Kissimmee, FL, March 25, 2025 (GLOBE NEWSWIRE) — Novacrest, a diversified real estate investment firm, has announced the launch of its structured real estate investment fund, designed to provide secure, high-yield passive income opportunities. This fund offers accredited investors a simplified way to benefit from real estate without direct involvement in property management, leveraging a risk-managed approach across various investment vehicles. With increasing demand for alternative investments, Novacrest’s model offers a compelling option for those seeking consistent returns while minimizing traditional real estate investment complexities. By diversifying capital into fix-and-flip properties, structured real estate notes, and development projects, the fund optimizes growth and wealth preservation.
A Smarter Approach to Passive Real Estate Investing
Traditional real estate investment often requires hands-on management, market expertise, and significant time commitments. Novacrest’s structured investment model removes these barriers, allowing investors to participate in high-performing real estate markets without active involvement. Key advantages of Novacrest’s real estate investment fund include:
Diverse Investment Vehicles – Capital is allocated across fix-and-flip projects, land development, and structured real estate notes, balancing risk and reward.
Risk-Managed Strategy – Investments are backed by data-driven market analysis, ensuring capital is deployed in high-performing real estate markets.
Tax-Advantaged Returns – Structured investments offer potential tax-free growth, making them attractive alternatives to traditional real estate income.
Complete Investor Transparency – Monthly performance reports, a secure investor dashboard, and clear insights into fund allocations.
100% Passive Investment – Investors benefit from real estate appreciation and profits without dealing with tenants, property maintenance, or legal complexities.
“We created Novacrest’s real estate investment fund to give investors a smarter, more secure way to build wealth through real estate,” said Kiani Kharfan, CEO of Novacrest. “By combining risk management with strategic asset allocation, we make real estate investing truly passive while delivering strong returns.”
The Advantage of Florida’s Real Estate Market
Florida remains one of the most lucrative real estate markets in the U.S., with house flipping and structured real estate investments generating high returns. Recent industry data highlights:
28.7% average ROI on house flipping in Q2 2024, with an average gross profit of $70,250 per flip. (Source:Fool.com)
141.5% ROI on flipped properties in Ocala, positioning Florida as a prime market for investment. (Source:Fool.com)
Strong profit margins in Orlando, Jacksonville, and Tampa, reinforcing the state’s reputation as a real estate investment hotspot.
Unlike publicly traded REITs, Novacrest’s private investment fund offers greater control, lower volatility, and direct exposure to real estate-backed assets. By structuring investments across multiple property types, the firm delivers higher, more predictable returns compared to market-dependent REITs.
Why Investors Are Turning to Novacrest
With a focus on wealth preservation and strategic growth, Novacrest has positioned itself as a leading alternative investment platform. Investors are drawn to:
Higher returns than traditional REITs
Asset-backed security
Predictable, structured income streams
Elimination of property management responsibilities
Access to exclusive real estate markets
“Passive investors deserve a secure, high-yield investment vehicle that works for them,” added Kharfan. “We built Novacrest to be that solution—delivering structured real estate growth without the hassle of direct ownership.”
How to Get Started
Novacrest’s real estate investment fund is exclusively available to accredited investors seeking to diversify their portfolios with risk-managed real estate assets. To learn more, visit: Novacrest.
About Novacrest
Novacrest is a multi-industry investment firm specializing in real estate development, flipping, structured real estate investments, carbon credits, data centers, and capital raising. The company offers alternative investment opportunities tailored for accredited investors seeking secure, high-yield wealth-building strategies.
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Source: United States Senator for Nevada Cortez Masto
Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement opposing Dr. Mehmet Oz to serve as President Donald Trump’s Administrator for the Centers for Medicare and Medicaid Services. The statement follows her vote against his nomination in the U.S. Senate Committee on Finance today.
“President Trump has endorsed the House Republican plan to cut nearly a trillion dollars in funding for Medicaid, and this administration and Elon Musk have shown a clear willingness to disrupt Medicare as well. These cuts would directly harm children and seniors,” said Senator Cortez Masto. “Dr. Oz has demonstrated a complete deference to Trump, and I’m not confident he would fight to protect Medicaid and Medicare from the Trump administration’s chainsaw. I therefore oppose his confirmation.”
Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Jeff Merkley (D-OR) introduced the No Unreasonable Payments, Coding, or Diagnoses for the Elderly (No UPCODE) Act to improve the way Medicare Advantage plans assess patients’ health risks and reduce overpayments for care. The No UPCODE Act will save taxpayers billions by eliminating incentives to overcharge Medicare for care.
“Medicare is going insolvent, and our budget deficit is expanding. We need to stop overpaying where we can if we’re to preserve Medicare for Americans who rely on it,” said Dr. Cassidy. “This is the direction we need to go.”
“Fraud, waste, and abuse by bad actors are destroying the stability of both Medicare Advantage and traditional Medicare—this must end,” said Senator Merkley. “Our bipartisan bill cracks down on the fraudsters overcharging taxpayers by billions of dollars every year, closing the loopholes they use to turn sick patients into healthy profits.”
Traditional Medicare plans reimburse providers for the cost of treatments rendered, while Medicare Advantage is paid a standard rate based on the health of an individual patient. Because of this, Medicare Advantage plans have a financial incentive to make beneficiaries appear sicker than they may be to receive a higher Medicare reimbursement. According to a CBO budget option report, addressing overcoding will save $124 billion over 10 years.
The No UPCODE Act would eliminate those incentives by:
Developing a risk-adjustment model that uses two years of diagnostic data instead of just one year.
Limiting the ability to use old or unrelated medical conditions when determining the cost of care.
Ensuring Medicare is only charged for treatment related to relevant medical conditions.
Closing the gap between how a patient is assessed under traditional Medicare and Medicare Advantage.
Background
Earlier this month, Cassidy discussed his No UPCODE Act during U.S. Centers for Medicare and Medicaid Services (CMS) Director nominee Mehmet Oz’s confirmation hearing before the U.S. Senate Finance Committee.
Approximately 5:20pm today police attended a reported Robbery at the Jaycar store in Moonah. A 19 year old man and a 19 year old woman are in custody assisting police with their enquiries. Police allege that the pair entered the store and stole property, and that physical force was used when staff approached them. A witness then assisted and the 19 year old man is alleged to have threatened that he had a knife, although is not believed he had possession of one at the time. There were no injuries sustained by any person. Police located the man and woman leaving the area and were safely taken into custody without incident. The stolen property was also located nearby. Sergeant Eaves said “Tasmania Police are thankful there was a safe and quick resolution to this incident. Shop stealing remains a focus area for police and we will continue to target those offending.” Police have spoken to witnesses in the immediate area as well as obtaining CCTV footage. Investigations are continuing. Police are aware that further members of the public may have witnessed the incident and anybody able to provide further information is asked to contact police on 131 444. Information can also be provided anonymously by calling Crime Stoppers on 1800 333 000 or online at crimestopperstas.com.au
WICHITA, KAN. – An Arizona man was sentenced to life in prison for kidnapping and sexually assaulting his victim at gunpoint as he transported her across state lines. A federal judge also sentenced the defendant to 95 years in prison for other related crimes, to be served concurrent with his life sentence.
Martin Brandon Gillen, 27, of Phoenix, Arizona, pleaded guilty to one count of kidnapping, two counts of sexual exploitation of a minor, one count of transportation for criminal sexual activity, one count of transportation of child pornography, and one count of possession of child pornography.
In late 2021, Martin Brandon Gillen began an online relationship with a minor female who was then 17 years of age. He persuaded her to take and send him sexually explicit images and videos which he kept and later used to threaten the victim. Over the course of the online relationship, Gillen repeatedly made violent threats against the victim. In March 2024, Gillen traveled to Illinois to pick up the victim then transported her across state lines, from Illinois to Missouri to Kansas. During this trip, Gillen sexually assaulted her on multiple occasions.
Gillen and the victim were found in Kansas by officers with the Iola Police Department. In his possession, Gillen had a firearm, multiple magazines, and zip ties. Gillen admitted to officers that his cell phone contained child sexual abuse materials. Subsequent examination by law enforcement revealed hundreds of images and videos of child sexual abuse materials on his cell phone, as well as sexually explicit images of the female from when she was 17 years old. Agents with Homeland Security Investigations (HSI) also found images of Gillen sexually abusing an unrelated 4-year-old child from Utah on the phone.
This case was investigated by Homeland Security Investigations (HSI), the Iola Police Department, the New Baden, Illinois Police Department, and the Illinois State Police.
Assistant U.S. Attorney Jason Hart prosecuted the case.
Project Safe Childhood This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visithttps://www.justice.gov/psc.
Source: United States Senator Reverend Raphael Warnock – Georgia
WATCH: Senator Reverend Warnock Pushes for Commitment to Keep Georgia Social Security Offices Open After Trump Administration Takes Aim at Seniors
At Tuesday’s Senate Finance committee hearing, Senator Reverend Warnock questioned Frank Bisignano, President Trump’s nominee to lead the Social Security Administration (SSA)
Senator Reverend Warnock pushed Bisignano to commit to keeping all field offices in the state open for Georgia seniors
This month, SSA announced it was making access to benefits more difficult for seniors, no longer allowing individuals to apply for benefits or request a direct deposit change over the phone; the proposed change could lead to an increase of 7 million visits to field offices per year across the country, and an estimated 200,000 additional visits in Georgia alone
Senator Reverend Warnock: “Retirees in Georgia who rely on Social Security deserve reliable, timely delivery of their full benefits with world class customer service. […] That’s why so many Georgians and I were alarmed looking at what’s happening last month when several news outlets reported that Elon Musk and his DOGE team announced on their own website plans to permanently close five Social Security customer service offices throughout Georgia”
Watch Senator Reverend Warnock at Tuesday’s Senate Finance committee hearing HERE
Washington, D.C. – Today, during a Senate Finance committee hearing on the nomination of Frank Bisignano to lead the Social Security Administration (SSA), U.S. Senator Reverend Raphael Warnock (D-GA) pushed the nominee to commit to keeping all field offices in the state open for Georgia seniors and increasing staffing at Georgia field offices. The Senator’s push comes after the SSA announced it was making access to benefits more difficult for seniors, no longer allowing individuals to apply for benefits or request a direct deposit change over the phone. These and other proposed changes at the SSA could lead to an increase of 7 million visits to field offices per year across the country, and an estimated 200,000 additional visits in Georgia alone. Senator Warnock is committed to ensuring Georgians can easily and efficiently access their benefits that they have paid into over their lifetime.
The line of questioning also comes after DOGE announced the closure of five Georgia SSA offices, only to walk back the announcement after the Senator brought attention to the deeply unpopular decision.
“Retirees in Georgia who rely on Social Security deserve reliable, timely delivery of their full benefits with world class customer service. […] That’s why so many Georgians and I were alarmed looking at what’s happening last month when several news outlets reported that Elon Musk and his DOGE team announced on their own website plans to permanently close five Social Security customer service offices throughout Georgia. These closures in Brunswick, Columbus, Gainesville, Thomasville, and Vidalia would give Georgia the highest number of planned Social Security office closures of any state. Those five cities represent five counties with over 136,000 people who rely on Social Security benefits,” said Senator Reverend Warnock.
The SSA, through both retirement benefits and disability insurance, provides support to 68 million Americans. Without Social Security, nearly 40 percent of people over age 65 would be living in poverty. Social Security has reduced elderly poverty to less than 12 percent according to the Center on Budget and Policy Priorities.
