Category: Finance

  • MIL-OSI: Marex Group plc Provides Details for Upcoming Investor Day on April 2, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’), the diversified global financial services platform, provides details for its upcoming Investor Day being held at the Nasdaq MarketSite in New York on April 2, 2025.

    The event will feature presentations from Marex’s business heads, providing a comprehensive review of Marex’s operations and growth initiatives, reiterating the strategy stated at IPO, as well as a question and answer session with senior leadership including Ian Lowitt, CEO, Rob Irvin, CFO and Paolo Tonucci, Chief Strategist and CEO Capital Markets.

    What:                   Marex Group plc Investor Day 2025

    When:                  Wednesday, April 2, 2025

                                  9:30am – 2:00pm EST

    Where:                 Nasdaq Marketsite, New York, New York

    Due to limited capacity, the event will be invitation only, but a live stream of the event will be available via webcast. Interested parties can access the webcast through the ‘News & Events’ section of the Marex investor website at ir.marex.com.

    About Marex Group:

    Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four core services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. Headquartered in London with more than 40 offices worldwide, the Group has over 2,300 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

    Enquiries please contact:

    Marex

    Nicola Ratchford / Robert Coates

    +44 (0) 7786548889 / +44 7880 486329 | nratchford@marex.com / rcoates@marex.com

    FTI Consulting US / UK

    +1 (919) 609-9423 / +44 (0) 7776 111 222 | marex@fticonsulting.com

    The MIL Network

  • MIL-OSI: PrairieSky Royalty Announces Conference Call for Q1 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 24, 2025 (GLOBE NEWSWIRE) — PrairieSky will release its Q1 2025 results on Monday, April 14, 2025 after markets close. The news release detailing PrairieSky’s Q1 2025 results will provide operating and financial information. Financial statements along with management’s discussion and analysis will be available on PrairieSky’s website at www.prairiesky.com and on SEDAR+ at www.sedarplus.com.

    A conference call to discuss the results will be held for the investment community on Tuesday, April 15, 2025 beginning at 6:30 am MT (8:30 am ET). To participate in the conference call, you are asked to register at the link provided below. Details regarding the call will be provided to you upon registration.

    About PrairieSky Royalty Ltd.

    PrairieSky is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating free cash flow and that represent the largest and most concentrated independently-owned fee simple mineral title position in Canada. PrairieSky common shares trade on the Toronto Stock Exchange under the symbol PSK.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    PrairieSky Royalty Ltd.
    Investor Relations
    (587) 293-4000

    www.prairiesky.com

    PDF available: http://ml.globenewswire.com/Resource/Download/927d87ae-e651-47ab-ba1c-2c859b89a6ca

    The MIL Network

  • MIL-OSI: Nasdaq to Hold First Quarter 2025 Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) has scheduled its first quarter 2025 financial results announcement.                   

    Who: Nasdaq’s CEO, CFO, and additional members of its senior management team
       
    What:  Review Nasdaq’s first quarter 2025 financial results
       
    When: Thursday, April 24, 2025
      Results Call: 8:00 AM Eastern

    Senior management will be available for questions from the investment community following prepared remarks.

    All participants can access the conference via webcast through the Nasdaq Investor Relations website at http://ir.nasdaq.com/.

    Note: The press release and results presentation for the first quarter 2025 results will be posted on the Nasdaq Investor Relations website at http://ir.nasdaq.com/ on Thursday, April 24, 2025 at approximately 7:00 AM Eastern.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network

  • MIL-OSI: Dragonfly Energy Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Growth of 17% Led by Significant OEM Growth
    Debt Restructuring and Concurrent Capital Raise Enhance Financial Position and Liquidity
    Initiates Corporate Optimization Program
    Guides to First Quarter 2025 Net Sales of Approximately $13.3 Million
    Targets Positive Adjusted EBITDA in Fourth Quarter 2025

    RENO, Nev., March 24, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Financial Highlights

    • Net sales of $12.2 million and $50.6 million
    • OEM net sales of $6.2 million and $27.6 million
    • Gross Margin of 20.8% and 23.0%
    • Net Loss of $(9.8) million and $(40.6) million
    • Adjusted EBITDA of $(2.0) million and $(18.5) million

    “After quarter end, we were very pleased to have successfully negotiated a significant debt restructuring with our lenders, allowing for covenant relief while pushing off the maturity date. With this action, our debt will be classified as long-term debt on our balance sheet. Concurrent with the debt restructuring, we also secured additional capital through a strategic investor,” commented Dr. Denis Phares, Chief Executive Officer. “We believe these actions greatly strengthen our near-term financial position, allowing us to focus on executing on our key strategic initiatives for 2025, including achieving positive anticipated Adjusted EBITDA in the fourth quarter.”

    “In addition, we have launched a corporate optimization program to establish a more efficient cost structure, aligning our operations with near-term revenue growth opportunities, which we believe will provide us with a path to profitability. As part of this initiative, we have promoted Dr. Vick Singh to Chief Operating Officer, where he will oversee the program while also driving operational efficiencies across the company.

    “Despite ongoing challenges in the RV market, our fourth-quarter net sales grew approximately 17%, marking a return to year-over-year growth, driven by increased adoption among OEM customers,” continued Dr. Phares. “Throughout the year, we have made significant strides in expanding our customer base beyond the RV sector, leveraging strategic partnerships in trucking and industrial markets. We believe the strong order activity from our recently announced partnerships reinforces this strategy, and we anticipate meaningful revenue contributions in 2025 and beyond.”

    Fourth Quarter 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Quarter Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $5,726   $6,561   -13%
    OEM $6,236   $3,877   61%
    Licensing $250   $0   N/A
    Net Sales $12,212   $10,438   17%
               

    Net Sales increased 17.0% to $12.2 million. OEM net sales grew 61% to $6.2 million, driven by increased adoption of existing products and new customer acquisitions. DTC net sales were $5.7 million compared to $6.6 million, reflecting ongoing macroeconomic pressures.

    Gross Profit increased 12.5% to $2.6 million. Gross Margin was 20.8%, compared to 21.6%, due to higher material costs and a shift in mix to OEM sales. Operating Expenses were $(6.3) million, compared to $(5.4) million. The increase was primarily due to one-time expenses related to patent litigation and the reverse stock split. We also incurred expenses associated with moving into our new 400,000 square foot facility. This strategic relocation is expected to drive long-term operational efficiencies as we centralize operations previously spread across multiple locations.

    The Company reported a Net Loss of $(9.8) million, or $(1.39) per diluted share, compared to Net Income of $3.3 million or $0.50 per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(2.3) million, compared to negative $(1.8) million.

    Full Year 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Year Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $22,616   $36,875   -39%
    OEM $27,612   $27,517   0%
    Licensing $417   $0   N/A
    Net Sales $50,645   $64,392   -21%
               

    Net Sales were $50.6 million, compared to $64.4 million. OEM net sales of $27.6 million were flat year-over-year, as increased adoption of existing products and new customer acquisitions were offset by the impact of our largest customer transitioning our product from a standard offering to an option. DTC net sales declined to $22.6 million, from $36.9 million, reflecting continued softness in the RV market due to continued macroeconomic pressures.

    Gross Profit was $11.6 million, with a gross margin of 23.0%, compared to gross profit of $15.4 million, with a gross margin of 24.0%. The year-over-year declines were primarily attributable to lower sales volume. Operating Expenses were $(34.0) million, compared to $(42.9) million, led by lower employee-related costs and lower stock-based compensation, partially offset by higher R&D costs.

    The Company reported a Net Loss of $(40.6) million, or $(5.91) per diluted share, compared to a Net Loss of $(13.8) million or $(2.36) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(18.5) million, compared to negative $(17.1) million.

    Form 10-K Filing

    The independent registered public accounting firm’s audit report with respect to the Company’s fiscal year-end financial statements will not be issued until the Company files its annual report on Form 10-K. Accordingly, the financial results reported in this earnings release are pending completion of the audit.

    Summary and Outlook

    “Dragonfly Energy is advancing energy storage with innovative lithium battery technology, delivering safe, reliable, and efficient power solutions for industries that demand superior performance,” commented Dr. Denis Phares. “As we look ahead to 2025, our focus remains on driving shareholder value through growth, diversification across end markets, and continued product innovation. We anticipate continued year-over-year growth in the first quarter with revenue of approximately $13.3 million. And with the resumption of revenue growth alongside our corporate optimization program, we expect to achieve positive Adjusted EBITDA by the fourth quarter of this year.”

    1Q25 Guidance

    • Net Sales of approximately $13.3 million
    • Adjusted EBITDA of approximately $(3.8) million

    Webcast Information

    The Dragonfly Energy management team will host a conference call to discuss its fourth quarter and full year 2024 financial and operational results this afternoon, March 24, 2025. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 85219. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

    An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

    About Dragonfly Energy

    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2025, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

    These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

    If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Financial Tables

     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands, except share and per share data)
                 
            As of
            December 31, 2024   December 31, 2023
    Current Assets        
      Cash and cash equivalents   $ 4,849     $ 12,713  
      Accounts receivable, net of allowance for credit losses     2,416       1,639  
      Inventory     21,716       38,778  
      Prepaid expenses     806       772  
      Prepaid inventory     1,362       1,381  
      Prepaid income tax     307       519  
      Assets held of sale     644        
      Other current assets     825       118  
        Total Current Assets     32,925       55,920  
    Property and Equipment        
        Property and Equipment, Net     22,107       15,969  
      Operating lease right of use asset     19,737       3,315  
      Other assets     445        
      Total Assets   $ 75,214     $ 75,204  
                 
    Current Liabilities        
      Accounts payable   $ 10,716     $ 10,258  
      Accrued payroll and other liabilities     4,129       7,107  
      Accrued tariffs     1,915       1,713  
      Accrued settlement, current portion     750        
      Customer deposits     317       201  
      Deferred revenue, current portion     1,000        
      Uncertain tax position liability     55       91  
      Notes payable, current portion, net of debt issuance costs           19,683  
      Operating lease liability, current portion     2,926       1,288  
      Financing lease liability, current portion     47       36  
        Total Current Liabilities     21,855       40,377  
    Long-Term Liabilities        
      Deferred revenue, net of current portion     3,583        
      Warrant liabilities     5,133       4,463  
      Accrued expenses, long-term           152  
      Accrued settlement, net of current portion     1,750        
      Notes payable, non current portion, net of debt issuance costs     29,646        
      Operating lease liability, net of current portion     22,588       2,234  
      Financing lease liability, net of current portion     63       66  
      Total Long-Term Liabilities     62,763       6,915  
    Total Liabilities
        84,618       47,292  
                         
    Equity                
      Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of of December 31, 2024 and December 31, 2023, respectively            
      Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,232,650 and 6,695,587 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively     1       6  
    Additional paid in capital     72,749       69,445  
    Accumulated deficit     (82,154 )     (41,539 )
    Total Stockholders’ (Deficit) Equity     (9,404 )     27,912  
    Total Liabilities and Stockholders’ (Deficit) Equity   $ 75,214     $ 75,204  
                         
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Interim Consolidated Statement of Operations
    (U.S. Dollar in Thousands, except share and per share data)
            Three Months Ended   Year Ended
            December 31,   December 31,   December 31,   December 31,
            2024   2023   2024   2023
                         
    Net Sales   $ 12,212     $ 10,438     $ 50,645     $ 64,392  
                         
    Cost of Goods Sold     9,674       8,181       39,019       48,946  
                         
    Gross Profit     2,538       2,257       11,626       15,446  
                         
    Operating Expenses                
      Research and development     956       531       5,451       3,863  
      General and administrative     3,658       3,275       18,536       26,389  
      Selling and marketing     1,696       1,548       10,025       12,623  
                         
    Total Operating Expenses     6,310       5,354       34,012       42,875  
                         
      Loss From Operations     (3,772 )     (3,097 )     (22,386 )     (27,429 )
                         
    Other Income (Expense)                
      Interest expense     (6,251 )     (4,034 )     (21,504 )     (16,015 )
      Other (Expense) Income           19       (36 )     19  
      Loss on settlement     (2,500 )           (2,500 )      
      Loss on impairment of assets     (873 )           (873 )      
      Change in fair market value of warrant liability     3,554       10,400       6,684       29,582  
        Total Other (Expense) Income     (6,070 )     6,385       (18,229 )     13,586  
                         
    Net (Loss) Income Before Taxes     (9,842 )     3,288       (40,615 )     (13,843 )
                         
    Income Tax (Benefit) Expense           (26 )            
                         
    Net (Loss) Income   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,843 )
                         
    Net (Loss) Gain Per Share- Basic & Diluted   $ (1.39 )   $ 0.50     $ (5.91 )   $ (2.36 )
    Weighted Average Number of Shares- Basic & Diluted     7,085,956       6,621,115       6,866,826       5,865,165  
                                     
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Statement of Cash Flows
    Years Ended December 31, 2024 and 2023
    (U.S. in thousands)
          2024   2023
    Cash flows from Operating Activities        
    Net Loss   $ (40,615 )   $ (13,817 )
    Adjustments to Reconcile Net Loss to Net Cash        
    Used in Operating Activities        
      Stock based compensation     1,020       6,710  
      Amortization of debt discount     7,241       1,470  
      Change in fair market value of warrant liability     (6,684 )     (29,582 )
      Non-cash interest expense (paid-in-kind)     10,058       4,938  
      Provision for credit losses     3       114  
      Depreciation and amortization     1,372       1,237  
      Amortization of right of use assets     2,231       1,179  
      Loss on disposal of property and equipment           116  
      Loss on impairment of assets     873        
      Write-off of prepaid inventory     69       596  
    Changes in Assets and Liabilities        
      Accounts receivable     (780 )     (309 )
      Inventories     17,062       11,411  
      Prepaid expenses     (42 )     852  
      Prepaid inventory     (50 )     25  
      Other current assets     (707 )     149  
      Other assets     (445 )     1,198  
      Income taxes payable     212       6  
      Accounts payable and accrued expenses     (5,365 )     (3,527 )
      Accrued tariffs     202       781  
      Accrued settlement     2,500        
      Deferred revenue     4,583        
      Uncertain tax position liability     (36 )     (37 )
      Customer deposits     116       (37 )
    Total Adjustments     33,433       (2,710 )
    Net Cash Used in Operating Activities     (7,182 )     (16,527 )
               
    Cash Flows From Investing Activities        
      Proceeds from disposal of property and equipment     8        
      Purchase of property and equipment     (2,737 )     (6,885 )
      Net Cash Used in Investing Activities     (2,729 )     (6,885 )
               
    (Continued)        
    Cash Flows From Financing Activities        
      Proceeds from public offering           24,177  
      Payment of public offering costs           (1,258 )
      Proceeds from public offering (ATM), net     2,043       0  
      Proceeds from note payable, related party     2,700       1,000  
      Repayment of note payable, related party     (2,700 )     (1,000 )
      Repayment of note payable           (5,275 )
      Proceeds from exercise of public warrants           747  
      Proceeds from exercise of options     4       586  
      Proceeds from exercise of Investor Warrants           546  
      Net Cash Provided by Financing Activities     2,047       19,523  
               
    Net Decrease in Cash and cash equivalents     (7,864 )     (3,889 )
    Cash and cash equivalents – beginning of period     12,713       17,781  
    Cash and cash equivalents – end of period   $ 4,849     $ 13,892  
               
    Supplemental Disclosures of Cash Flow Information:        
      Cash paid for income taxes           238  
      Cash paid for interest   $ 6,288     $ 9,102  
    Supplemental Non-Cash Items        
      Purchases of property and equipment, not yet paid   $ 1,703     $ 96  
      Recognition of right of use asset obtained in exchange for operating lease liability   $ 18,653     $  
      Recognition of leasehold improvements obtained in exchange for operating lease liability   $ 4,683     $  
      Recognition of warrant liability – Penny Warrants   $ 7,354     $ 698  
      Recognition of warrant liability – Investor Warrants   $     $ 13,762  
      Settlement of accrued liability for employee liability for employee stock purchase plan   $ 250     $  
      Reclassification of assets held for sale   $ 644     $  
      Non-cash impact of cash exercise of liability classified warrants   $     $ 617  
      Cashless exercise of liability classified warrants   $     $ 12,629  
               
               
     
    Dragonfly Energy Holdings Corp.
    Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
    (U.S. Dollars in Thousands)
     
          Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
          2024   2023   2024   2023
    EBITDA Calculation                
    Net (Loss) Income Before Taxes   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,817 )
      Interest Expense     6,251       4,034       21,504       16,015  
      Taxes           (26 )           (26 )
      Depreciation and Amortization     381       328       1,372       1,237  
    EBITDA   $ (3,210 )   $ 7,650     $ (17,739 )   $ 3,409  
                       
    Adjustments to EBITDA                
      Stock Based Compensation     261       323       1,020       6,710  
      Secondary offering costs                       720  
      Separation Agreement                       904  
      Tariff Investigation                 463        
      Patent Litigation     624             624        
      Reverse Stock Split     90             90        
      Stryten Agreement                 284        
      Loss on Settlement     2,500             2,500        
      Loss on Impairment of Assets     873             873        
      Write off of Prepaid Inventory     69       596       69       712  
      Change in fair market value of warrant liability     (3,554 )     (10,400 )     (6,684 )     (29,582 )
    Adjusted EBITDA   $ (2,347 )   $ (1,831 )   $ (18,500 )   $ (17,127 )
                     
     
    Dragonfly Energy Holdings Corp.
    Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA)
    Three Months Ended March 31, 2025
    (U.S. Dollars in Thousands)
     
    Non-GAAP Financial Guidance          
                 
    Operating Loss(1) $ (4,843 )    
      Taxes        
      Depreciation and Amortization   297      
    EBITDA $ (4,546 )    
                 
    Adjustments to EBITDA          
      Stock Based Compensation   219      
      ATW Deal expenses   150      
      Patent Litigation expenses   368      
    Adjusted EBITDA $ (3,809 )    
     
     
    (1) Although net loss is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating loss because we are not able to calculate forward-looking net loss without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our change in fair market value of the Company’s warrant liability.
     

