NewzIntel.com

Category: Economy

  • MIL-OSI Europe: Written question – Israel’s policy of water deprivation in the West Bank – is the EU funding water apartheid policy in the occupied Palestinian territories (oPts)? – E-001734/2025

    Source: European Parliament

    Question for written answer  E-001734/2025
    to the Commission
    Rule 144
    Matjaž Nemec (S&D), Cecilia Strada (S&D), Irena Joveva (Renew), Mimmo Lucano (The Left), Tineke Strik (Verts/ALE), Catarina Vieira (Verts/ALE), Marc Botenga (The Left), Aodhán Ó Ríordáin (S&D), Vladimir Prebilič (Verts/ALE), Thomas Bajada (S&D), Hana Jalloul Muro (S&D), Rudi Kennes (The Left), Ana Miranda Paz (Verts/ALE), Daniel Attard (S&D), Jaume Asens Llodrà (Verts/ALE), Mounir Satouri (Verts/ALE), Chloé Ridel (S&D), Carola Rackete (The Left), Catarina Martins (The Left), Robert Biedroń (S&D), Majdouline Sbai (Verts/ALE), Hanna Gedin (The Left), Jonas Sjöstedt (The Left), Jussi Saramo (The Left), Marco Tarquinio (S&D), Lynn Boylan (The Left), João Oliveira (The Left), Villy Søvndal (Verts/ALE), Alex Agius Saliba (S&D), Marit Maij (S&D), Li Andersson (The Left), Brando Benifei (S&D), Rima Hassan (The Left), Per Clausen (The Left), Saskia Bricmont (Verts/ALE), Barry Andrews (Renew), Benedetta Scuderi (Verts/ALE)

    Israel’s policy of water deprivation in the West Bank has long affected many Palestinians and is well-documented by numerous civil society organisations.

    The Israeli company Mekorot, Israel’s national water company and the country’s top agency for water management, has been implementing an apartheid policy in water management in the occupied Palestinian territories (oPts), illegally restricting access to water, depriving Palestinians of a sufficient water supply, and violating World Health Organization recommendations. In addition, Mekorot operates approximately 42 wells in the West Bank, mainly in the Jordan Valley region, which primarily supply Israeli settlements.

    The EU previously funded Mekorot’s technological capacity. During the 7th Framework Programme cycle, Mekorot received EUR 474.394.36 in funding, and during the Horizon 2020 cycle, the EU financed three projects with a total EU contribution of EUR 866.300.

    We therefore ask the Commission the following:

    • 1.Does the EU still provide funding to Mekorot?
    • 2.How is the Commission monitoring and ensuring that EU funds are not used to finance the water apartheid policy in the oPts?

    Submitted: 30.4.2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Loss of biodiversity in Doñana due to overexploitation of water – E-002864/2024(ASW)

    Source: European Parliament

    The Commission is aware of the issue raised by the Honourable Member and has taken legal action against Spain to address the problems of water overexploitation and biodiversity loss in Doñana through the correct application of the Habitats Directive[1] and the Water Framework Directive[2].

    As a result, the Court of Justice of the EU found in a judgment of 24 June 2021[3] that Spain had failed to fulfil obligations under the above-mentioned Directives.

    It is for Spain to implement all the necessary measures to comply with the judgment of the Court under the supervision of the Commission.

    The Commission sent to Spain a letter of formal notice[4] under Article 260(2) of the Treaty on the Functioning of the European Union on 15 July 2022.

    Since then, the Commission has held several bilateral discussions with the Spanish authorities to discuss the measures they have taken and plan to take.

    Spain has put in place a holistic plan to comply with the judgment, including measures in relation to illegal abstraction. The Commission will continue to closely monitor the implementation of the ruling and take any necessary step to ensure that it is fully complied with.

    EU funding is available to help Spain solve this issue, for instance, both Recovery and Resilience Facility[5] and the European Regional Development Fund[6] can provide support for such type of investments.

    • [1] Council Directive 92/43/EEC of 21 May 1992 on the conservation of natural habitats and of wild fauna and flora, OJ L 206, 22.7.1992, p. 7-50.
    • [2] Directive 2000/60/EC of the European Parliament and of the Council of 23 October 2000 establishing a framework for Community action in the field of water policy, OJ L 327, 22.12.2000, p. 1-73.
    • [3] Case C-559/19: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:62019CJ0559
    • [4] https://ec.europa.eu/commission/presscorner/detail/en/inf_22_3768
    • [5] https://commission.europa.eu/business-economy-euro/economic-recovery/recovery-and-resilience-facility_en
    • [6] https://ec.europa.eu/regional_policy/funding/erdf_en
    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – BUDG-CONT-ECON – Joint hearing on Smart Conditionality – 13.05 – Committee on Budgets

    Source: European Parliament

    The objective of the joint public hearing is to provide the Members of the BUDG, CONT and LIBE Committees with input from academics and practitioners on how to ensure that final beneficiaries and recipients can continue to receive EU funding where the EU has suspended payments to a Member State due to rule of law breaches by the central government.

    o Although the Rule of law Conditionality Regulation explicitly requires Member States whose EU funds have been (partially) suspended due to rule of law breaches to respect their obligations towards final recipients and beneficiaries, in practice, the latter are often deprived of EU funding. The concept of ‘smart conditionality’ should ensure that final recipients and beneficiaries, including local and regional authorities, NGOs, students and other stakeholders, are not punished for the rule of law violations by the central government.

    The public hearing should feed into Parliament’s forthcoming implementation report on the Rule of law conditionality Regulation and the political discussions on the EU’s post-2027 multiannual financial framework by gathering input on how smart conditionality can be implemented in practice. This includes in particular the necessary legislative changes, if any, to implement the concept.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Multiannual financial framework support for EU regions bordering Russia – E-001735/2025

    Source: European Parliament

    Question for written answer  E-001735/2025
    to the Commission
    Rule 144
    Mika Aaltola (PPE)

    Russia’s war against Ukraine has had far-reaching consequences, not only for Ukraine but also for many EU Member States, particularly those sharing a border with Russia. The economic and geopolitical impact on these border regions has been substantial.

    Currently, the allocation of EU Cohesion Fund financing is primarily based on gross domestic product, a metric that does not adequately reflect the specific challenges faced by countries such as Finland. Given Finland’s 1 350 km border with Russia, the repercussions of the conflict have been especially acute, in terms of economic, social and security concerns.

    • 1.In the light of these challenges, could the Commission consider an alternative mechanism for allocating funds to support regions bordering Russia in the upcoming multiannual financial framework?
    • 2.Additionally, given the security risks posed by Russia in the region, how does the Commission plan to ensure adequate investments in security measures?

    Submitted: 30.4.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Chemical recycling – E-001741/2025

    Source: European Parliament

    Question for written answer  E-001741/2025
    to the Commission
    Rule 144
    Dan-Ştefan Motreanu (PPE)

    The EU Competitiveness Compass emphasises the need for a competitive and circular European economy. However, the plastics sector faces significant challenges: EU plastics production declined by 8.3 % in 2023, while global production grew by 3.4 %. At the same time, circularity remains limited, with plastic incineration increasing by 15 % since 2018 and 23.5 % of plastic waste still landfilled. This hampers the Member States’ ability to meet EU recycling targets.

    Chemical recycling could play a vital role by boosting recycling rates, supporting circular value chains, and reducing incineration and landfill use. However, unlocking investment in chemical recycling requires a clear, trusted mass balance methodology for accounting recycled content.

    The Commission is preparing an implementing act under the Single-Use Plastics Directive to define this mass balance approach. Given its strategic importance:

    • 1.Will the Commission support the creation of a robust business case for chemical recycling, as highlighted in the Draghi report?
    • 2.How will the Commission ensure that the mass balance methodology remains technology-neutral, encouraging investments and enabling the repurposing of existing assets, such as refineries, to help lower recycling costs?

    Submitted: 30.4.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Potential fraudulent exploitation of Erasmus+ funds – E-001738/2025

    Source: European Parliament

    Question for written answer  E-001738/2025
    to the Commission
    Rule 144
    Danuše Nerudová (PPE)

    Media reports have highlighted that certain organisations, including the Turkish organisation Zift, may be potentially misusing the Erasmus+ programme. A recurring scheme reportedly involves the recruitment of individuals – often students – to establish non-governmental organisations or so-called informal youth groups in their names. Such entities are then allegedly used to apply for grants, while actual control and financial management remain with the recruiting organisations. Reports suggest that these actors have submitted inflated budgets, misrepresented expenses and diverted funds through affiliated companies, often without providing the intended educational or cultural activities. When these projects collapse, the students – who are listed as legal representatives – are said to be left financially and legally liable.

    • 1.What measures is the Commission taking to strengthen financial oversight and prevent the potential exploitation of Erasmus+ funds by fraudulent organisations?
    • 2.Is the Commission considering reforms to enhance auditing, accountability and enforcement mechanisms within Erasmus+, particularly to address the risks posed by intermediary actors involved in such schemes?

    Submitted: 30.4.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Green harvesting – E-001016/2025(ASW)

    Source: European Parliament

    Since January 2023, green harvesting in the wine sector is regulated by Articles 58(1)(c) and 59(3) of Regulation (EU) 2021/2115[1] and Article 17 of Commission Delegated Regulation (EU) 2022/126[2].

    During the previous programming period (2014-2022), the Commission provided examples of eligible costs for green harvesting. As the intervention has not changed, Member States can rely on these examples when calculating the Union financial support for green harvesting under Regulation (EU) 2021/2115.

    The approach described by the Honourable Member could be adopted by a Member State, provided the aforementioned legal provisions are respected. Beneficiaries are invited to directly contact their competent authorities with a view to receiving examples of calculation methods.

    • [1] https://eur-lex.europa.eu/eli/reg/2021/2115/oj/eng
    • [2] https://eur-lex.europa.eu/search.html?scope=EURLEX&text=Regulation+%28EU%29+2022%2F126+.&lang=en&type=quick&qid=1745908469522
    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI United Nations: People and Nature (British Ecological Society)

    Source: UNISDR Disaster Risk Reduction

    People and Nature is dedicated to publishing interdisciplinary research that explores the relationships between humans and nature.

    This international journal promotes innovation and experimentation, and encourages submissions that stimulate debate. Papers must have some ecological relevance but will also have material drawn from one or more other disciplines, such as economics, geography, sociology, and law. People and Nature is part of the prestigious British Ecological Society portfolio.

    MIL OSI United Nations News –

  • MIL-OSI Europe: Answer to a written question – Implementation of safe and secure parking areas – E-001308/2025(ASW)

    Source: European Parliament

    Regulation (EU) 2024/1679[1] introduced the obligation for the Member States to ensure, by 31 December 2040, the development of safe and secure parking areas (SSPAs) certified in accordance with EU standards along the roads of the core and extended core trans-European transport network (TEN-T), with an average maximum distance of 150 kilometres between two SSPAs.

    The Commission supports the Member States in their efforts to build more SSPAs, notably by providing funding under the Connecting Europe Facility (CEF) .

    For the realisation of projects across the EU, CEF Transport made available EUR 250 million each in 2022 and 2023, and EUR 320 million for the call for proposals of 2024, supporting both the creation of new SSPAs and the upgrade of existing parking areas in line with EU safety and security standards .

    Since 2022, when the Commission adopted the Delegated Regulation (EU) 2022/1012[2], 35 SSPAs have been built and certified in the EU, providing 4 943 parking spots. Furthermore, the realisation of 49 CEF projects is currently ongoing, with 4 614 parking places in SSPAs expected to be added.

    The Commission recognises numerous advantages in public-private partnerships (PPPs) for accelerating the implementation of SSPAs.

    Firstly, PPPs can alleviate the financial burden on governments while introducing expertise and innovative technologies, thereby enhancing project efficiency and quality.

    Secondly, by transferring certain risks to private partners, PPPs ensure more reliable and timely project delivery. Lastly, leveraging private financing reduces the reliance on public funds, thus expediting the development process and fostering economic growth.

    • [1] Regulation (EU) 2024/1679 of the European Parliament and of the Council of 13 June 2024 on Union guidelines for the development of the trans-European transport network, amending Regulations (EU) 2021/1153 and (EU) No 913/2010 and repealing Regulation (EU) No 1315/2013 (OJ L 2024/1679, 28.6.2024).
    • [2] Commission Delegated Regulation (EU) 2022/1012 of 7 April 2022 supplementing Regulation (EC) No 561/2006 of the European Parliament and of the Council with regard to the establishment of standards detailing the level of service and security of safe and secure parking areas and to the procedures for their certification (OJ L 170, 28.6.2022, p. 27).

    MIL OSI Europe News –

  • MIL-Evening Report: As Filipinos prepare to vote, ex-strongman Rodrigo Duterte’s arrest is dividing families – all the way to the president

    Source: The Conversation (Au and NZ) – By Noel Morada, Visiting Professor, Nelson Mandela Centre, Chulalongkorn University; and Research Fellow, Asia Pacific Centre for the Responsibility to Protect, Chulalongkorn University

    It’s been two months since former Philippines President Rodrigo Duterte was arrested and handed over to the International Criminal Court (ICC) to face potential prosecution for crimes against humanity.

    Duterte’s arrest has angered his supporters and caused polarisation to worsen in the lead-up to important parliamentary elections on May 12.

    The election could be a referendum on the current president, Ferdinand Marcos Jr., whose approval rating fell to 25% in March after Duterte’s arrest. It had been 42% a month earlier.

    Duterte’s daughter, Vice President Sara Duterte, meanwhile, has seen her approval rating increase to 59%, despite the fact she was impeached by the House of Representatives earlier this year for threatening to assassinate Marcos.

    Some of Marcos’ former allies are now drifting towards Sara Duterte, potentially setting her up for a successful run for the presidency herself in 2028.

    Family feuding

    Marcos is not only dealing with the resentment of some segments of the public, he’s also facing a challenge from his own sister, Imee Marcos, a senator.

    Imee Marcos conducted several hearings in the Senate to probe into the procedures followed by the national police and other government agencies in implementing Duterte’s arrest warrant, which had been issued through Interpol.

    Right from the start, she denounced Duterte’s surrender to the ICC as a violation of the Philippine constitution and the country’s sovereignty. She asserted the court did not have jurisdiction over the Philippines after it withdrew from the Rome Statute in 2019.

    In a press conference on April 29, Imee Marcos announced a Senate committee is recommending the filing of criminal charges against the head of the Department of Justice and other officials who arrested and turned him over to the ICC. On May 7, the ombudsman asked these officials to respond to the Senate committee complaint within 10 days.

    Imee Marcos has political motivations of her own for acting in this way. She is seeking another term herself and has been trailing in public opinion polls.

    To make the political machinations even more complex, Sara Duterte has now endorsed Imee Marcos’ bid for re-election. Some of Duterte’s supporters, however, have been sceptical about Marcos’ motives in conducting the hearings.

    Controlling the narrative

    Though Duterte’s arrest has dominated the headlines in the Philippines, it’s unclear whether Marcos’ declining popularity as president is tied solely to this incident.

    Many Filipinos supported Duterte’s arrest, according to one poll in March. And Marcos’ government has also been criticised for the state of the economy.

    But at least one observer has pointed to the Duterte family’s effective use of Tiktok to control the narrative around his arrest, portraying it as a kidnapping. Sara Duterte has recently claimed her name is on the ICC prosecutor’s list of those who will be arrested next.

    It is also important to note Duterte’s supporters have resorted to the dissemination of fake news and disinformation against the Marcos administration. His supporters have also aimed their attacks on the ICC pre-trial judges, as well as victims of the drugs war during Duterte’s time in office.

    The 2028 presidential race

    The outcome of the elections in the Philippines next week will no doubt have short- and medium-term implications for the country’s politics.

    First, if all nine of the Senate candidates backed by the Marcos administration win, they would expand his bloc of supporters in the chamber. This bloc may then vote to convict Sara Duterte when her impeachment case moves to a Senate trial.

    If she’s convicted, she would be banned from running for president in 2028. But it’s uncertain if two-thirds of senators would vote to convict – the threshold necessary for impeachment. Some pro-Marcos and independent senators may be wary of antagonising loyal Duterte supporters.

    If Sara Duterte is acquitted, this would likely only boost her bid for the presidency.

    The ICC’s pre-trial chamber will hold a hearing in September that will be watched closely by pro- and anti-Duterte forces in the Philippines. On May 8, the chamber rejected a petition filed by Duterte’s defence team to excuse two judges over alleged bias.

