NewzIntel.com

Category: Finance

  • MIL-OSI: Key Tronic Corporation Plans to Expand Operations in Arkansas and Vietnam

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Feb. 04, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq KTCC), a world class provider of manufacturing and design engineering services, today announced that it plans to significantly increase production capacity in Arkansas and Vietnam in order to continue to benefit from the growing customer demand for rebalancing their contract manufacturing. This expansion is also expected to help mitigate the adverse impact and uncertainties surrounding the recently announced tariffs on goods manufactured in China and Mexico.

    In Arkansas, the Company has signed a new lease to significantly increase the size of its current manufacturing footprint by June 2025. In Vietnam, Key Tronic has ample space in its current facility and plans to double its manufacturing capacity by September 2025 with a significant investment in capital equipment.

    “Our customers are very excited about our plans to increase our production capacity capabilities in the US and in Vietnam,” said Brett Larsen, President and CEO of Key Tronic Corporation. “These initiatives reflect the longstanding trend to nearshore production away from China, and may also help address the potential adverse impact of tariff increases. Our US-based production provides customers with outstanding flexibility, engineering support, and ease of communications, and our Vietnam-based production offers the high-quality, low-cost choice that was associated with China in the past. In the coming months, we’ll have more to say about these expansions.”

    About Key Tronic

    Key Tronic is a leading design engineering and contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. Key Tronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Key Tronic’s opportunities and its partnership, the potential success of Key Tronic and the customer, and related revenues. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs.  Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future.  There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the success and timing of our expansion plans; the success and timing of ramping; availability and timing and receipt of critical parts or components; demand from customers and sales channels; the future of the global economic environment and its impact on our customers and suppliers; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

             
    CONTACTS:   Anthony G. Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509) 927-5345   (206) 729-3625
             

    The MIL Network –

  • MIL-OSI USA: Crapo Statement at Executive Session to Vote on HHS Nominee

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at an executive session to vote on the nomination of Robert F. Kennedy Jr. to be Secretary of the U.S. Department of Health and Human Services (HHS).

    As prepared for delivery:

    “We meet today to vote on the nomination of Robert F. Kennedy Jr. to be Secretary of the U.S. Department of Health and Human Services (HHS).

    “Mr. Kennedy, if confirmed, will have the opportunity to deliver much needed change to our nation’s health care system.

    “He has spent his career fighting to end America’s chronic illness epidemic and has been a leading advocate for health care transparency, both for patients and for taxpayers.

    “Mr. Kennedy has also clearly responded to our questions during the rigorous due diligence process, his hearing, and in the course of answering over nine hundred questions for the record that were asked by Members of this Committee.

    “In response to Members of this Committee, Mr. Kennedy has even amended his ethics agreement, going beyond what is required by the Office of Government Ethics.

    “Mr. Kennedy has proven his commitment to the role of Secretary of HHS, and I will vote in favor of his nomination. 

    “I strongly encourage my colleagues on both sides of the aisle to do the same.

    “With that, I recognize Ranking Member Wyden for his remarks.”

    MIL OSI USA News –

  • MIL-OSI Canada: Budget 2025: Coming soon

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 04.02.2025

    Source: GlobeNewswire (MIL-OSI)

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

    Nokia Corporation: Repurchase of own shares on 04.02.2025

    Espoo, Finland – On 4 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 1,221,522 4.52
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,221,522 4.52

    * 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 4 February 2025 was EUR 5,526,288. After the disclosed transactions, Nokia Corporation holds 238,124,606 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.

    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 Global: Trump’s opening tariff salvo will hurt US consumers − following through on Canada, Mexico threats will increase the price pain

    Source: The Conversation – USA – By Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

    If U.S. voters reelected Donald Trump hoping for relief from higher prices, his recent threats to impose tariffs on America’s three largest trade partners might make them think again.

    On Saturday, Feb. 1, Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China, which he said would take effect on Tuesday, Feb. 4. While markets braced for the news to some degree, they still saw a steep premarket sell-off on Monday, Feb. 3, followed by morning volatility.

    While Canada and Mexico negotiated monthlong reprieves on Monday, the new tariffs on China went into effect as expected Tuesday, Feb. 4. And while the ultimate shape of Trump’s tariff policy remains to be seen, the president warned that American consumers could feel “some pain” as a result.

    Given my training as an economist and finance professor, I think Trump could be right on that score. In fact, if the tariffs go into effect, they could spell disaster for the Federal Reserve’s inflation reduction efforts.

    From grocery stores to homes

    U.S. consumers might be surprised to find out that almost every economic sector could be affected by this opening salvo of tariffs, should they go ahead in March. Imports from Mexico and Canada reached close to US$1 trillion in 2024, almost double the amount the U.S. imports from China.

    The U.S. is particularly reliant on Mexico for fresh fruits and vegetables, and on Canada for lumber. So if the tariffs go into effect, Americans who have been waiting for home prices to ease may have to continue waiting, as tariffs on lumber and other building materials could worsen the affordable-housing crunch. And let’s not even talk about avocado prices.

    Meanwhile, the 10% tariffs on Chinese goods will likely boost the price of electronics, and China has already imposed retaliatory measures. Trump has also proposed 25% tariffs on Taiwan and its semiconductor industry, in an attempt to push Taiwanese companies to invest more in U.S. manufacturing. If that tariff were to go into effect, prices for U.S. consumers would be even higher.

    A tax by any other name …

    Tariffs are an import tax. They’re passed through the supply chain in the form of higher prices and are eventually paid by consumers. Traditionally, governments have used tariffs as a fiscal tool to encourage businesses and consumers to move away from foreign-made products and support domestic businesses instead.

    In theory, new tariffs could encourage foreign businesses to invest in the U.S. and make more stuff on American soil. Unfortunately, domestic manufacturing has seen a systemic decline since the 1980s, resulting in lower prices for consumers but severely limiting U.S.-produced products. In the short term, at least, import taxes on Canadian, Mexican and Chinese products would ultimately be paid by U.S. consumers.

    Although this round of tariff threats may seem arbitrary to some, the Trump administration says it considers tariffs deeply intertwined with national security concerns. Stephen Miran, Trump’s pick to chair the president’s Council of Economic Advisers, has laid out a path for Trump’s tariff plan, which he says is aimed at putting American industry on fairer ground against the rest of the world.

    In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.

    Jason Reed does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump’s opening tariff salvo will hurt US consumers − following through on Canada, Mexico threats will increase the price pain – https://theconversation.com/trumps-opening-tariff-salvo-will-hurt-us-consumers-following-through-on-canada-mexico-threats-will-increase-the-price-pain-248991

    MIL OSI – Global Reports –

  • MIL-OSI USA: Welch, Grassley Introduce Bipartisan Legislation to Provide Rural Hospitals with Financial Stability and Security

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    Bipartisan bill would extend key Medicare rural hospital programs
    WASHINGTON, D.C. – Today, U.S. Senators Peter Welch (D-Vt.) and Chuck Grassley (R-Iowa), members of the Senate Finance Committee, introduced the bipartisan Rural Hospital Support Act, legislation to prevent rural hospital closures by extending and modernizing critical Medicare programs. The Senators’ legislation would permanently extend the Medicare-Dependent Hospital (MDH) program to ensure eligible rural hospitals are reimbursed for their costs. The bill would also permanently extend the Low-Volume Hospital (LVH) program to level the playing field for rural hospitals whose operating costs often outpace their revenue.  
    Rural hospitals provide critical care for patients, many of whom rely on Medicare and Medicaid. These hospitals also serve as economic anchors – accounting for around 14% of total employment in rural areas. 
    “Rural hospitals provide essential care to patients in rural communities, including to folks who rely on Medicare and Medicaid. In Vermont, rural hospitals are also job creators and economic drivers. But across the country, rural hospitals are struggling to stay open, and they need a lifeline,” said Senator Welch. “Our bipartisan legislation will help ensure rural hospitals are reimbursed for resources they need to continue delivering vital care in our rural communities.” 
    “As a lifelong resident of rural Iowa, I know the importance of having access to health care services close to home. In addition to providing life-saving care, rural hospitals are a source of economic security for many rural communities,” said Senator Grassley. “Our bipartisan bill will ensure the continuity of these vital programs and help keep rural hospitals’ doors open.”  
    The MDH and LVH programs have supported rural communities for decades. The programs were last extended as part of the Continuing Resolution on December 20, 2024, and would expire on March 31, 2025, without congressional action.  
    The Rural Hospital Support Act does not change other rural hospital Medicare programs including critical access hospitals (CAH), rural referral centers (RRC), Rural Community Hospital Demonstration, or the new voluntary rural emergency hospitals (REH). Each of these rural programs offer unique flexibilities to ensure health care services are accessible in rural America. Additionally, the bill would also update the rebasing year for Sole Community Hospitals (SCH) and MDHs to allow hospitals to tie reimbursement estimates to more recent trends in costs.    
    In addition to Sens. Welch and Grassley, the bill is cosponsored by Senators Shelley Moore Capito (R-W.Va.), Tim Kaine (D-Va.), Roger Wicker (R-Miss.), Jeanne Shaheen (D-N.H.), Jerry Moran (R-Kan.), Tina Smith (D-Minn.), Cindy Hyde-Smith (R-Miss.), John Fetterman (D-Pa.), John Boozman (R-Ark.), Mark Kelly (D-Ariz.), Roger Marshall (R-Kan.) and Gary Peters (D-Mich.).  
    The Rural Hospital Support Act has garnered support from national stakeholders, including the Alliance for Rural Hospital Access, American Hospital Association, Iowa Hospital Association, MercyOne, National Rural Health Association, and UnityPoint Health. 
    Learn more about the Rural Hospital Support Act. 
    Read the full text of the bill. 

    MIL OSI USA News –

  • MIL-OSI New Zealand: New infrastructure research can aid disaster preparedness

    Source: New Zealand Infrastructure Commission

    New research from the New Zealand Infrastructure Commission, Te Waihanga shows how insurance can help us to manage natural hazard risks and choose how to prepare infrastructure for a changing climate.
    “New Zealand has experienced some significant natural events in recent years,” says the Commission’s General Manager Strategy, Peter Nunns. “In dollar terms alone, we’ve seen at least $10 billion in infrastructure rebuilding costs from two large earthquakes and two storms since 2012. And that doesn’t of course include the impact of these events on people’s lives and businesses or the economy.”
    Nunns says that not only is the likelihood and size of events such as storms expected to grow in coming years, but the replacement cost of infrastructure is growing too.
    “On an inflation-adjusted, per-person basis, public infrastructure is now worth 70% more that it was in 1990. So, the cost of replacing it after a natural disaster is rising at the same time as the likelihood of a disaster is rising. It’s more important than ever to make good decisions about when and how to reduce risks and minimise costs.”
    The Commission’s report Invest or insure? Preparing infrastructure for natural hazards looks at how insurance can help us decide if, when and by how much to invest in infrastructure adaptation or resilience.
    The report shows that insurance prices rise as risks to assets, like the chance of flooding, and the cost to repair or re-build go up. Investing to make infrastructure more resilient or adapt to changing risks can bring down the cost of insurance. When infrastructure providers measure their risks and price them through insurance, they can make better risk management decisions by looking at whether the cost of resilience investments are matched by benefits from lower insurance premiums.
    Providers must also factor in other costs – such as risks to public safety or damage caused by the failure of their infrastructure. These economic and social consequences can also be added to the providers’ insurance / resilience appraisal.
    However, Nunns says that overall New Zealand has an incomplete picture of the hazards it faces, the risks these pose for our infrastructure, and how these are being managed. For instance, the last time a review of insurance coverage for public assets was undertaken – over 10 years ago – it found that less than half of public assets were insured.
    “This is challenging, as our research shows that, in addition to helping to smooth out the costs of responding to natural hazards, insurance can also help infrastructure providers make better decisions about when and how to reduce risk and minimise costs.”
    “Risks change over time. A risk management decision made yesterday might not be the best decision for tomorrow. It’s important that infrastructure providers consider this in their long-term asset management planning.”
    Report key findings
    – There is no single best approach to managing natural hazard risk to infrastructure. Instead, the optimal approach will vary depending on many factors, including likelihood and consequence of the hazard, and the relative cost of different options in different situations.
    – To manage risk well, infrastructure providers need to have a good understanding of their assets and the risks to which they are exposed. They will also need the capability to assess their options and optimise their response to risks from natural hazards. However, at a national level, we lack comprehensive and consistent hazard data for providers to use to assess their risk.
    – Quantifying risk and/or pricing it through insurance premiums, can help clarify the optimal risk management approach for infrastructure assets. Optimal resilience investments should reduce risk management costs, compared to continuing to pay risk related insurance premiums. When resilience investments are more costly than insuring risk, they may not be warranted.
    – The optimal level of resilience will depend on the relative cost of resilience investments compared to the expected cost of (and the benefits we get from) the assets being protected. We can increase the case for resilience investment by focusing on keeping infrastructure delivery costs down. Conversely, rising infrastructure delivery costs will erode the case for resilience investments.
    Background notes
    – Our understanding of both the probability and severity of natural hazards continues to improve as scientific research progresses. Improving our scientific understanding and investigating hazards in more detail sometimes results in increased estimates of risk. For example, pre-2021 modelling estimated that there was a 30% chance of a major earthquake on the Alpine Fault over the next 50 years. More recent research has estimated the probability to be much higher, with a 75% probability of occurring over the next 50 years.
    – In some cases, the underlying risks are also changing as climate change is expected to make severe weather events both more frequent and more severe.
    – In recent decades, New Zealand has experienced annual reported losses equal to almost 0.6% of gross domestic product (GDP). These losses mainly reflect damage to residential property and businesses, as well as damage to infrastructure.
    – Already, natural disasters cost New Zealanders more as a share of GDP than anyone else except Chileans. Some hazards will grow significantly in their frequency and intensity as our climate changes over the next 30-80 years.

    MIL OSI New Zealand News –

  • MIL-OSI USA: NASA’s Cloud-based Confluence Software Helps Hydrologists Study Rivers on a Global Scale

    Source: NASA

    Rivers shape ecosystems and economies, yet hydrologists have limited tools to study them. Enter Confluence—a groundbreaking, open-source framework leveraging NASA’s SWOT mission and HLS data to estimate river discharge and sediment levels worldwide. Hosted by PO.DAAC, Confluence delivers rapid, global insights, revolutionizing hydrology with cloud-based efficiency. A game changer for river monitoring.