    Investor Relations:
    Eric Prouty
    Szymon Serowiecki
    AdvisIRy Partners
    DragonflyIR@advisiry.com

    The MIL Network

  • MIL-OSI: Prairie Operating Co. Announces Registered Direct Offering of Series F Convertible Preferred Stock and Warrants to Purchase Common Stock

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) — Prairie Operating Co. (“Prairie,” the “Company,” “we” or “our”) (Nasdaq: PROP), an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids, announced today that it has entered into a Securities Purchase Agreement with a certain investor, pursuant to which the Company agreed to issue and sell, in a registered public offering by the Company directly to such investor (the “Preferred Stock Offering”), an aggregate of 150,000 shares of new Series F Convertible Preferred Stock (the “Series F Preferred Stock”).

    From and after the date the Series F Preferred Stock is issued by the Company (the “Closing Date”), the holder of the Series F Preferred Stock will be entitled to receive, on a cumulative basis, dividends on each share of Series F Preferred Stock at a rate per annum equal to 12% on the amount equal to the sum of (a) the stated value of the Series F Preferred Stock plus (b) all accrued and unpaid dividends on such share of Series F Preferred Stock (including dividends accrued and unpaid on previously unpaid dividends).

    The Company intends to use the net proceeds from the Preferred Stock Offering, together with the net proceeds from a concurrent registered public offering of common stock (the “Concurrent Common Stock Offering”), to fund a portion of the purchase price for the Company’s proposed acquisition of certain oil and gas assets from Bayswater Exploration and Production and certain of its affiliates (the “Bayswater Acquisition”). The Company intends to use any remaining net proceeds from the Preferred Stock Offering and the Concurrent Common Stock Offering for other general corporate purposes, which may include advancing the Company’s development and drilling program, repayment of existing indebtedness or financing other potential acquisition opportunities.

    In connection with the Preferred Stock Offering, the Company is also offering the holder of the Series F Preferred Stock warrants (the “Series F Warrant”), which will be registered together with the Series F Preferred Stock, to purchase additional shares of common stock of the Company, par value $0.01 per share (“Common Stock”) that will be issuable if, on the first anniversary of the Closing Date (such first anniversary date, the “Original Issuance Date”), (i) any of the Series F Preferred Stock is outstanding and (ii) the last reported sale price during any trading day in the 20 trading day period ending on such date was less than 115% of the conversion price of the Series F Preferred Stock. If issued, the Series F Warrant will be exercisable for a number of shares of Common Stock equal to the quotient of (i) the stated value of the Series F Preferred Stock held by such holder on the Original Issuance Date multiplied by 125%, divided by (ii) the average of the volume-weighted average price of the Company’s Common Stock during the 10 trading days prior to the Original Issuance Date.

    The Preferred Stock Offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on December 20, 2024. The prospectus supplement, and accompanying base prospectus, relating to the Preferred Stock Offering, when available, will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of Series F Preferred Stock, any Series F Warrants, or shares of Common Stock, or any other securities, nor shall there be any sale of such shares of Series F Preferred Stock, Series F Warrants, shares of Common Stock, or any other securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Prairie

    Houston-based Prairie Operating Co. is an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation.

    For more information, visit www.prairieopco.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release, regarding our strategy, future operations, financial position, estimated reserves, revenues and income or losses, projected costs and capital expenditures, prospects, acquisition opportunities, plans and objectives of management are forward-looking statements. When used in this press release, the words “plan,” “may,” “endeavor,” “will,” “would,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are (or were when made) based on current expectations and assumptions about future events and are (or were when made) based on currently available information as to the outcome and timing of future events. Forward-looking statements in this press release may include, for example, statements about: the Company’s ability to successfully finance and consummate the Bayswater Acquisition, including the risk that the Company may fail to complete the Bayswater Acquisition on the terms and timing currently contemplated or at all, fail to enter into the New Credit Agreement on expected terms and/or fail to realize the expected benefits of the Bayswater Acquisition; the Company’s financial performance following the Bayswater Acquisition; the Preferred Stock Offering, the Concurrent Common Stock Offering, the timing thereof and the use of proceeds therefrom; estimates of the Company’s oil, natural gas and NGLs reserves; drilling prospects, inventories, projects and programs; estimates of future oil and natural gas production from our oil and gas assets, including estimates of any increases or decreases in production; the availability and adequacy of cash flow to meet the Company’s requirements; financial strategy, liquidity and capital required for the Company’s development program and other capital expenditures; the availability of additional capital for the Company’s operations; changes in the Company’s business and growth strategy, including the Company’s ability to successfully operate and expand its business; the Company’s integration of acquisitions, including the Bayswater Acquisition; changes or developments in applicable laws or regulations, including with respect to taxes; and actions taken or not taken by third-parties, including the Company’s contractors and competitors. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” in the prospectus supplement, the accompanying base prospectus, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Forms 10-Q filed with the SEC and our other filings with the SEC, all of which can be accessed on the SEC’s website at www.sec.gov. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to: the Company’s and Bayswater’s ability to satisfy the conditions of the Bayswater Acquisition in a timely manner or at all, including the Company’s ability to successfully finance the Bayswater Acquisition; the Company’s ability to complete the Concurrent Common Stock Offering in a timely manner and on acceptable terms, if at all; the Company’s ability to recognize the anticipated benefits of the Bayswater Acquisition, which may be affected by, among other things, competition and the Company’s ability to grow and manage growth profitably following the Bayswater Acquisition; the Company’s ability to fund its development and drilling plan; the possibility that the Company may be unable to achieve expected cash flow, production levels, drilling, operational efficiencies and other anticipated benefits within the expected time-frames, or at all, and to successfully integrate the Bayswater Assets, and/or any other assets or operations the Company has acquired or may acquire in the future with those of the Company; the Company’s integration of the Bayswater Assets with those of the Company may be more difficult, time-consuming or costly than expected; the Company’s operating costs, customer loss and business disruption may be greater than expected following the Bayswater Acquisition or the public announcements of the Bayswater Acquisition; the Company’s ability to grow its operations, and to fund such operations, on the anticipated timeline or at all; uncertainties inherent in estimating quantities of oil, natural gas and NGL reserves and projecting future rates of production and the amount and timing of development expenditures; commodity price and cost volatility and inflation; the ability to maintain necessary permits and approvals to develop our assets; safety and environmental requirements that may subject the Company to unanticipated liabilities; changes in the regulations governing our business and operations, including the businesses and operations we have acquired or may acquire in the future, such as, but not limited to, those pertaining to the environment, our drilling program and the pricing of our future production; the Company’s success in retaining or recruiting, or changes required in, the Company’s officers, key employees or directors; general economic, financial, legal, political, and business conditions and changes in domestic and foreign markets; the risks related to the growth of the Company’s business; the effects of competition on the Company’s future business; and other factors detailed under the section entitled “Risk Factors” in the prospectus supplement and, accompanying base prospectus related to the Preferred Stock Offering, the Concurrent Common Stock Offering, and the periodic filings with the SEC. Reserve engineering is a process of estimating underground accumulations of oil, natural gas and NGLs that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify upward or downward revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered. Should one or more of the risks or uncertainties described herein or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those express in any forward-looking statements. All forward-looking statements, expressed or implied, in this press release, are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

    Contact: Investor Relations

    Wobbe Ploegsma
    info@prairieopco.com
    832.274.3449

    The MIL Network

  • MIL-OSI USA: Peters and Senate Committee Ranking Members Demand Immediate Review by Agency Inspectors General of Trump Administration’s Mass Dismissals of Federal Employees

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, D.C. – U.S. Senator Gary Peters (D-MI), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, led 16 Senate Committee Ranking Members in a letter to the Inspectors General of 23 federal agencies, pressing for details on the impact of President Trump’s sweeping and unprecedented dismissal of tens of thousands of federal employees. The senators asked the Inspectors General to review the Trump Administration’s actions, citing potential violations of federal laws and procedures, which the senators warn could harm Americans’ access to vital government services and increase waste and abuse of taxpayer dollars.

    “The decision to terminate thousands of employees across multiple federal agencies will impose undue hardship on millions of Americans who rely on their services,” wrote the senators. “The loss of experienced agency staff may risk causing serious disruptions to nearly 73 million Americans who rely on the Social Security Administration (SSA) to administer retiree and disability benefits and 9.1 million veterans who depend on the Department of Veteran Affairs (V.A.), many of which rely on the V.A. for life saving medical treatments and care.”  

    Highlighting the devastating consequences of these mass firings, the senators underscored the Trump Administration’s layoffs have already disrupted critical operations at agencies that millions of Americans depend on for survival. 

    “Among the 2,400 employees fired from the V.A. since Mr. Trump’s inauguration are workers who purchase medical supplies, schedule appointments and arrange rides for patients to see their doctors,” wrote the senators, citing a NY Times report. “Additionally, taxpayers seeking in-person assistance as they navigate the 2025 filing season may find the support centers they previously relied on completely relocated or shuttered. That risk is a direct consequence of the Administration’s mass dismissals and decision to terminate over 100 IRS offices with Tax Assistance Centers (TAC) – which provide free, in-person assistance for those seeking it.”

    The senators are requesting that IGs examine whether these dismissals violated agency policies and assess the damage to agency missions, public safety, and national security, calling for an initial review to be completed within 60 days, with findings made available to the public to ensure transparency and accountability.  

    In addition to Peters, the letter was signed by U.S. Senators and Ranking Members Amy Klobuchar (D-MN), Committee on Agriculture, Nutrition, and Forestry, Kirsten Gillibrand (D-NY), Special Committee on Aging, Patty Murray (D-WA), Committee on Appropriations, Jack Reed (D-RI), Committee on Armed Services, Elizabeth Warren (D-MA), Committee on Banking, Housing, and Urban Affairs, Maria Cantwell (D-WA), Committee on Commerce, Science, and Transportation, Sheldon Whitehouse (D-RI), Committee on Environment and Public Works, Ron Wyden (D-OR), Committee on Finance, Jeanne Shaheen (D-NH), Committee on Foreign Relations, Bernie Sanders (I-VT), Committee on Health, Education, Labor, and Pensions, Dick Durbin (D-IL), Committee on the Judiciary, Richard Blumenthal (D-CT), Committee on Veterans’ Affairs, Martin Heinrich (D-NM), Committee on Energy and Natural Resources, Jeff Merkley (D-OR), Committee on the Budget and Ed Markey (D-MA), Committee on Small Business and Entrepreneurship.

    The full text of the letter can be found here. 

    MIL OSI USA News

  • MIL-OSI Asia-Pac: PLI 1.1 Scheme Boosts India’s Specialty Steel Sector

    Source: Government of India

    PLI 1.1 Scheme Boosts India’s Specialty Steel Sector

    Government Expands PLI Scheme to Strengthen Domestic Steel Manufacturing

    PLI 1.1 Sees ₹17,000 Crore Investment Commitment in Second Round

    42 MoUs Signed Under PLI Scheme 1.1, Strengthening India’s Self-Reliance in Steel

    Posted On: 24 MAR 2025 7:30PM by PIB Delhi

    New Delhi:The Ministry of Steel marked a key milestone today with the signing of Memorandums of Understanding (MoUs) under the Production-Linked Incentive (PLI) Scheme 1.1 for specialty steel. Addressing the gathering, Union Steel Minister H.D. Kumaraswamy emphasized that the scheme is a significant step toward achieving Prime Minister Narendra Modi’s “Make in India” vision. 

    “The PLI scheme is a major step towards realizing the Hon’ble Prime Minister’s vision of self-reliance. India is the second-largest producer and consumer of steel, yet we still import certain high-grade varieties. This scheme aims to bridge that gap by promoting domestic production,” he said. 

    Launched in July 2021, the PLI scheme for specialty steel covers five broad categories and 19 sub-categories. The initiative ensures that only companies registered in India and engaged in end-to-end steel production are eligible for incentives. The scheme has generated strong industry participation, prompting the government to introduce Round 2, allowing more companies to benefit. 

    To encourage investment and boost output, the government is offering incentives ranging from 3-4% based on investment and production targets. In the first round, 44 applications were submitted by 23 companies, with incentives already disbursed for one project. The second round has seen even greater enthusiasm, with 25 companies submitting 42 applications, committing investments worth ₹17,000 crore. 

    Lauding the efforts of officials in the Ministry of Steel and the MECON team for fast-tracking the implementation of PLI 1.1, Kumaraswamy said, “The dedication and efficiency shown by the ministry officials and the MECON team have been instrumental in accelerating this scheme. Their efforts are crucial in ensuring the success of this initiative.” 

    The minister also made a strong appeal to domestic steelmakers, urging them to focus on specialty steel production. “Domestically, we are not manufacturing specialty steel, but I personally request our steelmakers to invest in specialty steel plants. If you succeed in producing specialty steel domestically, it will boost capacity and production in the country. I urge all stakeholders to take up this challenge and contribute to our self-reliance,” he stated. 

    Highlighting the scheme’s impact, Kumaraswamy reiterated the government’s commitment to strengthening the steel industry. “The Government of India remains firmly committed to supporting the steel sector. The PLI Scheme has created strong momentum and brings us closer to self-reliance,” he noted. 

    The expansion of the scheme is expected to further enhance India’s global competitiveness in specialty steel production. The minister expressed gratitude to Prime Minister Modi for his leadership in driving this transformative initiative and congratulated all the companies that signed MoUs under PLI 1.1. 

    As the PLI scheme continues to gain momentum, industry leaders see it as a catalyst for reducing dependency on imports and positioning India as a global hub for high-quality steel production.  Secretary for steel Shri Sandeep Poundrik,Shri Abhijit Narendra, Joint Secretary, Shri Ministry of Steel, Mr SK Verma, MD, MECON and other officials from the ministry of steel were present at event.

    *****

    TPJ/NJ

    (Release ID: 2114558) Visitor Counter : 106

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: World Tuberculosis (TB) Day – 2025

    Source: Government of India

    World Tuberculosis (TB) Day – 2025

    Towards a TB-Free India

    Posted On: 24 MAR 2025 7:26PM by PIB Delhi

    The decline in TB incidence is an outcome of India’s dedicated and innovative efforts. Through a collective spirit, we will keep working towards a TB-free India.”