    His loyal supporters will likely increase their attacks against the ICC, the victims of Duterte’s drugs war, and the Marcos administration through the use of fake news and disinformation as the trial progresses.

    If Duterte is convicted by the court prior to the 2028 election, it will certainly be used as a campaign issue by both sides, too. And this will only further worsen polarisation in the Philippines.

    Noel Morada 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. As Filipinos prepare to vote, ex-strongman Rodrigo Duterte’s arrest is dividing families – all the way to the president – https://theconversation.com/as-filipinos-prepare-to-vote-ex-strongman-rodrigo-dutertes-arrest-is-dividing-families-all-the-way-to-the-president-255600

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Africa – Invest Africa and United Kingdom (UK) Government Announce Strategic Partnership for The Africa Debate – London

    SOURCE: Invest Africa

    As the UK’s leading forum for high-level dialogue on Africa’s economic trajectory, The Africa Debate 2025 will convene over 500 senior leaders from government, finance, and industry to explore this year’s theme: “Harnessing Natural Capital for Growth”

    LONDON, United Kingdom, May 8, 2025 – Invest Africa (www.InvestAfrica.com), the leading platform for promoting trade and investment across the African continent, is proud to announce a strategic partnership with the UK Government for the 11th edition of The Africa Debate, taking place on Wednesday, 2 July 2025 at the historic Guildhall in the City of London.

    As the UK’s leading forum for high-level dialogue on Africa’s economic trajectory, The Africa Debate 2025 will convene over 500 senior leaders from government, finance, and industry to explore this year’s theme: “Harnessing Natural Capital for Growth”. The agenda will examine how African nations can leverage their abundant resources – from critical minerals and biodiversity to human capital – to build globally competitive industries, enhance intra-African value chains, and deliver inclusive, sustainable development.  

    The event comes at a strategically important moment: just over one year into the new UK Government, as it sets out a renewed international agenda focused on trade, investment, and strategic partnership with Africa.

    The Rt Hon. the Lord Collins of Highbury, Minister for Africa, commented: “The UK recognises the critical role Africa plays in the global economy and in shaping a sustainable, inclusive future. We are proud to support The Africa Debate as a strategic platform to deepen trade and investment ties with African partners and boost mutual economic growth between our countries. Our ambition in our new approach to Africa is to support the scale-up of transformative green growth across the continent – and the UK stands ready to be a long-term, trusted partner in that journey.”

    Chantelé Carrington, Chief Executive Officer of Invest Africa, added: “Our collaboration with the UK Government is a major milestone for The Africa Debate. With a new administration in place, this is a crucial opportunity to shape a modern and meaningful UK-Africa relationship centred on mutual benefit. As African economies focus on industrialisation, value addition, and sustainable investment, we are proud to offer a platform that connects the UK’s financial expertise and private sector strength with Africa’s vast economic potential.”

    The Africa Debate 2025 will feature head of state and ministerial keynotes, alongside high-level plenaries and curated side events that convene senior leaders from across Africa and the global investment community. This year’s agenda will examine how the continent can harness its natural capital – through the lenses of finance, industrialisation, and digital innovation – to drive long-term value creation and sustainable development. Our strategic partnership reflects the UK’s commitment to forging deeper, future-oriented relationships with African partners – focused on mobilising investment at scale, promoting inclusive economic growth, and co-creating resilient solutions to shared global challenges.

    Websites:
    Invest Africa (https://apo-opa.co/4k2YU2U)
    The Africa Debate (https://apo-opa.co/43u2xbJ)

    About The Africa Debate:
    The Africa Debate is London’s premier investment forum dedicated to shaping the future of African trade, investment, and economic transformation. Now in its 11th year, the event serves as a critical platform for global businesses, investors, policymakers, and thought leaders to engage in high-level discussions on Africa’s evolving role in the global economy.

    About Invest Africa:
    Invest Africa is a leading pan-African business and investment platform, that drives trade and investment across the continent. With over sixty years’ experience in Africa, we provide our network with trusted market insights, tailored business support, and platforms for meaningful engagement. Our network includes more than 400 multinational corporations, investors, policy makers, and entrepreneurs, united by a shared commitment to building sustainable opportunity across Africa.

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Speech to India New Zealand Business Council

    Source: NZ Music Month takes to the streets

    Kia ora and good morning, everyone.

    This is a great time to hold a Summit focused on the India-New Zealand relationship. It comes seven weeks after I returned from India following one of New Zealand’s largest ever Prime Ministerial missions.

    I was joined by 40 business representatives, 15 community leaders, three Cabinet Ministers, four MPs, a Kapa Haka group, and a range of senior government officials all laser-focused on our relationship with India. 

    We visited New Delhi and Mumbai for a packed programme that covered every facet of our broad-based relationship with India – political connections, trade and economics, defence and security, people, culture and, of course, cricket. 

    As was the case on my previous visits to India when I was in the private sector with Unilever, I was struck by the remarkable energy, dynamism, and innovation that I encountered. 

    I concluded the mission more convinced than ever that India is a country of enormous consequence for New Zealand and for the world.

    So, I want to spend some time reflecting on the mission and talking about some of the outcomes in three key areas. First, economic opportunities; second, defence and security; and third, in terms of people and culture. 

    I then want to set out what I see as the next steps in the relationship.

    Economic opportunities

    First, I want to talk about the economic opportunities we saw in India, and what we are doing to capitalise on them. 

    I’m sure everyone here is familiar with India’s amazing growth story. The fastest GDP growth rate in the G20, with India on track to become the world’s third-largest economy in the next few years, and the Indian middle class now numbers 445 million. 

    When I met with Prime Minister Modi, I had a chance to discuss with him India’s extraordinary transformation. Over the past decade, 250 million Indians have been lifted out of poverty; the number of airports in India has more than doubled to 157, with many more planned in the coming years; and India’s government estimates that it has built 95,000 kilometres of highway. To put this last one in perspective, that would be enough highway to drive between New Zealand and India eight times.  

    Globally, India is a consequential and influential voice, successfully hosting the G20 in 2023, and a space power, becoming the first country to land a spacecraft on the moon’s South Pole two years ago.

    While in India, I had discussions with business leaders who are running companies doing incredible things. Innovators like Nadir Godrej, responsible for one of India’s biggest, oldest and best-known industrial groups, and Natarajan Chandrasekaran who chairs Tata, a conglomerate with a presence in dozens of countries around the world. It was inspiring to hear of their plans and, importantly, to pitch to them on the value of closer connections with New Zealand.

    For New Zealand, the economic opportunities in India are immense. Despite India’s growth and scale, it still only accounts for 1.5 per cent of our exports. We are working hard to change that. That was why I took so many business leaders with me to India. That’s why we worked so hard while in New Delhi and Mumbai to ensure New Zealand’s primary products, our technology, our education exports and our tourism offering were front and centre.  

    It is Kiwi and Indian businesses, including all of those in this room today, that are the engines of growth, creating new opportunities, lifting trade, and helping transform the relationship between our countries. And for all your ongoing effort and leadership in this regard, I thank you. 

    Part of my Government’s job is to improve the environment in which our great Kiwi businesses operate in their dealings with India. On that front, I am pleased to report that, during the mission to India, the Government made real progress. 

    First and foremost, I was delighted that Todd McClay and his Indian counterpart, Piyush Goyal, announced the launch of negotiations towards a Free Trade Agreement. The launch of negotiations is a breakthrough in the economic relationship between India and New Zealand. 

    Prime Minister Modi and I have instructed our negotiators to work quickly to reach a comprehensive and mutually beneficial agreement, one that promises to play a major role in doubling New Zealand’s exports by value over the next ten years.

    My Government is focused on growing our economy and lifting incomes, and the launch of negotiations presents an opportunity to do exactly that.

    On top of that, 33 MoUs and other commercial outcomes were progressed on the mission, reflecting the growing partnerships between New Zealand and Indian businesses. 

    Among those was an MoU between Air New Zealand and Air India to establish a new codeshare partnership on 16 routes between India, Singapore, Australia and New Zealand. The MoU will also see these two great airlines explore the introduction of a direct service between India and New Zealand by the end of 2028. 

    This is a fantastic opportunity that promises to make it easier to fly between our countries and further boost our tourism and education sectors.

    Defence and security

    But there is so much more to our relationship with India than our economic ties. Which brings me to the second major theme of my visit, defence and security. 

    New Zealand is invested in supporting stability and prosperity in the Indo-Pacific region. 

    In an increasingly multipolar world, India is a major geopolitical power and a significant global and regional security actor.

    Prime Minister Modi and I agreed that our defence forces should build greater strategic trust with one another, including undertaking more exchanges and training together. 

    I was pleased to witness the signing of a new Defence Cooperation Arrangement with India. This arrangement enhances defence dialogue and connections and adds an important new dimension to our strategic engagement.

    One of the reasons why we want to build greater trust is so that we can have candid conversations at challenging times. On 22 April, India suffered a devastating terrorist attack in Jammu and Kashmir. New Zealand condemns terrorism, and we sent our heartfelt condolences to the families of the victims of the attack.

    Since then, we have seen an escalation in tension and military activity. We encourage both India and Pakistan to show restraint at this difficult moment and try to de-escalate the situation.

    The situation in Jammu and Kashmir reminds us that we face an increasingly difficult and uncertain strategic outlook, including in the Indo‑Pacific region that India and New Zealand share.

    While I was in India, I had the great opportunity to share New Zealand’s perspective on the region as the Chief Guest at the Raisina Dialogue, which, as this audience will know, is India’s – and one of the world’s – premier defence and security events. 

    My message at Raisina was simple: There can be no prosperity without security.

    That is why it’s vitally important that New Zealand works closely with India and other partners in support of a region where countries are free to choose their own path free from interference, and where all countries respect foundational rules.  

    People-to-people links

    The third major theme of my mission centred on the links between our people. 

    New Zealand’s Indian community was a key feature of many of my discussions in India, including with Prime Minister Modi. 

    Prime Minister Modi praised New Zealand’s Indian diaspora, referring to it as a “living bridge” between our countries. Prime Minister Modi and I formally recognised the contribution of the diaspora in the joint statement released during my visit. 

    As this audience will be well aware, the 300,000-strong Indian community is the third largest ethnic group in New Zealand. India is our largest source of skilled migrants and our second-largest source of international students. 

    A point I made to Prime Minister Modi was that Kiwi-Indians are on average younger, better educated, and have greater earnings than the general New Zealand population. 

    In short, Indian-Kiwis are making a massive contribution to New Zealand. This is why I chose to take with me to India a senior delegation of community leaders.

    I made sure that my programme in India reflected and respected the deep cultural links between our countries. I paid my respects at a place sacred to many Kiwi-Hindus – the BAPS Swaminarayan Akshardham Temple. And I visited Gurdwara Rakab Ganj Sahib, a place of profound faith and history to Kiwi-Sikhs. 

    Of course, another indispensable element of our partnership with India is cricket. It was very special to visit Wankhede Stadium with Mumbai-born Ajaz Patel, who took the third-best bowling figures in Test history on that ground. 

    But our sporting links go beyond cricket. Prime Minister Modi and I also discussed his plans to diversify and enhance India’s prowess across multiple sports. India is particularly interested in Olympic sports as it looks to bolster Ahmedabad’s bid to host the 2036 Olympic Games. Given our high-performance sports ecosystem and our outstanding record at the Olympics, this is an area where New Zealand is well positioned to work with India.

    I was particularly pleased to witness the signing of a Sports Memorandum of Cooperation between New Zealand and India. This arrangement allows us to develop new ways to collaborate across high-performance sports, and exchange programmes, skills, technology and innovation, research, and people.

    It should boost sports performance in each country and facilitate exchanges in areas such as community sports and health. 

    Cooperation in sports is particularly significant at a time when, next year, New Zealand and India will celebrate 100 years of sporting ties. We look forward to celebrating this milestone, including with a visit by the Indian men’s cricket team in late 2026.

    Next steps for government, business and community

    So, across people, culture, sport, defence and security, trade and economics – my mission to India left the relationship in a stronger position. But there is still a lot of work to do.

    I now want to take a few minutes to reflect on the next steps for this important relationship, and the respective roles of government, business and community. 

    I want to be clear that the mission to India was not the end goal. Rather, it was a springboard to help take our relationship to new heights. We now have an extensive work programme across every facet of the relationship. I will touch on just a couple of examples. 

    First, we have moved quickly to begin negotiations on the Free Trade Agreement, with the first round of talks already having taken place. 

    Second, our Government will be continuing a steady tempo of political-level engagements with our Indian counterparts. There is no substitute for face-to-face relationships with the key decision-makers, which is why I’m so pleased Minister Margherita has joined us today. During my meeting with Prime Minister Modi, I offered to reciprocate his warm and generous hospitality by inviting him to visit New Zealand when his schedule allows.

    Third, to give effect to the various areas of new co-operation, our Government has confirmed that we will need more people on the ground in India. New Zealand will increase our diplomatic footprint in India by more than 60 per cent, underscoring our commitment to the relationship and our ambition to see it grow further.

    The Government will be working hard to maintain the momentum, and continue building a broad, deep, and enduring strategic relationship with India. 

    But our relationship with India is far too important to be left to Government alone. There is a crucial role for two other actors in our society, business and community. 

    Our relationship with India is so significant that I want to see an ‘all of New Zealand’ effort with government, business and community all moving in the same direction. 

    The opportunities presented by India are immense. Many of you are already active in the market and have been for some years. But I want to see more New Zealand exporters building relationships in the market and putting together your own strategies for tapping into India’s enormous potential. 

    The wider Kiwi-Indian community also has a very important role as – in Prime Minister Modi’s words – the “living bridge” between New Zealand and India. 

    We will stay in touch with the senior delegation of community leaders that accompanied me to India. I encourage the Indian community in New Zealand to continue to share with the Government your insights into our relationship with India and ideas for how we can continue moving forward.

    Thank you for the opportunity to speak to you about the vital partnership between New Zealand and India.

    The INZBC have put together an excellent programme for today, featuring a range of speakers who are all committed to bringing New Zealand and India much closer together.

    The bottom line is we are two countries that can and should be doing much more together, and we will.

    Thank you.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: NITI Frontier Tech Hub Organizes a Workshop for States on Accelerating AI Datacentre Investments

    Source: Government of India

    Posted On: 08 MAY 2025 5:46PM by PIB Delhi

    Recognizing the critical role of AI infrastructure in shaping India’s economic future, the NITI Aayog Frontier Tech Hub hosted a high-level workshop on May 8, 2025, focused on accelerating investments in AI-ready datacentres across Indian states. The workshop brought together senior officials from key state governments, central ministries and industry leaders to chart a strategic roadmap for positioning India as a global hub for AI infrastructure.

     The deliberations spotlighted the widening gap between India’s digital ambitions and its current compute capabilities. Although India generates nearly 20% of the world’s data, it accounts for just 3% of global datacentre capacity. With AI adoption surging across sectors, the need for reliable, scalable, and sustainable AI infrastructure has never been more urgent.

     The workshop urged states to move beyond land- and real estate-centric models and embrace a new paradigm anchored in access to clean energy, high-performance computing, and streamlined policy environments. Key themes included:

    • The projected doubling of global electricity demand from datacentres and AI by 2026
    • India’s unique advantages in renewable energy, deep engineering talent, and rapidly growing digital economy
    • The need for coordinated reforms in power, policy, and regulation to attract hyperscale and sovereign AI investments

     Participants discussed the six critical pillars essential for AI datacentre readiness—land, power, network, compute, talent, and enabling policies. The conversation highlighted the urgency for states to think not just competitively within India, but globally, as countries like Vietnam, UAE, and Indonesia aggressively pursue AI investments.

     Speaking at the workshop, Shri B.V.R. Subrahmanyam, CEO of NITI Aayog, said:

     “India has a once-in-a-generation opportunity to become a global AI datacentre hub. With our clean energy leadership, unmatched tech talent, and strong policy momentum, we are well-positioned to deliver the world’s greenest and most cost-effective AI compute. But the competition is global. States must stop thinking only in terms of land and start thinking in terms of AI ecosystems — anchored in energy, innovation, and execution.”

     The workshop was organized in partnership with Deloitte, the Knowledge Partner, and featured participation from ten states and representatives from defense, ministries of MNRE, Finance, DoT and Power. Distinguished attendees included Shri Rajiv Gauba, Member, NITI Aayog; Shri B.V.R. Subrahmanyam, CEO of NITI Aayog; Ms. Debjani Ghosh, Distinguished Fellow, NITI Aayog; and Mr. Romal Shetty, CEO, Deloitte South Asia.

