Category: Economy

MIL-OSI USA: Advancing the Transition to a Cleaner Environment
Source: US State of New York

overnor Kathy Hochul today announced $4.85 million in grants is being awarded to municipalities across the state to support the installation of electric vehicle chargers as part of the State’s Municipal Zero-Emission Vehicle Infrastructure Grants program. The funded projects support New York’s ongoing efforts to advance clean transportation, expand publicly available electric vehicle chargers, and help reduce pollution including greenhouse gas emissions for a cleaner and greener environment.

“My Administration is committed to advancing the transition to a cleaner and healthier future for our environment benefitting all New Yorkers,”  Governor Hochul said.  “Our continued investments in electric vehicle infrastructure encourages more drivers to switch to electric, reducing pollution and emissions across the State and improving the health and well-being of our residents and communities.”

The Municipal Zero-Emission Vehicle (ZEV) Infrastructure Grant program administered by the State Department of Environmental Conservation (DEC) prioritizes clean transportation investments in communities most affected by pollution and climate change. The program includes a variable local match requirement based on the municipality’s median household income (MHI) and whether the ZEV infrastructure is located in a disadvantaged community, based on the  disadvantaged communities criteria  developed by the State’s Climate Justice Working Group. Of the awards announced today, approximately $885,000 were granted to municipalities located in disadvantaged communities in New York State.

New York State Department of Environmental Conservation Acting Commissioner Amanda Lefton said,  “New York continues advancing the state’s transition to clean transportation with investments in municipal electric vehicle chargers to encourage the switch to plug-in hybrids and EVs. DEC’s Municipal ZEV Infrastructure Grant program is expanding New York’s EV charging station network and supporting municipalities statewide taking climate action, investing in electric transportation, and helping realize the clean energy economy of the future.”

New York State Research and Development Authority President and CEO Doreen M. Harris said, “Through clean transportation initiatives such as DEC’s Municipal Zero-Emission Vehicle Infrastructure program, the State is helping counties, cities, towns, and villages install more public charging stations for zero-emission vehicles across New York. Congratulations to these municipalities for their leadership and making it easier for residents and visitors alike to choose cleaner vehicles with the confidence they’ll be able to charge their cars where and when they need to.”

Assemblymember Didi Barrett said, “This funding will help New York’s smaller municipalities, in the Hudson Valley and beyond, be part of the state’s electric vehicle charging infrastructure network build out. The four new Level 2 electric charging ports in the Town of Hyde Park will reduce range anxiety for residents and visitors alike.”

State Senator Pete Harckham said, “Encouraging motorists to drive zero-emissions vehicles is the best way to ramp up our fight statewide against the climate crisis and improve public health. These new state infrastructure grant awards announced by Governor Hochul for EV charging stations show New York is committed to a steady and inclusive transition to a clean energy economy that will benefit residents in many ways. The partnership between the governor and the state legislature in making a transition to clean transportation is a strong one and will continue to make New York an environmental leader.”

2024 Municipal ZEV Infrastructure Grant Awards include:

Capital Region
- City of Rensselaer – $233,000 for one DCFC pedestal
Finger Lakes
- Village of Brockport – $188,825 for 10 Level 2 charging ports and one DCFC pedestal
- Village of Dundee – $24,200 for four Level 2 charging ports
- Town of Farmington – $225,620 for 24 Level 2 charging ports and one DCFC pedestal
- Town of Huron – $43,200 for four Level 2 charging ports
- Village of Interlaken – $124,470 for one DCFC pedestal
- Village of Le Roy – $20,605 for four Level 2 charging ports
- Village of Oakfield – $24,380 for four Level 2 charging ports
- County of Ontario – $309,100 for 14 Level 2 charging ports and two DCFC pedestals
- Village of Palmyra – $222,250 for two DCFC pedestals
- Village of Warsaw – $148,500 for one DCFC pedestal
- Village of Waterloo – $238,900 for 12 Level 2 charging ports
Long Island
- Town of Huntington – $326,000 for four Level 2 charging ports and six DCFC pedestals
- City of Long Beach – $296,080 for four Level 2 charging ports and two DCFC pedestals
Mid-Hudson
- Town of Hyde Park – $32,480 for four Level 2 charging ports
- Town of Orangetown – $46,352 for four Level 2 charging ports
- Town of Putnam Valley – $29,822 for four Level 2 charging ports
- Town of Shawangunk – $26,587 for two Level 2 charging ports
- Village of South Blooming Grove – $250,000 for three DCFC pedestals
North Country
- Town of Colton – $76,318 for four Level 2 charging ports
- Village of Constableville – $21,222 for two Level 2 charging ports
- Town of Diana – $159,150 for one DCFC pedestal
- County of Essex – $55,008 for four Level 2 charging ports
- Town of Jay – $206,403 for two Level 2 charging ports and one DCFC pedestal
- County of Lewis – $298,728 for two DCFC pedestals
- Village of Lowville – $93,312 for 12 Level 2 charging ports
- Village of Saranac Lake – $482,164 for 30 Level 2 charging ports
Southern Tier
- Town of Danby – $11,400 for two Level 2 charging ports
Western New York
- City of Dunkirk – $53,400 for 14 Level 2 charging ports
- Village of Springville – $248,000 for one DCFC pedestal
- Town of Tonawanda – $285,007 for 16 Level 2 charging ports and one DCFC pedestal
- Village of Wilson – $49,648 for two Level 2 charging ports
More information about the DEC Municipal ZEV Infrastructure Grant program, as well as the DEC Municipal ZEV Rebate program, is available on  DEC’s website. For questions about the Municipal ZEV program, email  [email protected]  or call DEC’s Office of Climate Change at 518-402-8448.

New York State’s nearly $3 billion investment in electrifying its transportation sector has supported a range of initiatives aimed to increase access to electric vehicles (EVs) and charging while improving air quality and health outcomes for all New Yorkers. These programs include today’s Municipal ZEV Infrastructure Program grants and many other programs, including EV Make Ready, EVolve NY, Charge Ready NY 2.0, the Drive Clean Rebate, the New York Truck Voucher Incentive Program, the New York School Bus Incentive Program, and the Direct Current Fast Charger program. The State invests in charging infrastructure and EVs to benefit all New Yorkers, and its efforts have been successful at increasing the number of EVs and charging stations across all regions of New York – with, over 280,000 EVs on the road statewide and over 17,000 public chargers- more public chargers than any other state except for California. Additionally, there are more than 4,000 semi-public charging stations at workplaces and multifamily buildings across the state.

New York State’s Climate Agenda
New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

MIL OSI USA News –
April 22, 2025

MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

WHITE PLAINS, N.Y., April 21, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.6 million, or $0.80 per basic share and $0.78 per diluted share, for the three months ended March 31, 2025 compared to net income of $11.4 million, or $0.87 per basic share and $0.86 per diluted share, for the three months ended March 31, 2024.

Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are, once again, pleased to report another quarter of strong earnings due to the excellent performance of our loan portfolio. Despite the challenging economic operating environment thus far in 2025, loan demand is strong with originations and outstanding commitments robust and increasing. As in the past, construction lending in high demand-high absorption areas continues to be our focus.”

Highlights for the three months ended March 31, 2025 are as follows:

Performance metrics continue to be strong at March 31, 2025, with a return on average total assets ratio of 2.12%, a return on average shareholders’ equity ratio of 12.98%, and an efficiency ratio of 41.64%.
Asset quality metrics continued to remain strong with no non-performing loans at either March 31, 2025 or December 31, 2024, and non-performing assets to total assets of 0.26% and 0.25% at March 31, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $5.1 million, or 0.30% of total loans at March 31, 2025 compared to $4.9 million, or 0.27% of total loans at December 31, 2024.
We increased total stockholders’ equity by $8.9 million, or 2.8%, to $327.2 million, or 16.92% of total assets as of March 31, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

Balance Sheet Summary

Total assets decreased $76.2 million, or 3.8%, to $1.9 billion at March 31, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in net loans of $87.3 million and decreases of $1.0 million in accrued interest receivable, partially offset by increases in cash and cash equivalents of $11.2 million and increases of $1.3 million in equity securities.

Cash and cash equivalents increased $11.2 million, or 14.3%, to $89.5 million at March 31, 2025 from $78.3 million at December 31, 2024. The increase in cash and cash equivalents was a result of a decrease of $87.3 million in net loans and an increase of $8.9 million in stockholders’ equity, partially offset by a decrease in deposits of $84.4 million.

Equity securities increased $1.3 million, or 5.9%, to $23.3 million at March 31, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $1.0 million in equity securities during the three months ended March 31, 2025 and market appreciation of $300,000 due to market interest rate volatility during the quarter ended March 31, 2025.

Securities held-to-maturity decreased $129,000, or 0.9%, to $14.5 million at March 31, 2025 from $14.6 million at December 31, 2024 due to $129,000 in maturities and pay-downs of various investment securities.

Loans, net of the allowance for credit losses, decreased $87.3 million, or 4.8%, to $1.7 billion at March 31, 2025 from $1.8 billion at December 31, 2024. The decrease in loans consisted of decreases of $138.9 million in construction loans, $248,000 in non-residential loans, and $36,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $46.4 million in multi-family loans, $4.4 million in commercial and industrial loans, and $1.5 million in consumer loans.

During the quarter ended March 31, 2025, we originated loans totaling $170.1 million consisting primarily of $110.2 million in construction loans, $49.1 million in multi-family loans, $10.1 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $110.2 million in construction loans had 38.4% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

The allowance for credit losses related to loans increased to $5.1 million as of March 31, 2025, from $4.8 million as of December 31, 2024. The increase in the allowance for credit losses related to loans was due to recoveries totaling $352,000 and provision for credit losses totaling $62,000, offset by charge-offs totaling $117,000.

Premises and equipment increased $84,000, or 0.3%, to $24.9 million at March 31, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

Federal Home Loan Bank stock was $397,000, foreclosed real estate was $5.1 million, and property held for investment was $1.4 million at both March 31, 2025 and December 31, 2024.

Bank owned life insurance (“BOLI”) increased $167,000, or 0.6%, to $25.9 million at March 31, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

Accrued interest receivable decreased $1.0 million, or 7.9%, to $12.4 million at March 31, 2025 from $13.5 million at December 31, 2024 due to a decrease in the loan portfolio.

Right of use assets — operating decreased $145,000, or 3.6%, to $3.9 million at March 31, 2025 from $4.0 million at December 31, 2024, primarily due to amortization.

Other assets decreased $328,000, or 2.8%, to $11.3 million at March 31, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.7 million in tax assets and $10,000 in miscellaneous assets, partially offset by increases of $1.1 million in suspense accounts and $263,000 in prepaid expenses.

Total deposits decreased $84.4 million, or 5.1%, to $1.6 billion at March 31, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to decreases in certificates of deposit of $125.1 million, or 12.5%, and non-interest bearing deposits of $9.9 million, or 3.5%, partially offset by increases in NOW/money market accounts of $45.9 million, or 18.8%, and savings account balances of $3.3 million, or 2.4%. The decrease of $125.1 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $76.0 million, or 14.8%, and a decrease in brokered certificates of deposit of $54.8 million, or 12.6%, partially offset by an increase in non-brokered listing services certificates of deposit of $5.7 million, or 17.0%.

The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

Advance payments by borrowers for taxes and insurance increased $680,000, or 42.0%, to $2.3 million at March 31, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

Lease liability – operating decreased $136,000, or 3.3%, to $4.0 million at March 31, 2025 from $4.1 million at December 31, 2024, primarily due to amortization.

Accounts payable and accrued expenses decreased $1.3 million, or 8.7%, to $13.3 million at March 31, 2025 from $14.5 million at December 31, 2024 due primarily to a decrease in accrued expense of $2.8 million, partially offset by increases in dividends payable and other payables of $806,000, suspense accounts for loan closings of $346,000, and deferred compensation of $167,000. The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.8%, to $879,000 at March 31, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $101.4 million, or 18.0%, in off-balance sheet commitments.

Stockholders’ equity increased $8.9 million, or 2.8% to $327.2 million at March 31, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $10.6 million for the quarter ended March 31, 2025, an increase of $302,000 in earned employee stock ownership plan shares coupled with a reduction of $217,000 in unearned employee stock ownership plan shares, and the amortization expense of $478,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $2.7 million and $13,000 in other comprehensive loss.

Results of Operations for the Three Months Ended March 31, 2025 and 2024

Net Interest Income

Net interest income was $24.3 million for the three months ended March 31, 2025, as compared to $25.0 million for the three months ended March 31, 2024. The decrease in net interest income of $722,000, or 2.9%, was primarily due to an increase in interest expense that exceeded an increase in interest income and a decrease in the yield on interest earning assets that exceeded a decrease in the cost of funds for interest bearing liabilities.

Total interest and dividend income increased $86,000, or 0.2%, to $38.2 million for the three months ended March 31, 2025 from $38.1 million for the three months ended March 31, 2024. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $159.9 million, or 9.2%, to $1.9 billion for the three months ended March 31, 2025 from $1.7 billion for the three months ended March 31, 2024, partially offset by a decrease in the yield on interest earning assets by 72 basis points from 8.77% for the three months ended March 31, 2024 to 8.05% for the three months ended March 31, 2025.

Interest expense increased $808,000, or 6.2%, to $13.9 million for the three months ended March 31, 2025 from $13.1 million for the three months ended March 31, 2024. The increase in interest expense was due to an increase in average interest bearing liabilities of $149.7 million, or 12.2%, to $1.4 billion for the three months ended March 31, 2025 from $1.2 billion for the three months ended March 31, 2024, partially offset by a decrease in the cost of interest bearing liabilities by 24 basis points from 4.29% for the three months ended March 31, 2024 to 4.05% for the three months ended March 31, 2025.

Our net interest margin decreased 64 basis points, or 11.1%, to 5.11% for the three months ended March 31, 2025 compared to 5.75% for the three months ended March 31, 2024. The decrease in the net interest margin was due to a decrease in the yield on interest-earning assets that exceeded a decrease in the cost of funds on interest-bearing liabilities.

Credit Loss Expense

The Company recorded a credit loss expense of $237,000 for the three months ended March 31, 2025 compared to a credit loss expense reduction of $165,000 for the three months ended March 31, 2024. The credit loss expense of $237,000 for the three months ended March 31, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

The credit loss expense for loans of $62,000 for the three months ended March 31, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the three months ended March 31, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

The credit loss expense reduction of $165,000 for the three months ended March 31, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for held-to-maturity investment securities of $3,000, and a credit loss expense reduction for off-balance sheet commitments of $17,000. The credit loss expense reduction for loans of $145,000 for the three months ended March 31, 2024 was primarily attributed to favorable trend in the economy.

With respect to the allowance for credit losses for loans, we charged-off $117,000 during the three months ended March 31, 2025 as compared to charge-offs of $21,000 during the three months ended March 31, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

We recorded recoveries of $352,000 during the three months ended March 31, 2025 compared to no recoveries during the three months ended March 31, 2024. The recoveries of $352,000 during the three months ended March 31, 2025 comprised of recoveries of $350,000 regarding a previously charged-off non-residential mortgage loan and $2,000 from a previously charged-off unpaid overdraft on a demand deposit account.

Non-Interest Income

Non-interest income for the three months ended March 31, 2025 was $1.2 million compared to non-interest income of $554,000 for the three months ended March 31, 2024. The increase of $681,000, or 122.9%, in total non-interest income was primarily due to increases of $382,000 in unrealized gain/(loss) on equity securities, $278,000 in other loan fees and service charges, $11,000 in miscellaneous other non-interest income, and $10,000 in BOLI income.

The increase in unrealized gain/(loss) on equity securities was due to an unrealized gain of $300,000 on equity securities during the three months ended March 31, 2025 compared to an unrealized loss of $82,000 on equity securities during the three months ended March 31, 2024. The unrealized gain of $300,000 on equity securities during the three months ended March 31, 2025 was due to market interest rate volatility during the three months ended March 31, 2025.