    Rivers and streams wrap around Earth in complex networks millions of miles long, driving trade, nurturing ecosystems, and stocking critical reserves of freshwater.
    But the hydrologists who dedicate their professional lives to studying this immense web of waterways do so with a relatively limited set of tools. Around the world, a patchwork of just 3,000 or so river gauge stations supply regular, reliable data, making it difficult for hydrologists to detect global trends.
    “The best way to study a river,” said Colin Gleason, Armstrong Professional Development Professor of Civil and Environmental Engineering at the University of Massachusetts, Amherst, “is to get your feet wet and visit it yourself. The second best way to study a river is to use a river gauge.”
    Now, thanks to Gleason and a team of more than 30 researchers, there’s another option: ‘Confluence,’ an analytic collaborative framework that leverages data from NASA’s Surface Water and Ocean Topography (SWOT) mission and the Harmonized Landsat Sentinel-2 archive (HLS) to estimate  river discharge and suspended sediment levels in every river on Earth wider than 50 meters. NASA’s Physical Oceanography Distributed Active Archive Center (PO.DAAC) hosts the software, making it open-source and free for users around the world.
    By incorporating both altimetry data from SWOT which informs discharge estimates, and optical data from HLS, which informs estimates of suspended sediment data, Confluence marks the first time hydrologists can create timely models of river size and water quality at a global scale. Compared to existing workflows for estimating suspended sediment using HLS data, Confluence is faster by a factor of 30.

    I can’t do global satellite hydrology without this system. Or, I could, but it would be extremely time consuming and expensive.

    Colin Gleason

    Nikki Tebaldi, a Cloud Adoption Engineer at NASA’s Jet Propulsion Laboratory (JPL) and Co-Investigator for Confluence, was the lead developer on this project. She said that while the individual components of Confluence have been around for decades, bringing them together within a single, cloud-based processing pipeline was a significant challenge.
    “I’m really proud that we’ve pieced together all of these different algorithms, got them into the cloud, and we have them all executing commands and working,” said Tebaldi.
    Suresh Vannan, former manager of PO.DAAC and a Co-Investigator for Confluence, said this new ability to produce timely, global estimates of river discharge and quality will have a huge impact on hydrological models assessing everything from the health of river ecosystems to snowmelt.
    “There are a bunch of science applications that river discharge can be used for, because it’s pretty much taking a snapshot of what the river looks like, how it behaves. Producing that snapshot on a global scale is a game changer,” said Vannan.
    While the Confluence team is still working with PO.DAAC to complete their software package, users can currently access the Confluence source code here. For tutorials, manuals, and other user guides, visit the PO.DAAC webpage here.
    All of these improvements to the original Confluence algorithms developed for SWOT were made possible by NASA’s Advanced Intelligent Systems Technology (AIST) program, a part of the agency’s Earth Science Technology Office (ESTO), in collaboration with SWOT and PO.DAAC.
    To learn more about opportunities to develop next-generation technologies for studying Earth from outer space, visit ESTO’s solicitation page here.
    Project Lead: Colin Gleason / University of Massachusetts, Amherst
    Sponsoring Organization: Advanced Intelligent Systems Technology program, within NASA’s Earth Science Technology Office

    MIL OSI USA News –

  • MIL-OSI Africa: Nigerian Oil Minister Joins Congo Energy & Investment Forum (CEIF) 2025 as Nigeria, Congo Strive to Boost Oil Production

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of Congo, February 4, 2025/APO Group/ —

    Nigeria’s Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri will participate as a speaker at the inaugural Congo Energy & Investment Forum (CEIF) 2025. Taking place from March 24-26 in Brazzaville, CEIF 2025 will showcase partnership and investment opportunities in the hydrocarbon exploration, gas monetization, green energy and downstream industries across the Central African region.

    Coinciding with Nigeria’s aims to increase oil production to 2.6 million barrels per day (bpd) by 2026, the Republic of Congo has its own ambitious strategy to increase production to 500,000 bpd by the end of this year. As such, Minister Lokpobiri’s participation at CEIF 2025 is expected to play a vital role in driving cooperation between the two countries while facilitating strategic investment opportunities.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates to ongoing expansions across the country.

    Nigeria and the Republic of Congo serve as the first and fourth-largest oil producers in Africa, respectively. To attract investment in oil and gas and support production goals, Nigeria has initiated a series of measures to make the market attractive for foreign capital. Meanwhile, the Republic of Congo is gearing up for a significant increase in its oil output over the next three years, driven by a series of landmark projects spearheaded by industry giants including TotalEnergies, Trident Energy and Perenco.

    Serving as the premier platform for energy investment in the Central African region, CEIF 2025 is well-positioned to support Nigeria and Congo’s shared target of driving regional cooperation, energy security and socioeconomic development. As such, Lokpobiri’s participation at CEIF 2025 is expected to showcase how collaboration between two of Africa’s largest oil producing nations can unlock the full potential of ongoing and upcoming oil projects, which are set to transform the continent’s energy landscape.

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Ministry of Coal Issued Vesting Orders for 7 Coal Mines Under Commercial Coal Mine Auctions

    Source: Government of India (2)

    Posted On: 04 FEB 2025 9:49PM by PIB Delhi

    The Nominated Authority, Ministry of Coal has issued the Vesting Orders for 7 Coal Mines under commercial coal mine auctions today. The Coal Mine Development and Production Agreements (CMDPA) for these mines were signed on December 05,2024.  

    The mines for which vesting orders has been signed are Gawa (East), Gare Palma IV/5, Marwatola South, New Patrapara South, Sarai East (South), Bartap(Revised) and Kerendari BC North Coal Mines. 5 mines are partially explored coal mines, and 2 mines are fully explored coal mines. The PRC(Peak Rated Capacity) of these coal mines are ~ 13.10 MTPA and is having ~3,308 MT of Geological Reserves. These mines are expected to generate an Annual Revenue of ~Rs. 1,327 crores calculated on the basis of PRC and will attract Capital Investment of ~Rs. 1,965 crores. It will provide employment to ~17,500 people both directly and indirectly.

    With the vesting of these coal mines, vesting/ allocation orders have been issued for 107 coal mines under commercial coal mine auction with cumulative PRC of ~246.60 MTPA. This will result in generating Annual Revenue of ~Rs. 34,000 crores and will generate employment for ~3,33,000 people both directly and indirectly.

    *****

    Shuhaib T

    (Release ID: 2099889) Visitor Counter : 86

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: APEDA’s financial assistance schemes boosts 47.3% surge in India’s fruit and vegetable exports

    Source: Government of India (2)

    APEDA’s financial assistance schemes boosts 47.3% surge in India’s fruit and vegetable exports

    APEDA strengthens exporter growth with new schemes for infrastructure, quality, and market development

    India’s fruit and vegetable exports reach 123 countries, with 17 new market added in 3 years

    Posted On: 04 FEB 2025 7:58PM by PIB Delhi

    The Department of Commerce through Agricultural and Processed Food Products Export Development Authority (APEDA) provides financial assistance to its member exporters of APEDA from across the country, for export promotion of its Scheduled products, including for Fruits & vegetables, under Agriculture and Processed Foods Export Promotion Scheme of APEDA for the 15th Finance Commission Cycle (2021-22 to 2025-26) in following three broad areas:

    Scheme for infrastructure Development – Financial assistance for setting up of packhouse facilities with packing / grading lines, pre-cooling unit with cold storage and refrigerated transportation etc., cable system for handling of crops like banana, pre-shipment treatment facilities such as irradiation, vapor heat treatment, hot water dip treatment and common infrastructure facilities, reefer vans and missing gap in the existing infrastructure of individual exporters.

    Scheme for Quality Development – Financial assistance for purchase of laboratory testing equipment, installation of quality management system, handheld devices for capturing farm level coordinates for traceability and testing of water, soil, residues and pesticides etc.

    Scheme for Market Promotion – The assistance covers participation of exporters in international trade fairs, organizing buyer seller meets and developing packaging standards for new products and upgrading the existing packaging standards.

    The details of financial assistance guidelines are available at APEDA Website www.apeda.gov.in under the “Scheme” tab.

    As a result of these initiatives, there has been a growth of 47.3%, in the volume of exports of fruits and vegetables between the period 2019-20 to 2023-24.

    Export data of fruits and vegetables in last five years

    		  

     

    		  

    Country: All

     

    		  

    Product: Fresh Fruits & Vegetables

     

    		  

     

    Value In USD Million

    Qty In Thousand MT

     

    		  

    Products

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

     

    		  

    Fresh Fruits & Vegetables

    1,282.43

    1,342.13

    1,527.63

    1,635.95

    1,814.58

    2,659.48

    3,148.08

    3,376.25

    4,335.68

    3,911.95

     

    		  

    Source: DGCIS

     

    		  

     

    Growth in terms of Volume in the last five years =47.30%

    Growth in terms of Value in the last five years= 41.50 %

    The Government maintains the record of total exports of fruits and vegetables from India. The export figures of States are compiled on the basis of the State-of-Origin code reported by the exporters in the shipping bills. Thus, the state wise data of exports of Fruits and vegetables is not available as the same is not validated by DGCI&S. However, the major states producing Fruits and vegetables are Uttar Pradesh, Madhya Pradesh, West Bengal, Maharashtra, Andhra Pradesh, Gujarat, Bihar, Tamil Nadu, Odisha, Karnataka.

    India’s Export of Mango and Onion to World (By Variety)

    Product

    Variety

    USD Million

    Qty in MT

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    Mango

    Other Mangoes

    0.00

    25.42

    23.48

    33.26

    36.18

    0.00

    15795.09

    17448.90

    17257.28

    23786.16

    Kesar

    0.00

    2.92

    6.91

    4.97

    11.25

    0.00

    983.73

    2319.08

    1749.97

    3787.01

    Alphonso (Hapus)

    0.00

    6.08

    10.09

    7.84

    8.68

    0.00

    3195.86

    5994.86

    2829.76

    2673.39

    Banganapalli

    0.00

    1.46

    3.01

    2.00

    3.20

    0.00

    830.55

    1674.04

    856.91

    1081.68

    Chausa

    0.00

    0.05

    0.05

    0.03

    0.24

    0.00

    40.98

    25.64

    19.72

    488.26

    Langda

    0.00

    0.08

    0.16

    0.12

    0.19

    0.00

    48.99

    122.16

    70.02

    81.94

    Dasheri

    0.00

    0.09

    0.11

    0.06

    0.17

    0.00

    49.50

    75.92

    34.70

    75.54

    Totapuri

    0.00

    0.07

    0.17

    0.20

    0.16

    0.00

    47.47

    151.01

    116.60

    91.95

    Mallika

    0.00

    0.03

    0.09

    0.06

    0.07

    0.00

    41.40

    61.16

    28.81

    38.17

    Mangoes , Fresh/Dried,

    56.11

    0.00

    0.00

    0.00

    0.00

    49658.68

    0.00

    0.00

    0.00

    0.00

    Total Mangoes

    56.11

    36.20

    44.07

    48.54

    60.14

    49658.68

    21033.57

    27872.77

    22963.77

    32104.10

    Onion

    Other Onions Fresh of Chilled

    0.00

    0.00

    0.00

    0.00

    434.78

    0.00

    0.00

    0.00

    0.00

    1606683.97

    Rose Onions Fresh of Chilled

    0.00

    0.00

    0.00

    0.00

    38.94

    0.00

    0.00

    0.00

    0.00

    110755.38

    Onions, Fresh/Chilled

    324.20

    378.49

    460.56

    561.38

    0.00

    1149896.84

    1578016.57

    1537496.85

    2525258.35

    0.00

    Total Onions

    324.20

    378.49

    460.56

    561.38

    473.72

    1149896.84

    1578016.57

    1537496.85

    2525258.35

    1717439.35

     

    Source: DGCIS

     

    Note :- ITC HS Code with (*) mark of the Commodity is either dropped or re-allocated

     

    In FY 2023-24, India’s exports of Fresh Fruits and Vegetables reached 123 countries. In the last 3 years, Indian fresh produce entered 17 new markets, some of which are Brazil, Georgia, Uganda, Papua New Guinea, Czech Republic, Uganda, Ghana etc. This has been achieved through a host of measures such as participation in international trade fairs, actively pursuing market access negotiations, organizing buyer seller meets etc.

    Department of Commerce is working in close coordination with the MoA&FW in prioritizing agriculture products for market access negotiations to reach new markets. As a result, India has achieved new market access in following commodities in the last three years:

    • Indian Potatoes and Onions in Serbia
    • Baby corn and fresh banana in Canada
    • Pomegranate arils in Australia, USA, Serbia, and New Zealand
    • Whole pomegranates in Australia via Irradiation treatment

     

    The barriers in accessing new markets differ from product to product and are dynamic in nature. Some of the major barriers in accessing new markets for fruits & vegetables are:

    • Long geographic distance from India raising the costs of logistics.
    • Delay in grant of market access by importing countries for certain products.
    • Stringent Phyto-sanitary requirements imposed by some importing countries.
    • Delay in registration of enterprises in certain countries.

    To address the above issues, various steps are being taken by the Department of Commerce:

    • For expand market access to our products, MoA&FW & APEDA have identified key products and key countries for intensifying market access negotiations.
    • Development of Sea protocols for horticulture products to reduce logistic expenses and to enable larger volume of exports.
    • Regular follow up with the counterpart authorities of importing countries with support of our Missions abroad for registration of facilities and market access negotiations.
    • For meeting stringent Phyto-sanitary requirements, setting up of traceability system and a system of farmer and facility registration.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

     

     

    (Release ID: 2099814) Visitor Counter : 20

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Governor Newsom announces appointments 2.4.25

    Source: US State of California 2

    Feb 4, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Mark Tollefson, of Rancho Cordova, has been appointed Chief Deputy Director at the California High-Speed Rail Authority. Tollefson has been Undersecretary of the California State Transportation Agency since 2022. He was Senior Counselor on Infrastructure and Fiscal Affairs in the Office of Governor Newsom in 2022, where he was previously Deputy Cabinet Secretary from 2019 to 2022. Tollefson held several positions at the California Department of Finance from 2007 to 2019, including Assistant Program Budget Manager, Principal Program Budget Analyst, and Finance Budget Analyst. Tollefson earned a Master of Business Administration degree in Finance from California State University, Sacramento and a Bachelor of Science degree in Managerial Economics from the University of California, Davis. This position does not require Senate confirmation, and the compensation is $275,004. Tollefson is a Democrat.

    Ken DaRosa, of Sacramento, has been appointed Chief Deputy Director at the Office of Energy Infrastructure Safety. DaRosa has been the Chief Deputy Director of the State Council on Developmental Disabilities since 2021. He was the Chief Deputy Director at the California Department of Resources, Recycling, and Recovery from 2012 to 2021. DaRosa held multiple positions at the California Department of Finance from 2004 to 2012, including Program Budget Manager from 2011 to 2012, Assistant Program Budget Manager from 2010 to 2011, Principal Program Budget Analyst from 2006 to 2010, and Staff Finance Analyst from 2004 to 2006. He earned a Master of the Arts degree in Literature, and a Bachelor of the Arts degree in Psychology from the California State University, Sacramento. This position does not require Senate confirmation, and compensation is $185,004. DaRosa is registered without party preference. 
     
