Category: Finance

  • MIL-OSI USA: Cantwell Hits Trump’s Trade Policy on CNBC: “It Almost Seems Like A Tariff Tantrum”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    02.13.25
    Cantwell Hits Trump’s Trade Policy on CNBC: “It Almost Seems Like A Tariff Tantrum”
    WA depends on steel & aluminum imports; last year, the state imported $1.2B worth of steel & aluminum for aerospace, shipbuilding, electronics & more; Last round of Trump trade wars nearly decimated WA’s apple export market to India; Cantwell helped negotiate end to retaliatory tariffs in 2023 & restore the market
    WASHINGTON, D.C. – This morning, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and a senior member of the Senate Committee on Finance, appeared on CNBC’s Squawk Box to push back against President Trump’s aggressive use of tariffs, even against the United States’ closest allies, instead of focusing on opening up export markets and lowering costs for American consumers.
    “This is the fourth week of the Trump Administration, and I would hope that we would have been hearing about how we’re lowering costs on housing, food prices, and drugs. And instead, we’re now in – it almost seems like a tariff tantrum, like we’re just going to tariff everything. And what I would like to see is an engagement by both Democrats and Republicans pushing back on this notion that a ‘tariff everything’ strategy is the way to get out of this situation,” Sen. Cantwell told Squawk Box’s Andrew Ross Sorkin.
    “I’ve been critical of Obama’s tariffs. I’ve been critical of Biden’s tariffs. What I want people to understand is we live in a world, now, where alliances and dealing with these issues on a coalition basis will get us further, because 95% of consumers are outside the United States,” she continued.
    “In the last Trump administration, he did the same thing [… he] cut hundreds of apple jobs in my state that never recovered. But it decimated a $120 million market, and then, basically, because of the retaliatory tariffs, we were without an apple market to India. I worked in the Biden administration to get that restored. So, what people don’t understand is, in this environment, you don’t just lose farmland — because actually, Bill Gates or somebody will buy it — you’re losing farmers. And right now, the world, we should be opening up markets. We should be opening up agriculture opportunities around the globe.”
    Her full appearance on Squawk Box can be viewed HERE; a transcript of the interview is HERE.
    In Washington state, two out of every five jobs are tied to trade and trade-related industries.  Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics.
    When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report.  
    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.
    Last week, Sen. Cantwell also delivered a major speech on the Senate floor arguing that the president’s arbitrary tariffs would threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age.
    Sen. Cantwell also voted against advancing the nomination of Howard Lutnick, President Trump’s choice to be Secretary of the Department of Commerce, citing concerns with Lutnick’s support for Trump’s proposed tariffs. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.
    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.
    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.
    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.
    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    MIL OSI USA News

  • MIL-OSI USA: Cantwell Sounds Alarm on Trump Funding Cuts for Lifesaving Biomed Research

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    02.13.25
    Cantwell Sounds Alarm on Trump Funding Cuts for Lifesaving Biomed Research
    State University is on the front lines of avian flu research – Trump’s NIH cuts could jeopardize pandemic response
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, joined the entire Senate Democratic Caucus in sending a letter to U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. expressing serious alarm over the Trump Administration’s recent decisions that threaten to undermine America’s life-saving biomedical research infrastructure, in violation of federal law.
    “This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly,” the Senators wrote.
    Last week, the National Institutes of Health (NIH) announced it would set the maximum rate for indirect costs to 15 percent—creating a serious funding shortfall for research institutions of all types across the country. This move would dismantle the biomedical research system and stifle the development of new cures for disease.
    This Trump administration action is blatantly illegal as Congress’ bipartisan Labor-HHS-Education Appropriations law prohibits modifications to NIH’s indirect costs. Moreover, Congress specifically included this language in the law after President Trump similarly tried to unilaterally impose a sweeping across-the-board cut for research institutions in his first term – and Congress has included it in every appropriations law since then.
    Research entities in Washington state received $1.29 billion in NIH funding in Fiscal Year 2023, which supports nearly 12,000 jobs and nearly $3 billion in economic activity. A state by state analysis of total NIH funding, jobs supported, and economic activity supported through NIH research is available HERE.
    Earlier this week, Washington state Attorney General Nick Brown joined 21 other attorneys general in filing a multi-state lawsuit in the U.S. District Court for Massachusetts challenging the move. A federal judge in Boston temporarily blocked the NIH rate cut and set a hearing for February 21st.
    Sen. Cantwell discussed the repercussions of the proposed NIH cuts during her floor speech explaining her opposition to RFK Jr.’s nomination to head the Health and Human Services Administration last night. Video of Sen. Cantwell’s speech is available HERE, audio HERE, and transcript HERE.
    For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.
    The full text of the letter is HERE and below.
    Dear Secretary Kennedy,
    We write to express our serious concern with the Trump Administration’s recent decisions that threaten to undermine the nation’s biomedical research infrastructure and set us back generations. The steps the Trump Administration has taken will create a serious funding shortfall for research institutions nationwide, threaten to undermine progress on lifesaving scientific advancements, could cost the U.S. economy billions of dollars, and threaten the livelihoods of hundreds of thousands of workers. 
    As the largest public funder of biomedical research in the world, NIH plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds.
    Just last week, NIH announced an illegal plan to cap indirect cost rates that research institutions rely on. In capping indirect cost rates at 15 percent for NIH-funded grants, this policy would cut funding essential for conducting research, such as operating and maintaining laboratories, equipment, and research facilities. This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly.
    These confusing and harmful policy changes threaten patient safety. The strength of the American research enterprise – recognized as the best in the world – is built on Congress’ bipartisan commitment to supporting essential research infrastructure. This funding, which Congress has long appropriated on a bipartisan basis, fuels groundbreaking medical discoveries and cements the United States’ position as the global leader in biomedical research.
    In addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia, with everyone from custodians, to research trainees, to scientists facing potential layoffs. NIH research supported more than 412,000 jobs and fueled nearly $93 billion in new economic activity in Fiscal Year 2023. Every dollar the NIH invests in research generates almost $2.50 in economic activity. These reckless policy changes not only threaten biomedical innovation and research, but also the livelihoods of thousands of workers in every state across the nation.
    The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications “pause” enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research – they cost lives.
    The NIH plays a critical role in our nation’s efforts to fund scientific advancements that improve health and save lives. Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted.
    Sincerely,

    MIL OSI USA News

  • MIL-OSI Security: U.S. Marshals Lone Star Fugitive Task Force Capture a Triple Play Rounding Up 3 Capital Murder Suspects

    Source: US Marshals Service

    Austin, TX – Members of the U.S. Marshals (USMS) Lone Star Fugitive Task Force (LSFTF) continued their work of making Austin neighborhoods safer by apprehending three capital murder suspects on Wednesday.

    The Austin Police Department (APD) requested assistance from the LSFTF to locate and apprehend three suspects sought on capital murder charges from an incident that occurred May 4, 2024, in the 1800 block of Colony Creek Drive in Austin, where a male victim was located lying face down from an apparent gunshot wound. 

    The APD Homicide Unit investigated the incident and identified three suspects who allegedly conspired and acted with one another to commit the murder. 

    On Feb. 7, the Homicide Unit obtained warrants on three suspects in the City of Austin Municipal Court and requested assistance from the LSFTF – Austin Division to locate and apprehend the three suspects who were last known to reside in the city. 

    Members of the LSFTF continued investigative efforts with the Austin Police Department Tactical Intelligence Unit that led to the apprehension of three suspects, who were considered armed and dangerous. 

    Aden Munoz, Aka, “Jermiah”, 18, of Austin, was arrested on in the 1900 block of Hearthside Drive in Austin.

    Bethany Libby, Aka, “Sista Grace”, 37, of Austin, was arrested in the 7900 block of San Felipe Boulevard in Austin.

    Michael Carter, Aka, “Kujo”, 23, of Austin, was arrested in the 900 block of Bedford Street in Austin. 

    All suspects have been transported and transferred to the Austin Police Department.

    Members of the Lone Star Fugitive Task Force in Austin:

    Austin Police Department-Tactical Intelligence Unit
    Georgetown, Round Rock, and San Marcos Police Departments
    Caldwell, Hays, Travis, and Williamson County Sheriff’s Offices
    Texas Attorney General’s Office
    Texas Department of Criminal Justice OIG
    Texas Department of Public Safety
    U.S. Immigration & Customs Enforcement
    U.S. DHS/Homeland Security Investigations

    MIL Security OSI

  • MIL-OSI Security: FBI Los Angeles Field Office Warns of Romance Scams Ahead of Valentine’s Day

    Source: Federal Bureau of Investigation FBI Crime News (b)

    LOS ANGELES—The Federal Bureau of Investigation (FBI) is working to raise awareness about online romance scams, also called confidence fraud. In this type of fraud, scammers take advantage of people looking for romantic partners on dating websites, apps, or social media by obtaining access to their financial or personal identifying information. Romance scams are prevalent, especially during this time of year.

    Romance scams occur when a criminal uses a fake online identity to gain a victim’s affection and trust. These scammers are present on most dating and social media sites. They look to establish a relationship as quickly as possible and endear themselves to the victim. Many may propose marriage and make plans to meet in person. Eventually, they will ask for money.

    “Confidence fraud, or romance scams, can happen to anyone at any time. The criminals who carry out romance scams are experts at what they do” said Akil Davis, Assistant Director in Charge of the FBI Los Angeles Field Office. “Individuals who are looking for love and companionship are the target victims of this online fraud. The FBI cautions everyone who may be romantically involved with a person online to proceed carefully and stay alert to warning signs. If you suspect an online relationship is a scam, stop all contact immediately.”

    To avoid meeting in person, romance scammers often claim to live or work in other parts of the country or world. Eventually, when they feel they have gained the trust of their victims, these criminals will request money from them, oftentimes for a medical emergency, an unexpected legal fee, or some other false purpose.

    Romance scams/confidence schemes have resulted in one of the highest amounts of financial losses when compared to other Internet-facilitated crimes. According to the FBI’s Internet Crime Complaint Center, roughly 18,000 victims reported nearly $700,000,000 in losses in 2023, the most recent statistical year available.

    That same year, over 2000 victims in California reported more than $100,000,000 in losses.

    While anyone can fall victim to these schemes, bad actors are known to target women over age 40 who are widowed, divorced, elderly, or disabled.

    If you develop a relationship with someone you meet online, please consider the following tips and beware of the red flags:

    • Research the person’s photo and profile using online searches to see if the image, name, or details have been used elsewhere.
    • Beware if the individual seems too perfect or quickly asks you to leave a dating service or social media site to go “offline.”
    • The individual professes love quickly.
    • The individual tries to isolate you from friends and family.
    • The individual makes plans to visit you, but always cancels because of some emergency. If you haven’t met the person after a few months, for whatever reason, you have good reason to be suspicious.
    • Go slowly and ask lots of questions.
    • Be careful what you post and make public online. Scammers can use details shared on social media and dating sites to better understand and target you.
    • Never send money to anyone you have only communicated with online or by phone.

    If you suspect an online relationship is a scam, stop all contact immediately. If you are the victim of a romance scam, file a complaint with the FBI’s Internet Crime Complaint Center (www.ic3.gov).

    Resources:

    MIL Security OSI

  • MIL-OSI: Diginex announces new AI functionality after winning Government recognition for AI-powered compliance innovation

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, today announced the development of new AI functionality which is expected to be built leveraging OpenAI’s platform. The Company anticipates that the deployment of this AI feature will contribute to revenue growth starting in 2025 by enhancing diginexESG‘s value proposition and driving increased customer adoption. The initial focus will be on helping companies comply with sustainability disclosure requirements set by the International Sustainability Standards Board (ISSB) and International Financial Reporting Standards (IFRS), which are increasingly being mandated for companies involved in global ESG reporting. These features will provide rapid data extraction, improved compliance, and enhanced risk assessment for users of the Company’s ESG SaaS reporting product, diginexESG.

    This AI functionality positions diginexESG to capture the growing demand for ESG reporting solutions – a market projected to reach between USD 1.5 billion and USD 4.35 billion by 2027, with an expected CAGR of 15.9% to 30% according to industry research from Verdantix – and is alongside the Company’s recent selection by the Financial Services and the Treasury Bureau (FSTB) of Hong Kong for the Green and Sustainable Fintech PoC program. The FSTB, which oversees financial and treasury policy for the Hong Kong SAR Government, launched this program to support innovative green fintech solutions with measurable environmental and financial impact. This builds on previous recognition where, in December 2023, the Hong Kong Monetary Authority, named Diginex as winner of the “Sustainability or Climate-related Disclosure and Reporting” category.

    The FSTB launched this program to accelerate the development and commercial adoption of green fintech solutions by technology firms and research institutions. “We are thrilled to receive this endorsement and support from FSTB, which underscores the importance of AI technology in addressing significant challenges within the ESG and sustainability industry,” said Mark Blick, Chief Executive Officer of Diginex Limited. “We will be accelerating our efforts to deliver innovative AI-powered functionality that will support companies with their ESG, Climate and Supply Chain data collection and reporting while improving efficiency and customer experience. We plan to collaborate closely with leading global financial institutions to introduce this new feature to their clients.”

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, statements concerning the Company’s product offerings, business strategy, projections and future growth. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Company’s business strategy will be successful. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network

  • MIL-OSI: ConnectM Announces Receipt of Notice from Nasdaq That ConnectM has Regained Compliance with Nasdaq Rule

    Source: GlobeNewswire (MIL-OSI)

    MARLBOROUGH, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, had previously announced that on December 6, 2024, it received a notice from the Staff of the Listing Qualifications Department of Nasdaq stating that because the Company had not filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Third Quarter 10-Q”), it no longer complies with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) for continued listing, which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.

    ConnectM today announced that on January 31, 2025, the Staff notified ConnectM that, based on the Company’s December 16, 2024, filing of the Third Quarter 10-Q, Staff has determined that the Company complies with the Rule. Accordingly, the matter is now closed.  

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.  

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    Investor Relations
    Dave Gentry, CEO
    RedChip Companies, Inc.
    1-407-644-4256
    CNTM@redchip.com

    The MIL Network

  • MIL-OSI: Applied Materials Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue $7.17 billion, up 7 percent year over year
    • GAAP gross margin 48.8 percent and non-GAAP gross margin 48.9 percent
    • GAAP operating margin 30.4 percent and non-GAAP operating margin 30.6 percent
    • GAAP EPS $1.45 and non-GAAP EPS $2.38, down 40 percent and up 12 percent year over year, respectively
    • Generated $925 million in cash from operations and distributed $1.64 billion to shareholders including $1.32 billion in share repurchases and $326 million in dividends

    SANTA CLARA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its first quarter ended Jan. 26, 2025.

    “The industry drive to accelerate the development of advanced compute and more sophisticated AI is gaining momentum,” said Gary Dickerson, President and CEO. “Applied Materials is enabling the major device architecture inflections critical for energy-efficient AI and our focus on high-velocity co-innovation creates unique collaboration opportunities with our customers and partners, positioning Applied for continued growth and outperformance in the years to come.”

    “We delivered strong financial performance in the first fiscal quarter, with record revenue, gross margin expansion and robust shareholder distributions,” said Brice Hill, Senior Vice President and CFO. “ For the second fiscal quarter, we are encouraged by the trends supporting continued customer investments to enable leading-edge technology inflections, while also taking into account export control related headwinds.”