The increase of $278,000 in other loan fees and service charges was due to an increase of $245,000 in other loan fees and loan servicing fees, an increase of $31,000 in ATM/debit card/ACH fees, and an increase of $2,000 in deposit account fees.

The increase in BOLI income of $10,000 was due to an increase in the yield on BOLI assets.

Non-Interest Expense

Non-interest expense increased $938,000, or 9.7%, to $10.6 million for the three months ended March 31, 2025 from $9.7 million for the three months ended March 31, 2024. The increase resulted primarily from increases of $582,000 in salaries and employee benefits, $221,000 in other operating expense, $98,000 in outside data processing expense, $40,000 in occupancy expense, $19,000 in real estate owned expense, and $14,000 in advertising expense, partially offset by a decrease of $36,000 in equipment expense.

Income Taxes

We recorded income tax expense of $4.1 million and $4.7 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, we had approximately $204,000 in tax exempt income, compared to approximately $195,000 in tax exempt income for the three months ended March 31, 2024. Our effective income tax rates were 27.8% for the three months ended March 31, 2025 compared to 29.0% for the three months ended March 31, 2024.

Asset Quality

Non-performing assets were $5.1 million at March 31, 2025 and December 31, 2024, respectively. These non-performing assets consisted of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.

Our ratio of non-performing assets to total assets remained low at 0.26% at March 31, 2025 as compared to 0.25% at December 31, 2024.

The Company’s allowance for credit losses related to loans was $5.1 million, or 0.30% of total loans as of March 31, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at March 31, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

In addition, at March 31, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

Capital

The Company’s total stockholders’ equity to assets ratio was 16.92% as of March 31, 2025. At March 31, 2025, the Company had the ability to borrow $941.3 million from the Federal Reserve Bank of New York, $15.5 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of March 31, 2025, the Bank had a tier 1 leverage capital ratio of 15.09% and a total risk-based capital ratio of 15.10%.

The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes. Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of March 31, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

About NorthEast Community Bancorp

NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

Forward Looking Statement

This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation or recessionary conditions and their impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

CONTACT:		Kenneth A. Martinek
		Chairman and Chief Executive Officer

PHONE:		(914) 684-2500


NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

	March 31,			December 31,
	2025			2024
	(In thousands, except share
	and per share amounts)
ASSETS
Cash and amounts due from depository institutions	$	11,524		$	13,700
Interest-bearing deposits		77,934			64,559
Total cash and cash equivalents		89,458			78,259
Certificates of deposit		100			100
Equity securities		23,294			21,994
Securities held-to-maturity ( net of allowance for credit losses of $126 and $126, respectively )		14,487			14,616
Loans receivable		1,725,664			1,812,647
Deferred loan fees, net		(63	)		(49	)
Allowance for credit losses		(5,127	)		(4,830	)
Net loans		1,720,474			1,807,768
Premises and equipment, net		24,889			24,805
Investments in restricted stock, at cost		397			397
Bank owned life insurance		25,905			25,738
Accrued interest receivable		12,432			13,481
Real estate owned		5,120			5,120
Property held for investment		1,361			1,370
Right of Use Assets – Operating		3,856			4,001
Right of Use Assets – Financing		346			347
Other assets		11,257			11,585
Total assets	$	1,933,376		$	2,009,581
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	278,694		$	287,135
Interest bearing		1,307,321			1,383,240
Total deposits		1,586,015			1,670,375
Advance payments by borrowers for taxes and insurance		2,298			1,618
Lease Liability – Operating		3,972			4,108
Lease Liability – Financing		619			609
Accounts payable and accrued expenses		13,262			14,530
Total liabilities		1,606,166			1,691,240

Stockholders’ equity:
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	$	—		$	—
Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively		140			140
Additional paid-in capital		110,871			110,091
Unearned Employee Stock Ownership Plan (“ESOP”) shares		(5,870	)		(6,088	)
Retained earnings		221,858			213,974
Accumulated other comprehensive gain		211			224
Total stockholders’ equity		327,210			318,341
Total liabilities and stockholders’ equity	$	1,933,376		$	2,009,581


NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Quarter Ended March 31,
	2025		2024
	(In thousands, except per share amounts)
INTEREST INCOME:
Loans	$	36,882	$	36,703
Interest-earning deposits		1,081		1,200
Securities		244		218
Total Interest Income		38,207		38,121
INTEREST EXPENSE:
Deposits		13,933		12,394
Borrowings		–		731
Financing lease		10		10
Total Interest Expense		13,943		13,135
Net Interest Income		24,264		24,986
Provision for (reversal of) credit loss		237		(165	)
Net Interest Income after Provision for (Reversal of) Credit Loss		24,027		25,151
NON-INTEREST INCOME:
Other loan fees and service charges		740		462
Earnings on bank owned life insurance		167		157
Unrealized gain (loss) on equity securities		300		(82	)
Other		28		17
Total Non-Interest Income		1,235		554
NON-INTEREST EXPENSES:
Salaries and employee benefits		5,933		5,351
Occupancy expense		747		707
Equipment		217		253
Outside data processing		735		637
Advertising		102		88
Real estate owned expense		30		11
Other		2,855		2,634
Total Non-Interest Expenses		10,619		9,681
INCOME BEFORE PROVISION FOR INCOME TAXES		14,643		16,024
PROVISION FOR INCOME TAXES		4,076		4,650
NET INCOME	$	10,567	$	11,374


NORTHEAST COMMUNITY BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL DATA (Unaudited)

	Quarter Ended March 31,
	2025			2024
	(In thousands, except per share amounts)
Per share data:
Earnings per share – basic	$	0.80		$	0.87
Earnings per share – diluted		0.78			0.86
Weighted average shares outstanding – basic		13,192			13,118
Weighted average shares outstanding – diluted		13,560			13,191
Performance ratios/data:
Return on average total assets		2.12	%		2.50	%
Return on average shareholders’ equity		12.98	%		15.88	%
Net interest income	$	24,264		$	24,986
Net interest margin		5.11	%		5.75	%
Efficiency ratio		41.64	%		37.91	%
Net charge-off ratio		(0.05	)%		0.00	%

Loan portfolio composition:		March 31, 2025			December 31, 2024
One-to-four family	$	3,436		$	3,472
Multi-family		253,018			206,606
Mixed-use		26,572			26,571
Total residential real estate		283,026			236,649
Non-residential real estate		29,198			29,446
Construction		1,287,225			1,426,167
Commercial and industrial		123,113			118,736
Consumer		3,102			1,649
Gross loans		1,725,664			1,812,647
Deferred loan fees, net		(63	)		(49	)
Total loans	$	1,725,601		$	1,812,598
Asset quality data:
Loans past due over 90 days and still accruing	$	–		$	–
Non-accrual loans		–			–
OREO property		5,120			5,120
Total non-performing assets	$	5,120		$	5,120

Allowance for credit losses to total loans		0.30	%		0.27	%
Allowance for credit losses to non-performing loans		0.00	%		0.00	%
Non-performing loans to total loans		0.00	%		0.00	%
Non-performing assets to total assets		0.26	%		0.25	%

Bank’s Regulatory Capital ratios:
Total capital to risk-weighted assets		15.10	%		13.92	%
Common equity tier 1 capital to risk-weighted assets		14.79	%		13.65	%
Tier 1 capital to risk-weighted assets		14.79	%		13.65	%
Tier 1 leverage ratio		15.09	%		14.44	%


NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)

	Quarter Ended March 31, 2025								Quarter Ended March 31, 2024
	Average Balance			Interest and dividend		Average Yield			Average Balance			Interest and dividend		Average Yield
	(In thousands, except yield/cost information)								(In thousands, except yield/cost information)
Loan receivable gross	$	1,767,849		$	36,882		8.35	%	$	1,612,343		$	36,703		9.11	%
Securities		36,751			235		2.56	%		33,848			197		2.33	%
Federal Home Loan Bank stock		397			9		9.07	%		842			21		9.98	%
Other interest-earning assets		93,476			1,081		4.63	%		91,552			1,200		5.24	%
Total interest-earning assets		1,898,473			38,207		8.05	%		1,738,585			38,121		8.77	%
Allowance for credit losses		(4,827	)							(5,091	)
Non-interest-earning assets		96,493								88,859
Total assets	$	1,990,139							$	1,822,353

Interest-bearing demand deposit	$	274,630		$	2,445		3.56	%	$	171,483		$	1,817		4.24	%
Savings and club accounts		138,903			730		2.10	%		182,771			1,202		2.63	%
Certificates of deposit		962,084			10,758		4.47	%		810,586			9,375		4.63	%
Total interest-bearing deposits		1,375,617			13,933		4.05	%		1,164,840			12,394		4.26	%
Borrowed money		–			10		0.00	%		61,092			741		4.85	%
Total interest-bearing liabilities		1,375,617			13,943		4.05	%		1,225,932			13,135		4.29	%
Non-interest-bearing demand deposit		270,874								291,909
Other non-interest-bearing liabilities		18,086								18,090
Total liabilities		1,664,577								1,535,931
Equity		325,562								286,422
Total liabilities and equity	$	1,990,139							$	1,822,353

Net interest income / interest spread				$	24,264		4.00	%				$	24,986		4.48	%
Net interest rate margin							5.11	%							5.75	%
Net interest earning assets	$	522,856							$	512,653
Average interest-earning assets
to interest-bearing liabilities		138.01	%							141.82	%

The MIL Network –

April 22, 2025

MIL-OSI Economics: Citi and Houlihan Lokey top M&A financial advisers in financial services sector in Q1 2025, reveals GlobalData

Source: GlobalData

Citi and Houlihan Lokey top M&A financial advisers in financial services sector in Q1 2025, reveals GlobalData

Posted in Business Fundamentals

Citi and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during the first quarter (Q1) of 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, which ranks financial advisers by the value and volume of M&A deals on which they advised.

Based on its Deals Database, the leading data and analytics company has revealed that Citi achieved its leading position in terms of value by advising on $16.9 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 12 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “During Q1 2025, Houlihan Lokey was the only adviser to hit double-digit deal volume. There was a notable improvement in the total number of deals advised by it during Q1 2025 compared to Q1 2024. Resultantly, it went ahead from occupying the 19^th position by volume in Q1 2024 to top the chart by this metric in Q1 2025.

“Meanwhile, Citi also registered improvement in terms of value, as most of the deals advised by it during Q1 2025 were big-ticket deals. Resultantly, its ranking by value also improved from the 11^th position in Q1 2024 to the top position in Q1 2025. Four of the five deals advised by Citi during Q1 2025 were billion-dollar deals* that also included one mega deal valued more than $10 billion. Apart from leading by value, Citi also occupied the seventh position in terms of deal volume during Q1 2025.”

An analysis of GlobalData’s Deals Database reveals that JP Morgan occupied the second position in terms of value, by advising on $16.4 billion worth of deals, followed by Goldman Sachs with $15 billion, UBS with $6.2 billion, and Morgan Stanley with $5.3 billion.

Meanwhile, Piper Sandler occupied the second position in terms of volume with nine deals, followed by JP Morgan with eight deals, UBS with seven deals, and PwC with seven deals.

*Valued more than or equal to $1 billion

MIL OSI Economics –

April 22, 2025
MIL-OSI Economics: Paul, Weiss, Rifkind, Wharton & Garrison and Debevoise & Plimpton top M&A legal advisers in financial services sector during Q1 2025, reveals GlobalData

Source: GlobalData

Paul, Weiss, Rifkind, Wharton & Garrison and Debevoise & Plimpton top M&A legal advisers in financial services sector during Q1 2025, reveals GlobalData

Posted in Business Fundamentals

Paul, Weiss, Rifkind, Wharton & Garrison and Debevoise & Plimpton were the top mergers and acquisitions (M&A) legal advisers in the financial services sector during the first quarter (Q1) of 2025 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, which ranks legal advisers by the value and volume of M&A deals on which they advised.

Based on its Deals Database, the leading data and analytics company has revealed that Paul, Weiss, Rifkind, Wharton & Garrison achieved its leading position in terms of value by advising on $12 billion worth of deals. Meanwhile, Debevoise & Plimpton led in terms of volume by advising on eight deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “There was an improvement in the total number of deals advised by Debevoise & Plimpton in Q1 2025 compared to Q1 2024. Resultantly, its ranking by volume also improved from the 11^th position in Q1 2024 to the top position in Q1 2025. Apart from leading by volume in Q1 2025, Debevoise & Plimpton also held the ninth position by value.

“Meanwhile, Paul, Weiss, Rifkind, Wharton & Garrison saw its ranking by value improve from the sixth position in Q1 2024 to the top position in Q1 2025 even though it experienced a year-on-year drop in the total value of deals advised. Apart from leading by value, Paul, Weiss, Rifkind, Wharton & Garrison also held the fifth position by volume in Q1 2025.

An analysis of GlobalData’s Deals Database reveals that Wachtell, Lipton, Rosen & Katz occupied the second position in terms of value, by advising on $12 billion worth of deals, followed by Bradley Arant Boult Cummings with $12 billion, Skadden, Arps, Slate, Meagher & Flom with $5.2 billion, and Chiomenti Studio Legale with $4.5 billion.

Meanwhile, Simpson Thacher & Bartlett occupied the second position in terms of volume with eight deals, followed by Alston & Bird with eight deals, Wachtell, Lipton, Rosen & Katz with seven deals, and Paul, Weiss, Rifkind, Wharton & Garrison with six deals.

MIL OSI Economics –

April 22, 2025
MIL-OSI United Nations: [UNDRR-CCFLA-MCR2030] Investing in Urban Climate Resilience: From Project Preparation to Implementation
Source: UNISDR Disaster Risk Reduction

Time: 09:00 London | 17:00 Incheon
Date: 22 May 2025 (Thursday)
Event Language: English

Description

Cities face many critical challenges in accessing financial resources for adaptation and resilience projects, including for disaster response and preparedness. Among these are challenges with the capacity of cities to develop investible adaptation and resilience projects and implement technical solutions to climate hazards.

This one-hour webinar aims to provide attendees with an understanding of the landscape of urban climate finance, introduce the project preparation process, and share examples of successful implementation of adaptation and resilience actions in global cities. The session will also showcase tools available by the Cities Climate Finance Leadership Alliance (CCFLA) and its members that city and subnational governments can use to enhance their project preparation capacity and develop investible projects to enhance their resilience to climate hazards and disasters.

Hosted by the United Nations Office for Disaster Risk Reduction Global Education and Training Institute (UNDRR GETI), the webinar is open to local government officials and relevant stakeholders, especially those responsible for disaster and climate actions and seeking next steps towards accessing finance for implementation.

Guest Speakers:
- Kristiina Yang, Manager, CCFLA
- Alastair Mayes, Program Associate, CCFLA
Organizers:
- Cities Climate Finance Leadership Alliance (CCFLA)
- United Nations Office for Disaster Risk Reduction, Global Education and Training Institute (UNDRR GETI)
- Making Cities Resilient 2030 (MCR2030)
About the organizers

Cities Climate Finance Leadership Alliance (CCFLA)

CCFLA is the main multi-level and multi-stakeholder coalition aimed at closing the investment gap for urban subnational climate projects and infrastructure worldwide, launched at the United Nations Secretary General’s Climate Summit in September 2014 and renewed at the United Nations Secretary General’s Climate Summit in September 2019. CCFLA provides a platform to convene and exchange knowledge among all relevant actors dedicated to urban development, climate action, and/or financing.

CCFLA’s 80+ members include public and private finance institutions, national governments, international organizations, NGOs, research groups, UN organizations, and city and regional networks that represent most of the world’s largest cities. CCFLA works across several key thematic areas including tracking urban climate finance, project preparation, urban adaptation and resilience finance, private sector mobilization, and public sector and enabling environments.
The CCFLA Secretariat is hosted by Climate Policy Initiative (CPI).