    Sloane Viola, of Sacramento, has been appointed Chief Deputy Director at the California Conservation Corps, where she has been the Deputy Director of Legislative and External Affairs since 2024. Viola was the Acting Assistant Secretary of Climate Change at the California Natural Resources Agency in 2024. She has had several positions at the Governor’s Office of Land Use and Climate Innovation from 2019 to 2024, including Council Program Manager from 2021 to 2024, Acting Deputy Director of Climate Resilience in 2022, and Legislative Director from 2019 to 2021. Viola held two positions in the Office of Lieutenant Governor Gavin Newsom from 2017 to 2018, including Sea Grant Fellow in 2017 and Staff Scientist from 2018 to 2019. She held multiple positions at the University of California, Santa Barbara from 2010 to 2016, including Graduate Student Researcher from 2014 to 2016, Teaching Assistant from 2015 to 2016, and Laboratory Assistant I, Marine Science Institute from 2010 to 2014. Viola is a member of American MENSA. She earned a Master of the Arts degree in Ecology, Evolution, and Marine Biology, and a Bachelor of Science degree in Aquatic Biology from the University of California, Santa Barbara. This position does not require Senate confirmation, and compensation is $170,004. Viola is a Democrat. 

    Mandi Bane, of Redondo Beach, has been appointed Deputy Director of Hazardous Waste Management at the California Department of Toxic Substances Control. Bane has been an Environmental Protection Specialist at the United States Environmental Protection Agency since 2024. She has held multiple positions at the Los Angeles County Department of Public Health from 2011 to 2024, including CENS Unit Manager, Substance Abuse Prevention and Control from 2021 to 2024, Staff Analyst, Environmental Health Division from 2015 to 2021, and Research Analyst II; Assistant Staff Analyst, Family Services Unit from 2011 to 2015. Bane earned her Doctor of Philosophy and Master of the Arts degrees in Sociology from the University of Michigan, and a Bachelor of the Arts degree in Sociology from the University of Oregon. This position does not require Senate confirmation, and compensation is $199,128. Bane is registered without party preference. 

    Georgia “Pat” Urena, of Calexico, has been reappointed to the Off-Highway Motor Vehicle Recreation Commission, where she has served since 2018.  Urena was a Recreation Supervisor at the City of El Centro from 1982 to 2024. She is the Chair of the Calexico Wellness Center and the Juvenile Justice Commission, and a Board Member of Rite Track. This position requires Senate confirmation, and the compensation is $100 per diem. Urena is a Democrat.

    Press Releases, Recent News

    Recent news

    Feb 4, 2025

    News What you need to know: Governor Gavin Newsom today issued an executive order removing bureaucratic barriers, extending deadlines, and providing critical regulatory relief to help LA fire survivors rebuild, access essential services, and recover more quickly. LOS…

    Feb 3, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring February 2025 as Black History Month.The text of the proclamation and a copy can be found below: PROCLAMATIONThis month, we pay homage to the rich history and contributions of…

    Feb 2, 2025

    News What you need to know: At Governor Gavin Newsom’s directive, crews have been working around the clock to install nearly 60 miles of emergency protective materials in the recent Los Angeles-area burn scars. Los Angeles, California – As another storm system is…

    MIL OSI USA News –

  • MIL-OSI Security: Ashmore — Meteghan RCMP charges two people after search warrant execution

    Source: Royal Canadian Mounted Police

    Meteghan RCMP has charged two people in relation to a drug trafficking investigation.

    On January 29, Meteghan RCMP, with assistance from Digby RCMP, the Yarmouth General Investigative Section, and Police Dog Services, executed a search warrant on a residence in Ashmore.

    At the home, officers safely arrested a man and a woman and seized a quantity of cocaine, methamphetamine, unstamped cigarettes, and cash. Two handguns, one pellet rifle, three pellet guns, a digital scale, and cellular phones were also seized.

    Benjamin Julian Davis Carpenter, 36, and Kassidy Marie Carpenter, 27, both of Ashmore, have been charged with:

    • Possession for the Purpose of Trafficking (cocaine)
    • Possession for the Purpose of Trafficking (methamphetamine)
    • Possession of Weapon for Dangerous Purpose
    • Selling, etc., of Tobacco Products and Raw Leaf Tobacco
    • Possession of Tobacco Product not Stamped (Excise Act)

    Both Benjamin Carpenter and Kassidy Carpenter were released on conditions pending a first appearance in Digby Provincial Court on April 7.

    Nova Scotians are encouraged to contact their nearest RCMP detachment or local police to report crime, including the illegal sale of drugs, in their communities. Anonymous tips can be made by calling Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submitting a secure web tip at www.crimestoppers.ns.ca, or using the P3 Tips app.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Union Minister Shri G. Kishan Reddy Meets Saudi Minister to Strengthen Cooperation in Critical Minerals Sector

    Source: Government of India (2)

    Posted On: 04 FEB 2025 7:16PM by PIB Delhi

    Union Minister of Coal & Mines, Shri G. Kishan Reddy, today held a high-level meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Mr. Bandar Ibrahim Alkhorayef, in New Delhi. The meeting aimed at strengthening cooperation in the critical minerals sector and exploring new avenues for investment and technological collaboration.

    A significant development during the discussion is related to the designation of Geological Survey of India Training Institute (GSITI) as a Centre of Excellence under the Future Minerals Forum. This initiative will facilitate specialized training programs for geologists from Saudi Arabia, Africa and Central Asia, contributing to capacity building in the global mining sector.

    Key points of the meeting included:

    Resilient Mineral Supply Chains: Both leaders emphasized the need to establish reliable and secure mineral supply chains to reduce dependency on imports.

    Investment in Value-Added Processing: Focus was laid on promoting joint ventures for processing critical minerals to support clean energy technologies.

    Technological Collaboration: Discussions also explored cooperation in adopting advanced mining technologies and innovation for sustainable mineral exploration and extraction.

    The dialogue builds on India’s engagement at the Future Minerals Forum (FMF) 2025 in Riyadh, where Shri Reddy highlighted India’s commitment to securing critical minerals essential for the energy transition and clean energy systems. At the FMF 2025, Shri Reddy also held discussions with representatives from Brazil, Italy, and Morocco to foster global partnerships.

    This meeting marks a significant step in India’s efforts to develop international partnerships for mineral security and sustainable development, aligned with the National Critical Minerals Mission (NCMM).

    ******

    Shuhaib T

    (Release ID: 2099793) Visitor Counter : 29

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Potassium Derived from Molasses (PDM), a by-product of sugar industry has minimum 14.5% potash and can be used by farmers in field as an alternative to MOP (Muriate of Potash with 60% potash content) reducing the dependence on imported potash

    Source: Government of India (2)

    Potassium Derived from Molasses (PDM), a by-product of sugar industry has minimum 14.5% potash and can be used by farmers in field as an alternative to MOP (Muriate of Potash with 60% potash content) reducing the dependence on imported potash

    Institute of Pesticides Formulation and Technology works on supporting adoption of greener technologies and development of user & environment friendly new pesticide formulations

    Posted On: 04 FEB 2025 6:52PM by PIB Delhi

    Potassium Derived from Molasses (PDM) is a by-product of sugar industry. PDM has minimum 14.5% potash and can be used by farmers in field as an alternative to MOP (Muriate of Potash with 60% potash content). Thus, PDM can reduce the dependence on imported potash. PDM was notified under Fertilizer Control Order (1985) in 2009, and in order to incentivize the use of PDM, it was inducted under Nutrient Based Subsidy scheme since Rabi, 2022. During 2024-25, Rs. 345 per tonne of subsidy has been fixed for PDM.

    Potash and Glauconite(Potassic mineral) have been classified as Critical and Strategic Minerals under “The Mines & Minerals (Development and Regulation) Amendment (MMDR) Act, 2023” by Ministry of Mines which aims to enhance domestic production and achieve self- sufficiency in critical minerals. MMDR Act, 1957 ensure that critical minerals are produced, processed, and recycled by catalyzing investments from governments and the private sector across the full value chain, emphasizing the importance of sustainable and responsible mineral management practices. The Central Government has also commenced the auction of mineral blocks for critical & strategic minerals as per provisions of MMDR Act, 1957. As on 10.12.2024, Ministry of Mines have successfully auctioned 5 mineral blocks of Glauconite(Potassic mineral).

    Chemical sector is broadly de-regulated and delicensed sector. The manufacturing, import, export, transportation etc. of Ammonium Nitrate are being regulated by Ammonium Nitrate Rules, 2012. Petroleum and Explosives Safety Organisation (PESO) issues licenses for manufacture, storage, transportation, import and export of Ammonium Nitrate under these rules. The licenses for manufacturing of Ammonium Nitrate are issued based on Industrial Licenses issued by Department of Promotion of Industry & Internal Trade (DPIIT).

     In Budget 2024-25, Basic Custom Duty (BCD) on Ammonium Nitrate has been increased from 7.5% to 10% to support existing and new capacities in pipeline. Directorate General of Trade Remedies (DGTR), Department of Commerce provides a level playing platform to the domestic industry against the adverse impact of the unfair trade practices viz. dumping, actionable subsidies, circumvention etc. from any exporting country by using effective Trade Remedial measures such as anti-dumping and safeguard measures. However, currently, there are no pending applications seeking  protection in terms of import barriers like anti-dumping duty or countervailing duty/anti-subsidy duty on Ammonium Nitrate.

    The Government has approved the Market Development Assistance (MDA) @ Rs. 1500/MT to promote organic fertilizers, i.e. manure produced at plants under GOBARdhan initiative covering different Biogas/CBG support schemes/programmes of stakeholder Ministries/Departments such as Sustainable Alternative Towards Affordable Transportation (SATAT) scheme of Ministry of Petroleum and Natural Gas (MoPNG), ‘Waste to Energy’ programme of Ministry of New & Renewable Energy (MNRE), Swachh Bharat Mission (Rural) of Department of Drinking Water & Sanitation (DDWS), etc. with total outlay of Rs. 1451.84 crore (FY 2023-24 to 2025-26), which includes a corpus of Rs. 360 crore for research gap funding, etc.

    Further, Institute of Pesticides Formulation and Technology works on supporting adoption of greener technologies and development of user & environment friendly new pesticide formulations. UNIDO FARM (Financing Agrochemical Reduction and Management) Project undertaken by HIL (India) Ltd. to detoxify the agriculture sector by eliminating the use of highly hazardous pesticides and Persistent Organic Pollutants. The project focuses on three types of bio-pesticides: Btk (Bacillus thuringiensis kurstaki), Neem, and Trichoderma spp. Btk, a strain of the bacterium Bacillus thuringiensis, which is effective for controlling caterpillar pests, while Neem controls a wide range of insect pests. Trichoderma provides effective control against soil-borne fungal diseases and enhances plant growth.

    This information was given by the Union Minister of State for Chemicals and Fertilizers Smt Anupriya Patel in Rajya Sabha in written reply to a question today.

    *****

    MV/AKS

    (Release ID: 2099748) Visitor Counter : 75

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The Government announced New Investment Policy (NIP) – 2012 on 2nd January, 2013 and its amendment on 7th October, 2014 to facilitate fresh investment in the urea sector and to make India self-sufficient in the urea sector

    Source: Government of India (2)

    The Government announced New Investment Policy (NIP) – 2012 on 2nd January, 2013 and its amendment on 7th October, 2014 to facilitate fresh investment in the urea sector and to make India self-sufficient in the urea sector

    Total 6 new urea units have been set up under NIP-2012 which includes 4 urea units set up through Joint Venture Companies (JVC) of nominated PSUs and 2 urea units set up by the private companies

    Posted On: 04 FEB 2025 6:51PM by PIB Delhi

    With regard to Urea, the Government had announced New Investment Policy (NIP) – 2012 on 2nd January, 2013 and its amendment on 7th October, 2014 to facilitate fresh investment in the urea sector and to make India self-sufficient in the urea sector. Total 6 new urea units have been set up under NIP-2012 which includes 4 urea units set up through Joint Venture Companies (JVC) of nominated PSUs and 2 urea units set up by the private companies. The units set up through JVC are Ramagundam urea unit of Ramagundam Fertilizers and Chemicals Ltd (RFCL) in Telangana and 3 urea units namely Gorakhpur, Sindri and Barauni of Hindustan Urvarak & Rasayan Limited (HURL) in Uttar Pradesh, Jharkhand and Bihar, respectively. The units set up by private companies are Panagarh urea unit of MatixFertilizers and Chemicals Ltd. (Matix) in West Bengal; and Gadepan-III urea unit of Chambal Fertilizers and Chemicals Ltd. (CFCL) in Rajasthan. Each of these units has installed capacity of 12.7 Lakh Metric Tonne per annum (LMTPA). These units are highly energy efficient as they are based on latest technology. Therefore, these units have together added urea production capacity of 76.2 LMTPA, thereby total indigenous urea production capacity (Reassessed Capacity, RAC) has increased from 207.54 LMTPA during 2014-15 to 283.74 LMTPA during 2023-24. Further, an exclusive policy for the revival of Talcher unit of FCIL through JVC of nominated PSUs namely Talcher Fertilizers Limited (TFL) by setting up a new Greenfield urea plant of 12.7 LMTPA at coal gasification route has also been approved.

    In addition, the Government also notified the New Urea Policy (NUP) – 2015 on 25thMay, 2015 for the existing 25 gas-based urea units with one of the objectives of maximizing indigenous urea production beyond RAC. The NUP-2015 has led to additional production of urea by 20-25 LMT as compared to the production during 2014-15 annually.

     Above steps together have facilitated increase of Urea production from level of 225 LMT per annum during 2014-15 to a record Urea Production at 314.07 LMT during 2023-24.

     With regard to P & K fertilizers, the Government has implemented Nutrient Based Subsidy Policy w.e.f. 01.04.2010 for Phosphatic and Potassic (P&K) Fertilizers. Under the policy, a fixed amount of subsidy, decided on annual/bi-annual basis, is provided on notified P&K fertilizers depending on their nutrient content. The P&K sector is decontrolled and the fertilizer companies manufacture/import/develop domestic production capacities of fertilizers as per the market dynamics. Further, to reduce dependency on imported fertilizers, the following measures have been taken by the Government & private sector:

    1. Based on the requests, the new manufacturing units or increase in manufacturing capacity of existing units have been recognized / taken on record under the NBS subsidy scheme, with a view to boost manufacturing and make country self-reliant in fertilizer production.

