked International Day of Persons with Disabilities 2024 with launch of 16 groundbreaking initiatives to empower Divyangjan across India. Through these initiatives, the Department aim to ensure equal opportunities, accessibility and empowerment for every Divyangjan. Widespread awareness has been done through print, electronic, digital and social media platforms to ensure that Divyangjan across India including those in remote or underserved areas are informed about these initiatives.

     

    List of Initiatives:

    1. Sugamya Bharat Abhiyan: An online platform for empanelment of accessibility auditors for built environments was introduced, reflecting the government’s commitment to creating inclusive infrastructure
    2. Sugamya Bharat Yatra: A unique initiative in partnership with the Association for Persons with Disabilities, where Divyangjan will assess the accessibility of public spaces using the AI-enabled ‘Yes to Access’ app.
    3. Pathways to Access – Part 3 Compendium: The third installment of the series highlights key government documents on employment, financial services and healthcare for persons with disabilities, empowering them with knowledge and access to resources.
    4. High-Power Spectacles: Developed by CSIR-CSIO, these glasses cater to individuals with low vision, offering superior optical clarity and improving quality of life.
    5. Divyasha E-Coffee Table Book: ALIMCO’s e-book, launched to commemorate its 50- year journey, showcases inspiring stories and achievements in providing assistive devices to Divyangjan.
    6. Kadam Knee Joint: An indigenous innovation developed by IIT Madras and SBMT, offering enhanced mobility and durability, launched as a major leap in assistive technology.
    7. Awareness Generation and Publicity Portal: A digital platform for seamless application under the Awareness Generation and Publicity Scheme was inaugurated to enhance transparency and efficiency.
    8. Accessible Storybooks: In collaboration with NIEPVD and NBT, 21 accessible books in Braille, audio and large print formats were launched to promote inclusive education.
    9. Standard Bharti Braille Code: A draft for standardized Braille scripts in 13 Indian languages was introduced for public consultation, ensuring consistency and compatibility with Unicode standards.
    10. Braille Books Portal: An online submission portal for creating Braille books was unveiled, fostering inclusive education.
    11. MoU with Infosys BPM: A significant partnership to enhance employment opportunities for Divyangjan through the PM DAKSH portal’s Divyangjan Rozgar Setu initiative.
    12. Employability Skills Book: Released in 11 Indian languages, this book bridges the gap between education and employment for Divyangjan, promoting economic independence.
    13. Infosys Springboard Skill Programme: Infosys Springboard in collaboration with Yunikee offered courses to help deaf learners across India to develop skills across various fields and acquire marketable abilities.
    14. Google Extension for Persons with Hearing Impairment: SignUp Media and Yunikee partnered to provide robust, reliable, accessible source of sign language communication in entertainment, information and educational media for the Deaf community in India in accessing entertainment and other video content.
    15. E-Sanidhya Portal: Tata Power Community Development Trust and NIEPID, Secunderabad developed Tata E-Sanidhya Neuro-Diversity Platform as a specialized online and offline (digital) service designed to assist individuals with neuro-diversity conditions, particularly those affected by autism.
    16. Computer-Based Indian Intelligence Test by NIEPID, Secunderabad: NIEPID has developed an indigenous Indian Test of Intelligence, with the key strengths in its cultural relevance and sensitivity. The data from 4,070 children across different parts of India ensures that the test represents the Indian population accurately.

     

    The chapter IX of the RPwD Act 2016 provides for registration of institutes like NGOs, etc. that are working for the empowerment of persons with disabilities. It further states that the appropriate Government may within the limits of their economic capacity and development, grant financial assistance to registered institutions to provide services and to implement the schemes and programmes across the country including rural & semi-urban areas, in pursuance of the provisions of the said Act. Most of the initiatives launched are in collaboration with private sector and Non-Governmental Organizations to create an inclusive environment for Persons with Disabilities in the country. Such initiatives include launch of better aids and appliances for use of Divyangjan, MoUs with private companies to enhance employment opportunities for divyangjan, sharing codes for enhancing accessibility and Accessible Learning Materials etc.

    These 16 initiatives have been launched to ensure equal opportunities, accessibility and empowerment for every Divyangjan and to create an inclusive environment for Persons with Disabilities in the country. Periodic review and regular follow-ups with the stakeholders are done by the Department for holistic improvement towards the empowerment of Persons with Disabilities. To address identified gaps, Department is focused on strict policy implementation and enforcement, alongside strengthening monitoring mechanisms.

    The Department launched National Disability Information Helpline Service (NDIHS) on Short Code-14456 in January 2024. The helpline provides round-the-clock telephonic assistance in English and Hindi through an Interactive Voice Response System (IVRS) and call attendant support during working hours. NDIHS provides information about aids and assistive devices, Unique Disability ID (UDID) services, educational and economic empowerment programmes for persons with disabilities (PwDs), benefits, and concessions under Government schemes etc. Around 65,000 persons have been assisted through the helpline so far.

    This information was provided by UNION MINISTER OF STATE FOR SOCIAL JUSTICE AND EMPOWERMENT, SHRI B.L. VERMA, in a written reply to a question in Lok Sabha today.

    *****

    VM

    (Lok Sabha US Q426)

    (Release ID: 2099647) Visitor Counter : 36

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Shapiro Administration Announces Recipients of the Nation’s First Agricultural Innovation Grant to Continue Pennsylvania’s Legacy as a National Leader in Agriculture

    Source: US State of Pennsylvania

    February 03, 2025 – Mt. Joy, PA

    Shapiro Administration Announces Recipients of the Nation’s First Agricultural Innovation Grant to Continue Pennsylvania’s Legacy as a National Leader in Agriculture

    Governor Josh Shapiro announced recipients of $10 million in grants through the nation’s first Agricultural Innovation Grant Program. This funding will help Pennsylvania agricultural businesses adopt innovative technologies and practices to enhance conservation and implement clean energy solutions – boosting profits, protecting soil and water resources, and generating more clean, renewable energy.

    “Our farmers form the backbone of our economy here in Pennsylvania – they put food on our tables and in our stores and restaurants every day. If we want to compete and succeed as a Commonwealth, then we have to invest in them,” said Governor Shapiro. “We are announcing investments in game-changing projects that are fueling the future of farming in Pennsylvania – and giving farmers and ag producers the tools they need to get ahead. The future of our economic success and opportunity runs through our farmlands, and we are going to continue to invest in agricultural innovation in my Administration.”

    “As our farmers face increasing demands to feed a growing population while continuing their legacy of environmental stewardship, this fund will help power our farm and food businesses to meet those challenges,” said Secretary of Agriculture Russell Redding. “These investments ensure that Pennsylvania’s agricultural industry can continue to thrive and innovate for years to come.”

    Speaker list:
    Mike Roth, Director of Innovation, PA Department of Agriculture
    Pennsylvania Agriculture Secretary Russell Redding
    Josh Brubaker, Owner & Manager, Brubaker Farms
    Chris Hoffman, President, PA Farm Bureau
    State Representative Paul Takac

    MIL OSI USA News –

  • MIL-OSI: GAMCO Investors, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    • Quarter End AUM of $31.7 billion
    • Operating Margin of 32.3% for the Fourth Quarter and 31.0% for 2024
    • Fourth Quarter Earnings of $0.70 per Share versus $0.66 per Share in the Fourth Quarter of 2023
    • 2024 Earnings of $2.65 per Share versus $2.38 per Share for 2023
    • $182.8 million in Cash, Cash Equivalents, Seed Capital, and Investments and No Debt
    • Board Authorizes 100% Increase of the Regular Quarterly Dividend
    • Repurchased 1.3 million Shares, or 3% of Outstanding Shares, During the Fourth Quarter of 2024 and Increased Buyback Authorization to 1.5 Million Shares

    GREENWICH, Conn., Feb. 04, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended December 31, 2024.

    Financial Highlights

    (In thousands, except percentages and per share data)      
        Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    U.S. GAAP          
    Revenue   $ 59,262     $ 57,313    
    Expenses     40,109       41,517    
    Operating income     19,153       15,796    
    Non-operating income     3,452       6,199    
    Net income     16,797       16,560    
    Diluted earnings per share   $ 0.70     $ 0.66    
    Operating margin     32.3 %     27.6 %  
               

    Giving Back to Society – $80 million since IPO

    Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

    On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

    Revenue

    (In thousands)   Three Months Ended    
        December 31,
    2024    		   December 31,
    2023    		    
    Investment advisory and incentive fees            
       Funds   $ 40,441   $ 37,748    
       Institutional and Private Wealth Management   15,057     13,712    
       SICAV     4 (a)   1,541 (a)  
          Total   $ 55,502   $ 53,001    
    Distribution fees and other income     3,760     4,312    
          Total revenue   $ 59,262   $ 57,313    
                 
    (a) Reflects change in reporting methodology. See AUM table.        

    The year over year increase in Funds revenues was primarily the result of higher average assets under management. The increase in Institutional and Private Wealth Management revenues was primarily the result of higher beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

    Expenses

    (In thousands)   Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    Compensation   $ 26,593   $ 27,316  
    Management fee     2,512     2,444  
    Distribution costs     5,634     5,848  
    Other operating expenses   5,370     5,909  
       Total expenses   $ 40,109   $ 41,517  
               
    • The lower compensation expense in the fourth quarter of 2024 reflected $2.9 million of waived compensation partially offset by increased fixed compensation of $1.4 million and increased variable compensation of $0.8 million.
    • The $0.1 million increase in management fee is attributable to the higher pre-management fee income of $0.7 million; and,
    • Other operating expenses this quarter were lower versus the fourth quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.

    Operating Margin

    The operating margin, which represents the ratio of operating income to revenue, was 32.3% for the fourth quarter of 2024 compared with 27.6% for the fourth quarter of 2023.  

    Non-Operating Income

    (In thousands)   Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    Gain from investments, net   $ 644     $ 3,529    
    Interest and dividend income     3,090       2,951    
    Interest expense (a)     (282 )     (281 )  
       Total non-operating income   $ 3,452     $ 6,199    
               
    (a) Related to GAAP accounting of finance lease.      

    Non-operating income decreased $2.7 million for the quarter, reflecting the lower mark-to-market net gains on our investment portfolio for the quarter slightly offset by an increase in interest and dividend income.

    Other Financial Highlights

    The effective income tax rate for the fourth quarter of 2024 was 25.7% versus 24.7% for the fourth quarter of 2023.

    Cash, cash equivalents, and investments were $182.8 million with no debt at December 31, 2024.

    Assets Under Management

    (In millions)   As of  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
                   
    Mutual Funds   $ 8,078   $ 8,440   $ 7,973  
    Closed-end Funds     7,344     7,459     7,097  
    Institutional & PWM (a) (b)     10,700     10,984     10,738  
    SICAV (c)     9     9     631  
    Total Equities     26,131     26,892     26,439  
                   
    100% U.S. Treasury Money Market Fund     5,552     5,268     4,615  
    Institutional & PWM Fixed Income     32     32     32  
    Total Treasuries & Fixed Income     5,584     5,300     4,647  
    Total Assets Under Management   $ 31,715   $ 32,192   $ 31,086  
                   
    (a) Includes $242, $278, and $370 of AUM subadvised for Teton Advisors, Inc. at December 31, 2024, September 30,  
    2024, and December 31, 2023, respectively.            
    (b) Includes $237, $212, and $227 of 100% U.S. Treasury Money Market Fund AUM at December 31, 2024,  
    September 30, 2024, and December 31, 2023, respectively.          
    (c) Includes $0, $0, and $620 of the SICAV AUM subadvised by Associated Capital Group, Inc. at December 31, 2024,  
    September 30, 2024, and December 31, 2023, respectively.          
                   

    Assets under management on December 31, 2024 were $31.7 billion, a decrease of 1.6% from the $32.2 billion on September 30, 2024. The quarter’s decrease consisted of net market depreciation of $0.2 billion, net outflows of $0.2 billion, and distributions, net of reinvestments, of $0.1 billion.

    Mutual Funds

    Assets under management in Mutual Funds on December 31, 2024 were $8.1 billion, a decrease of 4.3% from the $8.4 billion at September 30, 2024. The quarterly change was attributed to:

    • Distributions, net of reinvestment, of $27 million;
    • Net outflows of $209 million; and
    • Net market depreciation of $126 million.

    Closed-end Funds

    Assets under management in Closed-end Funds on December 31, 2024 were $7.3 billion, a decrease of 1.5% from the $7.5 billion on September 30, 2024. The quarterly change was comprised of:

    • Distributions, net of reinvestment, of $129 million;
    • Net inflows of $169 million, including the issuance of $150 million preferred shares, the issuance of $62 million common shares less the redemption of $30 million of preferred shares, and the repurchase of $13 million of common stock ; and
    • Net market depreciation of $155 million.

    Institutional & PWM

    Assets under management in Institutional & PWM on December 31, 2024 were $10.7 billion, a decrease of 0.9% from the $10.8 billion on December 31, 2023. The quarterly change was due to:

    • Net outflows of $345 million; and
    • Net market appreciation of $61 million.

    SICAV

    Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on December 31, 2024 versus $11 million in those sleeves at December 31, 2023.

    100% U.S. Treasury Money Market Fund

    Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on December 31, 2024 were $5.6 billion, up from $5.3 billion at September 30, 2024.

    The Gabelli Growth Fund – Up 35.8% For 2024

    The Growth team of Howard Ward, CFA, and John Belton, CFA, commented on The Gabelli Growth Fund’s 2024 performance:

    “The environment remained favorable for growth stocks in 2024, underpinned by a resilient economy and the start of a Federal Reserve interest rate cutting cycle. Earnings growth accelerated for many US companies, aided by healthy consumer spending trends, robust technology investments, and continued cost discipline. Artificial Intelligence (AI) remained a key stock market theme, as capital expenditure plans across the hyperscale cloud computing group reached astronomical levels, and given a host of new AI-centric business models which have started to take shape. To date, this technology appears to be making some of the strongest companies, stronger, and to that end we maintained positions in many of the largest AI beneficiaries including NVIDIA, Microsoft, Amazon, Alphabet and Meta Platforms. This group remains a cornerstone of our portfolio, and as of year-end more than half of the portfolio’s assets are invested across the Technology Sector as a whole. Outside of the Megacap Tech group, top performers to performance this year included Eli Lilly (boosted by continued success across an industry-leading incretin drug portfolio), ServiceNow (which is an early leader in AI software commercialization) and Intuitive Surgical.”