For more information: https://citiesclimatefinance.org

UNDRR Global Education and Training Institute (UNDRR GETI)

UNDRR GETI was established in 2010 to develop a new cadre of professionals in disaster risk reduction and climate change adaptation to build disaster resilient societies. GETI has a global mandate to provide capacity building support to mainstream disaster risk reduction and climate change adaptation into sustainable development; convene and support inter-city learning to strengthen resilience (Making Cities Resilient); and to provide capacity building and best practice sharing support to national training institutions working on resilience issues. Based in Incheon, the Republic of Korea, UNDRR GETI is also the global secretariat of the Making Cities Resilient 2030 (MCR2030).

For more information: https://www.undrr.org/about-undrr-where-we-work/incheon

Making Cities Resilient 2030 (MCR2030)

The Making Cities Resilient 2030 (MCR2030) is a unique cross-stakeholder initiative for improving local resilience through advocacy, sharing knowledge and experiences, establishing mutually reinforcing city-to-city learning networks, injecting technical expertise, connecting multiple layers of government and building partnerships. Through delivering a clear 3-stage roadmap to urban resilience, providing tools, access to knowledge, monitoring and reporting tools. MCR2030 will support cities on their journey to reduce risk and build resilience. MCR2030 aims to ensure cities become inclusive, safe, resilient and sustainable by 2030, contributing directly to the achievement of Sustainable Development Goal 11 (SDG11) “Make cities and human settlements inclusive, safe, resilient and sustainable”, and other global frameworks including the Sendai Framework for Disaster Risk Reduction, the Paris Agreement and the New Urban Agenda.

For more information: https://mcr2030.undrr.org

MIL OSI United Nations News –
April 22, 2025
MIL-OSI Asia-Pac: Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

Source: Government of India

Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

Sarbananda Sonowal inaugurate renovated Fire Memorial at Victoria Docks along with two other heritage buildings in Colaba; Boost to Green Port Initiatives with Shore to Ship Electric Supply along with ‘Sagar Upavan’ Garden

Sarbananda Sonowal attends MoU signing Ceremony for Three Agreements on Strategic Development of Vadhavan Port, aimed at Port Infra Development and Cargo Handling Facilities

Sarbananda Sonowal attends MoU signing ceremony for infra projects development worth ₹5700 crores at Vadhavan Port

Posted On: 21 APR 2025 6:43PM by PIB Delhi

The Union Minister of Ports, Shipping and Waterways (MoSPW), Shri Sarbananda Sonowal flagged off Cruise Operations from the Mumbai International Cruise Terminal (MICT), India’s largest cruise terminal, in Mumbai today. The Union Minister also inaugurated renovated Fire Memorial at Victoria Docks as well as renovated two heritage buildings — Fort House Ballard Estate and Evelyn House at Colaba. Sonowal also inaugurated Sagar Upvan garden along with Shore to Ship Electric Supply under Green Port Initiative.

The MICT, developed as per Cruise Bharat Mission, was developed as per latest global standards and is expected to take a pioneering role in developing cruise tourism in India. Spread over a built up area of more than 4,15,000 Square Feet, the MICT is developed at Ballard Pier. MICT is India’s largest world class cruise terminal. Equipped with 72 Check in and Immigration counters spreading over an area of 2,07,000 Square Feet on the first two floors (G+1) while the other two floors (2 + 3) are developed as Commercial Floors. The newly inaugurated MICT is designed to handle 1 million passengers every year with an approximate 10,000 passengers per day. It can also handle 5 ships simultaneously, with 11 meters draft and upto 300 meters length. At the parking space, more than 300 vehicles can be parked simultaneously.

Speaking on the commencement of Cruise Service from MICT, the Union Minister said, “The maritime history of Mumbai is rich and an integral part of our civilisation. As a coastal hub, it has served the nation handsomely with its bustling coastal business. It is only logical that we work towards realising Prime Minister Shri Narendra Modi ji’s vision of ‘Bharat becoming a global cruise hub through its state-of-the-art infrastructure.’ Today, Mumbai, with its longstanding repute as a major maritime hub in the world, commenced Cruise Operations from the Mumbai International Cruise Terminal, providing passengers modern amenities for a better and safer experience. This adds to our existing such top class international terminals at Visakhapatnam and Chennai. In order to celebrate the heroic contribution of Mumbai Port Fire Services personnel, the newly renovated Fire Memorial at Victoria Docks celebrates their distinctive service to the nation.”

MICT has been designed with a wavy ceiling reflecting the maritime identity with functional and minimalist architecture. MICT blends modern design with Mumbai’s maritime spirit—featuring fluid architecture, rose gold accents, and a sweeping ceiling. From heritage-inspired entry to sleek interiors with wave seating, selfie points, and maritime plaques, it offers a serene yet vibrant gateway to India’s emerging global cruise hub. MICT will provide enhanced passenger experience and position Mumbai as one of major hub for cruise tourism hub. The total investment in the MICT project has been ₹556 crores.

Elaborating on the vision of Cruise Bharat Mission, the Union Minister Shri Sarbananda Sonowal said, “PM Narendra Modi ji’s call for port-led prosperity has redefined our maritime ambitions. we also give momentum to the ‘Cruise Bharat Mission’—our resolve to make Bharat one of the top cruise destinations in the world. The mission embraces three pillars—Ocean and Harbour Cruises, River and Inland Cruises, and Island and Lighthouse Cruises. With a comprehensive strategy that combines digital ease, circuit integration, environmental sustainability, and global partnerships, This is India’s cruise awakening—bold, inclusive, and future-ready. Under the visionary leadership of hon’ble Prime Minister Shri Narendra Modi ji, India’s maritime sector has witnessed an astonishing transformation. it is the story of an India that believes in its potential and invests in its people.”

The renovated Fire Memorial at Victoria Docks, which was inaugurated by the Minister, is a solemn tribute to the Mumbai Port Fire Services personnel for their distinctive service to the nation. The fire memorial is renovated with “Golden Tears” theme as the tragic event which rained golden bricks were blown in the surrounding area of Port. To promote heritage and tourism, façade lighting was inaugurated at two iconic heritage buildings of MbPA – Port House at Ballard Estate and Evelyn House at Colaba — adding to the aesthetic and historical appeal of the city’s legacy.

In a boost to Green Port Initiative, the Shore to Ship Electric Supply at MbPA will help Tug boats and Coast Guard vessels, reduce emissions, bring in operational efficiency and reduce noise pollution. MbPA’s commitment to environmental sustainability and modernisation of port infrastructure, providing shore-based electric power will significantly enhance energy efficiency and operational cleanliness.

The rejuvenated Sagar Upvan Garden at Colaba was also inaugurated today. With support from Tata Trusts, the MbPA undertook extensive repair and enhancement works, including the restoration of the compound wall, construction of facilities for gardeners, along with a 25000 KLD Sewage Treatment Plant. Rich with more than 500 varieties of plants, it has scenic views of the Arabian Sea as well as Sassoon Docks. It has lush green lawns, sea-facing benches, and pathways ideal for jogging and walking along with a living laboratory for botany students and nature enthusiasts.

Union Minister Shri Sonowal also attended MoU signing ceremony for development of Infrastructure projects with investment worth of more than ₹5700 crores at Vadhavan Port, today. The agreements were signed for development of a terminal for handling container, bulk, and liquid cargo with investment of ₹4200 crores, development of a dedicated terminal for handling bulk and liquid cargo with an investment of ₹1,000 crores and development of a liquid cargo jetty and a tank farm with a capacity of 3,00,000 CBM for handling liquefied chemicals and related products with an investment of ₹500 crores.

Speaking at the MoU signing ceremony, Shri Sarbananda Sonowal said, “Our dynamic leader, Prime Minister Narendra Modi ji has given us a vision of transforming Vadhavan Port to become one of the Top 10 Global ports. As Vadhavan Port project is likely to power up India’s current capacity by more than three times, this is all weather, green field deep draft major port is going to act as a game changer for not only India’s maritime sector, but also enable regional trade. As India is poised to become a Viksit Bharat by 2047, this port is likely to act as a major growth multiplier. In this regard, the MoUs signed today adds towards creation of infrastructure and capacity of the Vadhavan port and helps us take another step towards realising the vision of PM, Shri Narendra Modi ji.”

The inauguration of fuel dispensing infrastructure — including two HSD units, one gasoline unit, and a fast electric vehicle (EV) charger — further bolsters the port’s push towards sustainable mobility within the operational area. The event also included the formal handover of key land assets. A charge certificate of the plot at Malet Bunder was handed over to JNPA for its corporate building. Another plot at Reay Road was transferred to the Hare Krishna Mission for social and community activities. Additionally, the E Shed at Mumbai Port was handed over to M/s Ruchi India Logistics to strengthen port-led logistics operations.

Speaking on the occasion, the Union Minister of State, MoPSW, Shri Shantanu Thakur said, “The launch of the new cruise service in Mumbai, restoration of Mumbai’s maritime heritage buildings, and green port initiatives mark a transformative step forward in realising Prime Minister Shri Narendra Modi ji’s vision of a sustainable, vibrant, and tourism-driven maritime economy that honours our past while embracing a cleaner, greener future. These efforts boost coastal tourism and urban renewal. They also reinforce India’s maritime leadership globally.”

The Cruise Bharat Mission has set ambitious yet achievable goals like Development of 10 international sea cruise terminals, creation of 100 river cruise terminals, Launch of 5 marinas along our coast, Seamless integration of more than 5000 km of waterways, Aiming for 1 million sea cruise passengers and 1.5 million river cruise passengers by 2029, creation of over 400 thousand direct and indirect jobs across the cruise value chain. Since 2014, the government under the leadership of PM Shri Narendra Modi, has led to a transformation of the maritime sector. The cargo handled at the major port cargo surged from 556 MMT in 2014 to 854 MMT in 2024-25 while costal cargo grew by 119%. The inland water cargo rose from 6.89 MMT to 133 MMT—a leap of over 1800%. The cruise passengers increased from 85,000 in 2014 to 4.71 lakh today, a phenomenal growth of 454%.

Union Minister Shri Sarbananda Sonowal, who graced the occasion as the Chief Guest, was joined by Shri Shantanu Thakur, Union Minister of State, MoSPW as the Guest of Honour along with Susil Kumar Singh (IRSME), Chairman, Mumbai Port Authority (MbPA); Adesh Titarmare, IAS, Deputy Chairman, MbPA; Unmesh Sharad Wagh, IRS, Chairman, Jawaharlal Nehru Port Authority (JNPA) and Dhruv Kotak, Managing Director, J.M. Baxi among other dignitaries and senior officials of the MoPSW and MbPA.

***

GDH/HR

(Release ID: 2123251) Visitor Counter : 43

MIL OSI Asia Pacific News –

April 22, 2025
MIL-OSI Asia-Pac: Union Health Minister Shri JP Nadda chairs breakaway session, “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during Civil Services Day Celebrations in New Delhi

Source: Government of India

Union Health Minister Shri JP Nadda chairs breakaway session, “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during Civil Services Day Celebrations in New Delhi

Two pillars of Ayushman Bharat – AAM and AB PMJAY are a result of a very well-thought process which started in 2015 and culminated with the adoption of the National Health Policy in 2017: Shri JP Nadda

“National Health Policy 2017 is the first such policy covering all aspects of healthcare holistically”

Highlights need for enhancing capacity of health administrators to ensure timely and effective decision making, enhancing capacity of ASHA and community health workers, strengthening hub-and-spoke model of digital health intervention and monitoring and assessment of health impacts

Ayushman Bharat encompass the philosophy of Universal Health Care and also builds the pathway to achieve UHC: Dr VK Paul

“Thanks to AB PMJAY, hospitalization rates in India has increased by 40% and out-of-pocket expenditure has decreased from 64% in 2013-14 to 39.4% in 2021-22”

Posted On: 21 APR 2025 6:42PM by PIB Delhi

Union Health and Family Welfare Minister Shri Jagat Prakash Nadda chaired a breakaway session titled “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during the Cvil Services Day celebrations, here today. Dr V K Paul, Member (Health), NITI Aayog was also present.

Addressing the gathering, Shri JP Nadda stated that providing affordable and quality healthcare to every poor person in the country is a priority of the central government and the two pillars of Ayushman Bharat initiative – Ayushman Arogya Mandir and AB PMJAY (Pradhan Mantri Jan Arogya Yojana) are a result of a very well-thought process. “The consultations started in 2015, zonal conferences were held in 2016 and in 2016, the National Health Policy was laid out which is first such policy covering all aspects of healthcare holistically”, he stated.

Shri Nadda highlighted that the government’s expenditure on healthcare has increased from 29% in 2014 to 48% today leading to decline in out-of-pocket expenditure of people. He stated that screening of communicable and non-communicable diseases in Ayushman Arogya Mandir and expanding the package of services being provided there has helped in providing preventive and promotive healthcare and addressing the growing concern of lifestyle diseases. “Health facilities are being encouraged to undertake self-assessment under the Indian Public Health Standards 2022 and National Quality Assurance Standards (NQAS)”, he stated.

The Union Health Minister also highlighted the need for enhancing capacity of health administrators to ensure timely and effective decision making, working on the program implementation plans, enhancing the capacity of ASHA workers and community health workers, strengthening and institutionalizing the hub-and-spoke model of digital health intervention and monitoring and assessment of health impacts.

Union Health Minister stated that the narrative that there is less funding for the health sector will soon end. He stated that while the Central Govt is providing it’s share of funding, there is lack of absorption in the states.

Shri Nadda urged the young officers to have an impact survey done of the benefits that have accrued from the programmes of the Health Ministry at the ground level.

He concluded his address by stating that while there has been a tremendous progress in healthcare in the last 10 years, the government is committed towards providing affordable, accessible, equitable and quality healthcare for all.

Speaking on the occasion, Dr V K Paul stated that the underlying motivation behind today’s paradigm for health is achieving the goal of Universal Health Coverage (UHC), i.e., to ensure that every citizen has access to quality healthcare without financial hardship. He stated that health coverage today not only entails curative treatment but also promotive, preventive, palliative, rehabilitative and therapeutic. “The two pillars of Ayushman Bharat initiative – Ayushman Arogya Mandir and AB PMJAY encompass the philosophy of UHC and also builds the pathway to achieve UHC.”

Dr Paul stated that “as many as 90% of essential interventions for UHC can be delivered through primary healthcare systems” and “an estimated 75% of projected health gains under the SDGs can be achieved through primary healthcare system”. He highlighted that countries with strong primary healthcare have higher life expectancy, better health outcomes, lower medication use and overall lower medical costs. “Because of this, the National Health Policy attaches prime importance to this and commits two-third of financial resources to primary healthcare system.”

Dr Paul highlighted that thanks to AB PMJAY, hospitalization rates in India has increased by 40%. “The out-of-pocket expenditure has decreased from 64% in 2013-14 to 39.4% in 2021-22”, he stated. He stated that these figures highlight that the two pillars of Ayushman Bharat are serving their purpose. He concluded his address by urging the different ministries and departments of the Union Government to work in coordination for achieving health goals.

Smt. Punya Salila Srivastava said that India’s dream of Viksit Bharat cannot be attained without achieving ‘Swasthya Bharat’. She stated that healthcare sector has seen a significant uplift in the last decade with the launch of initiatives like Ayushman Bharat. She stated, “Ayushman Bharat is based on providing continuum of care from providing comprehensive primary healthcare through Ayushman Arogya Mandir with referral and research linkages for follow-up to secondary and tertiary healthcare. AB PMJAY falls under the second pillar. To enable the referral linkages, there is the Ayushman Bharat Digital Mission (ABDM) which falls under the third pillar and the PM ABHIM (Pradhan Mantri Ayushman Bharat Health Infrastructure Mission) comes under the last pillar to address infrastructure gaps.”

The Union Health Secretary gave an overview of the health system strengthening approach under the National Health Mission which operates under three broad pillars: Reproductive, Maternal, Newborn, Child, Adolescent Health and Nutrition; Communicable Diseases and Non-Communicable Diseases.