     A strategic report titled “Accelerating AI Infrastructure Investments in India”, providing a comprehensive blueprint to unlock national-scale AI infrastructure investments was also launched in the workshop.

     This workshop is part of the NITI Frontier Tech Hub’s ongoing efforts to drive frontier technology awareness, readiness, and policy innovation across states and ministries—strengthening India’s journey to becoming a global leader in the AI-powered intelligence economy.

    *****

    MJPS/SR

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: General Terms for the United States of America and the United Kingdom of Great Britain and Northern Ireland Economic Prosperity Deal

    US Senate News:

    Source: The White House
    Context and ObjectivesPresident Donald J. Trump and Prime Minister Sir Keir Starmer committed to deliver shared prosperity for American and British citizens alike. Our governments have a unique opportunity to enhance our economic partnership through the U.S.-UK Economic Prosperity Deal (EPD).
    A first of its kind, the United States and the United Kingdom expect the EPD to address three core objectives, based on fairness and reciprocity:
    To grow the quality and volume of mutually beneficial trade between the United States and the United Kingdom, creating good, high-paying jobs and growth in both countries;
    To remove barriers to make it easier for American and British businesses to operate, invest and trade in both countries; and
    To ensure that the Special Relationship is rooted in an enduring economic partnership that is fair, reciprocal, future-facing, and built on a shared vision of the challenges that face our economies.
    This document serves to define the general terms for the EPD that set forth the shared desires of the United States and the United Kingdom to make bilateral trade fairer, easier, and more substantial. Alongside this document covering our trading relationship, we are continuing discussions toward a transformative technology partnership between our countries.
    The United States and United Kingdom are immediately beginning negotiations of the EPD to develop and formalize the proposals made in this document. Once the initial proposals have been formalized and implemented, the United States and United Kingdom understand that the EPD can further be expanded over time to cover additional areas. Each country intends to continue to improve market access under the EPD.
    Both the United States and the United Kingdom recognize that this document does not constitute a legally binding agreement.
    Addressing Tariffs(a) Following a reasonable period of negotiation: (i) the United Kingdom intends to reduce its applied tariff rates on a preferential basis on a range of originating goods of the United States in sectors of importance to the United States; and (ii) the United States intends to reduce its applied tariff rates on a preferential basis on a range of originating goods of the United Kingdom in sectors of importance to the United Kingdom. The countries intend to coordinate the timing of their respective tariff reductions to be as soon as practicable, taking into consideration their respective domestic processes. On request of the United Kingdom, the United States will consider reducing its applied tariff rates for a UK territory or territories for whose international relations the United Kingdom is responsible on a preferential basis.(b) U.S. beef exports to the United Kingdom are currently subject to a 20 percent tariff within a quota of 1,000 metric tons (mt). The United Kingdom will remove the 20 percent tariff. Additionally, the United Kingdom will create a preferential duty-free quota of 13,000 mt for U.S. beef. In return, the United States will reallocate to the United Kingdom 13,000 mt of its existing “Other Countries” tariff rate quota (TRQ) for beef. Additionally, the United Kingdom will offer a preferential duty-free TRQ of 1.4 billion liters for U.S. ethanol.(c) The United States intends to provide certain key UK imports with modified reciprocal tariff treatment, based on our balanced trading relationship and shared national security priorities. Any such modifications will be consistent with those shared national security priorities, including priorities identified in future U.S. Section 232 investigations.(i) The United States will create a quota of 100,000 vehicles for UK automotive imports at a 10 percent tariff rate, and an accompanying arrangement for attendant auto parts for such autos.(ii) The United Kingdom will work to promptly meet U.S. requirements on the security of the supply chains of steel and aluminum products intended for export to the United States and on the nature of ownership of relevant production facilities. Understanding the United Kingdom will meet these requirements, the United States will promptly construct a quota at most favored nation (MFN) rates for UK steel and aluminum and certain derivative steel and aluminum products.(iii) Contingent on the findings of the U.S. Section 232 investigation on pharmaceuticals and pharmaceutical ingredients, and consistent with the United Kingdom’s compliance with the supply chains security requirements described in subparagraph (ii), the United States and the United Kingdom intend to promptly negotiate significantly preferential treatment outcomes on pharmaceuticals and pharmaceutical ingredients. The United Kingdom confirms that it will endeavor to improve the overall environment for pharmaceutical companies operating in the United Kingdom.(iv) In addition to products already addressed in this document, the United States and the United Kingdom intend to adopt a structured, negotiated approach to othersectors that may be subject to Section 232 investigations or other tariff measures with a view to a significantly preferential outcome. Any such approach is contingent on the United Kingdom ensuring the security of supply chains, using appropriate measures, of products intended for export to the United States and on the findings of related U.S. investigations of, or other tariff measures related to, such sectors.(d) To ensure U.S. and UK firms can benefit from these changes in practice, both countries intend to apply rules of origin that maximize bilateral trade and prevent non-participants from using our bilateral arrangement to circumvent tariffs. The United States affirms that it intends to take into consideration during the negotiations of the EPD the United Kingdom’s request that the United States continues to work to lower tariffs on UK goods imposed by U.S. executive authority as well as those subject to Congressional approval.
    Addressing Non-Tariff Barriers(a) The United Kingdom and the United States plan to work constructively in an effort to enhance agricultural market access. Further, both countries positively support future discussions to strengthen bilateral agricultural trade. The United Kingdom and the United States affirm that imported food and agricultural goods must comply with the importing country’s sanitary and phytosanitary (SPS) standards and other mutually agreed standards. The United Kingdom and the United States commit to working together to improve market access for agricultural products, to highlight concerns, and to increase agricultural cooperation on areas such as certain export verification programs to facilitate greater trade, and more formal bilateral engagement through international standard setting bodies.(b) The United Kingdom and the United States each confirms its intent to accord to conformity assessment bodies of the other treatment no less favorable than that it accords to conformity assessment bodies located in its own territory. Treatment under this paragraph includes procedures, criteria, fees, and other conditions relating to accrediting, approving, licensing, or otherwise recognizing conformity assessment bodies.(c) Both countries intend to build on an existing set of Mutual Recognition Agreements (MRAs) by negotiating additional agreements, as appropriate, across certain industrial goods and advance toward an agreement on services domestic regulation.(d) The United Kingdom and United States intend to discuss the principles and criteria used in order to recognize a standard as an international standard. The United Kingdom and the United States will further commit to discuss respective applicable standards for mutually agreed sectors of interest and, within those specified sectors, to agree which of the other’s relevant domiciled standards development organizations (SDOs) currently meet recognized international principles.
    Increasing Digital Trade(a) Both countries confirm that they will negotiate an ambitious set of digital trade provisions that will include within its scope services, including financial services.(b) Both countries confirm that they will negotiate provisions on paperless trade, pre-arrival processing, and digitalized procedures for the movement of goods between our countries.
    Strengthening Alignment and Collaboration on Economic Security(a) Both countries intend to strengthen cooperation on economic security, including by coordinating to address non-market policies of third countries.(b) Both countries intend to cooperate on the effective use of investment security measures, export controls, and ICT vendor security, building on the current levels of close alignment on trade and investment security measures.(c) In order to ensure more competitive, reciprocal, and secure access to our procurement markets, both countries reaffirm their procurement commitments under the Agreement on Government Procurement (GPA) and their respective free trade agreements, and intend to discuss the implementation of our respective procurement commitments, including through the United Kingdom’s new National Security Unit for Procurement and the United Kingdom’s new powers under the Procurement Act 2023, which provides that non-“treaty states” are not guaranteed non-discriminatory treatment in procurement.(d) Both countries confirm that they will negotiate as part of the EPD provisions on duty evasion customs cooperation to combat evasion schemes and the illegal transshipment of goods from countries subject to antidumping, countervailing duties, safeguards, etc., which undermine economic security.
    Commercial Considerations and OpportunitiesBoth countries commit to continuing to identify mutually beneficial goods, services, investment opportunities and commercial transactions that serve to increase economic integration in critical industries and defense preparedness, leveraging government policies, licenses, and programs and private-sector participation to facilitate such transactions.
    Other Matters(a) Both countries confirm that they intend to discuss high-standard commitments related to intellectual property rights protection and enforcement, labor practices (including addressing forced labor in supply chains), and environmental policies and practices.(b) The United Kingdom will consider the interests of those UK territories for whose international relations it is responsible.(c) The United Kingdom and the United States recognize that the purpose of this arrangement is to deepen our trade relationship based on mutual trust and a shared commitment to fair and reciprocal trade. On request of either country, the United Kingdom and the United States will consult with a view to considering any changes that may need to be made to this arrangement to ensure that it remains mutually beneficial.(d) The United States or the United Kingdom may terminate this arrangement by giving written notice to the other. The United Kingdom and the United States further plan to discuss procedures for review and termination as part of the negotiations of the EPD.
    This document becomes operative on May 8, 2025.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Budget 2025 invests in care system and improving redress for survivors of abuse in state care

    Source: NZ Music Month takes to the streets

    The Government will strengthen the care system and improve redress for survivors in Budget 2025 in response to the Royal Commission of Inquiry into Abuse in Care.
    The Royal Commission of Inquiry into Abuse in Care was conducted over six years and found widespread abuse and neglect across many state and faith-based organisations. The final report made 138 recommendations.
    “We know there is nothing we can do to take away the pain of survivors, but the Government has committed a significant investment of $774 million in Budget 2025 to improve the redress system and strengthen the care system to prevent, identify, and respond to abuse in the future,” says Ms Stanford.
    Improvements to the redress system over this year will include:

    Increasing the average redress payments for new claims from $19,180 to $30,000;
    Providing for higher payments for the survivors who experienced the most egregious abuse;
    Providing “top up” payments of 50% to survivors who have already settled claims to ensure consistency with increased payments for new claims;
    Introducing a common payments framework so that survivors receive the same financial redress for similar experiences of abuse, regardless of where in state care that abuse occurred;
    Increase system capacity to process claims from 1,350 to 2,150 per year from 2027 to reduce wait times for current claimants;
    Implementing a seamless service so that survivors with claims with multiple agencies have those claims managed by one point of contact;
    Introducing a single-entry point for survivors wanting to register new claims;
    Introducing an independent review for people who are unhappy with their redress offer; and
    Funding for redress agencies to provide survivors with access to supports and services.

    “I acknowledge that a key recommendation of both the Royal Commission and the Redress Design Group was for a new independent redress entity. 
    “The Government was faced with a difficult choice: do we spend more time and money on setting up a new scheme, or do we provide more to survivors now through the current redress process?
    “For Budget 25 we have prioritised improving the current system as quickly as possible for survivors and investing in changes that have a direct impact for them,” Ms Stanford says.
    Investments in the wider care system over the next four years include: 
    ·      Up to $71.5 million to build a capable and safe care workforce for children and vulnerable adults;
    ·      Over $50 million to make mental health inpatient units safer and improve privacy and dignity for patients;
    ·      $25 million towards funding initiatives with evidence of an ability to prevent the entry of children and vulnerable adults into care;  
    ·      $16 million for Oranga Tamariki for improvements to safeguarding to reduce abuse and harm to children and young people in remand homes and in the care of individual caregivers;
    ·      $9.4 million to bolster oversight of compulsory mental health and addiction care by increasing the capacity, expertise, and availability of independent statutory roles including District Inspectors and Review Tribunals; and
    ·      Almost $9 million for Disability Support Services to strengthen processes that recognise and respond to instances of abuse in care, by introducing additional audits on the quality of services delivered by contracted care providers and improving the systems that support the management of critical incidents and complaints.
    There is also funding for the continuation of the Survivor Experiences Service who provide an important survivor-led service, better record keeping and access to records, and for an independent review of the changes to the redress system in 2027. 
    Cabinet has also decided that for new claims from survivors who are also serious sexual and/or violent offenders who have been sentenced to five years or more in prison a new process will apply. Modelled on similar approaches in Australia and Scotland, this will involve an independent decision maker who will need to assure themselves that a redress payment would not bring the scheme into disrepute. Legislation establishing this will be introduced later this year. 
    The Government will also establish a Ministerial Advisory Group of survivors and advocates in the coming months to provide relevant Ministers with advice on the Government’s response, including implementation of these changes and the next phase of the wider response. 
    Redress decisions, at this point, do not include claims that currently sit with school boards, faith-based organisations, or other non-state providers. The Government will be receiving further advice on this later this year. 
    “The wider work on the Crown response to the Royal Commission’s recommendations continues to be a priority. I expect to release our full response plan in the coming weeks,” Ms Stanford says.Note to editors: 

    On average, previous payments from the Ministry of Health were significantly lower than other agencies for similar types of abuse (excluding the Lake Alice Child and Adolescent Unit). “Top up” payments to these previous claimants will also account for this disparity.
    Survivors with a settled claim can register for a top-up payment from today. To register visit: www.abuseincaretopups.govt.nz  

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Coal India’s Thalassemia Bal Sewa Yojana Marks a Milestone; Minister Emphasizes Expanding Access and Strengthening Partnerships

    Source: Government of India

    Posted On: 08 MAY 2025 7:05PM by PIB Delhi

    On the occasion of World Thalassemia Day 2025, Coal India Limited (CIL), in collaboration with the Ministry of Coal and the Ministry of Health & Family Welfare, commemorated the remarkable success of its flagship CSR initiative, the Thalassemia Bal Sewa Yojana (TBSY), at a special event held at Hotel Ashok, New Delhi. The scheme, which supports free bone marrow transplants for children suffering from thalassemia and aplastic anemia, has emerged as a life-transforming initiative for hundreds of families across the country.

    Minister of Coal and Mines, Shri G. Kishan Reddy, graced the occasion as the Chief Guest, while Union Minister of State for Coal and Mines, Shri Satish Chandra Dubey, was the Guest of Honour. The event was also attended by Ms. Rupinder Brar, Additional Secretary, Ministry of Coal; senior officials from the Ministry of Coal and the Ministry of Health & Family Welfare; Shri P.M. Prasad, Chairman, Coal India Limited; CMDs and Directors of Coal PSUs, medical professionals, representatives of partner hospitals, NGOs and beneficiary children and their families.

    Speaking on the occasion, Minister of Coal, Shri G. Kishan Reddy, lauded the life-changing impact of the scheme and announced an ambitious future goal “One State, One Hospital” for Bone Marrow Transplant under the TBSY, to further expand its reach and accessibility. Describing it as a beacon of hope for countless families across the Nation, he commended Coal India Limited for not only fulfilling its corporate social responsibility with dedication but also for demonstrating a compassionate approach towards addressing a critical public health challenge. So far, over 700 children have received life-saving transplants under TBSY. Most of these children are now leading healthy and normal lives. The scheme has also relieved families of substantial medical expenses.  He further stated that an online portal developed by CIL ensures real-time application and monitoring, while awareness campaigns, including pamphlets, posters, and short films, have extended the reach of the scheme to rural areas. He highlighted the scheme’s growth and scalability, which began with four hospitals and now includes 17 empanelled premier healthcare institutions

    Shri Reddy urged all the stakeholders including healthcare institutions, policymakers, and civil society to adopt a patient-centric approach in the ongoing fight against thalassemia. Emphasizing that prevention is as vital as cure, he called for increased awareness, early screening, and genetic counseling to reduce the incidence of thalassemia in future generations.

    He reiterated the Government’s commitment to making India thalassemia-free, and expressed confidence that with collaborative efforts, this goal will be achieved. Every development must be inclusive, humane, and sustainable. Initiatives like TBSY show what can be achieved when corporate social responsibility aligns with national goals.

    Minister of State Shri Satish Chandra Dubey, in his remarks, recognized the humanitarian dimension of CIL’s CSR initiatives. He noted that CIL is not only meeting the energy needs of the nation but also bringing hope and healing through support to children suffering from thalassemia. Applauding the provision of financial assistance up to ₹10 lakh per child, he called the initiative a model of compassion-driven governance. Shri Dubey also highlighted successful partnerships with 17 of India’s leading hospitals and Thalassemics India, which have ensured effective and widespread implementation of the scheme.

    Ms. Rupinder Brar, Additional Secretary, Ministry of Coal, stressed the need for creating synergies between CIL-operated hospitals and BMT centers to improve early screening and intervention. She emphasized the importance of capacity building and training in hospitals near coal PSUs, enabling families to access medical care locally. Citing the global recognition received by this initiative, she reiterated the Ministry’s support in collaboration with the Ministry of Health &family Welfare and empanelled hospitals to reach every child in need while working towards the vision of a thalassemia-free India.