    The Gabelli Gold Fund – Up 15.2% For 2024

    Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 2024 performance:

    “Gold performed strongly for the second consecutive year largely driven by overseas central bank purchases. However, gold equities underperformed the gold price. Recently the rise in the gold price has not been fully reflected in the profit margins of gold mining companies. This has largely been due to cost pressures emanating from a variety of sources, exacerbated by covid. But we believe the market may be too pessimistic concerning both cost pressures which are diminishing and enhanced revenues from a higher gold price. Gold equities are inexpensive relative to their history and on an absolute basis. But a catalyst is needed to alter investor perception. This could be gold backed ETFs adding ounces reflecting a recovery in investor interest in the sector, a decline in other asset markets which may highlight gold as a portfolio diversifier, increased takeover activity or simply continued strength in the gold price. Some of our smaller gold producers such as Lundin Gold and Wesdome Gold Mines, had stellar returns. Among our larger producers Kinross and Agnico Eagle contributed significantly to performance. We continue to favor mid capitalization gold producers with good assets that trade at a big discount to some of the larger producers.”

    The Gabelli Small Cap Growth Fund

    We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to analyze the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our long-term returns since the inception of the fund in 1991.

    ETFs

    In 2024, Gabelli Growth Innovators (NYSE: GGRW), managed by Howard Ward and John Belton, generated a 41.8% total return, the Gabelli Financial Services Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a 44.6% total return, and the Gabelli Commercial Aerospace & Defense ETF (NYSE: GCAD), managed by Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR returned 22.2%. The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January 2021 to extend the tax benefits of owning exchange traded funds to our investors. Since the initial launch, the Gabelli platform has steadily grown the differentiated suite of ETFs. We are pleased with the client adoption progress and excited about this growth area of the market and positioning of these unique funds supported by our investment team. To accelerate the growth of these funds, each of the funds (with the exception of GGRW) has fee and expense waivers on the first $25 million of assets, whereas LOPP has a fee and expense waiver for the first $100 million of assets under management.

    Assets Under Administration

    (In millions)   As of  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
                   
    Teton-Keeley Funds (a)   $ 809   $ 883   $ 964  
    SICAV     408     431     –  
    Total Assets Under Administration $ 1,217   $ 1,314   $ 964  
                   
    (a) Includes $242, $278 and $370 of AUM subadvised for Teton Advisors, Inc. at  
         December 31, 2024, September 30, 2024 and December 31, 2023, respectively.  
                   

    AUA on December 31, 2024 were $1.2 billion, a slight decline from the $1.3 billion at September 30, 2024.

    Return to Shareholders

    During the fourth quarter of 2024, Gabelli returned to shareholders $86 million in the form of a special dividend of $2.00 per share totaling $50.5 million that was declared in the third quarter of 2024, the repurchase of 1,304,358 shares for $34.4 million at an average investment of $26.37 per share, and a regular quarterly dividend of $0.04 per share totaling $1.0 million. From January 1, 2025 to February 4, 2025, the Company has repurchased 12,971 shares at an average price of $23.95 per share for an aggregate purchase price of approximately $0.3 million. On February 4, 2025, the board of directors increased the buyback authorization to 1.5 million shares.

    On February 4, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, an increase of 100%, which is payable on March 25, 2025 to class A and class B shareholders of record on March 11, 2025.

    Balance Sheet Information 

    As of December 31, 2024, cash, cash equivalents, and U.S Treasury Bills were $116.5 million and investments were $66.3 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of December 31, 2024, stockholders’ equity was $136.6 million compared to $181.0 million as of December 31, 2023. The decline in stockholders’ equity resulted from the payment of $59.5 million in dividends, $49.3 million of stock buybacks, offset partially by $64.4 million in net income.

    Symposiums/Conferences

    • On November 4th and 5th, we hosted the 48th Annual Automotive Aftermarket Symposium at the Encore at Wynn in Las Vegas. The symposium featured presentations from senior management of leading automotive and trucking companies, with a lineup that enabled investors to understand everchanging dynamics within the automotive industry.
       
    • On November 15th, we hosted the 6th Annual Healthcare Symposium in connection with Columbia Business School.
       
    • On December 5th, we hosted the 2nd Section 852(b)(6) Conference.
       
    • In addition to the above, we hosted the following during 2024:
       
      • 34th Pump, Valve & Water Systems Symposium
      • 30th Aerospace & Defense Symposium
      • 18th Omaha Research Trip
      • 16th Media & Entertainment Symposium
      • 15th Specialty Chemicals Symposium
      • 10th Waste & Environmental Services Conference
      • 2nd PFAS Symposium

    We are hosting the following symposiums and conferences in 2025:

    About Gabelli

    Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a CatalystTM). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

    Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

    Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
    Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

    Active Transparent Exchange-Traded Funds
    GABELLI FINANCIAL SERVICES OPPORTUNITIES: GABF

    IMPORTANT DISCLOSURES

    • Shares of this ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the fund.
    • Buying or selling ETF shares may require additional fees such as brokerage commissions, which will reduce returns.
    • These traditional risks may be even greater in challenging or uncertain market conditions.
    • Financial service companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

    Active Exchange-Traded Funds
    GABELI LOVE OUR PLANET & PEOPLE: LOPP
    GABELLI GROWTH INNOVATORS: GGRW
    GABELLI COMMERCIAL AEROSPACE & DEFENSE: GCAD

    IMPORTANT DISCLOSURES
    These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs do not. This may create additional risks for your investment. For example:
    • You may have to pay more money to trade the ETFs’ shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
    • The price you pay to buy ETF shares on an exchange may not match the value of an ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because they provide less information to traders.
    • These additional risks may be even greater in challenging or uncertain market conditions.
    • The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs undisclosed, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs’ performance. If other traders are able to copy or predict the ETFs’ investment strategies, however, this may hurt the ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.

    You should consider the ETFs’ investment objectives, risks, charges and expenses carefully before you invest. The ETFs’ Prospectus is available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, and contains this and other information about the ETFs, and should be read carefully before investing.

    GABF
    Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

    GGRW
    Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

    GCAD
    Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services.

    LOPP
    The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries, and may impact the relative financial performance of the Fund.

    Money Market Fund
    Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

    Growth
    Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

    As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Growth Fund.

    Gold
    Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

    As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

    Small Cap
    Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

    Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

    GAMCO Investors, Inc. and Subsidiaries              
    Condensed Consolidated Statements of Operations (Unaudited)        
    (in thousands, except per share data)              
        Three Months Ended  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
    Revenue:              
      Investment advisory and incentive fees   $ 55,502     $ 53,829     $ 53,001    
      Distribution fees and other income     3,760       3,717       4,312    
         Total revenue     59,262       57,546       57,313    
    Expenses:              
      Compensation     26,593       22,566       27,316    
      Management fee     2,512       2,517       2,444    
      Distribution costs     5,634       6,033       5,848    
      Other operating expenses     5,370       4,801       5,909    
        Total expenses     40,109       35,917       41,517    
    Operating income     19,153       21,629       15,796    
    Non-operating income:              
      Gain from investments, net     644       3,370       3,529    
      Interest and dividend income     3,090       2,947       2,951    
      Interest expense     (282 )     (290 )     (281 )  
      Charitable giving contribution     –       (5,000 )     –    
        Total non-operating income     3,452       1,027       6,199    
    Income before provision for income taxes     22,605       22,656       21,995    
    Provision for income taxes     5,808       5,822       5,435    
    Net income   $ 16,797     $ 16,834     $ 16,560    
                   
    Earnings per share attributable to common            
    stockholders:              
      Basic   $ 0.70     $ 0.69     $ 0.66    
      Diluted   $ 0.70     $ 0.69     $ 0.66    
                   
    Weighted average shares outstanding:              
      Basic     23,971       24,263       25,038    
      Diluted     23,971       24,263       25,038    
                   
      Shares outstanding     22,930       24,235       24,906    
                   
    GAMCO Investors, Inc. and Subsidiaries          
    Condensed Consolidated Statements of Financial Condition (Unaudited)      
    (in thousands)          
           
        December 31,   December 31,  
        2024   2023  
    Assets          
      Cash and cash equivalents   $ 17,254   $ 61,801  
      Short-term investments in U.S. Treasury Bills     99,216     99,025  
      Investments in securities     36,855     19,998  
      Seed capital investments     29,452     24,044  
      Receivable from brokers     3,103     4,562  
      Other receivables     21,246     21,178  
      Deferred tax asset and income tax receivable     7,553     8,927  
      Other assets     9,509     9,896  
         Total assets   $ 224,188   $ 249,431  
               
    Liabilities and stockholders’ equity          
      Income taxes payable   $ 196   $ 17  
      Compensation payable     38,489     23,399  
      Accrued expenses and other liabilities     48,929     45,036  
        Total liabilities     87,614     68,452  
               
      Stockholders’ equity     136,574     180,979  
         Total liabilities and stockholders’ equity   $ 224,188   $ 249,431  
               
      Shares outstanding     22,930     24,906  
               
    GAMCO Investors, Inc. and Subsidiaries                    
    Assets Under Management                      
    By investment vehicle                      
    (in millions)                      
          Three Months Ended   % Changed From  
          December 31,   September 30,   December 31,   September 30,   December 31,  
           2024     2024     2023    2024    2023   
    Equities:                      
    Mutual Funds                      
    Beginning of period assets   $ 8,440     $ 8,035     $ 7,546            
      Inflows     211       175       153            
      Outflows     (420 )     (415 )     (451 )          
      Net inflows (outflows)     (209 )     (240 )     (298 )          
      Market appreciation (depreciation)     (126 )     652       744            
      Fund distributions, net of reinvestment     (27 )     (7 )     (19 )          
      Total increase (decrease)     (362 )     405       427            
    Assets under management, end of period   $ 8,078     $ 8,440     $ 7,973     -4.3 %   1.3 %  
    Percentage of total assets under management     25.5 %     26.2 %     25.6 %          
    Average assets under management   $ 8,447     $ 8,177     $ 7,593     3.3 %   11.2 %  
                             
    Closed-end Funds                      
    Beginning of period assets   $ 7,459     $ 7,052     $ 6,727            
      Inflows     212       25       16            
      Outflows     (43 )     (32 )     (63 )          
      Net inflows (outflows)     169       (7 )     (47 )          
      Market appreciation (depreciation)     (155 )     540       544            
      Fund distributions, net of reinvestment     (129 )     (126 )     (127 )          
      Total increase (decrease)     (115 )     407       370            
    Assets under management, end of period     7,344     $ 7,459     $ 7,097     -1.5 %   3.5 %  
    Percentage of total assets under management     23.2 %     23.2 %     22.8 %          
    Average assets under management   $ 7,610     $ 7,260     $ 6,785     4.8 %   12.2 %  
                             
    Institutional & PWM                      
    Beginning of period assets   $ 10,984     $ 10,436     $ 10,034            
      Inflows     62       87       63            
      Outflows     (407 )     (373 )     (371 )          
      Net inflows (outflows)     (345 )     (286 )     (308 )          
      Market appreciation (depreciation)     61       834       1,012            
      Total increase (decrease)     (284 )     548       704            
    Assets under management, end of period   $ 10,700     $ 10,984     $ 10,738     -2.6 %   -0.4 %  
    Percentage of total assets under management     33.7 %     34.1 %     34.5 %          
    Average assets under management   $ 11,085     $ 10,905     $ 10,005     1.7 %   10.8 %  
                             
    SICAV                      
    Beginning of period assets   $ 9     $ 9     $ 622            
      Inflows     –       –       82            
      Outflows     –       –       (110 )          
      Net inflows (outflows)     –       –       (28 )          
      Market appreciation (depreciation)     –       –       37            
      Total increase (decrease)     –       –       9            
    Assets under management, end of period   $ 9     $ 9     $ 631     0.0 %   -98.6 %  
    Percentage of total assets under management     0.0 %     0.0 %     2.0 %          
    Average assets under management   $ 9     $ 9     $ 628     0.0 %   -98.6 %  
                             
    Total Equities                      
    Beginning of period assets   $ 26,892     $ 25,532     $ 24,929            
      Inflows     485       287       314            
      Outflows     (870 )     (820 )     (995 )          
      Net inflows (outflows)     (385 )     (533 )     (681 )          
      Market appreciation (depreciation)     (220 )     2,026       2,337            
      Fund distributions, net of reinvestment     (156 )     (133 )     (146 )          
      Reclassification to AUA     –       –       –            
      Total increase (decrease)     (761 )     1,360       1,510            
    Assets under management, end of period   $ 26,131     $ 26,892     $ 26,439     -2.8 %   -1.2 %  
    Percentage of total assets under management     82.4 %     83.5 %     85.1 %          
    Average assets under management   $ 27,151     $ 26,351     $ 25,011     3.0 %   8.6 %  
                             
                             
    GAMCO Investors, Inc. and Subsidiaries                    
    Assets Under Management                      
    By investment vehicle – continued                      
    (in millions)                      
          Three Months Ended   % Changed From  
          December 31,   September 30,   December 31,   September 30,   December 31,  
           2024     2024     2023    2024    2023   
    Fixed Income:                      
    100% U.S. Treasury fund                      
    Beginning of period assets   $ 5,268     $ 5,159     $ 4,217            
      Inflows     1,656       1,245       1,424            
      Outflows     (1,440 )     (1,205 )     (1,088 )          
      Net inflows (outflows)     216       40       336            
      Market appreciation (depreciation)     68       69       62            
      Total increase (decrease)     284       109       398            
    Assets under management, end of period   $ 5,552     $ 5,268     $ 4,615     5.4 %   20.3 %  
    Percentage of total assets under management     17.5 %     16.4 %     14.8 %          
    Average assets under management   $ 5,415     $ 5,246     $ 4,418     3.2 %   22.6 %  
                             