She highlighted India’s success in decline of Maternal Mortality Ratio (MMR) which is more than double that of the global decline. “Similarly, India’s decline in Infant Mortality Rate (IMR) and Under 5 Mortality Rate (U5MR) is also much higher than the global decline”, she stated. She also highlighted that 31 states have achieved replacement level of fertility as per NFHS-5. Smt. Srivastava informed that these successes are the result of developing very comprehensive primary healthcare system by strengthening our primary healthcare centres and sub-centres and developing them as Ayushman Arogya Mandirs.

Smt. Gayatri A. Rathore, Principal Secretary of Medical & Health and Family Welfare, Govt. of Rajasthan; Smt. L S Changsan, Addl. Secretary, Union Health Ministry; Smt. Aradhana Patnaik, Addl. Secretary and Mission Director (NHM), Union Health Ministry; Shri Saurabh Jain, Joint Secretary, Union Health Ministry and senior officers of the Union Government were present on the occasion.

*****

MV

HFW/HFM Civil Services Day Address/21 April 2025/2

(Release ID: 2123250) Visitor Counter : 39

MIL OSI Asia Pacific News –

April 22, 2025
MIL-OSI Asia-Pac: Data Users Conference: Strengthening the Bridge Between Data Producers and Users
Source: Government of India

Posted On: 21 APR 2025 9:07PM by PIB Delhi

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), organized the Data Users Conference on 21st April 2025, in collaboration with the Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

The conference aimed to foster constructive dialogue between data producers and data users, facilitating knowledge exchange on methodologies, insights from the latest Household Consumption Expenditure Survey, Methodology changes in PLFS and key initiatives in macro-economic statistics including GDP and Consumer Price Indices. The event witnessed active participation from more than 250 attendees comprising policymakers, academicians, researchers, economists, industry representatives, and international organizations.

The conference was chaired by Dr. Saurabh Garg, Secretary, MoSPI, who emphasized the Ministry’s core vision of ‘Data for Development’. He highlighted MoSPI’s efforts toward enhancing data credibility, timeliness, accessibility, and relevance through technological interventions for timely release of key indicators like PLFS monthly estimates, quarterly unincorporated sector surveys, and a focus on comprehensive metadata standardization. He underlined the Ministry’s commitment to integrate administrative and survey data to fill existing gaps in the statistical ecosystem. Dr. Garg mentioned that MoSPI has actively working with research institutes to promote collaborative research.

In his address, Dr. Nilkanth Mishra, Member, EAC-PM and Chairman, UIDAI, underscored the pressing need for more granular and timely data, especially in light of India’s fast-evolving digital and informal economy. Drawing from personal experiences, he highlighted the critical gaps in economic data and appreciated MoSPI’s ongoing efforts to modernize the data access for both private and public stakeholders.

Ms. Geeta Singh Rathore, Director General (NSS), elaborated on recent advancements in the Periodic Labour Force Survey (PLFS), particularly the expansion of estimates of the Labour statistics to rural areas and the introduction of monthly releases of PLFS for enhanced policy responsiveness.

Prof. Basanta Kumar Pradhan, Director, IGIDR, welcomed the delegates and acknowledged MoSPI’s role in promoting an ecosystem of data-driven research and policy-making. He emphasized the importance of understanding data generation processes, recognizing limitations, and integrating user feedback to refine methodologies.

These key note addresses set the stage for technical sessions. The conference features four technical sessions.

The forenoon technical sessions covered:
- The first session has a detailed presentation on the sampling design used in NSS household surveys. The session continued with a presentation on the ‘Lessons Learned from HCES 2022-23 and 2023-24, highlighted on the key changes introduced in the most recent rounds of HCES. The presentations are followed by an enriched panel discussion and suggested to generate consumption data at sector level on quarterly basis, standardization of tools for improving the quality and exploring the scope of introducing the concepts of ‘spending’ instead of consumption as a measure of MPCE.
- Updates on the evolution of the Periodic Labour Force Survey (PLFS), including the original objectives from its 2017 launch and recent changes implemented from January 2025. Key updates include generating monthly estimates of labour market indicators (LFPR, WPR, and UR) for both rural and urban areas, expanding quarterly estimates to rural regions, and allowing district-level estimates in collaboration with states.
In the afternoon session Shri N.K. Santoshi, DG (Central Statistics), MoSPI, in his opening remarks highlighted the initiatives taken by the MoSPI for updating the base years of key macro-economic indicators viz GDP and CPI.

The afternoon technical sessions covered:
- The session includes a presentation on compilation of GDP estimates and base year revision detailing the framework of compilation, proposed improvements in base revision and issues in interpreting the estimates. This was followed by a panel discussion wherein panellist recommended to publish detailed documentation of sources and methods, need for consistent and coherent back-series data. They also welcomed the proposed use of new data sources such as GSTN, UPI etc. in the new base.
- During the session on CPI, the ongoing work on CPI revision, key upcoming changes such as the adoption of COICOP 2018, expanded service and market coverage, integration of online data sources, and improvements in the Housing Index methodology were presented. The presentation was followed by a panel discussion wherein it was suggested to release seasonally adjusted inflation data. MoSPI informed that a study in collaboration with IIT Kanpur for developing seasonally adjusted CPI figures for India is underway.
Post-panel discussions, the floor was opened for discussions, providing participants to directly engage with the speakers and panelists.

The conference reaffirmed the collective commitment of MoSPI, IGIDR, and data users to uphold and advance the quality, integrity, and usability of official statistics in India. It concluded with a call to further deepen cooperation, embrace technological advancements, and ensure data remains at the heart of evidence-based policymaking.

The Data User Conference concluded with the key take away of need for standardization between the statistical products.

For more details on the survey reports and upcoming statistical releases, please visit the official MoSPI website: www.mospi.gov.in.

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Samrat

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MIL OSI Asia Pacific News –
April 22, 2025
MIL-OSI Asia-Pac: India’s DBT: Boosting Welfare Efficiency
Source: Government of India

India’s DBT: Boosting Welfare Efficiency

Report Reveals ₹3.48 Lakh Crore in Savings and 16-Fold Increase in Beneficiaries

Posted On: 21 APR 2025 5:01PM by PIB Delhi

Introduction

India’s Direct Benefit Transfer (DBT) system has helped the country save an estimated ₹3.48 lakh crore till 2024 by plugging leakages in welfare delivery, according to a new quantitative assessment by the BlueKraft Digital Foundation. The report also finds that subsidy allocations have been halved from 16 percent to 9 percent of total government expenditure since the implementation of DBT, reflecting a major improvement in the efficiency of public spending.

The assessment evaluates data from 2009 to 2024 to examine the impact of DBT on budgetary efficiency, subsidy rationalisation, and social outcomes. It shows how the shift from paper-based disbursals to direct digital transfers has ensured that public funds reach the people they are meant for. One of the key features of DBT is the use of the JAM trinity, which stands for Jan Dhan bank accounts, Aadhaar unique ID numbers and mobile phones. This framework has enabled targeted and transparent transfers on a massive scale.

To capture the full extent of its impact, the report introduces a Welfare Efficiency Index. This index combines fiscal outcomes such as savings and reduced subsidies with social indicators like the number of beneficiaries reached, offering a clear picture of how well the system is working. The index has risen nearly threefold from 0.32 in 2014 to 0.91 in 2023, reflecting a sharp increase in both effectiveness and inclusion.

At a time when governments across the world are rethinking how to strengthen social protection, the DBT model presents valuable lessons in aligning financial prudence with equitable governance.

Key Findings

Budgetary Allocation Trends

The data on subsidy allocations reveals a significant shift post-DBT implementation, highlighting improvements in fiscal efficiency despite a surge in beneficiary coverage.
- Pre-DBT Era (2009–2013): Subsidies averaged 16% of total expenditure, amounting to ₹2.1 lakh crore annually, with considerable leakages in the system.
- Post-DBT Era (2014–2024): Subsidy expenditure decreased to 9% of total expenditure in 2023-24, while beneficiary coverage surged 16-fold from 11 crore to 176 crore.
- COVID-19 Outlier: A temporary spike in subsidies occurred during the 2020–21 fiscal year due to emergency fiscal measures. However, efficiency rebounded following the pandemic, further validating the system’s long-term effectiveness.
Subsidy Allocation Trends (2009-2024)

The reduction in subsidy burden, despite a significant increase in coverage, underscores DBT’s role in optimising fiscal allocations. By eliminating ghost beneficiaries and middlemen, the system redirected funds to genuine recipients without proportional increases in the budget.

Sectoral Analysis

A detailed breakdown of sector-specific impacts shows how DBT has particularly benefited high-leakage programmes.
- Food Subsidies (PDS): ₹1.85 lakh crore saved, accounting for 53% of total DBT savings. This was largely due to Aadhaar-linked ration card authentication.
- MGNREGS: 98% of wages were transferred timely, saving ₹42,534 crore through DBT-driven accountability.
- PM-KISAN: ₹22,106 crore saved by deleting 2.1 crore ineligible beneficiaries from the scheme.
- Fertilizer Subsidies: Sales of 158 lakh MT of fertiliser were reduced, saving ₹18,699.8 crore through targeted disbursement.
Sectoral Impact Analysis

These sector-specific savings highlight DBT’s disproportionate impact on high-leakage programs, such as food subsidies and wage schemes like MGNREGS. The system’s role in biometric authentication and direct transfers has been crucial in improving efficiency and curbing misuse.

Correlation and Causality Findings

The correlation analysis further underscores the effectiveness of DBT in improving welfare delivery.
- Strong Positive Correlation (0.71): There is a strong positive correlation between beneficiary coverage and DBT savings, signifying that as coverage expanded, savings increased.
- v Negative Correlation (-0.74): There is a significant negative correlation between subsidy expenditure as a percentage of total expenditure and welfare efficiency, highlighting the reduction in waste and leakages facilitated by DBT.
Heat-map showing correlation between key variables

The heat-map analysis quantifies the relationship between budget allocations, DBT savings, and welfare efficiency. As DBT savings increased, subsidy allocations decreased, demonstrating that DBT improved targeting while reducing leakages. This enabled the government to expand welfare programs, reaching more beneficiaries without increasing fiscal outlays. The inverse relationship between subsidy expenditure and efficiency challenges critiques of “declining welfare spending” and affirms DBT’s role as a powerful tool for fiscal optimisation.

Welfare Efficiency Index (WEI)

As part of the methodology for assessing the impact of the Direct Benefit Transfer (DBT) system, the Welfare Efficiency Index (WEI) was developed as a composite metric to measure efficiency gains across various dimensions. The WEI comprises three weighted components:
1. DBT Savings (50% weight): This component captures the direct reduction in leakage, normalised against the maximum observed savings of ₹3.48 lakh crore.
1. Subsidy Reduction (30% weight): Measures the decline in subsidy expenditure as a percentage of the total national budget.
1. Beneficiary Growth (20% weight): Assesses the expansion in the number of beneficiaries, adjusted for population growth.
The rise in the WEI from 0.32 in 2014 to 0.91 in 2023 quantifies systemic improvements, emphasising that efficiency gains stem from multi-dimensional factors—not merely budget cuts. This index provides a replicable model for global policymakers to evaluate welfare reforms.

The WEI surged, driven by:
- DBT Savings (50% weight): ₹3.48 lakh crore cumulative leakage reduction.
- Subsidy Reduction (30% weight): A decline from 16% to 9% of total expenditure.
- Beneficiary Growth (20% weight): A 16-fold expansion in coverage.
Conclusion

The Direct Benefit Transfer (DBT) system has proven to be a transformative tool for India’s welfare delivery, significantly enhancing the efficiency of public spending and expanding the reach of social benefits. Over the past decade, DBT has not only reduced fiscal leakages by ₹3.48 lakh crore but also ensured that subsidies are better targeted, with a marked decline in subsidy allocations as a percentage of total expenditure. The rise in the Welfare Efficiency Index (WEI) underscores the success of DBT in optimizing fiscal resources while broadening coverage for millions of beneficiaries. The sectoral savings, particularly in high-leakage programs like food subsidies, MGNREGS, and PM-KISAN, illustrate how the system’s integration of Aadhaar and mobile-based transfers has addressed inefficiencies and curbed misuse.

As per the report by the BlueKraft Digital Foundation, this data-driven assessment demonstrates that fiscal prudence and inclusivity can go hand-in-hand, offering valuable insights for policymakers worldwide looking to refine their own social protection models. As governments grapple with balancing fiscal constraints and social equity, India’s experience with DBT presents a compelling case for the efficacy of direct transfers in fostering both economic and social development. The lessons learned from this success story can guide global efforts to make welfare systems more efficient, transparent, and inclusive.

Reference:

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Santosh Kumar/ Sheetal Angral/ Saurabh Kalia

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MIL OSI Asia Pacific News –
April 22, 2025

MIL-OSI Asia-Pac: INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR MARCH, 2025

Source: Government of India

Posted On: 21 APR 2025 5:00PM by PIB Delhi

The combined Index of Eight Core Industries (ICI) increased by 3.8 per cent (provisional) in March, 2025 as compared to the Index in March, 2024. The production of Cement, Fertilizers, Steel, Electricity, Coal and Refinery Products recorded positive growth in March, 2025. The details of annual indices, monthly indices and growth rates are provided at Annex I and Annex II.

The ICI measures the combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

The final growth rate of Index of Eight Core Industries for December 2024 was observed at 5.1 per cent. The cumulative growth rate of ICI during April to March, 2024-25 is 4.4 per cent (provisional) as compared to the corresponding period of last year.

The summary of the Index of Eight Core Industries is given below:

Coal – Coal production (weight: 10.33 per cent) increased by 1.6 per cent in March, 2025 over March, 2024. Its cumulative index increased by 5.1 per cent during April to March, 2024-25 over corresponding period of the previous year.

Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 1.9 per cent in March, 2025 over March, 2024. Its cumulative index declined by 2.2 per cent during April to March, 2024-25 over corresponding period of the previous year.

Natural Gas – Natural Gas production (weight: 6.88 per cent) declined by 12.7 per cent in March, 2025 over March, 2024. Its cumulative index declined by 1.2 per cent during April to March, 2024-25 over corresponding period of the previous year.

Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 0.2 per cent in March, 2025 over March, 2024. Its cumulative index increased by 2.8 per cent during April to March, 2024-25 over corresponding period of the previous year.

Fertilizers – Fertilizer production (weight: 2.63 per cent) increased by 8.8 per cent in March, 2025 over March, 2024. Its cumulative index increased by 2.9 per cent during April to March, 2024-25 over corresponding period of the previous year.

Steel – Steel production (weight: 17.92 per cent) increased by 7.1 per cent in March, 2025 over March, 2024. Its cumulative index increased by 6.7 per cent during April to March, 2024-25 over corresponding period of the previous year.

Cement – Cement production (weight: 5.37 per cent) increased by 11.6 per cent in March, 2025 over March, 2024. Its cumulative index increased by 6.3 per cent during April to March, 2024-25 over corresponding period of the previous year.

Electricity – Electricity generation (weight: 19.85 per cent) increased by 6.2 per cent in March, 2025 over March, 2024. Its cumulative index increased by 5.1 per cent during April to March, 2024-25 over corresponding period of the previous year.

Note 1: Data for January, 2025, February, 2025 and March, 2025 are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.

Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for April, 2025 will be on Tuesday, 20^th May, 2025.