“I just need to know, when it comes to office closures, who’s going to be making that decision, you or Elon Musk?” asked Senator Reverend Warnock.
“Me,” Frank Bisignano replied.
“That’s a good answer. The seniors in my state, those are the folks I’m concerned about. Will you commit to keeping all field offices in my state open for Georgia seniors?” Senator Reverend Warnock asked.
In response, Mr. Bisignano said, “You know, I was asked this question more than one time today, and what I will commit to is that there will be no decision made without you knowing about it. I have no intent to close field offices, but I’ve studied nothing on the topic. So it’s a little hard to commit to something without…”
Senator Reverend Warnock interjected, “I think study is a good thing, and what we’ve seen so far is no study, no real knowledge about what’s going on, just an effort to close offices, to be able to announce that you’re addressing waste, fraud and abuse.”
Watch the Senator’s full remarks HERE.
See below a transcript of key exchanges between Senator Warnock and SSA nominee Frank Bisignano (remarks have been lightly edited for clarity):
Senator Reverend Warnock (SRW): “I want to follow up on some of the issues that we discussed in my office. When we met, I shared with you my strong view that retirees in Georgia who rely on Social Security deserve reliable, timely delivery of their full benefits with world class customer service, and you’ve got a long record of delivering that in the private sphere. That’s why so many Georgians and I were alarmed looking at what’s happening last month when several news outlets reported that Elon Musk and his DOGE team announced on their own website plans to permanently close five Social Security customer service offices throughout Georgia. These closures in Brunswick, Columbus, Gainesville, Thomasville, and Vidalia would give Georgia the highest number of planned Social Security office closures of any state. Those five cities represent five counties with over 136,000 people who rely on Social Security benefits. But since I raised the alarm, since I made some noise about this, DOGE is suddenly out on X, I guess that’s what you call the platform now, denying the closures that it posted on its own website. They posted those closures on their website, and now no one seems to know what’s true or whether or not these announced closures will affect Georgians access to their benefits or other services. So, sir, I know that you aren’t currently at the Social Security Administration, and perhaps you can’t speak to the plans hatched by Elon Musk or DOGE. But if you’re confirmed to lead the agency, Americans deserve to know who will actually be in charge of their benefits. I think we heard an answer from you a moment ago, from my colleague, but I’m going to ask you again for the record, where will the buck stop on this decision, specifically with respect to office closures? As someone who represents the state where they announced five closures–I made noise about it, it was on their website, then they withdrew them and acted like I made it up, they put it on their website–I just need to know, when it comes to office closures, who’s going to be making that decision, you or Elon Musk?”
Frank Bisignano (FB): “Me.”
SRW: “That’s a good answer. The seniors in my state, those are the folks I’m concerned about. Will you commit to keeping all field offices in my state open for Georgia seniors?”
FB: “You know, I was asked this question more than one time today, and what I will commit to is that there will be no decision made without you knowing about it. I have no intent to close field offices, but I’ve studied nothing on the topic. So it’s a little hard to commit to something without…”
SRW: “I think study is a good thing, and what we’ve seen so far is no study, no real knowledge about what’s going on, just an effort to close offices, to be able to announce that you’re addressing waste, fraud, and abuse. And we all know this is true, regardless of whether we’re Democrats or Republicans, because then they have to go back and rehire some of the people they fire. And you’re a businessman, sir, and you said earlier you wouldn’t operate in this way. And the reason I’m asking about these field offices, and these announced changes, is because it could lead to an increase of 7 million visits to field offices per year across the country, especially with the fact that they’re now not allowing you to call on the phone. An estimated 200,000 additional visits in Georgia alone, which is why, frankly, I think that it’s a terrible idea. But if confirmed, will you commit to increased staffing at Georgia field offices to account for this massive, expected increase in appointments, and to help ensure Georgians can easily and efficiently make appointments. Let me be clear about what I’m asking you: if you’re no longer able to call on the phone, which is a decision that’s already been made, and you have to go online or go to the office and actually have an in-person appointment, you’re going to have a backlog. So I want to know what’s the answer to that. How is it that I can assure the seniors in my church that their lines are not going to get longer and longer? I disagree with the Commerce Secretary who said, well, if his mother-in-law missed a check, she wouldn’t worry about it. I guess she wouldn’t. Her son-in-law is a billionaire. That is not the story of the seniors in my church. Will you make sure that they have access to find out what’s going on with the benefits that they have earned?”
FB: “Senator, first of all, thank you very much. I’ve spent my career overseeing financial institutions, and today I serve 3,500 financial institutions in America, and that means we have community banks, rural banks, and I know what it means to have to serve neighborhoods and serve rural communities. My commitment is that it will be a fact based, rule-based organization we run, that we will ensure we have the staffing to get the best level of service for our constituents. So I’m giving you a longer answer, but we will have the talent that we need to get the job done at a service level better than today’s.”
SRW: “I appreciate the answer. I’m just trying to get Georgia residents, senior citizens, the benefits that they have earned. No one is giving them anything, they paid into the system. Thank you.”
Source: United States Senator Reverend Raphael Warnock – Georgia
Senator Reverend Warnock Votes “No” on Dr. Oz Nomination, Raises Consequences of Medicaid Cuts
Today, during a Senate Finance committee vote, Senator Reverend Warnock voted “NO” on advancing the nomination of Dr. Mehmet Oz for full Senate consideration to lead the Centers for Medicare & Medicaid Services (CMS)
If confirmed, Dr. Oz expressed no indication he would defend Medicaid from Washington Republicans who are threatening major slashes in funding for health care
In Georgia, Medicaid covers two in five children and one in ten veterans
Senator Reverend Warnock believes access to health care for working or low-income Georgians is too important to gamble with nominees unable to unequivocally defend Medicare and Medicaid from partisan attacks
Watch Senator Reverend Warnock’s remarks HERE
Washington, D.C. – Today, during a Senate Finance Committee hearing, U.S. Senator Reverend Raphael Warnock (D-GA) announced he was voting “no” to advance the nomination of Dr. Mehmet Oz to become the next Administrator for the Centers for Medicare & Medicaid Services (CMS). The Senator cited grave concerns that Dr. Oz would not defend Medicaid, which covers two in five Georgia children and one in ten Georgia veterans, from Washington Republicans looking to make devastating cuts to the program.
“Let me be really clear that I’m voting against Dr. Oz. I think he is knowledgeable, certainly more knowledgeable than Secretary Kennedy about the program that he’s tasked to lead, but we’ve got to take seriously the needs of millions of Americans who will lose their health care. And so, I’m voting no for his nomination, and I urge my colleagues to do the same,”said Senator Reverend Warnock.
In his remarks during the committee hearing, Senator Warnock highlighted how Washington Republicans are proposing to gut almost $900 billion from Medicaid to give millionaires and billionaires an additional tax cut, potentially kicking millions of Americans off of their health care insurance.
“Here’s the deal, Republicans need a whole lot of money to pay for their tax cuts for the wealthiest among us, and they know if you give people enough bureaucratic hoops to jump through, then enough working people will get tripped up by the red tape and lose their health care. And so that’s the plan, less money spent on a working mom’s cancer treatment because she didn’t fill out the right form every month by the right deadline, so you have more money for billionaire tax cuts. We know this because I live in Georgia. Georgia is the only state with work reporting requirements in its Medicaid program, and all this program has to show for itself five years later, is 6,500 people enrolled. We’ve got nearly 600,000 Georgians who are in the Medicaid gap. The governor’s program has enrolled a whopping 6,500 people,” said Senator Reverend Warnock.
Interested media can read a transcript of the senator’s remarks below and watch them HERE.
“Before entering the Senate I was fighting for my state to expand Medicaid, which would give an estimated 600,000 Georgians access to affordable health care. But here we are, 15 years almost to the day of the Affordable Care Act being signed into law, and still Georgia has not expanded Medicaid. Georgia continues to deny its citizens access to this program that’s being supported by the tax paying Georgians. To make matters worse, now, Washington Republicans have proposed to gut almost $900 billion from Medicaid to give millionaires and billionaires an additional tax cut, potentially kicking millions of Americans off of their health care insurance. Medicaid covers almost 40 million children across the country, two in five children in Georgia, one in 10 veterans, 63% of seniors in nursing homes. Medicaid also supports 1/5 of all hospital spending, especially in communities without many hospital options.”
“Washington Republicans and Dr. Oz say they want to make Medicaid more efficient by requiring people who get their health insurance through Medicaid to fill out government paperwork each month to prove that they are working. Here are the facts: nearly all adults enrolled in Medicaid are either working, in school, or caregivers. By and large, if they can work, they do work. I know that may be hard to believe in a country that increasingly maligns poor people for being poor, but by and large, these folks already work, or their caregivers or their students. They are construction workers. They are restaurant service, and mechanics. They are doing exactly what Dr. Oz and Washington Republicans want them to do. But here’s the deal, Republicans need a whole lot of money to pay for their tax cuts for the wealthiest among us, and they know if you give people enough bureaucratic hoops to jump through, then enough working people will get tripped up by the red tape and lose their health care. And so that’s the plan, less money spent on a working mom’s cancer treatment because she didn’t fill out the right form every month by the right deadline, so you have more money for billionaire tax cuts.”
“We know this because I live in Georgia. Georgia is the only state with work reporting requirements and its Medicaid program, and all of this program has to show for itself five years later, is 6,500 people enrolled. We’ve got nearly 600,000 Georgians who are in the Medicaid gap. The governor’s program has enrolled a whopping 6,500 people. Mr. Chair. I know I’m running out of time, but as I close, and nobody believes the Baptist preacher when he says as I close, let me be really clear that I’m voting against Dr. Oz. I think he is knowledgeable, certainly more knowledgeable than Secretary Kennedy about the program that he’s tasked to lead, but we’ve got to take seriously the needs of millions of Americans who will lose their health care. And so, I’m voting no for his nomination, and I urge my colleagues to do the same.”
Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–The U.S. Senate Finance Committee today advanced the nomination of Dr. Mehmet Oz to be Administrator of the Centers for Medicare & Medicaid Services (CMS) by a vote of 14-13. Following the vote, Chairman Mike Crapo (R-Idaho) issued the statement below:
“Dr. Oz’s years of experience as an acclaimed physician and public health advocate have prepared him well to manage the intricacies of CMS. He will work tirelessly to deliver on the promise of much-needed change at CMS that ensures Americans receive the best care possible. I look forward to working with him as Administrator.”
Dr. Oz’s nomination was reported out of the Committee by a vote of 14 to 13. Executive session information can be found here.
Chairman Crapo’s full statement at the nomination hearing can be found here, and his statement at the executive session can be found here.
NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced that DANIEL IULIAN TEUTOC (“TEUTOC”), a/k/a “Simon Mikula,”and CONSTANTIN CALIN (“CALIN”), citizens of Romania, were charged on March 21, 2025, in a nine-count indictment for conspiracy to commit wire and bank fraud, in violation of Title 18, United States Code, Sections 1343, 1344, and 1349; conspiracy to commit access device fraud, in violation of Title 18, United States Code, Sections 371, 1029(a)(3) and 1029(a)(4); and seven counts of possession of 15 or more unauthorized access devices, in violation of Title 18, United States Code, Section 1029(a)(3).
According to the indictment, TEUTOC and CALIN went to Walmart stores across the Eastern District of Louisiana, including Laplace, Slidell, Harvey, Boutte, Chalmette, and New Orleans. TEUTOC and CALIN captured card information at different the points of sale, from card skimming devices that had been previously installed by other members of the conspiracy. TEUTOC and CALIN used magnets to activate the card skimmers and send the card information electronically to TEUTOC and CALIN’s cell phones. After gaining possession of the Walmart customer’s credit, debit, and EBT card information, TEUTOC and CALIN sent the information to another co-conspirator with the intent to allow members of the conspiracy to make fraudulent charges with the stolen card information.