    Results Summary

      Q1 FY2025   Q1 FY2024   Change
      (In millions, except per share amounts and percentages)
    Net revenue $ 7,166     $ 6,707     7%
    Gross margin   48.8 %     47.8 %   1.0 point
    Operating margin   30.4 %     29.3 %   1.1 points
    Net income $ 1,185     $ 2,019     (41)%
    Diluted earnings per share $ 1.45     $ 2.41     (40)%
    Non-GAAP Results          
    Non-GAAP gross margin   48.9 %     47.9 %   1.0 point
    Non-GAAP operating margin   30.6 %     29.5 %   1.1 points
    Non-GAAP net income $ 1,946     $ 1,782     9%
    Non-GAAP diluted EPS $ 2.38     $ 2.13     12%
    Non-GAAP free cash flow $ 544     $ 2,096     (74)%
                       

    A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

    Impact of Singapore Tax Incentives

    As a result of new tax incentive agreements in Singapore in fiscal 2025, the company recorded a $644 million, or $0.79 per diluted share, income tax expense due to the remeasurement of deferred tax assets in Singapore.

    Business Outlook

    Applied’s total net revenue, non-GAAP gross margin and non-GAAP diluted EPS for the second quarter of fiscal 2025, including the estimated impact of recently announced U.S. export regulations, are expected to be approximately as follows:

      Q2 FY2025
    (In millions, except percentage and per share amounts)  
    Total net revenue $ 7,100   +/- $ 400  
    Non-GAAP gross margin   48.4 %    
    Non-GAAP diluted EPS $ 2.30   +/- $ 0.18  
                   

    This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and a gain on asset sale of $0.05 per share, and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

    First Quarter Reportable Segment Information

    Semiconductor Systems Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 5,356     $ 4,909  
    Foundry, logic and other   68 %     62 %
    DRAM   28 %     34 %
    Flash memory   4 %     4 %
    Operating income $ 1,986     $ 1,744  
    Operating margin   37.1 %     35.5 %
    Non-GAAP Results    
    Non-GAAP operating income $ 1,998     $ 1,754  
    Non-GAAP operating margin   37.3 %     35.7 %
    Applied Global Services Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 1,594     $ 1,476  
    Operating income $ 447     $ 417  
    Operating margin   28.0 %     28.3 %
    Non-GAAP Results    
    Non-GAAP operating income $ 447     $ 417  
    Non-GAAP operating margin   28.0 %     28.3 %
    Display Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 183     $ 244  
    Operating income $ 14     $ 25  
    Operating margin   7.7 %     10.2 %
    Non-GAAP Results    
    Non-GAAP operating income $ 14     $ 25  
    Non-GAAP operating margin   7.7 %     10.2 %
    Corporate and Other Q1 FY2025   Q1 FY2024
      (In millions)
    Unallocated net revenue $ 33     $ 78  
    Unallocated cost of products sold and expenses   (305 )     (297 )
    Total $ (272 )   $ (219 )
                   

    Use of Non-GAAP Financial Measures

    Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

    Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied’s ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

    Webcast Information

    Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com. A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

    Forward-Looking Statements
    This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, our business outlook for the second quarter of fiscal 2025 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; the implementation of additional export regulations and license requirements and their interpretation, and their impact on our ability to export products and provide services to customers and on our results of operations; global trade issues and changes in trade and export license policies and our ability to obtain licenses or authorizations on a timely basis, if at all; imposition of new or increases in tariffs and any retaliatory measures; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting our information systems or information contained in them, or affecting our operations, suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the effects of regional or global health epidemics; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations and other risks and uncertainties described in our SEC filings, including our recent Forms 10-K and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

    About Applied Materials

    Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

    Investor Relations Contact:
    Liz Morali (408) 986-7977
    liz_morali@amat.com 

    Media Contact:
    Ricky Gradwohl (408) 235-4676
    ricky_gradwohl@amat.com 

     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
       
      Three Months Ended
    (In millions, except per share amounts) January 26,
    2025
      January 28,
    2024
    Net revenue $ 7,166     $ 6,707  
    Cost of products sold   3,670       3,503  
    Gross profit   3,496       3,204  
    Operating expenses:      
    Research, development and engineering   859       754  
    Marketing and selling   206       207  
    General and administrative   256       276  
    Total operating expenses   1,321       1,237  
    Income from operations   2,175       1,967  
    Interest expense   64       59  
    Interest and other income (expense), net   8       395  
    Income before income taxes   2,119       2,303  
    Provision for income taxes   934       284  
    Net income $ 1,185     $ 2,019  
    Earnings per share:      
    Basic $ 1.46     $ 2.43  
    Diluted $ 1.45     $ 2.41  
    Weighted average number of shares:      
    Basic   814       831  
    Diluted   819       837  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
           
    (In millions) January 26,
    2025
      October 27,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 6,264     $ 8,022  
    Short-term investments   1,949       1,449  
    Accounts receivable, net   5,998       5,234  
    Inventories   5,501       5,421  
    Other current assets   982       1,094  
    Total current assets   20,694       21,220  
    Long-term investments   2,686       2,787  
    Property, plant and equipment, net   3,563       3,339  
    Goodwill   3,768       3,732  
    Purchased technology and other intangible assets, net   237       249  
    Deferred income taxes and other assets   2,390       3,082  
    Total assets $ 33,338     $ 34,409  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Short-term debt $ 799     $ 799  
    Accounts payable and accrued expenses   4,485       4,820  
    Contract liabilities   2,452       2,849  
    Total current liabilities   7,736       8,468  
    Long-term debt   5,461       5,460  
    Income taxes payable   684       670  
    Other liabilities   832       810  
    Total liabilities   14,713       15,408  
    Total stockholders’ equity   18,625       19,001  
    Total liabilities and stockholders’ equity $ 33,338     $ 34,409  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
       
      Three Months Ended
    (In millions) January 26,
    2025
      January 28,
    2024
    Cash flows from operating activities:      
    Net income $ 1,185     $ 2,019  
    Adjustments required to reconcile net income to cash provided by operating activities:      
    Depreciation and amortization   105       91  
    Share-based compensation   195       170  
    Deferred income taxes   668       (72 )
    Other   95       (235 )
    Net change in operating assets and liabilities   (1,323 )     352  
    Cash provided by operating activities   925       2,325  
    Cash flows from investing activities:      
    Capital expenditures   (381 )     (229 )
    Cash paid for acquisitions, net of cash acquired   (28 )      
    Proceeds from sales and maturities of investments   1,223       531  
    Purchases of investments   (1,711 )     (749 )
    Cash used in investing activities   (897 )     (447 )
    Cash flows from financing activities:      
    Proceeds from issuance of commercial paper   200       100  
    Repayments of commercial paper   (200 )     (100 )
    Common stock repurchases   (1,318 )     (700 )
    Tax withholding payments for vested equity awards   (142 )     (192 )
    Payments of dividends to stockholders   (326 )     (266 )
    Repayments of principal on finance leases         1  
    Cash used in financing activities   (1,786 )     (1,157 )
    Increase (decrease) in cash, cash equivalents and restricted cash equivalents   (1,758 )     721  
    Cash, cash equivalents and restricted cash equivalents—beginning of period   8,113       6,233  
    Cash, cash equivalents and restricted cash equivalents — end of period $ 6,355     $ 6,954  
           
    Reconciliation of cash, cash equivalents, and restricted cash equivalents      
    Cash and cash equivalents $ 6,264     $ 6,854  
    Restricted cash equivalents included in deferred income taxes and other assets   91       100  
    Total cash, cash equivalents, and restricted cash equivalents $ 6,355     $ 6,954  
           
    Supplemental cash flow information:      
    Cash payments for income taxes $ 70     $ 139  
    Cash refunds from income taxes $ 70     $ 2  
    Cash payments for interest $ 52     $ 34  
                   

    Additional Information

      Q1 FY2025   Q1 FY2024
    Net Revenue by Geography (In millions)  
    United States $ 917     $ 759  
    % of Total   13 %     11 %
    Europe $ 330     $ 410  
    % of Total   4 %     6 %
    Japan $ 540     $ 565  
    % of Total   8 %     9 %
    Korea $ 1,667     $ 1,231  
    % of Total   23 %     18 %
    Taiwan $ 1,183     $ 559  
    % of Total   17 %     8 %
    Southeast Asia $ 286     $ 186  
    % of Total   4 %     3 %
    China $ 2,243     $ 2,997  
    % of Total   31 %     45 %
           
    Employees(In thousands)      
    Regular Full Time   36.0       34.5  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except percentages) January 26,
    2025
      January 28,
    2024
    Non-GAAP Gross Profit      
    GAAP reported gross profit $ 3,496     $ 3,204  
    Certain items associated with acquisitions1   7       7  
    Non-GAAP gross profit $ 3,503     $ 3,211  
    Non-GAAP gross margin   48.9 %     47.9 %
    Non-GAAP Operating Income      
    GAAP reported operating income $ 2,175     $ 1,967  
    Certain items associated with acquisitions1   12       11  
    Acquisition integration and deal costs   3       3  
    Non-GAAP operating income $ 2,190     $ 1,981  
    Non-GAAP operating margin   30.6 %     29.5 %
    Non-GAAP Net Income      
    GAAP reported net income $ 1,185     $ 2,019  
    Certain items associated with acquisitions1   12       11  
    Acquisition integration and deal costs   3       3  
    Realized loss (gain), dividends and impairments on strategic investments, net   (9 )     (1 )
    Unrealized loss (gain) on strategic investments, net   106       (280 )
    Income tax effect of share-based compensation2   (10 )     (26 )
    Income tax effects related to intra-entity intangible asset transfers3   674       22  
    Resolution of prior years’ income tax filings and other tax items   (16 )     33  
    Income tax effect of non-GAAP adjustments4   1       1  
    Non-GAAP net income $ 1,946     $ 1,782  
    1 These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
       
    2 GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.
       
    3 Amount for the three months ended January 26, 2025, included changes to income tax provision of $30 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.
       
    4 Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.
       
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except per share amounts) January 26,
    2025
      January 28,
    2024
    Non-GAAP Earnings Per Diluted Share      
    GAAP reported earnings per diluted share $ 1.45     $ 2.41  
    Certain items associated with acquisitions   0.01       0.01  
    Realized loss (gain), dividends and impairments on strategic investments, net   (0.01 )      
    Unrealized loss (gain) on strategic investments, net   0.13       (0.33 )
    Income tax effect of share-based compensation   (0.01 )     (0.03 )
    Income tax effects related to intra-entity intangible asset transfers1   0.83       0.03  
    Resolution of prior years’ income tax filings and other tax items   (0.02 )     0.04  
    Non-GAAP earnings per diluted share $ 2.38     $ 2.13  
    Weighted average number of diluted shares   819       837  
    1 Amount for the three months ended January 26, 2025, included changes to income tax provision of $0.04 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.
       
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except percentages) January 26,
    2025
      January 28,
    2024
    Semiconductor Systems Non-GAAP Operating Income      
    GAAP reported operating income $ 1,986     $ 1,744  
    Certain items associated with acquisitions1   12       10  
    Non-GAAP operating income $ 1,998     $ 1,754  
    Non-GAAP operating margin   37.3 %     35.7 %
    Applied Global Services Non-GAAP Operating Income      
    GAAP reported operating income $ 447     $ 417  
    Non-GAAP operating income $ 447     $ 417  
    Non-GAAP operating margin   28.0 %     28.3 %
    Display Non-GAAP Operating Income      
    GAAP reported operating income $ 14     $ 25  
    Non-GAAP operating income $ 14     $ 25  
    Non-GAAP operating margin   7.7 %     10.2 %
    These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
       

    Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within corporate and other and included in consolidated operating income.

     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE
       
      Three Months Ended
    (In millions, except percentages) January 26, 2025
       
    GAAP provision for income taxes (a) $ 934  
    Income tax effect of share-based compensation   10  
    Income tax effects related to intra-entity intangible asset transfers   (674 )
    Resolutions of prior years’ income tax filings and other tax items   16  
    Income tax effect of non-GAAP adjustments   (1 )
    Non-GAAP provision for income taxes (b) $ 285  
       
    GAAP income before income taxes (c) $ 2,119  
    Certain items associated with acquisitions   12  
    Acquisition integration and deal costs   3  
    Realized loss (gain), dividends and impairments on strategic investments, net   (9 )
    Unrealized loss (gain) on strategic investments, net   106  
    Non-GAAP income before income taxes (d) $ 2,231  
       
    GAAP effective income tax rate (a/c)   44.1 %
       
    Non-GAAP effective income tax rate (b/d)   12.8 %
           
     
    UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW
       
      Three Months Ended
    (In millions) January 26,
    2025
      January 28,
    2024
    Cash provided by operating activities $ 925     $ 2,325  
    Capital expenditures   (381 )     (229 )
    Non-GAAP free cash flow $ 544     $ 2,096  
                   

    The MIL Network

  • MIL-OSI: iPower Reports Fiscal Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Fiscal Q2 Revenue up 14% to $19.1 Million

    Achieves GAAP Profitability and Positive Cash Flow from Operations

    RANCHO CUCAMONGA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced its financial results for the fiscal second quarter ended December 31, 2024.

    Fiscal Q2 2025 Results vs. Year-Ago Quarter

    • Total revenue increased 14% to $19.1 million.
    • Gross profit increased 15% to $8.4 million, with gross margin up 40 bps to 44.0%.
    • Net income attributable to iPower improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share.
    • As of December 31, 2024, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

    Management Commentary

    “We delivered strong results across all key financial metrics in our fiscal second quarter while further enhancing our SuperSuite platform,” said Lawrence Tan, CEO of iPower. “Throughout the quarter, we continued to optimize operations and strengthen our presence across both our established and emerging sales channels. We also remain focused on supply chain diversification by exploring new supplier relationships beyond our existing network, reinforcing our commitment to building a more resilient and adaptable infrastructure.”

    “Our SuperSuite platform is gaining further momentum as we leverage our superior supply chain, warehousing and merchandising expertise to drive sales growth for partners with innovative product catalogs. Additionally, we are making steady progress with our recently launched SaaS platform, refining its capabilities to improve supplier collaboration, streamline operations, and better align partners with evolving market demands. With a strong pipeline of prospective partners, we are well-positioned to capitalize on the growing demand for SuperSuite as we bolster our comprehensive service offerings.”

    iPower CFO, Kevin Vassily, added, “Our ongoing efforts to optimize our cost structure have delivered meaningful results as we continue to drive gross margin expansion and operating leverage in our business. We have also officially shuttered our legacy commercial hydroponics business, as we are now focused on our core competency as a data-driven, consumer products and services company. We believe these initiatives, coupled with our accelerating growth in our SuperSuite business, will enable us to execute on our goals ahead.”

    Fiscal Second Quarter 2025 Financial Results 

    Total revenue in the fiscal second quarter of 2025 increased 14% to $19.1 million compared to $16.8 million for the same period in fiscal 2024. The increase was driven primarily by growth in iPower’s SuperSuite supply chain offerings, as well as greater product sales to the Company’s largest channel partner.

    Gross profit in the fiscal second quarter of 2025 increased 15% to $8.4 million compared to $7.3 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin increased 40 basis points to 44.0% compared to 43.6% in the year-ago period. The increase in gross margin was primarily driven by improved pricing through key supplier negotiations.

    Total operating expenses in the fiscal second quarter of 2025 improved 22% to $7.7 million compared to $9.9 million for the same period in fiscal 2024. The decrease in operating expenses was driven primarily by lower selling and fulfillment expenses related to the Company’s largest channel partner.

    Net income attributable to iPower in the fiscal second quarter of 2025 improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share for the same period in fiscal 2024.

    Cash and cash equivalents were $2.9 million at December 31, 2024, compared to $7.4 million at June 30, 2024. As a result of the Company’s debt paydown, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

    Conference Call 

    The Company will hold a conference call today, February 13, 2025, at 4:30 p.m. Eastern Time to discuss its results for the fiscal second quarter ended December 31, 2024.

    iPower’s management will host the conference call, which will be followed by a question-and-answer session.

    The conference call details are as follows:

    Date: Thursday, February 13, 2025
    Time: 4:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at IPW@elevate-ir.com.