Annex I

Performance of Eight Core Industries

Yearly Index & Growth Rate

Base Year: 2011-12=100

Index

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Index
Weight	10.33	8.98	6.88	28.04	2.63	17.92	5.37	19.85	100.00
2012-13	103.2	99.4	85.6	107.2	96.7	107.9	107.5	104.0	103.8
2013-14	104.2	99.2	74.5	108.6	98.1	115.8	111.5	110.3	106.5
2014-15	112.6	98.4	70.5	108.8	99.4	121.7	118.1	126.6	111.7
2015-16	118.0	97.0	67.2	114.1	106.4	120.2	123.5	133.8	115.1
2016-17	121.8	94.5	66.5	119.7	106.6	133.1	122.0	141.6	120.5
2017-18	124.9	93.7	68.4	125.2	106.6	140.5	129.7	149.2	125.7
2018-19	134.1	89.8	69.0	129.1	107.0	147.7	147.0	156.9	131.2
2019-20	133.6	84.5	65.1	129.4	109.8	152.6	145.7	158.4	131.6
2020-21	131.1	80.1	59.8	114.9	111.6	139.4	130.0	157.6	123.2
2021-22	142.3	77.9	71.3	125.1	112.4	163.0	156.9	170.1	136.1
2022-23	163.5	76.6	72.4	131.2	125.1	178.1	170.6	185.2	146.7
2023-24	182.7	77.1	76.8	135.9	129.8	200.4	185.7	198.3	157.8
Apr-Mar 2024-25*	192.0	75.4	75.9	139.7	133.5	213.8	197.4	208.4	164.8

*Provisional

Growth Rates (on Y-o-Y basis in per cent)

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Growth
Weight	10.33	8.98	6.88	28.04	2.63	17.92	5.37	19.85	100.00
2012-13	3.2	-0.6	-14.4	7.2	-3.3	7.9	7.5	4.0	3.8
2013-14	1.0	-0.2	-12.9	1.4	1.5	7.3	3.7	6.1	2.6
2014-15	8.0	-0.9	-5.3	0.2	1.3	5.1	5.9	14.8	4.9
2015-16	4.8	-1.4	-4.7	4.9	7.0	-1.3	4.6	5.7	3.0
2016-17	3.2	-2.5	-1.0	4.9	0.2	10.7	-1.2	5.8	4.8
2017-18	2.6	-0.9	2.9	4.6	0.03	5.6	6.3	5.3	4.3
2018-19	7.4	-4.1	0.8	3.1	0.3	5.1	13.3	5.2	4.4
2019-20	-0.4	-5.9	-5.6	0.2	2.7	3.4	-0.9	0.9	0.4
2020-21	-1.9	-5.2	-8.2	-11.2	1.7	-8.7	-10.8	-0.5	-6.4
2021-22	8.5	-2.6	19.2	8.9	0.7	16.9	20.8	8.0	10.4
2022-23	14.8	-1.7	1.6	4.8	11.3	9.3	8.7	8.9	7.8
2023-24	11.8	0.6	6.1	3.6	3.7	12.5	8.9	7.1	7.6
Apr-Mar 2024-25*	5.1	-2.2	-1.2	2.8	2.9	6.7	6.3	5.1	4.4

*Provisional.

Y-o-Y is calculated over the corresponding financial year of previous year

Annex II

Performance of Eight Core Industries

Monthly Index & Growth Rate

Base Year: 2011-12=100

Index

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Index
Weight	10.33	8.98	6.88	28.04	2.63	17.92	5.37	19.85	100.00
Mar-24	256.0	78.9	79.3	147.0	116.6	219.8	219.4	204.2	175.0
Apr-24	173.3	76.3	74.8	137.9	117.8	210.0	192.3	212.0	161.7
May-24	184.7	77.9	78.7	141.8	135.9	209.7	190.6	229.3	168.2
Jun-24	186.4	74.4	75.8	134.1	134.0	204.0	198.5	222.8	163.7
Jul-24	163.0	76.6	78.0	143.3	138.8	205.1	174.6	220.2	162.8
Aug-24	138.2	75.7	77.4	134.0	137.5	206.6	177.4	212.3	156.3
Sep-24	151.8	72.0	75.8	134.1	134.8	202.0	178.8	206.9	155.4
Oct-24	186.0	74.6	79.3	135.5	136.9	212.9	187.2	207.8	162.4
Nov-24	199.6	73.9	75.7	138.4	136.2	212.9	177.0	184.1	159.1
Dec-24	215.1	77.9	78.1	149.1	139.8	221.8	211.7	192.8	169.4
Jan-25*	229.8	77.9	78.1	147.2	139.0	228.1	220.3	201.9	173.8
Feb-25*	215.6	69.7	70.0	133.5	124.9	216.8	215.2	194.0	163.0
Mar-25*	260.2	77.4	69.2	147.3	126.9	235.5	244.8	216.9	181.7

*Provisional

Growth Rates (on Y-o-Y basis in per cent)

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Growth
Weight	10.33	8.98	6.88	28.04	2.63	17.92	5.37	19.85	100.00
Mar-24	8.7	2.1	6.3	1.6	-1.3	7.5	10.6	8.6	6.3
Apr-24	7.5	1.7	8.6	3.9	-0.8	9.8	0.2	10.2	6.9
May-24	10.2	-1.1	7.5	0.5	-1.7	8.9	-0.6	13.7	6.9
Jun-24	14.8	-2.6	3.3	-1.5	2.4	6.3	1.8	8.6	5.0
Jul-24	6.8	-2.9	-1.3	6.6	5.3	7.0	5.1	7.9	6.3
Aug-24	-8.1	-3.4	-3.6	-1.0	3.2	4.1	-2.5	-3.7	-1.5
Sep-24	2.6	-3.9	-1.3	5.8	1.9	1.8	7.6	0.5	2.4
Oct-24	7.8	-4.8	-1.2	5.2	0.4	5.7	3.1	2.0	3.8
Nov-24	7.5	-2.1	-1.9	2.9	2.0	10.5	13.1	4.4	5.8
Dec-24	5.3	0.6	-1.8	2.8	1.7	7.3	10.3	6.2	5.1
Jan-25*	4.6	-1.1	-1.5	8.3	3.0	4.7	14.6	2.4	5.1
Feb-25*	1.7	-5.2	-6.0	0.8	10.2	6.9	10.8	3.6	3.4
Mar-25*	1.6	-1.9	-12.7	0.2	8.8	7.1	11.6	6.2	3.8

*Provisional.

Y-o-Y is calculated over the corresponding financial year of previous year

***

Abhishek Dayal / Abhijith Narayanan

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MIL OSI Asia Pacific News –

April 22, 2025

MIL-OSI USA: H.R. 260, No Tax Dollars for Terrorists Act

Source: US Congressional Budget Office

H.R. 260 would require the Department of State to provide several reports to the Congress on matters related to the Taliban, including the department’s efforts to identify, track, and curtail financial and material support provided by foreign countries and organizations.

On the basis of information about similar reporting requirements, CBO estimates that implementing the bill would cost less than $500,000 over the 2025-2030 period. Such spending would be subject to the availability of appropriated funds.

The CBO staff contact for this estimate is Sunita D’Monte. The estimate was reviewed by Christina Hawley Anthony, Deputy Director of Budget Analysis.

Phillip L. Swagel

Director, Congressional Budget Office

MIL OSI USA News –

April 22, 2025
MIL-OSI USA: Celebrating Earth as Only NASA Can

Source: NASA

From the iconic image of Earthrise taken by Apollo 8 crew, to the famous Pale Blue Dot image of Earth snapped by Voyager I spacecraft, to state-of-the-art observations of our planet by new satellites such as PACE (Plankton, Aerosol, Cloud, ocean Ecosystem), NASA has given us novel ways to see our home. This Earth Day, NASA is sharing how — by building on decades of innovation—we use the unique vantage point of space to observe and understand our dynamic planet in ways that we cannot from the ground.
NASA has been observing Earth from space for more than 60 years, with cutting-edge scientific technology that can revolutionize our understanding of our home planet and provide benefits to all humanity. NASA observations include land data that helps farmers improve crop production, research on the air we breathe, and studies of atmospheric layers high above us that protect every living thing on the planet.
“NASA Science delivers every second of every day for the benefit all, and it begins with how we observe our home planet from the unique vantage point of space,” said Nicky Fox, associate administrator, Science Mission Directorate at NASA Headquarters in Washington. “Our satellites, Mars rovers, astronauts and other NASA Science missions send back beautiful images of our planet, from the smallest of plankton to the pale blue dot, to help give us a comprehensive, detailed view of our home that we especially celebrate each Earth Day.”
NASA data and tools are vital to federal, state, local, and international governments to monitor and manage land, air, and water resources. From mapping the ocean floor to finding critical mineral deposits to alerting land managers when fire risk is high, NASA’s data and information informs nearly every aspect of our economy and our lives.
“Another way NASA celebrates Earth Day is by sharing information about how our science benefits the entire nation, such as by providing U.S. farmers and ranchers with ongoing measurements of water, crop health, wildfire predictions, and knowledge of what is being grown around the world,” said Karen St. Germain, director of NASA’s Earth Science Division at the agency’s headquarters in Washington. “This data informs field level farming and ranching decisions with impact felt as far as the commodity-trading floor and our grocery stores.”
Next up for NASA’s work to help mitigate natural disasters is a mission called NISAR (NASA-ISRO Synthetic Aperture Radar) which is a partnership between NASA and ISRO (India Space Research Organization). NISAR, which is targeted to launch later this year, will measure land changes from earthquakes, landslides, and volcanos, producing more NASA science data to aid in disaster response. The mission’s radar will detect movements of the planet’s surface as small as 0.4 inches over areas about the size of half a tennis court. By tracking subtle changes in Earth’s surface, it will spot warning signs of imminent volcanic eruptions, help to monitor groundwater supplies, track the melt rate of ice sheets tied to sea level rise, and observe shifts in the distribution of vegetation around the world.
From our oceans to our skies, to our ice caps, to our mountains, and to our rivers and streams, NASA’s Earth observations enhance our understanding of the world around us and celebrate the incredible planet we call home.
To download NASA’s 2025 Earth Day poster, visit:
https://nasa.gov/earthdayposters

MIL OSI USA News –

April 22, 2025
MIL-OSI USA: Governor Newsom makes CalRx® Naloxone available for all Californians at $24
Source: US State of California 2
Apr 21, 2025
California is the first state in the nation to provide an affordable direct-to-consumer drug online

What you need to know: CalRx® Naloxone is now available directly to individuals at the same affordable price of $24 previously offered to businesses, further reducing barriers to this critical overdose reversal medication.

Sacramento, California – Today, Governor Newsom announced that individual twin-packs of CalRx®-branded over-the-counter (OTC) naloxone HCL 4 mg nasal spray are now available to all Californians at a low price of $24 per carton – almost half the standard market price. Previously offered only to government entities and businesses in packs of 24, this new direct-to-consumer program expands individual access to this life-saving overdose reversal medication. By making naloxone more affordable and accessible, California is empowering communities to save lives.

“Life-saving medications shouldn’t come with a life-altering price tag. CalRx is about making essential drugs like naloxone affordable and accessible for all — not the privileged few. California is using our market power as the 5th largest economy in the world to disrupt a billion-dollar industry to save lives…and we’re just getting started.”

Governor Gavin Newsom

Naloxone, a medication that blocks the effects of opioids, can quickly reverse an overdose, giving individuals crucial time to receive medical help. By offering this life-saving medication at a fixed, affordable price, CalRx is improving public health through accessible, essential medications.

Anyone residing in California can now visit the CalRx website to purchase an individual twin-pack of naloxone HCL 4 mg nasal spray for $24, plus tax and shipping fees. This price makes the CalRx offering among the most cost-competitive options currently available.

Bigger picture

The launch of CalRx®-branded naloxone in May 2024 was more than just an expansion of access to a single medication — it represented a larger shift in how California is reshaping the pharmaceutical market to prioritize affordability, transparency, and public health.

By leveraging state purchasing power and strategic partnerships, CalRx is establishing a new standard for making essential medications more accessible at lower, more predictable prices. This initiative not only provides lifesaving naloxone at an affordable cost but also demonstrates how bold, state-led action can disrupt traditional pricing models and ensure that cost never stands in the way of care.

This initiative is part of Governor Newsom’s Master Plan for Tackling the Fentanyl and Opioid Crisis. A recent study published on the Naloxone Savings Dashboard revealed that the state’s CalRX initiative has saved California over $6 million to date. For more information on opioids and how you can protect yourself and loved ones, visit Opioids.CA.GOV, a one-stop shop for Californians seeking resources around prevention and treatment.

Impact on the opioid crisis

For the first time in California, data through June 2024 showed a decline in synthetic opioid-related overdose deaths, from drugs such as fentanyl and tramadol. This had reversed a trend of increased synthetic opioid-related death in the state from 2018 through June 2023. The overdose crisis remains complex and is constantly evolving due to a variety of factors. Year-to-year changes cannot be credited to any one cause, but it is clear that a comprehensive effort is making a difference, as we continue to address opioid trafficking, prevent overdoses, support those with opioid use disorder, and raise awareness about the dangers of opioids.

How to obtain CalRx Naloxone

Online ordering: California residents and businesses can order CalRx® Naloxone HCL 4 mg nasal spray for $24 per box by visiting the CalRx Get Naloxone website.
2. Naloxone Distribution Project: Eligible organizations may qualify for free CalRx® Naloxone HCL 4 mg nasal spray through the Department of Health Care Services’ Naloxone Distribution Project (NDP). For more information, visit the NDP website.

CalRx® program

The California Department of Health Care Access and Information, which administers the CalRx program, recently published its Naloxone Savings Dashboard, revealing that this initiative has saved California over $17 million to date.

The success of this program was also highlighted in a February 2025 Health Affairs journal article titled, “Increasing competition, improving access, and lowering the cost of naloxone in California.”

For more information on CalRx® naloxone, please visit CalRx® Naloxone.

For more information regarding California’s response to the opioid crisis, please visit http://opioids.ca.gov.
Health care, Press Releases
Recent news

Apr 21, 2025

News Sacramento, California – Governor Gavin Newsom issued the following statement today on the passing of Pope Francis:”Jennifer and I join the world in mourning the passing of Pope Francis. He saw God in all His creatures, reminding us of humanity’s obligations…

Apr 19, 2025

News What you need to know: Leaders across the nation, from elected officials to representatives from the business community, are praising California’s efforts to challenge President Trump’s authority to unilaterally enact tariffs. SACRAMENTO – This week, Governor…

Apr 18, 2025

News Sacramento, California – Governor Gavin Newsom today announced that he has granted 16 pardons and 9 commutations. The Governor granted a posthumous pardon to Sergeant Richard Allen Penry, an Army Veteran who received the Medal of Honor, our nation’s highest…

MIL OSI USA News –
April 22, 2025
MIL-OSI USA: Governor Newsom statement on the passing of Pope Francis

Source: US State of California 2

Apr 21, 2025

Sacramento, California – Governor Gavin Newsom issued the following statement today on the passing of Pope Francis:

“Jennifer and I join the world in mourning the passing of Pope Francis. He saw God in all His creatures, reminding us of humanity’s obligations towards each other and the world we live in, asking us to ‘care for one another and let us be loving custodians of creation.’

“Like the saint honored by His Holiness’s papal name, Saint Francis of Assisi, Pope Francis led with his love of peace and creation and sought to protect and lift up the vulnerable. He championed human dignity, especially that of the poor, called the world to urgent climate action, condemned the death penalty, and confronted painful truths — including the Church’s role in the genocide of Indigenous peoples. His papacy was characterized by moral courage, a profound respect for all creation, and a deep conviction in the transformative power of love to heal and unite.

“As we mourn His Holiness, we honor him by choosing to believe that a better world is possible through grace and kindness, and through fellowship with our neighbors, no matter our differences.”

Press Releases, Recent News

Recent news

Apr 19, 2025

News What you need to know: Leaders across the nation, from elected officials to representatives from the business community, are praising California’s efforts to challenge President Trump’s authority to unilaterally enact tariffs. SACRAMENTO – This week, Governor…

Apr 18, 2025

News Sacramento, California – Governor Gavin Newsom today announced that he has granted 16 pardons and 9 commutations. The Governor granted a posthumous pardon to Sergeant Richard Allen Penry, an Army Veteran who received the Medal of Honor, our nation’s highest…

Apr 18, 2025

News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Brian Kaplun, of San Francisco, has been appointed Deputy Secretary for Policy and Strategic Planning at the Health and Human Services Agency. Kaplun held several roles at the United…

MIL OSI USA News –

April 22, 2025
MIL-OSI Security: BAKER WOMAN SENTENCED TO 30 MONTHS IN FEDERAL PRISON FOR WIRE FRAUD

Source: Office of United States Attorneys

Acting United States Attorney April M. Leon announced that U.S. District Judge Brian A. Jackson sentenced Erin D. Jones, 49, of Baker, Louisiana, to 30 months in federal prison following her conviction for wire fraud. The Court further sentenced Jones to serve three years of supervised release following her term of imprisonment, ordered her to pay $334,092.03 in restitution, and entered a money judgment against the defendant for an additional $334,092.03.