    2. Potash derived from Molasses (PDM) which is 100% indigenously manufactured fertilizer has been notified under Nutrient based subsidy (NBS) scheme.

    3. Freight Subsidy on SSP, which is an indigenously manufactured fertilizer, is applicable since Kharif, 2022 to promote SSP usage for providing Phosphatic or ‘P’ nutrient to the soil.

     The Economic Survey 2024-25 states that the Indian agriculture sector provides livelihood support to about 46.1 per cent of the population and has a share of 16 per cent in the country’s GDP at current prices. Fertilizers, water and seeds are vital inputs for achieving higher agricultural production in the country. Government has undertaken various efforts as mentioned in above paras during the last decade due to which the total all fertilizer production has increased from 385.39 LMT in 2014-15 to 503.35 LMT in 2023-24.

    This information was given by the Union Minister of State for Chemicals and Fertilizers Smt Anupriya Patel in Rajya Sabha in written reply to a question today.

    *****

    MV/AKS

    (Release ID: 2099746) Visitor Counter : 77

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Transforming Agricultural Finance

    Source: Government of India

    Transforming Agricultural Finance

    Enhancing KCC limit to ₹5 lakh

    Posted On: 04 FEB 2025 5:33PM by PIB Delhi

    Agriculture and Allied Activities sector in India

    The ‘Agriculture and Allied Activities’ sector has long been the backbone of the Indian economy, playing a vital role in national income and employment. With nearly 46.1 per cent of the population engaged in agriculture and allied activities, ensuring financial security and accessible credit for farmers remains a top priority for the government. Recognizing this, the Union Budget 2025-26 introduces key measures to strengthen agricultural financing, particularly through the Kisan Credit Card (KCC) scheme.

    The KCC scheme has been instrumental in fulfilling farmer’s financial needs. With a significant increase in the loan limit under the Modified Interest Subvention Scheme from ₹3 lakh to ₹5 lakh; this year’s budget underscores the government’s commitment to empowering farmers and boosting agricultural productivity.

    This article presents a comprehensive understanding of the KCC scheme and how it transforms agricultural credit accessibility in India.

    What is Kisan Credit Card Scheme

    Safeguarding and ensuring hassle-free credit availability at a cheaper rate to farmers has been the top priority of the government. Accordingly, the Kisan Credit Card Scheme (KCC) was introduced for farmers to provide farmers with easy access to affordable credit for their agricultural needs so as to meet short term /long term cultivation requirements, postharvest expenses, consumption requirement etc.

     

    How does KCC help Farmers?

    The Kisan Credit Card (KCC) scheme is designed to provide farmers with adequate and timely credit to meet their diverse financial needs. It helps farmers access institutional credit easily, ensuring their financial stability and agricultural productivity. The scheme offers support for:

    • Cultivation and post-harvest activities: Ensuring funds are available for cultivation and post-harvest costs.
    • Marketing loans: Helping farmers bridge financial gaps until they sell their produce at competitive market rates.
    • Household consumption needs: Offering financial support to meet essential household expenses, preventing dependency on informal lending sources.
    • Working capital for farm assets: Assisting in the maintenance of essential farming equipment and infrastructure.
    • Investment credit for allied activities: Expanding financial access to animal husbandry, dairying, fisheries, and other agricultural extensions.

    Recognizing the importance of allied sectors, the KCC scheme was expanded in 2019 to include animal husbandry, dairying, and fisheries. Banks can provide collateral-free loans up to ₹1.60 lakh, ensuring financial security and fostering growth in these allied fields.

     

    Understanding Short Term Loans

    The Modified Interest Subvention Scheme (MISS) offers concessional Short-term Agri-loans to farmers for crop and allied activities, providing a 7% interest rate on loans up to ₹3.00 lakh, with an additional 3% subvention for timely repayment, reducing the effective rate to 4%. MISS also includes post-harvest loans against NWRs for small farmers with KCCs.

     

    Ensuring Transparency

    The Kisan Rin Portal (KRP) launched in September 2023 addresses key challenges in the MISS-KCC scheme. Previously, banks had to submit claims for Interest Subvention (IS) and Prompt Repayment Incentive (PRI) manually to the Reserve Bank of India (RBI) and NABARD, leading to significant delays and inefficiencies. The Kisan Rin Portal digitizes this process, ensuring farmers and lending institutions benefit from quicker, seamless transactions, improving access to credit for agricultural needs.

    • Empowering Farmers with Seamless Access to Credit
    • Benefiting Financial Institutions: Banks and Cooperatives
    • Reaching the Grassroots: Training and Support

     

    By 31 December 2024, it had processed claims worth ₹108336.78 crore including Interest Subvention (IS) and PRI. About 5.9 crore farmers that are currently getting benefitted under the MISS-KCC scheme, have been mapped through KRP.

    Achievements of Agriculture sector

    • As of March 2024, the country has 7.75 crore operational KCC accounts with a loan outstanding of ₹9.81 lakh crore.
    • 1.24 lakh KCC and 44.40 lakh KCC were issued to fisheries and animal husbandry activities, respectively.
    • In the last 10 years, Rs 1.44 lakh Crore of Interest Subsidy has been released on Kisan Credit Card loans. It has risen nearly 2.4 times, from ₹6,000 Crore in 2014-15 to ₹14,252 crore in 2023-24.
    • Institutional credit flow to agriculture has risen nearly three times since 2014-15, rising from ₹ 8.5 lakh Crore to ₹ 25.48 lakh Crore in 2023-24. Short-term agriculture credit has more than doubled, increasing from ₹ 6.4 lakh Crore in 2014-15 to ₹ 15.07 lakh Crore in 2023-24.

     

     

    • The proportion of Small and Marginal Farmers accessing agriculture loans grew from 57% in 2014-15 to 76% in 2023-24.

     

    Conclusion

    The Kisan Credit Card scheme has been instrumental in transforming agricultural credit accessibility, ensuring that farmers receive timely and affordable financial assistance. By increasing financial support under the Union Budget 2025-26, the government is reinforcing its commitment to empowering farmers. These initiatives not only promote agricultural growth but also enhance rural livelihoods, paving the way for a resilient and self-sufficient farming community in India.

     

    References

    Annual Report 2023-24 https://www.agriwelfare.gov.in/en/Annual

    https://fasalrin.gov.in/

    https://pib.gov.in/PressReleasePage.aspx?PRID=2098424#:~:text=The%20budget%20for%20Department%20of,government’s%20commitment%20to%20agricultural%20development.

    Economic Survey of India: https://www.indiabudget.gov.in/economicsurvey/index.php

    https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/dec/doc20241219474501.pdf

    Transforming Agricultural Finance

    ***

    Santosh Kumar/ Sarla Meena/ Madiha Iqbal

    (Release ID: 2099696) Visitor Counter : 25

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: La Loche — La Loche RCMP asks public to report sightings of Darcy Herman

    Source: Royal Canadian Mounted Police

    La Loche RCMP is actively working to locate and arrest 28-year-old Darcy Herman, who is wanted on multiple warrants.

    Herman is wanted for charges including assault, failing to comply with a release order and failing to attend court.

    The release order and court appearances are in relation to charges including resisting a peace officer, uttering threats and unauthorized possession of a firearm.

    Investigators believe Herman is in the La Loche and/or Turnor Lake area and is actively evading arrest.

    They ask that members of the public report all sightings of Herman and information on his whereabouts.

    Herman is described as approximately 5’11” and 160 lbs. He has black hair and brown eyes. He typically has some facial hair. There is a tattoo of cursive writing on the left side of his neck.

    If you see him, do not approach him. Contact La Loche RCMP by dialling 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    MIL Security OSI –

  • MIL-OSI: GAMCO Investors, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    • Quarter End AUM of $31.7 billion
    • Operating Margin of 32.3% for the Fourth Quarter and 31.0% for 2024
    • Fourth Quarter Earnings of $0.70 per Share versus $0.66 per Share in the Fourth Quarter of 2023
    • 2024 Earnings of $2.65 per Share versus $2.38 per Share for 2023
    • $182.8 million in Cash, Cash Equivalents, Seed Capital, and Investments and No Debt
    • Board Authorizes 100% Increase of the Regular Quarterly Dividend
    • Repurchased 1.3 million Shares, or 3% of Outstanding Shares, During the Fourth Quarter of 2024 and Increased Buyback Authorization to 1.5 Million Shares

    GREENWICH, Conn., Feb. 04, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended December 31, 2024.

    Financial Highlights

    (In thousands, except percentages and per share data)      
        Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    U.S. GAAP          
    Revenue   $ 59,262     $ 57,313    
    Expenses     40,109       41,517    
    Operating income     19,153       15,796    
    Non-operating income     3,452       6,199    
    Net income     16,797       16,560    
    Diluted earnings per share   $ 0.70     $ 0.66    
    Operating margin     32.3 %     27.6 %  
               

    Giving Back to Society – $80 million since IPO

    Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

    On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

    Revenue

    (In thousands)   Three Months Ended    
        December 31,
    2024    		   December 31,
    2023    		    
    Investment advisory and incentive fees            
       Funds   $ 40,441   $ 37,748    
       Institutional and Private Wealth Management   15,057     13,712    
       SICAV     4 (a)   1,541 (a)  
          Total   $ 55,502   $ 53,001    
    Distribution fees and other income     3,760     4,312    
          Total revenue   $ 59,262   $ 57,313    
                 
    (a) Reflects change in reporting methodology. See AUM table.        

    The year over year increase in Funds revenues was primarily the result of higher average assets under management. The increase in Institutional and Private Wealth Management revenues was primarily the result of higher beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

    Expenses

    (In thousands)   Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    Compensation   $ 26,593   $ 27,316  
    Management fee     2,512     2,444  
    Distribution costs     5,634     5,848  
    Other operating expenses   5,370     5,909  
       Total expenses   $ 40,109   $ 41,517  
               
    • The lower compensation expense in the fourth quarter of 2024 reflected $2.9 million of waived compensation partially offset by increased fixed compensation of $1.4 million and increased variable compensation of $0.8 million.
    • The $0.1 million increase in management fee is attributable to the higher pre-management fee income of $0.7 million; and,
    • Other operating expenses this quarter were lower versus the fourth quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.

    Operating Margin

    The operating margin, which represents the ratio of operating income to revenue, was 32.3% for the fourth quarter of 2024 compared with 27.6% for the fourth quarter of 2023.  

    Non-Operating Income

    (In thousands)   Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    Gain from investments, net   $ 644     $ 3,529    
    Interest and dividend income     3,090       2,951    
    Interest expense (a)     (282 )     (281 )  
       Total non-operating income   $ 3,452     $ 6,199    
               
    (a) Related to GAAP accounting of finance lease.      

    Non-operating income decreased $2.7 million for the quarter, reflecting the lower mark-to-market net gains on our investment portfolio for the quarter slightly offset by an increase in interest and dividend income.

    Other Financial Highlights

    The effective income tax rate for the fourth quarter of 2024 was 25.7% versus 24.7% for the fourth quarter of 2023.

    Cash, cash equivalents, and investments were $182.8 million with no debt at December 31, 2024.

    Assets Under Management

    (In millions)   As of  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
                   
    Mutual Funds   $ 8,078   $ 8,440   $ 7,973  
    Closed-end Funds     7,344     7,459     7,097  
    Institutional & PWM (a) (b)     10,700     10,984     10,738  
    SICAV (c)     9     9     631  
    Total Equities     26,131     26,892     26,439  
                   
    100% U.S. Treasury Money Market Fund     5,552     5,268     4,615  
    Institutional & PWM Fixed Income     32     32     32  
    Total Treasuries & Fixed Income     5,584     5,300     4,647  
    Total Assets Under Management   $ 31,715   $ 32,192   $ 31,086  
                   
    (a) Includes $242, $278, and $370 of AUM subadvised for Teton Advisors, Inc. at December 31, 2024, September 30,  
    2024, and December 31, 2023, respectively.            
    (b) Includes $237, $212, and $227 of 100% U.S. Treasury Money Market Fund AUM at December 31, 2024,  
    September 30, 2024, and December 31, 2023, respectively.          
    (c) Includes $0, $0, and $620 of the SICAV AUM subadvised by Associated Capital Group, Inc. at December 31, 2024,  
    September 30, 2024, and December 31, 2023, respectively.          
                   

    Assets under management on December 31, 2024 were $31.7 billion, a decrease of 1.6% from the $32.2 billion on September 30, 2024. The quarter’s decrease consisted of net market depreciation of $0.2 billion, net outflows of $0.2 billion, and distributions, net of reinvestments, of $0.1 billion.

    Mutual Funds

    Assets under management in Mutual Funds on December 31, 2024 were $8.1 billion, a decrease of 4.3% from the $8.4 billion at September 30, 2024. The quarterly change was attributed to:

    • Distributions, net of reinvestment, of $27 million;
    • Net outflows of $209 million; and
    • Net market depreciation of $126 million.

    Closed-end Funds

    Assets under management in Closed-end Funds on December 31, 2024 were $7.3 billion, a decrease of 1.5% from the $7.5 billion on September 30, 2024. The quarterly change was comprised of:

    • Distributions, net of reinvestment, of $129 million;
    • Net inflows of $169 million, including the issuance of $150 million preferred shares, the issuance of $62 million common shares less the redemption of $30 million of preferred shares, and the repurchase of $13 million of common stock ; and
    • Net market depreciation of $155 million.

    Institutional & PWM

    Assets under management in Institutional & PWM on December 31, 2024 were $10.7 billion, a decrease of 0.9% from the $10.8 billion on December 31, 2023. The quarterly change was due to:

    • Net outflows of $345 million; and
    • Net market appreciation of $61 million.

    SICAV

    Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on December 31, 2024 versus $11 million in those sleeves at December 31, 2023.

    100% U.S. Treasury Money Market Fund

    Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on December 31, 2024 were $5.6 billion, up from $5.3 billion at September 30, 2024.

    The Gabelli Growth Fund – Up 35.8% For 2024

    The Growth team of Howard Ward, CFA, and John Belton, CFA, commented on The Gabelli Growth Fund’s 2024 performance:

    “The environment remained favorable for growth stocks in 2024, underpinned by a resilient economy and the start of a Federal Reserve interest rate cutting cycle. Earnings growth accelerated for many US companies, aided by healthy consumer spending trends, robust technology investments, and continued cost discipline. Artificial Intelligence (AI) remained a key stock market theme, as capital expenditure plans across the hyperscale cloud computing group reached astronomical levels, and given a host of new AI-centric business models which have started to take shape. To date, this technology appears to be making some of the strongest companies, stronger, and to that end we maintained positions in many of the largest AI beneficiaries including NVIDIA, Microsoft, Amazon, Alphabet and Meta Platforms. This group remains a cornerstone of our portfolio, and as of year-end more than half of the portfolio’s assets are invested across the Technology Sector as a whole. Outside of the Megacap Tech group, top performers to performance this year included Eli Lilly (boosted by continued success across an industry-leading incretin drug portfolio), ServiceNow (which is an early leader in AI software commercialization) and Intuitive Surgical.”