    The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

    About iPower Inc. 

    iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

    Forward-Looking Statements 

    All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results and performance in iPower’s Annual Report on Form 10-K, as filed with the SEC on September 20, 2024, and in its other SEC filings, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    IPW@elevate-ir.com

    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Balance Sheets
    As of December 31, 2024 and June 30, 2024
     
              December 31,   June 30,
              2024   2024
              (Unaudited)      
    ASSETS            
    Current assets            
      Cash and cash equivalent   $ 2,877,457     $ 7,377,837  
      Accounts receivable, net     13,926,432       14,740,093  
      Inventories, net     9,183,631       10,546,273  
      Prepayments and other current assets, net     2,292,744       2,346,534  
          Total current assets     28,280,264       35,010,737  
                       
    Non-current assets            
      Right of use – non-current     4,757,429       6,124,163  
      Property and equipment, net     303,059       370,887  
      Deferred tax assets, net     3,001,517       2,445,605  
      Goodwill     3,034,110       3,034,110  
      Intangible assets, net     3,306,014       3,630,700  
      Other non-current assets     1,187,179       679,655  
          Total non-current assets     15,589,308       16,285,120  
                       
          Total assets   $ 43,869,572     $ 51,295,857  
                       
    LIABILITIES AND EQUITY            
    Current liabilities            
      Accounts payable, net     8,853,320       11,227,116  
      Other payables and accrued liabilities     3,491,596       3,885,487  
      Lease liability – current     1,540,624       2,039,301  
      Short-term loan payable           491,214  
      Short-term loan payable – related party     350,000       350,000  
      Revolving loan payable, net           5,500,739  
      Income taxes payable     274,947       276,158  
          Total current liabilities     14,510,487       23,770,015  
                       
    Non-current liabilities            
      Long-term revolving loan payable, net     4,042,400        
      Lease liability – non-current     3,612,756       4,509,809  
                       
          Total non-current liabilities     7,655,156       4,509,809  
                       
          Total liabilities     22,165,643       28,279,824  
                       
    Commitments and contingency            
                       
    Stockholders’ Equity            
      Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and            
        outstanding at December 31, 2024 and June 30, 2024            
      Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 and            
        31,359,899 shares issued and outstanding at December 31, 2024 and June 30, 2024     31,361       31,361  
      Additional paid in capital     33,867,156       33,463,883  
      Accumulated deficits     (12,041,063 )     (10,230,601 )
      Non-controlling interest     (44,195 )     (38,204 )
      Accumulated other comprehensive loss     (109,330 )     (210,406 )
          Total stockholders’ equity     21,703,929       23,016,033  
                       
          Total liabilities and stockholders’ equity   $ 43,869,572     $ 51,295,857  
                       
    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
    For the Three and Six Months Ended December 31, 2024 and 2023
     
            For the Three Months Ended December 31,   For the Six Months Ended December 31,
            2024   2023   2024   2023
            (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    REVENUES                    
      Product sales   $ 17,606,889     $ 16,800,122     $ 35,882,301     $ 43,308,496  
      Service income     1,465,682             2,198,791        
        Total revenues     19,072,571       16,800,122       38,081,092       43,308,496  
                                 
    COST OF REVENUES                        
      Product costs     9,461,119       9,481,882       19,378,567       24,231,411  
      Service costs     1,221,566             1,824,742        
        Total cost of revenues     10,682,685       9,481,882       21,203,309       24,231,411  
                                 
    GROSS PROFIT     8,389,886       7,318,240       16,877,783       19,077,085  
                                 
    OPERATING EXPENSES:                        
      Selling and fulfillment     4,628,914       6,936,980       10,543,722       17,000,451  
      General and administrative     3,077,365       2,933,607       8,396,888       5,897,658  
        Total operating expenses     7,706,279       9,870,587       18,940,610       22,898,109  
                                 
    INCOME (LOSS) FROM OPERATIONS     683,607       (2,552,347 )     (2,062,827 )     (3,821,024 )
                                 
    OTHER INCOME (EXPENSE)                        
      Interest expenses     (140,672 )     (182,612 )     (280,634 )     (410,977 )
      Loss on equity method investment     (802 )     (801 )     (1,721 )     (1,826 )
      Other non-operating income (expenses)     (205,958 )     128,838       12,728       61,672  
        Total other expenses, net     (347,432 )     (54,575 )     (269,627 )     (351,131 )
                                 
    INCOME (LOSS) BEFORE INCOME TAXES     336,175       (2,606,922 )     (2,332,454 )     (4,172,155 )
                                 
    PROVISION FOR INCOME TAX EXPENSE (BENEFIT)     120,511       (688,939 )     (516,001 )     (964,821 )
    NET INCOME (LOSS)     215,664       (1,917,983 )     (1,816,453 )     (3,207,334 )
                                 
      Non-controlling interest     (3,155 )     (3,155 )     (5,991 )     (5,991 )
                                 
    NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.   $ 218,819     $ (1,914,828 )   $ (1,810,462 )   $ (3,201,343 )
                                 
    OTHER COMPREHENSIVE INCOME (LOSS)                        
      Foreign currency translation adjustments     156,130       (160,255 )     101,076       (160,962 )
                                 
    COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.     $ 374,949     $ (2,075,083 )   $ (1,709,386 )   $ (3,362,305 )
                                 
    WEIGHTED AVERAGE NUMBER OF COMMON STOCK                        
      Basic     31,437,517       29,790,242       31,427,360       29,777,378  
                                 
      Diluted     31,437,517       29,790,242       31,427,360       29,777,378  
                                 
    EARNINGS (LOSSES) PER SHARE                        
      Basic   $ 0.01     $ (0.06 )   $ (0.06 )   $ (0.11 )
                                 
      Diluted   $ 0.01     $ (0.06 )   $ (0.06 )   $ (0.11 )
                                 

    The MIL Network

  • MIL-OSI: Financial Institutions, Inc. Announces 3.3% Increase in Common Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank and Courier Capital, LLC, announced that on February 12, 2025, its Board of Directors approved a quarterly cash dividend of $0.31 per outstanding common share, an increase of $0.01, or 3.3%, from the most recent quarter.

    “The increase in our quarterly cash dividend is reflective of both our Board’s ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy,” said President and Chief Executive Officer Martin K. Birmingham.

    The $0.31 cash dividend represents an annualized yield of 4.4% based on the closing share price of $28.00 on February 12, 2025.

    The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock.

    All dividends are payable April 2, 2025, to shareholders of record on March 14, 2025.

    About Financial Institutions, Inc.
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets as of December 31, 2024, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com

    The MIL Network

  • MIL-OSI: Definitive Healthcare Announces Timing of Its Fourth Quarter and Full Year 2024 Financial Results Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    FRAMINGHAM, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare Corp. (“Definitive Healthcare”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that it will report financial results for its fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025 after market close. The company will host a conference call and webcast at 5:00 PM (ET) / 2:00 PM (PT) to discuss the company’s financial results.

    A live audio webcast of the event will be available on the Definitive Healthcare’s Investor Relations website at https://ir.definitivehc.com/.

    A live dial-in will be available at 877-358-7298 (domestic) or +1-848-488-9244 (international). Shortly after the conclusion of the call, a replay of this conference call will be available through March 29, 2025 at 800-645-7964 or 757-849-6722. The replay passcode is 1765#.

    About Definitive Healthcare
    At Definitive Healthcare, our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS products and solutions create new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.

    Media Contact:
    Bethany Swackhamer
    bswackhamer@definitivehc.com

    Investor Relations Contact:
    Brian Denyeau
    ICR for Definitive Healthcare
    brian.denyeau@icrinc.com

    Source: Definitive Healthcare Corp.

    The MIL Network

  • MIL-OSI: American Coastal Insurance Corporation Schedules Fourth Quarter and Full Year 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Feb. 13, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”), the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it expects to release its financial results for the fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

    The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

    Fourth Quarter and Full Year 2024 Conference Call Details:
    Thursday, February 27, 2025 – 5:00 p.m. ET

    Participant Dial-In Numbers:

    United States: 877-445-9755
    International: 201-493-6744
       

    To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

    About American Coastal Insurance Corporation:
    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:
    Alexander Baty    
    Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
    investorrelations@amcoastal.com
    (727) 425-8076

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    The MIL Network

  • MIL-OSI USA: ICYMI: Whistleblowers’ Accounts Expose Dark Reality of Yearslong Weaponization and Political Infection at FBI

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Judiciary Committee Chairman Chuck Grassley (R-Iowa) today during an executive business meeting highlighted whistleblowers’ first-person accounts of the retaliation and abuse they have suffered at the hands of current and former top FBI officials. Grassley’s comments came shortly before voting to advance Kash Patel’s nomination to be FBI Director. While reading the whistleblowers’ accounts into the congressional record, Chairman Grassley noted:
    “I’d like to have the White House and my Republican colleagues take note of this, because I think some of these people should be reinstated because of how [un]justly they’ve been treated. And like you’ve heard me so many times say, whistleblowers are treated like a skunk at a picnic. And I hope my Democrat colleagues will learn a lesson about how the FBI has previously treated whistleblowers, both under Republican administrations and Democrat administrations. So that we don’t have this happening again.”
    In a story this morning, RealClearInvestigations further detailed the plight of FBI whistleblowers.
    A Weaponized FBI: It’s Real, Whistleblowers Testify, Boasting Scars to Prove It
    By Ben Weingarten
    November 13, 2025
    Democrats have cast the Trump administration’s ouster of eight senior FBI leaders as a “purge” and act of “retribution” from a weaponized Justice Department, some likening it to President Nixon’s “Saturday Night Massacre.” 
    But former colleagues of the terminated “G-men” say this narrative is backward. FBI officials, past and present, have marshaled significant evidence via whistleblower complaints and testimony indicating that several terminated leaders routinely used their offices for partisan purposes.
    These include allegations that at least two of the fired officials, Jeffrey Veltri and Dena Perkins, manipulated the security clearance review process to personally and professionally punish conservatives, COVID-19 vaccine skeptics, and Jan. 6 whistleblowers who reported suspected bureau malfeasance, and retaliated against those who came to the whistleblowers’ defense. 
    A third, Timothy Dunham, is also alleged to have improperly suspended security clearances.
    Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) read numerous accounts of alleged misconduct perpetrated by these and other officials into the record this morning as the committee considered the nomination of Kash Patel for FBI Director…
    Read the full RealClearInvestigations story HERE. Read Grassley’s full opening statement HERE.
    -30-

    MIL OSI USA News

  • MIL-OSI USA: Durbin Votes ‘No’ On Advancing President Trump’s Pick To Be FBI Director, Kash Patel

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    February 13, 2025
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today voted against advancing President Donald Trump’s pick to be Director of the Federal Bureau of Investigation (FBI), Kash Patel, in the Senate Judiciary Committee executive business meeting this morning. The Committee voted to advance his nomination on a party-line vote of 12-10.
    Key Quotes:
    “After reviewing Kash Patel’s record, meeting with him, and questioning him at his hearing, I am even more convinced that he has neither the experience, the judgment, nor the temperament to lead the FBI.”
    “I have served on this Committee during the consideration of four FBI Director nominations before this one. Each one was a Republican, and I voted for all of them.”
    “It turns out that Mr. Patel is already seeking retribution on behalf of President Trump, despite his status as a private citizen. As I revealed earlier this week, multiple whistleblowers have disclosed to my staff highly credible information indicating that Mr. Patel, a civilian, is personally directing the ongoing purge of senior law enforcement officials at the FBI. The ramifications of these terminations are dangerous, and they go beyond Mr. Patel’s fitness for office.”
    “It is unacceptable for a nominee to justify the potentially illegal firing of dedicated, nonpartisan FBI officials. If these allegations are true, Mr. Patel has become dangerously close to perjury before this Senate Judiciary Committee. Why do I say that? During [his confirmation] hearing, when asked about the terminations [at] the FBI, Mr. Patel said ‘I don’t know what is going on right now over there.’ Mr. Patel seems to be unable to wait for confirmation to carry out his plan of retribution on behalf of President Trump. This is a private citizen, Patel, with no role in government allegedly [directing] baseless firings of career politicians and then misleading this Committee about his actions.”
    “Given the serious nature of these allegations, I’ve asked the DOJ Inspector General to investigate. I urge my Republican colleagues to take these allegations seriously. I know you want to be loyal to your President, I know you want to vote for all of his nominations. I know none of you want a call from Elon Musk tomorrow morning saying what he might do if you vote the wrong way.”
    “This is not the only time that Mr. Patel misled the Committee under oath. At his hearing, he implausibly told me that he could not recall Stew Peters, an antisemitic Holocaust denier… This is simply not credible, considering that Mr. Patel appeared on Mr. Peters’s podcast eight times… And, Mr. Peters has since revealed that he and Mr. Patel directly communicate via their personal cell phones, ‘constantly.’”
    “Mr. Patel clearly lacks the temperament to lead the FBI. I wonder if any of my Republican colleagues read his book, ‘Government Gangsters.’ In this book, Mr. Patel has published an enemies list of 60 people who he calls ‘members of the deep state’ and accuses of being, ‘corrupt actors of the first order.’ This list includes many distinguished public servants—both Democrats and Republicans alike. What they share in common is the misfortune of having crossed paths with Mr. Patel.”
    “Mr. Patel has also displayed a startling disdain for the agency he has been nominated to lead. He wants to ‘shut down the F.B.I. Hoover Building on Day 1 and reopen it the next day as a museum of the ‘deep state.’’ He falsely claimed that the FBI ‘was planning January 6 for a year.’ And he has been clear about what he wants to do with the FBI’s vast surveillance and investigative powers, saying, ‘We’re going to come after the people in the media.’”
    “Mr. Patel has been open about his plans to dismantle the FBI and seek retribution. And he has already begun that mission as a private citizen, targeting senior FBI officials.”
    “Mr. Patel’s directives have thrown the Bureau into chaos. Senior executives who collectively have hundreds of years of experience have been forced out. Thousands of line agents across the country are living in fear of losing their jobs simply because [they did what] they were assigned to do.”
    “How does any of this make America safer? The American people need an FBI Director who is focused on keeping the public safe from terrorism, drug trafficking, and violent crime—not petty personal grievances.”
    Video of Durbin’s opening statement is available here.
    Audio of Durbin’s opening statement is available here.
    Footage of Durbin’s opening statement is available here for TV Stations.
    Multiple whistleblowers have disclosed to Durbin’s staff highly credible information indicating that Kash Patel has been personally directing the ongoing purge of senior law enforcement officials at the FBI. Earlier this week, Durbin sent a letter to DOJ Inspector General Michael Horowitz requesting an investigation into these allegations.
    To view Durbin’s questions to Mr. Patel in his confirmation hearing click here and here.
    -30-

    MIL OSI USA News

  • MIL-OSI New Zealand: Northland News – $600,000 of Climate Resilient Communities Funding allocated