    • Prime Minister, Shri Narendra Modi [1]

    Introduction[2]

    World Tuberculosis (TB) Day is observed every year on March 24th to raise awareness about the need to eliminate TB, the world’s deadliest infectious disease. The day marks the discovery of the TB-causing bacterium by Dr. Robert Koch in 1882. India has been observing this day since 1982, along with the global community. Despite progress, TB still impacts millions, posing serious health, social, and economic challenges.[3] This year’s theme, “Yes! We Can End TB: Commit, Invest, Deliver”, highlights the importance of stronger commitments and action, especially against rising drug-resistant TB.[4]

    India’s goal to eliminate TB by 2025 is one of the world’s most ambitious health missions. Under the National Tuberculosis Elimination Programme (NTEP), India has strengthened its TB response with advanced diagnostics, innovative policies, private sector partnerships, and a patient-first approach. Key drivers include record-high case reporting, better diagnostics, financial support for patients, and strong multi-sector collaboration. However, with global TB funding declining and shifting priorities, continued commitment is vital to meet India’s 2025 target and the UN’s goal of ending TB by 2030.

    Despite global efforts, TB remains a major public health challenge worldwide, with India bearing the highest burden. Understanding both the global and national estimates is key to gauging the scale of the disease and the urgency of India’s elimination mission.

     [5]                                                                                         [6]

    KEY INITIATIVES BY THE INDIAN GOVERNMENT TO ELIMINATE TB

    To tackle this significant burden, the Government of India has implemented a range of focused strategies under its National Tuberculosis Elimination Programme (NTEP). These key initiatives under NTEP aim to strengthen diagnosis, treatment, and prevention efforts, accelerating progress toward a TB-free India.

    National Tuberculosis Elimination Programme (NTEP)[7]

    In 2020, the Government of India renamed the Revised National Tuberculosis Control Program (RNTCP) the National TB Elimination Program (NTEP). This reflects India’s goal to eliminate tuberculosis (TB) by 2025, five years before the global target of 2030. Here are the key targets for the Eradication of TB

    The NTEP follows the National Strategic Plan (2017-2025), focusing on four key actions:
     

     Detect – Treat – Prevent – Build (DTPB) to control and eliminate TB in India.

    Objectives [8]

    Achievements of the NTEP Programme[9]

    The NTEP is making strong strides toward eliminating TB by 2025. Here are its key achievements:

    • The programme recorded its highest-ever case notifications, reporting 25.5 lakh TB cases in 2023 and 26.07 lakh cases in 2024.
    • First-Ever Indigenious TB Burden Model: India’s own mathematical model for state-wise TB estimates.[10]
    • Incentives for ASHAs, TB Champions & Caregivers: Strengthening patient support systems.
    • 3 Lakh Additional Cases Found via House-to-House Screening: Focus on high-risk groups.
    • Medical College Task Force Active: 560 colleges supporting TB detection & research.
    • Sub-National Disease-Free Certification Implemented: Regular surveys, drug sales tracking, and under-reporting assessments.
    • Strong Multi-Sectoral Partnerships: Collaboration with ministries, industries, NGOs & technical bodies.

    According to WHO’s Global TB Report, India has made significant progress in fighting tuberculosis. Under the National Tuberculosis Elimination Programme (NTEP), the incidence rate of TB cases have dropped by nearly 17.7%, from 237 cases per 1 lakh people in 2015 to 195 in 2023. TB-related deaths have also reduced, falling from 28 to 22 per 1 lakh people during the same period.

    [11]

    One of its key achievements has been reducing the number of missing TB cases from 15 lakh in 2015 to just 2.5 lakh in 2023 with a decrease of 83%.

    Under NTEP, India has rolled out improved drug-resistant TB treatments, including a safer, shorter all-oral Bedaquiline regimen, boosting success rates from 68% (2020) to 75% (2022). The mBPaL regimen (Bedaquiline, Pretomanid, Linezolid) offers 80% success for MDR-TB, cutting treatment to six months.

    Components Of the NTEP Programme

     

    Pradhan Mantri TB Mukt Bharat Abhiyan (PMTBMBA) [12]

    The Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA), one of the components of NTEP, aims to unite communities, businesses, and institutions to support TB patients and their families. It focuses on providing nutritional, diagnostic, and vocational support to improve treatment outcomes, reduce illness and deaths, and fast-track India’s goal of TB elimination. PMTBMBA is also recognized as the world’s largest crowd-sourcing initiative for nutritional support to TB patients.

    Key goals include:

    • Offering additional care and support to TB-affected individuals.
    • Promoting active community participation.
    • Mobilizing CSR contributions from businesses and institutions.

    Ni-kshay Poshan Yojana (NPY)[13]

    The NIKSHAY – TB Notification Incentive for the Private Sector, launched in 2018 by the Ministry of Health and Family Welfare, incentivizes private healthcare providers to report TB cases, improving TB surveillance and treatment.

    Under the Ni-Kshay Poshan Yojana (NPY), financial support for TB patients’ nutrition has been increased from ₹500 to ₹1,000 per month, providing ₹3,000 to ₹6,000 per patient throughout treatment. The patient must be registered and notified on the NIKSHAY portal.

    The government has introduced Energy Dense Nutritional Supplementation (EDNS) for underweight TB patients (BMI < 18.5). Around 12 lakh patients will receive these supplements during the first two months of treatment to improve recovery rates and overall health outcomes.

    Ni-Kshay Mitra initiative – Under the Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA), the Ni-Kshay Mitra initiative encourages individuals, NGOs, corporates, faith-based organizations, and others to adopt TB patients for at least six months, offering them nutritional, social, or economic support.

    The scope of this initiative has now been expanded to include food baskets for household contacts of TB patients, aiming to boost immunity, lower infection risk, and reduce families’ financial burden. Additionally, over ₹3,202 crores have been disbursed to 1.13 crore beneficiaries through Direct Benefit Transfer under the Nikshay Poshan Yojana (NPY), supporting better nutrition and treatment outcomes. To further strengthen these efforts, the government has committed an additional ₹1,040 crores (shared 60:40 between Centre and States), ensuring enhanced support and reduced TB-related mortality.

    Ni-kshay Portal

    Ni-kshay Portal is a web-based patient management and surveillance system under the National Tuberculosis Elimination Programme (NTEP). Developed by the Central TB Division, MoHFW, in collaboration with NIC and WHO India, it helps health workers in both public and private sectors to register TB cases, order tests, record treatment, monitor adherence, and transfer cases. It also serves as India’s National TB Surveillance System, ensuring real-time data reporting to the government.[14]

    Source – As of 23rd March, 2025https://dashboards.nikshay.in/community_support/overview

    Over 1.51 crore TB patients are receiving treatment, with approximately 1.18 crore consenting to receive support. Around 1.18 crore commitments have been made by Ni-kshay Mitras, and over 2.59 lakh Mitras are registered. The initiative emphasizes public participation in TB elimination, resonating with the Prime Minister’s call for humanity. More details can be found on the Ni-kshay Dashboard[15]

    Conclusion

    India is making steady progress in its goal to eliminate TB by 2025 through focused interventions under the National TB Elimination Programme (NTEP). Key initiatives like the Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA) and Ni-kshay Poshan Yojana (NPY) are driving community participation and ensuring nutritional support, improving treatment adherence. The Ni-kshay Portal further strengthens surveillance and patient care. To sustain momentum, increased investments, innovation, and partnerships are crucial. With continued commitment, India is poised to become a global example in the fight against TB.

    References

    World Tuberculosis (TB) Day – 2025

    ***

    Santosh Kumar / Ritu Kataria / Vatsla Srivastava

    (Release ID: 2114549) Visitor Counter : 50

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Health Minister Shri JP Nadda Inaugurates World TB Day 2025 Summit

    Source: Government of India

    Union Health Minister Shri JP Nadda Inaugurates World TB Day 2025 Summit

    Our TB elimination strategy is based on ‘whole of the society’ and ‘whole of the government’ approach: Shri JP Nadda

    “Over 13.46 lakh Nikshay Shivirs, or community screening and awareness camps were organised in the districts bringing essential TB services directly to the doorsteps of crores of people”

    Under the 100-day TB Mukt Bharat Abhiyaan, 12.97 crore people were screened for TB with over 7.19 lakh TB patients notified across India

    Approximately 2.85 lakh of the notified patients were asymptomatic, who might have otherwise gone undetected without the stratified screening strategy of the campaign

    With a proven blueprint derived from the campaign’s success, Union Health Minister announces nationwide expansion of the campaign, highlighting its efficient case finding, leveraging of technology and ensuring timely treatment initiation

    State/UTs awarded for exemplary performance during the 100 Days intensified TB Mukt Bharat Abhiyan and in the TB Mukt Gram Panchyat Initiative

    A digital Coffee Table Book and Guidance document on ‘differentiated TB care’ launched at the event

    Posted On: 24 MAR 2025 7:26PM by PIB Delhi

    “Our TB elimination strategy is based on ‘whole of the society’ and ‘whole of the government’ approach”. This was stated by Shri Jagat Prakash Nadda, Union Minister of Health and Family Welfare during his address to the World TB Day 2025 summit, here today. The theme for this year’s World TB Day summit is “Yes! We Can End TB: Commit, Invest, Deliver”.

    The Union Minister reaffirmed India’s unwavering commitment to achieving a TB-Mukt Bharat in his address. While presiding over the Summit, he lauded the 100 Days Intensified TB Elimination campaign’s strategy to deploy cutting-edge technologies, including handheld X-ray units and upfront Nucleic Acid Amplification Testing (NAAT) some of which were deployed using mobile vans (Nikshay Vahans). This helped the campaign shatter geographical barriers and brought vital screening and diagnostic services to remote and underserved areas. He mentioned that over 13.46 lakh Nikshay Shivirs, or community screening and awareness camps were organised in the districts bringing essential TB services directly to the doorsteps of crores of people.

    The Union Minister noted that TB treatment coverage in India has increased from 59% to 85%. He informed that 12.97 crore people were screened for TB with 7.19 lakh new cases detected. Among the notified TB cases, approximately 2.85 lakh were asymptomatic cases who might have otherwise gone undetected without the stratified screening strategy of the campaign. More than 5,000 MLAs and 10,000 Gram Panchayats participated in the campaign. Citing these successes, he announced the Ministry’s plans to scale the campaign nationwide. Stating that TB is not over yet, he announced further scaling up of the TB elimination campaign to cover all districts in India.

    Shri Nadda highlighted that 22 line ministries supported the 100-days campaign and more than 30,000 elected representatives were mobilized for the common cause, demonstrating that the fight against TB is a collective mission. He informed that in just 100 days, over 1,05,181 new Ni-kshay Mitras have registered and distributed over 3,06,368 food baskets among TB patients and their family members.

    He noted that during the recently concluded 100-Day Intensified TB Elimination Campaign, modern technology was leveraged to improve case detection, reduce diagnostic delays, and ensure timely treatment initiation, particularly for vulnerable populations. “The campaign strategically screened vulnerable populations, including asymptomatic individuals, household contacts of TB patients, those with a history of TB, undernourished individuals, and those with chronic comorbidities such as diabetes and HIV”.

    Shri Nadda stated that India is one of the top global funders on TB research and congratulated ICMR for their significant research on TB. He highlighted some innovations like RT-PCR machines used during the Covid pandemic which is adapted for use in TB screening. Similarly, indigenous diagnostic kits developed by ICMR not only reduce the cost for TB detection but also improve efficiency by conducting 32 tests in one go. “Hand held x-ray machines with AI support have also played a huge role in detecting asymptomatic TB”, he added.

    He concluded his address by thanking the invaluable support and involvement of elected representatives and community leaders, MPs, MLAs, Gram Pradhans and local leaders which was instrumental in raising awareness and mobilizing communities against this disease. “Their dedication has fostered a sense of ownership and accountability in the community, one of the many unique strategies India has adopted to fight TB”, he stated.

    Smt. Punya Salila Srivastava, Union Health Secretary said, “World TB Day is a day where we remind ourselves that this disease still exists while we can eliminate it”. She further stated that this is a day to chart out our task ahead. “All our stakeholders have put in a lot of effort towards the goal of eliminating TB and this should continue until we achieve the goal of TB Mukt Bharat”, she added.

    A digital Coffee Table Book on TB Mukt Bharat Abhiyaan, capturing and showcasing the implementation of the Abhiyaan through photos from the field, was unveiled on the occasion. The Union Health Minister also launched a ‘Guidance Document on Differentiated TB Care’ to ensure timely and effective care for high-risk patients. This document provides guidelines for triaging high-risk patients (for instance, those suffering from severe undernutrition or respiratory insufficiency) at diagnosis and refers to a comprehensive treatment plan for them.

    State/UTs were awarded for the exemplary performance during the 100 Days intensified TB Mukt Bharat Abhiyan and also for their performance in the TB Mukt Gram Panchyat Initiative.

    Dr Rajiv Bahl, Secretary, Department of Health Research and DG, ICMR; Dr Atul Goel, Director General of Health Services (DGHS); Smt. Aradhana Patnaik, Additional Secretary and Mission Director, National Health Mission; and senior officials of the Union Health Ministry were present on the occasion. The event also witnessed participation from NTEP Staff from State and Districts, TB Champions, District Magistrates, District Collectors, MD NHMs, Medical Institutions, Civil society, WHO Consultants and development partners.

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  • MIL-OSI Asia-Pac: Make in India Powers Defence Growth

    Source: Government of India (2)

    Make in India Powers Defence Growth

    Production hit ₹1.27 lakh crore in FY 2023-24, Exports cross ₹21,000 crore

    Posted On: 24 MAR 2025 7:19PM by PIB Delhi

    Summary

    India’s defence production reached ₹1.27 lakh crore in FY 2023-24, marking a 174% rise since 2014-15, driven by the Make in India initiative.

    Defence exports hit a record ₹21,083 crore in FY 2023-24, expanding 30 times in a decade, with exports to 100+ countries.

    Initiatives like iDEX and SAMARTHYA are driving technological advancements in AI, cyber warfare, and indigenous weapon systems.

    14,000+ items indigenised under SRIJAN and 3,000 under Positive Indigenisation Lists.

    India aims for ₹3 lakh crore in production, ₹50,000 crore in exports by 2029.

    Summary

    Introduction

    India’s defence production has grown at an extraordinary pace since the launch of the “Make in India” initiative, reaching a record ₹1.27 lakh crore in FY 2023-24. Once dependent on foreign suppliers, the country now stands as a rising force in indigenous manufacturing, shaping its military strength through homegrown capabilities. This shift reflects a strong commitment to self-reliance, ensuring that India not only meets its security needs but also builds a robust defence industry that contributes to economic growth.

    Strategic policies have fuelled this momentum, encouraging private participation, technological innovation, and the development of advanced military platforms. The surge in the defence budget, from ₹2.53 lakh crore in 2013-14 to ₹6.81 lakh crore in 2025-26, underlines the nation’s determination to strengthen its military infrastructure.

    This commitment to self-reliance and modernisation is reflected in the recent approval by the Cabinet Committee on Security (CCS) for the procurement of the Advanced Towed Artillery Gun System (ATAGS), a significant step in enhancing the Army’s firepower. The deal includes 307 units of 155mm/52 caliber guns along with 327 High Mobility 6×6 Gun Towing Vehicles, equipping 15 Artillery Regiments under the Buy Indian–Indigenously Designed, Developed, and Manufactured (IDDM) category, at an estimated cost of ₹7,000 crore. Developed by DRDO with Bharat Forge and Tata Advanced Systems, ATAGS is a cutting-edge artillery system with a 40+ km range, advanced fire control, precision targeting, automated loading, and recoil management, thoroughly tested by the Indian Army in all terrains.

    With modern warships, fighter jets, artillery systems, and cutting-edge weaponry being built within the country, India is now a key player in the global defence manufacturing landscape.

     

    Surge in Indigenous Defence Production

    India has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, driven by the successful implementation of government policies and initiatives led by Prime Minister Shri Narendra Modi, focusing on attaining Atmanirbharta. The value of defence production has surged to a record high of ₹1,27,265 crore, marking an impressive 174% increase from ₹46,429 crore in 2014-15, according to data from all Defence Public Sector Undertakings (DPSUs), other public sector units manufacturing defence items, and private companies.