    The Gabelli Gold Fund – Up 15.2% For 2024

    Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 2024 performance:

    “Gold performed strongly for the second consecutive year largely driven by overseas central bank purchases. However, gold equities underperformed the gold price. Recently the rise in the gold price has not been fully reflected in the profit margins of gold mining companies. This has largely been due to cost pressures emanating from a variety of sources, exacerbated by covid. But we believe the market may be too pessimistic concerning both cost pressures which are diminishing and enhanced revenues from a higher gold price. Gold equities are inexpensive relative to their history and on an absolute basis. But a catalyst is needed to alter investor perception. This could be gold backed ETFs adding ounces reflecting a recovery in investor interest in the sector, a decline in other asset markets which may highlight gold as a portfolio diversifier, increased takeover activity or simply continued strength in the gold price. Some of our smaller gold producers such as Lundin Gold and Wesdome Gold Mines, had stellar returns. Among our larger producers Kinross and Agnico Eagle contributed significantly to performance. We continue to favor mid capitalization gold producers with good assets that trade at a big discount to some of the larger producers.”

    The Gabelli Small Cap Growth Fund

    We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to analyze the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our long-term returns since the inception of the fund in 1991.

    ETFs

    In 2024, Gabelli Growth Innovators (NYSE: GGRW), managed by Howard Ward and John Belton, generated a 41.8% total return, the Gabelli Financial Services Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a 44.6% total return, and the Gabelli Commercial Aerospace & Defense ETF (NYSE: GCAD), managed by Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR returned 22.2%. The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January 2021 to extend the tax benefits of owning exchange traded funds to our investors. Since the initial launch, the Gabelli platform has steadily grown the differentiated suite of ETFs. We are pleased with the client adoption progress and excited about this growth area of the market and positioning of these unique funds supported by our investment team. To accelerate the growth of these funds, each of the funds (with the exception of GGRW) has fee and expense waivers on the first $25 million of assets, whereas LOPP has a fee and expense waiver for the first $100 million of assets under management.

    Assets Under Administration

    (In millions)   As of  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
                   
    Teton-Keeley Funds (a)   $ 809   $ 883   $ 964  
    SICAV     408     431     –  
    Total Assets Under Administration $ 1,217   $ 1,314   $ 964  
                   
    (a) Includes $242, $278 and $370 of AUM subadvised for Teton Advisors, Inc. at  
         December 31, 2024, September 30, 2024 and December 31, 2023, respectively.  
                   

    AUA on December 31, 2024 were $1.2 billion, a slight decline from the $1.3 billion at September 30, 2024.

    Return to Shareholders

    During the fourth quarter of 2024, Gabelli returned to shareholders $86 million in the form of a special dividend of $2.00 per share totaling $50.5 million that was declared in the third quarter of 2024, the repurchase of 1,304,358 shares for $34.4 million at an average investment of $26.37 per share, and a regular quarterly dividend of $0.04 per share totaling $1.0 million. From January 1, 2025 to February 4, 2025, the Company has repurchased 12,971 shares at an average price of $23.95 per share for an aggregate purchase price of approximately $0.3 million. On February 4, 2025, the board of directors increased the buyback authorization to 1.5 million shares.

    On February 4, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, an increase of 100%, which is payable on March 25, 2025 to class A and class B shareholders of record on March 11, 2025.

    Balance Sheet Information 

    As of December 31, 2024, cash, cash equivalents, and U.S Treasury Bills were $116.5 million and investments were $66.3 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of December 31, 2024, stockholders’ equity was $136.6 million compared to $181.0 million as of December 31, 2023. The decline in stockholders’ equity resulted from the payment of $59.5 million in dividends, $49.3 million of stock buybacks, offset partially by $64.4 million in net income.

    Symposiums/Conferences

    • On November 4th and 5th, we hosted the 48th Annual Automotive Aftermarket Symposium at the Encore at Wynn in Las Vegas. The symposium featured presentations from senior management of leading automotive and trucking companies, with a lineup that enabled investors to understand everchanging dynamics within the automotive industry.
       
    • On November 15th, we hosted the 6th Annual Healthcare Symposium in connection with Columbia Business School.
       
    • On December 5th, we hosted the 2nd Section 852(b)(6) Conference.
       
    • In addition to the above, we hosted the following during 2024:
       
      • 34th Pump, Valve & Water Systems Symposium
      • 30th Aerospace & Defense Symposium
      • 18th Omaha Research Trip
      • 16th Media & Entertainment Symposium
      • 15th Specialty Chemicals Symposium
      • 10th Waste & Environmental Services Conference
      • 2nd PFAS Symposium

    We are hosting the following symposiums and conferences in 2025:

    About Gabelli

    Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a CatalystTM). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

    Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

    Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
    Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

    Active Transparent Exchange-Traded Funds
    GABELLI FINANCIAL SERVICES OPPORTUNITIES: GABF

    IMPORTANT DISCLOSURES

    • Shares of this ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the fund.
    • Buying or selling ETF shares may require additional fees such as brokerage commissions, which will reduce returns.
    • These traditional risks may be even greater in challenging or uncertain market conditions.
    • Financial service companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

    Active Exchange-Traded Funds
    GABELI LOVE OUR PLANET & PEOPLE: LOPP
    GABELLI GROWTH INNOVATORS: GGRW
    GABELLI COMMERCIAL AEROSPACE & DEFENSE: GCAD

    IMPORTANT DISCLOSURES
    These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs do not. This may create additional risks for your investment. For example:
    • You may have to pay more money to trade the ETFs’ shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
    • The price you pay to buy ETF shares on an exchange may not match the value of an ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because they provide less information to traders.
    • These additional risks may be even greater in challenging or uncertain market conditions.
    • The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs undisclosed, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs’ performance. If other traders are able to copy or predict the ETFs’ investment strategies, however, this may hurt the ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.

    You should consider the ETFs’ investment objectives, risks, charges and expenses carefully before you invest. The ETFs’ Prospectus is available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, and contains this and other information about the ETFs, and should be read carefully before investing.

    GABF
    Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

    GGRW
    Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

    GCAD
    Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services.

    LOPP
    The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries, and may impact the relative financial performance of the Fund.

    Money Market Fund
    Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

    Growth
    Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

    As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Growth Fund.

    Gold
    Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

    As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

    Small Cap
    Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

    Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

    GAMCO Investors, Inc. and Subsidiaries              
    Condensed Consolidated Statements of Operations (Unaudited)        
    (in thousands, except per share data)              
        Three Months Ended  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
    Revenue:              
      Investment advisory and incentive fees   $ 55,502     $ 53,829     $ 53,001    
      Distribution fees and other income     3,760       3,717       4,312    
         Total revenue     59,262       57,546       57,313    
    Expenses:              
      Compensation     26,593       22,566       27,316    
      Management fee     2,512       2,517       2,444    
      Distribution costs     5,634       6,033       5,848    
      Other operating expenses     5,370       4,801       5,909    
        Total expenses     40,109       35,917       41,517    
    Operating income     19,153       21,629       15,796    
    Non-operating income:              
      Gain from investments, net     644       3,370       3,529    
      Interest and dividend income     3,090       2,947       2,951    
      Interest expense     (282 )     (290 )     (281 )  
      Charitable giving contribution     –       (5,000 )     –    
        Total non-operating income     3,452       1,027       6,199    
    Income before provision for income taxes     22,605       22,656       21,995    
    Provision for income taxes     5,808       5,822       5,435    
    Net income   $ 16,797     $ 16,834     $ 16,560    
                   
    Earnings per share attributable to common            
    stockholders:              
      Basic   $ 0.70     $ 0.69     $ 0.66    
      Diluted   $ 0.70     $ 0.69     $ 0.66    
                   
    Weighted average shares outstanding:              
      Basic     23,971       24,263       25,038    
      Diluted     23,971       24,263       25,038    
                   
      Shares outstanding     22,930       24,235       24,906    
                   
    GAMCO Investors, Inc. and Subsidiaries          
    Condensed Consolidated Statements of Financial Condition (Unaudited)      
    (in thousands)          
           
        December 31,   December 31,  
        2024   2023  
    Assets          
      Cash and cash equivalents   $ 17,254   $ 61,801  
      Short-term investments in U.S. Treasury Bills     99,216     99,025  
      Investments in securities     36,855     19,998  
      Seed capital investments     29,452     24,044  
      Receivable from brokers     3,103     4,562  
      Other receivables     21,246     21,178  
      Deferred tax asset and income tax receivable     7,553     8,927  
      Other assets     9,509     9,896  
         Total assets   $ 224,188   $ 249,431  
               
    Liabilities and stockholders’ equity          
      Income taxes payable   $ 196   $ 17  
      Compensation payable     38,489     23,399  
      Accrued expenses and other liabilities     48,929     45,036  
        Total liabilities     87,614     68,452  
               
      Stockholders’ equity     136,574     180,979  
         Total liabilities and stockholders’ equity   $ 224,188   $ 249,431  
               
      Shares outstanding     22,930     24,906  
               
    GAMCO Investors, Inc. and Subsidiaries                    
    Assets Under Management                      
    By investment vehicle                      
    (in millions)                      
          Three Months Ended   % Changed From  
          December 31,   September 30,   December 31,   September 30,   December 31,  
           2024     2024     2023    2024    2023   
    Equities:                      
    Mutual Funds                      
    Beginning of period assets   $ 8,440     $ 8,035     $ 7,546            
      Inflows     211       175       153            
      Outflows     (420 )     (415 )     (451 )          
      Net inflows (outflows)     (209 )     (240 )     (298 )          
      Market appreciation (depreciation)     (126 )     652       744            
      Fund distributions, net of reinvestment     (27 )     (7 )     (19 )          
      Total increase (decrease)     (362 )     405       427            
    Assets under management, end of period   $ 8,078     $ 8,440     $ 7,973     -4.3 %   1.3 %  
    Percentage of total assets under management     25.5 %     26.2 %     25.6 %          
    Average assets under management   $ 8,447     $ 8,177     $ 7,593     3.3 %   11.2 %  
                             
    Closed-end Funds                      
    Beginning of period assets   $ 7,459     $ 7,052     $ 6,727            
      Inflows     212       25       16            
      Outflows     (43 )     (32 )     (63 )          
      Net inflows (outflows)     169       (7 )     (47 )          
      Market appreciation (depreciation)     (155 )     540       544            
      Fund distributions, net of reinvestment     (129 )     (126 )     (127 )          
      Total increase (decrease)     (115 )     407       370            
    Assets under management, end of period     7,344     $ 7,459     $ 7,097     -1.5 %   3.5 %  
    Percentage of total assets under management     23.2 %     23.2 %     22.8 %          
    Average assets under management   $ 7,610     $ 7,260     $ 6,785     4.8 %   12.2 %  
                             
    Institutional & PWM                      
    Beginning of period assets   $ 10,984     $ 10,436     $ 10,034            
      Inflows     62       87       63            
      Outflows     (407 )     (373 )     (371 )          
      Net inflows (outflows)     (345 )     (286 )     (308 )          
      Market appreciation (depreciation)     61       834       1,012            
      Total increase (decrease)     (284 )     548       704            
    Assets under management, end of period   $ 10,700     $ 10,984     $ 10,738     -2.6 %   -0.4 %  
    Percentage of total assets under management     33.7 %     34.1 %     34.5 %          
    Average assets under management   $ 11,085     $ 10,905     $ 10,005     1.7 %   10.8 %  
                             
    SICAV                      
    Beginning of period assets   $ 9     $ 9     $ 622            
      Inflows     –       –       82            
      Outflows     –       –       (110 )          
      Net inflows (outflows)     –       –       (28 )          
      Market appreciation (depreciation)     –       –       37            
      Total increase (decrease)     –       –       9            
    Assets under management, end of period   $ 9     $ 9     $ 631     0.0 %   -98.6 %  
    Percentage of total assets under management     0.0 %     0.0 %     2.0 %          
    Average assets under management   $ 9     $ 9     $ 628     0.0 %   -98.6 %  
                             
    Total Equities                      
    Beginning of period assets   $ 26,892     $ 25,532     $ 24,929            
      Inflows     485       287       314            
      Outflows     (870 )     (820 )     (995 )          
      Net inflows (outflows)     (385 )     (533 )     (681 )          
      Market appreciation (depreciation)     (220 )     2,026       2,337            
      Fund distributions, net of reinvestment     (156 )     (133 )     (146 )          
      Reclassification to AUA     –       –       –            
      Total increase (decrease)     (761 )     1,360       1,510            
    Assets under management, end of period   $ 26,131     $ 26,892     $ 26,439     -2.8 %   -1.2 %  
    Percentage of total assets under management     82.4 %     83.5 %     85.1 %          
    Average assets under management   $ 27,151     $ 26,351     $ 25,011     3.0 %   8.6 %  
                             
                             
    GAMCO Investors, Inc. and Subsidiaries                    
    Assets Under Management                      
    By investment vehicle – continued                      
    (in millions)                      
          Three Months Ended   % Changed From  
          December 31,   September 30,   December 31,   September 30,   December 31,  
           2024     2024     2023    2024    2023   
    Fixed Income:                      
    100% U.S. Treasury fund                      
    Beginning of period assets   $ 5,268     $ 5,159     $ 4,217            
      Inflows     1,656       1,245       1,424            
      Outflows     (1,440 )     (1,205 )     (1,088 )          
      Net inflows (outflows)     216       40       336            
      Market appreciation (depreciation)     68       69       62            
      Total increase (decrease)     284       109       398            
    Assets under management, end of period   $ 5,552     $ 5,268     $ 4,615     5.4 %   20.3 %  
    Percentage of total assets under management     17.5 %     16.4 %     14.8 %          
    Average assets under management   $ 5,415     $ 5,246     $ 4,418     3.2 %   22.6 %  
                             
    Institutional & PWM Fixed Income                      
    Beginning of period assets   $ 32     $ 32     $ 32            
      Inflows     –       –       –            
      Outflows     –       –       –            
      Net inflows (outflows)     –       –       –            
      Market appreciation (depreciation)     –       –       –            
      Total increase (decrease)     –       –       –            
    Assets under management, end of period   $ 32     $ 32     $ 32     0.0 %   0.0 %  
    Percentage of total assets under management     0.1 %     0.1 %     0.1 %          
    Average assets under management   $ 32     $ 32     $ 32     0.0 %   0.0 %  
                             