    Mr. Harsh Mangla, Director, National Health Mission, detailed the Ministry of Health & Family Welfare’s ongoing and upcoming strategies to combat rare genetic diseases such as thalassemia and aplastic anemia. He expressed optimism in leveraging cross-sectoral partnerships to enhance the reach and impact of these health interventions.

     

    The event commenced with a welcome address by Shri P.M. Prasad, Chairman, CIL, who expressed gratitude to dignitaries, partners, and stakeholders for their unwavering support in making TBSY a success. He reaffirmed CIL’s commitment to social welfare, stressing the importance of collective effort in transforming lives through focused CSR programs.

    The vote of thanks was delivered by Shri Vinay Ranjan, Director (HR), CIL. He reiterated CIL’s dedication to expanding CSR efforts for creating long-term social impact.

    From the partner hospitals’ side, Dr. Vikram Matthews (CMC Vellore) and Dr. Sunil Bhat (Narayana Health, Bengaluru) delivered insightful presentations, elaborating on the devastating nature of thalassemia, sharing real-life case studies, and offering recommendations for strengthening BMT infrastructure and outreach in India.

    The event also featured the felicitation of top-performing hospitals namely Christian Medical College (CMC) Vellore, Narayana Hrudayalaya Bengaluru, and Rajiv Gandhi Cancer Institute & Research Centre, Delhi for their exemplary efforts in delivering successful transplant outcomes.

    Adding a heartfelt element to the ceremony, 15 thalassemia warrior children were honored, and guardians of two beneficiaries shared emotional testimonials expressing deep gratitude for restoring hope and health to their families.

    Through the Thalassemia Bal Sewa Yojana, Coal India Limited under the guidance of Ministry of Coal continues to exemplify how corporate leadership can extend beyond business imperatives to transformative impact, compassion and Nation-building.

     ****

    Shuhaib T

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  • MIL-OSI Asia-Pac: Development and Welfare Board for De-notified, Nomadic and Semi-Nomadic Communities (DWBDNC)

    Source: Government of India

    Development and Welfare Board for De-notified, Nomadic and Semi-Nomadic Communities (DWBDNC)

    Hon’ble Minister Reviews DNT Welfare Initiatives During Visit to Tisgaon Tanda, Chhatrapati Sambhaji Nagar

    Posted On: 08 MAY 2025 5:56PM by PIB Mumbai

    Chhatrapati Sambhaji Nagar/Mumbai, 8 May 2025

     

    The Union Minister of Social Justice and Empowerment, Dr. Virendra Kumar, visited Tisgaon Tanda village in Taluka Khultabad, District Chhatrapati Sambhaji Nagar, Maharashtra, today (May 8, 2025) to review ongoing development and welfare activities targeted at De-notified, Nomadic, and Semi-Nomadic Communities (DNTs). The visit focused on assessing the implementation of the SEED (Scheme for Economic Empowerment of DNTs) programme, alongside various State Government-led initiatives.

    Addressing the gathering, Union Minister Dr. Virendra Kumar emphasized the Government of India’s commitment to the upliftment of DNT communities—among the most marginalized and socio-economically disadvantaged groups in the country. The Union Minister highlighted that the Ministry of Social Justice and Empowerment (MoSJE) has established the Development and Welfare Board for De-notified, Nomadic and Semi-Nomadic Communities (DWBDNC) to ensure the focused implementation of welfare and development schemes for these communities.

    During the visit, Dr. Virendra Kumar interacted directly with a wide range of stakeholders, including State Government officials, NGO partners involved in SEED implementation, DNT beneficiaries and students, Self Help Group (SHG) members, and local community leaders. These interactions provided important ground-level feedback and insights into the effectiveness and impact of the programmes.

    During the visit, a range of entitlements and benefits were distributed to eligible members of the DNT communities, including:

    • Ayushman Bharat Health Insurance Cards, ensuring access to quality healthcare services,
    • Kamgar Kalyan Smart Cards, facilitating access to welfare benefits for unorganized workers,
    • Caste Certificates, essential for availing reservations and affirmative action schemes,
    • Revolving Funds to Self-Help Groups, supporting income-generating activities,
    • Entry Point Activities aimed at confidence building and group cohesion among newly formed SHGs.

    The SEED scheme targets families with an annual income of ₹2.50 lakh or less, who are not availing benefits from similar schemes of the central or state governments. The scheme includes four key components for the welfare of the DNT communities:

    • Providing quality coaching to DNT candidates for competitive examinations,
    • Providing health insurance to DNT communities,
    • Promoting livelihood initiatives at the community level for small groups within DNT/NT/SNT communities,
    • Providing financial assistance to DNT individuals for constructing houses.

    This visit reaffirmed the Union Ministry of Social Justice and Empowerment’s dedication to ensuring inclusive development and effective delivery of welfare measures for DNT communities at the grassroots level.

     

    * * *

    PIB Mumbai | SC/ DR

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  • MIL-OSI Asia-Pac: Text of the Vice-President’s interaction with Kautilya Fellows from Indian Foundation, New Delhi (Excerpts)

    Source: Government of India

    Posted On: 08 MAY 2025 6:27PM by PIB Delhi

    Good afternoon,  
     
    Shri Ram Madhav,  Director, India Foundation. His public life has been dotted with contributions all throughout for larger public welfare but he can legitimately be counted as authentic part of Indian intelligentsia.
     
    Distinguished guests from abroad, and Distinguished members of this group.
     
    Greetings to our foreign guests to Bharat, home to one-sixth of humanity, Global epicenter of culture. We legitimately take pride in being a civilization of thousands of years old and we are unique in several ways, you would have already got some inkling of it. My very distinguished predecessor Venkaiah Naidu ji, a tall figure in Indian politics set very high benchmark as Chairman, Rajya Sabha. He started a bond as he has the good fortune to host two cohorts. Anything done by him carries sublimity and  worth. I am delighted to continue this bond which will be enduring, and it is the fifth one. I am particularly fascinated by the name Kautilya fellowship program and more fascinated by the demographic upper sealing it has for 35 years. 35 years would mean all of you can qualify in the right age to be member of Lok Sabha, 25 years is the age. 

    At 30 you can be a member of the upper house. Unfortunately, you can’t contest the election to be the President. There you have to be more than 35 years of age. You are in a land which basically believes in universal brotherhood–Vasudhaiva Kutumbakam. When India hosted and set very high benchmark for G20, the G20 motto was One Earth, One family, One future. This has been exemplified by us over thousands of years, and also in contemporaneous times. At the moment we have global turbulence, Global disturbance.  There are global conflagrations, nations are getting ambitious, they are getting in expansion mode and therefore Kautilya’s words of wisdom have great relevance.

     
    Wisdom of Kautilya stands out not as ancient relic but as living guidance. I am sure you must have all studied on Kautilya and his thought process. His philosophy, his Arthashastra remains unmatched in its precision on governance, revealing a mind that understood powers essential in nature and while never forgetting its purpose.  Power is defined by limitations. Democracy is nurtured ever mindful of the limitations of power.  If you will go deep into Kautilya’s philosophy you will find all this converges only to one essence- nectar of governance, welfare of the people.  Kautilya declared, “The happiness of the King lies in the happiness of his people”
     
    If you look at Constitutions of any country that are democratic, you will find this philosophy is the underlying spirit and essence of Democratic governance and democratic values. This people centric foundation reminds us that legitimacy flows not on account of being elected to governance, not on account of being in seat of power but it flows when you get involved passionately in mission mode with deep commitment to execution and public welfare activities.
     
    Democracy is nurtured best when expression and dialogue complement each other, this distinguishes democracy from any other form of governance and in India democracy did not start with our constitution coming into force or we getting Independence from foreign rule. We have been a democratic nation in spirit for thousands of years and this expression and dialogue, complementary mechanism, अभिव्यक्ति, वाद-विवाद has been known in Vedic culture as Anantvad. I am therefore extremely optimistic, brimming with confidence that a world that I described is so torn. If young minds can get together from several countries,  get to know each other and that too in Land of Civilization, cradle of Civilization, crucible of innovation  where the only thought process resonating over the years is welfare of all.
     
    You would have felt by now, Atithi Devo Bhava. Guest for us is God. You would have felt it on any part of the country.  The format will be different, mechanism will be different but the spirit will be the same.  I therefore beseech you to look at Bharat, what it was, lost way somewhere in between.  There was a time when India contributed to the extent of one third of the global economy,  there was a time when India was global destination for knowledge & wisdom. Our educational institutions – Nalanda, Takshashila to name only two, were glorified but about 1300 years ago Nalanda was put in flames. Precious library was lost, Marauders came, they made an effort to revenge our culture, tyrannical, barbaric in their approach but the land survived.

    You see recent decades, we were a fragile economy counted or stigmatized as being part of fragile five. Now we are the fourth largest global economy on way to becoming the third.  You have to understand Bharat at the moment. No nation in the world has grown so exponentially in last decade as Bharat. Among the larger economies, our pace of growth, our economic upsurge has been at the front. This has converted Bharat into the most aspirational nation in the world at the moment. And primarily because of the segment you represent. Bharat’s demographic dividend is envy of the world. You all are stakeholders in governance in future of the world more than us. You have to drive the growth engine for larger prosperity of the world. Today you see a Bharat at the moment where developmental impact is being felt in the villages.

    Imagine all village households having access to minimum 4G internet technology. Imagine a nation which contributes more than 50% of global technological transactions. Imagine a country of 1.4 billion which just a decade ago did not have all households connected to electricity, to pipe water, had no toilet facility, no gas connection. Now they have. 

    This transformation has brought about equality. This transformation has cut into inequities. Bharat is a growth story accoladed by the world. To be emulated by many nations and they have expressed desire. Global institutions, the World Bank, the IMF, they have recognised this spinal strength of human genius of Bharat. Strength and resilience of its economy. And that is why IMF declared India that is the Bharat as a global shining centre of investment and opportunity.

    Boys and girls you are in this land. Our Prime Minister, a great visionary believes in big scale. He believes in massive transformation. He believes in the transformation of the world and after a decade of governance the results are writing on the wall. It is after a long gap of several decades, that we have a Prime Minister continually in the third term and that is making all the difference. And this is what Prime Minister Narendra Modi said, “Democracy is in our DNA”

    Why in our DNA? Because from ancient Vedic Sabhas and Samitis to our contemporary electoral system. Boys and girls examine. This is the only country in the world that has constitutionally prescribed democratic system at the village level, at the district level, at the state level, at the national level.

    This was brought in effect in our country about three and a half decades ago. We started initially with electoral system, democratic process for Parliament and state legislatures but now it has permeated and all this is Constitutionally prescribed. A stable, robust constitutional mechanism has to ensure governance at the village level, at taluk level, at district level. Let me indicate some statistics that will buttress my point. Our electoral process stands as a marvel of scale and inclusion.

    The number of registered voters is 990 million. We will be touching a billion. And in the last election in 2024, 642 million people cast votes. This is twice the size of the population of United States. Globally in democratic process there is a declining trend of participation but Bharat defeats this trend. Participatory democracy is blossoming in Bharat and the turnout is rising. It is currently close to 65 percent. Our commitment to gender equity is now constitutionally codified. Women reservation in legislature and Parliament is to the extent of one third now. This is a facet of empowerment of women.

    Humanity cannot grow equitably without a fair share of participation by women. But what you need to learn more particularly is reservation to the extent of one third in Lok Sabha and State legislatures is not the upper limit. In the other two third category women can participate. So their number will be more than two third, more than one third, but a striking feature of this reservation is it is horizontal and vertical. Marginalised sections, scheduled castes, scheduled tribes, they will have reservation in themselves but there will be reservation for women in that category also.

     So boys and girls, this is epochal development. This will be game changing and this will impact this country in a manner that we will regain our past glory as Vishwaguru. Bharat is not a nation with potential. It is a nation on the rise. The rise is unstoppable. The rise is incremental. Making India a developed nation at 2047 when we complete centenary of our independence is not a dream.
     
    It is our destination. Everyone in the country is confident we will achieve it in 2047 if not earlier. In doing all this, our Prime Minister has exemplified in action Kautilyan philosophy. Kautilya’s thought process is a treatise in governance virtually encyclopedic for every facet of governance, state craft, security, role of the king, now those elected. In our multipolar world, we are shifting alliances; you know more than I do. We had a concept, fly by night concept. Same can be seen with alliances. But Kautilya imagined then that this will be our shifting.

     

    Let me quote Kautilya, “Neighbouring state is an enemy and the enemy’s enemy is a friend”, which country knows better than Bharat. We always believe in global peace, global fraternity, global welfare and that is why I said our motto for G20 reflected that 100%. We must go by results. How many people have been hand held to lead a life of dignity, to come out of poverty and that is decided by certain indicators. The number is 248 million. This has been done by a multi pronged strategy. They have been hand held and they have come out. The number will keep on growing. I do not wish to take more time but indicate to you that perhaps what is your median age? 28, around. I say so because this is median age of our demographic dividend. This will take us to our destination.

    I will conclude by giving you one illustration, How Prime Minister Modi followed Chanakya Kautilya. When the world faced a non-discriminatory challenge in the shape of COVID, the challenge was much bigger for a nation of 1.4 billion people, and this is what Narendra Modi did. His first step was people’s curfew. People were amazed. Why India’s Prime Minister is thinking of people’s curfew? It was not state sponsored, not administration enforced. He appealed to the people.
    Not a soul was on the street. There was near 100% compliance. This motivated the people. This gave strength to a leadership that had vision. Determined to fight COVID at a time when there was no vaccine. No immediate solution in sight.

    I know it because then I was boys and girls, Governor of the State of West Bengal. I was looking at the problem that was staring us. I had the good fortune to see in city of joy, Kolkata, curfew being 100% by the people but the underlying spirit of the Prime Minister was it is for the people. It is for the benefit of the people. Can there be greater awareness of the problem than this? This one step by visionary Prime Minister enlightened everyone about the gigantic scale of the problem. Secondly, lighting of candles. I as governor did it. And that was symbolising hope that there may be darkness of COVID, but there will be light. We have Indian tradition when there is some happiness lie when a child is born, how do you light a candle? How would the villagers know? So the house that is honoured by arrival of a newborn, they will take a thali, a metal plate and do it, we did that. At that time, some people did not see the underlying rationale of the Prime Minister. In retrospect they know the man was present Kautilya. He was present, Chanakya. Same about economy. Economy of this country has risen like a plateau. He realised, as Kautilya instructed in Arthashastra, if the last mile people do not rise, economy cannot get quantum jump. 

    Just imagine, and I will urge all of you to study, the impact of Mudra Loan. How it has converted 50% beneficiaries who are women into entrepreneurs. How it has led women and others to self-economic independence. I am extremely delighted to be amongst you because you constitute the intellectual capital of the world. This convergence is motivated by not welfare of one nation, one race, one caste, one creed, one religion. It is meant in the true spirit of ‘Vasudhaiva Kutumbakam’, the world is one family. We aspire for welfare of the entire world.

     
    Kautilya had one great emphasis. Democracy has to be participatory. Development equally has to be participatory. He laid great emphasis on individuals contributing for national welfare. A nation is defined by decorum, discipline that is individualistic in nature. Similarly, I quote Kautilya, “Just as one wheel alone does not move a cart,” those were the days only of cart, not of automobiles.

    Administration cannot be accomplished single-handedly. This nation has an administration which is innovative. In the country we had some districts that were lagging behind. Bureaucrats did not venture into those areas. Prime Minister Modi created a nomenclature for those districts. ‘Aspirational Districts’ and now those ‘Aspirational Districts’ have turned out to be leader districts in development.

    Prime Minister Modi certainly thought that people are going to metros. Tier 2, Tier 3 cities must also be hub of economic activity. He devised a mechanism of smart cities. Smart cities were not in the context of infrastructure or beauty. It was in the context of facilities being available for entrepreneurs, for students, so that they do not have to go to metros.

    There was a time when in this country for security purposes we used to call our villages on the border as the last village. He changed it. He changed it into first village, a vibrant village. So boys and girls, make most of your time while you are here and I am sure you will carry fond memories. Nurture the bonds you create here. These bonds will help you all your lives, trust me. Do you have an alumni culture of your cohorts? Develop that. I am extremely privileged to be part of this discourse. I will say three things and conclude. One — it is for the first time in G20, India took the initiative to make African Union a member of G20. It is for the first time that Prime Minister Modi took the initiative to put the consensus of the Global South on international radar. And last, while you were battling COVID, this country helped 100 other countries with COVID vaccine.
     