    Institutional & PWM Fixed Income                      
    Beginning of period assets   $ 32     $ 32     $ 32            
      Inflows     –       –       –            
      Outflows     –       –       –            
      Net inflows (outflows)     –       –       –            
      Market appreciation (depreciation)     –       –       –            
      Total increase (decrease)     –       –       –            
    Assets under management, end of period   $ 32     $ 32     $ 32     0.0 %   0.0 %  
    Percentage of total assets under management     0.1 %     0.1 %     0.1 %          
    Average assets under management   $ 32     $ 32     $ 32     0.0 %   0.0 %  
                             
    Total Treasuries & Fixed Income                      
    Beginning of period assets   $ 5,300     $ 5,191     $ 4,249            
      Inflows     1,656       1,245       1,424            
      Outflows     (1,440 )     (1,205 )     (1,088 )          
      Net inflows (outflows)     216       40       336            
      Market appreciation (depreciation)     68       69       62            
      Total increase (decrease)     284       109       398            
    Assets under management, end of period   $ 5,584     $ 5,300     $ 4,647     5.4 %   20.2 %  
    Percentage of total assets under management     17.6 %     16.5 %     14.9 %          
    Average assets under management   $ 5,447     $ 5,278     $ 4,450     3.2 %   22.4 %  
                             
    Total AUM                      
    Beginning of period assets   $ 32,192     $ 30,723     $ 29,178            
      Inflows     2,141       1,532       1,738            
      Outflows     (2,310 )     (2,025 )     (2,083 )          
      Net inflows (outflows)     (169 )     (493 )     (345 )          
      Market appreciation (depreciation)     (152 )     2,095       2,399            
      Fund distributions, net of reinvestment     (156 )     (133 )     (146 )          
      Reclassification to AUA     –       –       –            
      Total increase (decrease)     (477 )     1,469       1,908            
    Assets under management, end of period   $ 31,715     $ 32,192     $ 31,086     -1.5 %   2.0 %  
    Average assets under management   $ 32,598     $ 31,629     $ 29,461     3.1 %   10.6 %  
                             
    GAMCO Investors, Inc. and Subsidiaries            
    Assets Under Management              
    By investment vehicle              
    (in millions)              
          Twelve Months Ended    
          December 31,   December 31,      
           2024     2023    % Change  
    Equities:              
    Mutual Funds              
    Beginning of period assets   $ 7,973     $ 8,140        
      Inflows     751       711        
      Outflows     (1,626 )     (1,616 )      
      Net inflows (outflows)     (875 )     (905 )      
      Market appreciation (depreciation)     1,023       772        
      Fund distributions, net of reinvestment     (43 )     (34 )      
      Total increase (decrease)     105       (167 )      
    Assets under management, end of period   $ 8,078     $ 7,973     1.3 %  
    Percentage of total assets under management     25.5 %     25.6 %      
    Average assets under management   $ 8,173     $ 8,035     1.7 %  
                     
    Closed-end Funds              
    Beginning of period assets   $ 7,097     $ 7,046        
      Inflows     281       41        
      Outflows     (226 )     (130 )      
      Net inflows (outflows)     55       (89 )      
      Market appreciation (depreciation)     700       654        
      Fund distributions, net of reinvestment     (508 )     (514 )      
      Total increase (decrease)     247       51        
    Assets under management, end of period   $ 7,344     $ 7,097     3.5 %  
    Percentage of total assets under management     23.2 %     22.8 %      
    Average assets under management   $ 7,274     $ 7,058     3.1 %  
                     
    Institutional & PWM              
    Beginning of period assets   $ 10,738     $ 10,714        
      Inflows     340       241        
      Outflows     (1,701 )     (1,739 )      
      Net inflows (outflows)     (1,361 )     (1,498 )      
      Market appreciation (depreciation)     1,323       1,522        
      Total increase (decrease)     (38 )     24        
    Assets under management, end of period   $ 10,700     $ 10,738     -0.4 %  
    Percentage of total assets under management     33.7 %     34.5 %      
    Average assets under management   $ 10,891     $ 10,670     2.1 %  
                     
    SICAV              
    Beginning of period assets   $ 631     $ 867        
      Inflows     –       357        
      Outflows     (2 )     (624 )      
      Net inflows (outflows)     (2 )     (267 )      
      Market appreciation (depreciation)     –       31        
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     (622 )     (236 )      
    Assets under management, end of period   $ 9     $ 631     -98.6 %  
    Percentage of total assets under management     0.0 %     2.0 %      
    Average assets under management   $ 9     $ 694     -98.7 %  
                     
    Total Equities              
    Beginning of period assets   $ 26,439     $ 26,767        
      Inflows     1,372       1,350        
      Outflows     (3,555 )     (4,109 )      
      Net inflows (outflows)     (2,183 )     (2,759 )      
      Market appreciation (depreciation)     3,046       2,979        
      Fund distributions, net of reinvestment     (551 )     (548 )      
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     (308 )     (328 )      
    Assets under management, end of period   $ 26,131     $ 26,439     -1.2 %  
    Percentage of total assets under management     82.4 %     85.1 %      
    Average assets under management   $ 26,347     $ 26,457     -0.4 %  
                     
                     
    GAMCO Investors, Inc. and Subsidiaries            
    Assets Under Management              
    By investment vehicle – continued              
    (in millions)              
          Twelve Months Ended    
          December 31,   December 31,      
           2024     2023    % Change  
    Fixed Income:              
    100% U.S. Treasury fund              
    Beginning of period assets   $ 4,615     $ 2,462        
      Inflows     5,796       5,498        
      Outflows     (5,122 )     (3,536 )      
      Net inflows (outflows)     674       1,962        
      Market appreciation (depreciation)     263       191        
      Total increase (decrease)     937       2,153        
    Assets under management, end of period   $ 5,552     $ 4,615     20.3 %  
    Percentage of total assets under management     17.5 %     14.8 %      
    Average assets under management   $ 5,140     $ 3,823     34.4 %  
                     
    Institutional & PWM Fixed Income              
    Beginning of period assets   $ 32     $ 32        
      Inflows     –       –        
      Outflows     –       –        
      Net inflows (outflows)     –       –        
      Market appreciation (depreciation)     –       –        
      Total increase (decrease)     –       –        
    Assets under management, end of period   $ 32     $ 32     0.0 %  
    Percentage of total assets under management     0.1 %     0.1 %      
    Average assets under management   $ 32     $ 32     0.0 %  
                     
    Total Treasuries & Fixed Income              
    Beginning of period assets   $ 4,647     $ 2,494        
      Inflows     5,796       5,498        
      Outflows     (5,122 )     (3,536 )      
      Net inflows (outflows)     674       1,962        
      Market appreciation (depreciation)     263       191        
      Total increase (decrease)     937       2,153        
    Assets under management, end of period   $ 5,584     $ 4,647     20.2 %  
    Percentage of total assets under management     17.6 %     14.9 %      
    Average assets under management   $ 5,172     $ 3,855     34.2 %  
                     
    Total AUM              
    Beginning of period assets   $ 31,086     $ 29,261        
      Inflows     7,168       6,848        
      Outflows     (8,677 )     (7,645 )      
      Net inflows (outflows)     (1,509 )     (797 )      
      Market appreciation (depreciation)     3,309       3,170        
      Fund distributions, net of reinvestment     (551 )     (548 )      
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     629       1,825        
    Assets under management, end of period   $ 31,715     $ 31,086     2.0 %  
    Average assets under management   $ 31,519     $ 30,312     4.0 %  
                     
    Contact: Kieran Caterina
      Chief Accounting Officer
      (914) 921-5149
       
      For further information please visit
      www.gabelli.com 

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/67be43da-4ba8-4a8b-adfc-6568958b2c5f
    https://www.globenewswire.com/NewsRoom/AttachmentNg/184b5374-0f9b-4bf5-a782-689155142d7e

    The MIL Network –

  • MIL-OSI Australia: Frontline police boosted

    Source: South Australia Police

    Police resources allocated to investigating youth crime, domestic and family violence, cybercrime and retail theft are being significantly boosted.

    More than 70 police officers are being redirected to a range of key frontline areas that will provide the most benefit to the community and enhance public safety and well-being.

    The majority of the resources – 51 positions – have become available following successful programs such as the introduction of Police Security Officers in custody management areas, the civilianisation of some roles and the rationalisation of some small police stations.

    Additional government funding has also delivered another 20 positions.

    As part of the major initiative Commissioner of Police Grant Stevens has revealed the formation of a new Youth and Street Gangs Task Force to enhance SAPOL’s response into youth crime in South Australia.

    The new task force will see the current Operation Meld and Operation Mandrake initiatives merged – with an additional 13 police officers added to its ranks.

    An additional nine officers will be allocated to investigate financial and cybercrime and eight added to the successful Operation Measure anti-shoplifting initiative.

    Regional communities will also benefit with 14 new positions assigned to volume crime teams and another 13 family and domestic violence investigation officers.

    SAPOLs growing reliance on airborne policing operations has also resulted in 14 permanently appointed tactical flight officers who will contribute significantly to community safety and provide vital support to frontline officers involved in a variety of taskings.

    Commissioner Stevens said while many of the positions will be filled immediately, others will be filled as resources become available.

    “We are focusing resources on frontline roles and doing what matters most in areas that will have the most impact, the most benefit in responding to public concerns over safety and emerging crime trends,’’ he said.

    “These include areas that both proactively investigate and respond to cybercrime incidents, youth crime, family violence, retail theft and our increasing reliance on airborne law enforcement operations.

    “With the growing imbalance between our resources and demand, we will continue to look for opportunities to rationalise services to deliver similar frontline services where they matter the most.’’

    The Youth and Street Gangs Task Force will continue the work of Operations Meld and Mandrake by responding to the evolving nature of youth street gangs by providing specialist investigative and intelligence skills.

    Besides responding to specific incidents, SAPOL is working to break the cycle of criminality and recruitment of young members through interagency collaboration and community engagement.

    “Youth crime is not just about the criminality, but the recruitment of younger members, so the task force provides an opportunity to break this cycle,” Commissioner Stevens said.

    “This permanent task force will disrupt and reduce the criminal activities of a target group of offenders, particularly focusing on crimes of violence that pose a significant risk to community safety.”

    MIL OSI News –

  • MIL-Evening Report: Climate-affected produce is here to stay. Here’s what it takes for consumers to embrace it

    Source: The Conversation (Au and NZ) – By Liudmila Tarabashkina, Senior Lecturer, The University of Western Australia

    Joanna Dorota/Shutterstock, Zoom Team/Shutterstock, The Conversation

    The economic cost of food waste in Australia is staggering. It’s estimated $36.6 billion is lost to the economy every year. Much of our fresh produce never even makes it to stores, rejected at the farm gate due to cosmetic reasons, such as its appearance, size or ripeness.

    We’ve known about this problem for a long time, which has given rise to the “ugly” food movement. Once-rejected produce has been rebranded as “wonky” in the UK, “inglorious” in France, “naturally imperfect” in Canada or an “odd bunch” in Australia.

    While the existence of these campaigns is commendable, there’s another major marketing challenge if we want to reduce food waste – acceptance of climate-affected produce.

    Broadly speaking, this refers to produce affected by extreme or moderate weather events. Droughts are an example of such climate events, predicted to become more intense and frequent as a result of global climate change.

    Climate-affected produce resembles “ugly” food as it is often smaller, misshapen or has surface imperfections.

    Climate-affected produce often has a lot in common with ‘ugly’ fruit, but may also differ in taste and texture.
    Alexey Borodin/Shutterstock

    But in contrast to “ugly food”, the taste and texture of climate-affected produce can be quite different.

    Under the effects of drought, apples may become sweeter and more granular, chillies hotter and onions more pungent. In the case of mild or moderate droughts, such produce is still edible.

    Our recent research points to some uncomfortable truths. Many consumers prefer to avoid climate-affected produce altogether. And when price is a factor, they won’t choose it without a discount.

    But our research also offers suggestions on how purchases of such produce could be encouraged – including marketing messages that highlight the “resilience” of climate-affected produce.

    Our research

    We carried out two discrete choice experiments with consumers who buy fresh fruit and vegetables. One sample was drawn from among Australian students, the other from members of the wider Australian population.

    Participants were shown eight different apple options simulating a shopping environment, which were described with a range of different attributes including firmness, sweetness, appearance and size.

    The apples were also labelled with a price tag and information on whether they were sold at a supermarket or farmers’ market. All climate-affected apples were presented with a “resilience” message: “resilient apple – survived the drought”.

    We sought to examine how produce’s “organoleptic” properties – the way it impacts our different senses – as well as levels of empathy toward the farmers impact consumers’ willingness to choose climate-affected produce, and how much they’d pay for it.

    Drought can make apples sweeter, smaller, and less firm.
    The Conversation, Natthapol Siridech/Shutterstock, PickPik

    A preference for perfect

    We found when an apple’s firmness, size and aesthetics were important and empathy towards farmers was low, consumers tended to avoid climate-affected produce. They instead chose unaffected alternatives at higher prices (no such effect was observed for sweetness).

    This finding might not be surprising, but it’s still cause for concern. If farmers cannot repurpose climate-affected produce into spreads, jams, smoothies or animal feed, it can’t enter supply chains and may end up as waste.

    Previous campaigns for “ugly” fruit and vegetables may not offer much help with this problem, either. These campaigns emphasise the unaffected taste and texture of the produce. Marketing climate-affected produce needs a different approach.

    Otherwise, we expect a discount

    When price was important to consumers, they chose climate-affected produce, regardless of their levels of empathy toward farmers. But they were only willing to pay discounted prices for it.

    That might seem like a more positive outcome. But consumer expectations that climate-affected produce will always be discounted may disadvantage farmers with lower profit margins and diminish its value as a still-usable resource.

    Getting climate-affected (but still edible) produce into supply chains can help reduce food waste.
    Ekaterina Pokrovsky/Shutterstock

    The power of “resilience” messaging

    Importantly, we found when the “resilience” message resonated with consumers, they were more inclined to consider climate-affected apples. This was true even when their empathy towards farmers was low.

    This suggests that when empathy fails, leveraging marketing messages that highlight “resilience” could be another avenue worth exploring.