    Total Treasuries & Fixed Income                      
    Beginning of period assets   $ 5,300     $ 5,191     $ 4,249            
      Inflows     1,656       1,245       1,424            
      Outflows     (1,440 )     (1,205 )     (1,088 )          
      Net inflows (outflows)     216       40       336            
      Market appreciation (depreciation)     68       69       62            
      Total increase (decrease)     284       109       398            
    Assets under management, end of period   $ 5,584     $ 5,300     $ 4,647     5.4 %   20.2 %  
    Percentage of total assets under management     17.6 %     16.5 %     14.9 %          
    Average assets under management   $ 5,447     $ 5,278     $ 4,450     3.2 %   22.4 %  
                             
    Total AUM                      
    Beginning of period assets   $ 32,192     $ 30,723     $ 29,178            
      Inflows     2,141       1,532       1,738            
      Outflows     (2,310 )     (2,025 )     (2,083 )          
      Net inflows (outflows)     (169 )     (493 )     (345 )          
      Market appreciation (depreciation)     (152 )     2,095       2,399            
      Fund distributions, net of reinvestment     (156 )     (133 )     (146 )          
      Reclassification to AUA     –       –       –            
      Total increase (decrease)     (477 )     1,469       1,908            
    Assets under management, end of period   $ 31,715     $ 32,192     $ 31,086     -1.5 %   2.0 %  
    Average assets under management   $ 32,598     $ 31,629     $ 29,461     3.1 %   10.6 %  
                             
    GAMCO Investors, Inc. and Subsidiaries            
    Assets Under Management              
    By investment vehicle              
    (in millions)              
          Twelve Months Ended    
          December 31,   December 31,      
           2024     2023    % Change  
    Equities:              
    Mutual Funds              
    Beginning of period assets   $ 7,973     $ 8,140        
      Inflows     751       711        
      Outflows     (1,626 )     (1,616 )      
      Net inflows (outflows)     (875 )     (905 )      
      Market appreciation (depreciation)     1,023       772        
      Fund distributions, net of reinvestment     (43 )     (34 )      
      Total increase (decrease)     105       (167 )      
    Assets under management, end of period   $ 8,078     $ 7,973     1.3 %  
    Percentage of total assets under management     25.5 %     25.6 %      
    Average assets under management   $ 8,173     $ 8,035     1.7 %  
                     
    Closed-end Funds              
    Beginning of period assets   $ 7,097     $ 7,046        
      Inflows     281       41        
      Outflows     (226 )     (130 )      
      Net inflows (outflows)     55       (89 )      
      Market appreciation (depreciation)     700       654        
      Fund distributions, net of reinvestment     (508 )     (514 )      
      Total increase (decrease)     247       51        
    Assets under management, end of period   $ 7,344     $ 7,097     3.5 %  
    Percentage of total assets under management     23.2 %     22.8 %      
    Average assets under management   $ 7,274     $ 7,058     3.1 %  
                     
    Institutional & PWM              
    Beginning of period assets   $ 10,738     $ 10,714        
      Inflows     340       241        
      Outflows     (1,701 )     (1,739 )      
      Net inflows (outflows)     (1,361 )     (1,498 )      
      Market appreciation (depreciation)     1,323       1,522        
      Total increase (decrease)     (38 )     24        
    Assets under management, end of period   $ 10,700     $ 10,738     -0.4 %  
    Percentage of total assets under management     33.7 %     34.5 %      
    Average assets under management   $ 10,891     $ 10,670     2.1 %  
                     
    SICAV              
    Beginning of period assets   $ 631     $ 867        
      Inflows     –       357        
      Outflows     (2 )     (624 )      
      Net inflows (outflows)     (2 )     (267 )      
      Market appreciation (depreciation)     –       31        
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     (622 )     (236 )      
    Assets under management, end of period   $ 9     $ 631     -98.6 %  
    Percentage of total assets under management     0.0 %     2.0 %      
    Average assets under management   $ 9     $ 694     -98.7 %  
                     
    Total Equities              
    Beginning of period assets   $ 26,439     $ 26,767        
      Inflows     1,372       1,350        
      Outflows     (3,555 )     (4,109 )      
      Net inflows (outflows)     (2,183 )     (2,759 )      
      Market appreciation (depreciation)     3,046       2,979        
      Fund distributions, net of reinvestment     (551 )     (548 )      
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     (308 )     (328 )      
    Assets under management, end of period   $ 26,131     $ 26,439     -1.2 %  
    Percentage of total assets under management     82.4 %     85.1 %      
    Average assets under management   $ 26,347     $ 26,457     -0.4 %  
                     
                     
    GAMCO Investors, Inc. and Subsidiaries            
    Assets Under Management              
    By investment vehicle – continued              
    (in millions)              
          Twelve Months Ended    
          December 31,   December 31,      
           2024     2023    % Change  
    Fixed Income:              
    100% U.S. Treasury fund              
    Beginning of period assets   $ 4,615     $ 2,462        
      Inflows     5,796       5,498        
      Outflows     (5,122 )     (3,536 )      
      Net inflows (outflows)     674       1,962        
      Market appreciation (depreciation)     263       191        
      Total increase (decrease)     937       2,153        
    Assets under management, end of period   $ 5,552     $ 4,615     20.3 %  
    Percentage of total assets under management     17.5 %     14.8 %      
    Average assets under management   $ 5,140     $ 3,823     34.4 %  
                     
    Institutional & PWM Fixed Income              
    Beginning of period assets   $ 32     $ 32        
      Inflows     –       –        
      Outflows     –       –        
      Net inflows (outflows)     –       –        
      Market appreciation (depreciation)     –       –        
      Total increase (decrease)     –       –        
    Assets under management, end of period   $ 32     $ 32     0.0 %  
    Percentage of total assets under management     0.1 %     0.1 %      
    Average assets under management   $ 32     $ 32     0.0 %  
                     
    Total Treasuries & Fixed Income              
    Beginning of period assets   $ 4,647     $ 2,494        
      Inflows     5,796       5,498        
      Outflows     (5,122 )     (3,536 )      
      Net inflows (outflows)     674       1,962        
      Market appreciation (depreciation)     263       191        
      Total increase (decrease)     937       2,153        
    Assets under management, end of period   $ 5,584     $ 4,647     20.2 %  
    Percentage of total assets under management     17.6 %     14.9 %      
    Average assets under management   $ 5,172     $ 3,855     34.2 %  
                     
    Total AUM              
    Beginning of period assets   $ 31,086     $ 29,261        
      Inflows     7,168       6,848        
      Outflows     (8,677 )     (7,645 )      
      Net inflows (outflows)     (1,509 )     (797 )      
      Market appreciation (depreciation)     3,309       3,170        
      Fund distributions, net of reinvestment     (551 )     (548 )      
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     629       1,825        
    Assets under management, end of period   $ 31,715     $ 31,086     2.0 %  
    Average assets under management   $ 31,519     $ 30,312     4.0 %  
                     
    Contact: Kieran Caterina
      Chief Accounting Officer
      (914) 921-5149
       
      For further information please visit
      www.gabelli.com 

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/67be43da-4ba8-4a8b-adfc-6568958b2c5f
    https://www.globenewswire.com/NewsRoom/AttachmentNg/184b5374-0f9b-4bf5-a782-689155142d7e

    The MIL Network –

  • MIL-OSI: Red Cat CEO Jeff Thompson to Present at TD Cowen’s 46th Annual Aerospace & Defense Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, Feb. 04, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced that its Chief Executive Officer, Jeff Thompson, will present at TD Cowen’s 46th Annual Aerospace & Defense Conference on Wednesday, February 12, 2025.

    Thompson’s presentation is scheduled from 1:20 PM to 2:00 PM ET in Track 2 (Salon II, Conference Level) at The Ritz-Carlton, Pentagon City in Arlington, VA. He will discuss Red Cat’s latest advancements in drone technology and the company’s strategic initiatives within the aerospace and defense sectors.

    TD Cowen’s 46th Annual Aerospace & Defense Conference, taking place February 11-13, 2025, brings together industry leaders for a series of presentations, fireside chats, and panel discussions. Moderated by members of the TD Cowen research team, the event will highlight key trends shaping the aerospace and defense industries.

    Investors and attendees interested in scheduling a one-on-one meeting with Mr. Thompson are encouraged to contact the Company through the investor relations section of the Red Cat website.

    About Red Cat Holdings, Inc.

    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    About TD Securities

    As a leading corporate and investment bank, TD Securities offers a wide range of integrated capital markets products and services. Our corporate, government, and institutional clients choose us for our innovation, execution, and experience.

    With more than 7,100 professionals operating out of 34 cities across the globe, we help clients meet their needs today and prepare for tomorrow. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions.

    TD Cowen is a division of TD Securities. As part of TD Securities’ broader suite of integrated capital markets products and services, our offering includes investment banking, research, sales and trading, prime brokerage, outsourced trading, and commission management services.

    We are growth-oriented, people-focused, and community-minded. As a team, we work to deliver value for our clients every day.

    Forward Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:
    E-mail: Investors@redcat.red

    NEWS MEDIA:
    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

    The MIL Network –

  • MIL-OSI Security: Tifton, Georgia, Man Pleads Guilty to Trafficking Methamphetamine

    Source: Office of United States Attorneys

    ALBANY, Ga. – A Tifton resident faces up to 40 years in federal prison for distributing kilograms of Mexico-sourced methamphetamine after he was caught with a pound of methamphetamine while wearing an ankle monitor for a prior drug trafficking charge and attempted to flee from deputies.

    Travarious Deshawn Mike, 29, of Tifton, pleaded guilty to two counts of distribution of methamphetamine before U.S. District Judge Leslie Abrams Gardner on Feb. 3. Mike faces a maximum of 20 years in prison per count, to be followed by at least three years of supervised release and a $1,000,000 fine. A sentencing date will be determined by the Court. There is no parole in the federal system.

    “The defendant was transporting large quantities of methamphetamine from an Atlanta source into the Tifton community. Even after his initial arrest, he willfully continued to violate the law and traffic dangerous drugs into Southwest Georgia,” stated Acting U.S. Attorney Shanelle Booker. “Our office collaborates closely with local, state and federal law enforcement to ensure that repeat offenders who are causing significant harm in the Middle District of Georgia are stopped and held accountable for their actions.”

    “This investigation resulting in the seizure of meth, heroin and firearms is a clear reminder of the dangerous networks we continue to dismantle,” said GBI Director Chris Hosey. “The GBI remains committed to disrupting drug trafficking and criminal activity, especially those tied to dangerous sources of supply. This is a significant step in protecting our communities.”

    According to court documents and statements referenced in court, GBI agents recorded Mike providing methamphetamine during a controlled buy utilizing a confidential informant (CI) on Aug. 15, 2022, at the Church’s Chicken in Tifton. A court-authorized tracking device monitored by the GBI captured Mike departing Tifton for Atlanta on Aug. 30, 2022. GBI agents observed Mike travel to two Mexican restaurants for brief periods, then immediately begin to travel back down I-75 towards Tifton. Crisp County Sheriff’s Office (CCSO) deputies initiated a traffic stop on his vehicle after it observed a defective brake light and a window tint violation. A CCSO trained K9 made a positive alert on Mike’s car. During a search of the vehicle, agents seized 502 grams of heroin in Mike’s bookbag.

    At the same time, GBI requested the Tifton Police Department’s (TPD) assistance to conduct surveillance on Mike’s Tifton residence. TPD initiated a traffic stop on a vehicle leaving Mike’s residence, locating 8,068 grams of 67.9% pure methamphetamine. The occupant was a drug courier delivering the narcotics from a Mexican source of supply near Atlanta to Mike and had made the trip before. GBI executed a court-authorized search warrant at Mike’s residence that same day and found four semiautomatic pistols, a revolver, rounds of ammunition, methamphetamine and a set of digital scales. A vehicle parked outside Mike’s residence and belonging to a co-defendant contained 783 grams of 80% pure methamphetamine, 168 grams of a heroin and fentanyl mixture, 97 oxycodone/fentanyl pills, seven grams of crack cocaine, plastic baggies and a digital scale. Interviews, evidence and text messages on seized cell phones belonging to Mike and co-defendants revealed that Mike was purchasing methamphetamine from a Mexican source of supply based in the metro Atlanta area. Mike subsequently bonded out of jail.

    On June 5, 2024, the Monroe County Sheriff’s Office (MCSO) observed a white Dodge Charger driven by Mike commit a traffic violation in Monroe County, Georgia. MCSO deputies attempted to initiate a traffic stop, but Mike tried to escape and reached speeds over 125 mph. During the pursuit, Mike discarded a brick-shaped package out the window, which burst into a white crystal-like substance. Other MCSO officers secured the scene where the substance was discarded, finding approximately one pound of methamphetamine. Mike lost control of the vehicle and crashed onto the side of the highway. He attempted to flee on foot but was immediately apprehended. At the time of his arrest, Mike was wearing an ankle monitor and advised that he was out on bond for another drug trafficking incident.

    The case was investigated by the Georgia Bureau of Investigations (GBI) with assistance from the Drug Enforcement Administration (DEA), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Georgia State Patrol (GSP), the Tifton Police Department, the Crisp County Sheriff’s Office and the Monroe County Sheriff’s Office.

    Assistant U.S. Attorney Matthew Redavid is prosecuting the case for the Government.

    MIL Security OSI –

  • MIL-Evening Report: Peter Dutton is promising to slash the public service. Voters won’t know how many jobs are lost until after the election

    Source: The Conversation (Au and NZ) – By Andrew Podger, Honorary Professor of Public Policy, Australian National University

    Oakland Images/Shutterstock

    Opposition Leader Peter Dutton has doubled down on his commitment to sack thousands of public servants if he’s elected prime minister.

    Dutton has again highlighted the “wasteful” 36,000 increase in public service jobs under Labor, which he says has made the Australian Public service “bloated and inefficient”.

    While there is considerable political hyperbole and Trumpian allusions in Dutton’s statements, there are areas where legitimate savings could be made by whoever wins the coming election. That includes a second-term Albanese government, which would need to find efficiencies to offset promised wage increases.

    Dutton’s commitment

    Dutton unrealistically mentioned A$24 billion in potential savings over four years by reversing the growth in the number of new public service jobs since the last election.

    Dutton’s claim of 36,000 extra bureaucrats under the Albanese government is broadly correct. The latest State of the Service Report shows the ongoing workforce increased from 133,976 in June 2021 to 170,186 in June last year. This was offset by a reduction of around 4,000 non-ongoing employees.

    Labor has reduced the use of consultants and contractors, though at best those savings only partially offset the costs of the public service expansion.

    Reversing the net increase in costs in the next term of Parliament, however, will not be easy and could not be done immediately.