    Thank you so much

    ****

    JKRC/SM

    (Release ID: 2127759) Visitor Counter : 2

    MIL OSI Asia Pacific News –

  • MIL-OSI: Atlanticus Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 net margin growth of 26.4% over prior year, with 3.8 million accounts served (1)

    ATLANTA, May 08, 2025 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) (Atlanticus, the Company, we, our or us), a financial technology company that enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced its financial results for the first quarter ended March 31, 2025. An accompanying earnings presentation is available in the Investors section of the Company’s website at www.atlanticus.com or by clicking here.

    Financial and Operating Highlights

    First Quarter 2025 Highlights (all comparisons to the First Quarter 2024)

    • Managed receivables2 increased 16.7% to $2.7 billion
    • Total operating revenue and other income increased 18.9% to $344.9 million
    • Return on average equity of 22.0 %3
    • Purchase volume of $661.0 million
    • Over 415,000 new accounts served during the quarter, 3.8 million total accounts served1
    • Net income attributable to common shareholders of $27.9 million, or $1.49 per diluted common share

    1)In our calculation of total accounts served, we include all accounts with account activity and accounts that have open lines of credit at the end of the referenced period. 
    2) Managed receivables is a non-GAAP financial measure and excludes the results of our Auto Finance receivables. SeeCalculationofNon-GAAP Financial Measures for important additional information. 
    3)Return on average equity is calculated using Netincome attributable to common shareholders as the numerator and the average of Total equityasofMarch31,2025andDecember 31,2024as the denominator, annualized.

    Management Commentary

    Jeff Howard, President and Chief Executive Officer at Atlanticus stated, “We are pleased to start the year with prudent growth and achieving our profitability targets while adding over 400,000 new customers served. This quarter’s performance continues to highlight our priorities of providing an invaluable service to the consumers we serve, unit level profitability, and finally, growth. On behalf of our bank partners, we now facilitate access to everyday needs through credit to nearly 4 million consumers. The largest purchase volumes on our general-purpose credit card solutions are for food and gas, indicative of the role the services we provide play in the daily lives of everyday Americans. We are proud to partner with these consumers on their financial journey.

    “We have built a diversified, tech-enabled, credit-as-a-service platform that brings together banks, retail and health-care partners, to meet their customers where they are. This diversified platform capability provides us with significant opportunities for long-term, sustained growth as we work to offer financial solutions to the almost 100 million everyday Americans looking to build or improve their credit. Our analytics, technology, and access to ample capital allow us to offer a best-in-class solution to our partners and their customers. It is this opportunity that leads to our belief that we can deliver above market rates of growth while achieving our targeted return on capital.”

    Financial Results   For the Three Months Ended March 31,    
    ($ in thousands, except per share data)     2025       2024     % Change
    Total operating revenue and other income   $ 344,873     $ 290,174     18.9%  
    Other non-operating income     293       532     nm  
    Total revenue and other income     345,166       290,706     18.7%  
    Interest expense     (47,530)       (35,063)     35.6%  
    Provision for credit losses     (1,068)       (2,944)     nm  
    Changes in fair value of loans     (178,345)       (159,171)     12.0%  
    Net margin   $ 118,223     $ 93,528     26.4%  
    Total operating expenses   $ 77,355     $ 60,707     27.4%  
    Net income   $ 31,122     $ 25,819     20.5%  
    Net income attributable to controlling interests   $ 31,520     $ 26,170     20.4%  
    Preferred stock and preferred unit dividends and discount accretion   $ (3,574)     $ (6,292)     (43.2%)  
    Net income attributable to common shareholders   $ 27,946     $ 19,878     40.6%  
    Net income attributable to common shareholders per common share—basic   $ 1.85     $ 1.35     37.0%  
    Net income attributable to common shareholders per common share—diluted   $ 1.49     $ 1.09     36.7%  

    *nm = not meaningful

    Managed Receivables

    Managed receivables increased 16.7% to $2.7 billion with over $388.7 million in net receivables growth from March 31, 2024 driven by growth both in the private label credit and general purpose credit card products offered by our bank partners. Total accounts served increased 8.1% to 3.8 million. The addition of large private label credit retail partners and ongoing purchases of receivables arising in accounts issued by our bank partners to customers of our existing retail partners helped grow our private label credit receivables by $345.8 million in the twelve months ended March 31, 2025. Our general purpose credit card receivables grew by $42.8 million during the twelve months ended March 31, 2025. While some of our merchant partners continue to face year-over-year growth challenges, others are benefiting from continued consumer spending and a growing economy and have expanded their relationship with us. We expect continued growth in 2025 in our managed receivables when compared to prior periods in 2024.

    Total Operating Revenue and Other Income

    Total operating revenue and other income consists of: 1) interest income, finance charges and late fees on consumer loans, 2) other fees on credit products including annual and merchant fees and 3) interchange and servicing income on loan portfolios and other customer related fees. 

    We are currently experiencing continued period-over-period growth in private label credit and general purpose credit card receivables — growth that we expect to result in net period-over-period growth in our total interest income and related fees for these operations throughout 2025. During 2024 we experienced higher growth rates for our private label credit receivables than for our general purpose credit card receivables. We expect growth in our private label credit receivables to exceed growth in our general purpose receivables through the second quarter of 2025. Future periods’ growth is dependent on the addition of new retail partners to expand the reach of private label credit operations as well as growth within existing partnerships and the level of marketing investment for the general purpose credit card operations.

    During the quarter ended March 31, 2025, total operating revenue and other income increased 18.9% to $344.9 million. General purpose credit card receivables tend to have higher total yields than private label credit receivables (and corresponding higher charge off rates). As a result, in periods where we have declines in rates of growth of these general purpose credit card receivables, as was noted in 2024 (relative to growth in private label credit card receivables), we expect to have slightly lower total managed yield ratios. We currently expect increases in the rates of acquisition of our general purpose credit card receivables relative to private label credit receivables in the third and fourth quarters of 2025 and correspondingly higher period-over-period operating revenue and other income for all periods in 2025. This growth includes an expected seasonal shift in our mix of acquired private label receivables to higher FICO receivables that have lower gross yields (and correspondingly lower charge-off expectations) in the third quarter each year, which may result in marginally lower managed yield ratios when compared to the corresponding periods in 2024.

    Interest Expense

    Interest expense was $47.5 million for the quarter ended March 31, 2025, compared to $35.1 million for the quarter ended March 31, 2024. The higher expenses were primarily driven by the increases in outstanding debt in proportion to growth in our receivables coupled with increases in the cost of borrowing.

    Outstanding notes payable, net of unamortized debt issuance costs and discounts, associated with our private label credit and general purpose credit card platform increased to $2,137.6 million as of March 31, 2025 from $1,795.4 million as of March 31, 2024. The majority of this increase in outstanding debt relates to the addition of multiple credit facilities in 2024 and 2025 coupled with the issuance of our 9.25% Senior Notes due 2029. Recent increases in the effective interest rates on debt have increased our interest expense as we have raised additional capital (or replaced existing facilities) over the last two years. We anticipate additional debt financing over the next few quarters as we continue to grow coupled with higher effective interest rates on new debt compared to rates on maturing debt. As such, we expect our quarterly interest expense for these operations to increase compared to prior periods.

    Changes in Fair Value of Loans

    Changes in fair value of loans increased to $178.3 million for the quarter ended March 31, 2025 compared to $159.2 million for the quarter ended March 31, 2024. This increase was largely driven by growth in our acquisition and relative mix of receivables, offset by improvements in the fair value assessment for receivables due to improvements in the underlying performance in the form of improved delinquencies and improved net returns.

    We include asset performance degradation in our forecasts to reflect both changes in assumed asset level economics and the possibility of delinquency rates increasing in the near term (and the corresponding increase in charge-offs and decrease in payments) above the level that current trends would suggest. Based on observed asset stabilization, implementation of product, policy, and pricing changes and general improvements in U.S. economic expectations due to the improved inflation environment, some expected degradation has been removed in recent periods. Tightened underwriting standards  have resulted in improved overall credit performance of our acquired receivables. When coupled with those existing assets negatively impacted by inflation gradually becoming a smaller percentage of the outstanding portfolio, we expect to see overall improvements in the measured fair value of our portfolios of acquired receivables.

    Total Operating Expenses

    Total operating expenses increased 27.4% in the quarter when compared to the same period in 2024, driven primarily by increases in variable servicing costs associated with growth in our receivables and costs associated with the implementation of product, policy and pricing changes. In addition, we experienced growth in both the number of employees and inflationary compensation pressure, partially offset by decreases in certain other nonrecurring accounting and legal expenditures as compared to the first quarter of 2024.

    We expect some continued increase in salaries and benefits in 2025 compared to corresponding periods in 2024 as we continue to add resources across our business and as a result we expect to increase our number of employees.

    We expect increased levels of expenditures associated with anticipated growth in private label credit and general purpose credit card operations. These expenses will primarily relate to the variable costs of marketing efforts and card and loan servicing expenses associated with new receivable acquisitions. Offsetting a portion of this increase are significant reductions in our servicing costs per account, resulting from the realization of greater economies of scale and increased use of automation as our receivables have grown.

    In addition, as we continue to adjust our underwriting standards to reflect changes in fee and finance assumptions on new receivables, and allow for overall increases in the cost to successfully market to consumers, we expect period over period marketing costs for 2025 to increase relative to those experienced in 2024, although the frequency and timing of increased marketing efforts could vary and are dependent on macroeconomic factors such as national unemployment rates and federal funds rates.

    Net Income Attributable to Common Shareholders

    Net income attributable to common shareholders increased 40.6% to $27.9 million, or $1.49 per diluted share for the quarter ended March 31, 2025.

    Share Repurchases

    We repurchased and retired 27,252 shares of our common stock at an aggregate cost of $1.25 million, in the quarter ended March 31, 2025.

    We will continue to evaluate the best use of our capital to increase shareholder value over time.

    About Atlanticus Holdings Corporation

    Empowering Better Financial Outcomes for Everyday Americans

    Atlanticus™ technology enables bank, retail, and healthcare partners to offer more inclusive financial services to everyday Americans through the use of proprietary technology and analytics. We apply the experience gained and infrastructure built from servicing over 20 million customers and $43 billion in consumer loans over more than 25 years of operating history to support lenders that originate a range of consumer loan products. These products include retail and healthcare private label credit and general purpose credit cards marketed through our omnichannel platform, including retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and partnerships with third parties. Additionally, through our Auto Finance subsidiary, Atlanticus serves the individual needs of automotive dealers and automotive non-prime financial organizations with multiple financing and service programs.

    Forward-Looking Statements

    This press release contains forward-looking statements that reflect the Company’s current views with respect to, among other things, its business, long-term growth plans and opportunities, operations, return on capital, financial performance, revenue and other income, amount and pace of growth of managed receivables, mix of receivables, underwriting approach, total interest income and related fees and charges, managed yield ratio, debt financing, liquidity, interest rates, interest expense, operating expense, marketing efforts and fair value of receivables. You generally can identify these statements by the use of words such as outlook, potential, continue, may, seek, approximately, predict, believe, expect, plan, intend, estimate or anticipate and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as will, should, would, likely and could. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in the Company’s filings with the Securities and Exchange Commission and include, but are not limited to, bank partners, merchant partners, consumers, loan demand, the capital markets, labor availability, supply chains and the economy in general; the Company’s ability to retain existing, and attract new, merchant partners and funding sources; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the outcome of litigation and regulatory matters; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company’s ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Contact:
    Investor Relations
    (770) 828-2000
    investors@atlanticus.com

    Atlanticus Holdings Corporation and Subsidiaries
    Condensed Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands)
     
        March 31,   December 31,
          2025       2024  
    Assets        
    Unrestricted cash and cash equivalents (including $164.3 million and $140.2 million associated with variable interest entities at March 31, 2025 and December 31, 2024, respectively)   $350,390     $375,416  
    Restricted cash and cash equivalents (including $86.9 million and $98.8 million associated with variable interest entities at March 31, 2025 and December 31, 2024, respectively)     111,059       124,220  
    Loans at fair value (including $2,622.4 million and $2,542.9 million associated with variable interest entities at March 31, 2025 and December 31, 2024, respectively)     2,668,503       2,630,274  
    Loans at amortized cost, net (including $4.8 million and $4.9 million of allowance for credit losses at March 31, 2025 and December 31, 2024, respectively; and $20.1 million and $19.8 million of deferred revenue at March 31, 2025 and December 31, 2024, respectively)     81,238       84,332  
    Property at cost, net of depreciation     12,401       10,519  
    Operating lease right-of-use assets     13,844       13,878  
    Prepaid expenses and other assets     34,730       32,068  
    Total assets   $3,272,165     $3,270,707  
             
    Liabilities        
    Accounts payable and accrued expenses   $81,108     $72,088  
    Operating lease liabilities     24,145       24,188  
    Notes payable, net (including $2,137.6 million and $2,128.0 million associated with variable interest entities at March 31, 2025 and December 31, 2024, respectively)     2,174,632       2,199,448  
    Senior notes, net     299,656       281,552  
    Income tax liability     123,775       114,068  
    Total liabilities     2,703,316       2,691,344  
             
    Commitments and contingencies        
    Preferred stock, no par value, 10,000,000 shares authorized:        
    Series A preferred stock, 400,000 shares issued and outstanding (liquidation preference – $40.0 million) at March 31, 2025 and December 31, 2024(1)     40,000       40,000  
    Class B preferred units issued to noncontrolling interests     –       50,000  
             
    Shareholders’ Equity        
    Series B preferred stock, no par value, 3,314,840 shares issued and outstanding at March 31, 2025 (liquidation preference – $82.9 million); 3,301,179 shares issued and outstanding at December 31, 2024 (liquidation preference – $82.5 million) (1)     –       –  
    Common stock, no par value, 150,000,000 shares authorized: 15,097,243 and 14,904,192 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively     –       –  
    Paid-in capital     110,138       98,278  
    Retained earnings     422,574       394,628  
    Total shareholders’ equity attributable to Atlanticus Holdings Corporation     532,712       492,906  
    Noncontrolling interests     (3,863)       (3,543)  
    Total equity     528,849       489,363  
    Total liabilities, shareholders’ equity and temporary equity   $3,272,165     $3,270,707  
             
    (1) Both the Series A preferred stock and the Series B preferred stock have no par value and are part of the same aggregate 10,000,000 shares authorized.
    Atlanticus Holdings Corporation and Subsidiaries
    Condensed Consolidated Statements of Income (Unaudited)
    (Dollars in thousands, except per share data)
     
        For the Three Months Ended
    March 31,
          2025       2024  
    Revenue and other income:        
    Consumer loans, including past due fees   $247,655     $230,374  
    Fees and related income on earning assets     78,341       47,905  
    Other revenue     18,877       11,895  
    Total operating revenue and other income     344,873       290,174  
    Other non-operating income     293       532  
    Total revenue and other income     345,166       290,706  
             
    Interest expense     (47,530)       (35,063)  
    Provision for credit losses     (1,068)       (2,944)  
    Changes in fair value of loans     (178,345)       (159,171)  
    Net margin     118,223       93,528  
             
    Operating expenses:        
    Salaries and benefits     (15,503)       (13,312)  
    Card and loan servicing     (32,152)       (26,822)  
    Marketing and solicitation     (20,334)       (10,428)  
    Depreciation     (797)       (654)  
    Other     (8,569)       (9,491)  
    Total operating expenses     (77,355)       (60,707)  
    Income before income taxes     40,868       32,821  
    Income tax expense     (9,746)       (7,002)  
    Net income     31,122       25,819  
    Net loss attributable to noncontrolling interests     398       351  
    Net income attributable to controlling interests     31,520       26,170  
    Preferred stock and preferred unit dividends and discount accretion   (3,574)       (6,292)  
    Net income attributable to common shareholders   $27,946     $19,878  
             
    Net income attributable to common shareholders per common share—basic $1.85     $1.35  
    Net income attributable to common shareholders per common share—diluted $1.49     $1.09  
               

    Additional Information

    Additional trends and data with respect to our private label credit and general purpose credit card receivables can be found in our latest Form 10-Q filing with the Securities and Exchange Commission under Management’s Discussion and Analysis of Financial Condition and Results of Operations.

    Calculation of Non-GAAP Financial Measures

    This press release presents information about managed receivables, which is a non-GAAP financial measure provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (GAAP). In addition to financial measures presented in accordance with GAAP, we present managed receivables, total managed yield, combined principal net charge-offs, and fair value to total managed receivables ratio, all of which are non-GAAP financial measures. These non-GAAP financial measures aid in the evaluation of the performance of our credit portfolios, including our risk management, servicing and collection activities and our valuation of purchased receivables. The credit performance of our managed receivables provides information concerning the quality of loan originations and the related credit risks inherent with the portfolios. Management relies heavily upon financial data and results prepared on the managed basis in order to manage our business, make planning decisions, evaluate our performance and allocate resources.