According to admissions made as part of her guilty plea, Jones worked part-time at a small business in Baton Rouge, Louisiana, that provided truck and diesel engine repair services and was trusted to assist with the company’s book-keeping and accounting, among other tasks. Jones held bank accounts at JPMorgan Chase Bank and Hancock Whitney Bank (collectively, the “banks”), and the company also maintained a business bank account at Hancock Bank.

Beginning in or about May of 2019 and continuing through April of 2024, Jones knowingly executed a scheme to defraud the company and to obtain money by means of materially false and fraudulent pretenses, representations, and promises.

One of Jones’ job responsibilities was to retrieve the company’s mail from a post office box that the company maintained in Baton Rouge. Using her access to the post office box, she would retrieve checks that had been issued to the company and mailed to the company by its customers. The checks were drawn on the customers’ bank accounts at banks located across the country. After gaining control of each check, Jones would endorse the back of the check and deposit it into one of her own personal bank accounts, either by using an ATM or making a remote online deposit.

Jones concealed her scheme in several ways. On many occasions, she would use her access to the company’s accounting program to delete the underlying invoices that caused the company’s customers and vendors to make the payments.

Over the course of the scheme, Jones embezzled and fraudulently deposited approximately 431 checks payable to the company, totaling approximately $334,000.

Acting U.S. Attorney Leon stated, “Small businesses are the backbones of a local economy. Employees are entrusted with duties and responsibilities that contribute to those companies either thriving or failing. Therefore, prosecuting fraud at these establishments are important, and we join our federal and local law enforcement partners in prioritizing them accordingly. We truly appreciate the hard work of the United States Secret Service and East Baton Rouge Sheriff’s Office for their investigation of this financial crime and acknowledge the impact these prosecutions have on our small businesses and local economy when offenders are held accountable.”

“The U.S. Secret Service takes our mission to investigate financial crimes seriously. As a result of a true team effort between our amazing local law enforcement partners, federal prosecutors, and our agents, another fraudster was brought to justice. This individual abused their position of trust to steal from their company and its clients, and now they will face the consequences of those actions. This type of crime will not be tolerated in Louisiana, and the U.S. Secret Service is proud to stand with our partners to protect our citizens,” stated U.S. Secret Service SAIC James A. Kearns.

This matter was investigated by the East Baton Rouge Sheriff’s Office, with substantial assistance from the United States Secret Service, and was prosecuted by Assistant United States Attorney Alan A. Stevens, who also serves as Senior Litigation Counsel.

MIL Security OSI –

April 22, 2025
MIL-OSI: Salary.com Unveils Agentic AI Platform for HR and Compensation
Source: GlobeNewswire (MIL-OSI)

Thinks, Learns, and Acts based on Vast Amounts of Compensation and HR Data;
Uncovers and Anticipates Trends and Creates New Efficiencies

WALTHAM, Mass., April 21, 2025 (GLOBE NEWSWIRE) — Salary.com, the global leader in compensation technology and data, today announced its agentic AI platform, the first of its kind designed specifically for HR and compensation teams. This platform leverages the power of Large Language Models (LLMs) and advanced agentic AI to automate complex HR and Compensation workflows, scale standard processes, and drive new efficiencies for Compensation and HR teams. By adding an AI platform to Salary.com’s sophisticated data foundation, HR and Compensation teams can dramatically streamline how quickly they get answers to a wide range of complex, previously time-consuming, and data-driven questions.

While compensation has historically played a primary role in attracting and retaining top talent, its impact is fundamental to company culture, financial wellbeing, and employee engagement. Compensation remains one of the most complex functions in the HR category, necessitating accuracy, reliability, and close alignment between all functions in a company.

“We are changing the game for HR and compensation management,” said Kent Plunkett, CEO of Salary.com. “For the first time, HR professionals can harness the power of Agentic AI to not only analyze vast amounts of compensation data but also anticipate trends, recommend strategic actions, and automate time-consuming processes. This is AI that doesn’t just assist —it thinks, learns, and acts in alignment with an organization’s compensation philosophy and business goals. Our customers rely on us as their trusted partner who keeps them competitive and provides support as they navigate an uncertain future and embrace AI.” Plunkett added, “Salary.com has been the leader in compensation technology for over 25 years. We’re once again blazing the path forward in compensation and HR Technology, making sure our customers can realize the full capabilities of AI as the technology advances.”

Salary.com’s AI platform can instantly identify an organization’s top competitors for talent, analyze pay trends across industries, and recommend optimal pay mixes to retain key employees. Salary.com’s AI platform flexibility means HR and Compensation teams can also surface hidden job duplication, simulate job architecture adjustments, and calculate the financial impact of aligning to future minimum wage requirements.

AI at Salary.com

Salary.com has a long history in AI, known for producing innovative solutions to address real problems. For over 25 years, Salary.com has pioneered AI applications in compensation management while others were still learning the term. Over those years, Salary.com’s mission has never changed: deliver extraordinarily accurate compensation data, intelligence, and innovative software solutions that empower organizations to make fair, competitive, and strategic compensation decisions.

Salary.com is committed to continuous innovation to address the critical challenges faced by HR and compensation teams. This AI platform delivers increased efficiency, lower operational costs, improved accuracy and reliability, actionable insights, compliance assurance, global scalability, and enhanced talent retention and optimization. By constantly advancing the platform, Salary.com is delivering new standards of operational efficiency and scale while maintaining the accuracy and reliability our customers expect.

Real-World Impact: Salary.com Transforms Compensation

Continuing its deep commitment to AI, Salary.com is revolutionizing compensation by providing both immediate answers and strategic foresight. Organizational growth strategies can be confidently advanced by quickly receiving answers to questions such as:
- Market Intelligence & Competitive Benchmarking
  - Who am I competing against for critical talent in my markets and what is the pay mix to retain my existing talent?
  - Which of my competitors saw the largest increase in pay ranges over the past year, and for which positions?
  - What unique skills are my competitors looking for in those jobs that are critical to my organization? Which of these skills are we not considering, based on our own job descriptions?
  - If I updated all my survey sources to this year’s data, what would be the cost to adjust all pay to the new market reference point?
- Pay Structure & Compliance Readiness
  - Show me what the minimum wage rates will be in 2026. Who will be below this limit and what is the cost to bring these employees to that minimum wage?
  - How many employees are paid below their salary range minimum and how much would it cost to correct these issues?
- Job Architecture & Organizational Design
  - Where do we see potential job duplication in my organization? How should I adjust my job architecture or existing pay in response?
  - If I add a new job family to my Boston office, how would I design the pay mix and where would I assign these jobs to my salary structures?
  - Can you build out a job architecture with all my jobs and tell me where there are potential areas that need adjustments?
- Pay Equity Analysis & Fairness
  - Which jobs in our organization should be clustered into similarly situated groups and which employees in those clusters are the pay equity outliers?
  - Provide a pay gap analysis separated by salary grade, EEO category/ and job level.
Yong Zhang, President, COO and CRO of Salary.com, and the chief architect of this new AI platform, said, “Our customers demand tools that work. We made the conscious choice to skip building a simple generative AI tool for content retrieval and committed to build the next generation of AI technology: a true robust agentic AI technology platform that compensation and HR departments can customize and deploy to conduct deep analyses and gain operational efficiencies. By working like a trusted teammate as opposed to just another tool, Salary.com delivers everything customers need to get AI right – from standard and custom agent design to ongoing QA of AI outputs.”

AI Your Way

Salary.com’s AI platform is designed to support a company’s adoption of AI tools. The Salary.com team will build customized agents that map to specific business processes based on current workflows, provide guidance to help build AI-related skills, and work as an ongoing partner ready to adapt to changes in the AI landscape. The goal is to provide custom department-specific solutions that enable sustainable transformation.

Availability & How to Learn More

Salary.com’s Agentic AI will be demonstrated at the World at Work conference May 19 – May 21, 2025. Schedule a demo onsite or to learn more, visit the Salary.com booth #825 or contact Solutions@salary.com.

About Salary.com
Salary.com has been helping organizations with human capital needs for over 25 years. The company leads the industry in compensation data, software, and services. More than 30,000 organizations in 30+ countries use Salary.com’s solutions to hire and retain talent and compete in a changing world. Salary.com provides over 10 billion data points across over 225 industries using a proprietary AI framework to ensure fair pay. The company’s main product, CompAnalyst^®, helps organizations simplify hiring, reduce guesswork, and increase retention. Employee trust depends on fair pay, and Salary.com helps get it right. For additional information, please visit www.salary.com/business.

Note to editors: Trademarks and registered trademarks referenced herein remain the property of their respective owners. This press release is the copyrighted material of Salary.com and may not be uploaded into any LLM or AI without obtaining written permission in advance from Salary.com’s media contact.

The MIL Network –
April 22, 2025
MIL-OSI USA: TOMORROW: Governor Newsom, First Partner Siebel Newsom celebrate Earth Day with students focused on environmental solutions and responsibility

Source: US State of California Governor

Apr 21, 2025

BUTTE COUNTY – Governor Gavin Newsom and First Partner Jennifer Siebel Newsom will provide remarks during California’s annual Earth Day celebration, spotlighting young leaders and local efforts to protect natural resources and promote environmental responsibility.

WHEN: Tuesday, April 22 at 11:30 a.m.

**NOTE: This in-person press event will not be livestreamed and will be open to credentialed media only. Media interested in attending must RSVP here by no later than 8 a.m., April 22. Location information and instructions will be provided upon RSVP.

Media Advisories, Recent News

Recent news

Apr 21, 2025

News California is the first state in the nation to provide an affordable direct-to-consumer drug onlineWhat you need to know: CalRx® Naloxone is now available directly to individuals at the same affordable price of $24 previously offered to businesses, further…

Apr 21, 2025

News Sacramento, California – Governor Gavin Newsom issued the following statement today on the passing of Pope Francis:”Jennifer and I join the world in mourning the passing of Pope Francis. He saw God in all His creatures, reminding us of humanity’s obligations…

Apr 19, 2025

News What you need to know: Leaders across the nation, from elected officials to representatives from the business community, are praising California’s efforts to challenge President Trump’s authority to unilaterally enact tariffs. SACRAMENTO – This week, Governor…

MIL OSI USA News –

April 22, 2025
MIL-OSI USA: SBA Offers Relief to New Mexico Small Businesses and Private Nonprofits Affected by Drought

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to small businesses and private nonprofit (PNP) organizations in New Mexico who sustained economic losses due to the drought beginning April 8.

The declaration covers the New Mexico counties of Bernalillo, Cibola, Colfax, Guadalupe, Harding, Los Alamos, McKinley, Mora, Quay, Rio Arriba, San Juan, San Miguel, Sandoval, Santa Fe, Taos and Torrance as well as the Colorado counties of Conejos and Costilla.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

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

“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months after the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

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

Submit completed loan applications to SBA no later than Dec. 15.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

April 22, 2025

MIL-OSI: VNBTC – Revolutionizing Cloud Mining with Profitable Plans and an Innovative Affiliate Program

Source: GlobeNewswire (MIL-OSI)

London, United Kingdom, April 21, 2025 (GLOBE NEWSWIRE) — Cryptocurrencies continue to shape financial futures, and VNBTC is leading the charge with its advanced, user-friendly, and profitable cloud mining platform. Offering high-performing mining packages and a dynamic affiliate program, VNBTC is creating boundless earning opportunities for newcomers and seasoned investors alike.

Profitable Mining Packages Tailored to Your Goals

VNBTC’s mining plans are designed to cater to a wide range of users, offering something for beginners and high-capital investors alike. With transparent terms and efficient operations, these plans generate consistent profits daily, making them an attractive choice for anyone seeking passive income.

Plan Name	Price ($)	Duration	Daily ROI	Total Profit ($)
DOGE STARTER PLAN	79.00	7 Days	1.20%	6.64
LITECOIN SPEED PACK	100.00	5 Days	1.50%	7.50
POLYGON GROWTH PLAN	500.00	10 Days	1.36%	68.00
AVALANCHE MINER PACK	2,000.00	20 Days	1.40%	560.00
SOLANA POWER MINER	5,000.00	30 Days	1.48%	2,220.00
CARDANO VIP SPECIAL	8,000.00	25 Days	1.50%	3,000.00
ETHEREUM MAX YIELD PLAN	10,000.00	35 Days	1.55%	5,425.00
BNB TURBO PACK	30,000.00	20 Days	1.70%	10,200.00
BITCOIN PREMIUM HASHRATE	70,000.00	15 Days	2.00%	21,000.00

These plans provide access to hassle-free mining of prominent cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. With real-time performance monitoring and smooth fund withdrawals, VNBTC offers unparalleled convenience and reliability.

Exclusive Free Trial Offer – $79 Welcome Bonus

VNBTC is committed to providing every new user with a risk-free mining experience. Upon registration, new users will receive a $79 welcome bonus, which can be exclusively applied to the DOGE STARTER PLAN.

This free trial plan includes:

Full access to the DOGE STARTER PLAN’s 7-day mining cycle.
A return of 1.20% daily for seven days, making new users eligible to earn additional profits risk-free.

This initiative allows investors to explore VNBTC’s platform features, experience effortless mining, and begin generating cryptocurrency without any upfront financial commitment.

Multiply Earnings with VNBTC’s Affiliate Program

For users looking to expand their income streams, VNBTC offers a powerful affiliate program that rewards participants for sharing the platform with their networks.

Affiliate Benefits:

Earn 3% direct commissions from referrals investing through your unique link.
1.8% additional commission from second-level referrals, allowing users to build greater passive income.
Easy tracking and growth tools for managing referral rewards and network performance.

VNBTC encourages users to creatively promote their referral links through various channels to maximize exposure and earnings, such as:

Sharing on forums and crypto community boards to connect with targeted audiences.
Running advertisements via Google Ads or niche crypto platforms.
Engaging audiences on social media platforms like Twitter, Facebook, and Instagram.
Hosting YouTube videos or publishing blog posts to educate and promote the platform’s offerings.

By turning every investor into an ambassador, VNBTC builds a thriving global ecosystem while enabling participants to enjoy effortless financial growth.

Why Choose VNBTC? A Platform Designed for Success

Simplified Cloud Mining: No technical skills or hardware needed. Start earning instantly after choosing your plan.
Secure and Transparent Operations: Benefit from cutting-edge encryption and seamless real-time tracking for your investments.
Competitive ROI: VNBTC offers some of the most attractive return rates in the industry.
Sustainable Mining: An environmentally friendly approach powered by renewable energy.
Global Reach: Accessible worldwide, offering support in multiple languages for a wide range of users.
24/7 Earnings: Transparent daily payouts that align with your expectations and goals.

Get Started with VNBTC Today

Making your first step into the world of cloud mining has never been easier. Every new user receives a $79 Welcome Bonus, giving them a risk-free opportunity to explore VNBTC’s offerings. The registration process is quick and straightforward, and mining begins immediately after activating your plan.

Seize the Opportunity with VNBTC

With advanced infrastructure, unbeatable plans, and an affiliate program that multiplies earning potential, VNBTC is not just a platform but your complete solution for turning cryptocurrency into a steady income avenue. Whether you’re an experienced trader or a curious beginner, VNBTC provides everything you need to succeed and grow in the crypto world.

Start Mining Now and Invite the World to Join

It’s time to make the most of cloud mining with VNBTC. Sign up today, choose the perfect plan, and invite your network to amplify your earning potential. By sharing VNBTC’s opportunities, you can build a passive income that grows along with the platform’s success.

For more information or to begin your mining success story, visit VNBTC’s Official Website.