    Our research team is now exploring what types of “resilience” messages can encourage purchases of climate-affected produce.

    Australians have been conditioned for many years to expect only aesthetically pleasing fruit and vegetables.

    Given extreme weather events are unlikely to become less frequent in the future, climate-affected produce is likely here to stay. If we want consumers to embrace it, we need to have uncomfortable conversations around its different taste and texture, and rethink what we’re willing to accept.

    This research was supported by the University of Western Australia Business School Future Fund Research Grant.

    – ref. Climate-affected produce is here to stay. Here’s what it takes for consumers to embrace it – https://theconversation.com/climate-affected-produce-is-here-to-stay-heres-what-it-takes-for-consumers-to-embrace-it-248776

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Peter Dutton is promising to slash the public service. Voters won’t know how many jobs are lost until after the election

    Source: The Conversation (Au and NZ) – By Andrew Podger, Honorary Professor of Public Policy, Australian National University

    Oakland Images/Shutterstock

    Opposition Leader Peter Dutton has doubled down on his commitment to sack thousands of public servants if he’s elected prime minister.

    Dutton has again highlighted the “wasteful” 36,000 increase in public service jobs under Labor, which he says has made the Australian Public service “bloated and inefficient”.

    While there is considerable political hyperbole and Trumpian allusions in Dutton’s statements, there are areas where legitimate savings could be made by whoever wins the coming election. That includes a second-term Albanese government, which would need to find efficiencies to offset promised wage increases.

    Dutton’s commitment

    Dutton unrealistically mentioned A$24 billion in potential savings over four years by reversing the growth in the number of new public service jobs since the last election.

    Dutton’s claim of 36,000 extra bureaucrats under the Albanese government is broadly correct. The latest State of the Service Report shows the ongoing workforce increased from 133,976 in June 2021 to 170,186 in June last year. This was offset by a reduction of around 4,000 non-ongoing employees.

    Labor has reduced the use of consultants and contractors, though at best those savings only partially offset the costs of the public service expansion.

    Reversing the net increase in costs in the next term of Parliament, however, will not be easy and could not be done immediately.

    In turn, Labor is hiring fewer consultants and contractors. Those numbers could rise again if permanent positions are axed under a Coalition government.

    Dutton is careful not to make any specific commitments regarding the number of jobs that would go nor the dollar savings involved. However, he and his shadow ministers have repeatedly referred to the 36,000 new positions under Labor.

    While the Coalition won’t be detailing any spending cuts until after the election, Dutton has alluded to US President Donald Trump’s playbook by targeting “culture, diversity and inclusion advisers”.

    Dutton contends these roles add to costs while providing little public service:

    Such positions, as I say, do nothing to improve the lives of everyday Australians.

    Putting the public service growth into context

    Despite Dutton’s combative language, the growth of the Australian Public Service is not nearly as dramatic as he claims, nor is it concentrated in Canberra.

    The State of the Service Report shows the Australian Public Service headcount is lower now (0.68%) as a percentage of the Australian population than it was in 2008 (0.75%). It is also a smaller share of the overall Australian workforce (1.36% compared to 1.52%).

    Despite Dutton’s often repeated claim that all of the additional public servants are based in Canberra, the proportion of the public service working in the capital has decreased to just 36.9%.

    The numbers back up the government’s claim that the expanded bureaucracy has delivered improvements to critical public services such as the National Disability Insurance Scheme, Veterans’ Affairs and Centrelink outside of Canberra.

    Labor has also committed to savings

    Despite its defence of the public service, a re-elected Labor government would also need to find efficiencies.

    The Australian Financial Review has drawn attention to the mid-year budget update, which forecast no growth in the public service wages bill from 2025–26 to 2027–28. This is despite an enterprise bargaining agreement to increase wages by 11.2% over the three years to March 2026.

    Finance and Public Service Minister Katy Gallagher has dismissed the Coalition’s claims of a $7.4 billion black hole. She says Labor’s forecasting method is the same as the one the Liberals used in government

    And the minister has restated Labor’s commitment to finding its own savings through the 1% efficiency dividend, which she says is “largely a good thing”.

    In other words, the Albanese government is assuming pay increases will be offset by efficiency measures over the next three years. That will require some effort.

    Where savings could actually be made

    Regardless of who forms the next government, there are savings to be made across the public service, which has become too top heavy.

    Remuneration is a mess, with extraordinary variations in pay, particularly among the senior executive level.

    A wholesale change in the membership of the Remuneration Tribunal, which sets public service pay levels, and a review of its methodology are much needed.

    There should also be more emphasis on skills and capability, and less on diversity. A strong business case exists to maximise the talent pool the public service draws on, but care is needed to not compromise the merit principle in the pursuit of equity.

    Dutton’s plan raises legitimate concerns

    Dutton’s populist rhetoric about the public service raises legitimate concerns beyond the potential job cuts.

    There’s a real risk the Coalition will resurrect its ideological preference for the private sector, with its associated extra costs and conflicts of interest.

    Nor is there any clear commitment to avoiding a return to the politicisation of the bureaucracy evident under former prime minister Scott Morrison, which contributed to the Robodebt scandal.

    The Albanese government has sadly dropped the ball by failing to legislate to promote merit-based appointments, leaving open opportunities for politically based hirings and firings.

    With election day fast approaching, voters may reasonably be wary of both sides of politics when it comes to the independence and performance of the public service.

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

    – ref. Peter Dutton is promising to slash the public service. Voters won’t know how many jobs are lost until after the election – https://theconversation.com/peter-dutton-is-promising-to-slash-the-public-service-voters-wont-know-how-many-jobs-are-lost-until-after-the-election-248897

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Man Pleads Guilty to Conspiracy to Launder Money in Connection with $100 Million Health Care Fraud Scheme

    Source: Office of United States Attorneys

    Greensboro, NC – Chaudhry Shabbir Ahmed pled guilty on Monday, February 3, 2025, to conspiring to launder over $3 million in connection with a $100 million dollar health care fraud scheme, announced Acting United States Attorney Randall S. Galyon.

    According to court documents, Ahmed conspired with another individual to represent himself as the owner of two durable medical equipment businesses—Dune Medical Supply, LLC located in High Point, North Carolina and Prospect Health Solutions, Inc. located in Fort Lauderdale, Florida. Ahmed and a co-conspirator used a sham purchase agreement to make it appear as though Ahmed owned and operated these companies, even though the co-conspirator continued to control the companies. Once Ahmed was listed on relevant documents as the sole owner of Dune and Prospect, including documents submitted to Medicare, Dune and Prospect collectively submitted more than $100 million in fraudulent claims to Medicare. The claims were submitted between April 2024 and August 2024 for durable medical equipment that Medicare beneficiaries never received, requested, or needed, or that the provider never ordered.

    Before the scheme was discovered, Medicare electronically deposited more than $33 million in claim reimbursements into bank accounts held in the name of Dune and Prospect at various financial institutions. Ahmed had access to these accounts and would withdraw fraud proceeds in cash at bank branches. For example, on June 30, 2024, Ahmed withdrew $400,000 in cash from Prospect’s bank account and on August 9, 2024, Ahmed withdrew $500,000 in cash from Prospect’s bank account.

    As part of the plea agreement, Ahmed agreed to forfeit over $17.6 million dollars that was seized during the investigation, as well as a Rolex watch and cryptocurrency.

    Sentencing is scheduled to take place on June 24, 2025, at 9:30 a.m. in Greensboro, North Carolina, before Chief United States District Judge Catherine C. Eagles. At sentencing, Ahmed faces a maximum sentence of five years in prison, a period of supervised release of up to three years, and monetary penalties.

    The Department of Health and Human Services-Office of Inspector General and the Federal Bureau of Investigation are investigating the case, and it is being prosecuted by Assistant U.S. Attorneys Rebecca Mayer, JoAnna McFadden, and Ashley Waid.

    ###

    MIL Security OSI –

  • MIL-OSI Global: The UK would be lucky to avoid US tariffs – but a global trade war would hurt everyone

    Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

    Below the Sky/Shutterstock

    The first weeks of the Donald Trump’s administration have been marked by a flurry of announcements and U-turns on US trade policy.

    One of the first decrees centred on Trump’s favourite word: tariffs. He announced that US consumers and businesses would be taxed an extra 25% when they bought Canadian or Mexican products. (Canadian oil got off more lightly, with a 10% tariff.)

    But because this is Donald Trump we’re talking about, it later emerged that none of this was actually happening, for now. It might be next month, or later, or maybe not at all.

    However, US residents definitely face an additional 10% on the cost of products from China. There is also a plan for a 100% tax on semiconductors from Taiwan.

    And President Trump announced new import taxes will “definitely happen” on products from the European Union. If these do ever come to pass, it’s possible there may be a better deal for the UK.

    The reason for the possible Great British exemption from new US import taxes is that the stated goal of these taxes is to reduce the US trade deficit. This deficit refers to the fact that the US buys much more from the rest of the world than the rest of the world buys from it.

    And, depending on how we measure the financial flows coming in and out of tax havens such as the British Virgin Islands, the UK is one of the few countries in a position to make the case that it actually has a trade deficit with the US (the UK buys more from the US than the US buys from it).

    What about consumers?

    Being able to avoid new US tariffs would be very good news for the UK. If the US imposed import taxes on UK products and services, it would be bad for their consumers, who end up paying more. But it would also be bad for UK industry. Moreover, the UK would likely retaliate and tax US products, ultimately hurting British consumers as well.

    In theory, the UK miraculously escaping new US import taxes might even mean it indirectly benefits from a trade war between the US and the EU. If the UK can sell and buy more cheaply to both sides while they tax each other, it becomes more competitive. The UK would also get its imports more cheaply, and international businesses may want to establish subsidiaries in the UK.

    It is interesting to imagine a world in which a medium-sized, free trade supporting country like the UK ends up the winner of a global commercial war between its two most important trading partners.

    Things are not that simple however. Research shows that a major impact of tariffs is changes in global supply chains.

    As the UK has learned the hard way with Brexit, modern supply chains are increasingly interconnected. British exports are typically made with components from the European continent, which are themselves made with Chinese inputs.

    Additional costs anywhere in the chain result in more expensive products. Moreover, it is not clear that UK products made with EU and Chinese components would be exempt from US import tax.

    Disruption to supply chains could force up the cost of UK exports.
    Peter Titmuss/Shutterstock

    This is a global problem. For every final product a UK consumer ends up buying, there are many firms trying to source the best possible components and materials to make it with. If the US levies a 100% tax on chips and semiconductors from Taiwan, this means that products from the US tech industry will become more expensive for UK firms to use. This is even more pertinent given that China has retaliated to the new 10% US tax on its products by limiting the export of metals the US uses to produce its own chips.

    In this way it is easy to underestimate how sensitive supply chains are to small shocks, and what the butterfly effect of a trade war between two other countries might be on products bought and sold in the UK. So, while the UK would definitely be better off not being subject to US taxes, the main focus should be on helping to avoid global trade wars.

    How to do this is not clear, because no one seems to understand what Trump really wants from his tariffs. One theory is that he wants to pass for a madman and bully other countries into committing to buy more US-manufactured products.

    Or, in the case of Europe, to increase military spending by buying more US military equipment. In that case, tariffs would be short-lived and the impact limited. It will simply increase the incentives for international firms not to depend too much on the US.

    Or perhaps Trump really has no idea what he is doing, seemingly pursuing the two opposing goals of keeping domestic prices low while attempting to reduce its trade imbalance with ever-increasing import taxes. In that case, the consequences for consumers all over the world would be very bad. This is in part because of the effect on supply chains, but also because when the US economy is in bad shape the entire world suffers.

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

    – ref. The UK would be lucky to avoid US tariffs – but a global trade war would hurt everyone – https://theconversation.com/the-uk-would-be-lucky-to-avoid-us-tariffs-but-a-global-trade-war-would-hurt-everyone-248963

    MIL OSI – Global Reports –

  • MIL-OSI Video: Marine Corps Passes FY24 Financial Audit

    Source: US Marines (video statements)

    For a second year in a row, independent auditors verified that the Marine Corps’ financial records are materially accurate, complete, and compliant with federal regulations and issued an unmodified opinion for Fiscal Year 2024.

    Read More :
    http://ms.spr.ly/6059Uj0K9

    https://www.youtube.com/watch?v=qFJqIK0YL1E

    MIL OSI Video –

  • MIL-OSI: Innovate BC and NRC IRAP Invest $1.5M to Support 12 Cleantech Innovation Pilot Projects in British Columbia

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) — Through the BC Fast Pilot program, Innovate BC and the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) are investing a combined total of $1.5M in funding across twelve B.C.-based companies to pilot innovation projects. Projects areas include wildfire management, critical minerals, water treatment, artificial intelligence and data analytics in applications to clean technology and agriculture, and more. The funding will support pilot testing for new technologies.

    “Through BC Fast, local companies have the opportunity to show what they are capable of by creating new technology solutions to the challenges we’re facing in public health, resource management and so much more,” said Diana Gibson, Minister of Jobs, Economic Development and Innovation. “I look forward to watching these companies grow by selling to local and diversified international markets, and increase global awareness of the talent and business opportunities available in the B.C. tech ecosystem and our rapidly expanding knowledge economy.”

    The BC Fast Pilot program helps regional small-medium sized enterprises design, build, and operate a pilot plant or small demonstration of their technology in real-world conditions. This allows B.C. technology companies to demonstrate the impact of their product, measure the value of their solution, and encourage customer adoption, with the goal of scaling their solutions while strengthening key industries, solving local and global challenges, and driving prosperity for British Columbians.

    “Innovation transforms industries and helps them remain competitive in global markets, and through the BC Fast Pilot program, we’re supporting the growth of B.C. companies creating new solutions that aim to do just that,” said Peter Cowan, President + CEO of Innovate BC. “This year’s recipients, which are addressing critical areas such as emission reduction, wildfire management, and health sciences, emphasize the immense value in advancing entrepreneurship and the impact of innovation in creating a more prosperous, future-ready British Columbia. We’re proud to deliver this initiative in partnership with NRC IRAP, strengthening the region’s innovation economy and cementing B.C.’s reputation as a global leader in technology.”