If convicted of the conspiracy to commit bank and wire fraud, TEUTOC and CALIN face up to 30 years imprisonment, up to a $1,000,000 fine, and up to 5 years of supervised release. If convicted of the conspiracy to commit access device fraud, TEUTOC and CALIN face up to 5 years imprisonment, up to a $250,000 fine, and up to 3 years of supervised release. If convicted of possession of unauthorized access devices, TEUTOC and CALIN face up to 10 years imprisonment, up to a $250,000 fine, and up to 3 years of supervised release. As to each count, TEUTOC and CALIN, individually, face payment of a mandatory $100 special assessment fee.
Acting U.S. Attorney Simpson reiterated that the indictment is merely a charging document and that the guilt of the defendant must be proven beyond a reasonable doubt.
Acting U.S. Attorney Simpson praised the work of Homeland Security Investigations, United States Secret Service, New Orleans Police Department, St. Bernard Sheriff’s Office, and St. John the Baptist Parish’s Sheriff’s Office, in investigating this matter. Assistant United States Attorneys Paul J. Hubbell of the General Crimes Unit, Nicholas Moses, Healthcare Fraud Coordinator, and André Jones, lead OCDETF Narcotics Task Force Attorney, are in charge of the prosecution.
This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
AUGUSTA, GA: A U.S. Army spouse at Fort Eisenhower awaits sentencing after pleading guilty to the stabbing murder of her infant son.
April Evalyn Short, 31, of Fort Eisenhower, pled guilty to Murder in the Second Degree, said Tara M. Lyons, Acting U.S. Attorney for the Southern District of Georgia. The negotiated plea agreement subjects Short to a sentence of 20 years in prison, along with substantial financial penalties and five years of supervised release following her prison term. There is no parole in the federal system.
“The plea agreement in this disturbing case represents a difficult but appropriate resolution to this tragic and shocking homicide,” said Acting U.S. Attorney Lyons.
As described in the plea agreement, on Nov. 15, 2023, at Fort Eisenhower, Short killed her 11-month-old son “willfully, deliberately, maliciously, and with malice aforethought,” using a knife.
Short remains in custody of the U.S. Marshals Service, and U.S. District Court Judge J. Randal Hall will schedule sentencing upon completion of a presentence investigation by U.S. Probation Services.
“This plea is a testament to the outstanding investigative efforts of our Army CID personnel, particularly the child forensic interview team, as well as the dedication of the DOJ prosecution and Victim Advocacy teams, and is indicative of our commitment to ensure justice for victims of heinous crimes such as this,” said Steven Ausfeldt, Special Agent in Charge of the Department of the Army Criminal Investigation Division Southeast Field Office. “Army CID will continue to work closely with our law enforcement and prosecutorial partners to pursue those who would harm the most innocent members of our communities, and to hold them fully accountable for their actions.”
“April Short will now have 20 years to think about her heinous actions,” said Paul Brown, Special Agent in Charge of FBI Atlanta. “This plea cannot undo that tragedy and loss, but brings another measure of justice to those who knew and loved the child during his short life.”
The case is being investigated by Department of the Army Criminal Investigation Division with assistance from the FBI, and prosecuted for the United States by Assistant U.S. Attorneys Henry W. Syms Jr. and Patricia G. Rhodes.
For any questions, please call the U.S. Attorney’s Office at (912) 652-4422.
ST. PAUL, Minn. – Alfonso Lee Seals, a Woodbury man, has been sentenced to 182 months in prison followed by three years of supervised release for possessing a firearm as a felon and interfering with commerce by robbery, announced Acting U.S. Attorney Lisa D. Kirkpatrick.
According to court documents, on June 14, 2023, Minneapolis police responded to a 911 call reporting a shootout between two cars along University Avenue Northeast. Responding officers found an abandoned car crashed into a utility pole. On the floorboard of the driver’s seat, law enforcement discovered a Glock model 27 .40 caliber pistol with a “switch” or “auto-sear” attached to it, making it fully automatic. Forensic testing confirmed that that the defendant, Alfonso Lee Seals, 28, possessed the pistol. On November 7, 2023, law enforcement executed a search warrant at the defendant’s brother’s home where they recovered a Taurus model G2S 9-millimeter semi-automatic pistol, which had been reported stolen from Mounds View, Minnesota, in October 2022. Forensic testing confirmed that the defendant possessed that pistol as well. On October 17, 2023, the defendant and an accomplice robbed a convenience store at gunpoint in Oakdale, Minnesota. Security camera footage showed the defendant ordering the victim cashier to his knees, placing a semiautomatic firearm to the cashier’s back, forcing him to open a cash register, and repeatedly threatening to kill the cashier during the robbery.
On December 23, 2024, Seals pleaded guilty to two counts of possession of a firearm as a felon and one count of interfering with commerce by robbery. In his plea agreement, Seals admitted that he knowingly and willingly possessed both firearms and that he possessed the Glock in connection with two other felonies—felony drive-by shooting and intentionally discharging a firearm under circumstances that endanger the safety of another. He also admitted that he and his accomplice robbed the convenience store at gunpoint and threatened to kill the victim cashier. Because Seals has multiple prior felony convictions for assault in both Hennepin and Dakota Counties, he is prohibited under federal law from possessing firearms or ammunition at any time.
“Minnesotans should have no tolerance for armed and violent career criminals,” said Acting U.S. Attorney Lisa D. Kirkpatrick. “This behavior is shocking and unacceptable. My office will continue to hold Seals—and others who would terrorize our community—accountable.”
Seals was sentenced today in U.S. District Court by Judge Donovan W. Frank.
This case is the result of an investigation by the Minneapolis Police Department, the Oakdale Police Department, the Dakota County Drug Task Force, the Minnesota Bureau of Criminal Apprehension, Homeland Security Investigations, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives.
Assistant U.S. Attorney Campbell Warner prosecuted the case.
Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – During a Senate Finance Committee hearing today, U.S. Senator Peter Welch (D-Vt.) questioned Frank Bisignano, President Trump’s nominee to be the Commissioner of the Social Security Administration (SSA), a federal agency that provides program benefits to over 150,000 Vermonters and 71 million Americans. Senator Welch pushed Bisignano on how he would protect Social Security from the Trump Administration and Elon Musk’s actions to harm social security. Senator Welch also pressed Bisignano on working to increase Social Security death benefits.
“Here’s the dilemma that you and every other nominee is in: Musk is running roughshod. He could care less about what the function is. He wants a body count. And he, from our perspective, has way more control over every agency than the head of the agency…So, you’re going to be under the thumb of DOGE, that’s the aspect of this that worries me,” said Senator Welch. “You know what? Keep Musk the hell out of Social Security.”
Watch the exchange between Senator Welch and Frank Bisignano, President Trump’s pick for Commissioner of the Social Security Administration:
Read excerpts of Senator Welch’s questioning below:
Sen. Welch: Here’s my problem with DOGE—it’s not about efficiency. There’s nobody here who doesn’t want to have our committee run more efficiently, or our Congress run more efficiently…But what’s happened with DOGE—and the news is in on this—I mean, this isn’t a debatable proposition. They’re cutting first, shooting first, and aiming later. And it’s really had incredibly damaging effects on what’s going on…The question is: doesn’t it make sense for an agency, whose goal is to have its place to be more efficient, to study the function first before they start firing people?
Bisignano: Yeah. I think—first of all, I think that the agency needs, is a multidisciplined…
Sen. Welch: That’s what I’m asking. Let’s be just direct here. DOGE has sent out termination notices to people, by DOGE employees who have no idea who the people are that they’re firing. They just know they’re on a list and they need a body count in order to be able to claim they’re ‘saving money.’ But nobody took a look at what the function was before they started firing people. I mean, have you ever done that in all of the time of your successful career that’s been a hallmark of being able to make organizations run more efficiently? Would you do it that way?
Bisignano: Uh, no.
Sen. Welch: That’s the right answer…Nobody would do it that way. Here’s the dilemma that you and every other nominee is in: Musk is running roughshod. He could care less about what the function is. He wants a body count. And he, from our perspective, has way more control over every agency than the head of the agency. I’d much prefer to have somebody who, with your experience, looks carefully at what the function is and then makes determinations about how to improve the delivery of that function. So, you’re going to be under the thumb of DOGE, that’s the aspect of this that worries me.
Bisignano: I’m planning on running the agency, reporting to the President, and I think the President has made it clear that DOGE is there for input, but that the agency heads own their decisions.
Sen. Welch: You know what, keep Musk the hell out of Social Security, please—totally. One Vermonter contacted me about the death benefit—we talked about this in my office. 1955 is when the death benefit in Social Security was established—$255. It doesn’t go as far today as it did before. And I want to work to have that come up to 2025 standards. Do you support doing that in a way that’s fiscally responsible for the Social Security beneficiaries?
Bisignano: As I said in your office, I’m happy to work on it with you.
Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – In the Senate Finance Committee today, U.S. Senator Peter Welch (D-Vt.) opposed advancing Dr. Mehmet Oz’s nomination to be the next Administrator of the Centers for Medicare & Medicaid Services (CMS), a federal agency within the Department of Health and Human Services (HHS) that provides health care to over 100 million Americans. Senator Welch released the following statement after the vote:
“A major responsibility of the person overseeing the Medicare and Medicaid programs–services more than 150,000 Vermonters rely on–is to fight excessive charges. We spend the most and get the least and need to be doing everything we can to get folks a fair price for their prescription drugs. It was clear after his nomination hearing that Dr. Oz is not the right person to lead CMS and will not crack down on excessive pricing in health care. He’s spent years promoting debunked health products to the public for his own gain and will enable President Trump as he rips away the health care millions of seniors, children, and families depend on.”
Earlier this month in the Senate Finance Committee, Senator Welch pressed Dr. Oz about how the Trump Administration plans to eliminate rip-offs for patients and excessive pricing in private equity and Medicare Advantage to lower prescription drug prices.
HOUSTON, March 25, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced the promotion of Huan Gamblin to Executive Vice President and Chief Technical Officer. Mr. Gamblin has over 20 years of energy industry experience.
Tracy W. Krohn, Chairman and CEO, commented, “We are very pleased to promote Huan to Executive Vice President and Chief Technical Officer, where he will become an integral part of our executive leadership team. Mr. Gamblin has extensive industry experience and over the past four plus years has taken on more responsibilities at W&T and has been instrumental in our acquisitions strategy. We look forward to Huan’s continued contributions to our success as a leading Gulf of America operator.”
Huan Gamblin joined the Company in 2020 and was named Executive Vice President and Chief Technical Officer in March 2025. Since joining W&T in 2020, he has served as Manager of Acquisition and Divesture and, in May 2022, as Vice President of Business Development. Mr. Gamblin has 20 years of domestic and international industry experience. Prior to joining W&T, Mr. Gamblin was the Algeria Reservoir Engineering Manager with Occidental Petroleum (“Occidental”). Before Occidental, Mr. Gamblin held various engineering positions at Anadarko Petroleum’s U.S. onshore, Gulf of America, and international assets.
Mr. Gamblin is a graduate of the University of Texas, where he earned a bachelor’s degree in Petroleum Engineering.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of December 31, 2024, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 646,200 gross acres (502,300 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 493,000 gross acres on the conventional shelf, approximately 147,700 gross acres in the deepwater and 5,500 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.