    This growth has been bolstered by the Make in India initiative, which has enabled the development of advanced military platforms including the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Specialist Vehicles, High Mobility Vehicles, Light Combat Aircraft (LCA) Tejas, Advanced Light Helicopter (ALH), Light Utility Helicopter (LUH), Akash Missile System, Weapon Locating Radar, 3D Tactical Control Radar, and Software Defined Radio (SDR), as well as naval assets like destroyers, indigenous aircraft carriers, submarines, frigates, corvettes, fast patrol vessels, fast attack craft, and offshore patrol vessels.

     

    Key points:

    • 65% of defence equipment is now manufactured domestically, a significant shift from the earlier 65-70% import dependency, showcasing India’s self-reliance in defence.

     

    • A robust defence industrial base includes 16 DPSUs, over 430 licensed companies, and approximately 16,000 MSMEs, strengthening indigenous production capabilities.

     

    • The private sector plays a crucial role, contributing 21% to total defence production, fostering innovation and efficiency.

     

    • India targets ₹3 lakh crore in defence production by 2029, reinforcing its position as a global defence manufacturing hub.

    Unprecedented Growth in Defence Exports

    India’s expanding global footprint in defence manufacturing is a direct result of its commitment to self-reliance and strategic policy interventions. Defence exports have surged from ₹686 crore in FY 2013-14 to an all-time high of ₹21,083 crore in FY 2023-24, marking a 30-fold increase over the past decade.

    Key points:

     

    • Defence exports have grown 21 times, from ₹4,312 crore in the 2004-14 decade to ₹88,319 crore in the 2014-24 decade, highlighting India’s expanding role in the global defence sector.

     

    • Defence exports surged by 32.5% year-on-year, rising from ₹15,920 crore in FY 2022-23 to ₹21,083 crore in FY 2023-24.

     

    • India’s diverse export portfolio includes bulletproof jackets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes.
    • Notably, ‘Made in Bihar’ boots are now part of the Russian Army’s gear, highlighting India’s high manufacturing standards.

     

    • India now exports defence equipment to over 100 countries, with the USA, France, and Armenia emerging as the top buyers in 2023-24.

     

    • The government aims to achieve ₹50,000 crore in defence exports by 2029, reinforcing India’s role as a global defence manufacturing hub while boosting economic growth.

     

    Innovations for Defence Excellence (iDEX)

    Launched in April 2018, Innovations for Defence Excellence (iDEX) has created a thriving ecosystem for innovation and technology development in defence and aerospace. By engaging MSMEs, startups, individual innovators, R&D institutes, and academia, iDEX has provided grants of up to ₹1.5 crore for developing innovative technologies. To further enhance self-reliance in defence technology, ₹449.62 crore has been allocated to iDEX, including its sub-scheme Acing Development of Innovative Technologies with iDEX (ADITI), for 2025-26. As of February 2025, 549 problem statements have been opened, involving 619 startups and MSMEs, with 430 iDEX contracts signed.

     

     

    The scheme has three key objectives:

     

    1. Facilitate rapid development of new, indigenised, and innovative technologies for the Indian Defence and Aerospace sector, to meet their needs in a shorter time span.

     

    1. Create a culture of engagement with innovative startups, to encourage co-creation for Defence and Aerospace sectors.

     

    1. Empower a culture of technology co-creation and co-innovation within the Defence and Aerospace sectors.

     

    The recently launched ADITI scheme aims to support critical and strategic technologies such as satellite communication, advanced cyber technology, autonomous weapons, semiconductors, artificial intelligence, quantum technology, nuclear technologies, and underwater surveillance. Under this scheme, grants of up to ₹25 crore are provided to innovators.

    Reinforcing its commitment to supporting startups and MSMEs, the Ministry of Defence has also cleared procurement of 43 items worth over ₹2,400 crore from iDEX startups and MSMEs for the Armed Forces as of February 2025. Additionally, projects worth over ₹1,500 crore have been approved for development.

    SAMARTHYA: Showcasing India’s Defence Indigenisation

    The success story of indigenisation and innovation in the defence sector was highlighted at the Aero India 2025 event ‘SAMARTHYA’, which showcased India’s progress in defence manufacturing. The event featured 33 major indigenised items, including 24 developed by Defence Public Sector Undertakings (DPSUs), the Defence Research and Development Organisation (DRDO), and the Indian Navy, along with nine successful innovation projects from iDEX.

    Among the key indigenised items displayed were:

    • Electro Block of the Anti-Aircraft Machine Gun
    • Electric Mobile Part for Submarines
    • Torsion Bar Suspension for HMV 6×6
    • Extruded Aluminium Alloy for LCA MK-I/II and LCH Components
    • Indian High-Temperature Alloy (IHTA)
    • VPX-135 Single Board Computer
    • Naval Anti-Ship Missile (Short Range)
    • RudraM II Missile
    • C4ISR System
    • DIFM R118 Electronic Warfare Systems

     

    The event further highlighted breakthroughs in AI-driven analytical platforms, next-generation surveillance systems, quantum-secure communication technologies, and counter-drone measures. Innovations like the 4G/LTE TAC-LAN, Quantum Key Distribution (QKD) system, Smart Compressed Breathing Apparatus, and Advanced Autonomous Systems for the Armed Forces reflect India’s evolving defence landscape.

    Efforts are ongoing to bridge the gap between the Indian Army’s operational challenges and the innovative solutions developed by academia, industry startups, and research institutions. Additionally, the focus remains on conducting multi-domain operations in a data-centric environment, especially in light of emerging transformative technologies.

    SAMARTHYA stands as a testament to India’s commitment to self-reliance in defence technology, reinforcing its ability to develop advanced, home-grown solutions for national security.

     

    Advancing Self-Reliance

    India’s pursuit of self-reliance in defence manufacturing has significantly reduced its dependence on foreign suppliers. Through strategic policies and indigenous innovation, the country is developing cutting-edge military platforms, strengthening both national security and economic growth.

     

     

    Self-Reliant Initiatives through Joint Action (SRIJAN)

    • Launched by the Department of Defence Production (DDP) in August 2020 to promote indigenisation under Atmanirbhar Bharat.
    • Serves as a common platform for Defence Public Sector Undertakings (DPSUs) and the Armed Forces (SHQs) to list imported items for domestic manufacturing.
    • As of February 2025, over 38,000 items are available, with more than 14,000 successfully indigenised.

     

    Positive Indigenisation Lists (PILs)

    • The Department of Defence Production (DDP) and the Department of Military Affairs (DMA) have issued five Positive Indigenisation Lists (PILs) for LRUs, assemblies, sub-assemblies, sub-systems, spares, components, and high-end materials.
    • These lists set fixed timelines beyond which procurement will be restricted to domestic manufacturers.
    • Out of over 5,500 items listed, more than 3,000 have been indigenised as of February 2025.
    • Key indigenised technologies include artillery guns, assault rifles, corvettes, sonar systems, transport aircraft, light combat helicopters (LCHs), radars, wheeled armoured platforms, rockets, bombs, armoured command post vehicles, and armoured dozers.

     

     

    Defence Industrial Corridors

    • Two Defence Industrial Corridors (DICs) have been set up in Uttar Pradesh and Tamil Nadu to boost defence manufacturing. These corridors provide incentives to companies investing in the sector.
    • Investments worth more than Rs 8,658 crore have already been made in the 6 nodes of UP viz. Agra, Aligarh, Chitrakoot, Jhansi, Kanpur and Lucknow and 5 nodes of Tamil Nadu viz. Chennai, Coimbatore, Hosur, Salem and Tiruchirappalli.
    • As of February 2025, 253 MoUs have been signed, with a potential investment of ₹53,439 crore.

    Ease of Doing Business (EoDB)

    • The government has introduced several measures to improve ease of doing business in the defence manufacturing sector.
    • The validity of export authorisation for parts and components has been extended from two years to the completion of the order or component, whichever is later.
    • In 2019, the Defence Product List was streamlined to reduce the number of items requiring a manufacturing licence.
    • Parts and components of defence items were de-licensed in September 2019 to encourage investment.
    • The validity of defence licences under the Industries (Development and Regulation) Act, 1951, has been extended from three years to 15 years, with a further extension option of up to 18 years.
    • Over 700 industrial licences have been issued to 436 companies in the defence sector.
    • The introduction of an end-to-end digital export authorisation system has improved efficiency, with more than 1,500 authorisations issued in the last financial year.

     

    MAKE Projects: Driving Indigenous Defence Innovation

    The MAKE procedure was first introduced in the Defence Procurement Procedure (DPP-2006) to promote indigenous design and development in the defence sector. Over the years, it has been simplified and streamlined through revisions in 2016, 2018, and 2020, ensuring faster development of defence equipment, systems, and components by both public and private industries.

    MAKE projects have been divided into three categories:

    MAKE-I (Government Funded)

     

    • Up to 70% government funding for prototype development (capped at ₹250 crore per Development Agency).
    • Minimum 50% Indigenous Content (IC) required.

     

    MAKE-II (Industry Funded)

     

    • Focuses on import substitution, encouraging domestic industries to develop critical defence systems.
    • No government funding, with a minimum 50% Indigenous Content (IC) requirement.

     

    MAKE-III (Manufactured in India through Transfer of Technology – ToT)

     

    • Involves manufacturing in India under Technology Transfer (ToT) from Foreign OEMs.
    • No design and development but require a minimum of 60% Indigenous Content (IC).

     

    Key points:

     

    • As of March 24, 2025, a total of 145 projects have been undertaken under the MAKE initiative, with the participation of 171 industries, driving indigenous defence production.

     

    • The initiative includes 40 MAKE-I projects (Government Funded), 101 MAKE-II projects (Industry Funded), and 4 MAKE-III projects (Manufacturing through ToT), strengthening self-reliance in defence manufacturing.

     

    Other Key Initiatives

    In recent years, the Indian government has implemented a series of transformative initiatives aimed at bolstering the country’s defence production capabilities and achieving self-reliance. These measures are designed to attract investment, enhance domestic manufacturing, and streamline procurement processes. From liberalizing foreign direct investment (FDI) limits to prioritizing indigenous production, these initiatives reflect a robust commitment to strengthening India’s defence industrial base. The following points outline the key government initiatives that have been pivotal in driving growth and innovation in the defence sector.

     

    • Liberalized FDI Policy: Foreign Direct Investment (FDI) in the defence sector was liberalised in September 2020 to attract foreign investment, allowing up to 74% FDI through the automatic route and above 74% through the government route. Since April 2000, the total FDI in defence industries stands at $21.74 million.

     

    • TATA Aircraft Complex: Tata Aircraft Complex was inaugurated in Vadodara in October 2024 to manufacture C-295 aircraft, boosting Atmanirbharta in defence with 40 made-in-India aircraft out of 56 under the programme.
    • Manthan: The annual defence innovation event, Manthan, held during Aero India 2025 in Bengaluru, brought together leading innovators, startups, MSMEs, academia, investors, and industry leaders from the defence and aerospace sectors, reaffirming confidence in the government’s commitment to technological advancements and Aatmanirbhar Bharat.
    • Defence Testing Infrastructure Scheme (DTIS): DTIS aims to boost indigenisation by providing financial assistance for setting up eight Greenfield testing and certification facilities in the aerospace and defence sector, with seven test facilities already approved in areas like unmanned aerial systems, electronic warfare, electro-optics, and communications.

     

    • Priority for Domestic Procurement: Emphasis is placed on procuring capital items from domestic sources under the Defence Acquisition Procedure (DAP)-2020.

     

    • Domestic Procurement Allocation: MoD has earmarked 75% of modernisation budget amounting to Rs 1,11,544 crore for procurement through domestic industries during the current Financial Year.

     

    Conclusion

    India’s remarkable strides in defence production and exports underscore its transformation into a self-reliant and globally competitive military manufacturing hub. The combination of strategic policy interventions, increased domestic participation, and a focus on indigenous innovation has significantly strengthened the country’s defence capabilities. The surge in production, the exponential rise in exports, and the success of initiatives like the Make in India reflect India’s commitment to achieving Atmanirbharta in defence. With ambitious targets set for 2029, the nation is poised to further expand its global footprint, reinforcing its position as a dependable partner in the international defence market while enhancing national security and economic growth.

    References:

    Click here to see PDF.

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  • MIL-OSI Asia-Pac: Government Launches BAANKNET and e-BKray to enhance PSU Bank E-Auctions for Asset Sales

    Source: Government of India (2)

    Government Launches BAANKNET and e-BKray to enhance PSU Bank E-Auctions for Asset Sales

    BAANKNET Portal ensures Transparency with automated KYC and Secure Payments

    Posted On: 24 MAR 2025 6:18PM by PIB Delhi

    In order to boost the sale value realized through bank e-auctions, Public Sector Banks(PSBs) were requested by Department of Financial Services to redesign their e-auction platform. The platform “e-BKray” was launched on 28th February, 2019. In order to further streamline the listing and auctioning of assets of Banks, a revamped e-auction portal named “BAANKNET” was launched on 03rd January, 2025.

    The salient features of the BAANKNET portal are as follows:

    • State-of-the-art Innovative Platform: A cutting-edge property listing and e auction platform specifically designed for banks and lending institutions to address the recovery of Non-Performing Asset (NPA) loans through efficient property auctions.
    • Robust Architecture: Ensures seamless reliability and accessibility for users through both mobile and web interfaces, making it easy for stakeholders to interact with the platform.
    • Automated KYC and Secure Payment Gateways: Integrates advanced Know Your Customer (KYC) tools and secure payment gateways, ensuring a transparent and secure auction process.
    • Comprehensive Property Listings: Offers a convenient solution from property “search” to “sale” for all types of properties across India, streamlining the entire auction journey.
    • Simplified Navigation: Provides an easy-to-use interface for property search and auctions, making the process user-friendly and accessible.
    • Smart Auctions and Fair Pricing: Facilitates intelligent auction mechanisms, ensuring fair pricing and maximum value for all listed properties.
    • Transparency and Seamlessness: Guarantees transparent, efficient, and seamless auction processes, enhancing stakeholder trust and confidence.
    • Bank Verified Titles: Ensures that all property titles are verified by banks, providing authenticity and reliability in the auction process.

    The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of Non-Performing Asset (NPA) cases. By leveraging state-of-the-art technology and integrating automated KYC tools, secure payment gateways, and bank-verified property titles, the platform ensures a high level of transparency throughout the property auction process.

    All 12 Public Sector Banks, and Insolvency and Bankruptcy Board of India (IBBI) are using the platform for listing and auction of properties across the country.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary written reply to a question in Lok Sabha today.

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  • MIL-OSI Asia-Pac: Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs

    Source: Government of India (2)

    Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs

    Government has announced a new Loan Scheme for Women, SC/ST Entrepreneurs in the Union Budget 2025-26

    Credit to women by Public Sector Banks has seen a substantial increase over last 5 years

    Jan Samarth Portal simplifies access to 15 government

    Posted On: 24 MAR 2025 6:17PM by PIB Delhi

    The Government reviews all credit linked schemes from time to time and takes several initiatives in order to facilitate ease of access to credit to the entrepreneurs including women entrepreneurs.

    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.”

    The entrepreneurs are also provided collateral free loans upto Rs. 20 lakh to enable them to set up or expand their business activities under Pradhan Mantri MUDRA Yojana (PMMY) launched on 8th April 2015.

    Further, as informed by Reserve Bank of India (RBI), the details of credit extended to women by Public Sector Banks during the last five years is as under:

    Credit to women by Public Sector Banks

    (No. of A/cs in Lakh and Amount in ₹ Crore)

    Financial Year

    No of A/cs

    Amount Outstanding

    Mar-20

    207.60

                  488,459.43 

    Mar-21

    289.46

                  731,617.22 

    Mar-22

    305.56

                 836,200.08 

    Mar-23

    350.90

              1,008,935.62 

    Mar-24

    387.24

              1,169,279.00 

    The Government has taken various steps towards effective implementation of the Schemes and for addressing the challenges faced by potential beneficiaries including women which, inter alia, include intensive publicity campaigns, simplification of application form, Credit Guarantee Scheme, providing support in Stand-Up India Scheme by reduction in margin money as well as inclusion of activities allied to agriculture.