    In turn, Labor is hiring fewer consultants and contractors. Those numbers could rise again if permanent positions are axed under a Coalition government.

    Dutton is careful not to make any specific commitments regarding the number of jobs that would go nor the dollar savings involved. However, he and his shadow ministers have repeatedly referred to the 36,000 new positions under Labor.

    While the Coalition won’t be detailing any spending cuts until after the election, Dutton has alluded to US President Donald Trump’s playbook by targeting “culture, diversity and inclusion advisers”.

    Dutton contends these roles add to costs while providing little public service:

    Such positions, as I say, do nothing to improve the lives of everyday Australians.

    Putting the public service growth into context

    Despite Dutton’s combative language, the growth of the Australian Public Service is not nearly as dramatic as he claims, nor is it concentrated in Canberra.

    The State of the Service Report shows the Australian Public Service headcount is lower now (0.68%) as a percentage of the Australian population than it was in 2008 (0.75%). It is also a smaller share of the overall Australian workforce (1.36% compared to 1.52%).

    Despite Dutton’s often repeated claim that all of the additional public servants are based in Canberra, the proportion of the public service working in the capital has decreased to just 36.9%.

    The numbers back up the government’s claim that the expanded bureaucracy has delivered improvements to critical public services such as the National Disability Insurance Scheme, Veterans’ Affairs and Centrelink outside of Canberra.

    Labor has also committed to savings

    Despite its defence of the public service, a re-elected Labor government would also need to find efficiencies.

    The Australian Financial Review has drawn attention to the mid-year budget update, which forecast no growth in the public service wages bill from 2025–26 to 2027–28. This is despite an enterprise bargaining agreement to increase wages by 11.2% over the three years to March 2026.

    Finance and Public Service Minister Katy Gallagher has dismissed the Coalition’s claims of a $7.4 billion black hole. She says Labor’s forecasting method is the same as the one the Liberals used in government

    And the minister has restated Labor’s commitment to finding its own savings through the 1% efficiency dividend, which she says is “largely a good thing”.

    In other words, the Albanese government is assuming pay increases will be offset by efficiency measures over the next three years. That will require some effort.

    Where savings could actually be made

    Regardless of who forms the next government, there are savings to be made across the public service, which has become too top heavy.

    Remuneration is a mess, with extraordinary variations in pay, particularly among the senior executive level.

    A wholesale change in the membership of the Remuneration Tribunal, which sets public service pay levels, and a review of its methodology are much needed.

    There should also be more emphasis on skills and capability, and less on diversity. A strong business case exists to maximise the talent pool the public service draws on, but care is needed to not compromise the merit principle in the pursuit of equity.

    Dutton’s plan raises legitimate concerns

    Dutton’s populist rhetoric about the public service raises legitimate concerns beyond the potential job cuts.

    There’s a real risk the Coalition will resurrect its ideological preference for the private sector, with its associated extra costs and conflicts of interest.

    Nor is there any clear commitment to avoiding a return to the politicisation of the bureaucracy evident under former prime minister Scott Morrison, which contributed to the Robodebt scandal.

    The Albanese government has sadly dropped the ball by failing to legislate to promote merit-based appointments, leaving open opportunities for politically based hirings and firings.

    With election day fast approaching, voters may reasonably be wary of both sides of politics when it comes to the independence and performance of the public service.

    Andrew Podger does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Peter Dutton is promising to slash the public service. Voters won’t know how many jobs are lost until after the election – https://theconversation.com/peter-dutton-is-promising-to-slash-the-public-service-voters-wont-know-how-many-jobs-are-lost-until-after-the-election-248897

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Wisconsin Man Indicted for Selling and Smuggling Firearms to Buyers in Saudi Arabia

    Source: Office of United States Attorneys

    CLEVELAND – A six-count indictment was unsealed today charging a Viroqua, Wisconsin, man for allegedly selling firearms and related parts without a license to buyers in Saudi Arabia, shipping the prohibited items, and then lying to federal inspectors about it.

    According to allegations in the indictment, Mark John Buschman, 60, conducted an illegal export conspiracy for more than five years, lasting from about February 2019 to about December 2024. Buschman obtained firearms and firearms parts in the U.S. and advertised the items for sale on eBay and other online marketplace-style websites. When buyers in Saudi Arabia expressed interest in the items for sale, he agreed to sell and ship the items out of the country to them. Throughout the course of the conspiracy, Saudi Arabian-based buyers paid the defendant approximately $398,000.

    Court documents indicate that serial numbers from some of the firearms and firearms parts were removed before he shipped the items. The defendant then prepared the items further before shipping them, by concealing the firearms and firearm parts inside of common household appliances and tools such as toasters, coffee makers, space heaters, fans, and landscaping edge trimmers. For example, the defendant concealed rifle barrels in items such as car axles, and smaller pistols inside of toasters. Using a fake return address, the defendant shipped the items through the U.S. Postal Service to freight forwarders, which are companies that specialize in the logistics of shipping items from one country to another. The defendant allegedly shipped the items to freight forwarding companies that operated out of Ohio, New Jersey, Oregon and elsewhere, without declaring that the shipments contained firearms and firearms parts.

    Buschman is charged by indictment with conspiracy to smuggle goods from the United States; attempted smuggling of goods from the United States; transporting and shipping firearms with removed, obliterated, or altered serial numbers; mailing firearms as non-mailable prohibited items; unlawful dealing in firearms without a license; and making false statements to law enforcement.

    If convicted on all counts, Buschman faces a penalty of 42 years in prison and fines of up to $1.5 million. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The case is being investigated by the Homeland Security Investigations (HSI) Cleveland Office, the U.S. Postal Inspection Service, Cleveland Office (of the Pittsburgh Division), and the Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF). Elements of the Office of Customs and Border Protection (CBP) also assisted HSI.

    The case is being prosecuted by Assistant U.S. Attorneys Matthew Shepherd and Jerome J.  Teresinski for the Northern District of Ohio. Trial Attorney Christopher Cook of the Department’s National Security Division, and Assistant U.S. Attorney Corey Stephan of the Western District of Wisconsin U.S. Attorney’s Office, assisted during the investigation of this case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty.

    MIL Security OSI –

  • MIL-OSI Security: Man Pleads Guilty to Conspiracy to Launder Money in Connection with $100 Million Health Care Fraud Scheme

    Source: Office of United States Attorneys

    Greensboro, NC – Chaudhry Shabbir Ahmed pled guilty on Monday, February 3, 2025, to conspiring to launder over $3 million in connection with a $100 million dollar health care fraud scheme, announced Acting United States Attorney Randall S. Galyon.

    According to court documents, Ahmed conspired with another individual to represent himself as the owner of two durable medical equipment businesses—Dune Medical Supply, LLC located in High Point, North Carolina and Prospect Health Solutions, Inc. located in Fort Lauderdale, Florida. Ahmed and a co-conspirator used a sham purchase agreement to make it appear as though Ahmed owned and operated these companies, even though the co-conspirator continued to control the companies. Once Ahmed was listed on relevant documents as the sole owner of Dune and Prospect, including documents submitted to Medicare, Dune and Prospect collectively submitted more than $100 million in fraudulent claims to Medicare. The claims were submitted between April 2024 and August 2024 for durable medical equipment that Medicare beneficiaries never received, requested, or needed, or that the provider never ordered.

    Before the scheme was discovered, Medicare electronically deposited more than $33 million in claim reimbursements into bank accounts held in the name of Dune and Prospect at various financial institutions. Ahmed had access to these accounts and would withdraw fraud proceeds in cash at bank branches. For example, on June 30, 2024, Ahmed withdrew $400,000 in cash from Prospect’s bank account and on August 9, 2024, Ahmed withdrew $500,000 in cash from Prospect’s bank account.

    As part of the plea agreement, Ahmed agreed to forfeit over $17.6 million dollars that was seized during the investigation, as well as a Rolex watch and cryptocurrency.

    Sentencing is scheduled to take place on June 24, 2025, at 9:30 a.m. in Greensboro, North Carolina, before Chief United States District Judge Catherine C. Eagles. At sentencing, Ahmed faces a maximum sentence of five years in prison, a period of supervised release of up to three years, and monetary penalties.

    The Department of Health and Human Services-Office of Inspector General and the Federal Bureau of Investigation are investigating the case, and it is being prosecuted by Assistant U.S. Attorneys Rebecca Mayer, JoAnna McFadden, and Ashley Waid.

    ###

    MIL Security OSI –

  • MIL-OSI USA: Sen. Kenya Wicks Appointed Deputy Whip for the Democratic Caucus

    Source: US State of Georgia

    ATLANTA (February 4, 2025) — Freshman Senator Kenya Wicks (D– Fayette) was recently appointed Deputy Whip of the Senate Minority Caucus

    Sen. Kenya Wicks expressed enthusiasm at the appointment: “Serving as Deputy Whip as a freshman Senator is truly an honor. I greatly appreciate this vote of confidence from my fellow party members, and I want to thank Minority Whip Sen. Kim Jackson for this appointment. I am ready to get to work for this caucus by assisting with advocacy, planning for the rest of session and following through with our priorities.”

    The full leadership board for the Minority Caucus includes:

    Minority Leader – Sen Harold Jones, II – District 22 (Augusta)

    Minority Whip – Sen. Kim Jackson – District 41 (Stone Mountain)

    Minority Caucus Chair – Sen. Elena Parent – District 44 (Atlanta)

    Minority Caucus Vice Chair – Sen. Sonya Halpern – District 39 (Atlanta)

    Minority Caucus Finance Chair – Sen. Jason Esteves – District 35 (Atlanta)

    Minority Caucus Secretary – Sen. Nan Orrock – District 36 (Atlanta)

    Minority Deputy Whip – Sen. Kenya Wicks – District 34 (Fayetteville)

    Sen. Wicks was also elected as the Vice Chair of the Clayton County Senate Delegation. Senators representing Clayton County include Sen. Gail Davenport (D–Jonesboro), Sen. Elena Parent (D–Atlanta) and Sen. Kenya Wicks (D–Fayette). The Senate Delegation of Clayton County collaborates to serve the best interests of Clayton County Residents.

    The full leadership board for the Clayton County Delegation includes:

    Chair – Sen Gail Davenport – District 17 (Jonesboro)

    Vice Chair – Sen. Kenya Wicks – District 34 (Fayetteville)

    Secretary – Sen. Elena Parent – District 44 (Atlanta)

    ###

    Sen. Kenya Wicks represents the 34th Senate District, which includes portions of Clayton and Fayette Counties. She may be reached by email at Kenya.Wicks@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James’ Office of Special Investigation Releases Report on Death of Rakim Tillery

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James’ Office of Special Investigation (OSI) today released its report on the death of Rakim Tillery, who died on January 3, 2024 following an encounter with the New York State Police (NYSP) in Ramapo, Rockland County. Following a thorough investigation, which included interviews with witnesses, review of home and body-worn camera footage, and comprehensive legal analysis, OSI concluded that a prosecutor would not be able to disprove beyond a reasonable doubt at trial that the officers’ actions were justified under New York law. 

    At approximately 2:53 p.m. on January 3, two NYSP troopers pulled over a car on the New York State Thruway based on a report about an incident that had taken place earlier the same day in Albany. The troopers were in two separate marked police vehicles, with their turret lights activated. The first trooper pulled over behind the car, and the second trooper pulled over behind the first trooper’s vehicle. As the troopers were getting out of their vehicles, the driver of the car, Mr. Tillery, was already out of his vehicle, armed with a firearm, and discharged his weapon at the troopers. One trooper discharged his service weapon in response, and Mr. Tillery fell to the ground. As the trooper approached Mr. Tillery, he got up, and a struggle ensued. Mr. Tillery grabbed for the trooper’s gun, and the second trooper discharged his service weapon three times, striking Mr. Tillery. 

    Under New York’s justification law, a police officer may use deadly physical force when the officer reasonably believes it to be necessary to defend against the use of deadly physical force by another. In this case, the troopers had reason to believe Mr. Tillery had been involved in an earlier incident in Albany and had reason to stop Mr. Tillery based on the radio dispatch. When the troopers encountered Mr. Tillery, he discharged a firearm at officers and engaged in a struggle with one trooper, attempting to grab his service weapon. Under these circumstances, given the law and the evidence, a prosecutor would not be able to disprove beyond a reasonable doubt at trial that the officers’ use of deadly physical force against Mr. Tillery was justified, and therefore OSI determined that criminal charges would not be pursued in this matter.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James and Coalition of 20 Attorneys General Condemn Planned Purge of FBI Agents

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today joined a coalition of 20 attorneys general in calling on the U.S. Senate Judiciary Committee to demand further testimony from Federal Bureau of Investigation (FBI) Director nominee Kash Patel following reports of a planned purge of thousands of FBI agents and staff involved in investigations and prosecutions related to the January 6, 2021 riots at the Capitol. In a letter to Senate Judiciary Committee Chairman Chuck Grassley, Attorney General James and the coalition expressed grave concern over reports that the Trump administration is planning to fire agents and staff who participated in January 6th investigations at the FBI, eliminating approximately 15% of the FBI workforce. The attorneys general warn that these actions could have dangerous consequences for the rule of law and public safety nationwide.

    “This effort to defund the FBI to fulfill a political vendetta puts the American people at risk. The FBI is critical to keeping Americans safe from violent crime, terrorism, and threats to our democracy,” said Attorney General James. “Any effort to retaliate against career law enforcement officials for doing their jobs is unacceptable and a direct threat to our justice system. Before the Senate votes on Kash Patel’s confirmation, the American people deserve to know whether he plans to carry out a politically motivated purge of FBI agents and staff. Our nation’s safety depends on it.”

    Reports indicate that more than a dozen January 6th prosecutors have already been dismissed and that the administration is considering the removal of at least six more high-ranking FBI officials. Additionally, the acting deputy attorney general has reportedly ordered the FBI to compile a list of all FBI employees who worked on January 6th investigations. If this list is used for its reported intent of firing all agents and staffers involved in the January 6th investigations and prosecutions, it could impact more than 6,000 FBI personnel and severely weaken federal law enforcement efforts across the country, in red and blue states alike.

    At the time of Mr. Patel’s confirmation hearing, reports of the alleged FBI purge had not yet been made public. The attorneys general are urging the U.S. Senate Judiciary Committee to seek answers from Mr. Patel on these matters before the body votes to confirm his nomination. Senators, as representatives of the American people, should know what Mr. Patel plans to do with the list of FBI agents and staff that is being compiled before they cast their votes.

    The attorneys general argue that purging more than 6,000 FBI agents and staff will have disastrous effects for public safety nationwide and will put communities in danger. FBI employees and staff protect the country from many of the public safety harms that the administration itself has identified as law enforcement priorities, including but not limited to fentanyl, cartels, and foreign terrorist organizations. 