    Source: Northland Regional Council

    Twenty-two projects around Te Taitokerau are to share $600,000 of Northland Regional Council funding designed to help build climate resilience.
    Council Deputy Chair Tui Shortland says during the council’s Long-Term Plan 2024-2034 consultation, the region’s communities had emphasised the importance they placed on council taking a leading role in helping to build that resilience.
    That had resulted in the council establishing a $600,000 fund to support communities to prepare for the growing effects of climate change and the natural hazard risks our region faces.
    Councillor Shortland says the council had received a huge level of interest from communities across Northland, expressing their ideas and aspirations for a climate resilient future for Te Taitokerau.
    “In this first round we had an overwhelming response, with 96 applications requesting $3.2 million.”
    Councillor Shortland says deciding how to allocate the $600,000 available had been extremely difficult, but 22 projects that met the fund criteria and aimed to build community capacity and strengthen connections to build community resilience would receive a portion of this pūtea.
    “Six of the projects directly focus on building kai resilience for the region.”
    “These include on the ground community-led mahi that aims to educate and empower communities to grow their own kai and projects that identify and strengthen food support networks and develop a strategy for how the region can become self-sufficient in food production and distribution.”
    Four projects supported water supply investigations to future proof water resilience and water tanks in vulnerable communities. “This extends the water resilience mahi NRC previously supported through the Water Resilience Fund which has now been replaced with this Climate Resilient Communities Fund.”
    Three rural marae will receive funding to support the installation of solar panels, improving energy resilience and benefiting the wider community in times of need. Investing in energy security not only keeps the power on when energy infrastructure goes down, but reduces energy costs for our people and importantly helps reduce Te Taitokerau’s greenhouse gas emissions.
    Funding will support four projects that look to nature-based solutions to build resilience to the changing climate, recognising how restoring wetlands, river margins and coastal dune systems can enhance protection from weather events, increase carbon sequestration and support our indigenous biodiversity.
    Three other projects aim to build resilience across multiple impact areas looking holistically at how our resilience could be improved as the climate changes.
    Two planning projects have been funded that will help the respective communities understand how climate change could impact them and to formulate specific plans to reduce these impacts.
    Successful applicants and their projects are:
    • Bream Bay Coastal Care Trust – Bream Bay Coastal Restoration Project ($23,000)
    • Climate Change Taitokerau Northland Trust – Kai Sovereignty Strategy ($20,000)
    • Coastal Restoration Trust of New Zealand- Te Taitokerau branch – Te Taitokerau How to restore dunes video ($30,708)
    • Community Business Environment Centre – Hokinganui a Kai ($40,000)
    • Hokianga Community Educational Trust – He Kete Kai o Hokianga -Future Proofing our Hokianga Food Systems ($36,786.39)
    • Matatina Marae Trust – Matatina Kai Whenua – community garden at marae for self sufficiency ($22,476)
    • Maungarongo Whenua Trust on behalf of Ricco Tito -Taiao Kaitiaki Oranga ō te Waīma ($30,000)
    • Morehu Marae Committee – Water tank replacement at marae ($7127.66)
    • Ngaitupoto Trustees Marae – Solar system ($35,000)
    • Opuawhanga Community Hall Trust – Resilience Network ($10,500)
    • Oromahoe 18R2B2B2 Trust – Te Wai Ora, Te Whenua Ora: Oromahoe Water Feasibility Study ($25,000)
    • Pakanae 5A Trust – Cultural and Nature-Based Resilience Programme ($30,000)
    • Puketawa Marae – Solar Energy for marae resilience ($26,037.49)
    • Roma Marae – Te Ngao ki te Marae o Roma (Energy Resilience at Roma Marae) ($25,000)
    • Rural Support Trust Northland – Rural Support Climate Resilience ($40,000)
    • Te Hapua Sports and Recreation Club – Water Resilience ($6956.52)
    • Te Kōhanga Reo O Manaakitia – Kia manawaroa Te Kōhanga Reo o Manaakitia ($7200)
    • Te Maire Whanau Trust – Whānau-Led Fruit Orchard Development ($30,000)
    • Te Paatu ki Kauhanga Trust Board – Kāmehameha ($40,000)
    • Te Pokapu Tiaki Taiao O Te Tai Tokerau Trust -Tuituia Te Kahunuku & Food Resiliency ($32,325)
    • Te Runanga o Ngati Hine Trust – Tanks a lot ($40,000)
    • Whakapara Marae Trust – Te Taiao o nga Waipukehia” The environment of the flooded waters ($30,000) .

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Cold Storage and Supply Chain Infrastructure Under PMKSY

    Source: Government of India (2)

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

    The Ministry of Food Processing Industries (MoFPI) has been implementing Central Sector Umbrella Scheme – PMKSY since 2016-17 to create post-harvest infrastructure and processing facilities to boost the overall development of the food processing sector including reduction in post-harvest losses. The component schemes under PMKSY provide credit linked financial assistance (capital subsidy) in the form of grants-in-aid to entrepreneurs for setting up of food processing/preservation infrastructure which, inter-alia, includes cold storages and refrigerated vehicles to minimize post-harvest losses.

    The Ministry of Food Processing Industries has been implementing schemes to boost food processing industries through infrastructure creation, grant of sales based incentives, capacity expansion, and other supporting measures. Under component schemes of PMKSY, as per the Scheme guidelines, consent to operate (CTO) issued by the concerned state Pollution board/Agency in respect of Water and Air, is mandatory for release of instalment of Grant-In-Aid/Subsidy to the approved projects. Further, Project Implementation Agency (PIA) has to comply with the requirements of Cold Chain infrastructure as per the directions of Ministry of Environment, Forest & Climate change, Government of India with respect to use of Non-ODS (Non- Ozone depleting Substances) and low GWP (Low Global Warming Potential) refrigerants-based energy efficient cooling systems.  

    Under PMKSY component schemes, assistance can also be availed for Renewable/alternate energy technologies (solar, bio-mass, wind, etc.) for the project (Max. eligible permissible cost is Rs. 35 Lakh per project). Eligible entities from across the country may apply and avail the benefits.

    National Institute of Food Technology, Entrepreneurship & Management -Thanjavur under Ministry of Food Processing Industries (MoFPI) has made efforts to promote and develop sustainable packaging technology through development of biodegradable plastics, safe and environmental friendly packaging solutions from biopolymers such as poly lactic acid (PLA), starch, nano fibres etc

    The Ministry of Food Processing Industries through implementation of PMKSY, helps in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet across the country. The scheme not only provide a boost to the growth of food processing sector in the country but also helps in, interalia, reducing wastage of agricultural produce, increasing the processing level and enhancing the export of the processed foods.

    MoFPI is also implementing a Centrally Sponsored Scheme- PM Formalisation of Micro Food Processing Enterprises Scheme (PMFME) for providing technical, financial and business support for setting up/upgradation of 2 lakh Micro Food Processing Enterprises. Production Linked Incentive (PLI) scheme has been launched by MoFPI for the period 2021-22 to 2026-27 to create global food champions and improving the visibility of Indian food brands abroad.

    Besides above, the allied Ministries/Departments and their Agencies such as Ministry of Agriculture and Farmers Welfare, Ministry of Fisheries, Animal Husbandry and Dairying, APEDA, MPEDA, etc. also extend enabling support through their respective schemes like Mission for Integrated Development of Horticulture, Agriculture Export Promotion Plan Scheme, National Agriculture Infra Financing Facility, etc.

    Steps to help the agri-products and the processed foods export sector include inter- alia financial assistance to exporters by Agricultural and Processed Food Products Export Development Authority (APEDA) under the Scheme of quality control, setting up of in house quality control laboratory and implementation of Hazard Analysis and Critical Control Points (HACCP) in processing units, conducting awareness programme on quality assurance and quality management system and training programme on food safety norms, developing packaging for export of various food products and setting up of agri export zones in geographically contiguous areas in different states. In addition. Ministry of Food Processing Industries, under its Plan Scheme, also provides financial assistance to food processing industries for implementation of total quality management including ISO 9000, HACCP etc. and to establish Quality Control Laboratories in the Country

    This information was given by the Minister of State for Food Processing Industries Shri Ravneet Singh in a written reply in Lok Sabha today.

    ***

    STK

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Promotion of Food Processing in Rural and Backward Regions

    Source: Government of India (2)

    Posted On: 13 FEB 2025 6:12PM by PIB Delhi

    In order to promote and ensure overall development of Food Processing Industries, Ministry of Food Processing Industries (MoFPI) has been incentivizing setting up/expansion of related infrastructure through its Central Sector Scheme Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) and Centrally sponsored PM Formalization of Micro Food Processing Enterprises (PMFME) scheme across the country including rural and backward regions. These schemes are not region or state specific but demand driven.

    Under PMKSY, credit linked financial assistance (capital subsidy) is provided to entrepreneurs for setting up of food processing industries with total outlay of Rs 5520 Cr for 15th Finance Commission Cycle.

    Under PMFME scheme, financial, technical and business support is provided for setting up / upgradation of micro food processing enterprises. The scheme is operational for a period of upto 2025-26 with an outlay of Rs.10,000 Crore.

    PLISFPI is, inter alia, intended to support creation of global food manufacturing champions and support Indian brands of food products in international market. The Scheme is operational for a period from 2021-22 to 2026-27 with an outlay of Rs. 10,900 crores.

    Ministry of Food Processing Industries, under its schemes, does not provide financial assistance for establishment of standalone cold storages facilities. However, it incentivizes creation of cold chain, preservation and value addition infrastructure as part of food processing projects under relevant component schemes of PMKSY.

    These schemes aim towards creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet which includes storage, transportation, value addition, etc., thereby help in providing better returns to farmers and creating huge employment opportunities, reducing wastage of agricultural produce and increasing the processing level.

    Ministry extends financial support to prospective entrepreneurs for setting up of different kinds of food processing industries including bananas processing, as per respective scheme guidelines.

    Department of Agriculture & Farmers Welfare is implementing Mission for Integrated Development of Horticulture (MIDH) under which capital assistance is provided for various horticulture activities including Construction/Expansion/ Modernization of cold storages of capacity up to 5000 MT in the country on the basis of Annual Action Plan (AAP) received from States/UTs. AAPs are prepared by the States/UTs based on their requirement, capacity and availability of resources. The component of Cold Storage is demand/entrepreneur driven for which Government assistance in the form of credit linked back ended subsidy is available at the rate of 35% of the project cost in general areas and 50% of the project cost in hilly and scheduled areas through respective State Horticulture Missions. Under the scheme, assistance is available to individuals, Groups of farmers/ growers/ consumers, Partnership/ Proprietary firms, Self Help Groups (SHGs), Farmers Producer Organization (FPOs), Companies, Corporations, Cooperatives, Cooperative Marketing Federations, Local bodies, Agricultural Produce Market Committees (APMCs) & Marketing Boards and State Governments.

    Scheme also provides assistance for setting up of food processing units in North East and Himalayan States only;. For Food Processing Units credit linked back ended assistance @ 50% of eligible project cost, in North Eastern and Himalayan States of the maximum project cost of Rs. 800.00 lakh/unit is available.”

    This information was given by the Minister of State for Food Processing Industries Shri Ravneet Singh in a written reply in Lok Sabha today.

    ***

    STK

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Initiatives taken by the Government to position India as a Premier Global Tourist Destination

    Source: Government of India

    Posted On: 13 FEB 2025 5:33PM by PIB Delhi

    In order to position India as a premier global tourist destination, boost & promote tourism in India during Amrit Kaal enhancing infrastructure, and delivering an improved travel experience for domestic and international visitors, Ministry of Tourism has taken the following initiatives: –

     

    • The Ministry of Tourism undertakes several promotional activities in potential international & domestic markets to promote various tourism destinations and products of the country in holistic manner. This includes release of media campaigns, social media promotions, webinars, participation & support to promotional events, dissemination of information and engagement through website etc. In addition, Indian Missions overseas also undertake various promotional activities to attract more global travellers to various tourist destinations of the country.

     

    • Ministry of Tourism launched the Incredible India Content Hub on the revamped Incredible India digital portal which is a comprehensive digital repository, featuring a rich collection of high-quality images, films, brochures, and newsletters related to tourism in India. This repository is intended for the use of a diverse range of stakeholders, including tour operators, journalists, students, researchers, film makers, authors, influencers, content creators, government officials and ambassadors.

     

    • The Ministry of Tourism under the schemes of ‘Swadesh Darshan’, National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD)’ and ‘Assistance to Central Agencies for Tourism Infrastructure Development’ provides financial assistance to State Governments/Union Territory Administrations/Central Agencies for the development of tourism related infrastructure and facilities at various tourism destinations in the country.

     

    • Ministry has revamped Swadesh Darshan Scheme as Swadesh Darshan 2.0 (SD2.0) with the objective to develop sustainable and responsible destinations following a destination centric approach.

     

    • Under ‘Scheme for Special Assistance to States/Union Territories for Capital Investment (SASCI)’ Government of India has recently sanctioned 40 Projects in the country for Rs.3295.76 Crore.

     

    • Ministry of Tourism has been providing financial assistance to State Governments/UT Administrations for organising fairs/festivals and tourism related events.

     

    • Ministry is conducting Programmes under the ‘Capacity Building for Service Providers’ (CBSP) Scheme to train and upgrade manpower to provide better service standards.

     

    • To enhance the overall experience of tourists by making available a pool of local, trained professionals at tourist sites across the country, Ministry launched the Incredible India Tourist Facilitator (IITF) Certification Programme – a Pan-India online learning program.

     

    • With a view to provide enhanced amenities and facilities for tourists, projects for joint development of tourist amenities at 22 railway stations by the Ministry of Railways (MoR) and Ministry of Tourism were sanctioned on cost sharing basis.

     

    • Ministry of Tourism works closely with Ministry of Road Transport and Highways/National Highway Authority of India for improving road connectivity to tourist destinations, iconic sites and UNESCO World Heritage sites. Ministry of Tourism also coordinates with Ministry of Civil Aviation for improving the air connectivity to important tourist destination and to lesser known/new destinations with high potential.

     

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Rajya Sabha today.

     

    ***

    Sunil Kumar Tiwari

    Tourism4pib[at]gmail[dot]com

    (Release ID: 2102824) Visitor Counter : 56

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Government sanctioned 40 projects in 23 States for ₹ 3295.76 Crore in Financial Year 2024-25 under SASCI Scheme

    Source: Government of India

    Posted On: 13 FEB 2025 5:29PM by PIB Delhi

    Government of India sanctioned 40 projects in 23 States for ₹ 3295.76 Crore in Financial Year 2024-25 under ‘Special Assistance to States for Capital Investment (SASCI) – Development of Iconic Tourist Centres to Global Scale’ Scheme with the objective to comprehensively develop iconic tourist centres in the country, branding and marketing them at global scale. Details of the sanctioned projects under this scheme is Annexed.

    Salient features of this endeavour include developing end to end tourist experience, funding support to the shortlisted proposals, strengthening all points of the tourist value chain, harnessing quality expertise for design and development, sustainable operations and maintenance etc. The projects have been identified based on the project proposals submitted by the concerned State Governments, its examination on the prescribed parameters such as connectivity to the site, tourism eco-system, carrying capacity, sustainability measures, sustainable operation and management, project impact and value created, tourism marketing plans for Domestic and Inbound (Global) Markets etc. The project will be implemented and managed by the concerned State Governments in a sustainable manner.

    Ministry of Tourism as part of its ongoing initiative promotes various tourism destinations and products of the country holistically in domestic and international markets under brand line of ‘Incredible India’ through various promotional initiatives such as website, social media promotions, participation in events, assistance to State Governments for organizing fairs and festivals, etc. In addition, promotion of destinations and products is also done by the respective State Governments/ UT Administrations.

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Rajya Sabha today.

    ***

    ANNEXURE

     

    List of Projects Sanctioned Under ‘Special Assistance to States for Capital Investment (SASCI) – Development of Iconic Tourist Centres to Global Scale’:-

     

    S.No.