    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 in a written reply to a question in Lok Sabha today.

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  • MIL-OSI Asia-Pac: Competition Commission of India (CCI) investigated 35 cartel cases in last five years

    Source: Government of India (2)

    Competition Commission of India (CCI) investigated 35 cartel cases in last five years

    CCI has Signed MoUs with Global Regulators for Competition Law Cooperation

    Competition Act 2023 Introduced ‘Lesser Penalty Plus’ for Cartel Disclosures

    Posted On: 24 MAR 2025 6:15PM by PIB Delhi

    The Competition Commission of India (CCI) investigated a total of 35 cartel cases across various sectors over the last five financial years (till 13.03.2025).

    CCI has signed Bilateral/Multilateral Memorandum of Understanding (MoU) with Egypt, Mauritius, Japan, Brazil, BRICS (Brazil, the Russian Federation, People’s Republic of China and the Republic of South Africa), Canada, European Commission, Australia and United States Department of Justice (DOJ) for cooperation in the field of competition law and policy. These MOUs include provision for enforcement cooperation between CCI and its MoU partners, subject to their respective legal framework, constraints, enforcement interests and available resources.

    In addition, India has signed 14 Free Trade Agreements (FTAs) with its trading partners. Some of these FTAs have a separate Chapter on Competition, according to which each Party shall, in accordance with its laws and regulations, take measures which it considers appropriate against anticompetitive activities, in order to facilitate trade and investment flows between the Parties and the efficient functioning of its market.

    The Commission has a Division for trend analysis and conducting research in various sectors of the economy to have a holistic view and to detect any anti-competitive activities. The Competition (Amendment) Act, 2023 introduced the concept of “lesser penalty plus” within the framework of Section 46 of the Act. Consequently, on 20.02.2024, the CCI (Lesser Penalty) Regulations, 2024 were notified, replacing the 2009 regulations and introducing a “lesser penalty plus”(LPP) mechanism to incentivize disclosures of cartels. The LPP mechanism was introduced to incentivize an existing lesser penalty applicant in respect of a cartel to give full, true, and vital disclosures about another cartel, hitherto not in the knowledge of the CCI.

    To further widen the scope of cartel investigation, Hub & Spoke mechanism has been incorporated by introducing the Proviso in Section 3(3) of the Competition Act, 2002 through the Amendment Act 2023 which provides that an enterprise or association of enterprises or a person or association of persons though not engaged in identical or similar trade shall also be presumed to be part of the agreement under this sub-section if it participates or intends to participate in the furtherance of such agreement. 

    CCI, through its enforcement and advocacy mandate, seeks to promote and sustain competition in the markets by conducting market studies and advocacy events, imparting training about competition issues besides carrying out market corrections to eliminate distortions. The CCI conducted 1446 advocacy programmes during the last five financial years (till 19.03.2025).

    This information was given by Minister of Finance and Corporate Affairs, Shri Nirmala Sitharaman, in  reply to a question in the Lok Sabha today.

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  • MIL-OSI Asia-Pac: India to host 3-day FATF Private Sector Collaborative Forum 2025 (PSCF 2025) from 25th -27th March, 2025, in Mumbai

    Source: Government of India (2)

    India to host 3-day FATF Private Sector Collaborative Forum 2025 (PSCF 2025) from 25th -27th March, 2025, in Mumbai

    FATF President Ms. Elisa de Anda Madrazo to formally inaugurate PSCF 2025 on 26th March, 2025, with RBI Governor Shri Sanjay Malhotra presiding over the event

    The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems

    Posted On: 24 MAR 2025 5:05PM by PIB Delhi

    The Financial Action Task Force (FATF) Private Sector Collaborative Forum (PSCF) 2025 will be held from 25th -27th March, 2025, in Mumbai. The forum is being hosted by the Reserve Bank of India (RBI) and the Department of Revenue, Ministry of Finance, Government of India, reaffirming India’s responsible leadership in global efforts to combat money laundering and terrorist financing.

     

    FATF President Ms. Elisa de Anda Madrazo will formally inaugurate the PSCF 2025 on 26th March, 2025, with Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra presiding over the event. The Indian delegation to PSCF is a multi-disciplinary team led by Shri Vivek Aggarwal, Additional Secretary (Revenue), Ministry of Finance.

    India’s Leadership in AML/CFT Efforts

    India’s participation in FATF initiatives has been widely recognised. India is a member of steering group of FATF and also co-chairs a working group on Risks, Trends and Methodologies work group. In November 2024, India hosted the plenary of Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore. In June 2024, India’s FATF Mutual Evaluation Report was tabled at the FATF Plenary in Singapore and subsequently released in September 2024. India achieved the best possible outcome by being placed in ‘regular follow-up,’ a status that only a few countries have attained in their Mutual Evaluations.

    The report commended India’s exemplary efforts in curbing money laundering and terrorist financing, highlighting the country’s advanced fintech ecosystem, innovations like the Unified Payments Interface (UPI) and Aadhaar-enabled digital identity verification, and proactive inter-agency coordination. India’s approach has set a global benchmark for integrating technology with financial security.

    PCSF 2025

    The upcoming PCSF event is another milestone in India’s journey in its efforts in curbing money laundering and terrorist financing. The PSCF is an annual event that provides a critical platform for dialogue between FATF member countries, international organisations, and private sector stakeholders. It aims to enhance the implementation of FATF’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards by fostering collaboration, exchanging best practices, and addressing emerging global challenges.

    This year’s forum will see participation from countries across FATF’s Global Network, along with representatives from financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), international organisations, and academia.

    Key Highlights and Agenda Focus Areas

    The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems. With financial crimes evolving due to technological advancements — such as cryptocurrency-related laundering — India’s expertise in leveraging technology and fostering a risk-based approach offers valuable insights for the international community. By hosting this significant event, India reinforces its commitment to FATF’s global standards.

    Over the next three days, discussions at the forum will revolve around several critical issues shaping the global AML/CFT landscape. Participants will explore how FATF can continue to address evolving threats while promoting financial inclusion through robust, risk-based supervision of regulated entities. The dialogue will also focus on enhancing transparency in beneficial ownership and leveraging digital tools to strengthen AML/CFT compliance mechanisms.

    Information-sharing practices within the private sector will be evaluated to identify ways to better address emerging financial crime threats. Furthermore, the forum will engage in deliberations on emerging terrorist financing and proliferation financing risks, emphasising the need for measures that reinforce global resilience against these challenges.

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    NB/KMN

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  • MIL-OSI Asia-Pac: 1,84,865 Beneficiaries Availed Concessional Credit under NMDFC Schemes

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:47PM by PIB Delhi

    1,84,865 beneficiaries have availed concessional credit under the National Minorities Development and Finance Corporation (NMDFC) schemes of the Ministry of Minority Affairs during the Financial Year 2023-24. The percentage of women beneficiaries amongst them is 90.57%.

    This information was given by the Union Minister of Minority Affairs & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

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    SS/ISA

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Prime Minister’s New 15 Point Programme Implemented in The Country, Including Odisha

    Source: Government of India

    Posted On: 24 MAR 2025 4:34PM by PIB Delhi

    The Prime Minister’s New 15 Point Programme for welfare of minorities is implemented in the country, including Odisha, as an overarching programme. The programme covers various schemes/initiatives of the Government implemented by various Ministries/Departments, with an aim to ensure that underprivileged and weaker sections of six centrally notified minority communities have equal opportunities for availing the various Government welfare Schemes.

    The schemes of the Ministry of Minority Affairs covered under the 15 Point Programme are exclusively meant for six notified minorities. Further, 15% of the outlays and targets, to the extent possible, of schemes/ initiatives implemented by other participating Ministries/ Departments are earmarked for notified minorities. However, the Schemes are being implemented by the respective Ministries/Departments under the saturation approach of Government. Under the saturation approach of the Government many of the components have achieved mainstreaming. Furthermore, consistent efforts are being made to improve the full delivery of benefits in the various relevant schemes for minority communities.

    The schemes of Ministry of Minority Affairs and other participating Ministries included in the Programme are as under:

    i. Pre-Matric Scholarship Scheme (Ministry of Minority Affairs)

    ii. Post-Matric Scholarship Scheme (Ministry of Minority Affairs)

    iii. Merit-cum- Means based Scholarship Scheme (Ministry of Minority Affairs)

    iv. National Minorities Development Finance Corporation (NMDFC) Loan Schemes

    v. Samagra Shiksha Abhiyaan (M/o Education)

    vi. Deen Dayal Antyodaya Yojana (DAY-NRLM) (M/o Rural Development)

    vii. Deen Dayal Upadhyay Gramin Kaushal Yojana (M/o Rural Development)

    viii. Pradhan Mantri Awaas Yojana (M/o Rural Development)

    ix. Deen Dayal Antyodaya Yojana -National Urban Livelihoods Mission (M/o Housing & Urban Affairs)

    x.  Priority Sector Lending by Banks (Department of Financial Services)

    xi.  Pradhan Mantri Mudra Yojana (Department of Financial Services)

    xii.  POSHAN Abhiyaan (Ministry of Women & Child Development)

    xiii.  National Health Mission (Department of Health & Family Welfare)

    xiv.  Ayushman Bharat (Department of Health & Family Welfare)

    xv. National Rural Drinking Water Programme (Jal Jeevan Mission), (Department of Drinking Water & Sanitation)

    This information was given by the Union Minister of Minority Affairs & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

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    SS/ISA

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  • MIL-OSI Asia-Pac: PM VIKAS Scheme Focuses on Upliftment of Minority Communities

    Source: Government of India

    Posted On: 24 MAR 2025 4:33PM by PIB Delhi

    The Pradhan Mantri Virasat Ka Samvardhan (PM VIKAS) is a Central Sector Scheme of the Ministry of Minority Affairs which converges five erstwhile schemes viz. ‘Seekho Aur Kamao’, ‘Nai Manzil’, ‘Nai Roshni’ and ‘USTTAD’ & ‘Hamari Dharohar’ schemes and focuses on upliftment of six notified minority communities through the following:

    1. Skilling and Training (Non-traditional and traditional)
    2. Women Leadership and Entrepreneurship
    3. Education (through National Institute of Open Schooling)
    4. Infrastructure Development (through Pradhan Mantri Jan Vikas Karyakram)

    The scheme also provisions to facilitate credit linkages by connecting beneficiaries with loan programs offered by the National Minorities Development & Finance Corporation (NMDFC).

    Export Promotion Council for Handicrafts (EPCH) is a knowledge partner of the Ministry under the PM VIKAS scheme to extend support to artisans trained under traditional training components of the scheme in terms of (i) providing marketing linkages; (ii) development of related Course Module content for training; (iii) provide brand positioning & visual merchandizing to the artisan products; (iv) organise awareness program during Ministry’s events/exhibition; (v) mobilise artisans for formation of producer group companies; etc.

    Under the PM VIKAS Scheme, the implementing partners are to ensure placement of 75 per cent of total candidates trained under NSQF aligned skill programs.

    This information was given by the Union Minister of Minority Affairs & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

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    SS/ISA

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address to the Sixth Batch of Participants of the Rajya Sabha Internship Programme (RSIP-I) (Excerpts)

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:06PM by PIB Delhi

    Boys and girls, I welcome you to the sixth batch. We have had so far five batches and we have been benefited by youth of the country participating in these internships to the extent of 142 so you, a group of 34, will join the group of 142.

    I strongly urge you to be in connect with the group all your life. There is a platform that will help you connect with them and members of the group are diversified as is your group. In terms of educational qualifications, in terms of gender, in terms of regional commitments, in terms of mother tongue but one thing is very common, spirit of nationalism is throbbing in the hearts of all.

    This is a unique opportunity, you are not going to be taught anything here, you will be inspired and motivated to self-learn. Your stay here in this internship is with a very laudable purpose. India is mother of democracy, largest democracy, most functional democracy, the only constitutional democracy that is at the village level, at the municipal level, at the district level, at the state level, and at the central level. Other countries have democracies but if you examine our election to Panchayat, our election to Municipality, our election to Zila Parishad or Panchayat Samiti is held under Election Commission, which is under the Constitution.

    They have the same structure, and Constitution was amended for it, part IX and part IXA of the Constitution. If you will read, you will find two Schedules 11 and 12, which give the areas of operation of Panchayati Raj institutions and Municipal institutions. As you are aware, there is a commission, Finance Commission. The job of the Finance Commission is to divide funds between the Union and the States. Similarly, there is a fund at the Panchayat and Municipal level, where funds are divisible between the State government funds, Panchayat institutions and Municipalities so Panchayat and Municipalities are institutions of self-governance.

    Now, your primary purpose is to handhold the public representative. You will have to equip yourself with parliamentary procedure, about working of Parliament, role of Members of Parliament and once you are given a lead, you have to learn on your own.

    Our country is governed first by constitutional provisions. You will have the occasion to see the Constitution signed by the Members of the Constitutional Assembly so go to the root of the matter. Try to get to micro level, try to find out that what changes have taken place in the Constitution and changes in the Constitution is the sole prerogative of Parliament but there are some changes where Parliament alone is not sufficient to endorse constitutional amendment. It has to be endorsed by 50% of State Legislatures but when it comes to amendment of the Constitution, Parliament is the repository of it, in some cases alongside State Legislatures and the final arbiter, the final authority, no intervention from any agency whatsoever is permissible with respect to constitutional amendment, but with respect to the laws made by Parliament or state legislatures, the courts have a role. The role is of judicial review and judicial review is to see if the law is in accord with constitutional provisions.

    You would have seen recently that in one state there is an indication that they will make reservation for contracts that is in the domain of business to a particular community, a religious denomination. Now look at the constitutional provisions. Does our Constitution allow any reservation on religious considerations? Find out what Dr. B.R. Ambedkar had said, and you will be enlightened that there can be no reservation on religious considerations. That is something you have to go into it, deep into it.

    Remember, the Constitution provides for hand-holding mechanism, affirmative mechanism and that is for scheduled caste, scheduled tribe, and socially and educationally backward classes, so when I was a Member of Parliament in 1989, the government of the day of which I was a part, as a Minister, promulgated what came to be known as Mandal Commission Report applicability. This was challenged in the Supreme Court after the government of which I was part had collapsed, a government collapses means it did not complete its term.

    The next government came and the next government granted further reservation to economic weaker sections. Both were challenged in the Indra Sawhney case, and nine judges of the Supreme Court, boys and girls, dealt with that judgement. The Mandal reservation, the affirmative hand-holding policy which is sanctified under Articles 14, 15 and 16, was upheld by the majority but reservation on account of economic backwardness, economy being a criteria, was struck down as unconstitutional.

    Now the question immediately arises, how come we have reservation now based on economic criteria? Because then the route was not taken through the Constitution. This time the route was taken by the government through Constitution. First the provision in the Constitution was amended, and economic criteria was made a basis, and that is why the courts upheld it. So you have to be very discerning about what you face. You can’t guide yourself immediately by perception. You have to move with a thought process.

    It is after a long gap, long gap of centuries, that we are in a state of hope and possibility. There was a time when India’s contribution to global trade was nearly one-third. There was a time when India was reckoned as Vishwaguru. There was a time when you had Nalanda but 1300 years ago, Nalanda was set on fire. The fire was there for several days. Lakhs of books were destroyed, and then followed foreign regime, reckless, brutal, destroying our culture, destroying our religious places. So was the blatant retributive approach that they destroyed our religious places and had their own. Then we were ruled by the British.

    But now there is an atmosphere of hope and possibility. Now, an ecosystem where every young boy and girl can aspire to exploit talent, potential, realise dreams and aspirations. I would urge all of you as interns, please find out the basket of opportunities that for the youth is growing up, enlarging day by day. Find out India’s development in deep sea, India’s development on the surface of sea, deep ground, on the ground, in the sky and space. We are making a huge mark. There are avenues in all these areas, Blue Economy, Space Economy, we have to have a share of it and therefore, you all will have to be messengers of the change for youth that come out of your silos.