    These non-GAAP financial measures are presented for supplemental informational purposes only. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, GAAP financial measures. These non-GAAP financial measures may differ from the non-GAAP financial measures used by other companies. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures or the calculation of the non-GAAP financial measures are provided below for each of the fiscal periods indicated.

    These non-GAAP financial measures include only the performance of those receivables underlying consolidated subsidiaries (for receivables carried at amortized cost basis and fair value) and exclude the performance of receivables held by our former equity method investee. As the receivables underlying our former equity method investee reflect a small and diminishing portion of our overall receivables base, we do not believe their inclusion or exclusion in the overall results is material. Additionally, we calculate average managed receivables based on the quarter-end balances.

    The comparison of non-GAAP managed receivables to our GAAP financial statements requires an understanding that managed receivables reflect the face value of loans, interest and fees receivable without any consideration for potential loan losses or other adjustments to reflect fair value.

    A reconciliation of Loans at fair value to Total managed receivables is as follows:

        At or for the Three Months Ended
          2025     2024     2023  
    (in Millions)   Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30
                       
    Loans at fair value   $2,668.5   $2,630.3   $2,511.6   $2,277.4   $2,150.6   $2,173.8   $2,050.0   $1,916.1  
    Fair value mark against receivable (1)     37.8     94.5     142.5     137.7     167.5     237.5     265.2     257.9  
    Total managed receivables (2)   $2,706.3   $2,724.8   $2,654.1   $2,415.1   $2,318.1   $2,411.3   $2,315.2   $2,174.0  
                       
    Fair value to Total managed receivables ratio (3)     98.6%     96.5%     94.6%     94.3%     92.8%     90.2%     88.5%     88.1%  
    (1) The Fair value mark against receivables reflects the difference between the face value of a receivable and the net present value of the expected cash flows associated with that receivable.
    (2) Total managed receivables are equal to the aggregate unpaid gross balance of loans carried at fair value.
    (3) The Fair value to Total managed receivables ratio is calculated using Loans at fair value as the numerator, and Total managed receivables as the denominator.
     

    A reconciliation of our operating revenues, net of finance and fee charge-offs, to comparable amounts used in our calculation of Total managed yield is as follows:

      At or for the Three Months Ended
          2025     2024     2023  
    (in Millions)   Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30
    Consumer loans, including past due fees   $238.5   $242.1   $245.3   $232.1   $220.0   $214.6   $214.6   $210.3  
    Fees and related income on earning assets     78.3     83.8     78.5     59.5     47.9     71.7     59.8     62.9  
    Other revenue     18.7     17.5     16.8     13.6     11.7     12.0     10.2     7.6  
    Total operating revenue and other income – CaaS Segment     335.5     343.4     340.6     305.2     279.6     298.3     284.6     280.8  
    Adjustments due to acceleration of merchant fee discount amortization under fair value accounting     0.1     0.7     (15.1)     (12.6)     4.0     6.5     (6.8)     (10.6)  
    Adjustments due to acceleration of annual fees recognition under fair value accounting     (4.2)     (10.5)     (8.0)     1.1     10.1     (12.6)     (3.1)     (9.8)  
    Removal of finance charge-offs     (70.0)     (64.9)     (60.6)     (62.9)     (63.7)     (59.5)     (47.1)     (54.2)  
    Total managed yield   $261.4   $268.7   $256.9   $230.8   $230.0   $232.7   $227.6   $206.2  
                                       

    The calculation of Combined principal net charge-offs is as follows:

        At or for the Three Months Ended
          2025     2024     2023  
    (in Millions)   Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30
    Charge-offs on loans at fair value   $233.5   $213.1   $201.5   $217.0   $231.7   $215.2   $173.5   $180.0  
    Finance charge-offs (1)     (70.0)     (64.9)     (60.6)     (62.9)     (63.7)     (59.5)     (47.1)     (54.2)  
    Combined principal net charge-offs   $163.5   $148.2   $140.9   $154.1   $168.0   $155.7   $126.4   $125.8  
                                       

    (1) Finance charge-offs are included as a component of our Changes in fair value of loans in the condensed consolidated statements of income.

    The MIL Network –

  • MIL-OSI: Magnetic North Acquisition Corp. Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta and TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) announces that it did not meet the filing date of April 30th for filing of the following continuous disclosure documents (collectively, the “Annual Filings”):

    • the Company’s Annual Audited Financial Statements for the year ended December 31, 2024, as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”);
    • the Company’s Management Discussion & Analysis for the year ended December 31, 2024, as required by section 5.1(2) of NI 51-102; and
    • the Company’s CEO and CFO certifications of annual filings relating to the Annual ‎Financial ‎Statements, as required by ‎National Instrument 52-109 – Certification of ‎Disclosure in ‎Issuers’ Annual and Interim Filings.

    The delay is due ‎to the continuing challenges the Company has encountered and has been working through with respect to completing a financing transaction to provide additional working capital to the Company. These challenges have now been addressed‎‎.The Company expects to complete an initial financing within five (5) to seven (7) business days and is currently completing the necessary documentation to facilitate the Closing. Accordingly, the Company has applied to the Alberta Securities Commission for a Management Cease Trade Order that will prohibit the management of the Company from trading in the securities of the Company until such time as the Annual Filings are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the Management Cease Trade Order, or it may impose an issuer cease trade order if the Annual Filings are not filed in a timely fashion.

    The Company continues to work to complete the Annual Filings. The 2024 audit is anticipated to commence in the last week of May. The Company expects to file the Annual Filings by June 30, 2025 and will issue a news release once the Annual ‎Filings have been filed‎. During the period of default and until filing of the Annual Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 – Management Cease Trade Orders. The guidelines, among other things, require the Company to issue bi-weekly default status ‎reports, in the form of news releases, for so long as the Annual Filings have not been filed‎.

    Until the Company has filed the Annual Filings, members of the Company’s management and other insiders are subject to an insider trading black-out policy as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on November 28, 2024 of the Company’s latest interim financial reports for the period ended September 30, 2024. There are no insolvency proceedings involving the Company. ‎

    About Magnetic North Acquisition Corp.

    Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.

    For further information, please contact:

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

    Certain statements in this news release are “forward-looking statements”, which reflect current ‎expectations of the ‎management of Magnetic North regarding future events or Magnetic North’s ‎future performance. All statements other than ‎statements of historical fact contained in this news ‎release may be forward-looking statements. In particular, ‎forward-looking information and ‎statements herein include, but are not limited to, the filing of the Annual Filings, including the timing for the filing of the Annual Filings and the issuance of a Management Cease Trade Order in respect of the Company. Such forward-looking ‎‎statements involve known and unknown risks, uncertainties and other factors that may cause ‎actual results or ‎events to differ materially from those anticipated in the forward-looking ‎statements. Magnetic North believes that the ‎expectations reflected in such forward-looking ‎statements are reasonable, but no assurance can be given that these ‎expectations will prove to ‎be correct and such forward-looking statements should not be unduly relied upon. The ‎forward-‎looking statements are expressly qualified in their entirety by this cautionary statement. The ‎forward-‎looking statements are made as of the date of this news release and Magnetic North ‎assumes no obligation to update or ‎revise them to reflect new events or circumstances, except ‎as expressly required by applicable securities law. ‎Further information regarding risks and ‎uncertainties relating to Magnetic North and its securities can be found in the ‎disclosure ‎documents filed by Magnetic North with the securities regulatory authorities, available at ‎www.sedar.com.‎

    The MIL Network –

  • MIL-OSI: Oak Ridge Financial Services, Inc. Announces First Quarter 2025 Results and 17% Increase in Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    OAK RIDGE, N.C., May 08, 2025 (GLOBE NEWSWIRE) — Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the first three months of 2025 and an increase of $0.02, or 17%, in its quarterly cash dividend to $0.14 per common share.

    First Quarter 2025 Highlights

    • Earnings per share were $0.57, up from $0.56 in the fourth quarter of 2024 and $0.50 in the first quarter of 2024.
    • Return on equity of 10.04%, compared to 9.63% for the prior quarter and 9.31% for the first quarter of 2024.
    • Net Income was $1.6 million, up from $1.5 million in the fourth quarter of 2024 and $1.4 million in the first quarter of 2024.
    • Tangible book value per common share of $23.50 as of period end, compared to $23.02 at the end of the prior quarter, and $21.80 at the end of the first quarter of 2024.
    • Dividends declared per common share of $0.14, up 17% from $0.12 for the prior quarter and the first quarter of 2024.
    • Net interest margin was 3.97%, increasing from 3.92% in the fourth quarter of 2024 and from 3.79% in the first quarter of 2024, representing a sequential increase of 5 basis points and a year-over-year increase of 18 basis points.
    • Efficiency ratio of 66.8%, compared to 64.6% for the prior quarter and 68.3% for the first quarter of 2024.
    • Loans receivable of $528.5 million at quarter end, up 11.7% (annualized) from $514.3 million as of the prior quarter end, up 10.7% from $477.4 million at the end of the first quarter of 2024.
    • Nonperforming assets to total assets of 0.67% at quarter end, compared to 0.44% as of the prior quarter end and 0.07% at the end of the first quarter of 2024.
    • Nonperforming assets were $4.6 million at quarter end, compared to $3.5 million as of the prior quarter-end and $461,000 as of the prior year quarter end. $4.0 million of the $4.1 million increase in nonperforming assets from the prior year quarter-end to the current quarter end is due to the guaranteed and nonguaranteed balances of eight Small Business Administration (“SBA”) 7(a) loans that moved to nonaccrual status during the third and fourth quarters of 2024, and the first quarter of 2025. The balances as of March 31, 2025, of SBA nonperforming loans guaranteed and unguaranteed by the SBA were $3.1 million and $858,000, respectively.
    • Securities available-for-sale and held-to maturity of $98.9 million at quarter end, representing an annualized decrease of 21.1% from $104.4 million at the prior quarter end, and a decrease of 8.3% from $107.8 million at the end of the first quarter of 2024.
    • Total deposits of $542.5 million at quarter end, representing annualized growth of 8.6% from $531.3 million at the prior quarter end, and an increase of 9.2% from $496.9 million at the end of the first quarter of 2024.
    • Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of $59.7 million at quarter end, representing an annualized increase of 10.5% from $58.2 million at the prior quarter end, and a decrease of 7.0% from $64.2 million at the end of the first quarter of 2024.
    • Total stockholders’ equity of $64.3 million at quarter end, up 8.6% (annualized) from $63.0 million as of the prior quarter end, up 8.0% from $59.6 million at the end of the first quarter of 2024.
    • On March 31, 2025, the Bank’s Community Bank Leverage Ratio (CBLR) was 11.1%, up slightly from 11.0% on December 31, 2024. A bank or savings institution electing to use the CBLR will generally be considered well-capitalized and to have met the risk-based and leverage capital requirements of the capital regulations if it has a leverage ratio greater than 9.0%.

    We are pleased to report a strong start to 2025, marked by solid financial performance and a significant 17% increase in our quarterly cash dividend to $0.14 per share. Our first quarter earnings demonstrated positive momentum, showing improvement both sequentially from the fourth quarter of 2024 and year-over-year. We continued to experience healthy loan growth, achieving a double-digit annualized rate, supported by a robust deposit base and strategic use of borrowings. While we noted a manageable increase in nonperforming assets predominantly related to specific SBA loans, our overall asset quality remains sound, and our net interest margin strengthened during the quarter. Our capital and liquidity positions remain robust, providing a strong foundation for continued growth and the ability to deliver enhanced value to our shareholders. At Oak Ridge, our commitment to building strong client relationships through tailored financial solutions remains paramount, and we appreciate the dedication of our team in consistently serving our customers and managing the Bank effectively.

    The $0.02, or 17% increase in the Company’s quarterly cash dividend to $0.14 per share of common stock will be paid on June 9, 2025, to stockholders of record as of the close of business on May 23, 2025. “We are proud of our record of regularly increasing our quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.”

    For the three months ending March 31, 2025 and 2024, net interest income was $6.3 million and $5.6 million, respectively. For the three months ending March 31, 2025, the net interest margin increased 18 basis points to 3.97%, compared to 3.79% for the three months ending March 31, 2024.

    For the three months ending March 31, 2025, the Company recorded a provision for credit losses of $304,000, compared to a provision for credit losses of $264,000 in the same period in 2024. The allowance for credit losses as a percentage of total loans was 1.05% and 1.03% on March 31, 2025 and 2024, respectively. As highlighted earlier, nonperforming assets increased during the quarter and represented 0.67% of total assets on March 31, 2025, compared to 0.07% on March 31, 2024. The recorded balances of nonperforming loans were $4.6 million on March 31, 2025, compared to $461,000 on March 31, 2024. The $4.1 million increase in nonperforming loans from March 31, 2024 to March 31, 2025, was primarily attributable to eight SBA 7(a) loans totaling $4.0 million moving to nonaccrual status during the third and fourth quarters of 2024, and the first quarter of 2025, of which $3.1 million is guaranteed by the SBA. The SBA loans are also secured by real estate and personal guarantees.

    Noninterest income experienced a decrease from $918,000 for the three months ended March 31, 2024, to $784,000 for the comparable period in 2025. This net decrease of $134,000 was driven by offsetting trends within its components. A significant increase was observed in service charges on deposit accounts, which rose from $628,000 in the first quarter of 2024 to $836,000 in the first quarter of 2025, primarily due to the implementation of a new deposit account fee in 2024. Conversely, income from Small Business Investment Company (SBIC) investments decreased. The Company recorded $209,000 in income from these investments during the three months ended March 31, 2024, but recognized no comparable income in the same period of 2025 due to no income distributions received.

    Noninterest expense increased from $4.3 million for the three months ended March 31, 2024, to $4.7 million for the three months ended March 31, 2025, representing a net increase of $400,000. Several categories contributed significantly to this rise. Salaries increased by $188,000 to $2.4 million in the first quarter of 2025, up from $2.2 million in the first quarter of 2024, primarily due to higher salaries and incentive payments. Employee benefits also saw an increase of $100,000, rising to $370,000 in the first quarter of 2025 from $270,000 in the corresponding 2024 period, mainly due to increased expenses related to the Bank’s employee stock ownership plan and overall employee benefits. Occupancy expenses rose by $47,000 to $321,000 in the three months ended March 31, 2025, compared to $274,000 in 2024, largely due to higher property maintenance costs. Partially offsetting these increases was a decrease in equipment expense of $80,000, falling to $134,000 in the first quarter of 2025 from $214,000 in the same period of 2024, primarily due to lower equipment depreciation expense. Data and items processing expense also increased by $108,000 to $602,000 in the three months ended March 31, 2025, up from $494,000 in 2024, mainly due to higher software licensing fees paid to the Bank’s core processing vendor.

    About Oak Ridge Financial Services, Inc., and Bank of Oak Ridge
    At Bank of Oak Ridge, we pride ourselves on knowing your name when you walk through our door. Whether in-person or through our digital offerings, managing your financial well-being is easy, safe, and convenient. We are the longest-running employee-owned community bank in the Triad and have served community members, local businesses, and non-profit organizations since 2000. Learn more about what makes Bank of Oak Ridge the Triad’s community bank by visiting one of our convenient locations in Greensboro, High Point, Summerfield, and Oak Ridge.

    Oak Ridge Financial Services, Inc. (OTC Pink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender.

    Awards & Recognitions | Best Bank in the Triad | Triad’s Top Workplace Finalist | 2016 Better Business Bureau Torch Award for Business Ethics | Triad’s Healthiest Employer Winner

    Banking for Business & Personal | Mobile & Online Banking | Worldwide ATM | Debit, Credit + Rewards | Checking, Savings & Money Market | Loans + SBA | Mortgage | Insurance | Wealth Management

    Let’s Talk | 336.644.9944 | www.BankofOakRidge.com | Extended Interactive Teller Machine Hours at all Triad Locations

    Forward-looking Information This earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of the words “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements.