    State

    Project Name

    Cost

    (₹ in Crore)

     

    Andhra Pradesh

    • 1. Gandikota – Enriching the Fort and Gorge Experience

    77.91

    • 2. Akhanda Godavari: (Havelock Bridge & Pushkar Ghat), Rajamahendravaram

    94.44

     

    Arunachal Pradesh

    • 3. Siang Adventure & Eco-Retreat, Pasighat

    46.48

     

    Assam

    • 4. Assam State Zoo Cum Botanical Garden, Guwahati

    97.12

    • 5. Beautification of Rang Ghar at Sivasagar

    94.76

     

    Bihar

    • 6. Development of Matsyagandha Lake, Saharsa

    97.61

    • 7. Karamchat Eco-Tourism and Adventure Hub

    49.51

     

    Chhattisgarh

    • 8. Development of Chitrotpala Film City

    95.79

    • 9. Development of Tribal & Cultural Convention Centre

    51.87

     

    Goa

    • 10. Chhatrapati Shivaji Maharaj Museum, Ponda

    97.46

    • 11. Proposed Townsquare, Povorim

    90.74

    Gujarat

    • 12. Ecotourism Destination at Kerly (Mokarsagar), Porbandar

    99.50

    • 13. Tented City and Convention Centre, Dhordo

    51.56

     

    Jharkhand

    • 14. Eco-Tourism Development of Tilaiyya, Koderma

    34.87

     

    Karnataka

    • 15. Ecotourism & Cultural Hub at Roerich and Devika Rani Estate Tataguni, Bengaluru

    99.17

    • 16. Development of Savadatti Yallammagudda, Belgavi

    100.00

     

    Kerala

    • 17. Ashtamudi Biodiversity and Eco-recreational Hub, Kollam

    59.71

    • 18. Sargaalaya: Global Gateway to Malabar’s Cultural Crucible

    95.34

     

    Madhya Pradesh

    • 19. Orchha A Medieval Splendour

    99.92

    • 20. International Convention Centre for MICE in Bhopal

    99.38

     

    Maharashtra

    • 21. Ex-INS Guldar Underwater Museum, Artificial Reef, and Submarine Tourism, Sindhudurg

    46.91

    • 22. Development of “RAM-KAL PATH” at Nashik

    99.14

     

    Manipur

    • 23. Loktak Lake Experience

    89.48

     

    Meghalaya

    • 24. MICE Infrastructure at Mawkhanu, Shillong

    99.27

    • 25. Re-development of Umiam Lake, Shillong

    99.27

    Odisha

    • 26. Development of Hirakud

    99.90

    • 27. Development of Satkosia

    99.99

     

    Punjab

    • 28. Development of Heritage Street, SBS Nagar

    53.45

     

    Rajasthan

    • 29. Development at Amber-Nahargarh and surrounding Area, Jaipur

    49.31

    • 30. Development at JalMahal, Jaipur

    96.61

     

    Sikkim

    • 31. Skywalk, Bhaleydhunga, Yangang, Namchi

    97.37

    • 32. Border Experience, Nathula

    68.19

    Tamil Nadu

    • 33. Nandavanam Heritage Park at Mamallapuram

        99.67

    • 34. Garden of flowers at Devala, Ooty

    70.23

     

    Telangana

    • 35. Ramappa Region Sustainable Tourism Circuit

    73.74

    • 36. Somasilla Wellness & Spiritual Retreat Nallamala

    68.10

    Tripura

    • 37. 51 Shakti Peethas Park at Banduar, Gomati

       97.70

     

    Uttar Pradesh

    • 38. Development of Bateshwar, District- Agra

    74.05

    • 39. Integrated Buddhist Tourism Development, Shrawasti

    80.24

     

    Uttarakhand

    • 40. Iconic City Rishikesh: Rafting Base Station

    100.00

    TOTAL

    3,295.76

    *******

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2102809) Visitor Counter : 55

    MIL OSI Asia Pacific News

  • MIL-OSI Security: Washington County Man Pleads Guilty to Distribution and Possession of Child Sexual Abuse Material

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – David Dion, age 47, of Greenwich, New York, pled guilty today to charges that he distributed and possessed child sexual abuse material (CSAM). United States Attorney Carla B. Freedman; Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI); and New York State Police (NYSP) Superintendent Steven G. James made the announcement.

    Dion admitted that from July 2023 to January 2024, he distributed images and videos of CSAM via an encrypted chat messenger to another person, and possessed images of CSAM on five electronic devices on February 28, 2024, when his residence was searched. He also admitted that he produced morphed images of CSAM by using non-pornographic images of known children and superimposing the faces of those children onto other images of CSAM he found on the Internet to create an adapted or modified depiction of an identifiable minor engaged in sexually explicit conduct. Dion possessed more than 130,000 images of CSAM across his devices.

    Sentencing is currently scheduled for June 13, 2025, before United States District Judge Anne M. Nardacci. Dion faces at least 5 years and up to 20 years in prison, a maximum fine of $250,000, and a term of post-imprisonment supervised release of at least 5 years and up to life. A defendant’s sentence is imposed by a judge based on the particular statute the defendant is charged with violating, the U.S. Sentencing Guidelines, and other factors. Dion may also be ordered to pay restitution to the victims of his offenses and forfeit the devices used in the offenses. Dion will also have to register as a sex offender upon his release from prison.

    The FBI and NYSP are investigating the case. Assistant U.S. Attorney Alexander P. Wentworth-Ping is prosecuting the case.

    Launched in May 2006 by the Department of Justice, Project Safe Childhood is led by United States Attorney’s offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), and is designed to marshal federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

    MIL Security OSI

  • MIL-OSI Security: Kanawha County Man Pleads Guilty to Withholding Information in Bankruptcy Case

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – James Eugene Wells, 73, of Marmet, pleaded guilty today to withholding records relating to the property or financial affairs of a debtor in bankruptcy from an officer of the court or a United States Trustee entitled to its possession.

    According to court documents and statements made in court, in October 2022, a Charleston business solely owned by Wells’ wife filed for Chapter 11 bankruptcy. Wells helped with the business’ day-to-day management, including by overseeing many of its financial affairs, but was never an employee of the business. Wells admitted that he applied for and obtained five loans in the business’ name after the bankruptcy filing, from February 2023 through February 2024. Wells further admitted that he did not disclose the existence of the loans to the United States Trustee, who oversees the administration of bankruptcy cases in the Southern District of West Virginia.

    On January 31, 2024, the U.S. Bankruptcy Court held a hearing on the U.S. Trustee’s motion to dismiss the business’ bankruptcy case. That day, the bankruptcy lawyer for the business informed the U.S. Trustee of the existence of one of the four loans that Wells had obtained by that time in the business’ name. Wells admitted that during the motion hearing, including while the bankruptcy judge questioned him under oath, he did not disclose the existence of the other three loans. Wells further admitted that the fifth loan, obtained on February 8, 2024, was not approved by the bankruptcy court or disclosed to the U.S. Trustee. On February 21, 2024, the bankruptcy court dismissed the business’ bankruptcy case.

    A total of $68,000 was obtained in proceeds from the five loans and used for the business’ operations. The lender charged the business $9,700 in fees.

    Wells is scheduled to be sentenced on May 5, 2025, and faces a maximum penalty of five years in prison, up to three years of supervised release, and a $250,000 fine.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI). The United States Trustee’s Charleston field office, which serves West Virginia, made the criminal referral of this case to the U.S. Attorney’s Office. The United States Trustee Program is a component of the Department of Justice whose mission is to promote the integrity and efficiency of the bankruptcy system for the benefit of all stakeholders — debtors, creditors and the public.

    United States District Judge Joseph R. Goodwin presided over the hearing. Assistant United States Attorney Jonathan T. Storage is prosecuting the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:25-cr-7.

    ###

     

    MIL Security OSI

  • MIL-OSI Security: Former U.S. Postal Service employee in Billings admits stealing mail

    Source: Office of United States Attorneys

    BILLINGS — A former U.S. Postal Service employee admitted to a theft charge today after he was accused of stealing mail when he tried to sell $850 worth of sports cards to a Billings sports memorabilia business that had attempted to ship the cards to a different customer, U.S. Attorney Jesse Laslovich said.

    The defendant, Zachary Louis Simpson, 37, pleaded guilty to theft of mail by employee. Simpson faces a maximum of five years in prison, a $250,000 fine and three years of supervised release.

    U.S. Magistrate Judge Timothy J. Cavan presided. A sentencing date will be set before U.S. District Judge Susan P. Watters. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Simpson was released pending further proceedings.

    The government alleged in court documents that between March 27, 2023 and April 3, 2024, Simpson was employed by the U.S. Postal Service and sorted packages at the mail facility in Billings. Simpson had access to and was entrusted with mail during his shifts at the sorting facility. While employed with the Postal Service, Simpson stole packages from the sorting facility and took them home. On March 12, 2024, the U.S. Postal Service Office of Inspector General was contacted regarding Simpson. A sports memorabilia business in Billings notified law enforcement that Simpson came into the store to sell $850 of sports cards. The company realized that it had recently attempted to ship those same cards to a different customer through the mail. An investigation determined that the packages containing these cards had transited the postal sorting facility in Billings on a date Simpson was working. Law enforcement conducted a trash pull at Simpson’s residence and found dozens of empty packages in his trash that were addressed to other people at different locations. Investigators executed a search warrant at Simpson’s residence and seized more than 100 additional empty packages that were not addressed to Simpson. Agents also recovered more than 10,000 sports trading cards and other memorabilia. The Postal Service contacted a number of the victims whose packages were found in Simpson’s possession. Many reported that their packages contained sports trading cards that never reached the intended destination.

    The U.S. Attorney’s Office is prosecuting the case. The U.S. Postal Service Office of Inspector General, with assistance from the Eastern Montana High Intensity Drug Trafficking Area Task Force, conducted the investigation.

    XXX

    MIL Security OSI

  • MIL-OSI Security: U.S. Attorney’s Office and HSI Collaborate to Charge Mexican National with Stolen Firearm Possession

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Mexican national in the country illegally is facing federal charges after allegedly possessing a stolen firearm during a traffic stop.

    According to court documents, the charge stems from a traffic stop conducted on January 9, 2025, on Interstate 25 in Sandoval County. During the stop, Jose Adan Gonzalez-Torres, a passenger in the vehicle, admitted to having a firearm in the car. A subsequent search revealed a firearm in the center console. Further investigation determined that the firearm had been reported stolen.

    In the course of the investigation, Gonzalez admitted to law enforcement that he is unlawfully present in the United States.

    Gonzalez will remain in custody pending trial, which has not been set. If convicted, Gonzalez faces 15 years in prison.

    U.S. Attorney Alexander M.M. Uballez and Jason T. Stevens, Acting Special Agent in Charge of Homeland Security Investigations (HSI) El Paso, made the announcement today.

    Homeland Security Investigations investigated this case with assistance from the Bureau of Indian Affairs and Sandoval County Sheriff’s Office. Assistant United States Attorney Jack Burkhead is prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: Former Student Doctor Pleads Guilty to Child Pornography Charges

    Source: Office of United States Attorneys

    ALBUQUERQUE – A former student doctor pleaded guilty to producing and possessing child sexual abuse material.

    According to court documents, Kevin Weiss, 28, admitted to producing an image of child sexual abuse material of a minor under age 18 by employing, using, persuading, inducing, enticing, or coercing that minor. Weiss also admitted he possessed other child sexual abuse material, including some showing very young children.

    At sentencing, Weiss faces a minimum of 15 years in prison and not more than 50 years, followed by a minimum of 5 years and up to a term of life of supervised release.

    U.S. Attorney Alexander M.M. Uballez and Jason T. Stevens, Acting Special Agent in Charge of Homeland Security Investigations (HSI) El Paso, made the announcement today.

    Homeland Security Investigations investigated this case with assistance from the Albuquerque Police Department and New Mexico State Police. Assistant United States Attorneys Jaymie L. Roybal and Meg Tomlinson are prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

    MIL Security OSI

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 13.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    13 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 13.02.2025

    Espoo, Finland – On 13 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,380,441 4.76
    CEUX
    BATE
    AQEU
    TQEX
    Total 1,380,441 4.76

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 13 February 2025 was EUR 6,575,869. After the disclosed transactions, Nokia Corporation holds 247,809,658 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI Economics: Financing the transition to greenhouse gas neutrality: how much and with which instruments? | Remarks at the Adam Smith Business School University of Glasgow

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Ladies and gentlemen, 

    I am delighted to be here with you today. What better place than Glasgow to discuss the economic impacts of climate change and the green transition! And not just because it played host to the 2021 United Nations Climate Change Conference.

    Glasgow is also where Adam Smith, the father of modern economics, studied and taught as a professor. Have you ever wondered what he would have thought of climate change? As a famed free-market economist, he might not be the first person you would think of. But even Adam Smith acknowledged that the invisible hand can sometimes lead to suboptimal outcomes.

    Climate change is a prime example of this: market prices do not reflect the negative side effects of greenhouse gas emissions. Fortunately, it is now widely acknowledged that governments need to intervene and encourage individuals and companies to reduce their emissions. 

    Switching to a net-zero emissions economy is a major task. It requires changes in behaviour, innovation and significant investment to rebuild our capital stock. And this transition requires significant financing. 

    In my speech, I will explore what financing the transition to a greenhouse gas-neutral economy could look like. More specifically, I will focus on two key issues. First, how much investment is needed to achieve greenhouse gas neutrality, and how much of this investment is “additional”? Second, what could the financing mix to fund this investment look like?

    I know that answering these questions seems like a tough challenge – a taughy fleece tae scoor. But I will do my best to illustrate my points with clear, practical examples. Along the way, I will discuss electric cars and heating systems to help us understand the issues. 

    My remarks will focus on the European Union (EU), borrowing some detailed insights from Germany. Unfortunately, these data do not cover the United Kingdom (UK). But I will do my best to infer some insights for the UK as well.

    2 How much needs to be invested?

    Let me start with the question of how much the EU needs to invest to achieve greenhouse gas neutrality. The EU’s Fit for 55 package aims to reduce greenhouse gas emissions by at least 55 per cent by 2030. These reductions are benchmarked against 1990 emission levels. This is an intermediate step towards full greenhouse gas neutrality, for which the EU still needs to pass legislation.

    From 2021 to 2030, the European Commission estimates that EU countries need to invest over €1.2 trillion annually.[1] This amounts to nearly 8 per cent of the EU’s GDP. The private sector must take on the bulk of these investments. The investment needs are significantly more than the actual annual investment of €760 billion in the previous decade. 

    The European Commission defines the difference between the investment required and the actual investment as the “additional” investment need. This additional investment need amounts to €480 billion, or around 3 per cent of GDP.

    This definition of “additional” investment is very useful from an accounting perspective. It gives a clear picture of how much more the EU needs to invest to meet its climate goals. However, from a financing perspective, it helps to define additional investment differently.

    There are two types of investment needed to achieve greenhouse gas neutrality. The first type is investment that would not happen without the goal of reducing greenhouse gas emissions. A prime example of this type of investment is technology to capture and store carbon dioxide. This technology will play a crucial role in sectors that are difficult to decarbonise. These investments need economic resources and financing beyond what an economy spends just to maintain its capital stock.

    The second type is investment where a greenhouse gas-neutral alternative replaces a fossil fuel-based technology. To illustrate this point, imagine two households buying a new car. The Jones family spend €45,000 on a new combustion engine car. From a technical perspective, the Jones family are making a replacement investment. No additional financing is needed. Meanwhile, the Smith family decide to switch from a combustion engine car to an electric vehicle. Let us say a comparable electric car costs €50,000. Of this amount, €45,000 is a replacement investment. Only the remaining €5,000 requires additional financing.

    Contrast this with how the European Commission defines additional investment: They subtract the annual average value of electric cars bought in the past from the value of electric vehicles needed to meet the EU’s intermediate greenhouse gas reduction goals. Past registrations of electric vehicles fell significantly short of what is needed. Accordingly, the additional investments, as defined by the European Commission’s accounting perspective, are presumably much higher than the additional financing needs. 

    How great could the additional financing needs be? While we do not yet have specific figures for the EU, there are some numbers for Germany. A recent study estimates that Germany needs to invest around €390 billion annually from 2021 to 2030 to reduce emissions by 65 per cent compared to 1990.[2] They measure this absolute sum in 2020 prices. Relative to GDP, the investment amounts to 11 per cent. 