    Youth in the country at the moment is in a silo, limited view, Government job, Private job but now things have changed. You can experiment if India is home to unicorns, startups. It is by boys and girls from tier two cities, from villages, from tier three cities. Affirmative governance, innovative schemes, financial assistance enable you. Just think one thing, if global institutions, International Monetary Fund says that India is a hot spot, a destination which is favourite for investment and opportunity, surely, it is not for Government jobs.

    The change that has taken place is, there was a time with global institutions, Indian mind was not there. Now, there is no global institution without Indian mind dominating. Girls are far ahead of it at a global level. You have to today realise that you are lucky to be living in times where India is focal centre of the world on account of economy that is performing around 8% annually.

    India is no longer a Nation with a potential, India is on a nation on progress. The development is unstoppable, incremental. A developed nation objective is no longer a dream, it’s our destination but it will be wishful thinking if as youth, you do not contribute because you are the serious stakeholders in governance in future, and therefore, you have to change the mindset of people. You have to define citizen’s attitude, you have to persuade everyone around that fundamental rights are fine, but we must first carry out fundamental duties. You’ll be surprised to know that most people are neither aware of fundamental duties nor they are aware of our rich culture, Vedas, Upanishads, Puranas. I don’t want to pose a question to you, but my experience is most people have not even seen physically Vedas. I’m sure steps will be taken to give you a book that will enlighten you about Vedas, the one which was circulated at my directive to all the Members of Parliament by Union Minister Dharmendra Pradhan.

    You have to be positive in your approach. Just imagine a country like ours, where to change the lives of people, to pick them up. 800 million people and more are getting free ration from April 1, 2020 and look at some perverted mind, they say, oh, over 800 million people are poor. They can’t feed on their own, therefore, are feeding them. I lament their negativity. I lament their perversion. They’re hand-holding them. When you go to an airport, most people walk, but there is a skeletal force and there is horizontal movement mechanism also. That is not that you are disabled, it helps you improve your proficiency.

    We have to believe in certain things which you must learn and that is countries in the world are developed. We will be developed. Our target is 2047 when India celebrates centenary of independence, and it can be earlier also, but which country in the world, number is only two, three that of civilisational depth of thousands of years. The countries that are developed, their history is 300 years, 400 years. We are that rich so we have to nurture our civilisational values while promoting indigenous development and the challenges are emanating every day because of social media also. People allow us to be calibrated by others, why? We as a Nation, we are what we are.

    Now, we have ongoing debates, when I told you about reservation in contracts to a religious denomination. Violating equality, violating level-playing field and outraging constitutional prescriptions. Therefore, we must always work that we iconize our heroes. Can we iconize our invaders, destroyers, those who engaged in reckless brutalisation of our civilisational values? Every young boy and girl has power individually, also collectively to thwart these menacing, sinister trends.

    I am sometimes amazed. How can we have public disorder? How can we have disruption of normal working? How can we have reprehensible spectacles of public property being set to fire? And if these people are visited with consequences in exemplary manner, after all, a building has to be raised to the ground only by mechanised method. Call it bulldozer then this is different hour. A bulldozer if it carries out a lawful command, is an accessory of law, not against the rule of law. We have to create national climate, national fervour that we will always keep Nation first. Partisan, economic, personal interest can never be a premise, a justifiable ground to compromise your nationalism. You must in this society move ahead by persuasion, positivity, and propriety.

    We have become so impatient, so intolerant, we don’t want to listen to the other person. We believe in ourselves being always right. We are judgemental that we alone are right and others are wrong. Democracy is all about expression and dialogue, you have a right of expression, your right of expression cannot be thwarted. If it is thwarted, or you are in fear before you speak the truth, or your point of view. Governance is not democracy but what use is expression when you don’t allow the other person to say anything contrary? And therefore dialogue is essential. Dialogue is nectar of democracy, dialogue is human interactive session. It has been reflected in our culture Vedas, as Anantavada, anyone who believes in one way traffic of expression leads to authoritarianism. It is dialogue that rationalises expression.

    Second, if you believe only you alone being right, you become victim of aham and ahankar. Human genius is aplenty. It is not in the captivity of any position, of anyone, a parliamentarian, a bureaucrat, or a judge. Every individual is gifted, and India abounds in this.

    Most of us are always in some kind of a mental tussle. We want autonomy of thought process. How do we dress? How do we eat? How do we practise? But this autonomy is not incompatible to accountability. These two are complementary, if I have a religion, and I wish to profess my religion, the religion professing has to be there as a private affair. It can’t be on a public street, or a public space like a railway station or airport, or even a flight because when you are at these places, you are bound by rules, rules of the game as they say. There has to be rule-based regime in every working and therefore, to converge, to demonstrate, it is a right to create an unsettled situation. Young minds have to change the mindset of others and work in that direction.

    Time has come when we must nurture our culture, One Nation, One Culture. No civilisation in the world is as inclusive as Bharat, no civilisation. We have never believed in confrontation, never in adversarial stance but what we find is, even political temperature is very high in the country. We quickly take irretrievable, confrontational, positioning on issues. We are the only way out in dialogue. You will have the occasion to go through what happened in the Constituent Assembly. It happened in 18 sessions, a little less than three years- two years, 11 months and few days.

    You will be surprised, they dealt with very divisive issues of language, of reservation. Very divisive, contentious issues, but there was no disruption. There was no disturbance, there were no placards, there was no shouting. All in a spirit of cooperation, coordination, convergence and that is why consensual approach is fundamental to evolution of democratic values.

    India is recognised in the world as a great power because of you boys and girls. Our demographic dividend, it is envy of the world and you have to perform. You have to neutralise racism, negativity. There is effort in the nation and outside to run us down but you must always realise India’s rise is for global stability. India’s rise is for global peace and youth alone can bring big change. I’m sure you all will work in that direction.

    You will have the occasion to get a real intellectual feast of experienced minds; but most of it will have to be self-learning. Use every moment with inquisitiveness, self-learning, what you can add more every day. Write a diary daily. Pose good questions to one another also. I will have the occasion to interact with you at completion and that I will organise at Vice-President’s House.

    I have indicated and you will have the occasion to ask searching questions. Let me give you two, three poses, you’ll be surprised. There are 12 nominated members in Rajya Sabha. They vote for the Vice-President, they don’t vote for the President. Surprised! 12 nominated Members of Rajya Sabha vote for the Vice-President.

    Now the reasoning given is that the President appoints him, that situation arose earlier but there has been a constitutional change, which was not earlier. That the President is bound 100% by the advice of Council of Ministers s       o the fact is the President doesn’t appoint as such. He goes by the advice of the Council of Ministers then why the distinction? Second, if an MLA has to vote for the President, which he does, there is secrecy of ballot but if the same MLA has to vote for a Member of Rajya Sabha, like two of them here on my right, he has to show his vote to his party boss. Why? Just think about it. These things must be in your mind.

    You must find out how many members were there in the Constituent Assembly to begin with. With the partition, how many went? Who are those six who did not sign, or could not sign? You have to think deeply why the country started celebration of Constitution Day. It was not earlier. It was started 10 years back. Why did a decision was taken to have Samvidhan Hatya Diwas? Why? Because you boys and girls are not aware that the nation was plunged in darkness in 1975. Lakhs of people were put in jail. The glorious rights of democracy, one of which being the right to approach the court, access to judiciary was availed. Nine high courts decided citizens have that right. Supreme Court declined and said two things. One, during emergency, you have no fundamental rights so people languished in jail and who languished in jail, they later on became Prime Ministers. So Chaudhary Charan Singh became a Prime Minister, Atal Bihari Vajpayee became Prime Minister, Chandra Shekharji became Prime Minister, to just name a few but it happened.

    Then how long will Emergency last? It was decided by the court as long as the executive wants. So we were plunged in darkness. You are not aware and therefore to remind you, that why do we have Constitution at the House. If you will find out other things also, get to the deep of it. Parakram Diwas, Netaji Subhas Chandra Bose, we had forgotten him. Birsa Munda, Janjatiya Diwas, we had forgotten him. Many like him.

    Therefore we have rediscovered our real heroes, who should have been well sung but either they were not well sung, or unsung, or forgotten because culture is something, history is something that has to inspire and motivate us. Do we have a box where we can put suggestions? We have a portal. 

    I am initiating a new mechanism, a box will be put, where during the day without revealing your identity, you can make any suggestion and I will look into that on a daily basis.

    Best of luck. Enjoy your day.

    ****

    JK

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  • MIL-OSI USA: Roofing Business Owner and Payroll Administrator Sentenced for Employment Tax Conspiracy

    Source: US State of California

    Two Florida residents were sentenced today to three years and a year and a day in prison, respectively, for conspiring to defraud the United States by not paying employment taxes to the IRS.

    According to court documents and statements made in court, William Skaggs Jr. owned and operated Nastar Roofing, a roofing company that worked throughout the Ft. Myers area. Billie Adkison was the business’ main office administrator, whose duties included managing payroll. 

    Between 2013 and 2023, Nastar employees — including Skaggs, Adkinson, and others acting at their direction — withdrew over $21 million from the company’s bank accounts to pay employees predominantly in cash without withholding Social Security, Medicare, and federal income taxes from those wages. They did this to escape paying employment taxes they knew were legally required.

    At times, Nastar used a payroll provider to issue employees nominal paychecks, but Nastar did not inform the payroll company about the cash wages. As such, when the payroll company filed employment tax returns with the IRS, the forms were false because they did not report the cash wages. Similarly, when Nastar did not use a payroll provider and filed its own employment tax returns, it did not report the substantial cash wages paid to employees. Both Skaggs and Adkison signed some of these tax returns, knowing that they were false.

    In total, Skaggs and Adkison caused a tax loss to the IRS of nearly $2.5 million.

    In addition to their prison sentences, U.S. District Judge Sheri Polster Chappell for the Middle District of Florida ordered Skaggs and Adkison to serve three years of supervised release. The court will determine restitution at a later date.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Sara Sweeney for the Middle District of Florida made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney Kevin Schneider of the Tax Division and Assistant U.S. Attorneys Michael Leeman and Benjamin Winter for the Middle District of Florida prosecuted the case.

    MIL OSI USA News

  • MIL-OSI Security: Roofing Business Owner and Payroll Administrator Sentenced for Employment Tax Conspiracy

    Source: United States Attorneys General

    Two Florida residents were sentenced today to three years and a year and a day in prison, respectively, for conspiring to defraud the United States by not paying employment taxes to the IRS.

    According to court documents and statements made in court, William Skaggs Jr. owned and operated Nastar Roofing, a roofing company that worked throughout the Ft. Myers area. Billie Adkison was the business’ main office administrator, whose duties included managing payroll. 

    Between 2013 and 2023, Nastar employees — including Skaggs, Adkinson, and others acting at their direction — withdrew over $21 million from the company’s bank accounts to pay employees predominantly in cash without withholding Social Security, Medicare, and federal income taxes from those wages. They did this to escape paying employment taxes they knew were legally required.

    At times, Nastar used a payroll provider to issue employees nominal paychecks, but Nastar did not inform the payroll company about the cash wages. As such, when the payroll company filed employment tax returns with the IRS, the forms were false because they did not report the cash wages. Similarly, when Nastar did not use a payroll provider and filed its own employment tax returns, it did not report the substantial cash wages paid to employees. Both Skaggs and Adkison signed some of these tax returns, knowing that they were false.

    In total, Skaggs and Adkison caused a tax loss to the IRS of nearly $2.5 million.

    In addition to their prison sentences, U.S. District Judge Sheri Polster Chappell for the Middle District of Florida ordered Skaggs and Adkison to serve three years of supervised release. The court will determine restitution at a later date.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Sara Sweeney for the Middle District of Florida made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney Kevin Schneider of the Tax Division and Assistant U.S. Attorneys Michael Leeman and Benjamin Winter for the Middle District of Florida prosecuted the case.

    MIL Security OSI

  • MIL-OSI USA: DHS, ICE, and interagency enforcement arrest and extradite Honduran criminal alien

    Source: US Immigration and Customs Enforcement

    WASHINGTON – A Honduran criminal alien, Eswin Mejia, 28, wanted in connection with a tragic 2016 motor vehicle homicide in Douglas County, Nebraska, was arrested and extradited to the United States, March 21 following an extensive U.S. Immigration and Customs Enforcement joint partner investigation.

    In January 2016, prior to the conclusion of his immigration proceedings, Mejia crashed his car and killed a 21-year-old woman. Following the incident, it was determined that his blood alcohol content was three times over the legal limit.

    Despite the severity of the charges, on Feb. 5, 2016, Mejia was granted bond and released back into the community. He later fled to Honduras to escape prosecution.

    “The extradition and arrest of this criminal alien is the culmination of a nearly decade-long battle for justice for Sarah Root and her family. Thanks to the hard work of our Homeland Security Investigation and our interagency law enforcement partners, Eswin Mejia, who fled the U.S. to evade prosecution, will finally face justice for the killing of Sarah Root. Sarah should still be here today, and this illegal alien should have never been in our country in the first place,” said Department of Homeland Security Secretary Kristi Noem. “Senator Joni Ernst has been a champion for Sarah and her family, and her efforts and leadership were crucial in Mejia’s extradition. President Trump is putting the safety of Americans first — no longer will murderers and criminal illegal aliens be released into American communities.”

    “For over nine years, I have called for justice on behalf of Sarah Root, and today President Trump and his administration are delivering,” said Senator Joni Ernst (R-Iowa). “Sarah should still be alive today, and for too long Michelle, Scott, and the rest of her loved ones have been forced to live with the fact that her killer was running free. Finally, Edwin Mejia will face the long overdue consequences after breaking our laws and taking an innocent life. I am incredibly thankful for President Trump’s strong action, his hardworking administration, and steadfast partnership to right this wrong on behalf of Iowa families.”

    “This arrest is a crucial step in our relentless pursuit of justice for the victim and her grieving family,” said ICE Homeland Security Investigations Kansas City Special Agent in Charge Mark Zito. “This case highlights the vital role ICE plays in relentlessly pursuing dangerous fugitives and criminal aliens. No matter how much time has passed or where they try to flee, ICE is working to bring them to justice.”

    “I want to express my appreciation and gratitude to the men and women of the Marshals Service, as well as our partner agencies who worked tirelessly to bring Mr. Mejia back to the U.S. to face justice,” said Scott Kracl, U.S. Marshal for the District of Nebraska. “I hope this arrest and extradition brings some measure of comfort to the Root family and will serve as a reminder to all fugitives from justice that there is no place to hide.”

    In February 2016, the Douglas County Nebraska County Court issued an arrest warrant for the fugitive on charges of motor vehicular homicide, after Mejia failed to appear at his court proceedings.

    Mejia was first encountered by immigration officials in May 2013 after entering the United States at an unknown date, location and without inspection or parole. U.S. Border Patrol him a notice to appear, and he was released on his own recognizance, pending immigration proceedings.

    Mejia failed to attend his immigration proceedings and in April 2016, an immigration judge with the Justice Department’s Executive Office for Immigration Review ordered his removal from the U.S. in absentia.

    Mejia’s capture is the direct result of an ICE HSI-led joint investigation, with significant assistance from ICE Enforcement and Removal Operations, U.S. Marshals Service, FBI, Department of State, U.S. Embassy of Honduras, HSI Tegucigalpa Transnational Criminal Investigative Unit, Honduran National Police Directorate for Police Investigations, Honduran National Police Directorate for Police Intelligence, Honduran Special Forces, Omaha Police Department, Douglas County Attorney, and Omaha United States Attorney’s Office.

    Mejia is currently in local custody at Douglas County Corrections, and ICE has lodged an immigration detainer with the jail.