     
    OAK RIDGE FINANCIAL SERVICES, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data)
             
        March 31,   December 31,
    		   March 31,
          2025       2024       2024  
    ASSETS   (unaudited)   (audited)   (unaudited)
    Cash and due from banks   $ 10,641     $ 8,075     $ 6,688  
    Interest-bearing deposits with banks     14,614       13,102       16,862  
    Total cash and cash equivalents     25,255       21,177       23,550  
    Securities available-for-sale     80,291       85,714       89,132  
    Securities held-to-maturity, net of allowance for credit losses     18,653       18,662       18,690  
    Restricted stock, at cost     3,616       3,439       2,692  
    Loans receivable     528,521       514,292       477,448  
    Allowance for credit losses     (5,558 )     (5,388 )     (4,941 )
    Net loans receivable     522,963       508,904       472,507  
    Property and equipment, net     8,740       8,664       8,596  
    Accrued interest receivable     3,478       3,135       2,841  
    Bank owned life insurance     6,290       6,268       6,200  
    Right-of-use assets – operating leases     2,165       2,166       2,393  
    Other assets     5,218       5,553       5,010  
    Total assets   $ 676,669     $ 663,682     $ 631,611  
    LIABILITIES        
    Noninterest-bearing deposits   $ 124,274     $ 119,851     $ 99,666  
    Interest-bearing deposits     418,245       411,464       397,220  
    Total deposits     542,519       531,315       496,886  
    Short-term borrowings     41,500       18,000       34,000  
    Long-term borrowings     –       22,000       12,000  
    Junior subordinated notes – trust preferred securities     8,248       8,248       8,248  
    Subordinated debentures, net of discount     9,993       9,983       9,953  
    Lease liabilities – operating leases     2,165       2,166       2,393  
    Accrued interest payable     956       709       1,729  
    Other liabilities     6,970       6,546       6,848  
    Total liabilities     612,351       600,692       572,057  
    STOCKHOLDERS’ EQUITY        
    Common stock     26,881       26,733       26,854  
    Retained earnings     38,562       37,771       34,458  
    Net unrealized loss on debt securities, net of tax     (1,118 )     (1,771 )     (1,942 )
    Net unrealized loss on hedging derivative instruments, net of tax     (7 )     257       184  
    Total accumulated other comprehensive loss     (1,125 )     (1,514 )     (1,758 )
    Total stockholders’ equity     64,318       62,990       59,554  
    Total liabilities and stockholders’ equity   $ 676,669     $ 663,682     $ 631,611  
    Common shares outstanding     2,747,920       2,736,770       2,761,870  
    Common shares authorized     50,000,000       50,000,000       50,000,000  
             
             
    OAK RIDGE FINANCIAL SERVICES, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share data)
             
        Three Months Ended
        March 31,
    		   December 31,   March 31,
          2025       2024       2024  
    Interest and dividend income:        
    Loans and fees on loans   $ 8,276     $ 8,212     $ 7,230  
    Interest on deposits in banks     166       217       151  
    Restricted stock dividends     49       64       45  
    Interest on investment securities     1,282       1,279       1,445  
    Total interest and dividend income     9,773       9,772       8,871  
    Interest expense        
    Deposits     2,714       2,700       2,351  
    Short-term and long-term debt     767       786       899  
    Total interest expense     3,481       3,486       3,250  
    Net interest income     6,292       6,286       5,621  
    Provision for credit losses     304       514       264  
    Net interest income after provision for credit losses     5,988       5,772       5,357  
    Noninterest income:        
    Service charges on deposit accounts     227       234       172  
    Gain (loss) on sale of securities     –       19       –  
    Insurance commissions     150       125       135  
    Gain on sale of Small Business Administration loans     –       –       –  
    Debit and credit card interchange income     272       285       288  
    Income from Small Business Investment Company     –       –       78  
    Income earned on bank owned life insurance     22       23       22  
    Other Service Charges and Fees     88       98       98  
    Total noninterest income     759       784       793  
    Noninterest expenses:        
    Salaries     2,354       2,198       2,166  
    Employee Benefits     335       370       312  
    Occupancy     300       321       296  
    Equipment     164       134       163  
    Data and Item Processing     615       602       520  
    Professional & Advertising     219       298       314  
    Stationary and Supplies     31       21       32  
    Telecommunications     80       65       80  
    FDIC Assessment     120       118       114  
    Other expense     491       441       383  
    Total noninterest expenses     4,709       4,568       4,380  
    Income before income taxes     2,038       1,988       1,770  
    Income tax expense     469       461       403  
    Net income and income available to common shareholders   $ 1,569     $ 1,527     $ 1,367  
    Basic income per common share   $ 0.57     $ 0.56     $ 0.50  
    Diluted income per common share   $ 0.57     $ 0.56     $ 0.50  
    Basic weighted average shares outstanding     2,761,870       2,744,609       2,743,611  
    Diluted weighted average shares outstanding     2,761,870       2,744,609       2,743,611  
    OAK RIDGE FINANCIAL SERVICES, INC.
    Selected Financial Data
                 
        As Of Or For The Three Months Ended,
        March 31,   December 31,   September 30,   June 30,   March 31,
          2025       2024       2024       2024       2024  
    Return on average common stockholders’ equity1     10.04 %     9.63 %     9.56 %     8.57 %     9.31 %
    Tangible book value per share   $ 23.41     $ 23.02     $ 22.78     $ 21.95     $ 21.56  
    Return on average assets1     0.95 %     0.91 %     0.91 %     0.80 %     0.88 %
    Net interest margin1     3.97 %     3.92 %     3.81 %     3.81 %     3.79 %
    Efficiency ratio     66.8 %     64.6 %     67.9 %     70.0 %     68.3 %
    Nonperforming assets to total assets     0.67 %     0.53 %     0.45 %     0.08 %     0.06 %
    Allowance for credit losses to total loans     1.05 %     1.05 %     1.06 %     1.06 %     1.03 %
    1Annualized            

    Contact: Skylar Mearing, Marketing Director
    Phone: 336.662.4840

    The MIL Network –

  • MIL-OSI USA: Q&A: National Nurses Week

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    Q: What is National Nurses Week?
    A: Efforts to honor and celebrate nurses in the United States first got underway during the Eisenhower administration. In 1974, President Nixon issued a proclamation to honor the expanding role nurses were taking on in the health care system, such as nurse practitioners and those specializing in pediatric, cardiac, oncology and geriatric care. In 1982, President Reagan signed a proclamation to mark “National Recognition Day for Nurses” that observed the indispensable role nurses have in patient care, from intensive care in trauma and burn units to community health and home care, nursing homes and schools. Since then, grassroots-led efforts expanded the observance to National Nurses Week that continues today during the week of Florence Nightingale’s birthday, who is celebrated as the founder of modern nursing. Since 1991, I’ve supported an annual joint resolution of Congress to reflect on the important contributions nurses make in our society. With an estimated 4.7 million registered nurses in the United States, nurses are on the front lines treating sick and injured patients, including during natural disasters and public health emergencies. During the COVID-19 pandemic, nurses put their own lives on the line to care for the sickest among us. The nursing profession continues to meet the moment in scientific inquiry, medical research and team-based delivery of care. With limited faculty and spots available for prospective nursing students across the country, I support efforts to strengthen workforce development and academic training programs. I value the feedback I get from Iowans to solve problems and improve the delivery of health care in communities across our state. I’m pleased the University of Northern Iowa last year launched a new Bachelor of Science in Nursing program that will help address the nursing shortage across the state, particularly in rural and underserved areas.
    Q: How do Iowa nursing professionals inform your work at the policymaking table?
    A: As former chairman of the Senate Finance Committee, I led efforts to ensure fairness for Medicare reimbursements that directly impact providers delivering essential health care in communities across our state. For example, requiring Medicare to directly reimburse nurse practitioners and other specialists is an important tool in rural areas to expand access to health care services. More recently, I’m pushing to improve advanced practice nurses and clinical nurse reimbursement for nurse practitioners in their diagnosis and treatment for diabetic patients. I’m also spearheading bipartisan efforts to provide rural hospitals with financial stability. My Rural Hospital Support Act would help prevent rural hospital closures by extending and modernizing critical Medicare programs for rural hospitals. Specifically, my bill would permanently extend the Medicare-Dependent Hospital (MDH) and the Low-Volume Hospital (LVH) programs. For many hospitals located in rural areas, costs often outpace their revenue. If hospitals can’t pay their bills and are forced to close their doors, nurses are out of work and patients would have to travel further for life-saving care. I’ve also led efforts to improve maternal and infant health across our state. At a roundtable discussion in Bettendorf in 2022, I heard first-hand accounts from health care professionals about the Maternal, Infant and Early Childhood Home Visiting Program. Home visits from a nurse and other health care professionals provide important support and resources to improve health outcomes for at-risk pregnant moms and families with children from birth to kindergarten. My advocacy for this home visiting program reflects my longstanding support for health care professionals in our communities who provide evidence-based services to improve childhood development, reduce post-partum depression and help families thrive.
    During National Nurses Week, I applaud the labor of love and patient-centered care that legions of nursing professionals provide around-the-clock, year-round to loved ones of all ages and all walks of life. Nurses are ranked among the most honest and ethical professions in society. I thank nurses for their tireless commitment to their vocation and encourage Iowans to celebrate those in your lives who have answered the call to this noble profession.
    National Nurses Week is May 6-12, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Kennedy on extending tax cuts: “If we don’t, then we are going to have a $4.3 trillion tax increase on the American people.”

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    Watch Kennedy’s comments here.

    WASHINGTON – Sen. John Kennedy (R-La.) explained why extending the 2017 Tax Cuts and Jobs Act is the most important thing Congress can do in the budget reconciliation process to protect the economy in a speech on the U.S. Senate floor.

    Key excerpts of the speech are below:

    “So, the first goal of reconciliation is to try to reduce these prices, to try to kill inflation dead. But there is a second equally—some would say more—important reason, as you well know, Mr. President. In 2017, this Congress, during President Trump’s first term, passed the 2017 Tax Cuts and Jobs Act. We cut taxes by $4.3 trillion. And, boy, did it work. The economy took off like a SpaceX rocket ship.” 

    . . .

    “The bad news is that those tax cuts expire at the end of this year. So, we are going to try to extend them and make them permanent in our reconciliation bill. And if we don’t, then we are going to have a $4.3 trillion tax increase on the American people.

    “I want you to think about that, Mr. President, when some of our colleagues try to throw up roadblocks to our reconciliation bill. In effect, what they are saying is, they want to raise taxes on the American people by $4.3 trillion.

    “That is the most important thing we want to do in our reconciliation bill. It is not the only important thing, as I mentioned, but it is clearly the most important thing. If we raise taxes right now, $4.3 trillion on the American people, this economy will begin a journey to the center of the Earth. We cannot let it happen.”

    Watch Kennedy’s speech here.  

    MIL OSI USA News –

  • MIL-OSI United Kingdom: University spinouts to grow industries of the future with new government backing

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    University spinouts to grow industries of the future with new government backing

    Public sector is being primed to bring innovative ideas out of government labs and onto the market with £30 million backing and new guidance.

    • 4 of the UK’s most exciting regional research clusters to grow their ideas into thriving companies and industries of tomorrow with £30 million government backing
    • £30 million awarded to world-leading universities working with industry partners across Merseyside, East Anglia, Northeast England and the Midlands to grasp the opportunity to incubate and scale-up the businesses and jobs of the future
    • Alongside, first-of-its-kind guidance priming public sector to bring innovative ideas out of government labs and into markets, pulling in the investment that’s vital for growth and job creation to deliver on our Plan for Change

    4 innovative UK hubs across Merseyside, East Anglia, the Midlands, and Northeast England will today (Friday 9 May) get fresh backing to grow more ‘spinouts’,  innovative new businesses created from within research institutions. 

    In turn creating new jobs, developing the industries of tomorrow and driving economic growth through the Plan for Change.

    UK innovators have made great strides in getting bright ideas onto the market and in front of investors, but red tape, talent shortages and a lack of access to funding is holding back innovators from turning their ideas into viable growing businesses.  

    New £30 million funding will support a taskforce of world-leading universities and industry experts across the 4 locations to take advantage of this huge, and all-too-often untapped, opportunity.  

    It will support efforts to incubate and spin out new companies and create the most fertile and attractive environment for the brightest thinkers and entrepreneurs.

    The government is also priming the public sector with first ever guidance to put groundbreaking ideas on the path to investment, becoming the next generation of businesses, creating a pipeline of innovative businesses emerging from the UK’s excellent public sector research landscape.  

    With step-by-step advice, a new generation of British R&D entrepreneurs in the public sector will be empowered with the tools and support they need to turn ambitious research into marketable products – and in turn unlock benefits from clean energy, to healthcare, and beyond. 

    Announcing the news on a visit to Aston University, Science Minister, Lord Vallance said: 

    The UK is home to some of the world’s best universities, and we have deep strengths from life sciences to cutting-edge fields like quantum and engineering biology. But we can and must do more to unlock scientific research’s vast economic potential, and to help our innovators world-leading public sector labs turn brilliant ideas into businesses that attract investment and sustain jobs.

    The funding and guidance we are announcing today will reinforce those efforts – supporting our mission to grow the economy as part of the Plan for Change.

    The 4 projects receiving funding from Research England 

    Strategic Commercialisation Ecosystem North East (SCENE)

    Based in the North East is receiving over £8 million over 5 years to strengthen and expand the region’s ecosystem, engaging businesses, sector bodies, Catapults and investors more actively in commercialising university research. 

    Forging ahead/Forging beyond

    Based in the Midlands is receiving almost £10 million over 5 years to address the talent, expertise and skills gaps in the Midlands by creating a Talent Pool, inward investment champions and innovation networks. The project will particularly target Heath, Advanced Manufacturing, Net Zero, and Creative & Digital sectors.  

    Biologics Regional Innovation and Technology Ecosystem (BRITE)

    Based in Merseyside will get over £4 million over 3 years to establish a sustainable life sciences ecosystem, in the Liverpool City Region (LCR), focused on developing treatments like vaccines, by addressing gaps in the development of products and materials from living cells or their components, scale-up, and commercialisation.

    It will strengthen collaboration between academia, industry, and civic partners to create a connected innovation ecosystem and accelerate the translation of biologics for antimicrobial resistance, infectious diseases, and emerging health challenges.

    Agri-Tech Commercialisation Ecosystems (ACE)

    Based in Lincolnshire and East Anglia will receive almost £5 million over 3 years to establish a world-leading, self-sustaining Agri-Tech research commercialisation cluster in Greater Lincolnshire and East Anglia, with support from Barclays Eagle Labs, Greater Lincolnshire LEP, New Anglia LEP, and Cambridgeshire & Peterborough Combined Authority plus commercial partners.  

    Ana Avaliani, Director of the Royal Academy of Engineering’s Enterprise Hub, said:

    Industry Academia partnerships create the ideal setting for transforming groundbreaking research into spinouts, addressing real world challenges while fostering economic growth and creating pathways for talented researchers to become entrepreneurs. These spinouts drive innovation and represent a crucial and growing component in our economic future. Our Spotlight on Spinouts 2025: UK academic spinout trends report tracked UK university spinouts securing over £2.6 billion in funding, nearly 40% more than the previous year.

    This welcome investment and new guidance from government will enhance support for these fledgling businesses as they face complex issues such as skills gaps and funding challenges. They will help foster strategic alliances that aren’t just beneficial but essential for maintaining competitive advantage in today’s innovation landscape.

    Notes to editors

    The Government Office for Technology Transfer (GOTT) is publishing 2 guides. They provide step-by-step advice on how public sector organisations can create spinouts.

    The publications are: 

    The universities involved in the 4 projects

    Project: Strategic Commercialisation Ecosystem North East (SCENE)

    The universities involved are:

    • Durham University (Lead)   
    • Newcastle University   
    • Northumbria University   
    • University of Sunderland  
    • Teesside University   

    Project: Forging ahead/ Forging beyond 

    The universities involved are:

    • Loughborough University (Lead)   
    • Aston University  
    • University of Birmingham    
    • Birmingham City University   
    • Cranfield University  
    • Coventry University  
    • Derby University  
    • De Montfort University  
    • Keele University   
    • Leicester University  
    • University of Lincoln  
    • University of Nottingham 
    • Nottingham Trent University   
    • University of Warwick   
    • University of Wolverhampton   

    Project: Biologics Regional Innovation and Technology Ecosystems (BRITE)

    The universities involved are:

    • Liverpool School of Tropical Medicine (Lead)   
    • University of Liverpool  
    • Liverpool John Moores University  
    • Edge Hill University    

    Project: Agri-tech commercialisation ecosystems (ACE)

    The universities involved are:

    • University of Lincoln (Lead)   
    • University of Cambridge  
    • University of East Anglia  
    • Cambridge Enterprise

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Prime Minister to announce largest ever sanctions package targeting shadow fleet as UK ramps up pressure on Russia

    Source: United Kingdom – Government Statements

    Press release

    Prime Minister to announce largest ever sanctions package targeting shadow fleet as UK ramps up pressure on Russia

    Russia’s shadow fleet will be hit with the largest ever sanctions package today, ramping up pressure on Putin and protecting UK and European critical national infrastructure.