    This is fairly close to the 8 per cent investment needs calculated by the European Commission for the EU.[3] However, only around 30 per cent of this investment requires additional financing. In absolute terms, this amounts to about €120 billion. 

    Let me pause for a moment to summarise the two key takeaways from my remarks so far. First, the transition to greenhouse gas neutrality calls for significant investment. However, in many cases, we are replacing fossil-based technologies with greenhouse gas-neutral alternatives. Accordingly, the additional financing needs are much smaller and seem manageable.

    Second, we can minimise the additional financing needs by replacing already largely depreciated capital stock. By contrast, replacing relatively new capital stock that has barely depreciated would increase the economic and financial costs. Let me illustrate this point with a brief anecdote. 

    On 1 January 2024, the German government introduced a new law governing heating systems. In German, it is known by the beautiful name “Gebäudeenergiegesetz”. This law mandates that heating systems use around two-thirds renewable energy. In anticipation of this new law, many households replaced their old gas heating systems with new ones. These heating systems can run for around 25 years, so they depreciate over a long period. 

    Bad luck if you just installed a new gas heating system and live in the German city of Mannheim. Here, the local gas provider has said it intends to stop its services in 2035. This means that a long-term investment will become unviable when little more than half of it has depreciated: A waste of both financial and economic resources.

    This anecdote highlights one key point: to avoid wasting money, we need a clear and reliable path to greenhouse gas neutrality. With a clear path mapped out, people can confidently invest in the transition. 

    3 What could the financing mix look like?

    Now, let us explore what the potential financing mix could look like. To achieve a greenhouse gas-neutral economy, households, firms and the public sector all need to invest. They can fund these investments using both internal and external sources.

    As the name would suggest, internal financing comes from within. Like the Smith family putting aside some of their income to pay for their new car. Or think of a firm that sells its products and saves some of the profits. That is internal financing, too. External financing, on the other hand, comes from outside sources such as banks or investors. 

    Regarding their financing mix, households, non-financial firms and the public sector differ considerably. Households tend to save significantly and mainly use bank loans as a source of external finance. The public sector, on the other hand, raises most of its funds from external sources by issuing debt securities. Only firms have a more diversified financing mix. Equity and bank loans play prominent roles here. Note that these observations hold for the EU, the UK and Germany alike. 

    So, what might the financing mix for the transition to a greenhouse gas-neutral economy look like? To estimate these figures, we need two key components: First, the respective shares of households, firms and the public sector in total investment. According to rough estimates by Bundesbank staff for Germany, households might have to cover about one-third of the investment, the public sector around 20 per cent, and firms just under half.[4]

    Second, estimates for the future financing structure of the sectors. We assume that future financing structures will remain unchanged from today.[5] This implies that past financing structures are suitable for future climate investment. If this were not the case, perhaps due to the need for innovative financing instruments, the financing structure may differ. 

    What result do we get when we combine the two components? For Germany, we estimate that about 20 per cent of the financing mix could come from internal financing, primarily household savings. In terms of external financing, bank loans might play the largest role. They account for over one-quarter of the estimated financing mix. Households in particular obtain almost all their external financing from banks.

    The second-largest external financing source could be debt securities, accounting for around 20 per cent. The public sector plays a prominent role here, with funding coming almost exclusively from bonds. Finally, the third-largest external financing source could be equity financing, comprising around one-sixth. Firms are the only users of this financing source, as households and the public sector do not issue equity. Different instruments, like loans from non-bank financial intermediaries, might cover the final sixth of the overall investment needs. 

    So, what does this mean for the EU and the UK? Can the findings for Germany be generalised? Fortunately, the financing structures of households, firms and governments are largely comparable across these regions.[6] Therefore, one of the two components in the calculations is roughly equal.

    The second component – the sectoral investment needs – is less certain. I am not aware of any studies for the EU or the UK that divide the investment needs across households, firms and the public sector.[7] Without a better alternative, the findings for Germany may provide a reasonable initial estimate for both the EU and the UK.

    4 Concluding remarks

    Let me summarise and conclude. I have three main takeaways to share.

    First, “additional” investment needs to become greenhouse gas-neutral can also be defined from a financing perspective. In many cases, we are replacing fossil fuel-based technologies with greenhouse gas-neutral alternatives. And this requires additional financing only if greenhouse gas-neutral technologies are more expensive or if the capital stock being replaced is not yet fully depreciated. The additional financing needs are significantly smaller than the total investment required. Accordingly, I am confident that our financial system can mobilise the necessary financing. 

    Second, banks may play a larger role in financing the climate transition than is commonly anticipated. The main reason for this conclusion is that a substantial portion of climate investments falls on households. They need to make their homes more energy-efficient and replace fossil-fuelled heating systems with greenhouse gas-neutral alternatives. And households simply do not have many viable alternatives to bank loans.

    Accordingly, a robust banking system is essential for achieving greenhouse gas neutrality. That is why we at the Bundesbank are committed to completing the European banking union. However, we also need to improve access to alternative financing sources. Non-financial firms, in particular, would greatly benefit from better capital market financing. That is why we at the Bundesbank are dedicated to creating a European capital markets union. 

    Third, legislators can minimise the additional financing needs by ensuring that the path to greenhouse gas neutrality is planned stringently and for the long term. Why? Because it provides incentives to avoid investments in fossil fuel technologies that may not be fully depreciated before they become non-viable. 

    Footnotes: 

    1. See European Commission (2023), Investment needs assessment and funding availabilities to strengthen EU’s Net-Zero technology manufacturing capacity, SWD (2023) 68 final. 
    2. Kemmler et al. (2024), Klimaschutzinvestitionen für die Transformation des Energiesystems, Prognos. This study is only available in German.
    3. One reason why Germany’s investment needs relative to GDP are higher than the EU’s is that Germany intends to achieve greenhouse gas neutrality sooner (in 2045 rather than 2050).
    4. The estimates are based on the public sector shares provided in Brand and Römer (2022), Öffentliche Investitionsbedarfe zur Erreichung der Klimaneutralität in Deutschland, KfW Research – Fokus Volkswirtschaft, Nr. 395 and various plausibility assumptions. The analysis assumes that the public sector’s involvement in industry and the residential investment sector is minimal or non-existent. This is because the analysis looks at financing flows before any government support, such as subsidies.
    5. More precisely, the financing structure is derived from the average internal and external financing flows over the period 2018 to 2022. This averaging smooths out short-term fluctuations and centres on the reference year of 2020 used in the Kemmler et al (2024) study. Internal financing enters the calculation on a net basis, assuming that the depreciation inflows finance the replacement investments.
    6. In the EU and UK, households rely slightly less on bank loans than in Germany, but the share is still high. In the public sector, Germany has a significantly higher share of debt security financing, particularly compared to the EU. In the UK, non-financial firms have a significantly lower share of equity financing and a higher share of (bank) loans compared to Germany. In contrast, in the EU, non-financial firms have a slightly higher share of equity financing and a smaller share of (bank) loans compared to Germany. All figures are based on average financial flows from 2018 to 2022.
    7. European Commission, op. cit., estimates that, in the EU, the public sector could account for 17 to 20 per cent of total investment. However, it does not clarify how this investment will be split between households and firms. For the UK, HM Government (2023), Mobilising Green Investment – 2023 Green Finance Strategy, mentions that most investment must come from the private sector. However, it likewise does not provide any details on how this investment will be split between households and firms.

    MIL OSI Economics

  • MIL-OSI USA: King Cosponsors Bipartisan Legislation to Crack Down on Illegal Fentanyl Trafficking

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — U.S. Senator Angus King (I-ME), a member of the Senate Armed Services Committee (SASC) and the Select Senate Committee on Intelligence (SSCI), is cosponsoring bipartisan legislation to help law enforcement combat fentanyl trafficking and equip scientists with the tools to research and better understand fentanyl and other opioid-related substances. The bipartisan Halt All Lethal Trafficking of Fentanyl Act would finally make permanent the scheduling of illicitly produced fentanyl-related substances (FRS) as Schedule I drugs and streamline the regulatory process for scientists seeking approval from the U.S. Department of Health and Human Services (HHS) to research these substances.
    A permanent scheduling of FRS is necessary to make penalties for criminals clear and enforceable under the Drug Enforcement Administration (DEA), reducing the supply and availability of illicitly manufactured FRS. The HALT Fentanyl Act places the strongest controls and penalties on FRS, which have no accepted medical use and a high abuse potential. The bill would also establish a new, streamlined registration process for research funded by the Department of Health and Human Services (HHS), the Department of Veterans Affairs (VA), or under an Investigative New Drug (IND) exemption from the Food and Drug Administration (FDA).
    “Our state knows all too well the devastation opioids like fentanyl can cause; far too many Maine people have lost their lives or a loved-one to fentanyl related overdoses,” said Senator King. “We have a duty to equip our law enforcement professionals, researchers and those on the frontlines with the consistent guidance to help us combat this deadly epidemic. The bipartisan Halt All Lethal Trafficking of Fentanyl Act meets the urgency of this crisis and is a critical step toward ensuring our families and communities are safe from this dangerous, deadly drug.”
    Since 2013, Maine has experienced tragically significant growth in total deaths from fentanyl related overdoses. In 2021, 77% of all drug overdoses in Maine were due to fentanyl. Fentanyl and FRS are especially dangerous because their presence is often unknown to the user and lethal in extremely small amounts. The University of Maine estimates fentanyl to be 25 times more potent than oxycodone and 50-100 times more potent than heroin.
    Specifically, the HALT Fentanyl Act would:
    Permanently impose the following quantity-based federal trafficking penalties on FRS:
    Mandatory minimum penalties: 5 years for 10 grams or more (10 years for second offense); and 10 years for 100 grams or more (20 years for second offense).
    Discretionary maximum penalties: 40 years for 10 grams or more (life for second offense); and life for 100 grams or more.
    Enhance our understanding of manufactured substances by:
    Allowing researchers in the same institution to participate in multiple scientific studies.
    Permitting researchers with ongoing studies to examine newly added schedule I substances.
    Allowing researchers to manufacture small quantities of FRS without a separate registration.
    In addition to Senator King, the HALT Fentanyl Act is cosponsored by Senators Martin Heinrich (D-NM),  Bill Cassidy (R-LA), Chuck Grassley (R-IA), Maggie Hassan (D-NH), Ruben Gallego (D-AZ), Roger Marshall (R-KN), Todd Young (R-IN), Steve Daines (R-MT), Eric Schmitt (R-MO), Shelley Moore Capito (R-WV), Catherine Cortez Masto (D-NV), Mike Rounds (R-SD), John Kennedy (R-LA), Jeanne Shaheen (D-NH) and Mark Kelly (D-AZ).
    As a member of the Senate Armed Services Committee and Select Senate Committee on Intelligence, Senator King has previously supported legislation to combat illicit drug use and decrease overdoses. He is a cosponsor of the Synthetics Trafficking and Overdose Prevention Act, bipartisan legislation that is designed to stop dangerous synthetic drugs like fentanyl and carfentanil from being shipped through our borders. Senator King also cosponsored the INTERDICT Act, bipartisan legislation to help halt the flow of illicit fentanyl from Mexico, China and other nations around the world into the United States. During an open hearing of the Select Senate Intelligence Committee last year, Senator King pressed Avril Haines, the former Director of National Intelligence and Christopher Wray, the former Director of the Federal Bureau of Investigation (FBI), about what the intelligence community is doing to halt the flow of illicit drugs — including fentanyl — from Mexico, China and other nations into the United States.

    MIL OSI USA News

  • MIL-OSI USA: Cassidy Issues Statement Following Senate Confirmation of RFK, Jr. for HHS Secretary

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) issued a statement following the U.S. Senate vote to confirm Robert F. Kennedy, Jr. as U.S. Secretary of the Department of Health and Human Services. Cassidy previously delivered a floor speech after voting to advance Kennedy’s nomination in the U.S. Senate Finance Committee last week. 
    “We need to make America healthy again, and it is my expectation that Secretary Kennedy will get this done,” said Dr. Cassidy. “As chair of the HELP Committee, I look forward to working closely with Secretary Kennedy and the Trump administration to improve the health of all Americans.” 

    MIL OSI USA News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Sri Lanka’s Action Plan on Women, Peace and Security, Ask about Legislation on Child Marriage and Domestic Violence

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today concluded its consideration of the ninth periodic report of Sri Lanka, with Committee Experts praising the State’s national action plan on women, peace and security, and raising questions about the Muslim Marriage and Divorce Act, which permitted child marriage, and domestic violence.

    One Committee Expert said the national action plan on women, peace and security was a positive step in addressing the needs of women in conflict.  Were there plans to conduct a mid-term assessment of the plan?

    Yamila González Ferrer, Committee Expert and Country Rapporteur for Sri Lanka, said that the Muslim Marriage and Divorce Act was amended in 2022, but there were still concerns about elements of the law.  Were there plans to further amend the law, including to ban child marriage?

    Another Committee Expert said at least one in five women in Sri Lanka had experienced violence from an intimate partner, and many did not report it.  What was the timeline for adopting proposed amendments to the Prevention of Domestic Violence Act?  What protections were provided to women victims of violence?

    Introducing the report, Saroja Savitri Paulraj, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said the Sri Lankan Government was committed to upholding the rights of women and girls and advancing gender equality.  This review held particular significance, as it was the country’s first engagement with an international human rights treaty body since the presidential and parliamentary elections of 2024.

    Ms. Paulraj said Sri Lanka’s first national action plan for women, peace and security for 2023 to 2027 had been launched.  The Government was committed to realising the full promise of the women, peace and security agenda.  The delegation added that the action plan addressed displacement, and women’s protection, security and participation in peacebuilding.  The State party was planning to conduct a review of the implementation of the action plan.

    On the Muslim Marriage and Divorce Act, the delegation said the Government had conducted consultations regarding its amendment.  It was trying to strike a balance between women’s and children’s rights and cultural rights.  Ms. Paulraj added that the Women’s Parliamentary Caucus had suggested setting a minimum age for marriage and establishing a multi sectoral committee to address this issue.

    On domestic violence, the delegation said the Prevention of Domestic Violence Act had been amended; the amended Act would come into force this year.  The Assistance to Victims Act underlined the rights of victims to be treated with respect and privacy, and to request legal, medical and psychosocial assistance.  A toll-free hotline operated by female officers was available for reporting domestic violence.

    In closing remarks, Ms. Paulraj said the Sri Lankan Government had undertaken significant efforts to strengthen women’s empowerment.  It was fully committed to addressing the issues that women faced in the State and would continue to engage with the Committee constructively.

    In her concluding remarks, Nahla Haidar, Committee Chair, said that the State party had shared candidly and transparently the progress made and difficulties it was facing.  She commended the State party for its efforts and encouraged it to implement the Committee’s recommendations for the benefit of all Sri Lankan women and girls.

    The delegation of Sri Lanka consisted of representatives from the Ministry of Women and Child Affairs; Attorney General’s Department; Sri Lanka Police; Ministry of Foreign Affairs, Foreign Employment and Tourism; and the Permanent Mission of Sri Lanka to the United Nations Office at Geneva.

    The Committee will issue the concluding observations on the report of Sri Lanka at the end of its ninetieth session on 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet at 10 a.m. on Friday, 14 February to consider the sixth periodic report of Liechtenstein (CEDAW/C/LIE/6).

    Report

    The Committee has before it the ninth periodic report of Sri Lanka (CEDAW/C/LKA/9).

    Presentation of Report

    SAROJA SAVITRI PAULRAJ, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said the Sri Lankan Government was committed to upholding the rights of women and girls and advancing gender equality.  This review held particular significance, as it was the country’s first engagement with an international human rights treaty body since the presidential and parliamentary elections of 2024 and the formation of the new Government in Sri Lanka.  Sri Lanka was proud to have a member from Sri Lanka in the Committee, Rangita de Silva de Alwis.  Her contribution to this Committee’s work was highly appreciated.