CONTACTS:
Al Petrie Investor Relations Coordinator investorrelations@wtoffshore.com 713-297-8024
Sameer Parasnis Executive VP and CFO sparasnis@wtoffshore.com 713-513-8654
TORONTO, March 25, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced that Paolo Ferrari and Tracey McVicar have been nominated to stand for election to the Company’s Board of Directors at its Annual General Meeting of Shareholders on May 2, 2025. They are being nominated to replace Andrew Clarke and Arielle-Meloul Wechsler who have decided not to stand for re-election.
Mr. Ferrari is a seasoned global executive, most recently holding the roles of Chief Executive Officer of Bridgestone Americas, Chief Executive Officer of Bridgestone West, and Joint Global Chief Operations Officer of Bridgestone Corporation. He is also the former Chief Executive Officer of Pirelli North America and Latin America, and held prior executive roles in telecommunications, technology, and investment banking.
Ms. McVicar is a Partner at CAI Capital Partners, a private equity firm she joined in 2003. She previously held senior positions in investment banking at Raymond James Ltd. and RBC Capital Markets. Ms. McVicar is also a past director of Teck Resources Ltd. where she served as Chair of the Audit Committee and a past director of BC Hydro Corporation where she chaired the Audit and Finance Committee.
“We are pleased to nominate Paolo Ferrari and Tracey McVicar to our Board,” said Element Board Chair Kathleen Taylor. “Paolo and Tracey bring integral skills, perspectives, and experience, and we are confident they will be tremendous assets to the Company. We would also like to thank our outgoing Board members, Andrew Clarke and Arielle Meloul-Wechsler, for their valuable support and contributions to Element.”
Further details about Element’s nominated directors can be found in our management information circular, which is available at http://www.sedarplus.ca.
Delivering Value Through Our Global Growth Strategy
Continuing to demonstrate how Element is driving growth and delivering value to our clients, shareholders, and team members, the Company also announced the release of its inaugural annual report. The report provides stakeholders with a clear and comprehensive overview of the Company’s strategy, vision, operations, and financial performance for 2024. It also highlights key trends shaping the fleet and mobility industry, and how the strategic investments Element made in 2024 will drive the Company’s continued industry leadership across fleet and mobility, setting a strong foundation for future success. More details are available in Element’s 2024 Annual Report.
About Element Fleet Management
Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business.
This press release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s expectations for financial performance. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2024, each of which has been filed on SEDAR and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
CALGARY, Alberta, March 25, 2025 (GLOBE NEWSWIRE) — Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) (“Saturn” or the “Company”), a light oil-weighted producer focused on unlocking value through the development of assets in Saskatchewan and Alberta, today announces that on March 27th, 2025, the Company will be participating in a live, online oil and gas investor conference hosted by VirtualInvestorConferences.com. Saturn invites individual and institutional investors, analysts and advisors to attend, with access details outlined below.
PRESENTATION DETAILS
The conference will include a presentation from members of Saturn’s leadership team, followed by a live, interactive Q&A with participants. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available subsequent to the event, with the replay link posted on Saturn’s website. Requests for 1×1 meetings with the Company can be made through the conference portal.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates. More information about the event is available at this link.
ABOUT SATURN OIL & GAS INC.
Saturn is a returns-driven Canadian energy company focused on the efficient and innovative development of high-quality, light oil weighted assets, supported by an acquisition strategy targeting accretive and complementary opportunities. The Company’s portfolio of free-cash flowing, low-decline operated assets in Saskatchewan and Alberta provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an entrepreneurial and ESG-focused culture, Saturn’s goal is to increase per share reserves, production and cash flow at an attractive return on invested capital. The Company’s shares are listed for trading on the TSX under ticker ‘SOIL’, and on the OTCQX under the ticker ‘OILSF’. Further information and our corporate presentation are available on Saturn’s website at www.saturnoil.com.
INVESTOR & MEDIA CONTACTS
John Jeffrey, MBA – Chief Executive Officer Tel: +1 (587) 392-7900 www.saturnoil.com
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
VIRTUAL INVESTOR CONFERENCES CONTACT DETAILS
John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
Source: United States Senator for Washington Maria Cantwell
03.25.25
Cantwell to SSA Nom: “The American People Are Very Bothered by Billionaires Taking a Shot at Their Social Security.”
Shortly after DOGE team entered Social Security Admin, Seattle constituent was incorrectly marked dead, halting his Social Security checks and clawing back thousands from his spouse
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, pressed Frank Bisignano, President Donald Trump’s pick to serve as Commissioner of the Social Security Administration, on recent comments by Trump officials attacking Americans’ Social Security benefits.
“A lot of the American people are very bothered by billionaires taking a shot at their Social Security. I just think it sounds out of touch,” said Sen. Cantwell. “Secretary Lutnick saying, ‘stop payments to find fraud,’ and then Mr. Musk — who everybody is questioning what his role is anyway — ‘the big one to eliminate,’ that’s what he was saying on Social Security.”
Sen. Cantwell continued: “But now we have these patterns. Let’s go after the staffing. Let’s go after the office closures. A new requirement to re-register. The American people are scared to death that you’re really going after Social Security. So instead of hiring [more] people like my colleagues are suggesting to improve the service, basically you’re allowing Elon Musk’s little DOGE team to go in there and find fraud.”
When Sen. Cantwell asked Bisignano if Social Security should be privatized or if the age requirement should be raised, Bisignano responded, when pressed, “I’ve never heard a word of it and I’ve never thought about it … I don’t believe anybody’s thinking about that,” and “I don’t believe I’m a decision maker on any of these items.”
In the State of Washington, 1.4 million people receive Social Security. Below is a breakdown of Social Security Recipients by county:
County
Number of Social Security Recipients
King Co.
312,000+
Spokane Co.
115,000+
Clark Co.
98,000+
Yakima Co.
46,000+
*County data sourced from SSA.gov*
At the hearing, Sen. Cantwell referenced a constituent in Seattle who was incorrectly presumed dead shortly after Elon Musk sicced his DOGE team on the Social Security Administration. DOGE staffers were specifically tasked with seeking out evidence that tens of millions of dead people are receiving Social Security benefits – a false claim made by both President Trump and Musk. Subsequently, Ned Johnson was incorrectly listed as dead by SSA, which failed to issue his next Social Security check and clawed back over $5,000 in prior benefits payments from his and his wife’s joint bank account, while his Medicare insurance was also cancelled.
Sen. Cantwell said, “And then what did he do? He had to go down to the building in Seattle, the federal building that you’re trying to close, and stand in line for hours and hours and hours to try to say he wasn’t dead and to stop taking his money.
“He made an in-person appointment, but it was pushed back 11 days. 11 days ultimately had to wait in line, as I said, which he said, quote, ‘they are so understaffed down there. They think their office is about to be closed down, and they don’t know where they’re going to go. It feels like the agency is being gutted,’ end quote. So I have to ask you, why are we allowing these people to go in and cause havoc to our constituents instead of hiring people to do the job?”
Sen. Cantwell has been a long-standing champion for Social Security and protecting Washingtonian’s benefits. Sen. Cantwell co-sponsored and voted in December 2024 to pass the bipartisan Social Security Fairness Act, which repealed two Social Security policies that unfairly limited payments for people who also receive a pension from a job that is not covered by Social Security, as well as their surviving spouses and widow(ers). In 2018, Sen. Cantwell introduced and passed the Tribal Social Security Fairness Act to correct a long-standing inequity in the Social Security Act that prevented elected tribal leaders from contributing to and accessing Social Security benefits.
Video of Sen. Cantwell’s remarks today with Bisignano are available HERE, audio HERE, and a full transcript is HERE.
WASHINGTON, D.C. – The House Foreign Affairs Subcommittee on South and Central Asia will hold a public hearing titled, “Censorship-Industrial Complex: The Need for First Amendment Safeguards at the State Department” on Tuesday, April 1, 2025.
Date: Tuesday, April 1, 2025
Time: 10:00 a.m. ET
Location: Rayburn 2172
Subject: Censorship-Industrial Complex: The Need for First Amendment Safeguards at the State Department
Witnesses:
Mr. Matt Taibbi
Twitter Files Journalist
Author, Founder
Racket News
Mr. Benjamin Weingarten
Investigative Journalist & Columnist
***Check here for updates. The hearing will be webcast live here and open to the public and press. Members of the media who would like to attend in-person should RSVP with Joe Clark at joseph.clark@mail.house.gov by 5 p.m. Monday, March 31, 2025. ***
Union Home Minister and Minister of Cooperation Shri Amit Shah replies to the discussion on the Disaster Management (Amendment) Bill, 2024 in the Rajya Sabha, Upper house passes the bill Under Modi ji’s leadership, India became a global leader in disaster management
Modi government is managing disasters by adopting a proactive approach instead of a reactive one and by aiming for zero casualties instead of minimising casualties
Compared to the previous regime, Modi government has given more than three times the money to the states from the central fund
In the previous regime, funds were given to the Rajiv Gandhi Foundation from PMNRF
This bill will further increase the capacity, intensity, efficiency and accuracy in disaster response
Earlier, thousands of people used to die in cyclones, but Modi government is moving towards zero casualty
The aim of this bill is to increase transparency, accountability, efficiency and cooperation in disaster management
India’s disaster management prowess has been established globally through CDRI
To deal with the changing size and scale of disasters, we will have to change the methods, systems and make institutions accountable as well as give them powers
India has had the most successful management of the COVID-19 pandemic in the entire world
Earlier, it used to take two generations for getting vaccines, but under the Modi government, India has made the COVID vaccine and also delivered it to every citizen
The Modi government has given more money than the prescribed amount to the states for disaster managementna
Posted On: 25 MAR 2025 9:24PM by PIB Delhi
Union Home Minister and Minister of Cooperation Shri Amit Shah today replied to the discussion in the Rajya Sabha on the Disaster Management (Amendment) Bill, 2024. After the discussion, with the passage of the bill from the upper house the amendment bill was passed by the Parliament.
Speaking in the upper house during the discussion, Union Home Minister and Minister of Cooperation said that through this amendment bill, the Narendra Modi government intends to connect Centre, State governments, Panchayat and all our citizens with the cause of disaster management and there is no question of centralization of power. He said that this disaster management amendment bill is an attempt to take the fight against disasters from a reactive approach to a proactive one and also beyond to an innovative and a participatory approach.
Shri Amit Shah said that Prime Minister Shri Narendra Modi Ji presented a ten-point agenda to the world for disaster risk reduction which has been accepted by more than 40 countries of the world. He said that this bill envisages participation not only from state governments and local units but also from the society. He said that the amendment bill keeps scope of minute planning at local levels too along with the national level and gives clarity on the powers and duties of institutions involved. Shri Shah said that the fight against disasters cannot be accomplished without enabling the institutions and making them better and more accountable, and both of these things have been taken care of in the bill. He said that disasters are directly related to climate change and to mitigate them, we should take steps against global warming. He said that India has been moving in this direction for thousands of years and the Modi government is working to take this tradition forward.
Union Home Minister and Minister of Cooperation said that the Disaster Management Act was brought for the first time in the year 2005 and under this NDMA (National Disaster Management Authority), SDMA (State Disaster Management Authority) and DDMA (District Disaster Management Authority) were formed. He said that in this bill, the biggest responsibility in the aftermath of disasters have been given to DDMAs which is under the state government, thus there is no question of any damage to our federal system. He said that for financial assistance, National Disaster Response Fund and National Disaster Mitigation Fund were created. Shri Amit Shah said that the Finance Commission has made a scientific arrangement for disaster relief and the Modi government has not given a single penny less than the prescribed amount to any state, rather it has given more.