    Projects funded through this round of BC Fast Pilot are working to provide innovative solutions in support of high-impact sectors such as sustainability, resource management and public health, emphasizing pilot testing to validate effectiveness and scalability. One of this year’s recipients, FireSwarm Solutions, is working to enhance wildfire detection and management through advanced drone technology and is being piloted in Squamish. joni, piloting their project in both Victoria and Richmond, are addressing menstrual care accessibility in public spaces with an IOT-enabled technology.

    This is the sixth round of funding through the BC Fast Pilot program, which was launched in 2019. Since the program’s inception, and including this year’s awardees, $11.4M has been invested into 87 B.C. pilot demonstrations.

    “Through the BC Fast Pilot program and our partnership with Innovate BC, we are supporting Canadian innovators in bringing their ideas to life,” says Mitch Davies, President, National Research Council of Canada. “By enabling companies to demonstrate their technologies in practical applications, we are helping them gather valuable market insight. This in turn brings them closer to customer adoption, and to providing innovative cleantech solutions to address current challenges.”

    Previous program participants include Open Ocean Robotics, which, since receiving funding in 2019/20, has partnered with the Royal Canadian Navy on marine innovation, expanded to Canada’s east coast, secured $800,000 from PacifiCan’s Business Scale-up and Productivity program, and landed major contracts with the National Oceanic and Atmospheric Administration (NOAA). Similarly, pH7 Technologies, a 2022/23 participant, secured $1.5M from PacifiCan, raised $16M USD in a Series A round, and was recognized as one of the Global Cleantech 100 companies in 2024 and 2025.

    This funding prioritizes regional projects, with a focus on cleantech and projects that involve physical installations and are capital intensive in nature, and those that involve Indigenous communities or organizations.

    To view and download digital assets relating to this announcement, please click here.

    Media Contact

    Michael Gleboff
    Communications + Community Manager
    mgleboff@innovatebc.ca 
    604-602-5210

    About Innovate BC

    A Crown Agency of British Columbia, Innovate BC works to foster innovation across the province and bolster the growth of the local economy through delivering a wide range of programs that help companies start and scale, access talent and encourage technology development, commercialization, and adoption. Innovate BC also harnesses crucial data collection and research, and works to forge strategic industry and community partnerships that create more opportunities for B.C. innovators.

    Learn More

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb5a1d30-493a-444a-aa44-ce1dd59987cf

    The MIL Network –

  • MIL-OSI USA: Kennedy champions bill to stop government from awarding contracts to biased banks

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today introduced the No Red and Blue Banks Act to stop the federal government from awarding contracts to financial institutions that discriminate against companies based on the customers’ social policy.  

    “The government shouldn’t reward banks for discriminating against businesses because of their industry or politics. The No Red and Blue Banks Act would fight political bias among banks by refusing to reward bad actors with government contracts,”said Kennedy.

    Sen. Kevin Cramer (R-N.D.) cosponsored the bill.

    The No Red and Blue Banks Act would prohibit the General Services Administration from giving government contracts to insured depository institutions that refuse business to lawful companies because of the companies’ social policy. 

    The full bill text is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta: California Schools Will Remain a Welcoming, Inclusive, Safe Place for All

    Source: US State of California

    Tuesday, February 4, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    SACRAMENTO — California Attorney General Rob Bonta today issued a statement on President Trump’s executive order targeting transgender, nonbinary, intersex, and gender nonconforming students: 

    “California will continue to create a welcoming environment for all students, including transgender and gender nonconforming students. The federal government sets a floor, not a ceiling when it comes to civil rights protections — and California law has always provided additional protections beyond those that exist at the federal level. Those protections remain firmly in place.

    The right to equality in education and equal protection under the law is guaranteed by the U.S. Constitution. California’s Constitution sets its own separate and strong standards that clearly establish transgender and gender nonconforming individuals as a protected class. The President’s order attempts to undermine this fundamental right by threatening to prosecute educators for fulfilling their duty to provide equal education opportunities and protect the students under their care, explicitly targeting one of the most vulnerable groups of students in our country.

    Discrimination has no place in the classroom. The President’s executive order attempts to erode the sanctity of schools as a place where children learn and grow. Let me be clear: School curriculum and instructional materials are a state and local decision. The federal government does not have authority to dictate what is taught in California.

    California law requires that K-12 schools provide inclusive curriculum that reflect the roles and contributions of our diverse population, including all genders, races, person with disabilities, and members of other ethnic, cultural, religious, and socioeconomic status groups. We know that it is this culture of inclusion that has enabled us to become a hub of innovation and the fifth largest economy in the world.

    As Attorney General, I am committed to standing up for the rights of all California students, including transgender and gender nonconforming students. I stand firmly behind California educators who work tirelessly to ensure a safe and inclusive environment for all of their students. 

    The President continues to use his powers to attempt to strike fear in and target the most vulnerable groups in our society. I understand that his executive orders are concerning, but I want to emphasize that California law remains unchanged. We will not be frightened or cowed by the President’s threats. We will not abandon our values. And we certainly will have no part in executing the President’s agenda. California’s resources will not be used to target teachers and school officials merely complying with the law.”

    Resources for School Officials 

    If you believe your rights are being violated as part of the enforcement of the President’s executive order, you can file a complaint with the California Attorney General’s Office here or with the California Civil Rights Department here. 

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: The Journey Begins

    Source: Securities and Exchange Commission

    When I was a child, my family took an annual road trip from Ohio to Maine and back. It was a different era. No cell phones to call for help if something went wrong with the car. Paper maps and directions written on scraps of paper, instead of a phone app to give you step-by-step directions. Forget hopping on the web to book a hotel; you just had to look for signs in the distance and stop in to see if there was a vacancy. No podcasts or audiobooks, just a scratchy radio straining to find a local station. Instead of watching videos on screens in the back, my brothers and I were scanning passing cars’ license plates to “collect” the states in a no-tech road-trip game. Road trips are very different these days. In most ways, technology has made them a more enjoyable and less risky endeavor.

    The crypto road trip on which the newly announced Crypto Task Force[1] has embarked likewise should be more enjoyable and less risky than the crypto road trip the Commission has taken the industry on for the last decade. On that last trip, the Commission refused to use regulatory tools at its disposal and incessantly slammed on the enforcement brakes as it lurched along a meandering route with a destination not discernible to anyone. But just as modern technology does not eliminate the risks of taking to the open road, this new journey toward regulatory clarity still presents dangers, and both the Commission and the public need to stay alert and aware of the risks and opportunities that may lie ahead. I am delighted to be accompanied on the journey by a wonderful team of talented SEC staff, and we look forward to engaging with many enthusiastic members of the public who will help us navigate on this journey. With all that assistance, I am hopeful that we will arrive at a place that is better than we could have imagined as we were careening down the road on the previous crypto road trip. Before I discuss the promise and opportunity the task force represents, let me offer some important disclaimers.

    First, despite now being charged with leading the SEC’s new Crypto Task Force, the views that I express are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners. Commission positions always require a vote of the Commission.

    Second, it took us a long time to get into this mess, and it is going to take us some time to get out of it. The Commission has engaged with the crypto industry in one form or another for more than a decade. The first bitcoin exchange-traded product application hit our doorstep in 2013, and the Commission brought a fraud case that had a tangential crypto element that same year.[2] In 2017, we issued the DAO Section 21(a) report, which reflected the first application of the Howey test in this context.[3] Since then, there have been many enforcement actions, a number of no-action letters, some exemptive relief, endless talk about crypto in speeches and statements, lots of meetings with crypto entrepreneurs many inter-agency and international crypto working groups, discussion of certain aspects of crypto in rulemaking proposals, consideration of crypto-related issues in reviews of registration statements and other filings, and approval of numerous SRO proposed rule changes to list crypto exchange-traded products. Throughout this time, the Commission’s handling of crypto has been marked by legal imprecision and commercial impracticality. Consequently, many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo. Determining how best to disentangle all these strands, including ongoing litigation, will take time. It will involve work across the whole agency and cooperation with other regulators. Please be patient. The Task Force wants to get to a good place, but we need to do so in an orderly, practical, and legally defensible way.

    Third, the Task Force wants to travel to a destination where people have great freedom to experiment and build interesting things, and which will not be a haven for fraudsters. One of the reasons the U.S. capital markets are so robust, efficient, and effective is that we have rules designed to protect investors and the integrity of the marketplace, and we enforce those rules. We do not tolerate liars, cheaters, and scammers. As the Task Force works to help develop this regulatory framework, it will give careful consideration to antifraud protections. If the Commission spots fraud that lies outside our jurisdiction, it can refer the matter to a sister regulator. If it does not fall within any regulator’s jurisdiction, the Commission can bring that gap to Congress’s attention.

    Fourth, the Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives—including protecting investors—and preserves industry’s ability to offer products and services. This framework will be within the statutory authority given to the Commission, and we will work with other regulators operating within their own statutory authorities. The statutes already on the books do not allow a free-for-all for products that fall within our jurisdiction. Congress has put parameters in place, and the Commission will apply them. Congress also has given us exemptive authority, and the Commission will use it, as appropriate. Where Congress has directed the Commission to impose requirements on market participants, SEC rules will not let you do whatever you want, whenever you want, however you want. Some of these rules will impose costs and other compliance burdens that some may find irritating, and the Commission will use its enforcement tools when necessary to pursue noncompliance.

    Fifth, the Commission staff is working hard to process applications for exemptive relief, requests for no-action letters, and registration statements, but an uptick in the volume is likely to prove challenging. Adherence to technical and legal requirements, well-reasoned legal analysis, and thorough and timely responses to staff questions help to conserve Commission resources and makes for a quicker, smoother trip toward the destination of greater regulatory clarity. As always, such diligence will help an application move through the approval process more smoothly; conversely, the absence of it may cause unnecessary delays. Being first in the door may not mean being first out the door.

    Sixth, the new commitment to a better regulatory environment should not be viewed as an endorsement of any crypto coin or token. Regardless of whether those tokens or coins fall within our jurisdiction, the Commission never endorses any product or service; there is no such thing as an SEC seal of approval. Spinning up coins and tokens is easy. If people want to buy a token or product that lacks a clear long-term value proposition, they should feel free to but should not be surprised if someday the price drops. In this country, people generally have a right to make decisions for themselves, but the counterpart to that wonderful American liberty is the equally wonderful American expectation that people must decide for themselves, not look to Mama Government to tell them what to do or not to do, nor to bail them out when they do something that turns out badly.

    Now, with those rather gruff disclaimers out of the way, let’s talk a bit about what the Task Force is working on with staff across the Commission’s policy divisions. We will collaborate with others across the federal government, with state securities regulators, and with our international counterparts. We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime. The Commission staff already has achieved one milestone—the rescission of Staff Accounting Bulletin 121—but there is much more to do.[4] This list is not exhaustive, nor is it presented in order of priority or order of expected completion.

    1. Security Status: The status of crypto assets under the securities laws is fundamental to resolving many other questions. The Task Force is working hard to examine different types of crypto assets.
    2. Scoping Out: The Task Force will work to help identify some areas that fall outside the Commission’s jurisdiction. As an initial step, the staff welcomes requests for no-action letters. No-action letters typically come in the form of a staff statement addressing specific circumstances spelled out in the letter under which the staff will not recommend enforcement action to the Commission. This statement is specific to the particular circumstances but gives the broader public a helpful window into the staff’s thinking.
    3. Coin and Token Offerings: The Task Force also is thinking about the possibility of recommending Commission action to provide temporary prospective and retroactive relief for coin or token offerings for which the issuing entity or some other entity willing to take responsibility provides certain specified information, keeps that information updated, and agrees not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset. These tokens would be deemed to be non-securities and thus there would be no uncertainty as to whether they would be able to trade freely on secondary markets not registered with the SEC as long as the information is kept up-to-date and accurate. This approach would bridge the gap until a more permanent rule or legislation could be finalized. It would provide a pathway for existing tokens to find their way out of the fog of uncertainty that obscures a feasible path forward and would encourage the provision of greater disclosure.
    4. Registered Offerings: The Task Force will consider working with staff to recommend that the Commission modify existing paths to registration, including Regulation A and crowdfunding, so that people interested in registering token offerings will have a viable path for doing so.
    5. Special Purpose Broker Dealer: The Task Force will explore possible updates to the special-purpose broker dealer no-action statement, which in its current form has not been a success. An initial change we may suggest is that the statement be expanded to cover broker-dealers that custody crypto asset securities alongside crypto assets that are not securities. We will work with the public to identify other obstacles to registration.
    6. Custody Solutions for Investment Advisers: We will work with investment advisers to provide an appropriate regulatory framework within which advisers can safely, legally, and practically custody client assets themselves or with a third-party.
    7. Crypto-Lending and Staking: We need to provide clarity about whether crypto-lending and staking programs are covered by the securities laws and, if so, how. We plan to work to help address how such programs can be structured consistent with the law.
    8. Crypto Exchange-Traded Products: The Commission already is receiving SRO proposed rule changes to list new types of crypto exchange-traded products. The Task Force will work with the staff to provide clear statements about the approach used when approving or disapproving these applications. The Task Force will also assist the staff and the Commission in considering requests to modify certain features of existing exchange-traded products, including to allow for staking and in-kind creations and redemptions. Before these changes can be operationalized, however, the Commission may have to make progress on custody and other issues.
    9. Clearing Agencies and Transfer Agents: The Task Force also plans to work on the intersection of crypto and clearing agency and transfer agent rules. We will continue to work with market participants interested in tokenizing securities or otherwise using blockchain technology to modernize traditional financial markets.
    10. Cross-Border Sandbox: Many crypto projects are international in scope. The Task Force is considering ways to facilitate cross-border experimentation on a limited scale and temporary timeframe, with the possibility of more permanent, long-term approaches.

    This brief overview of how the Task Force is looking at the journey ahead is not exhaustive or definitive, but I hope it has piqued your interest. Although the obstacles to getting to our final destination of a sensible, clear ruleset are daunting, if we collaborate, the journey will be exhilarating and rewarding. This is the beginning of the conversation—one we do not want to have just with ourselves. Please visit our Crypto Task Force webpage to follow what the Task Force is doing and to engage with the Task Force.