    Ms. Paulraj said she was the first Tamil Member of Parliament elected from the Southern Province, which had a predominantly Sinhala community.  Women’s representation in Sri Lanka’s Parliament had risen from 4.8 to 9.7 per cent with the election of 22 female members in November 2024.  These women included individuals from the working class and marginalised communities, including, for the first time in history, two women from the Malayaga community. 

    Sri Lanka was proud to have its third female Prime Minister, Dr. Harini Amarasuriya.  One of the Government’s key electoral pledges had been to ensure the equal representation of women in Government. Appointing a woman to the post of Deputy Chairman of Committees of Parliament for the first time was another milestone.  The Sri Lankan judiciary also had a high percentage of women at senior levels. Thirty-two per cent of Ambassadors in Sri Lanka were women.  Across all levels of Sri Lanka’s diplomatic service, women were in the majority. During the reporting period, Sri Lanka Police appointed four female Deputy Inspectors General of Police and the first female Director of the Criminal Investigation Department.  Many women had been appointed to the Government’s decision-making councils, commissions and boards.

    The Government had made a policy commitment to reduce the burden of unpaid care work for women. Women played a crucial role in driving the economy in Sri Lanka, with their contributions being essential in generating income across key sectors.  Women made up most of the workforce in industries such as garments, plantations, and as migrant workers.  For the first time, a woman had been appointed as the Chairperson of the Sri Lankan Apparel Exporters Association in the corporate sector.

    The Government had introduced several initiatives to support economic recovery and empower citizens, particularly focusing on women and youth.  One notable proposal was the establishment of a new development bank aimed at providing new entrepreneurs, including rural and disadvantaged women, with loans without the requirement for collateral.  The Sri Lanka Women’s Bureau was the national mechanism implementing projects and programmes for the social and economic development of women from national to grassroots level.

    The Women Empowerment Act of 2024 introduced mechanisms to give effect to the obligations undertaken by Sri Lanka in relation to the Convention, and defined women’s right to equality and non-discrimination.  A key component of this Act was to establish an independent National Commission on Women, and to provide provisions for the appointment of a Woman Ombudsperson on ensuring women’s rights and setting up a National Fund for Women. 

    The Land Development (Amendment) Act of 2022 had brought in provisions to ensure gender equality and non-discrimination in land inheritance.  The Women’s Parliamentary Caucus had suggested setting a minimum age for marriage and establishing a multi sectoral committee to address this issue.

    Addressing sexual and gender-based violence was a key priority for the Government.  It would establish mechanisms to prioritise and expedite the resolution of cases involving sexual offences against women and minors, ensuring that victims received timely redress.  The progress review of the first national action plan to address sexual and gender-based violence for the period 2016-2020 found a 70 per cent level of implementation.  Thereafter, a second plan for the period 2024-2028 was launched in 2024.  This plan focused on prevention programmes in schools, places of work, and community-based initiatives, as well as programmes on engaging men to address gender-based violence. 

    Children and Women Desks had been newly established in police stations, and the Government would also double the allocation for 2025 for the establishment and expansion of shelter homes for women.

    Sri Lanka’s first national action plan for women, peace and security for 2023 to 2027 had been launched.  The action plan was developed through an inclusive process of broad consultations with survivors of conflict and vulnerable women and children.  The Government was committed to realising the full promise of the women, peace and security agenda. 

    Technology-facilitated gender-based violence was another pressing challenge that Sri Lanka was facing.  The Government was working to implement stronger laws and policies to protect individuals from privacy violations, online stalking, and hate speech.  Sri Lanka was a party to the Budapest Convention on Cybercrime, which focused on addressing online and technology-facilitated violence against women.  The Online Safety Act of 2024 aimed to protect the vulnerable sections of the society in line with international standards.

    Sri Lanka was committed to upholding human rights, gender equality, and social justice.  Its foremost priority was to ensure that no one was left behind.  Sri Lankan women had been active participants in the country’s development agenda and the Government was committed to addressing existing challenges and supporting women to carry out this role.

    Questions by Committee Experts

    YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, said that Sri Lanka’s Constitution established that all persons had the right to live free from discrimination. However, this was not yet a reality. Sri Lanka was in the process of drafting a new Constitution.  Were there plans to incorporate the rights of women and girls into the Constitution? Proposals had been made to reform criminal laws to remove discriminatory provisions affecting women related to marriage. What progress had been made in this regard?

    The national human rights institution had “A” status under the Paris Principles.  What actions had it implemented to protect women’s rights? Were its complaints mechanisms effective?  Were there plans to update the national action plan on human rights?  There were several obstacles limiting the capacity of the judicial system to protect women affected by sexual and gender-based violence and domestic violence.  How was the State party strengthening the judiciary and reducing trial times?

    The death penalty was legal in Sri Lanka.  Although there was a de facto moratorium in place, courts continued to sentence women to death, often not considering mitigating circumstances such as gender-based violence.  Could the State party provide data on women sentenced to death?  Had the Convention been invoked before the courts?

    Responses by the Delegation

    The delegation said that the Constitution guaranteed the right to non-discrimination.  Violations of fundamental rights could be brought before the Supreme Court, which had drawn reference to the Convention in some of its determinations.  In one case, it had held that equality could be seriously impaired when women were subjected to workplace gender-based violence.  The Women’s Commission was mandated to introduce mechanisms to give effect to Convention obligations.

    There were several mechanisms in place facilitating access to justice.  The Legal Commission of Sri Lanka provided free legal services to citizens who had incomes of less than 40,000 rupees.  This threshold did not apply for cases of a domestic nature. The Human Rights Commission and the Women’s Commission were empowered to receive complaints related to human rights violations directly from victims, investigate the matter, and make recommendations.  Financial assistance and counselling were provided to women victims of violence. The Prevention of Domestic Violence Act allowed for victims to make complaints directly to the police.

    Sri Lanka had maintained a moratorium on the death penalty since 1978.  The Supreme Court had intervened in the past to prevent the death penalty from being carried out.  A recent amendment to the Penal Code increased the minimum age from which the death penalty could be applied from 16 to 18 years.

    Many efforts had been made to implement the Committee’s previous concluding observations.  The Government had established a coordinating committee to follow-up on the Committee’s concluding observations, in collaboration with civil society.  In 2022, legislation on marriage and divorce was amended to remove all provisions permitting the marriage of a minor with parents’ permission. Legislation on inheritance had also been revised to remove its gender components.

    Questions by Committee Experts 

    YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, said that the Muslim Marriage and Divorce Act was amended in 2022, but there were still concerns about elements of the law addressing abortion and rape.  Were there plans to further amend the law?  Was work underway to ensure that authorities could mainstream a gender perspective in measures promoting access to justice?

    Another Committee Expert congratulated the Government on appointing a woman Prime Minister.  Ms. de Silva’s contributions enriched the Committee. The national action plan on women, peace and security was a positive step in addressing the needs of women in conflict.  However, challenges remained in this field.  Were there plans to conduct a mid-term assessment of the plan?  How would the Government ensure accountability for past conflict-related gender-based violence and ensure the rights of victims to protest and mourn publicly?

    Non-governmental organizations faced financial and regulatory obstructions.  How would the State party support women human rights defenders and remove restrictions on the activities of civil society?

    One Committee Expert welcomed measures for increasing the political representation of women, but said the Committee was concerned by the low level of representation of women in public and private life.  She commended the quota of 25 per cent representation for local government bodies, but said this was not in line with the Committee’s recommendation of 50 per cent representation.  The Expert further commended an initiative to enhance the incomes of women in the agricultural sector.  Had this initiative been successful?  What affirmative actions had been implemented in other sectors?

    Responses by the Delegation

    The delegation said the Government had conducted consultations regarding the Muslim Marriage and Divorce Act.  It was trying to strike a balance between women’s and children’s rights and cultural rights, and was working to ensure that the law reflected the views of the people.  There was constant training of police officers and the judiciary on the Convention.  Persons who caused a woman to miscarry, except to save the life of the woman, were punished, but the Government was considering legal amendments in this regard.

    Sri Lanka’s civil society had made important contributions to the protection of human rights.  The window in which civil society could challenge bills had been extended from seven to 14 days.  Freedom of expression, speech and assembly were protected in the Constitution. The Government was committed to protecting the freedom of expression of civil society.  It had simplified administrative requirements for registering non-governmental organizations.  Regulatory measures were needed to prevent non-governmental organizations from engaging in money laundering and financing of terrorism. Complaints could be made regarding infringements of the rights of human rights defenders to the Supreme Court, the National Police Commission, the Women’s Ombudsperson, and the Human Rights Commission, which had produced guidelines on the protection of human rights defenders.

    Women were selected to leadership roles on public bodies on merit.  Their representation was improving.  Sri Lanka had had the world’s first woman Prime Minister.  There was no quota for appointments to roles in the public sector, but over 50 per cent of prosecutors were women.  The Government had conducted several awareness raising campaigns encouraging women’s participation in public life.  Diploma programmes were developed to train women to participate in political roles, and a forum had been held to advocate for increased representation of women in trade unions.  Leadership courses had been held for minority women.  Women’s representation in local government had risen to 25 per cent in 2018, thanks to the quota enacted in 2017.  The Government aimed to increase the representation of women in Parliament and provincial councils to 30 per cent.

    The women, peace and security action plan addressed displacement, and women’s protection, security and participation in peacebuilding.  A steering committee had been established to implement the plan and make policy recommendations.  The State party was planning to conduct a review of the implementation of the action plan.

    The Government was developing a truth and reconciliation process that had the people’s trust.  The Office for Reparations had reviewed more than 6,000 complaints, tracing around 180 missing persons and helping over 4,000 families to access remedies.  Investigation results were accessible to the public.  The national reparations policy was tabled in Parliament in 2022.  It included provisions for memorialisation. The Office provided livelihood support, land rights, housing, psychosocial support and measures to prevent violence.  Payments had been provided for over 11,000 individuals across various categories. An independent body had also been established to conduct investigations into historic violations.

    Questions by Committee Experts 

    A Committee Expert congratulated Sri Lanka on having the first female Prime Minister in the world and on electing its third female Prime Minister.  The State party needed to consider temporary special measures such as quotas to improve women’s representation in various fields.  Would the State party increase its 25 per cent quota for Parliament and other bodies?

    Another Committee Expert said gender stereotypes perpetuated inequalities in Sri Lanka.  What actions had been taken by the State party to promote gender equality in school curricula and tackle gender stereotypes? What was the timeline for amending the Muslim Marriage and Divorce Act to ban child marriage?

    At least one in five women in Sri Lanka had experienced violence from an intimate partner, and many did not report it. Women who sought justice faced discriminatory treatment in the judicial system.  What was the timeline for adopting proposed amendments to the Domestic Violence Act?  How would the State party address barriers to women victims accessing justice?  Were gender courts available in rural areas? What protections were provided to women victims of violence?  Courts did not recognise marital rape and girls over age 16 were not protected from statutory rape.  How would the State party ensure that all girls without exception were protected from rape?

    One Committee Expert welcomed the national action plan to combat trafficking, the Witness Protection Act, and a fund to compensate victims of violence.  Was the unit working to prevent trafficking a militarised unit? Most persons trafficked to the Middle East were female domestic workers.  Traffickers recruited women and girls from rural areas and forced them to work in the commercial sex industry in urban areas.  Law enforcement lacked proper training on identifying trafficking. What measures were in place to ensure the protection of victims who reported trafficking crimes?  Were there efforts being made to reduce the evidence threshold for declaring trafficking crimes?  How did the State party ensure that victims of trafficking were not criminalised?  Did police officers receive training on trafficking and labour rights?

    Responses by the Delegation

    The delegation said the Prevention of Domestic Violence Act had been amended and would come into force this year. The Assistance to Victims Act provided for the establishment of a national authority for the protection of victims and witnesses.  It underlined the rights of victims to be treated with respect and privacy, and to request legal, medical and psychosocial assistance.  Female victims could request investigating officers of a particular gender.

    The police had implemented specialised protective units and a targeted programme that encouraged increased reporting of domestic violence and reduced death rates.  A toll-free hotline operated by female officers was available for reporting domestic violence.

    The National Anti-Human Trafficking Taskforce coordinated police actions to investigate trafficking in persons. The Taskforce included members of various Government departments; it was not a militarised entity.  There was also an anti-trafficking desk within the Ministry of Defence.  The Government operated a shelter for female victims of trafficking, which provided health, food and other support services.  Awareness raising campaigns on the importance of reporting trafficking crimes were in place.  Trafficking in persons was an offence in the Penal Code.  Persons who committed or conspired to commit trafficking offences were liable for a penalty of between three to 15 years imprisonment. 

    Persons who committed rape were punished with imprisonment for no less than seven years, or no less than 15 years when the victim was under 16.  A man who had a non-consensual sexual relationship with a woman who was formerly his wife was criminalised.

    Questions by Committee Experts 

    One Committee Expert asked whether marital rape had been criminalised, and if not, when it would be.  Were there plans to provide specific services for victims of technologically-assisted gender-based violence and to provide training to stakeholders on this issue?

    YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, asked how awareness raising campaigns promoted the rights of women in vulnerable situations.

    Another Committee Expert said that in 2023, 51 per cent of harmful speech online targeted women.  Women’s rights groups and even the Prime Minister were targeted by online hate speech.  How did legislation protect women and rights groups online?  Some social media platforms had not removed harmful content due to high thresholds for removal.  Did the State party plan to hold these platforms to account to protect women?  Thirty-two per cent of Ambassadors were female, though women made up more than half of the foreign service.  How would the State party support women to become Ambassadors?  Many transgender women faced barriers in accessing residence certificates and the right to vote.  How was the State party addressing these barriers?

    Another Committee Expert said Sri Lankan women who married foreigners faced barriers in passing their nationality to their children.  What measures were in place to ensure that women could transmit their nationality on par with their male counterparts?  Tamil women, women in rural zones, and displaced women often lacked documentation to prove their nationality.  Lesbian, bisexual, transgender and intersex women faced discrimination from police and confronted obstacles in obtaining gender recognition papers.  Children born to foreign parents did not obtain Sri Lankan nationality, raising issues of statelessness for plantation workers.  How was the State addressing these issues?

    Responses by the Delegation

    The delegation said statutory rape was currently rape of persons aged up to 16 years.  Marital rape was not currently criminalised.  The Online Safety Act aimed to promote safety for women and girls online.  The Cybercrime Investigation Unit was tasked with handling all cyber-related complaints, including those related to sexual and gender-based violence and online child exploitation.  It acted swiftly to remove harmful online content, including from social media platforms. Women could submit complaints of online abuse through email and hotlines.  The Act established an independent Online Safety Commission that could issue directives to internet service providers, requiring them to respond to discriminatory online acts.  The Commission could also disable users, remove offending content, and seek internet intermediaries to disclose the identities of offenders.

    Women played a significant role in diplomatic representation at all levels.  They accounted for more than 50 per cent of diplomatic mission staff, so it was likely that women would account for more than 50 per cent of Ambassadors in future.

    Freedom of expression was recognised in the Constitution, but this right was not without limitation.  It could not be used to infringe on the rights of others. Hate speech against political candidates could be reported to the Elections Commission, as well as the Women’s Commission and the Human Rights Commission.

    The conferment of citizenship was previously linked to fathers in legislation; however, this had been amended to allow for citizenship to be conferred by both parents.  Citizenship could be provided to stateless children by the State.  There was no legal impediment to persons obtaining birth certificates.  Tamils of Indian origin would be recognised as Sri Lankan citizens.  The Government was considering programmes to provide permanent residency to members of the Malayaga community, and the members of Parliament from this community could take up this issue in the legislature.  There were measures to identify stateless children and register them. Mobile units were in place that supported birth registration for families living on plantations.