He said that due to global disasters like Covid-19, increasing urbanization, irregular rain-related disasters and climate change, both the size and scale of disasters have changed. Shri Shah said that to deal with the changing size and scale of disasters, we will have to change the methods and systems and also make the institutions accountable and give them powers. He said that with this objective, this bill has been brought for an effective and comprehensive solution to the disaster management problem. He said that suggestions have been incorporated from stakeholders, ministries and departments of the Central Government, all state governments, Union Territories, international organizations and national and international non-governmental organizations and this bill has been prepared comprehensively by accepting 89 percent of their suggestions.
Union Home Minister said that through this bill, Modi government wants to move from reactive response to proactive risk reduction, from manual monitoring to AI-based real-time monitoring, from radio warnings to social media, apps and mobile warnings, and from government-led response to a multi-dimensional response involving society and citizens. He said that this entire bill has been made to incorporate capacity, intensity, efficiency and accuracy in disaster response. Shri Shah said that in the last 10 years, there has been a change in disaster management in our country due to which we have emerged as a regional and global power recognized by the world. He said that this bill is necessary to maintain this success story of India for a longer time in future.
Shri Amit Shah said that this Bill will make both NDMA and SDMA effective, disaster database will be created at national and state level. It envisages creation of Urban Disaster Management Authority which will be completely under the state governments. Apart from this, this Bill will also give statutory power to NDMA and SDMA in creating a blueprint for 100% implementation of the recommendations of the 15th Finance Commission. He said that transparency, trust, credibility and accountability have been given place in it. Shri Shah also said that well-defined roles have been fixed in it and moral responsibilities have also been given place. The Home Minister said that we have also fixed responsibility for the best use of resources. He said that through this Bill, an attempt has been made to fight against disaster with synergy, between preparation, good management and coordination. Many reforms have been made on these four pillars and not a single one of these reforms is for centralization of power.
Union Home Minister and Minister of Cooperation said that in the last ten years, on one hand, Prime Minister Modi Ji has done many things for environmental protection and on the other hand, he has also taken disaster management a long way forward. He said that on one hand Modi Ji talked about Mission Life in front of the world and on the other hand he also announced a ten-point disaster risk reduction agenda. He said that on one hand, a definite concrete program was given to become a pro-planet people and on the other hand, the Coalition for Disaster Resilience Infrastructure (CDRI) was presented to the world, which has 43 countries as members. Shri Shah said that Modi Ji started the International Solar Alliance and Global Biofuel Alliance and also formed a task force on Disaster Risk Reduction by hosting the G20 conference in India. He said that on both these fronts, Prime Minister Modi and the government led by him have worked in a meticulous manner with great foresight. The Home Minister said that on the one hand efforts should be made to prevent disasters by protecting the environment and on the other hand, in case of a disaster, Modi ji has made complete arrangements to fight the disaster in a scientific manner from villages to Delhi.
Shri Amit Shah said that the devastating earthquake in Bhuj, Gujarat in 2001 shook not only Gujarat but the entire country and the world. He said that at that time Shri Narendra Modi was the Chief Minister of Gujarat and he had established the Climate Change Department for the first time in India. He said that at that time Modi ji created the Climate Change Fund in Gujarat and in 2003 brought the State Disaster Management Act in Gujarat. Shri Shah said that in 2013, the country’s first city level action plan for heat wave was made in Ahmedabad and Modi ji also worked on making a detailed plan for reconstruction, community preparedness and rehabilitation after the earthquake.
Union Home Minister said that after Shri Narendra Modi became the Prime Minister in 2014, a holistic and integrated approach was introduced in the country instead of a relief-centric approach. He said that a proactive approach was adopted instead of a reactive one and disaster management was done by keeping the target of zero casualty instead of the usual target of minimum casualty of the previous regime. He said that today governments are not only focus on relief and rescue after a disaster but also make many preparations to tackle them. Shri Shah said that the Modi government has done a very good job in early warning system, prevention to the extent possible, mitigation, timely preparedness and disaster risk reduction. He said that when the Odisha Super Cyclone hit in 1999, 10 thousand people died, but when Cyclone Fani hit in 2019, only one person died, this was the result of our changed approach. He said that when Cyclone Biparjoy hit Gujarat in 2023, not a single person or animal died and we achieved the target of zero casualties in 2023. He said that there has been a 98 percent reduction in loss of life and property due to cyclones and we have also succeeded in reducing heat-related mortality significantly.
Shri Amit Shah said that the budget of SDRF was Rs 38 thousand crores during the year 2004 to 2014, which was increased to Rs 1 lakh 24 thousand crores by the Modi government during 2014 to 2024. Rs 28 thousand crores were given to NDRF during 2004 to 2014, while Rs 80 thousand crores were given during 2014 to 2024. Shri Shah said that the government has increased the total amount from Rs 66 thousand crores to more than Rs 2 lakh crores. He said that the Modi government has given more than three times the money to the states from the central funds. Shri Shah said that apart from this, a National Disaster Response Reserve of 250 crores was created, the first National Disaster Management Plan was released in 2016 which is completely in line with the Sendai framework, the Subhash Chandra Bose Disaster Management Award was established in 2018-19 and the first phase of National Cyclone Risk Mitigation was done in Odisha and Andhra Pradesh in 2018. He said that in 2020-21, the Home Ministry decided that the Inter-Ministerial Consultative Team (IMCT) will first go and do an immediate review and the Modi government made a provision to provide immediate assistance by sending 97 IMCTs within 10 days in 5 years.
Union Home Minister said that currently 16 battalions of NDRF are operational and seeing the NDRF personnel, people feel assured that they are safe now. He said that apart from this, programs have also been made for landslide risk management, glacial lake outburst flood (GLOF) and civil security and training capacity building.
Union Home Minister and Minister of Cooperation said that the National Disaster Response Force (NDRF), in the spirit of Vasudhaiva Kutumbakam, conducted ‘Operation Maitri’ during the earthquake in Nepal in 2015, ‘Operation Samudra Maitri’ in Indonesia in 2018, ‘Operation Dost’ in Turkey and Syria in 2023, ‘Operation Karuna’ in Myanmar and ‘Operation Sadbhav’ in Vietnam, due to which the governments and people of these countries praised NDRF and Modi ji. He said that NDRF has worked to get our disaster management system firmed up at a national level.
Shri Amit Shah said that the Government of India has signed agreements with Japan, Tajikistan, Mongolia, Bangladesh, Italy, Turkmenistan, Maldives and Uzbekistan to strengthen disaster management and disaster risk reduction. The geographical conditions of these countries make them prone to similar disasters which are possible in India. He said that we have tried to ensure that these countries benefit from our best practices and we benefit from their best practices. Apart from the MoUs, international seminars were also held in the years 2015, 2016, 2019, 2020, 2023, in which disaster management experts from member countries of organizations like SAARC, BRICS, SCO also participated.
Union Home Minister said that the Coalition for Disaster Resilient Infrastructure (CDRI) is an example of India’s global leadership in the field of disaster management. Prime Minister Shri Narendra Modi put forward this idea in the UN Climate Summit held in New York on 23 September 2019 and it was established in India itself. He said that so far 42 countries and 7 international organizations have become members of CDRI and through CDRI, work has been done to establish India’s leadership in this field at the global level.
Shri Amit Shah said that through the ‘Aapada Mitra’ scheme, a force of one lakh community volunteers has been created in 350 disaster prone districts at a cost of Rs 370 crore and the volunteers have been registered on the India Disaster Resource Network portal. The District Collectors have their complete details. When a disaster strikes, these volunteers reach for the help on their own. The Home Minister said that 20 percent of the one lakh ‘Aapada Mitra’ volunteers are women. Our women power is working shoulder to shoulder in the work of disaster management. He said that as a result of the ‘Aapada Mitra’ scheme, 78 thousand people were rescued from disasters and taken to safe places and 129 lives were saved by providing them timely treatment at the hospitals.
Union Home Minister said that the ‘Aapada Mitra’ scheme is being expanded. To involve the youth, more than 1300 trained ‘Aapada Mitras’ have been employed as master trainers with a budget of Rs 470 crore. In this, NCC, NSS, Nehru Yuva Kendra Sangathan and Bharat Scouts and Guides will train two lakh 37 thousand ‘Aapada Mitras’, which will increase the total number of community volunteers to three lakh 37 thousand.
Shri Amit Shah said that we have created many apps for weather related information. These include ‘Mausam’, ‘Meghdoot’, ‘Flood Watch’, ‘Damini’, ‘Pocket Bhuvan’, ‘Sachet’, ‘Van Agni’ and ‘Samudra’. Also, a nodal agency has been created for the study of landslides. India Quake app has been created for automated broadcasting of earthquake parameters. He said that due to the efforts of Modi ji, today all these apps have reached almost every citizen of the country. This has benefited farmers, fishermen, people living on the seashore and people living in landslide prone areas on time.
Union Home Minister said that the entire world has accepted that Prime Minister Narendra Modi is leading the world in the field of environment, therefore the United Nations has honoured him with the award of Champions of the Earth. Modi ji has almost completed the task of making India free from single-use plastic. Many countries have joined the International Solar Alliance (ISA) formed on his initiative. Modi ji has worked to popularise the ‘One Sun, One Earth, One Grid’ project worldwide. The construction of Inter-Regional Energy Grid has begun for sharing solar energy across the world. Crores of people have planted trees with devotion in reverence of Mother Earth and their own mothers through the ‘Ek Ped Maa Ke Naam’ campaign.
Shri Amit Shah said that India has set the target of Net Zero Carbon Emission by the year 2070. He said that we have already achieved the targets of International Solar Alliance, Global Bio-fuel Alliance and 20 percent Ethanol Blending by the year 2025. Today all our vehicles have 20 percent eco-friendly fuel. Shri Shah said that by providing 10 crore gas connections under the Ujjwala Yojana, we have stopped the smoke of cow dung cakes and coal. We have increased the Swachhata Abhiyan from 39 percent to 100 percent sanitation coverage. Along with this, the Green Hydrogen Mission has started the implementation of a new type of scheme in the entire world.
Union Home Minister said that, if the best COVID management has happened anywhere in the world, it has happened in India. Every Indian should be proud of this and the whole world praises our efforts immensely. He said that as soon as Corona arrived, we started making the vaccine. He said that during the previous regime, it used to take two generations to administer vaccines but under Modi Government India not only got the vaccine made but also ensured that it reached every citizen of the country. Shri Shah said that there is no parallel to such a precise use of technology for public welfare anywhere in the world. Due to the use of technology, the certificate was made available on the mobile as soon as the vaccine was administered and a reminder message would also come up with the time for the second vaccine.
Shri Amit Shah said that through video conference in the state’s civil hospitals and AIIMS, doctors treating minor diseases in small villages were guided about telemedicine, which saved the lives of lakhs of people. He said that the Prime Minister talked to the Chief Ministers of the states 40 times during COVID-19 and inquired about the situation. Not only the Prime Minister, the entire cabinet was involved in this work.
Union Home Minister said that due to our leadership we were able to fight the best battle against Corona in the whole world. Governments were fighting against Corona all over the world, but here the Central Government, State Government and 130 crore people were fighting together. He said that there is not a single example in independent India when an appeal by a leader has had the seriousness of a government order and the whole country followed the appeal of the Prime Minister Shri Narendra Modi for Janta curfew with full seriousness. No leader’s appeal had ever received such a great respect.