    How to Engage with the Crypto Task Force

    Written Submissions

    If you would like to provide written input on the issues the Task Force is considering, including those described above, you may submit that input by sending an email with the subject line “Crypto Task Force Input” to crypto@sec.gov. Documents submitted will generally be posted on www.sec.gov. Submissions received will be posted without change or redaction of personal identifying information. You should only make submissions that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

    Meetings (In-Person or Virtual)

    The Task Force will consider requests for in-person or virtual meetings with members of the public who would like to discuss approaches to addressing issues related to regulation of crypto assets, including those described above. To request a meeting, please complete the Request Form for Meetings with the Crypto Task Force. The Task Force requests that any person or firm requesting a meeting provide a brief written summary of the issues that it plans to discuss with Task Force members. The Task Force plans to post these summaries to the Commission’s website, which will increase the transparency of its engagement with the public and promote open dialogue among parties interested in these issues.

    Summaries received will be posted without change; the Commission does not edit personal identifying information from submissions. You should only submit information in these summaries that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

    MIL OSI USA News –

  • MIL-OSI: World’s First Holographic 3D Ad Network Launches at Simon Malls Nationwide

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, Feb. 04, 2025 (GLOBE NEWSWIRE) — Hologram Media Network (HMN) has launched the world’s first always-on holographic advertising network, built in collaboration with Proto Hologram. Featuring next-generation Proto Luma devices, the network spans Simon® malls across the nation, offering a revolutionary platform that merges the digital and physical worlds in dynamic, interactive ways. 

    The network – which has already deployed across 30 premier Simon locations – including Los Angeles’ Del Amo Mall, New York’s Roosevelt Field Mall, Atlanta’s Lenox Square Mall, Nashville’s Opry Mills, and Chicago’s Woodfield Mall – offers limited advertising inventory, featuring 3D creative advertising programmed alongside exclusive IP content collaborations. Each month’s holographic show is curated with captivating storytelling from major studios, creators, artists, and influencers, as well as live interactive hologram events with celebrities. Initial content showcased experiences for Paramount Pictures‘ Sonic the Hedgehog 3 in December and Sony Pictures’ Paddington in Peru in February, immersing customers in lifelike 3D encounters with beloved characters and creating unforgettable and interactive moments.

    A Proto Luma installed by Hologram Media Networks at Simon’s Del Amo Mall in Southern California. (Credit: Steven Hong). 

    Unprecedented Engagement Metrics and Cutting-Edge Experiences 

    Early data highlights the effectiveness of HMN’s installations, with viewers engaging with holograms for an average of 24 seconds— over 500% higher than video dwell times on leading social media platforms like TikTok. This extended watch time underscores the ability of HMN’s holograms to command attention in today’s crowded media landscape. Augmented Reality (AR) experiences integrated with holographic displays are driving impressive 35% click-through rates, with thousands of customers engaging in the first two weeks of campaigns. 

    “Today’s consumers live in a world where engaging with 3D experiences is becoming second nature,” said James Andrew Felts, CEO of HMN. “Platforms like Meta Quest, Fortnite, and Roblox have normalized interacting with immersive content. HMN elevates this trend by bringing experiential media to real world spaces at scale, bridging the digital and physical spaces in ways that match changing customer expectations.”

    A Game-Changer for Advertising 

    HMN represents a leap forward in advertising optionality in the Out-Of-Home space. Unlike conventional 3D illusions or anamorphic screens, HMN offers holographic experiences that are three-dimensional and with no headsets or special equipment needed, creating captivating communal experiences. These displays bring content to life with a level of depth and realism that hasn’t been seen at scale in high traffic media locations like malls.

    “I’ve witnessed the evolution of countless mediums, but nothing compares to this,” said Proto Founder David Nussbaum, who has spent over 25 years in marketing and entertainment. “Together with HMN, we’re not just delivering ads—we’re creating personal, unforgettable moments at scale. This is a new era for interactive media, where the lines between the digital and physical worlds disappear.”

    Augmented Reality (AR) is core to HMN’s offering, seamlessly integrated into holographic promotions and content shows. Viewers can unlock exclusive AR experiences, save them to personalized accounts, and reengage with interactive features. For example, viewers of the Sonic The Hedgehog 3 showcase could scan a QR code to unlock an AR scene with characters for photos and further engagement.  

    Technology Tailored for Retail 

    The Proto Luma, Proto’s latest innovation, powers the HMN network. Designed for retail, the Luma is more compact and cost-effective than Proto’s flagship Epic, while still delivering vivid 3D holograms. Its integration with Proto’s proprietary AI Persona tools and RetailSage fleet management system ensures seamless operation at scale. 

    Proto is the original hologram device and spatial compute platform already in use by Fortune 500 companies worldwide across enterprise, healthcare, education, entertainment and more. In the retail space, Proto has previously partnered with companies including Amazon, Burberry, H&M, Walmart, Target and Verizon. 

    HMN and Proto will execute monthly live events featuring celebrities, influencers and brand ambassadors. In December, comedian Howie Mandel delighted shoppers by interacting with them in real-time via hologram, turning a routine outing into an extraordinary experience.

    Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, has a longstanding reputation for innovation and enhancing the shopping experience. Known for blending retail with entertainment and lifestyle offerings, Simon has consistently redefined what modern malls can achieve. From advanced digital wayfinding systems to integrating omnichannel retail strategies, Simon continues to lead in creating immersive environments that draw and engage shoppers. Their embrace of cutting-edge technology underscores their commitment to staying ahead in an evolving retail landscape.

    “Hologram Media Network (HMN) represents the next frontier of engagement for Simon,” said Dennis Tietjen, Senior Vice President of Business Development at Simon. “We’re excited to collaborate on bringing this revolutionary technology to our properties, transforming the way brands connect with shoppers and delivering an unparalleled experience for our guests.”

    Proto Founder David Nussbaum (Left) and HMN CEO James Andrew Felts with the Sonic the Hedgehog 3 hologram. (Credit: Steven Hong)

    Future Expansion

    HMN will soon announce deployments with additional malls and plans to expand the network to 150 Proto units by the end of 2025. 

    “Our vision is not just to present holograms but to create a dynamic ecosystem where customers can interact with digital content in the real world,” Felts explained. “This is a glimpse into the future we envision, where consumers experience the blending of their online and physical worlds.”

    For Hologram Media Network distribution and ad sales contact: andrew@hologrammedia.net
    +1 818.385.5259

    For photos, videos, demonstrations, interviews and other press info contact: owen@protohologram.com 

    Proto investor Paris Hilton in one of Hologram Media Network’s Proto Luma mall installations. (Credit: Steven Hong)

    About Hologram Media Network:

    Hologram Media Network is a pioneering digital out-of-home (DOOH) advertising platform specializing in immersive, 3D holographic experiences. With a mission to revolutionize consumer engagement in the real world, we deploy cutting-edge hologram units in high-traffic locations such as shopping malls and movie theaters. By combining innovative technology with strategic placement, we offer advertisers unparalleled opportunities to captivate audiences in dynamic, interactive ways. Our vision is to create a nationwide network of 200 premium hologram displays within two years, setting a new standard for DOOH advertising.

    To learn more about Hologram Media Network, visit www.hologrammedia.net

    About Proto Inc.:

    Proto Inc. is the patented leader in hologram technology and AI spatial computing. Proto devices and its platform are in use across enterprise, finance, healthcare, education, retail, hospitality, sports and entertainment. Invented in Los Angeles and with showrooms and distribution partners around the globe, Proto distributes the large Proto Epic and Proto Luma, the desktop-sized Proto M, and a suite of hologram AI and spatial computing services. Learn more at protohologram.com

    About Simon:

    Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

    The MIL Network –

  • MIL-OSI USA: ICYMI: Warren Remarks on RFK Jr. Committee Vote

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 04, 2025

    Video of Remarks (YouTube) 

    Washington, D.C. – Following the Senate Finance Committee vote to advance the nomination of Mr. Robert F. Kennedy Jr., nominee for Secretary of the Department of Health and Human Services, U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, gave the following remarks:

    Transcript: Open Executive Session to Consider Favorably Reporting the Nomination of Robert F. Kennedy, Jr., of California, to be Secretary of Health and Human Services
    Senate Finance Committee
    February 4, 2025  

    As Delivered

    Senator Elizabeth Warren: Thank you, Mr. Chairman. Since we had our hearing last week, Mr. Kennedy has amended his ethics agreement. Recall that his ethics agreement said that while he was Secretary of HHS, he intended to retain a financial interest in ongoing vaccine litigation—that he was already collecting money from—and that he wanted to continue to collect that money even though he could affect the outcome of that litigation. He has since changed his position on that. Once it was exposed, people talked about it, and expressed some serious reservations about him doing that, he said he will instead give his financial interests to his son. That is a fig leaf that is so small, it would take a magnifying glass to see it. 

    No one is fooled about what is happening here. Mr. Kennedy refuses to say that he will not participate in these lawsuits financially the day after he leaves office. And yet, Mr. Kennedy has acknowledged the American people have a right to know that the decisions he is making are decisions that are in their interest, not in his future financial interest. He has said he thinks that is the right standard, and yet, he has figured out how to make money off of his anti-vax positions. He has already raked in 2.5 million dollars. He is in a position where he can affect the outcomes by things that he does as Secretary of HHS. Yet, he refuses to say that he will delay, by even a day, taking on anti-vax lawsuits the minute he leaves. 

    That is an appalling conflict of interest, and it is one in which the American people can reasonably ask: is Mr. Kennedy’s plan to help the American people, or is he planning to use this job to further enrich himself, as he has pointed out with his son, and enrich his family? 

    The importance of this litigation cannot be overstated. This is not only about a private company that gets sued and has to pay out. Vaccine manufacturers often operate on very slim profit margins. If they get sued repeatedly and successfully, they simply move out of the vaccine space. We have already seen this happen with vaccines in the past. 20 years ago, we watched vaccines just move away if they did not have protection from these kinds of lawsuits. The consequence of Mr. Kennedy’s ability to make those lawsuits easier is also the ability to shut down access and manufacturing for vaccines for every one of us. And I think that is a terrible mistake. 

    MIL OSI USA News –

  • MIL-OSI Canada: Empowering Albertans with disabilities

    [. Albertans with disabilities and the organizations that support them have said loud and clear they want supports that meet their unique needs and abilities, rather than the current one-size-fits-all solution.

    In response to that request, Alberta’s government is creating a new Alberta Disability Assistance Program (ADAP), which will launch in July 2026. This new benefit program for people with disabilities will empower Albertans with disabilities to pursue fulfilling job opportunities while continuing to receive the benefits they need.

    “People with disabilities should not be punished for getting a job. Every dollar they earn on a paycheque should be helping make them better off, not threatening their access to the medication they need. That’s why I am excited to announce the new Alberta Disability Assistance Program, and I look forward to seeing the positive impact that it will have on Albertans with disabilities.”

    Jason Nixon, Minister of Seniors, Community and Social Services

    ADAP was thoughtfully designed based on input from Albertans with disabilities, who stressed the importance of providing pathways to employment for individuals who are able to work but still need supports. Albertans on ADAP will be able to earn more from working while continuing to receive their financial benefits, with higher earning exemptions than any other program. Those on ADAP will also be able to receive the health benefits they need, regardless of their employment income. This new program will ensure more Albertans with disabilities can enjoy the benefits of working like earning a paycheque, developing skills and building relationships, while still receiving supports that meet their unique needs and abilities.

    “I strongly believe in empowering persons with disabilities to reach their full potential, and I also strongly believe that all people deserve to pursue their goals and aspirations without barriers. By creating this program, the province is making it easier for Albertans to find success. ADAP will truly help to improve the quality of life of persons with disabilities, and I look forward to seeing the positive impact of this new program.”

    Greg McMeekin, Alberta’s advocate for persons with disabilities

    Through ADAP, Albertans with disabilities will not only receive the financial and health benefits they rely on, but they will also have access to the resources and tools they need to gain new skills and work to their full potential. To support this, Alberta’s government will be investing more to expand employment supports and encourage private sector employers to break down barriers to employment for people with disabilities. By providing pathways to employment for individuals who are able to work but still need supports, Alberta’s government is empowering people with disabilities to pursue their passions, leading to a greater sense of purpose and improved quality of life.

    “At Prospect Human Services, we’ve been helping individuals with disabilities build sustainable, well-paying careers for more than 60 years – and we know it’s possible. With ADAP, Alberta is breaking down the barriers that have long separated support from opportunity, creating a pathway for people to realize their full potential while maintaining essential benefits. We applaud the Alberta government for designing a flexible initiative that offers stability and empowers Albertans with disabilities to embrace the transformative power of employment.”

    Kevin McNichol, CEO of Prospect Human Services

    Alberta provides some of the most comprehensive supports in the country for people with disabilities, and the long-standing Assured Income for the Severely Handicapped (AISH) program will still be there for those with permanent and severe disabilities who are unable to work. Those currently on AISH will continue to receive their benefits, and applications will continue to be processed to ensure eligible applicants receive benefits as soon as possible. Alberta’s government is committed to ensuring that the province continues to have the best disability programs in Canada.

    “Today is a tremendous day that has been a long time coming. ADAP means faster access to more appropriate support and will be a significant step toward making Alberta the most accessible province in Canada. This will encourage participation and connection in our communities, while maintaining predictable, vital supports for every Albertan who needs them. We look forward to helping shape this groundbreaking program.”

    Jacob McGregor, chair of Premier’s Council for the Status of Persons with Disabilities

    Starting in July 2026, disability income assistance applicants will be assessed for both the new program and AISH, ensuring eligible applicants are placed in the program best suited to their unique situation. To make the medical assessment process quicker and more accessible, applicants will be connected with a roster of pre-qualified medical professionals who are able to complete their comprehensive medical assessment. Additionally, application approvals will be streamlined by establishing a new review panel made up of medical professionals with the expertise required to better understand the needs of applicants. These improvements will ensure Albertans with disabilities are able to get the supports they need sooner.

    “For many people with disabilities, employment isn’t just about earning a paycheck – it’s about purpose, independence and inclusion. This program can allow for new opportunities for individuals to contribute to their communities in ways that work for them.”