    Members of the public can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    MIL OSI USA News

  • MIL-OSI Security: Eden Prairie Man Charged with Coercion, Enticement of a Minor, and Production of Child Sexual Abuse Material

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    MINNEAPOLIS – Michael Bruce Gillis, an Eden Prairie man, has been charged via federal criminal complaint with coercion and enticement of a minor and production of child pornography, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to the criminal complaint, on March 2, 2025, the Mounds View Police Department received a report of a missing 15-year-old male. In an effort to locate the missing juvenile, his family members reviewed his personal electronic devices and discovered recent chat communications between Minor Victim A and an individual identified as “Nick Miller.” In their chat thread, Minor Victim A specifically identified himself as being “young” and still in high school, to which “Nick Miller” responded that he “like[s] younger guys” and that he was “okay with it.” From there, the chat transitioned to Minor Victim A and “Nick Miller” exchanging sexually explicit messages and graphic photos. The pair then made plans to meet, but because Minor Victim A was too young to drive, “Nick Miller” ordered an Uber to pick him up and drive him to the meetup location.

    A few hours after the electronic communications between “Nick Miller” and Minor Victim A, law enforcement conducted a welfare check at the address “Nick Miller” had provided.  Law enforcement officers discovered Minor Victim A walking on foot a short distance from the indicated residence. Minor Victim A reported that “Nick Miller” had sexually assaulted him, and that he had escaped from the house after “Nick Miller” had fallen asleep. Law enforcement officers subsequently apprehended “Nick Miller” at the address he had provided, and positively identified him as Michael Bruce Gillis, 35. A subsequent records check revealed two other pending matters involving allegations of child exploitation, one in Hennepin County, Minnesota, and the other in Polk County, Florida.

    “As this case demonstrates, child predators are clear and present dangers to the children of Minnesota,” said Acting U.S. Attorney Lisa D. Kirkpatrick.  “We have federal tools at our disposal—including significant mandatory minimum sentences—that appropriately take predators like this off the street for decades.  As Acting U.S. Attorney, I have directed my office to continue to prioritize these abhorrent crimes—to send a strong deterrent message and to protect our community.”

    “The allegations in this case are horrific. His deliberate, predatory behavior led to the sexual assault of a child, causing significant harm and trauma” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “The FBI and our law enforcement partners will use every resource available to ensure those who prey on the most vulnerable are brought to justice.”

    Gillis was charged by criminal complaint today in U.S. District Court with one count of coercion and enticement of a minor and one count of production of child pornography.  He is currently detained.  

    This case is the result of an investigation by the FBI, Eden Prairie Police Department, Mounds View Police Department, and the Bloomington Police Department.

    “I am glad we are working with our federal partners to get these child predators off the street,” said Bloomington Police Chief Booker Hodges. “I am confident this partnership will help keep our communities safe.”

    Assistant U.S. Attorney Jordan L. Sing is prosecuting the case.  

    A complaint is merely an allegation and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: Convicted Felon Headed Back To Federal Prison For Possessing Multiple Firearms

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Fort Myers, FL – U.S. District Judge Thomas P. Barber today sentenced Juan Gonzalez-Diaz (46, Cuba) to two years and six months in federal prison for possessing firearms and ammunition as a convicted felon. The court also ordered Gonzalez-Diaz to forfeit the firearms and ammunition possessed during the offense. Gonzalez-Diaz entered a guilty plea on December 18, 2024.

    According to court documents, on June 19, 2024, deputies from the Hendry County Sheriff’s Office executed a search warrant at an industrial park in Labelle. During the search of the property, deputies located a stolen recreational vehicle (RV) and discovered Gonzalez-Diaz, a convicted felon, inside. The RV was subsequently searched, and deputies recovered multiple firearms and ammunition. At the time, Gonzalez-Diaz had a previous federal felony conviction for conspiracy to receive, possess, conceal, store, sell, and dispose of stolen goods. As a convicted felon he is prohibited from possessing firearms or ammunition under federal law.

    This case was investigated by Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Hendry County Sheriff’s Office. It was prosecuted by Assistant United States Attorney Patrick L. Darcey.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI

  • MIL-OSI USA: Barr, Helping Small Businesses Reach Their Potential

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1 The United States has an enviable entrepreneurial culture and a strong track record of building new companies. Yet, new and small business owners often navigate significant challenges from establishment to growth. These challenges typically include limitations in accessing capital, in developing robust business and professional networks for peer support and opportunities, and in building the comprehensive skills, resources, and social connections that contribute greatly to business resiliency and sustainability. Women and minority entrepreneurs may face even greater obstacles. While business formation is, of course, primarily a matter for the private sector, public policy can and should encourage increased rates of entrepreneurship and business formation—and the capital, networks, and skills essential for success for all business owners.
    Today, I want to highlight the vital role that small businesses play in driving the U.S. economy, consider the challenges in accessing credit that some small business owners face, and offer some practical solutions to help small businesses thrive.
    Small Businesses and Their Role in the EconomySmall businesses are the heart of the U.S. economy. They produce nearly half of the country’s gross domestic product and employ just under half of all private sector workers.2
    Small businesses have created more than 60 percent of net new jobs since 1995, and business applications have remained consistently elevated at around 5 million annually since mid-2020.3 In recent years, women-owned businesses and minority-owned businesses were two of the fastest-growing segments of businesses. The number of small businesses owned by minorities increased by almost 60 percent and the growth rate for women-owned businesses was not far behind at 50 percent during this time period.4 We should all be encouraged by these statistics, as several studies suggest that improving business ownership and entrepreneurship across demographic groups would help grow our economy faster.5
    And from an individual perspective, entrepreneurship and small business ownership may offer meaningful economic advantages. Research suggests that entrepreneurship often correlates with enhanced job satisfaction and improved economic mobility for business owners—though outcomes naturally vary based on multiple factors including market conditions, industry, and individual circumstances.6
    As we recognize the value of small businesses, it’s also important to recognize that surviving as a small business is not easy. About one in six new businesses fail during their first year and almost 50% fail by their fifth year.7 When a small business struggles or fails, the repercussions often extend beyond the enterprise itself. Entrepreneurs who have invested personal savings and assets in their ventures may face significant financial strain, creating ripple effects that impact their families’ stability as well as the broader economic health of their communities.
    In light of these dynamics, it is essential to understand the fundamental challenges that small businesses face and develop targeted tools and policies that can effectively support entrepreneurs as they start and scale their businesses. Today, let me focus on credit access and the need for more transparency in lending terms.
    Access to Credit for Small BusinessesMany small businesses need credit to launch and grow their business. Small businesses access financing from diverse sources, including banks of all sizes, credit unions, online lenders, and other nonbank financing companies. Despite this range of sources, the Federal Reserve’s Small Business Credit Survey (SBCS) identified credit availability as a challenge faced by over a quarter of small businesses.8 In addition, many small businesses face problems with the credit they do obtain.
    While access to credit poses challenges for many small businesses, these hurdles can be even more pronounced for women and minority business owners. Research consistently shows that women-owned businesses typically start with smaller amounts of initial capital compared to other firms, even when accounting for factors like education, experience, credit scores, and business characteristics such as industry and growth potential.9 Furthermore, women- and minority-owned businesses often encounter distinct obstacles when seeking financing. Minority business owners often have lower credit scores compared to non-minority business owners, which can lead to lower approval rates for loans.10
    Banks, nonbanks, and online lenders have the potential to fill these financing needs. But to be effective, they need to understand consumer preferences and behavior to provide credit products that meet these needs in a safe and fair way.
    Addressing the Need for Financial TransparencyA significant challenge facing small businesses is the absence of policies providing essential tools and protection for small business borrowers. Despite the fact that many small businesses function more like households than Fortune 500 companies, they generally fall outside regulatory disclosure requirements intended to ensure transparency in pricing, facilitate comparison shopping, and protect the financial interest of borrowers.
    Consider the Truth in Lending Act (TILA), implemented in Regulation Z, which does not extend protection to small business borrowers.11 This exclusion stems partly from the assumption that small business owners possess financial sophistication or can access professional assistance when needed. This regulatory gap matters because business financing offers may present pricing structures that differ substantially from the standardized disclosures that small business owners are accustomed to seeing on consumer credit disclosures.
    Research from focus groups conducted by the Federal Reserve Board and the Federal Reserve Bank of Cleveland revealed that many small business owners struggle with understanding the specialized terminology used by certain nonbank lenders.12 For instance, instead of providing familiar metrics like an Annual Percentage Rate (APR) or an interest rate, some nonbank providers present a factor rate—a fundamentally different metric that cannot be directly compared to an APR or interest rate. The research identified a lender’s website that advertised a “factor rate of 1.15” which translated to an undisclosed estimated APR of approximately 70 percent. Further complicating matters, some lenders may disclose an interest rate without including an APR, meaning that various fees and additional costs may not be reflected in the stated rate that borrowers often use to evaluate their financing options.
    While complexity sometimes serves a business purpose, in many cases, it obfuscates the costs and can lead to poor financial decisions by small business owners. More broadly, product design by banks and nonbanks should help to counter, not lean into, biases that can lead to poor financial decision-making. For instance, present bias describes our natural tendency to prioritize immediate benefits over long-term considerations. This might lead business owners to focus more on quick access to funds or low initial payments rather than evaluating the complete long-term cost structure. Similarly, status quo bias suggests that once a small business borrower establishes a lending relationship, they may be less inclined to explore alternatives, even when more favorable options become available. The perceived complexity or uncertainty of refinancing or switching lenders can reinforce this tendency to maintain existing arrangements. Understanding psychological factors and cognitive biases can help small business borrowers make more informed financial decisions by recognizing how the presentation of lending terms might affect their evaluation process.
    In light of these realities, banks, small business advocates, and industry stakeholders should support policies that help small businesses better understand risks, and to drive the market towards products that are designed to overcome, not exacerbate, these problems. Potential policies would include enhancing transparency in loan terms, thus enabling business owners to make more informed financial decisions. Additional borrower safeguards worth consideration include ensuring that loan products are sustainably repayable and don’t lead businesses into costly reborrowing cycles, as well as ensuring fair treatment both during the loan origination process and throughout any restructuring efforts or collection proceedings.
    Some states are moving forward with policies that protect small businesses. California and New York, for example, now require many lenders to offer clear disclosure of the APR and estimated monthly payments.13 This requirement gives borrowers the opportunity to understand the financing being offered in a clear, concise manner, enabling informed comparisons across different product options. Several other states passed versions of disclosure laws for small business financing transactions, with some variability over the range of financing transactions covered and the types of disclosures required.14
    The Role of Community-Based ProgramsI want to recognize the important role that community-based programs can play in supporting entrepreneurs. These programs provide accessible tools, technical assistance, and educational resources that help entrepreneurs reach their full potential. Local organizations such as small business development centers, educational institutions, and community development financial institutions are connecting small business owners with personalized consulting, technical assistance and education, and entrepreneurial skills development.
    The most successful of these types of programs deliver practical technical assistance and education while fostering collaboration within local entrepreneurial ecosystems. These include university- or community college-based initiatives connecting business owners with volunteer consultants, resource hubs offering workshops, or rural development centers providing specialized support. By emphasizing both skill-building and community connections, these programs help small businesses and entrepreneurs overcome barriers to success.
    ConclusionIn conclusion, small businesses are engines of innovation, job creation, and economic mobility in our society. Great work has been done to understand what it takes to help small businesses thrive and grow, including access to sound and affordable credit, skills-building, and business networks. I encourage us to build on this work by enhancing financial transparency, implementing supportive policies, and leveraging community-based programs to enhance business opportunities. These collective efforts to support entrepreneurs and small business owners not only benefit individual enterprises but also contribute to a healthy and dynamic economy that works for all.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. U.S. Small Business Administration Office of Advocacy, “Frequently Asked Questions About Small Business, 2024.” July 2024. Return to text
    3. Id. See also Kennan Fikri and Daniel Newman, “Business Applications Eked Out a New Record in 2023,” Economic Innovation Group, January 2024. Return to text
    4. See U.S. Census Bureau, “Survey of Business Owners—Survey Results: 2012,” February 2016; “Annual Business Survey: 2022,” October 2023; “Census Bureau Releases New Data on Minority-Owned, Veteran-Owned, and Women-Owned Businesses,” October 26, 2023; and “Nonemployer Statistics by Demographics: 2021.” Return to text
    5. McKinsey Institute for Economic Mobility, The Economic Impact of Closing the Racial Wealth Gap, August 13, 2019, https://www.mckinsey.com/industries/public-sector/our-insights/-the-economic-impact-of-closing-the-racial-wealth-gap. McKinsey Institute for Economic Mobility, The Economic State of Latinos in America: the American Dream Deferred, December 2021, https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/the-economic-state-of-latinos-in-america-the-american-dream-deferred. Andre M. Perry and Carl Romer, “To Expand the Economy, Invest in Black Businesses,” The Brookings Institution. December 31, 2020. Wells Fargo, “2025 Impact of Women-Owned Businesses (PDF)”. Return to text
    6. See, e.g., Levine, R., & Rubinstein, Y. (2022). “Smart and illicit: Who becomes an entrepreneur and do they earn more?” Quarterly Journal of Economics, 137(1), 191-241; JPMorganChase & Co and Gallup. Entrepreneurial Insights: Owning and Employing as a Pathway to Wealth and Well Being. April 2024, https://news.gallup.com/poll/643268/employing-others-linked-wealth-wellbeing.aspx. Return to text
    7. US Bureau of Labor Statistics. Survival of Private Sector Establishments by Opening Year (TXT). Return to text
    8. “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey (PDF),” Small Business Credit Survey, Federal Reserve Banks, March 2024. Other financial challenges include rising costs of goods, services, and/or wages; paying operating expenses; uneven cash flow; weak sales; and making payments on outstanding debt. Return to text
    9. U.S. Department of Commerce, “Women Owned Business in the 21st Century (PDF),” October 2010. This report found that women start with less capital than men and are less likely to take on additional debt to expand their businesses. They are more likely than men to indicate that they do not need any financing to start their businesses. Susan Coleman and Alicia Robb, “A Comparison of New Firm Financing by Gender: Evidence from the Kauffman Firm Survey Data,” May 5, 2009, https://link.springer.com/article/10.1007/s11187-009-9205-7. This report found that, consistent with previous studies, women start their businesses with significantly lower levels of financial capital than men. Findings also reveal that women rely heavily on personal rather than external sources of debt and equity for both start-up capital and follow-on investments. Return to text
    10. Fairlie, Robert, Alicia Robb, and David T. Robinson. “Black and White: Access to Capital Among Minority-Owned Startups (PDF).” NBER Working Paper No. 28154. November 2020. Return to text
    11. While Regulation Z sets forth requirements for consumer credit advertising – and includes provisions to state charges as an Annual Percentage Rate (APR) and, among other things, full repayment terms when referencing payments, and certain other credit terms that may apply – Regulation Z does not apply to business credit. Because of this, lenders offering small business credit and lending products, often have more flexibility when it comes to disclosures of their products’ costs and features than do lenders offering credit products for personal or household use. Return to text
    12. Barbara Lipman and Ann Marie Weirsch, “Alternative Lending through the Eyes of “Mom-and-Pop” Small-Business Owners” (2016). Return to text
    13. California Code of Regulations, Title 10, Chapter 3, Subchapter 3 (PDF); New York State Department of Financial Services, 23 NYCRR 600 (PDF). Return to text
    14. See, e.g., Virginia, Utah, and Florida. For more details on the regulations across states, see https://onyxiq.com/commercial-financing-disclosure-laws/. Return to text

    MIL OSI USA News

  • MIL-OSI Security: Boston Man Pleads Guilty to Extortion Conspiracy

    Source: Office of United States Attorneys

    Defendant involved in Massachusetts State Police Commercial Driver’s License bribery scheme

    BOSTON – A Boston man pleaded guilty on March 21, 2025 to his role in an extortion conspiracy involving former Massachusetts State Police (MSP) troopers who allegedly conspired to give false passing scores to certain Commercial Driver’s License (CDL) applicants who had failed or had taken only partial CDL skills test, in exchange for bribes.

    Eric Mathison, 48, pleaded guilty to one count of conspiracy to commit extortion. U.S. District Court Judge Indira Talwani scheduled sentencing for June 13, 2025. In January 2024, Mathison was charged in a 74-count indictment along with five others in the alleged conspiracy and related schemes.