Shri Amit Shah said that the Prime Minister’s National Relief Fund (PMNRF) was created during the previous regime. He said fund from PMNRF used to be given to Rajiv Gandhi Foundation. Shri Shah said that during Modi ji’s regime PM Cares fund was created. We spent its funds for tackling the corona epidemic, disaster relief, oxygen plants, ventilators, assistance to the poor and vaccination. Shri Shah said that under PM Cares, along with relief work, we have also provided many types of innovative assistance. There is no political interference in this.
Union Home Minister said that for Karnataka, an estimate of Rs 5,909 crore was given by a high-level committee, out of which Rs 5,800 crore was transferred. For Kerala, an estimate of Rs 3,743 crore was made, out of which Rs 2438 crore was given. For Tamil Nadu, Rs 4600 crore was given out of Rs 4817 crore. West Bengal was given Rs 5000 crore out of Rs 6837 crore. Himachal Pradesh was given Rs 1766 crore out of Rs 2339 crore. The committee has given more or less the same amount to Telangana as well.
Shri Amit Shah said that Rs 111 crore was given to Jharkhand, Rs 121 crore to Kerala, Rs 460 crore to Maharashtra, Rs 256 crore to Bihar and Rs 254 crore to Gujarat for fire-fighting measures, which was never given before. He said that other states will be given funds for fire-fighting measures next year. Shri Shah said that Rs 228 crore has been given to Tamil Nadu between the years 2019 to 2024 and a lot of assistance has been provided.
Union Home Minister said that we declared the disaster in Wayanad, Kerala as a disaster of severe nature. Rs 215 crore was immediately released from the National Disaster Response Fund (NDRF). Rs 36 crore was sent for debris removal, which has not been spent yet. Apart from this, assistance of Rs 153 crore was given on the basis of the IMCT report. The state government has estimated the need for Rs 2219 crore for normalizing the situation and reconstruction, out of which Rs 530 crore has been given. Along with this, other measures have been suggested to get additional assistance from a special window.
Shri Amit Shah said that for the Central Government, citizens of all states including Kerala, Ladakh, Gujarat, Uttar Pradesh are equal and we do not discriminate against anyone. He said that in the Disaster Management Bill, we have paid attention to increasing human resources along with the provision of increasing technical capacity. Along with the government’s effort, provision has also been made for community effort and along with disaster-resistant construction, care has also been taken for the conservation of nature.
The Competition Commission of India has approved acquisition of Athaang Devanahalli TollwayPrivate Limited, Athaang Jammu Udhampur Highway Private Limited and Quazigund Expressway Private Limited by Cube Highways Trust and Cube Highways and Infrastructure V Pte. Ltd.
The Proposed Combination envisages:
acquisition of 100% shareholding of Athaang Devanahalli Tollway Private Limited (ADTPL) by Cube Highways and Infrastructure V Pte. Ltd. (Cube V); and
acquisition of 100% shareholding of (i) Athaang Jammu Udhampur Highway Private Limited (AJUHPL), and (ii) Quazigund Expressway Private Limited (QEPL) by Cube Highways Trust (Cube Trust).
(Hereinafter ADTPL, AJUHPL and QEPL are collectively referred to as the ‘Targets’)
The Cube Trust is an infrastructure investment trust registered with the Securities and Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (as amended). The road assets/ SPVs of Cube Trust are engaged, inter alia, in the operation and maintenance (O&M) of various road and highway projects in India.
Cube V is registered as a foreign portfolio investor with the SEBI and acquires, operates and manages road assets in India.
The Targets have been incorporated in India as special purpose vehicles and are engaged in the business of operating (through governmental concessions) roads and highways in India.
The Competition Commission of India has approved the proposed combination involving, inter alia, Maple Infrastructure Trust (MIT); CDPQ Infrastructures Asia III Inc. (CDPQ Asia); Maple Highways Pte. Ltd.; 360 ONE Private Equity Fund and certain road assets of the Ashoka Buildcon group.
The Proposed Combination involves the acquisition by MIT, acting through Maple Infra Invit Investment Manager Private Limited (Maple IM) of Ashoka Dhankuni Kharagpur Tollway Limited (ADKTL); Ashoka Sambalpur Baragarh Tollway Limited (ASBTL); Ashoka Belgaum Dharwad Tollway Limited (ABDTL); Ashoka Highways (Bhandara) Limited (AHBL); and Ashoka Highways (Durg) Limited (AHDL) (Proposed SPV Acquisitions) and certain inter-connected transactions.
MIT is a private trust settled under the Indian Trusts Act, 1882, and was registered as an infrastructure investment trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, on 24thFebruary 2020. MIT is, through its special purpose vehicles, engaged in the business of owning and operating road assets in India. Maple IM is the investment manager of MIT.
CPDQ Asia is a wholly owned subsidiary of Caisse de dépôt et de placement du Québec (CDPQ). CDPQ is a global investment group that manages the funds of its depositors, primarily comprised of public and para-public pension and insurance plans from Québec.
Maple Sponsor is the sponsor of MIT for purposes of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.
360 ONE Private Equity Fund is registered with the SEBI as a Category II Alternative Investment Fund and is established for the purpose of investing in various sectors in India and worldwide. The 360 ONE Private Equity Fund is managed by its investment manager, 360 ONE Alternates Asset Management Limited.
ADKTL, ASBTL, ABDTL, AHBL and AHDL are engaged by the National Highway Authority of India Limited (NHAI) to provide infrastructure concession services.
The Competition Commission of India has approved the acquisition of 100% equity shareholding in 11 road special purpose vehicles owned by Ashoka Concessions Limited and Ashoka Buildcon Limited by Epic Concesiones 2 Private Limited.
The Proposed Combination envisages acquisition of 100% equity shareholding by Epic Concesiones 2 Private Limited (EC2PL) in road 11 special purpose vehicles (Target SPVs) owned by Ashoka Concessions Limited (ACL) and Ashoka Buildcon Limited (ABL) (Proposed Equity Transaction).
EC2PL is a private limited company engaged in owning and operating infrastructure projects. It is owned by Infrastructure Yield Plus II (IYP II) & Infrastructure Yield Plus IIA (IYP IIA) (collectively IYP), which are both schemes of the Infrastructure Yield Trust, an irrevocable and determinate contributory investment trust under the Indian Trusts Act, 1882 and registered with the SEBI as a Category I – Infrastructure Alternative Investment Fund, under the SEBI (Alternative Investment Funds) Regulations, 2012. The investment manager of IYP II and IYP IIA is EAAA India Alternatives Limited (EIAL) which is an indirect wholly-owned subsidiary of EFSL, the parent entity of EC2PL.
The Target SPVs are eleven road SPVs have been incorporated in India and are engaged in the business of operating (through governmental concessions) roads and highways in India.
New Investment Policy (NIP) to facilitate fresh investment and making India Self-Sufficient in the urea sector Total 6 new urea units have been set up under NIP-2012 including 4 Urea units set up through Joint Venture Companies (JVC) of nominated PSUs and 2 Urea units set up by the private companies
Posted On: 25 MAR 2025 7:01PM by PIB Delhi
The Government had announced New Investment Policy (NIP) – 2012 on 2nd January, 2013 and its amendment on 7th October, 2014 to facilitate fresh investment in the urea sector and to make India self-sufficient in the urea sector. Total 6 new urea units have been set up under NIP-2012 which includes 4 Urea units set up through Joint Venture Companies (JVC) of nominated PSUs and 2 Urea units set up by the private companies. The units set up through JVC are Ramagundam Urea unit of Ramagundam Fertilizers and Chemicals Ltd (RFCL) in Telangana and 3 Urea units namely Gorakhpur, Sindri and Barauni of Hindustan Urvarak & Rasayan Limited (HURL) in Uttar Pradesh, Jharkhand and Bihar, respectively. The units set up by private companies are Panagarh Urea unit of Matix Fertilizers and Chemicals Ltd. (Matix) in West Bengal; and Gadepan-III Urea unit of Chambal Fertilizers and Chemicals Ltd. (CFCL) in Rajasthan. Each of these units has installed capacity of 12.7 Lakh Metric Tonne per annum (LMTPA). These units are highly energy efficient as they are based on latest technology. Therefore, these units have together added urea production of 76.2 LMTPA thereby total production urea production capacity (RAC) has increased from 207.54 LMTPA during 2014-15 to 283.74 LMTPA in 2023-24.
The Government has implemented Nutrient Based Subsidy Policy w.e.f. 01.04.2010 for Phosphatic and Potassic (P&K) Fertilizers. Under the policy, a fixed amount of subsidy, decided on annual/bi-annual basis, is provided on notified P&K fertilizers depending on their nutrient content. The P&K sector is decontrolled, fertilizer companies are allowed to fix MRP at reasonable levels.The fertilizer companies manufacture/import fertilizers and do investment as per the market dynamics.
This information was given by the Union Minister of State for Chemicals and Fertilizers Smt Anupriya Patel in Rajya Sabha in written reply to a question today.
Government is reviewing the financial performance of Regional Rural Banks (RRBs) at national and regional levels. The agenda items for the review meetings, inter-alia, include:
Review of the performance of RRBs on Financial Parameters and technology upgradation.
Thrust on Micro Small and Medium Enterprise (MSME) portfolio.
Importance on loan diversification towards Agri-allied, MSME and Retail Sectors.
Financial health of RRBs has improved in the recent years as they have posted highest ever consolidated net profit of ₹ 7,571 crore during FY 2023-24. Also, the RRBs have shown consistent improvement in key financial parameters like CRAR, deposits, advances, NPA, CD ratio etc. The Key Financial Parameters of RRBs have improved consistently in past years. The Total Balance sheet Size of RRBs have increased from Rs. 7,04,556 Crore in FY 2021- 22 to Rs. 8,40,080 Crore in FY 2023-24. Further the Net NPA has declined from 4.7% in FY 2021- 22 to 2.4% in FY 2023-24. Also the Credit to Deposit Ratio has increased from 64.5% to 71.4% from FY 2021-22 to FY 2023-24.
Government has also reviewed the progress made by RRBs in deepening financial inclusion in rural and remote areas by reviewing performance on various financial inclusion schemes like Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana etc.
This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary written reply to a question in Rajya Sabha today.
Source: Hong Kong Government special administrative region
Speech by Acting CE at Wealth for Good in Hong Kong Summit Principal Dinner (English only) (with photo) Distinguished guests, ladies and gentlemen,
Good evening. It is with great pleasure that I welcome you to tonight’s Principal Dinner, on the eve of the third annual Wealth for Good in Hong Kong Summit.
Allow me to begin by thanking our Hong Kong dancers for their elegant and innovative approach to the traditional Chinese lion dance – tonight performed as a lion ballet dance. That mingling of Asian and Western cultures is very much in keeping with today’s Hong Kong, the world’s rising East-meets-West centre for international cultural exchange.
Hong Kong’s singular role as a gainful bridge between East and West is why many of you are here, with us, from all over the world – from Mainland China and throughout Asia, from Europe, the Americas, the Middle East and beyond. And while our Chief Executive, John Lee, is unfortunately away on a duty visit, I am delighted to be your host for this evening’s gala dinner.
Over these next few days, I invite you to immerse yourselves in all that Hong Kong has to offer – to discover, first-hand, why our city is the leading choice for family offices.
And for good reason. Hong Kong is a super-connector bringing together people and ideas. We are a platform for visionaries looking to create lasting legacies, a dynamic hub where your offices and families can flourish.