    Katherine Such, CEO of Easter Seals Alberta Society

    Quick facts

    • In 2024, the province invested more than $3.5 billion to support Albertans with disabilities, the highest amount ever.
    • The new Alberta Disability Assistance Program will become operational in July 2026.
    • Those currently on AISH will continue to receive their benefits.
      • All existing AISH clients will receive more information about the new program in March.
      • Clients can also contact their worker or Alberta Supports if they have questions or want additional information. 

    Related information

    • Alberta Disability Assistance Program
    • Fact sheet

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Support for Māori economic development projects

    Source: New Zealand Government

    A major infrastructure upgrade at the Waitangi Treaty Grounds, supported by $10.2 million from the Regional Infrastructure Fund, is progressing well with some new facilities opening in time for the 185th Waitangi Day commemorations this week, Regional Development Minister Shane Jones and Māori Development Minister Tama Potaka say.

    The Ministers also today announced $7.1m funding for Māori economic development projects in Northland and Taranaki.

    “The Waitangi Treaty Grounds are a nationally significant site for all New Zealanders and it is important they are maintained at the highest level,” Mr Potaka says.

    “The grounds are also the No.1 tourism destination in Northland and each year the number of visitors increases, boosting the local economy. More than 160,000 people visited last year, including about 50,000 on Waitangi Day 2024. The infrastructure improvements will ensure the grounds are fit for purpose year-round.”

    Mr Jones says it was clear the facilities and buildings at the Waitangi grounds were reaching the end of their shelf life and needed upgrading.

    “I am pleased that work has cracked on in time for this year’s events, and that all-important bathroom facilities and carparking is in place.”

    The remaining upgrades at Waitangi are expected to be finished by November 2026. The total cost of the upgrades is $10.65m.

    The Ministers announced the funding in November last year, along with $10.1m for infrastructure improvements at Rātana Pā near Whanganui.

    Today the Ministers also announced $7.1m in grants from the Regional Infrastructure Fund (RIF) for enabling infrastructure in three Māori economic development projects in Northland and Taranaki.

    “We understand access to capital is a particular barrier for Māori entities and businesses, and the RIF aims to be a potential source of investment in Māori-led regional infrastructure projects that have merit, and it is proven funding cannot be found elsewhere,” Mr Jones says.

    “It is often difficult for Māori to borrow against collectively owned whenua (land) and some Māori entities have lower levels of assets that can be used by lenders as security collateral. Investing in the Māori economy is important for lifting the New Zealand economy as a whole.”

    Research from Business and Economic Research Limited and the Ministry for Business Innovation and Employment shows the Māori economic contribution to the New Zealand economy grew from $17 billion (6.5 per cent of GDP) in 2018 to $30b (8.4 per cent) in 2023.

    “These three grants from the RIF will provide these communities with the funds needed to unlock potential Māori economic development opportunities while supporting growth and resilience in these regions,” Mr Potaka says.

    The three projects are:

    • Te Kao Community Microgrid (Te Tai Tokerau) project will receive a $3m grant to construct a solar- and wind-powered microgrid connected to a community battery in Te Kao village to provide a consistent low-cost energy supply to the community and local businesses.
    • Ngā Wāhi Tapu o Pukerangiora (Taranaki) will receive $2.8m to build tourism infrastructure at Pukerangiora Pā, a site of significance to increase cultural tourism opportunities. 
    • Waimamaku Community Solar Resilience Programme (Te Tai Tokerau) will receive $1.3m to install solar power and batteries to multiple businesses and community facilities to provide consistent and reliable power.

    In September the Government provided a $5.8m grant to improve water infrastructure at Parihaka in Taranaki, a place of passive resistance, peace, and shelter during the New Zealand Land Wars.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Māori communities lead innovative ways of financing housing on ancestral lands

    Source: The Conversation (Au and NZ) – By Jack Barrett, Lecturer in Business, Auckland University of Technology

    New Zealand’s housing crisis disproportionately affects Māori in rural areas where healthy homes are in short supply and collective land ownership presents a challenge to banks.

    Governments have been grappling with this issue. The previous Labour-led government committed more than NZ$730 million to Māori-led housing solutions, and an announcement this week by the current coalition government saw a $200 million investment into affordable rentals.

    But Whare Ora, a community-run housing initiative in Te Tairāwhiti (East Coast), shows that innovative approaches to home ownership can be found within communities.

    Since 2020, Whare Ora has developed a social enterprise model, focused on producing healthy, affordable and transportable whare (houses) for local communities. Run by the charitable company Hikurangi Enterprises, Whare Ora has now supplied more than 80 homes for local whānau.

    This project is directly addressing regional housing deprivation and the finance barriers for building on Māori land under multiple ownership.

    This holds particular potential for Indigenous housing.

    Financial barriers

    Despite Whare Ora producing high-quality houses at affordable prices, access to finance remains a significant barrier for whānau placing homes on ancestral lands.

    This is mainly due to the perceived risk of lending against Māori freehold land, which is inalienable and often collectively owned. This creates issues for mainstream retail lenders that require land to be alienable to a single owner to secure a mortgage.

    In exceptional circumstances, such as Ngāti Whātua Ōrakei’s recent agreement with BNZ, this can be mitigated if a trust can provide a guarantee over lending. This usually requires a large asset base or financial holdings.

    However, the majority of Māori who want to build homes on ancestral lands are individual or collective whānau who don’t have access to such resources. The perceived risk excludes many who could service a loan but are unable to because the financial services don’t exist or aren’t designed for collectively-owned land.

    For a region such as Te Tairāwhiti where about 25% of land is under Māori governance, this creates a lost opportunity for whānau to utilise ancestral lands for housing.

    This is a systemic issue, documented by the National Housing Commission in 1983 and the Auditor General’s reports in 2011 and 2014.

    Affordable portable houses provide an opportunity to build on ancestral lands.
    Hikurangi Enterprises, CC BY-SA

    Community partnerships

    Seeking a solution to this finance barrier, Hikurangi Enterprises collaborated with Community Finance, a community-to-community lender, to investigate possible ways to administer lending for housing on collectively-owned land.

    Supported by philanthropic organisations, this collaboration has given way to Kaenga Hou, a new trust set up to provide a range of progressive home-ownership options in Te Tairāwhiti.

    Significantly, one option facilitates lending on ancestral land through a license-to-occupy agreement, based on an ethical finance model funded by impact investors.

    Impact investors provide finance capital at below-market interest rates, while producing a social or environmental benefit (in this case addressing regional housing issues and strengthening Māori wellbeing through connections to ancestral lands).

    This allows for more compassionate and innovative forms of investment, where complex issues can be worked through rather than written off as too risky or not profitable enough.

    An ethical finance model

    In designing a model to attract impact investment, Kaenga Hou and Community Finance sought innovative ways to mitigate investor risk while placing whānau at the centre of decisions, protecting them from exploitative lending and ensuring fair outcomes.

    This was achieved through a creative rent-to-buy programme using whānau rental payments to reduce risk and build resilience into the model.

    In short, whānau make rental payments to the trust. A portion of these payments repays the trust’s interest payments to investors funding the model. Another part builds a savings account, allowing the whānau to buy the home outright over time.

    A final portion will be directed toward a support mechanism for all whānau in the programme. Known as the aroha fund, this aspires to support others if they face unexpected financial difficulty.

    Innovation lies in the subtle details that reduce risk for both whānau and the investors. For example, the aroha fund increases the chance of programme completion, setting whānau up to succeed, while ensuring financial and social returns for the ethical investor.

    Similarly, in the unlikely event whānau have to exit the programme, a proportion of the money accrued through the savings account can be returned and they would have paid an affordable rent while in the programme.

    In this worst-case scenario, the programme aims to leave whānau in a better-off position than when they entered, uplifting whānau and safeguarding the reputation of investors. Collectively, these aspects ensure that positive whānau outcomes are just as important as creating a financial return.

    Lessons for Te Tiriti-led futures

    At its heart, housing on ancestral lands is a Te Tiriti issue. The Waitangi Tribunal recently concluded the Crown has a duty to provide housing because of the guarantee of tino rangatiratanga over kāinga (homes and settlements).

    The government currently provides a loan scheme for housing on whenua Māori, but since its inception in 2010 it has been constantly scrutinised for low uptake and accessibility, with similar pitfalls to retail lending.

    This highlights the importance of taking lessons from community-led innovations and their approaches. In this case, more compassionate investment and a whānau-centred finance model created new possibilities for managing risk associated with lending to ancestral Māori lands.

    Genuine partnerships, seeking to protect whānau while participating in finance systems, were key. This provides a road map for how Aotearoa might face such pressing issues, now and into the future.

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

    – ref. Māori communities lead innovative ways of financing housing on ancestral lands – https://theconversation.com/maori-communities-lead-innovative-ways-of-financing-housing-on-ancestral-lands-247179

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Sir Chris Bryant speech at TMT World Congress 2025

    Source: United Kingdom – Executive Government & Departments 2

    Minister for Data Protection and Telecoms, Sir Chris Bryant, gave a speech at TMT World Congress 2025 on 30 January 2025.

    Without vision, the people perish. Without a plan, the vision perishes. And without investment, financial, social and personal, the plan perishes.

    So let me start with a vision of a nation:

    A government that has economic growth as a constant obsession permeating everything it does.

    An economy that enjoys some of the strongest inward investment in Europe.

    A country with fierce ambitions: connectivity for all; inclusion wherever you live; science and innovation unshackled; AI unleashing greater productivity across the economy and public services.

    There’s no route to growth without digital infrastructure.

    The fibres, the subsea cables, the telegraph poles, the ducts, the data centres, the satellite connections, they are the central nervous system of a modern economy.

    • Without reliable ultrafast or gigabit capable broadband, businesses will be stuck on calls repeating ‘can you hear me now?’ into the void.
    • Without 5G standalone, public services will lag behind.
    • Without enough data centres, AI will run out of juice.

    We’ve come a long way in investing in our digital infrastructure in the UK, thanks to the efforts of many of you in this room.

    I’m here to tell you about how the government will help you seize the investment opportunities around the corner.

    Looking back, we’ve already come a long way.

    • More than 85% of homes and businesses in the UK can now access gigabit-capable broadband. It was just 10% in 2019.
    • Telcos are investing £40 billion to hit 100% by 2030.
    • And earlier this month, we signed four new Project Gigabit contracts with Openreach to get gigabit-capable broadband to over 130,000 new homes.

    Likewise on mobile connectivity:

    • According to Ofcom, 5G is now available outside of 95% of homes and businesses across the country.
    • Customers across the UK are feeling the benefits of standalone 5G, thanks to Vodafone, VMO2 and BT/EE – we want that everywhere by 2030.

    On data centres:

    • We have just over 500, putting us third globally.
    • And in the AI Opportunities Action Plan, we committed to upping public computing power twentyfold by 2030.

    But I don’t only measure growth in terawatt-hours of computing power, or billions of pounds.

    I measure it in individual lives changed by connection.

    Connectivity can deliver the world-class public services British people deserve:

    • Standalone 5G in hospitals could transmit high-res scans to diagnose disease faster
    • Or stream bodycam videos from police on the street to back-up waiting at HQ.

    If the digital revolution is to deliver a fairer, more prosperous future for Britain, we’ve also got to make sure everyone in the UK sees the benefit. 5% of homes still aren’t connected to the internet and the figure for poorer homes is even worse – 19%.

    I’m grateful for the work the sector has done on digital inclusion, including social tariffs.

    But we have to do better than that:

    a) because every household lost to the digital economy loses out on phenomenal opportunities and
    b) because they are also lost as workers, as citizens and as customers.

    So: huge amounts of progress on connecting us all to growth.

    But we’ve got much further to go.

    To make our vision a reality, we need investment.

    Today, the UK is Europe’s number one destination for new investment in projects and new jobs.

    The International Investment Summit in October broke records, creating 38,000 new jobs and bringing £63 billion into the UK – with much of that pouring into tech and data centres.

    And another £14 billion was secured when we launched the AI Opportunities Action Plan. But that’s just the start.

    Our ambition is to make Britain the best place to invest in the world.

    Here’s how:

    1. Partnering with you for growth.

    Within days of taking office, we set up the National Wealth Fund to the tune of £27.8 billion.

    It shows how serious we are about partnering with private capital to invest in the jobs, industries and infrastructure of the future.

    Six months in, that’s unlocked £1.6 billion – including supporting faster broadband connections for thousands of businesses and homes in Cornwall, Yorkshire, Lincolnshire and Cumbria.

    2. Making sure regulation and planning don’t tie us all in knots.

    The PM and Chancellor have both been clear about the need for pro-growth regulation across the economy, as an essential part of our growth mission.

    We’ll give you the stable regulatory framework that gives investors confidence.

    And more planning reform to help you build equipment quickly and cost-effectively – including the last telecoms provisions from the Product Security and Telecommunications Infrastructure Act.

    3. Backing competition:

    Competition is the only way to drive innovation and growth, and a better experience for customers.

    The Vodafone and Three merger is a great example, with a £11 billion investment commitment for standalone 5G, bringing better connections to 99% of the population.

    Underpinning all of this is a determination to tear down the barriers to growth.

    If you want to create wealth and jobs for British people, we will not stand in your way.

    This is a vision of a country that’s as ambitious about investment as it is about connecting people.

    You can’t do one without the other.

    I can almost hear the whisper of deals in the air today.

    So here’s one more for you to think about over coffee:

    Help us make the things digital infrastructure connects us to – family, friends, a job offer, a business deal, growth – available to all.

    In return, we’ll make this the best place in the world for you to invest to make that happen.

    Thank you.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Pieridae to Hold Conference Call and Webcast to Discuss Fourth Quarter and Year-End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

    CALGARY, Alberta, Feb. 04, 2025 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) will release its financial and operating results for the 2024 fourth quarter and year-end, on Wednesday, March 19, 2025, after markets close.

    President & Chief Executive Officer Darcy Reding and Chief Financial Officer Adam Gray will discuss the financial results and company developments on an investor conference call and webcast on Thursday March 20, 2025, at 8:30 a.m. MDT / 10:30 a.m. EDT.