The MIL Network –

April 22, 2025

MIL-OSI USA: SEC Awards $6 Million to Joint Whistleblowers

Source: Securities and Exchange Commission

The Securities and Exchange Commission today announced an award of approximately $6 million to joint whistleblowers who provided new information that led to the opening of an examination and provided a roadmap for an enforcement action that resulted in the covered action.

“Today’s award illustrates that the agency can leverage whistleblower information in various ways, including by prompting an examination,” said Jonathan Carr, Acting Chief of the SEC’s Office of the Whistleblower. “If that examination ultimately results in an enforcement action, the whistleblower may be eligible for an award.”

Payments to whistleblowers are made out of an investor protection fund, established by Congress, which is financed entirely through monetary sanctions paid to the SEC by securities law violators. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million.

As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.

For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.

MIL OSI USA News –

April 22, 2025
MIL-OSI USA: Cassidy, Colleagues Reintroduce Bill to Expand Access to Historic Tax Credit

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) re-introduced the Historic Tax Credit Growth & Opportunity (HTC-GO) Act to foster economic growth and local renewal by expanding the Historic Tax Credit.
“Our architectural heritage is a point of Louisiana pride that draws folks to visit our state and supports our economy. If we want to preserve it, we need the tools to do so. The Historic Tax Credit gives us those tools,” said Dr. Cassidy.
The HTC-GO Act:
Creates a new 30 percent transferable credit for small and rural projects while returning the base credit to be payable in the same year the revitalized property is placed into service. The bill lowers the threshold the cost of a project must meet to be eligible by eliminating the basis-adjustment requirement, which will bring the HTC in line with other credits such as the Low-Income Housing Tax Credit.
Further expands eligible renovation projects by decreasing the rehabilitation investment threshold from 100 percent to 50 percent of the project’s expenses. Project expenses would only have to exceed half of the project’s cost to qualify for the credit. It also amends rules for tax-exempt entities – such as health care centers, arts organizations, community services, and workforce training providers – to allow better access to the credit.
The bill is endorsed by the National Trust for Historic Preservation.
“The federal historic tax credit is one of our most powerful tools for historic preservation, economic development, and community revitalization,” said Carol Quillen, President and CEO of the National Trust for Historic Preservation. “The leadership of Senators Cassidy and Warner, with the strong support of long-time champions Senators Collins and Cantwell and Representatives LaHood and Souzzi, attests to the role the historic tax credit plays in reenergizing communities across the country. With the reintroduction of the Historic Tax Credit Growth and Opportunity Act, we take a crucial step towards empowering Americans in every state to invest in older and historic buildings, neighborhoods and commercial districts. These investments support small businesses, create housing, and generate economic opportunity as they build community connection and engagement. This time-tested community-serving incentive demonstrates how preservation efforts serve the public good. We’re grateful to our Congressional champions for their steadfast support of the federal historic tax credit and look forward to supporting this effort in upcoming tax discussions.”
Cassidy was joined by U.S. Senators Mark Warner (D-VA), Susan Collins (R-ME), and Maria Cantwell (D-WA) in introducing the bill.
Background
Elimination of the basis adjustment and a return to a one-year credit will increase the value of the credit and simplify transaction structures. Under current tax law, a building owner must subtract the amount of credits received from a building’s basis (the amount a property is worth for tax purposes) and receive the credit over 5 years. Eliminating this requirement will bring more value to all HTC projects by increasing the basis of rehabilitated historic buildings for building owners, providing additional depreciation and other tax benefits, and attracting more capital from tax credit investors.

MIL OSI USA News –

April 22, 2025
MIL-OSI USA: SBA Relief Still Available to Santa Clara Pueblo Private Nonprofits Affected by June Storms

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in the Santa Clara Pueblo of the May 20, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and flooding occurring June 20–21, 2024.

The disaster declaration covers the Santa Clara Pueblo in New Mexico.

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

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

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

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

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

Submit completed loan applications to the SBA no later than May 20.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

April 22, 2025
MIL-OSI USA: SBA Relief Still Available to Texas Private Nonprofits Affected by Hurricane Beryl

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Texas of the May 21, deadline to apply for a low interest federal disaster loan to offset economic injury caused by Hurricane Beryl occurring July 5-9, 2024.

The disaster declaration covers the Texas counties of Angelina, Austin, Brazoria, Calhoun, Chambers, Colorado, Fort Bend, Galveston, Hardin, Harris, Jackson, Jasper, Liberty, Matagorda, Montgomery, Nacogdoches, Newton, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, Walker, Waller, Washington and Wharton.

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

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

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

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

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

Submit completed loan applications to the SBA no later than May 21.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

April 22, 2025
MIL-OSI USA: SBA Relief Still Available to Nebraska Private Nonprofits Affected by May Storms

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Nebraska of the May 20, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, straight‑line winds, tornadoes and flooding occurring May 20–June 3, 2024.

The disaster declaration covers the Nebraska counties of Burt, Butler, Colfax, Dodge, Douglas, Dundy, Fillmore, Hamilton, Hayes, Hitchcock, Howard, Keith, Lincoln, Platte, Polk, Red Willow, Sarpy, Saunders and Washington.

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

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

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

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

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

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

Submit completed loan applications to the SBA no later than May 20.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

April 22, 2025
MIL-OSI Security: Walgreens Agrees To Pay Up to $350M for Illegally Filling Unlawful Opioid Prescriptions and Submitting False Claims

Source: Office of United States Attorneys

WASHINGTON — The Justice Department, together with the Drug Enforcement Administration (DEA) and Department of Health and Human Services Office of Inspector General (HHS-OIG), today announced a $300 million settlement with Walgreens Boots Alliance, Walgreen Co., and various subsidiaries (collectively, Walgreens) to resolve allegations that the national chain pharmacy illegally filled millions of invalid prescriptions for opioids and other controlled substances in violation of the Controlled Substances Act (CSA) and then sought payment for many of those invalid prescriptions by Medicare and other federal health care programs in violation of the False Claims Act (FCA). The settlement amount is based on Walgreens’s ability to pay. Walgreens will owe the United States an additional $50 million if the company is sold, merged, or transferred prior to fiscal year 2032.

The government’s complaint, filed on Jan. 16 and amended April 18 in the U.S. District Court for the Northern District of Illinois, alleges that from approximately August 2012 through March 1, 2023, Walgreens, one of the nation’s largest pharmacy chains, knowingly filled millions of unlawful controlled substance prescriptions. These unlawful prescriptions included prescriptions for excessive quantities of opioids, opioid prescriptions filled significantly early, and prescriptions for the especially dangerous and abused combination of three drugs known as a “trinity.” Walgreens pharmacists allegedly filled these prescriptions despite clear red flags indicating a high likelihood that the prescriptions were invalid because they lacked a legitimate medical purpose or were not issued in the usual course of professional practice.

The complaint further alleges that Walgreens pressured its pharmacists to fill prescriptions quickly and without taking the time needed to confirm that each prescription was lawful. Walgreens’s compliance officials also allegedly ignored substantial evidence that its stores were dispensing unlawful prescriptions and even intentionally deprived its own pharmacists of crucial information, including by refusing to share internal data regarding prescribers with pharmacists and preventing pharmacists from warning one another about certain problematic prescribers.

In light of the settlement, the United States has moved to dismiss its complaint. Walgreens will also move to dismiss a related declaratory judgment action filed in U.S. District Court for the Eastern District of Texas.

“Pharmacies have a legal responsibility to prescribe controlled substances in a safe and professional manner, not dispense dangerous drugs just for profit,” said Attorney General Pamela Bondi. “This Department of Justice is committed to ending the opioid crisis and holding bad actors accountable for their failure to protect patients from addiction.”

“This settlement resolves allegations that, for years, Walgreens failed to meet its obligations when dispensing dangerous opioids and other drugs,” said Deputy Assistant Attorney General Michael Granston of the Justice Department’s Civil Division. “We will continue to hold accountable those entities and individuals whose actions contributed to the opioid crisis, whether through illegal prescribing, marketing, dispensing or distributing activities.”

“Importantly, Walgreens’s agreements with the DEA and HHS-OIG provide swift relief in the form of monitoring and claims review that will improve Walgreens’s practices immediately,” said U.S. Attorney Andrew S. Boutros for the Northern District of Illinois. “Our office will continue to work with our law enforcement partners to ensure that opioids are properly dispensed and that taxpayer funds are only spent on legitimate pharmacy claims.”

“This landmark civil settlement is the largest Controlled Substances Act resolution in our district’s history and once again confirms the high priority our office has placed upon confronting those responsible for the opioid crisis here,” said U.S. Attorney Gregory W. Kehoe for the Middle District of Florida. “We are grateful for the energy and collaborative spirit brought to this effort by our colleagues in the DEA, the Department of Justice Civil Frauds Section and Consumer Protection Branch, and the United States Attorneys’ Offices for the Northern District of Illinois, District of Maryland, Eastern District of New York, and Eastern District of Virginia.”

“With the power to dispense potentially harmful substances comes the responsibility to ensure that every prescription is legitimate before it is filled,” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “When pharmacies fail that responsibility, this office will work with others across the country to hold accountable those who put patients and communities at risk.”

“This settlement holds Walgreens accountable for failing to comply with its critical responsibility to prevent the diversion of opioids and other controlled substances,” said U.S. Attorney John J. Durham for the Eastern District of New York. “The settlement also underscores our office’s continued commitment to ensure that all persons and businesses that fill controlled-substance prescriptions adhere to the requirements of the Controlled Substances Act that are designed to prevent highly addictive medications from being used for illegitimate purposes.”

“Strict compliance with the law is essential to safeguarding the public, who rely on carefully considered and limited prescriptions for their health and wellbeing,” said U.S. Attorney Erik S. Siebert for the Eastern District of Virginia. “Those companies and individuals authorized to provide controlled substances have a professional responsibility to ensure that the prescriptions they fill are within the course of professional practice and regulations. Medically unnecessary prescriptions are a cost ultimately borne by the taxpayers and consumers. As we continue to address the opioid crisis here in Virginia and across the nation, we are determined to ensure pharmacies and pharmacists operate within the law.”

In addition to the monetary payments announced today, Walgreens has entered into agreements with DEA and HHS-OIG to address its future obligations in dispensing controlled substances. Walgreens and DEA entered into a memorandum of agreement that requires the company to implement and maintain certain compliance measures for the next seven years. Walgreens must maintain policies and procedures requiring pharmacists to confirm the validity of controlled substance prescriptions prior to dispensing controlled substances, provide annual training to pharmacy employees regarding their legal obligations relating to controlled substances, verify that pharmacy staffing is sufficient to enable pharmacy employees to comply with those legal obligations, and maintain a system for blocking prescriptions from prescribers whom Walgreens becomes aware are writing illegitimate controlled substance prescriptions. Walgreens has also entered into a five-year Corporate Integrity Agreement with HHS-OIG, which further requires Walgreens to establish and maintain a compliance program that includes written policies and procedures, training, board oversight, and periodic reporting to HHS-OIG related to Walgreens’s dispensing of controlled substances.

“Pharmacies have an obligation to ensure that every prescription for highly addictive controlled substances is legitimate and issued responsibly in compliance with the Controlled Substances Act,” said DEA Acting Administrator Derek Maltz. “When one of the nation’s largest pharmacies fails at this obligation, they jeopardize the health and safety of their customers and place the American public in danger. The DEA remains committed to protecting all Americans from unscrupulous practices that prioritize profit over patient safety.”

“Pharmacies that neglect their legal duties and their critical role in delivering safe and appropriate medications to enrollees of federal health care programs, and instead exploit these programs for market advantage, squander taxpayer dollars and put patient safety at risk,” said Acting Inspector General Juliet T. Hodgkins of HHS-OIG. “HHS-OIG and our law enforcement partners will use every tool in our arsenal to prevent these outcomes. This settlement and corporate integrity agreement reflect HHS-OIG’s commitment to ensuring compliance, correcting failures in oversight, and protecting the foundation of federally-funded health care.”

“In the midst of the opioid crisis that has plagued our nation, we rely on pharmacies to prevent not facilitate the unlawful distribution of these potentially harmful substances,” said Norbert E. Vint, Deputy Inspector General Performing the Duties of the Inspector General at OPM OIG. “We applaud our investigative staff, law enforcement partners, and partners at the Department of Justice for their hard work and unwavering commitment to protecting patients from harm.”

The civil settlement resolves four cases brought under the qui tam, or whistleblower, provisions of the FCA by former Walgreens employees. The FCA authorizes whistleblowers to sue on behalf of the United States and receive a share of any recovery. It also permits the United States to intervene and take over such lawsuits, as it did here. The relators will receive a 17.25% share of the government’s FCA recovery in this matter.

The United States’ pursuit of this matter underscores the government’s commitment to combating health care fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement can be reported to HHS-OIG, at 800-HHS-TIPS (800-447-8477).

The DEA, HHS-OIG, Defense Criminal Investigative Service, Defense Health Agency (DHA), Office of Personnel Management (OPM), Department of Labor (DOL) Office of Inspector General, Department of Veterans Affairs (VA), Office of Inspector General, FBI Chicago Field Office, and the U.S. Attorneys’ Offices for the District of Colorado, Southern District of California, Eastern District of California, Northern District of California, Eastern District of Washington, Southern District of Alabama, Southern District of Illinois, Central District of Illinois, District of Arizona, Western District of Texas, Northern District of Texas, District of Puerto Rico, and Eastern District of Louisianaprovided substantial assistance in the investigation.

The United States is represented in this matter by attorneys from the Justice Department’s Civil Division Consumer Protection Branch (Assistant Director Amy DeLine and Trial Attorney Nicole Frazer) and Commercial Litigation Branch, Fraud Section (Assistant Director Natalie Waites and Trial Attorney Joshua Barron), as well as from the U.S. Attorneys’ Offices for the Northern District of Illinois (Assistant U.S. Attorney Valerie R. Raedy), Middle District of Florida (Chief of the Civil Division Randy Harwell and Assistant U.S. Attorney Carolyn Tapie), District of Maryland (Chief of the Civil Division Thomas Corcoran), Eastern District of New York (Assistant U.S. Attorney Elliot M. Schachner) and Eastern District of Virginia (Assistant U.S. Attorney John Beerbower). Fraud Section senior financial analyst Karen Sharp provided support for the matter.

The claims asserted against defendants are allegations only and there has been no determination of liability.

MIL Security OSI –

April 22, 2025
MIL-OSI USA: Boozman, Lankford Advocate for Greater Health Care Access for Rural Americans

US Senate News:

Source: United States Senator for Arkansas – John Boozman

WASHINGTON––U.S. Senators John Boozman (R-AR) and James Lankford (R-OK) introduced the Physician Led and Rural Access to Quality Care Act to re-empower physician-owned hospitals (POHs) to expand and deliver high-quality care to Medicare and Medicaid patients in rural communities.

Currently, POHs are prohibited from expanding and creating new hospitals. While they represent less than five percent of the 5,700 hospitals nationwide, POHs have a successful track record of providing individualized and innovative quality care, and they meet a growing demand for health care services, especially in rural areas. Seventy-three percent of POHs with a Centers for Medicare & Medicaid Services (CMS) overall hospital quality star rating earned three or more stars in the program; 26 percent of them have earned five stars.

“Millions of Americans need the access to health care that physician-owned hospitals can provide,” said Boozman. “These institutions also serve as important economic pillars in less populated communities. Removing arbitrary limits that can help expand medical care in rural Arkansas and beyond is an important step to ensuring reliable, quality health systems operate in more communities.”

“Oklahomans and rural communities across the country need more quality health care options,” said Lankford. “This bill lifts the outdated restrictions that have blocked physician-owned hospitals from growing or opening where they’re needed most. Local physicians should be empowered to deliver high-quality, patient-focused care in rural Oklahoma.”

The legislation is cosponsored by Senators Roger Marshall, M.D. (R-KS), Bill Cassidy, M.D. (R-LA), Thom Tillis (R-NC), John Cornyn (R-TX), Markwayne Mullin (R-OK), John Barrasso (R-WY) and Ted Budd (R-NC).