    Mathison, who worked for a water company that employed drivers who needed CDLs to drive their delivery vehicles, admitted to his role in an alleged conspiracy with others including former MSP Sergeant Gary Cederquist, then in charge of MSP’s CDL Unit, to give false passing scores to certain CDL applicants affiliated with the water company. It is alleged that Cederquist gave passing scores to multiple applicants who actually failed the CDL skills test, as well as others who took only a partial test, in exchange for bribes of free inventory from the water company, such as cases of bottled Fiji, VOSS and Essentia water, cases of bottled Arizona Iced Tea and coffee and tea products, all of which Mathison delivered to an office trailer at the CDL test site in Stoughton. Mathison admitted to his alleged communications with Cederquist about particular CDL applicants, their performance on the skills test, and inventory from the water company that Cederquist allegedly requested and that Mathison delivered. For example, Mathison admitted that he received texts, allegedly from Cederquist, describing one water company applicant as “an idiot,” who had “no idea what he’s doing,” and “should have failed about 10 times already.” It is alleged that Cederquist then gave this applicant a passing score. On another occasion, Mathison admitted that he asked Cederquist, “Hows the trailer holding,” to which Cederquist allegedly responded, “In desperate need of restocking,” along with a specific request for, among other things, premium bottled water, tea, energy drinks and a “truckload of large water.”

    The charge of conspiracy to commit extortion provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England; and Christopher A. Scharf, Special Agent in Charge, U.S. Department of Transportation Office of Inspector General, Northeast Region made the announcement today. Assistant U.S. Attorneys Christine J. Wichers and Adam W. Deitch of the Public Corruption & Special Prosecutions Unit are prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: Arizona Man Sentenced to 180 Months in Prison for Mailing Methamphetamine to Northern Alabama

    Source: Office of United States Attorneys

    HUNTSVILLE, Ala. – An Arizona man has been sentenced to prison for his role in a drug trafficking conspiracy, announced United States Attorney Prim F. Escalona and Special Agent in Charge Carlton L. Peeples of the Federal Bureau of Investigation, Birmingham Division. 

    United States District Judge Liles C. Burke sentenced Jeremiah Warren, 42, of Vail, Arizona, to 180 months in prison. On October 4, 2023, Warren pleaded guilty to Conspiracy to Distribute and Possess with Intent to Distribute 50 grams or More of Methamphetamine. 

    According to the plea agreement, Warren supplied Isaiah Oneal Rice, who lived in Athens, Alabama, with controlled substances for several years. Warren would send Rice drugs—including crystal methamphetamine—through the United States mail. From February to May 2022, Warren mailed over 34 pounds of packages containing controlled substances into the Northern District of Alabama.

    Rice was also prosecuted and sentenced to 176 months in prison on January 10, 2024. On July 27, 2022, Rice pleaded guilty to Conspiracy to Distribute and Possess with Intent to Distribute 50 grams or More of Methamphetamine, two counts of Unlawful Distribution of Methamphetamine, Possession with Intent to Distribute 50 grams or More of Methamphetamine, Possession of a Firearm in Furtherance of a Drug Trafficking Crime, and Felon in Possession of a Firearm.

    The FBI’s North Alabama Safe Streets Task Force investigated the cases. The Limestone County Sheriff’s Office and Athens Police Department provided valuable assistance. Assistant United States Attorney John M. Hundscheid prosecuted the cases.

    MIL Security OSI

  • MIL-OSI Global: Hudson’s Bay liquidation: What happens when a company goes bankrupt?

    Source: The Conversation – Canada – By Michael R. King, Associate Professor, Gustavson School of Business and Lansdowne Chair in Finance, University of Victoria

    An Ontario court has approved the liquidation of nearly all Hudson’s Bay Company’s stores, marking the end of Canada’s oldest company, which has been in operation for 355 years. The liquidation is set to begin March 24, and will continue until June 15, leaving only six stores in operation.

    The court’s decision came shortly after Hudson’s Bay filed for creditor protection, signalling the company’s struggle to manage its mounting debt.

    With widespread layoffs sure to follow, this corporate collapse is both shocking and distressing. But the court documents suggest it was not unexpected. Hudson’s Bay lost $329.7 million in the 12 months leading up to Jan. 31, 2025. As of that date, Hudson’s Bay had only $3.3 million in cash and owed more than $2 billion in debt and leases.

    The final straw appears to have been trade tensions between Canada and the U.S., with the increased geopolitical and economic uncertainty leading lenders to shun Hudson’s Bay as it sought more financing, according to court documents.

    What bankruptcy looks like

    The downfall of a major company like Hudson’s Bay brings with it a wave of financial jargon. Understanding the differences between insolvency, bankruptcy, restructuring and liquidation is crucial to fully grasp the situation.

    Insolvency occurs when a business runs out of cash and cannot pay its bills. At the start of March, it was $5 million behind on rent and supplier payments, and within days of missing payroll.

    Bankruptcy is a legal process under Canada’s Companies’ Creditors Arrangement Act where a company files for protection from its creditors. The goal is to avoid the social and economic costs of liquidation, preserve jobs and protect the interests of affected stakeholders. If granted, the judge sets a “stay period” where the company works out a restructuring plan with its creditors.

    Hudson’s Bay has more than 2,000 creditors, including $430 million in secured term loans, $724 million in mortgages and $512 million to unsecured creditors, mostly owed to suppliers. Hudson’s Bay also owes payroll remittances, federal sales taxes and over $60 million in customer gift cards and loyalty points. Gift cards are good until April 6.

    A restructuring wipes out the equity holders and allows a company to negotiate a reduction in its debts. The business continues to operate under the supervision of a court-appointed monitor, using interim financing to pay bills. If successful, the company re-emerges from bankruptcy and continues to do business.

    If restructuring is not successful, the company asks the court for permission to liquidate. Liquidation means a “fire sale” of all assets such as inventory, shelving, real estate, leases and trademarks. Items are sold at a deep discount, leading to potential bargains.

    The Ontario Superior Court denied the initial request to liquidate on March 14, telling Hudson’s Bay and its creditors to “lower the temperature” and work on a deal. With only limited progress and some concessions made to support Hudson’s Bay’s joint venture with RioCan REIT, the court gave permission for the liquidation on March 21.

    Many will lose, some will win

    The collapse of Hudson’s Bay will leave many facing financial losses, while a select few stand to gain.

    Secured creditors, some suppliers and Hudson’s Bay pensioners are expected to be protected by the courts. However, many others, including thousands of customers and more than 1,800 unsecured creditors, will suffer a financial hit.

    The hardest impact will be felt by the more than 9,300 employees losing their jobs. Employees will lose their income, health and disability benefits, and life insurance, significantly impacting families across the country.

    However, employees will not lose their pension benefits. The company’s pension plan is fully funded and in surplus position. This was not the case for Sears Canada when it went bankrupt in 2018. A surplus means the value of investments is greater than the promised benefits and is good news for retirees.




    Read more:
    Sears Canada tarnishes the gold standard of pensions


    Mall landlords will also lose out. Hudson’s Bay drove foot traffic in malls across the country where it was the anchor-tenant. There will likely be painful ripple effects for smaller Hudson’s Bay store owners, including falling sales, defaults on mortgages and business failures.

    That said, some stand to benefit. For example, the American financial services company Restore Capital LLC is providing interim debtor-in-possession (DIP) financing, charging a hefty fee in the process. The lawyers and accountants involved in the bankruptcy may also benefit.

    Priority of proceeds

    When a company is liquidated, the proceeds from selling its assets are used to repay claimants based on their priority in bankruptcy. This is sometimes referred to as the waterfall of “who gets what.” Think of it as a queue with people lining up to get paid.

    Interim DIP financing is paid off first, together with legal and accounting fees related to the bankruptcy. Essential operating costs during the restructuring are also paid, including employee wages.

    Next come secured creditors. These lenders provided funding backed by specific assets, known as collateral. Collateral may include inventory and real estate. A similar process happens on a personal residence; if a homeowner defaults on their mortgage payments, the bank may take possession of the house.

    Third in line are debts granted priority by the courts. Employees receive unpaid wages up to a certain cap, just under $9,000, under the federal Wage Earner Protection Program. Pension benefits are paid out and outstanding payroll and sales tax remittances are paid.

    As the pool of assets gets smaller, unsecured creditors are paid off next including suppliers, landlords and employees owed additional wages or termination benefits.

    Last in the queue from the wind-up are equity holders — the residual claimants — who control the company through their common and preferred shares.

    In 2020, Hudson’s Bay’s CEO Richard Baker and a group of investors took the company private, meaning it was no longer publicly traded on the Toronto Stock Exchange, buying out shareholders for approximately $2 billion. This stake is now wiped out.

    Disappointing, but not surprising

    Hudson’s Bay’s current financial situation is disappointing, but not surprising. The COVID-19 pandemic made times tough for brick-and-mortar retailers. On top of this, under-investment and a failed e-commerce strategy left the company struggling to compete in an increasingly digital retail landscape.

    With tariffs and trade uncertainty hurting the Canadian economy, the unfolding trade war is expected to have far-reaching consequences for Canadian households and businesses. Hudson’s Bay was not immune to these effects.

    In the end, Hudson’s Bay backed itself into a corner, arguably waiting too long to secure funding and ultimately losing control of its own destiny. Its bankruptcy is a major blow to Canadian retail, marking the end of a era for a company that lasted more than three-and-a-half centuries.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Hudson’s Bay liquidation: What happens when a company goes bankrupt? – https://theconversation.com/hudsons-bay-liquidation-what-happens-when-a-company-goes-bankrupt-252784

    MIL OSI – Global Reports

  • MIL-OSI Security: Belgium National and Utah Business Owner Charged After Allegedly Running a $5 Million Ponzi Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    $3M of investor funds allegedly used on real estate, a personal chef, Chevrolet Corvette & more

    SALT LAKE CITY, Utah –A Belgium national and the owner of K & K Strategies is facing federal charges after he allegedly operated a $5 million Ponzi scheme.  The Utah investment owner, who was not licensed to sell securities, allegedly defrauded approximately 75 investors, and used at least $3 million on real estate purchases, investor payouts, a personal chef, a 2002 Chevrolet Corvette, and other personal expenses.

    Kenny Dirk Van Der Spek, aka Kenny Vanderspek, 35, of South Jordan, Utah, was charged by complaint on March 12, 2025. He was charged by way of felony information on March 19, 2025.

    According to court documents, Van Der Spek, who was the owner and manager of K & K Strategies, LLC, defrauded at least 75 investors in his company between December 2017 and December 2023. K & K Strategies was a Utah limited liability company with a principal address in Salt Lake County and had investors in Utah and across the country. The stated purpose of the business was to help people who were not wealthy invest and teach about stock trading. However, Van Der Spek was not licensed to sell securities.

    As part of the scheme to defraud, Van Der Spek lied and manipulated clients to convince them to invest with K & K Strategies. He told them that K & K Strategies was legally operating a hedge fund and that he was licensed to do so. He represented to investors that their investments with K & K Strategies LLC were succeeding, showing them fabricated financial records, when in reality, investors were suffering losses. He also displayed an alleged “live stream” of trades on knkstrategies.com so that investors could “watch [their] money grow.”

    Van Der Spek is charged with securities fraud, wire fraud, and money laundering. His initial appearance on the felony information is scheduled for March 20, 2025, at 3:00 p.m. in courtroom 7.1 before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

    Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

    The case is being investigated by the FBI Salt Lake City Field Office, Internal Revenue Service – Criminal Investigation (IRS-CI) Phoenix Field Office, and the Utah Division of Securities.

    Special Assistant United States Attorney Sachiko J. Jepson and Assistant United States Attorney Mark Y. Hirata, of the U.S. Attorney’s Office for the District of Utah are prosecuting the case.

    A felony information is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 
     

    MIL Security OSI

  • MIL-OSI Security: Illegal alien charged in gift card fraud, identity theft scheme in Glen Carbon

    Source: Office of United States Attorneys

    EAST ST. LOUIS, Ill. – A Chilean national is facing federal charges for using a stolen credit card to purchase gift cards at the Sam’s Club in Glen Carbon.

    Maryorie Fernandez-Ormeno, also known as Guadalupe Maldanado Salinas, 36, is charged with one count of conspiracy to commit access device fraud, access device fraud, attempted access device fraud and illegal entry after deportation and two counts of aggravated identity theft.

    “Individuals who enter the U.S. illegally and steal from our communities will be prosecuted to the fullest extent of the law,” said U.S. Attorney Steven D. Weinhoeft.

    According to court documents, Fernandez-Ormeno is accused of stealing a credit card out of another woman’s purse while she shopped at the Schnucks in Edwardsville. She then used the stolen credit card to purchase $2,684.24 in gift cards at the Sam’s Club in Glen Carbon on Feb. 18, 2024. Fernandez-Ormeno is also accused of using the same stolen credit card to attempt to make a $2,477.76 purchase at the same Sam’s Club.

    Fernandez-Ormeno was previously deported from the U.S. on Oct. 2, 2023, and she is facing a charge for reentering the country unlawfully. She was arrested by the U.S. Marshals Service in Philadelphia.

    A co-conspirator is also facing charges.

    An indictment is merely a formal charge against a defendant. Under the law, a defendant is presumed to be innocent of a charge until proved guilty beyond a reasonable doubt to the satisfaction of a jury.

    Convictions for attempted access device fraud and access device fraud are punishable by up to 10 years’ imprisonment, aggravated identity theft is a mandatory two years in federal prison, conspiracy to commit access device fraud can earn five years’ imprisonment and illegal reentry after deportation is punishable by up to two years’ imprisonment.

    The Edwardsville Police Department and Homeland Security Investigations are contributing to the investigation. Assistant U.S. Attorney Kathleen Howard is prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: Philadelphia Man Found Guilty Of Conspiring To Distribute Cocaine

    Source: Office of United States Attorneys

    CAMDEN, N.J. – A Philadelphia, Pennsylvania, man was found guilty of conspiring to distribute cocaine, U.S. Attorney John Giordano announced.

    Marvin Murphy, 48, of Camden, New Jersey, was convicted on March 18, 2025 after a two-day bench trial before Chief U.S. District Judge Renée Marie Bumb. Murphy was remanded into custody after the verdict.  

    According to documents filed in this case and evidence at trial:

    From June 2021 through July 13, 2021, Murphy conspired with Carl Lee Holloway, Lavinston Lamar, and others to distribute and to possess with intent to distribute cocaine. On June 23, 2021, Holloway traveled to San Diego, California, to meet with an undercover agent posing as a drug dealer.  Holloway and the undercover agent discussed arranging a drug deal in New Jersey during which the undercover agent would deliver at least 10 kilograms of cocaine for Holloway and his associates.  During the meeting, Holloway called Murphy, and the two proceeded to communicate about the drug deal during the subsequent weeks.

    On July 13, 2021, Holloway, Murphy, and Lamar separately arrived at a hotel in Mount Laurel, New Jersey, each with bags containing U.S. currency collectively totaling over $340,000.  They met with undercover agents inside a hotel room at the hotel. They briefly inspected one of the kilograms of cocaine previously brought into the room by undercover agents, after which agents entered the room and arrested Holloway, Lamar, and Murphy.

    Chief Judge Bumb previously sentenced Holloway to 120 months in prison after Holloway pleaded guilty to his involvement in the same conspiracy.  Chief Judge Bumb also previously sentenced Lamar to 114 months in prison, which was later reduced to 100 months, after Lamar pleaded guilty to his involvement in the same conspiracy and to violating the conditions of his supervised release from a prior conviction for conspiring to distribute cocaine.

    The count of conspiracy to distribute cocaine carries a maximum penalty of twenty years in prison and a fine of up to $1,000,000.  Sentencing is scheduled for July 17, 2025.  

    U.S. Attorney Giordano credited special agents with the Department of Homeland Security, Homeland Security Investigations, under the direction of Special Agent in Charge Ricky J. Patel in Newark and Special Agent in Charge Shawn S. Gibson in San Diego; and the Mount Laurel Police, under the direction of Chief Timothy Hudnall, with the investigation leading to today’s conviction.

    The government is represented by Assistant U.S. Attorney Jeffrey Bender and Special Assistant U.S. Attorney Katelyn Waegener of the U.S. Attorney’s Office in Camden.
     

    MIL Security OSI