The theme of this year’s Wealth for Good in Hong Kong Summit, “Hong Kong of the World, for the World,” smartly reflects that reality, spotlights our commitment to international collaboration and mutual rewards.
Hong Kong’s advantages are clear and unique. Our “one country, two systems” framework ensures close and beneficial ties with our country and deep connectivity with the rest of the world.
It helps, too, that Hong Kong is China’s international financial centre and one of the world’s major financial centres. In the latest Global Financial Centres Index, out last week, Hong Kong maintained its position as the world’s third-ranked financial centre, and the top in the Asia-Pacific. In the Index’s “human capital,” “infrastructure” and “financial sector development” areas, Hong Kong climbed to second, worldwide, while our rankings in “business environment” and “reputational and general” rose to third, globally.
We are at the forefront of digitalisation, too, the first government to issue tokenised green bonds, demonstrating our flexibility and support for financial technology.
And we will soon publish a second policy statement on virtual assets, including advancing stablecoin regulations to set a new global standard for the future of digital finance.
Hong Kong is also a hub for world-class events such as this evening’s. We bring together thought leaders, policymakers, and industry innovators to help shape the future of finance, technology and sustainability.
Yesterday, the Milken Institute held its second Global Investors’ Symposium, attracting senior players from finance, business, technology, healthcare, philanthropy and government.
It’s just one of a number of events making up our “Wealth & Investment Mega-Event Week”. The HSBC Global Investment Summit opened earlier today. On Thursday, we have the Bloomberg Family Office Summit. And the World Economic Forum is hosting several sustainability-themed events here, including Friday’s One Earth Summit.
Our commitment to creating an enriching environment extends beyond finance and investment. Earlier this month, we opened Kai Tak Sports Park, the striking, pearl-like landmark rising from the waterfront in East Kowloon.
The world-class venue features a 50 000-seat stadium, complete with a retractable roof, and stunning views to Victoria Harbour from the South Stand. The 100-metre Champions Bar will be a popular watering hole this weekend, given that the renowned Hong Kong Sevens kicks off on Friday.
And there’s more, much more, on tap this month in Hong Kong. Art Basel Hong Kong opens this week, featuring more than 240 galleries from 42 countries and regions. And the five-day Art Central opens tomorrow, spotlighting Asian galleries and emerging artists.
Family offices, let me add, are no less critical to Hong Kong’s flourishing future.
At the inaugural Wealth for Good in Hong Kong Summit, in 2023, we issued a Policy Statement setting out our strategic vision for family offices.
The majority of the Policy Statement’s eight initiatives have already been implemented, I’m pleased to tell you.
They include establishing a dedicated FamilyOfficeHK team within Invest Hong Kong. To date, the team has helped more than 160 family offices set up or expand their operations in Hong Kong.
We’ve also launched the New Capital Investment Entrant Scheme, designed to attract asset owners to invest and reside in Hong Kong.
And, more good news, a series of enhancement measures are now in place. They include recognising jointly owned assets and investments through specified family-owned entities. And that works well with the tax concession regime we introduced in 2023 for single-family offices.
We are, let me add, expanding tax concessions for single-family offices, increasing the types of qualifying transactions. Add it up, and I think you’ll agree with me that Hong Kong is one of the world’s most attractive destinations for asset owners.
More good reason to turn to Hong Kong for your family office future. You’ll be in good company, with more than 2 700 single-family offices now operating here.
Ladies and gentlemen, I believe we’re just one group photo away from a fine dinner and a fabulous evening.
I wish you all a rewarding Summit and a memorable stay in Hong Kong, Asia’s world city. Thank you. Issued at HKT 20:30
Government Strengthens financial assistance for Loan Schemes for Entrepreneurs, Farmers, Small Businesses and startups PMMY Offers Collateral-Free Loans for Small Businesses across Four Categories
New Loan Scheme for first-Time Entrepreneurs announced in Union Budget 2025-26
In Union Budget 2025-26, the government raised MISS loan limit for KCC borrowers from ₹3 lakh to ₹5 lakh
Jan Samarth Portal: One-Stop Digital Platform for Easy access to 15 Government Loan Schemes
Posted On: 25 MAR 2025 5:48PM by PIB Delhi
The Government runs many credit Schemes for small traders, farmers and startups. The details of few of these schemes are mentioned below.
It provides collateral-free institutional credit through Member Lending Institutions (MLIs) i.e. Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).
Any individual, who is otherwise eligible to take a loan and has a business plan can avail loan under the Scheme. The loan is available for income generating activities in the manufacturing, trading, services sector and also for activities allied to agriculture across four loan products, viz. Shishu (loans up to Rs. 50,000), Kishore (loans above Rs. 50,000 and up to Rs. 5 lakh) and Tarun (loans above Rs. 5 lakh and up to Rs. 10 lakh). Loans upto Rs. 20 lakh under Tarun Plus category are given to those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category.
The objective of the Scheme is to facilitate loans from Scheduled Commercial Banks (SCBs) of value between Rs. 10 lakh and Rs. 1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and one Woman borrower per bank branch for setting up greenfield enterprise in manufacturing, services or trading sector, including activities allied to agriculture.
Under both the Schemes, the prospective borrowers may avail the loan for trading, activities allied to agriculture and for new business.
As per para 32 of Union Budget 2025-26 “A new scheme will be launched for 5 lakh women, Scheduled Castes and Scheduled Tribes first- time entrepreneurs. This will provide term loans upto Rs.2.00 crore during next 5 years. The Scheme will incorporate lessons from successful Stand Up India Scheme. Online capacity building for entrepreneurship and managerial skills will also be organized.”
Kisan Credit Card (KCC), introduced in 1998, is a banking product that provides farmers with timely and affordable credit for purchasing agricultural inputs such as seeds, fertilizers, and pesticides, as well as for meeting cash requirements related to crop production and allied activities. In 2019, the KCC scheme was extended to cover the working capital requirements of allied activities, viz. Animal Husbandry, Dairy and Fisheries.
Government of India under Modified Interest Subvention Scheme provides Interest Subvention of 1.5% to banks for providing short-term working capital loans upto Rs. 3 lakh at 7% p.a. Further, a Prompt Repayment Incentive of 3% is also provided to farmers on timely repayment of loans. Therefore, effective interest rate for farmers is 4%. In the Union Budget 2025-26, the Government has announced to enhance loan limit under the MISS from Rs. 3 lakh to Rs. 5 lakh for loans taken through the KCC.
The Jan Samarth portal is a one-stop digital platform for linking fifteen Government-sponsored loans and subsidies Schemes. It provides a quick and efficient way to apply for loans and obtain approvals based on a digital evaluation of the applicant’s data. Further, many Banks and financial institutions have developed online platforms and mobile apps for end to end digital processing of loan applications, reducing the need for physical paperwork and in-person visits.
This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary written reply to a question in Rajya Sabha today.
The uniform ban on fishing for 61 days is implemented annually by the Department of Fisheries, Government of India in the Exclusive Economic Zone (EEZ) of India beyond territorial waters on both the coasts for 61 days (i.e., 15th April to 14th June in the East Coast, and 1st June to 31st July in the West Coast) based on the recommendations of the Technical Committee and in consultation with the coastal States/Union Territories (UTs). The traditional non-motorized units are exempted from this uniform fishing ban imposed in the Indian EEZ beyond territorial waters. Similarly, the coastal States/UTs are also implementing the fishing ban within their territorial waters in line with the uniform ban implemented in the EEZ. Under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) implemented by the Department of Fisheries, Government of India, the livelihood and nutritional support for socio-economically backward active traditional fishers is provided during the fishing ban/lean period. Livelihood and nutritional support for 5,97,709 fisher families has been provided annually during fishing ban/lean period, at a total investment of Rs.1059.94 crores during 2020-21 to 2023-24.
As informed by the Department of Commerce, Ministry of Commerce and Industry, Govt. of India, there has been an import of fish and fish products worth 722.01 million USD to India in the last 3 years (FY 2021-22 to FY 2023-24), including import in the state of Tamil Nadu. As informed by the Marine Products Export Development Authority (MPEDA) under the Department of Commerce, Ministry of Commerce and Industry, there has been an export of fish and fish products worth 23,235.78 million USD from India in the last 3 years (FY 2021-22 to FY 2023-24), including fish and fish products worth 2,607.99 million USD from the state of Tamil Nadu.
In order to promote the export of marine products, the Department of Fisheries, Government of India has taken several steps, these inter-alia include support through PMMSY for branding, standards and certification, training and capacity building, creation of post-harvest infrastructure with emphasis on seamless cold-chain and development of modern fishing harbours and fish landing centers, etc. In addition, to address the critical infrastructure requirements of fisheries and aquaculture sectors, the Department of Fisheries, GoI during 2018-19 has created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) with a total fund size of Rs 7522.48 crore to provide concessional finance to states/UT and private sector. In this regard the supported activities included development of 27,823 ice plant /cold storages and transportation facilities with an investment of ₹1362 Cr, acquisition of 1398 Deep Sea Fishing Vessels (₹ 1310 Cr) and up-gradation of 1338 fishing vessels (₹ 193.64 Cr). Further, Department of Fisheries has also approved the projects for export oriented fish species such as Scampi, Mud crab, Asian Seabass, Cobia etc. and supported the state-of-the-art aquaculture production technologies like RAS and Biofloc. In addition, Department of Fisheries, GoI has notified Tuna Cluster in the Union Territory of Andaman & Nicobar Islands, Seaweed Cluster in the Lakshadweep and has issued the Guidelines for promoting diversified species and Nucleus Breeding Centre (NBCs)/Broodstock Multiplication Centre (BMCs) under the Coastal Aquaculture Authority Act, 2005 (amended in 2023). Apart from this, to ensure the sustainability and uninterrupted supply of Indian seafood material to the US Market, the Department is supporting a Marine Mammal Stock Assessment Project at the cost of around ₹ 13.29 Cr. In order to meet the requirements of the export markets for wild-caught shrimp, the Department of Fisheries is facilitating the installation of Turtle Excluder Devices (TEDs) in shrimp trawlers by including TEDs as a separate line item under the PMMSY scheme, and has advised the maritime states/UTs to mandate TED usage in trawl nets through amendments in their respective Marine Fisheries Regulation Acts. To strengthen India’s seafood sector globally, the Government is facilitating ease of business by amending Coastal Aquaculture Authority Act (Amendment) 2023. In addition, the Department is conducting Investors meets, Stakeholders consultation and also advising the States/UTs to encourage the farmers to attend the technical and demonstration workshops/training programs related to seed and feed, technology infusion, ornamental fisheries, hatchery technologies etc. on periodic basis in order to increase in productivity and quality of fishery produce.
This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Lok Sabha on 25th March, 2025.
Revolutionizing Mobility The Make in India Auto Story
Posted On: 25 MAR 2025 5:39PM by PIB Delhi
Key Takeaways
Make in Indiahas boosted domestic car production and EV manufacturing.
The automobile sector contributes approximately 6%to India’s national GDP
Vehicle productiongrew from 2 million (1991-92) to 28 million (2023-24).
Automobile exportsreached 4.5 million units in FY 2023-24.
US $36 billion FDIattracted in the past four years.
4.4 million EVs registered, with 6.6% market penetration.
PLI & PM E-DRIVE schemessupporting EV and battery manufacturing.
GST on EVs reducedfrom 12% to 5%.
India’s auto component sectorcontributes 2.3% to GDP and employs 1.5 million people directly.
The sector grew at a CAGR of 8.63% from FY16-FY24.
Exportsreached US$ 21.2 billion in FY24 and are projected to hit US$ 30 billion by 2026.