The legislation is endorsed by the American Medical Association (AMA), Physician-Led Healthcare for America (PHA) and the American Association of Orthopedic Surgeons (AAOS).

“Across the country, patients in rural communities are struggling to access essential medical care as more rural hospitals are forced to close due to the immense financial strain associated with declining reimbursements and rising medical costs,” said AMA President Bruce A. Scott, M.D. “By allowing physicians to invest in and revitalize these hospitals, this legislation has the power to preserve and expand access to critical health care services in the communities that need them most. Physician-led hospitals are known to deliver high-quality, cost-effective care. This is a commonsense solution to a worsening problem. The AMA strongly supports this legislation and urges Congress to pass it as a vital step toward improving health care access for rural patients.”

“The daily headlines are impossible to ignore,” said PHA President-elect Carlos Cardenas, M.D. “Healthcare costs are skyrocketing, rural hospitals are shuttering at alarming rates, and quality and patient satisfaction continue to decline. The status quo is failing us. It’s time to revitalize our healthcare system with a proven solution: physician-led hospitals.”

“When physicians lead hospitals, patients win,” said AAOS Advocacy Council Chair Dr. Adam Bruggeman, M.D. “Physician-led hospitals are a powerful solution to the consolidation plaguing our healthcare system. By lifting outdated restrictions on physician ownership, we can drive down costs, improve quality, and expand access to care, especially in underserved rural areas. It’s past time to empower physicians to build healthcare institutions that prioritize patients over profits.”

MIL OSI USA News –

April 22, 2025
MIL-OSI United Kingdom: Scottish Green MSP tables ‘Mansion Tax’ proposals

Source: Scottish Greens

21 Apr 2025 Finance

The wealthiest people should pay the most to fund services.

More in Finance

Proposals for a ‘mansion tax’ on the sale of the million pound homes have been tabled in Parliament by Scottish Green MSP Ross Greer, with the money raised being used to protect public services.

Scottish Greens finance spokesperson Ross Greer has tabled amendments to the Housing Bill which would introduce a new band of Land and Buildings Transaction Tax on the most expensive homes.

Currently, the top rate of Land and Buildings Transaction Tax for residential properties is 12% from £750,000. The Scottish Greens are proposing a further rate from £1 million, which they have suggested be set at 15%.

Mr Greer said:

“A mansion tax on the biggest and most luxurious houses is one of many ways we can raise more money to support services like the NHS and schools while only impacting the very wealthiest people.

“There is more than enough wealth in Scotland to end injustices like child poverty tomorrow, but far too much of it is in the hands of a very small number of extremely rich people and big companies.

“The powers needed to tax them fairly mostly sit at Westminster rather than Holyrood, but we can use tools like Scottish property taxes to make sure the richest people in society pay a bit more when they are buying a new house.”

Mr Greer added:

“The Scottish Greens have already delivered an income tax system for Scotland which raises £1.7 billion more every year for public services like our schools and NHS. If we want to protect these services though, we need to go further.”

In 2023, the Scottish Greens delivered new powers to double Council Tax on second homes. The party has also doubled the Additional Dwelling Supplement, a tax paid when buying second and holiday homes.

Alongside the Mansion Tax plan, Ross Greer is also tabling proposals to end the tax exemptions currently enjoyed by two types of companies notorious for tax avoidance and property speculation and by foreign militaries buying property in Scotland, to create an additional charge for overseas buyers of Scottish properties and to allow councils to further increase Council Tax on holiday homes.

MIL OSI United Kingdom –

April 22, 2025
MIL-OSI: Astra Fintech Launches $100M Solana Ecosystem Fund to Accelerate Innovation, Announces Strategic Expansion in Asia
Source: GlobeNewswire (MIL-OSI)

Key Takeaways:
- Astra Fintech launches a major $100 million fund to accelerate innovation within the Solana ecosystem, building on its successful track record of supporting projects like Mulex, DEPE, and MoNE through initiatives like the Seoulana event.
- Astra is advancing its Payment Finance (PayFi) strategy by integrating Banana Pay, positioning itself at the intersection of decentralized and traditional finance to enable seamless blockchain-based transactions.
- With Korea as its regional hub, Astra is strategically deploying capital and partnerships to drive Solana adoption across Asia, leveraging Korea’s tech-savvy market as a springboard for broader expansion.
SEOUL, South Korea, April 21, 2025 (GLOBE NEWSWIRE) — Astra Fintech, a leading force in blockchain infrastructure and fintech solutions, announced the launch of a $100 million dedicated fund to fuel the growth of the Solana ecosystem. The fund will focus on identifying and supporting high-potential builders, startups, and innovative projects within Solana’s rapidly expanding network. This initiative builds on Astra’s proven track record of fostering cutting-edge projects—including Mulex, DEPE, and MoNE—through its sponsorship of Seoulana, a premier Solana ecosystem event hosted by Superteam Korea.

Astra’s Role in Solana’s Growth: From Sponsorship to Strategic Investment
Astra Fintech has been an active contributor to the Solana ecosystem, leveraging its expertise and resources to empower breakthrough innovations. As a key sponsor of Seoulana, Astra played a pivotal role in connecting with and nurturing high-impact projects such as:
- Mulex: A next-gen cross-chain infrastructure solution enhancing Solana’s subchain scalability.
- DEPE: A composite liquidity steward routing abstract pools on Solana chains
- MoNE: No-code AI Agent Builder for Solana: Create, deploy, and verify on-chain agents effortlessly
With the new $100M fund, Astra Fintech is doubling down on its commitment to Solana, providing not just capital but also strategic support to help projects scale globally.

PayFi Expansion: Banana Pay Integration
Beyond ecosystem funding, Astra Fintech has taken concrete steps to advance its PayFi (Payment Finance) strategy by integrating Banana Pay, a seamless blockchain-based payment solution. This move positions Astra at the forefront of bridging traditional finance with decentralized payment infrastructures, further solidifying its role as a fintech innovator.

Asia-First Strategy: Korea as the Launchpad
Astra Fintech’s expansion plans are strategically centered on Asia, with Korea serving as the regional hub. The company will:
- Deploy capital from the $100M fund to accelerate Solana-based projects in Asia. Forge partnerships with local developers, enterprises, and regulators to drive blockchain adoption.
- Expand PayFi solutions, starting with Korea’s tech-savvy market before scaling across the region.
“Our $100M fund is a testament to Astra’s belief in Solana’s potential to redefine global fintech,” said Jamie, Head of Partnership. “Korea’s vibrant blockchain ecosystem is the perfect launchpad for our Asia expansion, and we’re excited to back the next wave of innovators building on Solana.”

Looking Ahead: A Multi-Chain Future, Anchored in Solana
Astra Fintech’s vision extends beyond funding — it aims to build an inter-connected financial ecosystem where Solana’s speed, scalability, and low-cost infrastructure serve as the foundation for next-gen applications. By combining capital deployment, PayFi integration, and regional expertise, Astra is poised to become a key enabler of Web3’s mass adoption.

About Astra Fintech
Astra Fintech is a leading blockchain-powered finance solutions provider at the forefront of revolutionizing global payments. With a mission to break down the barriers of traditional payment systems and empower users with seamless, secure, and efficient global digital asset transactions, Astra Fintech delivers innovative PayFi services to individual users worldwide. As a strategic partner within the Sonala ecosystem and backed by shareholders who are Limited Partners (LPs) of Multicoin, Astra Fintech is driving the future of blockchain finance through strategic investments and collaborative innovation. Astra Fintech is committed to unlocking new possibilities in international finance, positioning itself as a trusted leader in the industry.

Contact:
Connie
contact@astra.holdings

Disclaimer: This press release is provided by the Astra Fintech. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9aa23a28-0da5-4509-9947-609db7161398

The MIL Network –
April 22, 2025
MIL-OSI Africa: Secretary-General’s remarks at the Opening Ceremony of the UN Permanent Forum on Indigenous Issues

Source: United Nations – English

elcome to this twenty-fourth Permanent Forum on Indigenous Issues – and thank you for bringing the voices, insights, aspirations, and concerns of Indigenous Peoples to this global stage.

The world’s Indigenous Peoples are magnificently diverse in cultures, languages, histories, and traditions…

But united by common features and common challenges.

You are the pre-eminent stewards of the world’s biodiversity and of the environment.

Your knowledge and traditional practices are leading models of conservation and sustainable use – reflecting your commitment to living life in harmony with Mother Earth, and to the wellbeing and rights of future generations.

The world has much to learn from your wisdom, insights and approaches, which prioritise the health of ecosystems over short-term economic gains…

As we tackle the many challenges that we face – building sustainable food systems, moving to sustainable ways of livings, and more, we must recognize that the world does not always value you as it should.

Dear Friends,

The difficulties facing Indigenous Peoples around the world are an affront to dignity and justice. And a source of deep sorrow for me personally.

Indigenous women face particular challenges – including barriers to political participation, economic opportunities, and essential services.

On a trip to Suriname three years ago, I had the honour of visiting the Kaliña Peoples.

I witnessed how climate change is devastating their lands, and destroying their way of life.

And I heard how mercury from illegal mining is harming Indigenous Peoples in the region, as in many others, namely, including Brazil – poisoning their water and food supplies.

Everywhere, Indigenous Peoples are on the frontline of climate change, pollution, and biodiversity loss – despite having done nothing to create these crises and everything to try to stop them.

Eviction and illegal exploitation continue to harm your people and grossly violate your rights.

You face marginalisation, discrimination, unemployment, economic disadvantage and horrendous violence – particularly as you seek to defend our common home.

And too often you are excluded from decisions that directly impact your land and territories – threatening your ways of life and food security.

Meanwhile, a looming threat grows – the race for minerals critical to the global energy transition – a large proportion of which are located on or close to Indigenous Peoples’ territories.

As demand soars, too often we see dispossession; exclusion and marginalisation in decision-making; the rights of Indigenous Peoples trampled and health jeopardised, all as you are denied the benefits you deserve.

Dear Friends,

We know how to right these wrongs.

Eighteen years ago, the Declaration on the Rights of Indigenous Peoples laid out a blueprint for securing the survival, dignity and well-being of Indigenous Peoples everywhere.

The Declaration has been used by courts, parliaments and communities, to secure rights and galvanise political action.

And multilateralism has delivered progress. In the past year, countries have made important new commitments:

In the Global Digital Compact – to build digital skills and capacities, including among Indigenous Peoples…

In the Pact for the Future’s call to “recognize, respect, promote and protect the rights of Indigenous Peoples, their territories, lands and ecosystems, while safeguarding their traditions, spiritual beliefs and ancestral knowledge” – and to help do so by ensuring a seat at decision-making tables…

And at COP16 on biodiversity. Countries committed to create a permanent new subsidiary body – a space for Indigenous Peoples and others to participate in decision-making on biodiversity.

And they agreed on sharing the benefits of digital genetic information – with a portion of the new Cali Fund supporting Indigenous Peoples.

Indigenous Peoples – particularly members of this Forum – also contributed to the work of the United Nations Panel on Critical Energy Transition Minerals.

The Panel’s principles and recommendations are grounded in human rights, including the Declaration on the Rights of Indigenous Peoples.

Yet, we know there is much further to go.

And I hear your calls for greater and more meaningful participation in the United Nations.

The focus of this year’s session is implementing the Declaration within Member States and within the United Nations system.

This is an urgent call to action.

And I would point to four specific areas.

First, strengthening the Permanent Forum.

We need Member States to ensure high-level representation.

And we need to fortify the Trust Fund on Indigenous Issues – broadening the donor-base and increasing contributions.

This is vital to enabling the Forum to deliver its work, including through participation and representation at international meetings.

Second, I urge governments and institutions to ensure that the leadership, rights and needs of Indigenous Peoples are recognized and acted upon across the board.

In a world in flux, it is particularly important that Governments are alert to the impacts on Indigenous Peoples.

Governments must honour their obligations in the Declaration on the Rights of Indigenous Peoples – without delay.

And bring Indigenous Peoples, particularly women, into all forms of decision-making, and support political participation.

Third, international finance providers should make Indigenous Peoples a key consideration – so that finance flows to their self-determined priorities and projects are including interactions.

And fourth, I urge countries, companies and more, to work with us to deliver on all the recommendations of the Panel on Critical Energy Transition Minerals.

We will soon launch the High-Level Expert Advisory Group to accelerate action on benefit sharing, value addition, and fair trade – and the needs and input of Indigenous communities will be key.

Let’s be clear: The clean energy era must power progress on Indigenous Peoples’ rights.

Distinguished Members of the Forum,

Upholding the dignity and worth of every person is central to the work and mission of the United Nations.

It is our essence.

And because it is at our core, we say loudly and clearly:

The individual and collective rights of Indigenous Peoples are non-negotiable.

Now and forever, we stand with you all in making those rights a reality for Indigenous Peoples everywhere.

Thank you.

MIL OSI Africa –

April 22, 2025
MIL-OSI USA: Polis Administration and Department of Agriculture Announce New Climate Resilience Funding for Colorado Farms and Ranches

Source: US State of Colorado

Broomfield, Colo. — Today, Governor Polis and the Colorado Department of Agriculture’s Agricultural Drought and Climate Resilience Office (ADCRO) announced new grant opportunities to support climate resilience projects within the state’s agricultural sector.

“In Colorado we are committed to mitigating the risk associated with climate change, by investing in innovative clean energy technologies, and providing economic avenues for our farmers and ranchers to continue to provide healthy and fresh produce to all Coloradans for generations to come,” said Governor Polis.

Climate resilience is the ability to anticipate, prepare for, respond to, and recover from hazardous events, trends, or disturbances related to climate. The Climate Resilience Grants are designed to provide crucial financial assistance to farmers and ranchers who have experienced adverse effects due to climate change-induced disasters and are seeking to enhance their resilience against future climate-related challenges.

“Dealing with extreme weather, resulting from climate change, and an increasingly dry environment is an everyday challenge for Colorado’s farmers and ranchers,” said Colorado Commissioner of Agriculture Kate Greenberg. “This funding will help producers who have experienced these challenges or are at risk for worsening climate disasters to be better prepared to withstand these events now and into the future.”

This is the first grant opportunity at CDA focused on helping producers who have experienced a disaster. Specifically, this funding addresses a critical need producers have to ensure their operations are resilient and can better withstand future climate pressures.

Climate change affects all sectors of agriculture, from workforce and the supply chain, to livestock and farm and ranch profitability. This funding will help tackle issues throughout the supply chain and invest in leaders around the state, who can later serve as positive examples or resources for their neighbors. Climate-related disasters are only increasing, and this funding can create demonstrations on what it means to recover in a resilient way. CDA will select a few priority climate impacts to focus on each funding cycle, based on needs around the state. This year, priority projects will be those that address impacts of drought, snow events, and wildfire. In future years, CDA will work with partners to determine priorities based on needs. Other disasters that are exacerbated by climate change include flooding, extreme heat, and severe storms.

Farmers and ranchers are eligible, as are producer-facing organizations, tribes, and local governments. Grant applications must demonstrate how producers will benefit, how the grant deliverables will address future climate disasters, and feasibility of the project. Matching funding is not required, though applicants will receive more points if they use matching funds. The maximum grant award is $30,000.

The online application is available on the ADCRO website. Grant applications are due on May 29.

The ADCRO team will hold an informational webinar on Wednesday, May 7, at 2:00 p.m., and interested participants can register via Zoom or find the registration link on the ADCRO website. The informational session staff will present an overview of the eligibility criteria and application process and answer producer questions.

This initiative represents a significant step forward in supporting Colorado’s agricultural sector in adapting to and mitigating the impacts of climate change and fostering a more resilient and sustainable agricultural landscape for the future. These grants also align with CDA’s strategic priorities, especially Direction Three: Environmental Stewardship and Climate Resilience. These grants will work with other CDA programs to create healthy and resilient farms, ranches, and food supply chains.

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MIL OSI USA News –

April 22, 2025

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