    • New action, which will be announced by the Prime Minister at the Joint Expeditionary Force meeting in Oslo today, will turn up the pressure on Russia’s economy, which is reeling thanks to lower oil prices and the high costs of the war 
    • Major package of sanctions will target the decrepit and dangerous shadow fleet carrying Russian oil 
    • Reckless actions of the fleet pose costly threat to UK and Euro-Atlantic critical national infrastructure and the environment 
    • New package will mean the UK has sanctioned more shadow fleet ships than any other country 

    Russia’s shadow fleet will be hit with the largest ever sanctions package today, ramping up pressure on Putin and protecting UK and European critical national infrastructure.

    The Government will today sanction up to 100 oil tankers that form a core part of Putin’s shadow fleet operation and are responsible for carrying more than $24 billion worth of cargo since the start of 2024.

    It is the latest move by the Government to safeguard working people, protect the UK’s national security and deliver on the foundations of the Plan for Change.

    The shadow fleet operation, masterminded by Putin’s cronies, is not just bankrolling the Kremlin’s illegal war in Ukraine – the fleet’s languishing vessels are known to be damaging critical national infrastructure through reckless seafaring in Europe. 

    Protecting subsea infrastructure from malicious and careless incidents is expected to be a key part of Leaders’ discussions at the Joint Expeditionary Force summit in Oslo today. 

    It comes after the JEF activated an advanced UK-led reaction system, known as Nordic Warden in January, to track potential threats to undersea infrastructure and monitor the Russian shadow fleet, following reported damage to a major undersea cable in the Baltic Sea. 22 areas of interest – including parts of the English Channel, North Sea, Kattegat, and Baltic, are currently being monitored from the JEF’s operational headquarters in Northwood, UK.  

    Subsea infrastructure is the lifeblood of the UK’s connectivity, carrying 99% of international telecommunications data, and vital energy supplies such as electricity, oil and gas. 

    The infrastructure is at risk of being disrupted by unseaworthy vessels lacking safety certification, the right technology to avoid the infrastructure, or purposefully disabling locator technology. 

    Alongside the large number of shadow fleet tankers targeted today, the UK is also expected to disrupt those behind the shadow fleet.  

    Today’s action further demonstrates that there is no place to hide for those who help fund Putin’s war machine.  

    Prime Minister Keir Starmer said:  

    Every step we take to increase pressure on Russia and achieve a just and sustainable peace in Ukraine is another step towards security and prosperity in the UK.  

    The threat from Russia to our national security cannot be underestimated, that is why we will do everything in our power to destroy his shadow fleet operation, starve his war machine of oil revenues and protect the subsea infrastructure that we rely on for our everyday lives.  

    My government will safeguard working people from paying the price from the costly threat Putin’s fleet poses to UK critical national infrastructure and the environment.

    Putin uses the shadow fleet to cling onto his oil revenues and prop up the Russian oil industry.  Thanks to Western sanctions, Russia’s oil and gas revenues have fallen every year since 2022 – losing over a third of its value in three years. Sanctions and the cost of his barbaric war are causing the Russian economy to stall – with the wealth fund hollowed out, inflation rising and government spend on defence and security spiralling.

    Meanwhile, JEF leaders are today expected to announce an enhanced JEF partnership with Ukraine, bringing the JEF grouping – some of Ukraine’s staunchest supporters – and Ukraine even closer together. 

    This will further support Ukrainian Armed Forces through intensive training exercises, increasing interoperability across military platforms and enhancing countering disinformation support as well as allowing JEF Nations to learn from the battlefield experience of Ukraine’s armed forces. 

    Today’s meeting in Oslo is the second visit by the Prime Minister to Norway, after he travelled to Bergen in December to launch a new Green Industrial Partnership with Norway, which was signed by Energy Secretary Ed Miliband earlier this week.

    The UK and Norway are also expected to agree a new memorandum of understanding on space domain awareness today, to harness opportunities and protect critical national infrastructure in the skies, through tracking and sharing intelligence on satellites, space debris and other objects flying above Earth. 

    The agreement will allow the UK and Norway to advance and develop greater coverage of the increasingly congested and contested domain. 

    The UK has ambitious plans in space, with the first space launches from SaxaVord in the Shetland Islands scheduled later this year. 

    The Joint Expeditionary Force is comprised of 10 like-minded nations, Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Netherlands, Sweden and the UK as the Framework Nation.

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Legal aid consultation launches to deliver justice for victims

    Source: United Kingdom – Government Statements

    Press release

    Legal aid consultation launches to deliver justice for victims

    Thousands of victims across England and Wales stand to benefit as the Government launches a major consultation on criminal legal aid today (9 May).

    • Consultation proposes increasing funding by up to £92 million a year
    • Funding to address inherited crisis in criminal legal aid, delivering justice for victims
    • Part of the Government’s Plan for Change to keep our streets safe by creating a more sustainable criminal legal aid sector

    The eight-week consultation will aim to deliver more efficient justice for victims and stabilise the criminal legal aid system by investing millions more in criminal legal aid.

    The sector will benefit from up to £92 million a year in additional funding for criminal legal aid solicitors working in police stations, courts, and prisons. This funding aims to improve access to justice for victims and addresses the crisis inherited in the legal aid system.

    This major investment forms a core part of the Government’s Plan for Change – recognising the vital work of criminal legal aid lawyers, driving reform, and helping to keep our streets safe.

    Minister for Courts and Legal Services, Sarah Sackman KC, said:

    These proposals mark a crucial step in rebuilding a legal aid sector that has been neglected for too long.

    Access to justice is a cornerstone of our legal system, and this investment will ensure that the wheels of justice continue to move.

    As part of our Plan for Change, we’re putting legal aid on a sustainable footing now and for the future.

    These proposals lay the groundwork for long-term reform of the criminal legal aid system, making it easier for solicitors to take on legal aid cases while ensuring that everyone can access help, wherever they live.

    They build on our earlier £24 million investment in solicitors working in police stations and Youth Courts, strengthening frontline legal support where it’s most needed.

    This is part of our wider mission to support victims and deliver faster justice. Alongside this investment the Lord Chancellor is funding a record 110,000 court sitting days this financial year to tackle the outstanding backlog in the Crown Court.  An independent review of criminal courts, led by Sir Brian Leveson, is also exploring bold reforms that could cut delays and put victims first.

    We continue to work closely with legal professions, including the Criminal Bar Association and Bar Council, to improve the system as a whole.

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Chairwoman McClain and Rep. Greene Statements on the House Passing the Gulf of America Act

    Source: US House of Representatives Republicans

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    WASHINGTON—House Republican Conference Chairwoman Lisa McClain (R-Mich.) celebrated the U.S. House of Representatives passing Rep. Marjorie Taylor Greene’s (R-Ga.) bill to codify President Trump’s Executive Order renaming the body of water formerly known as the “Gulf of Mexico” to the “Gulf of America.”

    This is the first bill passed by the House to codify one of President Trump’s executive orders. 

    Chairwoman McClain and Rep. Greene released the following statements: 

    “American taxpayers and service members are responsible for defending the gulf, so it’s only right it carries our name,” Chairwoman McClain said. “Renaming the Gulf of America will not only drive tourism, but also grow our economy and bolster our prowess on the world stage. I am proud to see Rep. Marjorie Taylor Greene’s bill become the first bill passed by the House to codify one of President Trump’s executive orders, and House Republicans will continue to codify more. We, along with President Trump, are putting America first again.”

    “The American people are footing the bill to protect and secure the Gulf of America’s maritime waterways for commerce to be conducted. Our U.S. armed forces protect the area from any military threats from foreign countries,” Rep. Greene said. “It’s our gulf. The rightful name is the Gulf of America and it’s what the entire world should refer to it as.”

    MIL OSI USA News –

  • MIL-OSI USA: Wicker, Scott, and Griffith Applaud the Rollback of Biden-Era EPA Rule

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senators Roger Wicker, R-Miss., and Tim Scott, R-S.C., and Congressman Morgan Griffith, R-Va., celebrated the passage of the Congressional Review Act (CRA) resolution to overturn the unnecessary U.S. Environmental Protection Agency’s (EPA) Rubber Tire Manufacturing National Emissions Standards for Hazardous Air Pollutants (NESHAP) rule in the Senate.
    “The Biden administration forced needless regulations on American tire manufactures and producers. Increasing the NESHAP standard puts an unnecessary financial and environmental burden on rubber manufacturing facilities. Reversing this decision will protect jobs and bring back the time-tested NESHAP rule, which has kept our environment clean and our communities safe,” said Senator Wicker.
    “I am happy we are one step closer to eliminating the Biden-era NESHAP rule driven by radical environmentalism that did nothing but hurt workers and businesses across the nation,” said Senator Scott. “Republican leadership continues to deliver for the American people by getting rid of government overreach and inefficiency and paving the way for productivity and prosperity.”
    “House and Senate Republicans are acting decisively to repeal onerous regulations from the Biden EPA, like the rubber tire manufacturing rule, that do very little to serve public health. Like many of regulations issued during the waning days of the Biden-Harris Administration, the rubber tire manufacturing emission standard utilized questionable emissions data and pointed to negligible health benefits as justification for the rule. Thanks to strong conservative leaders in the Senate, like Senators Tim Scott and Roger Wicker, Congress is exercising its authority to undo this harmful Biden EPA measure and provide relief to America’s rubber tire manufacturers,” said Rep. Griffith.
    This resolution is cosponsored by Senators Lindsey Graham, R-S.C., Shelley Moore Capito, R-W.Va., Marsha Blackburn, R-Tenn., Cindy Hyde-Smith R-Miss., and Tim Sheehy, R-Mont., and Representatives Gary Palmer, R-Ala., Derek Schmidt, R-Kan., Mike Bost, R-Ill., Claudia Tenney, R-N.Y., Joe Wilson, R-S.C., Rep. John Joyce, R-Pa., Troy Balderson, R-Ohio, Randy Weber, R-Texas, Dan Crenshaw, R-Texas, Bob Latta R-Ohio, and Buddy Carter, R-Ga.
    Click here for bill text.
    BACKGROUND:
    The Rubber Tire Manufacturing source category is comprised of facilities that produce rubber components such as rubber compounds, tread, tire cords, and liners. The category is split into rubber processing, tire production, tire cord production, and puncture seal application subcategories.  
    In 2002, the original Rubber Tire Manufacturing NESHAP established emissions limits for the tire production, tire cord production, and puncture seal application subcategories.
    In 2020, a residual risk and technology review (RTR) found that the current NESHAP provided an ample margin of safety to protect public health and that the risk associated with air emissions from rubber tire manufacturing was acceptable. The RTR also clarified that emissions during startup, shutdown, and malfunction are subject to the NESHAP.
    The DC Court determined in Louisiana Environmental Action Network v. EPA that the agency should address unregulated emissions from a source category when the EPA conducts an eight-year technological review as required by the Clean Air Act.
    On November 16, 2023, the EPA proposed the emission standards to address unregulated hazardous air pollutants from the rubber processing subcategory pursuant to the decision in Louisiana Environmental Action Network.
    But the EPA’s risk review found that the rule was not necessary to protect public health or the environment and could not quantify any public health benefits from the rule.
    Regardless, to comply with the rule, tire manufacturers would have had to install regenerative thermal oxidizers (RTOs), would have caused an increase in CO2 emissions. As a result, the EPA quantified public health disbenefits associated with the rule ranging from $2.7 million to $8.1 million per year, in addition to $13.3 million per year in compliance costs.

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin Introduces Bipartisan Bill to Support American Businesses’ Research and Development and Outcompete China

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) joined a group of her colleagues in reintroducing the American Innovation and Jobs Act, bipartisan legislation that will expand and strengthen American small businesses’ research and development (R&D) investments and help America outcompete global rivals, like China, who are significantly investing in R&D.  
    “When we invest in research and development, we invest in our American workers, small businesses, and economy. Wisconsin is a state that makes things, and I’m committed to ensuring our Made in Wisconsin economy and workers have the tools they need to pioneer the new breakthroughs and create good-paying jobs across the state,” said Senator Baldwin. “I am proud to work with Republicans and Democrats to boost American innovation, support American workers and businesses, and ensure that we don’t let countries like China get a leg up on us.”
    Currently, companies and startups investing in R&D can claim tax incentives that help them invest in developing new, innovative products that lead to additional jobs and a stronger economy. The bipartisan American Innovation and Jobs Act builds on this by expanding the refundable R&D tax credit and extending it to more startups and small businesses. In addition, the bill reverses a change in the 2017 tax law that limits companies from fully deducting R&D investments each year.
    Specifically, the American Innovation and Jobs Act would help businesses innovate and create jobs by:
    Restoring incentives for long-term R&D investment by ensuring that companies can continue to fully deduct R&D expenses each year by repealing the change made by the Tax Cuts and Jobs Act to section 174 of the tax code.
    Expanding support for innovative startups by:
    Immediately doubling the cap on the refundable R&D tax credit from $250,000 to $500,000, and ultimately raising it to $750,000 over ten years.
    Expanding access to the R&D tax credit for startups by lowering certain threshold needed to qualify.
    Expanding the number of startups eligible to use the refundable R&D credit by:
    Increasing the eligibility threshold from $5 million to $15 million in gross receipts.
    Increasing the period during which startups can claim the credit from 5 years to 8 years after beginning to generate at least $25,000 in revenue.
    The bill is led by Senators Maggie Hassan (D-NH) and Todd Young (R-IN) and co-sponsored by 33 of their Senate colleagues.
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: McConnell, Guthrie Introduce Bill to Expand Mammoth Cave National Park Boundaries

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell
    WASHINGTON, D.C. – U.S. Senator Mitch McConnell (R-KY) and U.S. Congressman Brett Guthrie (KY-02) introduced today the bicameral Mammoth Cave National Park Boundary Adjustment Act. This bill would give the park the ability to acquire an additional 551.14 acres of land from the Nature Conservancy. This newly acquired land would enhance protections in the Green River watershed, further conserving the area’s wildlife and cultural heritage while generating additional tourism to Kentucky’s Second District. 
    “Kentucky is lucky to be home to an abundance of natural treasures, among them, Mammoth Cave National Park. This extensive cave network has been inspiring Kentuckians and drawing visitors from all corners of the globe for generations. Beyond its role in driving tourism to our Commonwealth, the park also plays a crucial role in the region’s economic growth, supporting good jobs for the people of Kentucky,” said Senator McConnell. “I’m proud to partner with Congressman Guthrie on this important initiative once again which will expand the critical habitats that the National Park Service protects and preserves in the park.” 
    “Every year, Mammoth Cave National Park draws hundreds of thousands of visitors and contributes nearly $90 million to our local economy,” said Congressman Guthrie. “This natural wonder has inspired people for thousands of years, playing a foundational role in the culture of our region. I am proud to introduce the Mammoth Cave National Park Boundary Adjustment Act to expand protections for the cave system’s important biodiversity and rich history, ensuring that it can be studied, maintained, and enjoyed by future generations of Americans.”
    You can find the full text of the Mammoth Cave Boundary Adjustment Act here. 
    A map of the proposed boundary changes can be found here.
    Background:
    This legislation authorizes the National Park Service to acquire 551.14 acres of land currently owned by the Nature Conservancy (TNC). 
    This expansion would allow the National Park to manage land in Edmonson and Barren Counties, further conserving the area’s wildlife and cultural heritage.  
    The property includes cave passages, including Coach and James Caves, which hold prehistoric and historic artifacts. 
    In 2023, the park received more than 650,000 visitors, generating $89.6 million for communities surrounding the park. This expansion of the park is expected to drive further economic growth in the local community. 
    This legislation is supported by local elected officials in the surrounding counties.
    Established as a National Park in 1941, Mammoth Cave National Park is home to the world’s longest known cave system, stretching a mapped 426 miles with many miles still undiscovered.
    In 1981, the park was named a World Heritage Site, and in 1990, a Biosphere Reserve.
    In April 2025, Congressman Guthrie welcomed Secretary of the Interior Doug Burgum to Mammoth Cave National Park for a tour of the park and a discussion with NPS staff about its importance. You can learn more about their visit here.

    MIL OSI USA News –