    The family background report system had been criticised as being discriminatory, placing the burden of childcare on women.  In 2022, the Cabinet of Ministers removed the mandatory family background report for women seeking work abroad and lowered the age limit for them.  The Government was supporting access to caretakers for children aged two and above.  It sought to support both women and men to seek work overseas without compromising their family’s welfare.

    Questions by Committee Experts

    One Committee Expert asked whether the Online Services Act was effective.  Had there been any prosecutions under it?  What was the State party doing to implement local elections, which had not been held since 2018, and to support women’s participation in those elections?

    A Committee Expert asked whether the period of free birth registration would be extended.

    One Committee Expert said Sri Lanka had made achievements regarding girls’ education.  Girls’ literacy rate was over 90 per cent, which was much higher than many other countries in the region.  However, child marriages remained a challenge in rural communities and were a major reason for girls dropping out of schools.  The COVID-19 pandemic also affected girls in rural areas, as they had limited opportunities to participate in online education.  The computer literacy rate on plantations was less than half that of other regions. 

    Stereotypes hindered the access of Muslim women and girls to education.  What measures had the State party taken to combat dropouts of girls in primary and secondary education?  What measures were in place to promote gender mainstreaming in education? How did the State party ensure that girls of all religions could access education?  What activities were carried out to prevent stereotypes in education?

    Responses by the Delegation

    The delegation said the Online Safety Act was a new law.  There had yet to be prosecutions under the law.  The related Commission would soon be set up and would be able to investigate complaints.

    Every citizen over the age of 18 who was qualified to be an elector could become one.  Sri Lanka had established an independent Election Commission that could investigate complaints of violations and issue sanctions. The Supreme Court had upheld the right to vote and held that any impediment to such was a violation.  The law on local government elections was being revised; once this had concluded, local elections could be held.

    The education system was committed to ensuring equal access for all students, regardless of gender.  The provision of free school meals and textbooks allowed for girls from poor families to pursue their education.  The State party was committed to reducing the burden that education placed on parents.  Education was compulsory until age 16.  An initiative to provide girls with sanitary pads was implemented in 2024, benefitting 800,000 girls.  Scholarships were provided to girls from low-income families to participate in technology studies.  There had been an increase in the share of girls participating in science, technology, engineering and maths courses in university in recent years; the share was currently 37 per cent.

    Questions by Committee Experts

    A Committee Expert commended the State party for establishing sexual harassment committees and creating a labour complaints mechanism.  Most women worked in the informal sector, where they lacked labour rights and were vulnerable to abuse.  Many informal sector workers lacked access to social security, leave and childcare services. What measures were in place to protect the rights of women in the informal sector?  Did the State party plan to establish mechanisms to allow domestic workers to seek redress in cases of abuse?  Were there plans to extend paid maternity leave to at least 14 weeks and promote shared parental leave?  Were there plans to ratify International Labour Organization Conventions 181, 189 and 190?  The number of Sri Lankan migrant domestic workers had increased in recent years. These workers often faced abuse from their employers.  How were these workers informed about their rights and protected from abuse? 

    Another Committee Expert commended Sri Lanka’s commitment to strengthening public health care. Persistent barriers obstructed women’s sexual and reproductive health rights.  How would State policies address these barriers?  Restrictive laws forced many women to resort to unsafe abortions. What steps had been taken to ensure women’s safe access to abortion?  What measures were in place to prevent forced sterilisation and ensure informed consent? Girls faced challenges in accessing information on contraception, leading to high rates of early pregnancies. What measures were in place to reduce early pregnancies?  Many schools in rural areas lacked proper sanitation facilities, forcing girls to miss school during menstrual periods.  There was also a very high tax of 47 per cent on menstrual products. How was the State party supporting access to sanitation facilities and menstrual products for women and girls?

    Female genital mutilation continued to be practiced in some Muslim communities.  There was no law criminalising female genital mutilation in Sri Lanka.  When would one be developed?  What awareness raising campaigns on female genital mutilation were in place?  Some women experienced obstetric violence during childbirth.  Did the State party intend to implement measures to prevent such practices?

    Responses by the Delegation

    The delegation said women spent more time than men in unpaid domestic work in Sri Lanka.  The Government had taken steps to train care workers to improve the availability of childcare and disability care services for working mothers and reduce the burden of unpaid care work.  Sri Lanka was interested in ratifying International Labour Organization Convention 190.  The necessary amendments had been incorporated into legislation.  The State had also implemented policies to promote women’s employment.  The Minister of Labour and Foreign Employment was conducting consultations with stakeholders to strengthen protections of Sri Lankan domestic workers overseas.  The Women’s Empowerment Act aimed to address the gender pay gap.

    Taxes on sanitary products and baby formula had been removed.  Budgetary allocations had been ensured for sexual and reproductive health services across the country.  All students from sixth grade received sexual and reproductive health education, which addressed preventing unwanted pregnancies.  Medical practitioners who practiced or promoted female genital mutilation were sanctioned.  There were no specific offences on female genital mutilation or obstetric violence, but these acts were prohibited under general legislation on violence.

    Questions by Committee Experts 

    One Committee Expert commended the State party on working to ensure the empowerment of women and girls through the rural employment programme and programmes on digital transformation. What concrete actions were being taken to ensure that vulnerable women and girls were aware of the economic empowerment policies in place?  How was the State party preventing the abuse of women by financial institutions and regulating lending practices?  Had the State party assessed fiscal reforms and their impacts on the rights of women and girls?  How was the State party mitigating the unfair financial burden of tax on women and girls? What measures were in place to increase the representation of women and girls in decision making related to economic empowerment?  What measures were there to support female athletes to overcome structural barriers in sports? 

    Another Committee Expert said female tea plantation workers continued to have less access to Government subsidies and microcredit due to their lack of access to land ownership.  How was this being addressed?  Women with disabilities continued to face stigma and discrimination, and infrastructure was not adapted to persons with disabilities.  How was the State party working to make inclusive education programmes more adapted to persons with disabilities?  There were also persistent hate crimes against lesbian, bisexual, transgender and intersex women.  What measures were in place to prevent such hate crimes?  Same sex sexual acts were criminalised; would they be decriminalised?  What reforms had been made to ensure adequate facilities for women in prisons?  Were women prisoners allowed to live with their young children in prisons?

    Responses by the Delegation

    The delegation said the Government had implemented various welfare measures for persons in poverty.  Around 1.7 million households benefited from welfare support.  There were various Government programmes for empowering women-led households.  The banking system had also provided special loan schemes with favourable interest rates and flexible return policies for women entrepreneurs during the financial crisis.  Banks had offered advisory services and capacity building programmes for women entrepreneurs.  The State had been regulating lending institutions.  Support had been provided to 185 rural women affected by unregulated microcredit schemes.  A socioeconomic protection scheme helped to ease loss of income due to unemployment.

    Sri Lanka had undertaken various initiatives to empower women to engage in technology studies and the digital economy. The national strategy for women’s development promoted women’s digital freedom and security.  Many women entrepreneurs had been trained on digital skills.

    Sanitary facilities in prisons had been improved to ensure a comfortable stay for women, and facilities for children in prison with their mothers had also been improved.  There were plans to establish a separate women’s prison aligned with international standards.

    The police had been instructed on protecting the fundamental rights of lesbian, gay, bisexual, transgender and intersex persons and investigating complaints from these persons.  A bill had been lodged in Parliament on decriminalising same-sex relations.  The Supreme Court had found that there was no barrier to the amendment of this legislation. The bill had yet to be considered due to the dissolution of Parliament.

    Questions by Committee Experts 

    YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, asked whether the law on terrorism could be used to prevent the operation of women’s organizations.

    Another Committee Expert welcomed the State party’s efforts to ensure women’s equal rights in law and family relations.  Had measures been taken to amend the Penal Code to ensure that legislation on statutory rape protected all girls under age 16, including girls over age 12 who were married?  The Committee expected that the State party would address legislation on polygamy. When would the State party revise the family law to allow women to have equal rights to men concerning custody of children?  What was the status of legal amendments seeking to strengthen the rights of widows?

    NAHLA HAIDAR, Committee Chair, said that, while respecting the freedom of belief, the State party needed to work to protect the rights of Muslim women and girls.

    Responses by the Delegation

    The delegation said the law on terrorism had not been used to limit the activities of women’s organizations in recent years.  The law was only used in instances when it was necessary.

    The amended Muslim Marriage and Divorce Act set the age of marriage at 18, but children from age 16 could be married with parental consent.  The previous Cabinet of Ministers had approved the amended bill, and the new Government would consider whether to take this legislation forward.  The Parliamentary Caucus had proposed the establishment of a committee to address the issue of child marriages.

    Concluding Remarks

    SAROJA SAVITRI PAULRAJ, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said Sri Lanka participated in the review in a spirit of openness.  It appreciated the Committee’s recognition of the progress it had made and the challenges it faced.  The Government had undertaken significant efforts to strengthen women’s empowerment.  It was fully committed to addressing the issues that women faced in the State. Ms. Paulraj thanked the Committee for the constructive dialogue.  The Government was committed to the promotion and protection of the human rights of all Sri Lankans and would continue to engage with the Committee constructively.

    NAHLA HAIDAR, Committee Chair, said that the State party had shared candidly and transparently the progress made and the difficulties it was facing.  The dialogue had helped the Committee to better understand the situation of women and girls in Sri Lanka.  It commended the State party for its efforts and encouraged it to implement the Committee’s recommendations for the benefit of all women and girls in the State party.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CEDAW25.009E

    MIL OSI United Nations News

  • MIL-OSI USA: The Justice Department’s Antitrust Division and FBI Launch Online Portal to Enhance Department’s Capability to Bring International Antitrust Fugitives to Justice

    Source: US State of North Dakota

    Today, the Justice Department’s Antitrust Division and the FBI jointly announced the launch of a new online portal for information on international fugitives who have been charged with antitrust offenses and other crimes affecting the competitive process. The Antitrust Division and FBI are committed to bringing individuals to court to face their charges, wherever they are located.

    “Individuals charged with anticompetitive crimes should understand that the DOJ Antitrust Division and its law enforcement partners will take all available steps to ensure that they answer the charges in court,” said Director of Criminal Enforcement Emma Burnham of the Justice Department’s Antitrust Division. “Defendants should understand that the charges will not go away, and the Antitrust Division urges them to contact us to discuss resolution of the charges.”

    “The FBI is focused on identifying, tracking and arresting fugitives across all our threats,” said Assistant Director Chad Yarbrough of the FBI Criminal Investigative Division. “By streamlining intelligence sharing and coordination, we are better equipped than ever to ensure no criminal can evade justice by hiding across borders.”

    The Antitrust Division works with the FBI and other law enforcement partners to investigate and prosecute companies and individuals whose anticompetitive conduct harms American consumers and the American economy, wherever those companies and individuals are located. After bringing criminal charges, the Antitrust Division works actively with domestic and foreign authorities to locate international fugitives and secure their extradition to the United States. The Antitrust Division and the FBI welcome information from the public about the location of international fugitives.

    For more information on antitrust fugitives, go to the Antitrust Division’s Fugitive webpage. The FBI maintains a list of current antitrust fugitives whose charges are not under seal.

    To report potential antitrust crimes to the Antitrust Division, contact the Complaint Center. If your complaint relates to potential antitrust crimes affecting government procurement, grant, or program funding, contact the Procurement Collusion Strike Force Tip Center.

    MIL OSI USA News

  • MIL-OSI Europe: France: BNP Paribas signs an agreement with the EIB to generate up to €8 billion in wind energy investments

    Source: European Investment Bank

    • Co-signed initiative to spur funding for wind energy sector in the European Union, supporting transition to net zero and boosting innovation of Europe’s renewable energy manufacturers
    • Up to €8 billion of new wind energy investments in real economy thanks to leverage effect of EIB counter-guarantee and BNP Paribas’ portfolio of bank guarantees
    • This deal between EIB and BNP Paribas is part of the EIB’s contribution to the European Wind Power Package. The operation is backed by InvestEU, the EU programme aiming to mobilise investment of more than €372 billion by 2027.

    BNP Paribas has signed an agreement with the European Investment Bank (EIB) that will stimulate up to €8 billion of funding for wind energy projects across the European Union. This initiative will unlock key investments to support new wind farm projects, supply chain efficiency and improved grid interconnections, therefore accelerating wind energy development and ultimately increasing production.

    Under the agreement, the EIB has extended a €500 million counter-guarantee, enabling BNP Paribas, to establish a €1 billion portfolio of bank guarantees designed to back new investments in wind farms in the EU. The leverage effect of such a counter-guarantee is expected to spur up to €8 billion of investments in the real economy.

    The agreement falls under a €5 billion initiative announced by the EIB in support of the European Wind Power Package presented by the European Commission in October 2023. The initiative aims at accelerating wind energy deployment and strengthening the competitiveness of Europe’s wind industry. The programme aims to support the production of 32 GW of the 117 GW of wind capacity needed to enable the European Union to meet its goal of generating at least 45% of its energy from renewable sources by 2030.This transaction is part of BNP Paribas’ long-standing commitment to supporting the energy transition by directing its financing towards low-carbon energy, which will account for at least 90% of the bank’s energy production financing by 2030.

    Supporting renewable energy is key to European energy independence, says EIB Vice-President Ambroise Fayolle“Guarantees, like the ones EIB provides through this new financial instrument, contribute to enable the funding of essential projects that drive the green transition, support the decarbonization of the European economy, and strengthen industrial competitiveness.

    “BNP Paribas is pleased to reinforce our historic relationship with the European Investment Bank, this time to support the continent’s growing wind energy sector,” says Alain Papiasse, Chairman of Corporate and Institutional Banking at BNP Paribas “This partnership reflects our mutual commitment to advancing sustainable energy projects that strengthen the continent’s economy while reducing its carbon footprint. By uniting our expertise and resources with the EIB’s pivotal support, we hope to help drive lasting, positive projects for communities, businesses and the environment.

    Yannick Jung, Head of Global Banking at BNP Paribas stated “We see the EIB’s invaluable support in this partnership as a way of accelerating our ongoing strategy to facilitate the transition to a Low Carbon Economic Model. By supporting European Corporates along the Wind Value Chain, we believe our collective efforts will inspire innovation, foster sustainability and pave the way for a more robust Europe”.

    Background information

    About the EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives by bolstering digitalisation and technological innovation, security and defence, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.   

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 projects in 2024. These commitments are expected to mobilise around €350 billion in investment, supporting 400 000 companies and 5.8 million jobs.   

    All projects financed by the EIB Group are in line with the Paris Climate Accord and the EIB Group does not fund investments in fossil fuels. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.   

    In 2024, France was the largest recipient of EIB Group financing, with total investment of €12.6 billion. Two-thirds of this financing went to projects contributing to the fight against global warming and adaptation to its effects.

    About BNP Paribas

    BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

    About InvestEU and the wind power package

    The InvestEU programme provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for the European Union’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    The European Commission presented the European Wind Power Package in October 2023 to tackle the unique set of challenges faced by the wind sector, including insufficient and uncertain demand, slow and complex permitting, lack of access to raw materials and high inflation and commodity prices, among others. In a specific Action Plan, the Commission set out a set of initiatives concerning permitting, auction design, skills and access to finance to ensure that the clean energy transition goes hand-in-hand with industrial competitiveness and that wind power continues to be a European success story. As part of this plan, in July 2024, the European Investment Bank (EIB) activated a €5 billion initiative to support manufacturers of wind-energy equipment in Europe.

    MIL OSI Europe News