    Members of the FBI’s Organized Crime and Drug Enforcement Task Forces assist federal and local law enforcement agencies in stopping cartels from smuggling fentanyl and guns into our communities. These task forces also contributed to the recent convictions of five New York members of La Cosa Nostra. The FBI also runs the Joint Terrorism Task Force across the country, protecting Americans from terrorism and other security threats. The hardworking agents, prosecutors, and staff at the FBI keep Americans safe every day, and mass firings would have a disastrous effect, undoubtedly resulting in countless criminals roaming free.

    Attorney General James and the coalition are calling on Congress to take immediate action to prevent this ridiculous attack on law enforcement and ensure that the FBI remains independent and fully operational. Congress has a responsibility to the nation to keep Americans safe and hold the administration accountable. The attorneys general urge Congress to start by calling Mr. Patel back before the Senate Judiciary Committee to answer questions about the purported FBI purge before voting on his nomination.

    Joining Attorney General James in sending this letter to Chairman Grassley are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, Oregon, Rhode Island, Vermont, and Washington.

    MIL OSI USA News –

  • MIL-OSI USA: Luján Statement on Voting Against RFK Jr. to Serve as Nation’s Top Health Official  

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Kennedy Has Profited Off Spreading Vaccine Misinformation and Conspiracy Theories

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, issued the following statement after Senate Republicans voted to advance Robert F. Kennedy Jr.’s nomination to serve as Secretary of Health and Human Services:

    “Despite Mr. Kennedy’s troubling track record of peddling misinformation and conspiracy theories, Senate Republicans have chosen to advance his nomination to the Senate Floor. Mr. Kennedy is not only a dangerous nominee that will undermine public health, but he also has no real plan to lower costs or improve care for Americans, and elevating him to the nation’s top health position puts American lives and livelihoods at risk.

    “During his hearing, I asked Mr. Kennedy if he would stand up to President Trump to protect health care for children and families. Not only did he have a deep misunderstanding of Medicaid, he would not commit to defending it. It’s clear to me that he will answer to President Trump, not the American people.

    “Republicans and Democrats alike raised concerns about Mr. Kennedy’s nomination, yet his nomination continues to move forward. The American people deserve better.”  

    MIL OSI USA News –

  • MIL-OSI USA: The Journey Begins

    Source: Securities and Exchange Commission

    When I was a child, my family took an annual road trip from Ohio to Maine and back. It was a different era. No cell phones to call for help if something went wrong with the car. Paper maps and directions written on scraps of paper, instead of a phone app to give you step-by-step directions. Forget hopping on the web to book a hotel; you just had to look for signs in the distance and stop in to see if there was a vacancy. No podcasts or audiobooks, just a scratchy radio straining to find a local station. Instead of watching videos on screens in the back, my brothers and I were scanning passing cars’ license plates to “collect” the states in a no-tech road-trip game. Road trips are very different these days. In most ways, technology has made them a more enjoyable and less risky endeavor.

    The crypto road trip on which the newly announced Crypto Task Force[1] has embarked likewise should be more enjoyable and less risky than the crypto road trip the Commission has taken the industry on for the last decade. On that last trip, the Commission refused to use regulatory tools at its disposal and incessantly slammed on the enforcement brakes as it lurched along a meandering route with a destination not discernible to anyone. But just as modern technology does not eliminate the risks of taking to the open road, this new journey toward regulatory clarity still presents dangers, and both the Commission and the public need to stay alert and aware of the risks and opportunities that may lie ahead. I am delighted to be accompanied on the journey by a wonderful team of talented SEC staff, and we look forward to engaging with many enthusiastic members of the public who will help us navigate on this journey. With all that assistance, I am hopeful that we will arrive at a place that is better than we could have imagined as we were careening down the road on the previous crypto road trip. Before I discuss the promise and opportunity the task force represents, let me offer some important disclaimers.

    First, despite now being charged with leading the SEC’s new Crypto Task Force, the views that I express are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners. Commission positions always require a vote of the Commission.

    Second, it took us a long time to get into this mess, and it is going to take us some time to get out of it. The Commission has engaged with the crypto industry in one form or another for more than a decade. The first bitcoin exchange-traded product application hit our doorstep in 2013, and the Commission brought a fraud case that had a tangential crypto element that same year.[2] In 2017, we issued the DAO Section 21(a) report, which reflected the first application of the Howey test in this context.[3] Since then, there have been many enforcement actions, a number of no-action letters, some exemptive relief, endless talk about crypto in speeches and statements, lots of meetings with crypto entrepreneurs many inter-agency and international crypto working groups, discussion of certain aspects of crypto in rulemaking proposals, consideration of crypto-related issues in reviews of registration statements and other filings, and approval of numerous SRO proposed rule changes to list crypto exchange-traded products. Throughout this time, the Commission’s handling of crypto has been marked by legal imprecision and commercial impracticality. Consequently, many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo. Determining how best to disentangle all these strands, including ongoing litigation, will take time. It will involve work across the whole agency and cooperation with other regulators. Please be patient. The Task Force wants to get to a good place, but we need to do so in an orderly, practical, and legally defensible way.

    Third, the Task Force wants to travel to a destination where people have great freedom to experiment and build interesting things, and which will not be a haven for fraudsters. One of the reasons the U.S. capital markets are so robust, efficient, and effective is that we have rules designed to protect investors and the integrity of the marketplace, and we enforce those rules. We do not tolerate liars, cheaters, and scammers. As the Task Force works to help develop this regulatory framework, it will give careful consideration to antifraud protections. If the Commission spots fraud that lies outside our jurisdiction, it can refer the matter to a sister regulator. If it does not fall within any regulator’s jurisdiction, the Commission can bring that gap to Congress’s attention.

    Fourth, the Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives—including protecting investors—and preserves industry’s ability to offer products and services. This framework will be within the statutory authority given to the Commission, and we will work with other regulators operating within their own statutory authorities. The statutes already on the books do not allow a free-for-all for products that fall within our jurisdiction. Congress has put parameters in place, and the Commission will apply them. Congress also has given us exemptive authority, and the Commission will use it, as appropriate. Where Congress has directed the Commission to impose requirements on market participants, SEC rules will not let you do whatever you want, whenever you want, however you want. Some of these rules will impose costs and other compliance burdens that some may find irritating, and the Commission will use its enforcement tools when necessary to pursue noncompliance.

    Fifth, the Commission staff is working hard to process applications for exemptive relief, requests for no-action letters, and registration statements, but an uptick in the volume is likely to prove challenging. Adherence to technical and legal requirements, well-reasoned legal analysis, and thorough and timely responses to staff questions help to conserve Commission resources and makes for a quicker, smoother trip toward the destination of greater regulatory clarity. As always, such diligence will help an application move through the approval process more smoothly; conversely, the absence of it may cause unnecessary delays. Being first in the door may not mean being first out the door.

    Sixth, the new commitment to a better regulatory environment should not be viewed as an endorsement of any crypto coin or token. Regardless of whether those tokens or coins fall within our jurisdiction, the Commission never endorses any product or service; there is no such thing as an SEC seal of approval. Spinning up coins and tokens is easy. If people want to buy a token or product that lacks a clear long-term value proposition, they should feel free to but should not be surprised if someday the price drops. In this country, people generally have a right to make decisions for themselves, but the counterpart to that wonderful American liberty is the equally wonderful American expectation that people must decide for themselves, not look to Mama Government to tell them what to do or not to do, nor to bail them out when they do something that turns out badly.

    Now, with those rather gruff disclaimers out of the way, let’s talk a bit about what the Task Force is working on with staff across the Commission’s policy divisions. We will collaborate with others across the federal government, with state securities regulators, and with our international counterparts. We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime. The Commission staff already has achieved one milestone—the rescission of Staff Accounting Bulletin 121—but there is much more to do.[4] This list is not exhaustive, nor is it presented in order of priority or order of expected completion.

    1. Security Status: The status of crypto assets under the securities laws is fundamental to resolving many other questions. The Task Force is working hard to examine different types of crypto assets.
    2. Scoping Out: The Task Force will work to help identify some areas that fall outside the Commission’s jurisdiction. As an initial step, the staff welcomes requests for no-action letters. No-action letters typically come in the form of a staff statement addressing specific circumstances spelled out in the letter under which the staff will not recommend enforcement action to the Commission. This statement is specific to the particular circumstances but gives the broader public a helpful window into the staff’s thinking.
    3. Coin and Token Offerings: The Task Force also is thinking about the possibility of recommending Commission action to provide temporary prospective and retroactive relief for coin or token offerings for which the issuing entity or some other entity willing to take responsibility provides certain specified information, keeps that information updated, and agrees not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset. These tokens would be deemed to be non-securities and thus there would be no uncertainty as to whether they would be able to trade freely on secondary markets not registered with the SEC as long as the information is kept up-to-date and accurate. This approach would bridge the gap until a more permanent rule or legislation could be finalized. It would provide a pathway for existing tokens to find their way out of the fog of uncertainty that obscures a feasible path forward and would encourage the provision of greater disclosure.
    4. Registered Offerings: The Task Force will consider working with staff to recommend that the Commission modify existing paths to registration, including Regulation A and crowdfunding, so that people interested in registering token offerings will have a viable path for doing so.
    5. Special Purpose Broker Dealer: The Task Force will explore possible updates to the special-purpose broker dealer no-action statement, which in its current form has not been a success. An initial change we may suggest is that the statement be expanded to cover broker-dealers that custody crypto asset securities alongside crypto assets that are not securities. We will work with the public to identify other obstacles to registration.
    6. Custody Solutions for Investment Advisers: We will work with investment advisers to provide an appropriate regulatory framework within which advisers can safely, legally, and practically custody client assets themselves or with a third-party.
    7. Crypto-Lending and Staking: We need to provide clarity about whether crypto-lending and staking programs are covered by the securities laws and, if so, how. We plan to work to help address how such programs can be structured consistent with the law.
    8. Crypto Exchange-Traded Products: The Commission already is receiving SRO proposed rule changes to list new types of crypto exchange-traded products. The Task Force will work with the staff to provide clear statements about the approach used when approving or disapproving these applications. The Task Force will also assist the staff and the Commission in considering requests to modify certain features of existing exchange-traded products, including to allow for staking and in-kind creations and redemptions. Before these changes can be operationalized, however, the Commission may have to make progress on custody and other issues.
    9. Clearing Agencies and Transfer Agents: The Task Force also plans to work on the intersection of crypto and clearing agency and transfer agent rules. We will continue to work with market participants interested in tokenizing securities or otherwise using blockchain technology to modernize traditional financial markets.
    10. Cross-Border Sandbox: Many crypto projects are international in scope. The Task Force is considering ways to facilitate cross-border experimentation on a limited scale and temporary timeframe, with the possibility of more permanent, long-term approaches.

    This brief overview of how the Task Force is looking at the journey ahead is not exhaustive or definitive, but I hope it has piqued your interest. Although the obstacles to getting to our final destination of a sensible, clear ruleset are daunting, if we collaborate, the journey will be exhilarating and rewarding. This is the beginning of the conversation—one we do not want to have just with ourselves. Please visit our Crypto Task Force webpage to follow what the Task Force is doing and to engage with the Task Force.

    How to Engage with the Crypto Task Force

    Written Submissions

    If you would like to provide written input on the issues the Task Force is considering, including those described above, you may submit that input by sending an email with the subject line “Crypto Task Force Input” to crypto@sec.gov. Documents submitted will generally be posted on www.sec.gov. Submissions received will be posted without change or redaction of personal identifying information. You should only make submissions that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

    Meetings (In-Person or Virtual)

    The Task Force will consider requests for in-person or virtual meetings with members of the public who would like to discuss approaches to addressing issues related to regulation of crypto assets, including those described above. To request a meeting, please complete the Request Form for Meetings with the Crypto Task Force. The Task Force requests that any person or firm requesting a meeting provide a brief written summary of the issues that it plans to discuss with Task Force members. The Task Force plans to post these summaries to the Commission’s website, which will increase the transparency of its engagement with the public and promote open dialogue among parties interested in these issues.

    Summaries received will be posted without change; the Commission does not edit personal identifying information from submissions. You should only submit information in these summaries that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Warren Remarks on RFK Jr. Committee Vote

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 04, 2025

    Video of Remarks (YouTube) 

    Washington, D.C. – Following the Senate Finance Committee vote to advance the nomination of Mr. Robert F. Kennedy Jr., nominee for Secretary of the Department of Health and Human Services, U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, gave the following remarks:

    Transcript: Open Executive Session to Consider Favorably Reporting the Nomination of Robert F. Kennedy, Jr., of California, to be Secretary of Health and Human Services
    Senate Finance Committee
    February 4, 2025  

    As Delivered

    Senator Elizabeth Warren: Thank you, Mr. Chairman. Since we had our hearing last week, Mr. Kennedy has amended his ethics agreement. Recall that his ethics agreement said that while he was Secretary of HHS, he intended to retain a financial interest in ongoing vaccine litigation—that he was already collecting money from—and that he wanted to continue to collect that money even though he could affect the outcome of that litigation. He has since changed his position on that. Once it was exposed, people talked about it, and expressed some serious reservations about him doing that, he said he will instead give his financial interests to his son. That is a fig leaf that is so small, it would take a magnifying glass to see it. 

    No one is fooled about what is happening here. Mr. Kennedy refuses to say that he will not participate in these lawsuits financially the day after he leaves office. And yet, Mr. Kennedy has acknowledged the American people have a right to know that the decisions he is making are decisions that are in their interest, not in his future financial interest. He has said he thinks that is the right standard, and yet, he has figured out how to make money off of his anti-vax positions. He has already raked in 2.5 million dollars. He is in a position where he can affect the outcomes by things that he does as Secretary of HHS. Yet, he refuses to say that he will delay, by even a day, taking on anti-vax lawsuits the minute he leaves. 

    That is an appalling conflict of interest, and it is one in which the American people can reasonably ask: is Mr. Kennedy’s plan to help the American people, or is he planning to use this job to further enrich himself, as he has pointed out with his son, and enrich his family? 

    The importance of this litigation cannot be overstated. This is not only about a private company that gets sued and has to pay out. Vaccine manufacturers often operate on very slim profit margins. If they get sued repeatedly and successfully, they simply move out of the vaccine space. We have already seen this happen with vaccines in the past. 20 years ago, we watched vaccines just move away if they did not have protection from these kinds of lawsuits. The consequence of Mr. Kennedy’s ability to make those lawsuits easier is also the ability to shut down access and manufacturing for vaccines for every one of us. And I think that is a terrible mistake. 

    MIL OSI USA News –