The government is actively promoting electric mobility and advanced automotive technologies.
Introduction
Launched in 2014, the Make in India initiative has significantly transformed India’s automobile industry, fostering domestic car production and accelerating electric vehicle (EV) manufacturing. Over the past decade, policy reforms, fiscal incentives, and infrastructure development have positioned India as a key global automotive hub. The sector has attracted substantial investments, spurred innovation, and increased localization, contributing to economic growth and sustainability.
The Indian auto industry is one of the fastest-growing sectors. It embarked on a new journey in 1991 with the de-licensing of the sector and subsequent opening up for 100 percent FDI through the ‘automatic route’. Since then, almost all the global majors have set up their manufacturing facilities in India, taking the level of production of vehicles from 2 million in 1991-92 to around 28 million in 2023-24.
The turnover of the Indian automotive industry is about USD 240 billion (20 Lakh Crore), which translates into a large contribution to the country’s economy and manufacturing sector. As per the Annual Report 2024-25 of the Ministry of Heavy Industries, around 30 million jobs (Direct: 4.2 million and Indirect: 26.5 million) are supported by the Indian Auto Industry. Indian Automotive Industry exported vehicles and auto components amounting to about USD 35 billion. In terms of global standing, India is the largest manufacturer of three-wheelers, among the top 2 manufacturers of two-wheelers in the world, the top 4 manufacturers of passenger vehicles, and the top 5 manufacturers of commercial vehicles in the world.
Auto Components Industry in India
The auto component sector is one of the key pillars of India’s manufacturing industry, supplying critical parts and systems to domestic vehicle manufacturers and exporting to major global markets. The industry covers a broad spectrum of products, including engine parts, transmission systems, braking systems, electrical and electronics components, body and chassis parts, and more. India has become a preferred destination for auto component manufacturing due to its cost competitiveness, skilled workforce, and strong policy support. The auto component sector is expected to reach the $100 billion export target by 2030 making the sector one of the largest job creators in the country.
Overview of the Auto Components Industry
Contribution to GDP
2.3%
Direct Employment
1.5 million people
Industry Turnover (FY24)
Rs. 6.14 lakh crore (US$ 74.1 billion)
Domestic OEM Supply Share
54%
Export Share
18%
CAGR (FY16-FY24)
8.63%
Export Value (FY24)
US$ 21.2 billion
Projected Exports (2026)
US$ 30 billion
India’s auto component sector contributes 2.3% to India’s GDP, directly employing over 1.5 million people. The sector’s turnover in FY24 was Rs. 6.14 lakh crore (US$ 74.1 billion), with domestic OEM supplies making up 54%, and exports contributing 18%. Over FY16-FY24, the industry grew at a CAGR of 8.63%. In FY24, exports reached US$ 21.2 billion, with a trade surplus of US$ 300 million, and are projected to hit US$ 30 billion by 2026.
The Indian auto components industryexportsover 25% of its production annually. By FY28, the Indian auto industry aims to invest US$ 7 billion to boost the localisation of advanced components like electric motors and automatic transmissions by reducing imports and leveraging the “China Plus One” trend. In 2023, the auto component industry achieved a 5.8% reduction in imports over two years. The majority of the components sold to Original Equipment Manufacturers (OEMs) are engine components (26%), body/chassis/BIW (14%), suspension and braking (15%), drive transmission and steering (13%), and electricals & electronics (11%). Major exports are to Europe (US$ 6.89 billion), followed by North America (US$ 6.19 billion) and Asia (US$ 5.15 billion).
Growth in Domestic Automobile Production
The automobile sector contributes approximately 6%to India’s national GDP, with exports reaching 4.5 million units across all categories in FY 2023-24, including 6.72 million passenger vehicles and 3.45 million 2-wheelers. Global automotive companies like Skoda Auto Volkswagen India exporting 30% of their production and Maruti Suzuki exporting around 2.8 lakh units annually, exemplify this trend.
The sector has attracted$36 billioninForeign Direct Investment (FDI)over the past four years, highlighting India’sgrowing prominencein theglobal automotive landscape. Major international players are making substantial commitments, withHyundaiplanning aUSD 4 billion(INR 33,200 Crore) expansion, whileMercedes-Benzhas pledgedUSD 360 million(INR 3,000 Crore). Recently,Toyotaannounced aUSD 2.3 billion(INR 20,000 Crore) investment to further increase its capacity.
Electric Vehicle (EV) Manufacturing Boom
The country is also advancing in sustainable mobility, with 4.4 million Electric Vehicles (EV) registered by August 2024, including 9.5 lakh in the first eight months of 2024, achieving a 6.6% market penetration. To support this growth, the government has implemented initiatives such as the Production Linked Incentive (PLI)Scheme for Advanced Chemistry Cell (ACC) battery storage. In the 2024-25 Budget, the government allocated INR 2,671.33 crore under the FAMEscheme and proposed the exemption of customs duties from the import of critical minerals required for EV cell components manufacturing.
Additionally, in March 2024, the Electric Mobility Promotion Scheme (EMPS) was launched with an INR 500 Crore outlay for four months, specifically targeting support for the two and three-wheeler segments to expedite the transition to electric vehicles. These initiatives align with the recent discovery of lithium deposits in Jammu & Kashmir, positioning India to become a key player in the global battery manufacturing industry in the coming years. The Indian EV sector is likewise developing quickly and is predicted to record a growth of USD 113.99 billion in 2029.
As per the inputs provided by Society of Indian Automobile Manufacturers (SIAM), the total annual production of Electric Vehicles (EVs) in India during the last five years, year-wise is as given below:
The Ministry of Heavy Industries has formulated the following schemes to promote electric vehicles (EVs) and to address the various challenges faced in adoption of electric mobility including availability and accessibility of charging stations in the country:
Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme Phase-II: The Government implemented this scheme for a period of five years from 1 April2019 with a total budgetary support of INR 11,500 Crore. The scheme incentivised e-2Ws, e-3Ws, e-4Ws, e-buses and EV public charging stations. The Department of Heavy Industries has also sanctioned 2636 charging stations in 62 cities across 24 States/UTs under phase II. State-wise allocation of these charging stations is as follows:
Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto): The Government notified this scheme on 23 September 2021 for Automobile and Auto Component Industry in India for enhancing India’s manufacturing capabilities for Advanced Automotive Technology (AAT) products with a budgetary outlay of INR 25,938 Crore. The scheme proposes financial incentives to boost domestic manufacturing of AAT products with minimum 50% Domestic Value Addition (DVA) and attract investments in the automotive manufacturing value chain.
Feature
Details
Budgetary Outlay
Rs. 25,938 crore
Target Years
FY 2022-23 to FY 2026-27
Domestic Value Addition
Minimum 50%
Focus
Advanced Automotive Technology (AAT) products
Targeted Technologies
Electric Vehicles (EVs) and Hydrogen Fuel-Cell Components
Incentives for EVs and Hydrogen Fuel-Cell Components
13% – 18%
Incentives for AAT components
8% – 13%
Investment Attraction
Global OEMs
Eligibility
Both domestic and export sales
PLI Scheme for Advanced Chemistry Cell (ACC): The Government on 12 May 2021 approved PLI Scheme for manufacturing of ACC in the country with a budgetary outlay of INR 18,100 Crore. The scheme aims to establish a competitive domestic manufacturing ecosystem for 50 GWh of ACC batteries.
PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE)Scheme: This scheme with an outlay of INR 10,900 Crore was notified on 29 September 2024. It is a two-year scheme which aims to support electric vehicles including e-2W, e-3W, e-Trucks, e-buses, e-Ambulances, EV public charging stations and upgradation of vehicle testing agencies.
PM e-Bus Sewa-Payment Security Mechanism (PSM) Scheme: This Scheme notified on 28 October 2024, has an outlay of INR 3,435.33 Crore and aims to support deployment of more than 38,000 electric buses. The objective of scheme is to provide payment security to e-bus operators in case of default by Public Transport Authorities (PTAs).
Scheme for Promotion of Manufacturing of Electric Passenger Cars in India(SMEC) was notified on 15 March 2024 to promote the manufacturing of electric cars in India. This requires applicants to invest a minimum of INR 4,150 crore and to achieve a minimum DVA of 25% at the end of the third year and DVA of 50% at the end of the fifth year.
Measures taken by other Ministries include the following initiatives:
Ministry of Power has issued guidelines and standards for EV Charging Infrastructure titled, “Guidelines for Installation and Operation of Electric Vehicle Charging Infrastructure-2024” on 17 September 2024. These revised guidelines outline standards and protocols to create a connected & interoperable EV charging infrastructure network in the country.
Ministry of Finance has reduced GST on EVs from 12% to 5%.
Ministry of Road Transport & Highways (MoRTH) announced that the battery-operated vehicles will be given green plates and be exempted from permit requirements.
Ministry of Housing and Urban Affairs has amended the Model Building Bye-Laws, mandating the inclusion of charging stations in private and commercial buildings.
Conclusion
The Make in India initiative has driven unprecedented growth in India’s automobile sector and Indi’s auto component sector, significantly boosting domestic car production and EV manufacturing. Through sustained policy support, investment influx, and technological advancements, India is on track to becoming a global leader in automotive and electric mobility and achieving greater self-reliance in the automotive sector.
Source: Hong Kong Government special administrative region
Over 130 influential family office principals and family members from the Mainland, Asia, Europe, the Americas and the Middle East gathered at a principal dinner organised by the Government this evening (March 25) to set the stage for the third edition of the annual Wealth for Good in Hong Kong Summit (WGHK) to be held tomorrow (March 26), reaffirming the city’s role as a premier global hub for family offices.
In his welcome remarks, the Acting Chief Executive, Mr Chan Kwok-ki, said, “Hong Kong is a ‘super connector’ bringing together people and ideas. We are a platform for visionaries looking to create lasting legacies, a dynamic hub where your offices and families can flourish.”
The evening was graced with the presence of notable speakers Ms Maye Musk and the Vice-Chancellor of the University of Oxford, Professor Irene Tracey, at an inspiring fireside chat moderated by the Director-General of Investment Promotion at Invest Hong Kong, Ms Alpha Lau. The speakers shared their insights on women’s influence in leadership and legacy-building with a focus on the critical role of female leadership in shaping the future of business, innovation, and societal progress. The engrossing session fostered an atmosphere of collaboration, paving the way for insightful discussions and new partnerships at tomorrow’s summit, themed “Hong Kong of the World, for the World”.
The event also charmed visitors with a captivating lion ballet performance against the dazzling night view of Victoria Harbour, amazing the attendees with a unique blend of cultural richness and the city’s legendary skyline.
The WGHK will take place tomorrow afternoon with over 300 participants. The summit will not only convene principals and family members to discuss the future of wealth management in the region, but also encourage attendees to experience the city’s dynamic offerings through its vibrant neighbourhoods, dynamic arts scene and strong community spirit, which make the city an ideal destination for both families and businesses.
Source: United States Senator for Massachusetts – Elizabeth Warren
March 25, 2025
Washington, D.C. – Following Senate Finance Republicans’ vote to advance Dr. Mehmet Oz’s nomination for head of the Center for Medicare and Medicaid Services (CMS), U.S. Senator Elizabeth Warren (D-Mass.) released the following statement:
“Dr. Oz’s plans to privatize Medicare would deliver worse care to 66 million Americans and waste billions of taxpayer dollars – all while giving giant insurance companies a fat paycheck. Donald Trump and Elon Musk are already gutting Social Security. The Trump administration does not care about America’s seniors.”