    To register to participate via webcast please follow this link:    

    https://edge.media-server.com/mmc/p/4gnbdki4

    Alternatively, to register to participate by telephone please follow this link:

    https://register.vevent.com/register/BI2b233016526f4daea915722f8796db53

    A replay of the webcast will be available two hours after the conclusion of the event and may be accessed using the webcast link above.

    ABOUT PIERIDAE

    Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs. Pieridae’s common shares trade on the TSX under the symbol “PEA”.

    For further information, visit www.pieridaeenergy.com, or please contact:

    Darcy Reding, President & Chief Executive Officer
    Telephone: (403) 261-5900

    Adam Gray, Chief Financial Officer
    Telephone: (403) 261-5900

    Investor Relations
    investors@pieridaeenergy.com

    The MIL Network –

  • MIL-OSI: UAB “Atsinaujinančios energetikos investicijos” publishes its factsheet for the fourth quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its factsheet, providing information about the Company’s investment portfolio, key events, business strategy, operating segments, and financial indicators as of 31 December 2024.

    2024 Q4 KEY EVENTS

    • Total aggregated FY 2024 Revenue and YTD EBITDA amounted to 6,420 kEUR and 4,155 kEUR, respectively. Wind parks managed under UAB “Žaliosios investicijos” produced 14% less than envisioned with a captured price 32% less than projected. This is driven by low winds during 2024 and lower than estimated electricity prices.
    • In December 2024, Investment Company divested 65.5 MW operating Solar PV portfolio in Poland (Energy Solar Projekty sp.z o.o).
    • The decline in Fund’s NAV was driven by a drop in the valuation of two remaining solar PV portfolios in Poland. This reduction is attributed to a 30% decrease in electricity price forecasts and a higher WACC, driven by incomplete construction. Conversely, value gains were recorded from UAB “Žaliosios investicijos “ and Zala Elektriba SIA, due to secured construction permits. Remaining projects are valued using the asset method, with real value gains expected upon obtaining building permits.

    Solar development in Poland:

    • The construction of 67.8 MW total capacity PV Energy Projects sp.z o.o portfolio nears completion.  As of reporting period, 44.8 MW are operational. 5 projects (1 MW each) are planned to be energized in Q1 2025. The anticipated COD for the entire park is set for September 2025.
    • The PL SUN sp.z o.o. portfolio, with a total capacity of 114.7 MW, is divided into two phases. The construction works of the first phase (66.6 MW) were largely finalized in 2024 Q2. 26.4 MW were energized in Q4. The remaining 40.2 MW are scheduled to be energized by 2025 Q2. The second phase (48.1 MW) commenced construction in October 2024. Module and inverter supply agreements as well as Balance of System and technical advisory contracts are signed. Modules were delivered to 5 sites (total capacity of 31 MW). Mounting structure construction and modules mounting works have been started in 4 sites (total capacity of 25.42 MW).

    Wind Projects:

    • Energy Production license for the Anykščiai wind farm was obtained in August 2024, for Jonava and Rokiškis wind farms the license obtainal is schduled for Q2 2025.
    • The 112 MW wind farm developed under Zala Elektriba SIA is scheduled to reach RtB in Q1 2025.

    Hybrid Projects:

    • Design works of a hybrid project managed by UAB “KNT Holding” and hybrid project managed by UAB “Ekoelektra” is underway to develop detailed equipment and technology specifications. Finalizing necessary agreements for project infrastructure.

    Contact person for further information:

    Grėtė Bukauskaitė

    Manager of the Investment Company

    grete.bukauskaite@lordslb.lt

    www.lordslb.lt/AEI_green_bonds

    Attachment

    The MIL Network –

  • MIL-OSI USA: Luján Joins Letter to HHS Officials Demanding Answers and Action on Disruption to Head Start Programs

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.) joined U.S. Senator Tim Kaine (D-VA) and a group of their colleagues in issuing a letter to Acting Secretary of Health and Human Services Dorothy A. Fink, M.D. and Acting Director of the Office of Head Start Captain Tala Hooban expressing concern about the acute financial impacts and lingering uncertainty faced by Head Start programs across the country as a result of the Office of Management and Budget’s (OMB) memo that imposed a government-wide hiring freeze. Senator Luján is a Head Start alumnus and has long advocated to fund and protect Head Start programs.
    While the White House later clarified that Head Start would not be targeted by the funding freeze and the OMB later rescinded memo, Head Start programs were temporarily unable to access the Payment Management System (PMS) to use their allocated federal funds. As a result, Head Start programs nationwide have not had funding disbursed in a timely manner – imperiling their ability to pay staff and keep educational and child care programs up and running.
    “Head Start programs cannot pay their teachers and staff and continue normal operations without the assurances of payment processing and notices of grant renewals and awards,” wrote the Senators. “This will impact children, families, and communities across the country, particularly the rural communities where these programs represent a large share of the child care options.”
    “Even if this issue extends beyond the Office of Head Start, we urge you to do everything in your power to ensure these programs receive transparent and frequent communication on the progress of their funds being released. Head Start programs operate on razor-thin margins and cannot survive without timely intervention. Children, families, employees, and educators all depend on these critical federal funds,” the Senators continued.
    In addition to Luján and Kaine, the letter was signed by U.S. Senators Lisa Blunt Rochester (D-DE), Tina Smith (D-MN), Mark R. Warner (D-VA), Jack Reed (D-RI), Charles E. Schumer (D-NY), Bernard Sanders (I-VT), Elizabeth Warren (D-MA), Edward J. Markey (D-MA), Richard J. Durbin (D-IL), Alex Padilla (D-CA), Amy Klobuchar (D-MN), Catherine Cortez Masto (D-NV), Richard Blumenthal (D-CT), Peter Welch (D-VT), Mark Kelly (D-AZ), Jeanne Shaheen (D-NH), Jacky Rosen (D-NV), Jeffrey A. Merkley (D-OR), Ruben Gallego (D-AZ), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), Elissa Slotkin (D-MI), Cory Booker (D-NJ), Ron Wyden (D-OR), Mazie Hirono (D-HI), Angela Alsobrooks (D-MD), and Andy Kim (D-NJ).
    The full text of the letter is available here and below.
    Dear Acting Secretary Dr. Fink and Acting Director Captain Hooban:
    We are writing today to raise ongoing, urgent concerns experienced by Head Start programs in our states and across the country. These concerns include (1) a lack of clarity on the status of renewals and notice of awards in the February 1st grant cycle, (2) delays in processing reimbursements through the Payment Management System (PMS), and (3) a lack of clear communication with grantees throughout this confusing time.
    We request your immediate action and assurance on the following:
    All requests for disbursements of funds submitted through PMS to be promptly processed to allow all Head Start programs to draw down federal funds;
    Programs on the February 1st grant cycle will be notified of their renewal or notice of award before the deadline to ensure no lapse in funding or program operations; and
    Transparent and consistent communication with Head Start programs to address the ongoing challenges.
    Since its inception in 1965, Head Start has provided critical early childhood education and comprehensive services to nearly 40 million low-income young children and their families in communities across the nation. Today, Head Start programs are supported by 250,000 staff to serve nearly 800,000 children across the nation. Head Start’s comprehensive services ensure children receive age-appropriate health care, dental care, immunizations, and health insurance, and they provide referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support. For the last several years, Congress has worked in a bipartisan manner to recognize this longstanding federal program’s important work by providing increased appropriations.
    Since the morning of Tuesday, January 28th, the Head Start community has faced immense uncertainty and disruptions by the Office of Management and Budget’s (OMB) memo (M-25-13), directing federal agencies to “temporarily pause all activities related to obligation or disbursement of all federal financial assistance.” While the Trump Administration later clarified that Head Start would not be the target of the funding freeze, many Head Start programs across the country were unable to access the PMS to draw down federal funds. PMS was reinstated, but programs across the country have not had funding disbursed in a timely manner.
    Head Start programs cannot pay their teachers and staff and continue normal operations without the assurances of payment processing and notices of grant renewals and awards. This will impact children, families, and communities across the country, particularly the rural communities where these programs represent a large share of the child care options.
    Even if this issue extends beyond the Office of Head Start, we urge you to do everything in your power to ensure these programs receive transparent and frequent communication on the progress of their funds being released. Head Start programs operate on razor-thin margins and cannot survive without timely intervention. Children, families, employees, and educators all depend on these critical federal funds.
    Once these issues are resolved, we request you provide responses to the following questions:
    What factors contributed to delayed disbursements to Head Start programs through the Payment Management System? What steps will be taken to ensure such delays will not occur in the future?
    How many Head Start programs were impacted by this delay and what were the immediate consequences on operations and services for children and families?
    What factors led to the lack of communication about grant renewals and awards for the February 1st cycle? What steps will be taken to ensure timely notices in the future?
    We thank you for your quick attention to this matter.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Minister for EU Relations – Article on UK-EU Reset

    Source: United Kingdom – Executive Government & Departments

    Opinion-editorial authored by Nick Thomas-Symonds, Minister for European Union Relations. This was originally published in The Telegraph on Tuesday 4 February 2025.

    Like many people, I remember the night of the Brexit referendum vividly. I was in my constituency of Torfaen: my home, where I grew up and where I have always lived. The majority of people in my constituency, and across the UK, voted to leave the EU.

    I believe my constituents – like millions across the country – voted to leave because they wanted a change that would improve their lives. They hoped Brexit would mean better public services, more jobs, less migration, more security.

    What they got instead was years of chaos and a botched deal. [Redacted political content].

    People deserve better. They want the Government to respect their vote on Brexit – which we do – and they’re also pragmatic. This Government was elected to reset relations with the EU to help boost growth, improve the cost of living crisis and make our borders more secure. People, rightly, demand delivery.

    My role as the UK minister for European Union relations is to take expectations and make them a reality.

    What does that mean? For this Government, our reset with the EU means the UK being safer, more secure and increasingly prosperous. It does not mean hitting rewind. We are not undoing Brexit. There is no opacity over the outcome of the referendum in 2016. Yet, five years on, we can see some of the negative impacts of the current deal emerging here at home, as well as in Europe.

    Trade is a clear example. Despite the EU being our largest trading partner, with trade in 2023 worth over £800 billion, we are trading less. Between 2021 and 2023, exports to the EU were down 27 per cent and imported goods down 32 per cent.

    The problems are not just economic. Our borders are less secure. The asylum system has been pushed into crisis, with backlogs reaching record levels and costs hitting £5.4 billion in the last financial year, up over a billion pounds on the year before.

    We are not cooperating closely enough with the EU on law enforcement to smash the gangs behind the small boats. To make people safer, we must do all we can to strengthen our collective ability to tackle organised crime and work together on illegal migration.

    The Brexit deal did not address issues around security and defence cooperation, more vital than ever after Putin’s illegal invasion of Ukraine. To keep the UK secure, we need to work with allies such as Ukraine and European partners, with NATO as our bedrock. The Prime Minister met with all 27 EU leaders and the secretary-general of NATO for this very reason: to discuss common threats and the value that closer EU-UK co-operation on defence could bring.

    To raise living standards, we need to build export and investment opportunities, reducing barriers to trade. This is of mutual benefit: the chancellor and the president of the European Commission are both pressing the need for cooperation to drive innovation, boost growth and reduce consumer costs.

    This is not about a choice between our allies. Some people make the false argument that we need to choose either America or Europe. For this Government, the UK’s national interest is paramount and demands we work with both.

    We will do so with a ruthless pragmatism, leaving ideologically driven division in the past in search of mutually beneficial areas of interest for both sides, within our red lines of no return to the single market, customs union, or freedom of movement.

    The Prime Minister and I will look at issues in a hard-headed way, guided by what works for the people and businesses of the UK. It’s as simple as that.

    The UK standing tall on the international stage, delivering for people by working with one of our key partners, matters. This is making Brexit work for my constituency and for the country.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Deloitte Provides $5 Million to State of Rhode Island

    Source: US State of Rhode Island

    Published on Tuesday, February 04, 2025

    Funding is allotted to help with expenses related to the RIBridges data breach

    PROVIDENCE, RI — At the request of Governor Dan McKee, Deloitte provided Rhode Island with $5 million to help pay for expenses related to the RIBridges data breach.

    Separately, Deloitte is covering the cost of the data breach call center, credit monitoring, and identity protection for impacted customers.

    Expenses supported by the $5 million payment include but are not limited to the costs associated with the approximately 2,000 HealthSource RI customers who were enrolled directly in coverage for the months of January and February.

    HealthSource RI worked with insurance providers to offer customers who needed active coverage starting the 1st of the year to enroll directly with Neighborhood Health Plan of Rhode Island and Blue Cross Blue Shield of Rhode Island.

    “Deloitte has recognized that the state has immediate and unexpected expenses related to the breach, and we appreciate their willingness to lend financial support,” said Governor Dan McKee.

    The RIBridges system is undergoing a phased relaunch. At this writing, customers can access the HealthyRhode portal, submit applications, and interact with their accounts as needed. 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: ‘Failure to prevent fraud’ offence regulatory alert

    Source: United Kingdom – Government Statements

    Charity Commission alert sent to charities that could be subject to upcoming changes in the law around preventing fraud.

    You are receiving this alert as your charity could be subject to upcoming changes in the law around preventing fraud.

    On 1 September 2025 a new failure to prevent fraud offence comes into force.

    This offence will affect large, incorporated charities that meet at least two of the following criteria: more than 250 employees, £36m of income or £18m in total assets.  

    Under the offence, an organisation may be criminally liable where an employee, agent, subsidiary, or other “associated person”, commits a fraud intending to benefit the organisation (or its clients) and the organisation did not have reasonable fraud prevention procedures in place.

    It does not need to be demonstrated that directors or senior managers ordered or knew about the fraud.

    The Charity Commission is alerting all relevant charities to read the Home Office guidance, and where necessary to enhance their approach to fraud prevention and seek professional legal advice.

    Additional information:

    If your charity has not already done so, you should read our guidance about internal financial controls, which was refreshed in April 2023. It gives advice on protecting your charity and its assets. A new short guide on protecting your charity from fraud was published in November 2024.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –